Fundamentals Of Financial Accounting - 6th Edition - by PHILLIPS,  Fred, Libby,  Robert,  Patricia A. - ISBN 9781259864230

Fundamentals Of Financial Accounting
6th Edition
PHILLIPS, Fred, Libby, Robert, Patricia A.
Publisher: Mcgraw-hill Education,
ISBN: 9781259864230

Solutions for Fundamentals Of Financial Accounting

Problem 1Q:
Define accounting.

Book Details

Fundamentals of Financial Accounting, presents an engaging, balanced, and appropriately paced analysis of the fundamentals of financial accounting. Its writing style makes it easy to read and understand, while the selection of real focus companies reinforces the relevance of accounting by introducing students to accounting and business activities in the context of their favorite companies. Balance between preparer and user orientations is achieved throughout the book, by studying both the accounting activities that take place inside the company, as well as evaluating their impact on decisions, and users outside the company. Topic coverage is paced appropriately for students new to accounting, and is thoroughly reinforced every step of the way with an ample variety of innovative pedagogical tools. Clearly understandable, relevant, and accessible, FFA is simply the most student-friendly financial book on the market and provides the tools for students to grasp financial accounting from the ground up.

Sample Solutions for this Textbook

We offer sample solutions for Fundamentals Of Financial Accounting homework problems. See examples below:

Chapter 2, Problem 1CCIncome statement: An income statement is one of the financial statements which shows the revenues,...Chapter 3, Problem 13EExplanation: Journal: Journal is the book of original entry. Journal consists of the day today...Explanation: Journal: Journal is the book of original entry. Journal consists of the day today...Explanation: Accounting Equation: The accounting equation implies the relationship between the...Chapter 3, Problem 2PAChapter 3, Problem 3PAJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 3, Problem 3PBAccounting Equation: The accounting equation implies the relationship between the assets,...Explanation: Adjusting entries: Adjusting entries are the journal entries which are recorded at the...Chapter 4, Problem 15EChapter 4, Problem 19EChapter 4, Problem 20EChapter 4, Problem 1COPT-account: T-account refers to an individual account, where the increases or decreases in the value...Chapter 4, Problem 3COPChapter 4, Problem 4COPChapter 4, Problem 5COPExplanation: Journal: Journal is the method of recording monetary business transactions in...Explanation: Fraud: Fraud is a deliberate and deceptive action of an employee to obtain unlawful...Explanation: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Explanation: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Deposits-in-transit: The checks that are deposited and recorded by the company, but not yet recorded...Chapter 5, Problem 1COPChapter 5, Problem 1CCFollowing is the distinction between servicing and merchandising company: Servicing company renders...Chapter 6, Problem 6EChapter 6, Problem 29EChapter 6, Problem 3CPChapter 6, Problem 6CPChapter 6, Problem 3PAChapter 6, Problem 6PASales revenue: Sales revenue is the amount received by the company from the sale of goods and...Chapter 6, Problem 6PBChapter 6, Problem 2COPJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 7, Problem 1QDetermine cost of goods available for sale. Date Particulars Units ($) Unit cost ($) Total cost ($)...Chapter 7, Problem 7EChapter 7, Problem 10EChapter 7, Problem 14EChapter 7, Problem 1CPChapter 7, Problem 1PADetermine cost of goods available for sale. Date Particulars Units ($) Unit cost ($) Total cost ($)...Explanation: Calculate the amount of inventory: Amount of inventory = (Units on hand×Units...Chapter 7, Problem 2COPChapter 8, Problem 1QChapter 8, Problem 3CPChapter 8, Problem 4CPChapter 8, Problem 4PAChapter 8, Problem 5PANote Receivable: Note receivable refers to a written promise by the debtor for the amounts to be...Chapter 8, Problem 4PBChapter 8, Problem 3COPChapter 8, Problem 1CCChapter 9, Problem 1QChapter 9, Problem 9EChapter 9, Problem 3CPExplanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Journal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 9, Problem 3PBJournal entry: Journal entry is a set of economic events which can be measured in monetary terms....Chapter 9, Problem 1COPChapter 9, Problem 1CCExplanation: Liabilities: Liabilities are referred to as the obligations of the business towards the...Chapter 10, Problem 1CPBonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Bonds: Bonds are long-term promissory notes that are represented by a company while borrowing money...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Explanation: Liabilities: Liabilities are debt and obligations of a business. These are the claims...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Amortization Schedule: An amortization schedule is a table that shows the details of each loan...Corporation: A business concern where there is a separate legal entity and are owned by stockholders...Chapter 11, Problem 2EChapter 11, Problem 8EExplanation: Accounting equation: Accounting equation is an accounting tool expressed in the form of...Chapter 11, Problem 18EChapter 11, Problem 1CPChapter 11, Problem 1PAChapter 11, Problem 1COPJournal: Journal is the method of recording monetary business transactions in chronological order....Chapter 12, Problem 1QExplanation: Prepare journal entries. Journal: Journal is the method of recording monetary business...Explanation: Prepare journal entries. Journal: Journal is the method of recording monetary business...Explanation: The amount deducted by the each company on the income statement related to inventory is...Chapter 12, Problem 23EStatement of cash flows: This statement reports all the cash transactions which are responsible for...Chapter 12, Problem 5PAExplanation: Statement of cash flows: Statement of cash flow is a financial statement that shows the...Chapter 13, Problem 1QExplanation: Current ratio: Current ratio is used to determine the relationship between current...Gross Profit Percentage: Gross profit is the financial ratio that shows the relationship between the...Explanation: Net Profit margin Ratio: This ratio gauges the operating profitability by quantifying...Financial Ratios Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 13, Problem 6PAFinancial Ratios Financial ratios are the metrics used to evaluate the capabilities, profitability,...Chapter 13, Problem 6PBGross Profit Percentage: Gross profit is the financial ratio that shows the relationship between the...Explanation: Time value of money explains the idea of dollar that is received at present and which...Chapter C, Problem 6EExplanation: Present value is the amount of future value reduced or discounted at a rate of interest...Chapter C, Problem 2PAExplanation: Present value is the amount of future value reduced or discounted at a rate of interest...

More Editions of This Book

Corresponding editions of this textbook are also available below:

Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159516
FUNDAMENTALS OF FINANCIAL ACCOUNTING LL
6th Edition
ISBN: 9781265554927
FUNDAMENTALS OF FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781260823875
Loose Leaf For Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159547
Connect Online Access for Fundamentals of Financial Accounting
7th Edition
ISBN: 9781264239283
FUN. OF FIN. ACTG LOOSELEAF WITH ACCESS
7th Edition
ISBN: 9781264408290
FUND OF FIN ACTG CONNECT ACCESS
7th Edition
ISBN: 9781264402847
FUND.OF FINANCIAL ACCOUNTING
7th Edition
ISBN: 9781260771381
FUND.OF FINANCIAL ACCOUNTING(LL)W/CONNEC
7th Edition
ISBN: 9781266497612
FUND.OF FINANCIAL ACCOUNTING-CONNECT >C<
7th Edition
ISBN: 9781265586409
FUND.OF FINANCIAL ACCT.-CONNECT ACCESS
7th Edition
ISBN: 9781264239726
FUNDAMENTALS OF FINANCIAL ACCOUNTING
7th Edition
ISBN: 9781265227722
FUND.OF FINANCIAL ACCOUNTING (LOOSE)
7th Edition
ISBN: 9781264239290
FUNDAMENTALS OF FINANCIAL ACCT W/CONNECT
7th Edition
ISBN: 9781264447961
Fundamentals of Financial Accounting
7th Edition
ISBN: 9781264239313
FUND OF FIN.ACCOUTING (LL))W/CONNECT
7th Edition
ISBN: 9781266130779
FUND OF FINANCIAL ACCT-CONNECT
7th Edition
ISBN: 9781266102721
FUND. OF FIN. ACCOUNTING CONNECT CODE (C
7th Edition
ISBN: 9781266869792
FUND. OF FIN. ACCOUNTING W/CONNECT (CUST
7th Edition
ISBN: 9781266858819
FUND.OF FINANCIAL ACCT.(LL)-W/CONNECT
7th Edition
ISBN: 9781265934132
FUND.OF FINANCIAL ACCT.W/C+ >IC<
4th Edition
ISBN: 9781259232046
LL FND FINCL ACCT
9th Edition
ISBN: 9781265941130
Fundamentals of Financial Accounting
2nd Edition
ISBN: 9780390432759
Fundamentals Of Financial Accounting With Annual Report
3rd Edition
ISBN: 9780077344931
Fundamentals Of Financial Accounting - Text Only.
3rd Edition
ISBN: 9780073527109
Fundamentals of Financial Accounting
3rd Edition
ISBN: 9780077476595
Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Loose-leaf for Fundamentals of Financial Accounting with Connect
5th Edition
ISBN: 9781259619007
Connect 1 Semester Access Card for Fundamentals of Financial Accounting
5th Edition
ISBN: 9781259128547

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