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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition

Book Description

The purpose of this problem-solving tutorial is to help you to improve your success rate in solving accounting homework assignments and in answering accounting exam questions.

This book will be a welcome teaching/learning aid because it provides you with the opportunity to solve accounting problems in addition to the ones assigned by your instructor without having to rely on your teacher for solutions. Many of the exercises and questions contained herein are very similar to items in your accounting principles textbook; the difference is, the ones in this book are accompanied with detailed clearly-laid out solutions.

The use of the multiple choice questions in this volume and the related suggestions on how to approach them can easily increase your ability (and confidence in your ability) to deal with exam questions of this variety.

Table of Contents

  1. Cover Page
  2. Title Page
  3. Copyright
  4. Contents
  5. PREFACE: To the Student
    1. HOW TO STUDY ACCOUNTING
    2. HOW TO APPROACH A MULTIPLE CHOICE EXAMINATION
  6. CHAPTER 1: ACCOUNTING IN ACTION
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 1-1
    5. SOLUTION TO EXERCISE 1-1
    6. EXERCISE 1-2
    7. EXERCISE 1-3
    8. SOLUTION TO EXERCISE 1-3
    9. EXERCISE 1-4
    10. SOLUTION TO EXERCISE 1-4
    11. EXERCISE 1-5
    12. SOLUTION TO EXERCISE 1-5
    13. EXERCISE 1-6
    14. SOLUTION TO EXERCISE 1-6
    15. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  7. CHAPTER 2: THE RECORDING PROCESS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 2-1
    5. SOLUTION TO EXERCISE 2-1
    6. EXERCISE 2-2
    7. SOLUTION TO EXERCISE 2-2
    8. EXERCISE 2-3
    9. SOLUTION TO EXERCISE 2-3
    10. EXERCISE 2-4
    11. SOLUTION TO EXERCISE 2-4
    12. EXERCISE 2-5
    13. SOLUTION TO EXERCISE 2-5
    14. EXERCISE 2-6
    15. SOLUTION TO EXERCISE 2-6
    16. EXERCISE 2-7
    17. SOLUTION TO EXERCISE 2-7
    18. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  8. CHAPTER 3: ADJUSTING THE ACCOUNTS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 3-1
    5. SOLUTION TO EXERCISE 3-1
    6. EXERCISE 3-2
    7. SOLUTION TO EXERCISE 3-2
    8. EXERCISE 3-3
    9. SOLUTION TO EXERCISE 3-3
    10. EXERCISE 3-4
    11. SOLUTION TO EXERCISE 3-4
    12. EXERCISE 3-5
    13. SOLUTION TO EXERCISE 3-5
    14. EXERCISE 3-6
    15. SOLUTION TO EXERCISE 3-6
    16. EXERCISE 3-7
    17. SOLUTION TO EXERCISE 3-7
    18. EXERCISE 3-8
    19. SOLUTION TO EXERCISE 3-8
    20. EXERCISE 3-9
    21. SOLUTION TO EXERCISE 3-9
    22. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  9. CHAPTER 4: COMPLETING THE ACCOUNTING CYCLE
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. EXERCISE 4-1
    4. SOLUTION TO EXERCISE 4-1
    5. EXERCISE 4-2
    6. SOLUTION TO EXERCISE 4-2
    7. EXERCISE 4-3
    8. SOLUTION TO EXERCISE 4-3
    9. EXERCISE 4-4
    10. SOLUTION TO EXERCISE 4-4
    11. EXERCISE 4-5
    12. SOLUTION TO EXERCISE 4-5
    13. EXERCISE 4-6
    14. SOLUTION TO EXERCISE 4-6
    15. EXERCISE 4-7
    16. SOLUTION TO EXERCISE 4-7
    17. EXERCISE 4-8
    18. SOLUTION TO EXERCISE 4-8
    19. EXERCISE 4-9
    20. SOLUTION TO EXERCISE 4-9
    21. EXERCISE 4-10
    22. SOLUTION TO EXERCISE 4-10
    23. EXERCISE 4-11
    24. SOLUTION TO EXERCISE 4-11
    25. ANALYSIS OF MULTIPLE-CHOICE QUESTIONS
  10. CHAPTER 5: ACCOUNTING FOR MERCHANDISING OPERATIONS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. EXERCISE 5-1
    4. SOLUTION TO EXERCISE 5-1
    5. EXERCISE 5-2
    6. SOLUTION TO EXERCISE 5-2
    7. EXERCISE 5-3
    8. SOLUTION TO EXERCISE 5-3
    9. EXERCISE 5-4
    10. SOLUTION TO EXERCISE 5-4
    11. EXERCISE 5-5
    12. SOLUTION TO EXERCISE 5-5
    13. EXERCISE 5-6
    14. SOLUTION TO EXERCISE 5-6
    15. * EXERCISE 5-7
    16. SOLUTION TO EXERCISE 5-7
    17. * EXERCISE 5-8
    18. SOLUTION TO EXERCISE 5-8
    19. ** EXERCISE 5-9
    20. SOLUTION TO 5-9
    21. ** EXERCISE 5-10
    22. SOLUTION TO EXERCISE 5-10
    23. EXERCISE 5-11
    24. SOLUTION TO EXERCISE 5-11
    25. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  11. CHAPTER 6: INVENTORIES
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. EXERCISE 6-1
    4. SOLUTION TO EXERCISE 6-1
    5. EXERCISE 6-2
    6. SOLUTION TO EXERCISE 6-2
    7. EXERCISE 6-3
    8. SOLUTION TO EXERCISE 6-3
    9. EXERCISE 6-4
    10. SOLUTION TO EXERCISE 6-4
    11. EXERCISE 6-5
    12. SOLUTION TO EXERCISE 6-5
    13. EXERCISE 6-6
    14. SOLUTION TO EXERCISE 6-6
    15. *EXERCISE 6-7
    16. SOLUTION TO EXERCISE 6-7
    17. **EXERCISE 6-8
    18. SOLUTION TO EXERCISE 6-8
    19. **EXERCISE 6-9
    20. SOLUTION TO EXERCISE 6-9
    21. **EXERCISE 6-10
    22. SOLUTION TO EXERCISE 6-10
    23. EXERCISE 6-11
    24. SOLUTION TO EXERCISE 6-11
    25. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  12. CHAPTER 7: FRAUD, INTERNAL CONTROL AND CASH
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 7-1
    5. SOLUTION TO EXERCISE 7-1
    6. EXERCISE 7-2
    7. SOLUTION TO EXERCISE 7-2
    8. EXERCISE 7-3
    9. SOLUTION TO EXERCISE 7-3
    10. EXERCISE 7-4
    11. SOLUTION TO EXERCISE 7-4
    12. EXERCISE 7-5
    13. SOLUTION TO EXERCISE 7-5
    14. EXERCISE 7-6
    15. SOLUTION TO EXERCISE 7-6
    16. EXERCISE 7-7
    17. SOLUTION TO EXERCISE 7-7
    18. EXERCISE 7-8
    19. SOLUTION TO EXERCISE 7-8
    20. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  13. CHAPTER 8: ACCOUNTING FOR RECEIVABLES
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 8-1
    5. SOLUTION TO EXERCISE 8-1
    6. EXERCISE 8-2
    7. SOLUTION TO EXERCISE 8-2
    8. EXERCISE 8-3
    9. SOLUTION TO EXERCISE 8-3
    10. EXERCISE 8-4
    11. SOLUTION TO EXERCISE 8-4
    12. EXERCISE 8-5
    13. SOLUTION TO EXERCISE 8-5
    14. EXERCISE 8-6
    15. SOLUTION TO EXERCISE 8-6
    16. EXERCISE 8-7
    17. SOLUTION TO EXERCISE 8-7
    18. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  14. CHAPTER 9: PLANT ASSETS, NATURAL RESOURCES, AND INTANGIBLE ASSETS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 9-1
    5. SOLUTION TO EXERCISE 9-1
    6. EXERCISE 9-2
    7. SOLUTION TO EXERCISE 9-2
    8. EXERCISE 9-3
    9. SOLUTION TO EXERCISE 9-3
    10. EXERCISE 9-4
    11. SOLUTION TO EXERCISE 9-4
    12. EXERCISE 9-5
    13. SOLUTION TO EXERCISE 9-5
    14. EXERCISE 9-6
    15. SOLUTION TO EXERCISE 9-6
    16. EXERCISE 9-7
    17. SOLUTION TO EXERCISE 9-7
    18. EXERCISE 9-8
    19. SOLUTION TO EXERCISE 9-8
    20. EXERCISE 9-9
    21. SOLUTION TO EXERCISE 9-9
    22. * EXERCISE 9-10
    23. SOLUTION TO EXERCISE 9-10
    24. EXERCISE 9-11
    25. SOLUTION TO EXERCISE 9-11
    26. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  15. CHAPTER 10: LIABILITIES
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 10-1
    5. SOLUTION TO EXERCISE 10-1
    6. EXERCISE 10-2
    7. SOLUTION TO EXERCISE 10-2
    8. EXERCISE 10-3
    9. SOLUTION TO EXERCISE 10-3
    10. EXERCISE 10-4
    11. SOLUTION TO EXERCISE 10-4
    12. EXERCISE 10-5
    13. SOLUTION TO EXERCISE 10-5
    14. EXERCISE 10-6
    15. SOLUTION TO EXERCISE 10-6
    16. EXERCISE 10-7
    17. SOLUTION TO EXERCISE 10-7
    18. EXERCISE 10-8
    19. SOLUTION TO EXERCISE 10-8
    20. EXERCISE 10-9
    21. SOLUTION TO EXERCISE 10-9
    22. EXERCISE 10-10
    23. SOLUTION TO EXERCISE 10-10
    24. EXERCISE 10-11
    25. SOLUTION TO EXERCISE 10-11
    26. *EXERCISE 10-12
    27. *EXERCISE 10-13
    28. SOLUTION TO EXERCISE 10-13
    29. EXERCISE 10-14
    30. SOLUTION TO EXERCISE 10-14
    31. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  16. CHAPTER 11: CORPORATIONS: ORGANIZATION, STOCK TRANSACTIONS, DIVIDENDS, AND RETAINED EARNINGS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 11-1
    5. SOLUTION TO EXERCISE 11-1
    6. EXERCISE 11-2
    7. SOLUTION TO EXERCISE 11-2
    8. EXERCISE 11-3
    9. SOLUTION TO EXERCISE 11-3
    10. EXERCISE 11-4
    11. SOLUTION TO EXERCISE 11-4
    12. EXERCISE 11-5
    13. SOLUTION TO EXERCISE 11-5
    14. EXERCISE 11-6
    15. SOLUTION TO EXERCISE 11-6
    16. EXERCISE 11-7
    17. SOLUTION TO EXERCISE 11-7
    18. EXERCISE 11-8
    19. SOLUTION TO EXERCISE 11-8
    20. EXERCISE 11-9
    21. SOLUTION TO EXERCISE 11-9
    22. EXERCISE 11-10
    23. SOLUTION TO EXERCISE 11-10
    24. EXERCISE 11-11
    25. SOLUTION TO EXERCISE 11-11
    26. *EXERCISE 11-12
    27. SOLUTION TO EXERCISE 11-12
    28. **EXERCISE 11-13
    29. SOLUTION TO EXERCISE 11-13
    30. EXERCISE 11-14
    31. SOLUTION TO EXERCISE 11-14
    32. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  17. CHAPTER 12: INVESTMENTS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 12-1
    5. SOLUTION TO EXERCISE 12-1
    6. EXERCISE 12-2
    7. SOLUTION TO EXERCISE 12-2
    8. EXERCISE 12-3
    9. SOLUTION TO EXERCISE 12-3
    10. EXERCISE 12-4
    11. SOLUTION TO EXERCISE 12-4
    12. EXERCISE 12-5
    13. SOLUTION TO EXERCISE 12-5
    14. *EXERCISE 12-6
    15. SOLUTION TO EXERCISE 12-6
    16. EXERCISE 12-7
    17. SOLUTION TO EXERCISE 12-7
    18. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  18. CHAPTER 13: STATEMENT OF CASH FLOWS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 13-1
    5. SOLUTION TO EXERCISE 13-1
    6. EXERCISE 13-2
    7. SOLUTION TO EXERCISE 13-2
    8. EXERCISE 13-3
    9. SOLUTION TO EXERCISE 13-3
    10. EXERCISE 13-4
    11. SOLUTION TO EXERCISE 13-4
    12. EXERCISE 13-5
    13. SOLUTION TO EXERCISE 13-5
    14. EXERCISE 13-6
    15. SOLUTION TO EXERCISE 13-6
    16. EXERCISE 13-7
    17. SOLUTION TO EXERCISE 13-7
    18. SUMMARY OF TREATMENT FOR ACCRUALS AND DEFERRALS
    19. **EXERCISE 13-8
    20. SOLUTION TO EXERCISE 13-8
    21. **EXERCISE 13-9
    22. SOLUTION TO EXERCISE 13-9
    23. EXERCISE 13-10
    24. SOLUTION TO EXERCISE 13-10
    25. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  19. CHAPTER 14: FINANCIAL STATEMENT ANALYSIS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE 14-1
    5. SOLUTION TO EXERCISE 14-1
    6. EXERCISE 14-2
    7. SOLUTION TO EXERCISE 14-2
    8. EXERCISE 14-3
    9. SOLUTION TO EXERCISE 14-3
    10. EXERCISE 14-4
    11. SOLUTION TO EXERCISE 14-4
    12. EXERCISE 14-5
    13. SOLUTION TO EXERCISE 14-5
    14. EXERCISE 14-6
    15. SOLUTION TO EXERCISE 14-6
    16. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  20. APPENDIX D: TIME VALUE OF MONEY
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON APPENDIX TOPICS
    4. EXERCISE D-1
    5. SOLUTION TO EXERCISE D-1
    6. EXERCISE D-2
    7. SOLUTION TO EXERCISE D-2
    8. EXERCISE D-3
    9. SOLUTION TO EXERCISE D-3
    10. EXERCISE D-4
    11. SOLUTION TO EXERCISE D-4
    12. EXERCISE D-5
    13. SOLUTION TO EXERCISE D-5
    14. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  21. APPENDIX E: PAYROLL ACCOUNTING
    1. overview
    2. SUMMARY OF LEARNING OBJECTIVES
    3. EXERCISE E-1
    4. SOLUTION TO EXERCISE E-1
    5. EXERCISE E-2
    6. SOLUTION TO EXERCISE E-2
    7. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  22. APPENDIX F: SUBSIDIARY LEDGERS AND SPECIAL JOURNALS
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. TIPS ON CHAPTER TOPICS
    4. EXERCISE F-1
    5. SOLUTION TO EXERCISE F-1
    6. EXERCISE F-2
    7. SOLUTION TO EXERCISE F-2
    8. EXERCISE F-3
    9. SOLUTION TO EXERCISE F-3
    10. EXERCISE F-4
    11. SOLUTION TO EXERCISE F-4
    12. EXERCISE F-5
    13. SOLUTION TO EXERCISE F-5
    14. EXERCISE F-6
    15. SOLUTION TO EXERCISE F-6
    16. EXERCISE F-7
    17. SOLUTION TO EXERCISE F-7
    18. EXERCISE F-8
    19. SOLUTION TO EXERCISE F-8
    20. ANALYSIS OF MULTIPLE-CHOICE TYPE QUESTIONS
  23. APPENDIX G: OTHER SIGNIFICANT LIABILITIES
    1. OVERVIEW
    2. SUMMARY OF LEARNING OBJECTIVES
    3. EXERCISE G-1
    4. SOLUTION TO EXERCISE G-1
    5. EXERCISE G-2
    6. SOLUTION TO EXERCISE G-2
    7. EXERCISE G-3
    8. SOLUTION TO EXERCISE G-3
    9. EXERCISE G-4
    10. SOLUTION TO EXERCISE G-4
    11. ANALYSIS OF MULTIPLE CHOICE TYPE QUESTIONS