财务会计英答案.docx
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财务会计英答案.docx
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财务会计英答案
CHAPTER1
1-1Accountingisaprocessofidentifying,recording,summarizingandreportingeconomicinformationtodecisionmakers.
1-2No.Accountingisaboutrealinformationaboutrealcompanies.Inlearningaccountingitishelpfultoseeaccountingreportsfromvariouscompanies.Thishelpsputtherulesandtechniquesofaccountingintoaframeworkthatmakesthemeasiertounderstand.
1-3Examplesofdecisionsthatarelikelytobeinfluencedbyfinancialstatementsincludechoosingwheretoexpandorreduceoperations,lendingmoney,investingownershipcapital,andrewardingmangers.
1-4Usersoffinancialstatementsincludemanagers,lenders,suppliers,owners,incometaxauthorities,andgovernmentregulators.
1-5Themajordistinctionbetweenfinancialaccountingandmanagementaccountingistheirusebytwoclassesofdecisionmakers.Managementaccountingisconcernedmainlywithhowaccountingcanserveinternaldecisionmakerssuchasthechiefexecutiveofficerandotherexecutives.Financialaccountingisconcernedwithsupplyinginformationtoexternalusers.
1-6Balancesheetsarealsocalledstatementsoffinancialconditionandstatementsoffinancialposition.
1-7No.Everytransactionshouldleavethebalancesheetequationinbalance.Accountingisoftencalled“double-entry”becauseatleasttwoentriesarerequiredforeachtransactiontokeeptheequationinbalance.
1-8Thisistrue.Whenacompanybuysinventoryforcash,oneassetistradedforanother,andneithertotalassetsnortotalliabilitieschange.Thus,thebalancesheetequationstaysinbalance.Whenacompanybuysinventoryoncredit,bothinventoryandaccountspayableincrease.Thus,bothtotalassetsandtotalliabilitiesincreasebythesameamount,againkeepingthebalancesheetequationinbalance.
1-9Theevidenceforanotepayableincludesapromissorynote,buttheevidenceforanaccountpayabledoesnot.
1-10Owners'equityisalsocalledcapital(forproprietorshipsandpartnerships)andshareholders'equityorstockholders'equity(forcorporations).
1-11Limitedliabilitymeansthatcorporateownersarenotpersonallyliableforthedebtsofthecorporation.Creditors'claimscanbesatisfiedonlybytheassetsoftheparticularcorporation.
1-12Thecorporationisthemostprominenttypeofentityandcorporationsdobyfarthelargestvolumeofbusiness.
1-13Yes.IntheUnitedKingdomcorporationsfrequentlyusethewordlimited(Ltd.)intheirname.InmanycountrieswhoselawstracebacktoSpain,theinitialsS.A.refertoa“societyanonymous”meaningthatmultipleunidentifiedownersstandbehindthecompany,essentiallythesameasacorporation.
1-14No.Thefundamentalaccountingprinciplesapplyequallytononprofit(thatis,not-for-profit)andprofit-seekingorganizations.Managersandaccountantsinhospitals,universities,governmentagencies,andothernonprofitorganizationsusefinancialstatements.Moneymustberaisedandspent,budgetsmustbeprepared,andfinancialperformancemustbejudged.Nonprofitorganizationsneedtousetheirlimitedresourceswisely,andfinancialstatementsareessentialforjudgingtheiruseofresources.
1-15Almostallstatesforbidtheissuanceofstockatbelowpar;thus,parvaluesarecustomarilysetatverylowamountsandhavenorealimportanceinaffectingeconomicbehavioroftheissuingentity.
1-16Theboardofdirectorsisthelinkbetweenstockholdersandtheactualmanagers.Itistheboard’sdutytoensurethatmanagersactintheinterestsofshareholders.
1-17CPAisaCertifiedPublicAccountant.OnebecomesaCPAbyacombinationofeducation,qualifyingexperience,andthepassingofatwo-daynationalexamination.
1-18Theauditorincreasesthevalueoffinancialstatementsbyreassuringthereaderofthestatementsthatan“independent”anda“qualified”thirdpartyhasreviewedmanagementsdisclosuresandbelievestheyfairlypresentthecompany’sperformance.Thefactthatyoupersonallydonotrecognizethenameoftheauditfirmshouldnotbeaproblem,becauseonlyCPAscanperformpublicauditsandsignauditopinions.EverystatehasstrictproceduresforlicensingCPAs,sosuchpeoplearequalified.
1-19
Suchargumentsarefunbutcanneverbetrulyresolved.Thenotionbehindtheimportanceofthecorporationandbusinesslawisthatforanysubstantialgrowthtooccurtheremustbeasystemfororganizingresourcesandusingthemoverlongperiodsoftime.Thecorporateformofownershiphelpscompaniesraiselargeamountsofcapitalviastockissuanceaswellasborrowing;itallowsustoseparateownershipfrommanagement;itprotectsthepersonalassetsofshareholdersand,becausetheirmaximumlossescanbelimited,moreriskyundertakingscanbefinanced;andithasperpetuallifesoitsactivityisnotdisruptivebythedeathofanyshareholder.Thegeneralargumentsinfavorofbusinesslawasanimportantelementaresimilar.Businesslawprovidesasetofestablishedrulesofbehaviorforenteringintocontractsandbeingsurethatotherpartiescanbereliedupontoupholdtheirsideofanagreement.Hopefully,someadventurousstudentwillsuggestthatthequestionleavesoutanotherreallyimportantinnovation...accounting.
1-20Double-entryreferstotheconceptthateverytransactioninvolvingtwoormoreaccountswiththeeffectbeingtoretainthebalanceintheaccountingequation.Thedouble-entryconceptisimportantconceptuallybecauseitemphasizesthatthereareassetsandclaimsonassets.Inthebalancesheet,forexample,borrowingmoneyprovidesanasset,cash,andcreatesaliability.Inadditiontothisconceptualbenefitthereisaclericalbenefit.Maintainingabalancedrelationshipprovidesanindicatoroferrors.Iftheaccountingequationdoesnotbalance,anerrorhasbeenmade.
1-21
Historiansareprimarilyconcernedwitheventsthathavealreadyoccurred.Inthatsense,thefinancialstatementsdoreportontransactionsthatarecomplete.Thenegativesideofthisisthatmanyimportantthingsthataffectthevalueofafirmarebasedonwhatwillhappeninthefuture.Thus,investorsoftenworryaboutexpectationsandpredictions.Ofcourse,thereisnowaytoagreeontheaccuracyofexpectationsandpredictions.Thepositivesideofhistoricalfinancialstatementsisthattheypresentano-nonsenseperspectiveonwhatactuallyhappened,wherethecompanywasatapointintime,orwhatitaccomplishedoveraperiodoftime.Itiseasiertopredictthefuturewhenyouknowwhereyouare.Youmightlikentheimportanceofhistoricalfinancialstatementstotheimportanceofnavigationinstruments.Ifyoudonotknowwhereyouareandwhereyouareheaded,itisveryhardtogettowhereyouwanttogo.
1-22(15-20min.)
May11Ownersinvested$6,000additionalcashinLaTechCompany.
12Ownersinvestedanadditional$4,000intothecompanybycontributingadditionalstorefixturesvaluedat$4,000.
15LaTechCompanypurchasedadditionalinventoryfor$3,000cash.
16LaTechCompanypurchasedinventoryonaccountfor$5,000.
17LaTechCompanycollected$3,000cashonaccountsreceivable.
18LaTechCompanypurchased$6,000ofstorefixtures,paying$5,000cashnowandagreeingtopay$1,000later.
19LaTechCompanypaid$2,000onaccountspayable.
22LaTechCompanyreturned$400ofcomputermerchandiseforcreditagainstaccountspayable.
23Ownerswithdrew$3,000cashfromLaTechCompany.
1-23(10-20min.)
Sept.1MonterreyCompanycollected$2,000cashonaccount.
2Monterreypurchased$2,500ofstorefixturesonaccount.
3Ownerwithdrew$3,000cash.
4Monterreysold$5,000ofcomputersfor$1,000cashand$4,000accountsreceivable
5Computersvaluedat$7,000wereinvestedinthecompanybyowners.
8Monterreypaid$500onaccountspayable.
9Monterreypurchased$3,000ofstorefixtures,paying$500nowandagreeingtopay$2,500later.
10Monterreyreturned$300ofstorefixturesforcreditagainstaccountspayable.
11.Monterreycollected$3,000cashfromaccountsreceivable.
1-24(15-25min.)
ALBANYCORPORATION
BalanceSheet
March31,20X1
Liabilitiesand
AssetsStockholders'Equity
Cash$6,000(a)Liabilities:
Accountsreceivable14,000Accountspayable$11,000(f)
Notesreceivable2,000Notespayable10,000
Merchandiseinventory43,000(b)Long-termdebt32,000(g)
Furnitureandfixtures2,000(c)Totalliabilities53,000
Machineryandequipment27,000(d)Stockholders'equity:
Land31,000(e)Paid-incapital92,000(h)
Building20,000
Total$145,000Total$145,000
(a)Cash:
10,000+1,000–5,000=6,000
(b)Merchandiseinventory:
40,000+3,000=43,000
(c)Furnitureandfixtures:
3,000–1,000=2,000
(d)Machineryandequipment:
15,000+12,000=27,000
(e)Land:
6,000+25,000=31,000
(f)Accountspayable:
8,000+3,000=11,000
(g)Long-termdebt:
12,000+20,000=32,000
(h)Paid-incapital:
80,000+12,000=92,000
Note:
Event5requiresnochangeinthebalancesheet.
1-25(25-35min.)
BROADWAYCORPORATION
BalanceSheet
November30,20X1
Liabilitiesand
Liabilitiesand
AssetsStockholders’Equity
Cash$13,000(a)Liabilities:
Accountsreceivable16,000(b)Accountspayable$10,000(e)
Notesreceivable8,000Notespayable31,000(f)
Merchandiseinventory29,000Long-termdebt119,000(g)
Furnitureandfixtures8,000Totalliabilities160,000
Machineryandequip.34,000(c)Stockholders’equity:
Land35,000(d)Paid-inCapital213,000(h)
Building230,000
Total$373,000Total$373,000
(a)Cash:
22,000–6,000–3,000=13,000
(b)Accountsreceivable:
10,000+6,000=16,000
(c)Machineryandequipment:
20,000+14,000=34,000
(d)Land:
41,000–6,000=35,000
(e)Account
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