Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 5, Problem 8SE
To determine
Match the terms with the definitions.
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Typical accounting tasks include all of the following tasks except ________.A. auditingB. recording and tracking costsC. tax compliance and planningD. consultingE. purchasing direct materials
OBJECTIVES:
K: Define Accounting:
S: Discuss the usefulness of accounting; and
A: Appreciate the usefulness of accounting in real situation.
LEARNING COMPETENCY:
Defining accounting. ABM FABM11-Illa-1
I. What Happened
PRE-TEST:
Read each item carefully and use your notebook to write your answers.
True or False
on ny
1. A business transaction is the occurrence of an event or of a condition that
must be recorded.
2. Summarization reduces the effects of numerous transactions into useful
groups or categories.
3. Recording is very important in accounting.
4. Accounting is and art and a discipline.
5. Accounting deals with information and transactions
II. What You Need to Know
Accounting is the art of recording, classifying and summarizing in a
om significant manner and in terms of money, transaction and events which
are, in part at least of a financial character, and interpreting the results
thereof.
ACCOUNTING o bnolonon
As an Art
As a Process
Match the accounting terminology to the definitions.
A(Click the icon to view the definitions.)
More Info
- X
Term
Definition
1.
Cost of Goods Sold
2.
Perpetual inventory system
An inventory system that requires businesses to obtain a physical count of inventory to
а.
3.
Vendor
determine quantities on hand.
4.
Periodic inventory system
Expenses, other than Cost of Goods Sold, that are incurred in the entity's major
b.
5.
Operating expenses
ongoing operations.
6.
Gross profit
Excess of Net Sales Revenue over Cost of Goods Sold
C.
d.
The cost of merchandise inventory that the business has sold to customers.
The individual or business from whom a company purchases goods.
е.
f.
An inventory system that keeps a running computerized record of merchandise inventory
Print
Done
Chapter 5 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 5 - Prob. 1DQCh. 5 - How are the financial statements of a manufacturer...Ch. 5 - What is a cost-flow assumption? Why is a cost-flow...Ch. 5 - If a company had two units that cost 1 each in its...Ch. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Prob. 10DQ
Ch. 5 - During April, Bargain Hardware made sales of...Ch. 5 - Prob. 2SCCh. 5 - Prob. 3SCCh. 5 - Prob. 4SCCh. 5 - Prob. 5SCCh. 5 - Prob. 6SCCh. 5 - Prob. 7SCCh. 5 - Prob. 8SCCh. 5 - Prob. 9SCCh. 5 - Prob. 10SCCh. 5 - Prob. 11SCCh. 5 - Prob. 12SCCh. 5 - Prob. 1SECh. 5 - Prob. 2SECh. 5 - Prob. 3SECh. 5 - Prob. 4SECh. 5 - Prob. 5SECh. 5 - Prob. 6SECh. 5 - Prob. 7SECh. 5 - Prob. 8SECh. 5 - Lower-of-cost-or-market rule (Learning Objective...Ch. 5 - Prob. 10SECh. 5 - Inventory principles and terminology (Learning...Ch. 5 - Prob. 12SECh. 5 - Prob. 13SECh. 5 - Prob. 14SECh. 5 - Prob. 15SECh. 5 - Prob. 16AECh. 5 - Prob. 17AECh. 5 - Prob. 18AECh. 5 - Prob. 19AECh. 5 - Prob. 20AECh. 5 - Prob. 21AECh. 5 - Prob. 22AECh. 5 - Prob. 23AECh. 5 - Prob. 24AECh. 5 - Prob. 25AECh. 5 - Prob. 26AECh. 5 - Prob. 27AECh. 5 - FIFO (Learning Objective 2) 10-15 min. Tee Time,...Ch. 5 - LIFO (Learning Objective 2) 10-15 min. Refer to...Ch. 5 - Prob. 30BECh. 5 - Prob. 31BECh. 5 - Prob. 32BECh. 5 - Prob. 33BECh. 5 - Prob. 34BECh. 5 - Prob. 35BECh. 5 - Prob. 36BECh. 5 - Prob. 37BECh. 5 - Prob. 38BECh. 5 - Prob. 39BECh. 5 - Computing LIFO and journalizing inventory...Ch. 5 - Prob. 41APCh. 5 - FIFO, LIFO, and average cost (Learning Objectives...Ch. 5 - Prob. 43APCh. 5 - Prob. 44APCh. 5 - Prob. 45APCh. 5 - Estimating ending inventory (Learning Objective 7)...Ch. 5 - Prob. 47APCh. 5 - Prob. 48BPCh. 5 - Prob. 49BPCh. 5 - FIFO, LIFO, and average cost (Learning Objectives...Ch. 5 - Prob. 51BPCh. 5 - Prob. 52BPCh. 5 - Prob. 53BPCh. 5 - Prob. 54BPCh. 5 - Prob. 55BPCh. 5 - Continuing Exercise This exercise continues the...Ch. 5 - Prob. 1CPCh. 5 - Prob. 1CFSAPCh. 5 - Prob. 1EIACh. 5 - Prob. 2EIACh. 5 - Prob. 1FACh. 5 - Prob. 1IACh. 5 - Prob. 1SBACh. 5 - Prob. 1WCCh. 5 - Comprehensive Problem The Accounting Cycle for a...
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- Typical accounting tasks include all of the following tasks except ________. A. auditing B. recording and tracking costs C. tax compliance and planning D. consulting E. purchasing direct materialsarrow_forwardAccountants at UltraTech obtain their values for inventory and total assets, calculate the balance sheet percentage by dividing inventory by total assets for each year and summarize the observations for the relative size of inventory to total assets for each year and percentage change from year-to-year. This would allow them to effectively assess: a. Inventory control compared to competitorsb. If there is an effective return on assetsc. If inventory is being properly managedd. How they are managing liabilitiesarrow_forwardPlease respond to the following questions based upon these course objectives: Describe the three functions of accounting • Apply the accounting vocabulary • Record various business transactions in accordance with generally accepted accounting principles. Complete the steps of the Accounting Cycle. • Analyze the basic financial statements Please answer the following questions with supporting examples and full explanations. 1. For each of the learning objectives, provide an analysis of how the course supported each objective. 2. Explain how the material learned in this course, based upon the objectives, will be applicable to the professional application.arrow_forward
- Select the best answer for the question. Utilize Set 2 from the following PDF to answer this question: http://lessons.pennfoster edu/pdf/061006_Exam_Tables.pdf 4. Which one of the following statements is true for the ending inventory balance? *. O A. It will appear as a debit in the Adjusted, Trial Balance column. B. It will appear as a credit in the Balance Sheet column OC. It will appear as a credit in the Income Statement column. OD. It will appear as a debit in the Trial Balance column. O Mark for review (Will be highlighted on the review page) >arrow_forwardFor which type of learning outcomes would be the essay test be least useful?A. Understanding of accounting principlesB. Thinking skillsC. Organization of ideasD. Knowledge of factsE. Application of accounting principlesarrow_forwardChanging the method of inventory valuation should be reported in the financial statements under what enhancing quality of accounting information?A. TimelinessB. VerifiabilityC. ComparabilityD. Understandabilityarrow_forward
- 1. This deals with the determination of the fairness of the accountin reports and whther they are in accordance with the generally accepted accounting principles a. management accountingb. cost accounting.c. financial accountingd. auditing 2. which of the following journal entries can be eleminated?a. correcting entryb adjusting entryc. opening entryd. closing entryarrow_forwardIf you are an auditor and assigned to audit inventory. So as an auditor1. How do you ensure that the inventory listed in the financial statements actually exists?2. How do you ensure that the existing inventory is owned by the company?3. How do you check/know that there are inventories that are pledged as collateral?4. How do you find out which inventory is insured with sufficient coverage?5. How do you know there are events/transactions after the balance sheet date on inventories?arrow_forwardDisclosure of the accounting estimates involved when preparing financial statements enables users of financial statements to better understand how the financial information is derived, and it enables comparisons between companies regarding the basis on which management makes decisions. Required: Reflecting on topics we discussed throughout the semester, provide three examples of how different accounting estimates or accounting policies impact the profit reported by the firm.arrow_forward
- llar unless stated otherwise. E5-18 Using accounting vocabulary Match the accounting terms with the corresponding definitions. Learn 1. Credit Terms a. The cost of the merchandise inventory that the business has sold to customers. 2. FOB Destination b. An amount granted to the purchaser as an incentive to keep goods that are not "as ordered." c. A type of merchandiser that buys merchandise either from a manufacturer or a wholesaler and then sells those goods to 3. Invoice 4. Cost of Goods Sold 5. Purchase Allowance consumers. d. A situation in which the buyer takes ownership (title) at the delivery destination point. e. A type of merchandiser that buys goods from manufacturers and then sells them to retailers. 6. FOB Shipping Point 7. Wholesaler 8. Purchase Discount f. A discount that businesses offer to purchasers as an incentive for early payment. 9. Retailer g. A situation in which the buyer takes title to the goods after the goods leave the seller's place of business. h. The terms…arrow_forwardTypical accounting tasks include all of the following tasks except ________. auditing recording and tracking costs tax compliance and planning consulting purchasing direct materialsarrow_forwardDefining Chapter Terms Terms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o. Key Inventory Terms and Phrases Key Inventory Terms and Phrases Description of Terms and Phrases Answerabcdefghijklmno 1. Net realizable value a. Requires retroactive restatement of financial statements Answerabcdefghijklmno 2. Lower-of-cost-or-market b. Method for valuing inventory applying to LIFO and retail methods Answerabcdefghijklmno 3. Allowance to reduce inventory to net realizable value c. Cancellation of additional markup Answerabcdefghijklmno 4. Gross profit method d. Inventory estimation that is not acceptable under GAAP Answerabcdefghijklmno 5. Estimated loss on purchase commitment e. Method that approximates lower-of-cost-or-market Answerabcdefghijklmno 6. Change in inventory method from average to FIFO f. Not usually practical to…arrow_forward
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