Sale!

Test Bank ( Complete Download ) For Accounting Principles Volume-1, | 8th Canadian Edition | J. Weygandt

$100.00 $50.00

Huge Discount | Save Upto 50% off
Over 5000 Test Banks & Solution Manuals available for Sale
Test Bank ( Complete Download ) For Accounting Principles Volume-1, | 8th Canadian Edition | Jerry J. Weygandt | Donald E. Kieso | Paul D. Kimmel | Barbara Trenholm | Valerie Warren | Lori Novak
ISBN: 9781119502425

Share

Description

Test Bank ( Complete Download ) For Accounting Principles Volume-1, | 8th Canadian Edition | J. Weygandt
Test Bank ( Complete Download ) For Accounting Principles Volume-1, | 8th Canadian Edition | Jerry J. Weygandt | Donald E. Kieso | Paul D. Kimmel | Barbara Trenholm | Valerie Warren | Lori Novak
ISBN: 9781119502425

Accounting in Action 1-1

Accounting Keeps Aritzia Fashionably in the Black 1-1

Why Is Accounting Important? 1-3

Using Accounting Information 1-5

Objective of Financial Reporting 1-6

Forms of Business Organization 1-7

Determining the Cost of Property, Plant, and
Equipment 9-3

Proprietorship 1-8

Partnership 1-8

Corporation 1-8

Generally Accepted Accounting Principles 1-9

Ethics in Financial Reporting 1-9

Conceptual Framework 1-11

Accounting Standards 1-14

The Accounting Model 1-16

Financial Statements 1-16

The Expanded Accounting Equation 1-20

Transaction Analysis 1-21

Preparing Financial Statements 1-28

Income Statement 1-28

Statement of Owner’s Equity 1-30

Balance Sheet 1-30

Cash Flow Statement 1-30

Understanding the Information in the Financial Statements 1-30

The Recording Process 2-1

Slaying the Dragons to Brew Up Sales 2-2

The Account 2-3

Debits and Credits 2-4

Double-Entry Accounting 2-7

Analyzing and Recording Transactions 2-8

The Accounting Cycle and Steps in the Recording Process 2-8

The Journal 2-10

The Ledger 2-12

Posting 2-13

The Recording Process Illustrated 2-15

Summary Illustration of Journalizing and Posting 2-19

The Trial Balance 2-21

Limitations of a Trial Balance 2-23

Locating Errors 2-23

Some Process Explanations 2-24

Adjusting the Accounts 3-1

Advance Sports Revenue Is Just the Ticket 3-2

Timing Issues 3-3

Accrual Versus Cash Basis Accounting 3-4

Revenue and Expense Recognition 3-5

Adjusting Entries and Prepayments 3-7

The Basics of Adjusting Entries 3-7

Adjusting Entries for Prepayments 3-8

Adjusting Entries for Accruals 3-15

The Adjusted Trial Balance and Financial

Statements 3-22

Preparing the Adjusted Trial Balance 3-23

Preparing Financial Statements 3-23

Completion of the Accounting Cycle 4-1

Getting a Good “Handle” on Accounting Information 4-2

Closing the Books 4-3

Preparing Closing Entries 4-4

Posting Closing Entries 4-8

Preparing a Post-Closing Trial Balance 4-9

Summary of the Accounting Cycle 4-11

Steps in the Accounting Cycle 4-11

Correcting Entries—An Avoidable Step 4-13

Classified Balance Sheet 4-15

Standard Balance Sheet Classifications 4-15

Alternative Balance Sheet Presentation 4-20

Using the Information in the Financial Statements 4-22

Working Capital 4-22

Current Ratio 4-22

Acid-Test Ratio 4-23

Appendix 4A: Work Sheets 4-24

Steps in Preparing a Work Sheet 4-24

Preparing Financial Statements from a Work Sheet 4-27

Appendix 4B: Reversing Entries 4-28

Accounting with and Without Reversing Entries 4-28

Accounting for Merchandising Operations 5-1

A “Frank” Look at Tracking Inventory 5-1

Merchandising Operations 5-3

Inventory Systems 5-5

Recording Purchases of Merchandise 5-7

Subsidiary Inventory Records 5-8

Freight Costs 5-8

Purchase Returns and Allowances 5-9

Discounts 5-10

Summary of Purchase Transactions 5-11

Recording Sales of Merchandise—Earnings Approach 5-12

Revenue Recognition 5-12

Freight Costs 5-15

Sales Returns and Allowances 5-15

Discounts 5-16

Summary of Sales Transactions 5-17

Sales Taxes 5-17

Completing the Accounting Cycle 5-18

Adjusting Entries 5-18

Closing Entries 5-19

Post-Closing Trial Balance 5-20

Summary of Merchandising Entries in a Perpetual Inventory System 5-20

Merchandising Financial Statements 5-22

Single-Step Income Statement 5-22

Multiple-Step Income Statement 5-23

Classified Balance Sheet 5-26

Using the Information in the Financial

Statements 5-27

Gross Profit Margin 5-27

Profit Margin 5-27

Appendix 5A: Periodic Inventory System 5-28

Recording Purchases of Merchandise 5-29

Recording Sales of Merchandise 5-30

Comparison of Entries—Perpetual versus Periodic 5-31

Calculating Cost of Goods Sold 5-31

Multiple-Step Income Statement 5-33

Completing the Accounting Cycle 5-34

Appendix 5B: Recording Sales of Merchandise— Contract-Based Approach 5-36

Recording Sales with Sales Returns 5-36

Recording Sales with Sales Discounts 5-39

Freight Costs 5-40

Summary of Sales Transactions 5-40

Sales Taxes 5-41

Adjusting Entries 5-41

Financial Statements 5-41

Completing the Accounting Cycle 5-41

Inventory Costing 6-1

A Fresh Approach to Costing Inventory 6-2

Determining Inventory Quantities 6-3

Taking a Physical Inventory 6-4

Determining Ownership of Goods 6-4

Inventory Cost Determination Methods 6-7

Specific Identification 6-7

Cost Formulas: FIFO and Weighted Average 6-8

Financial Statement Effects 6-15

Choice of Cost Determination Method 6-16

Inventory Errors 6-18

Presentation and Analysis of Inventory 6-22

Valuing Inventory at the Lower of Cost and Net Realizable Value 6-22

Reporting and Analyzing Inventory 6-25

Presenting Inventory in the Financial Statements 6-25

Appendix 6A: Inventory Cost Formulas in Periodic Systems 6-27

Periodic System—First-In, First-Out (FIFO) 6-28

Periodic System—Weighted Average 6-29

Appendix 6B: Estimating Inventories 6-31

Gross Profit Method 6-31

Retail Inventory Method 6-32

Internal Control and Cash 7-1

Keeping a Tight Lid on Cash 7-1

Cash and Internal Control 7-3

What Is Cash? 7-3

Internal Control 7-4

Control Activities 7-4

Limitations of Internal Control 7-8

Cash Controls 7-9

Internal Control over Cash Receipts 7-10

Internal Control over Cash Payments 7-13

Petty Cash Fund 7-14

Establishing the Fund 7-14

Making Payments from the Fund 7-15

Replenishing the Fund 7-15

Bank Accounts 7-17

Use of a Bank Account 7-17

Reconciling the Bank Account 7-20

Reporting Cash 7-26

Accounting for Receivables 8-1

Last Call for Customer Payments 8-1

Accounts Receivable 8-2

Types of Receivables 8-3

Recognizing Accounts Receivable 8-3

Valuing Accounts Receivable 8-6

Notes Receivable 8-15

Recognizing Notes Receivable 8-16

Disposing of Notes Receivable 8-17

Statement Presentation and Management of Receivables 8-19

Presentation 8-19

Analysis 8-21

Accelerating Cash Receipts from Receivables 8-23

Long-Lived Assets 9-1

Capitalizing on Education 9-2

Property, Plant, and Equipment 9-3

Determining the Cost of Property, Plant, and Equipment 9-3

Depreciation 9-7

Factors in Calculating Depreciation 9-8

Depreciation Methods 9-9

Comparison of Depreciation Methods 9-13

Partial Period Depreciation 9-13

Depreciation and Income Tax 9-15

Revising Periodic Depreciation 9-16

Capital Expenditures During Useful Life 9-17

Impairments 9-17

Cost Model Versus Revaluation Model 9-18

Changes in Depreciation Method, Estimated Useful Life, or Residual Value 9-19

Revised Depreciation Calculations 9-19

Disposal of Property, Plant, and Equipment 9-21

Steps in Recording Disposals of Property, Plant, and Equipment 9-21

Retirement of Property, Plant, and Equipment 9-22

Sale of Property, Plant, and Equipment 9-24

Exchanges of Property, Plant, and Equipment 9-25

Natural Resources 9-28

Cost 9-29

Depletion 9-29

Disposal 9-30

Intangible Assets and Goodwill 9-31

Accounting for Intangible Assets 9-31

Intangible Assets with Finite Lives 9-32

Intangible Assets with Indefinite Lives 9-33

Goodwill 9-34

Statement Presentation and Analysis 9-35

Presentation 9-35

Analysis 9-36

10 Current Liabilities and Payroll 10-1

Butterflies Bring About Better Banknotes 10-2

Determinable (Certain) Current Liabilities 10-3

Accounts Payable 10-3

Unearned Revenues 10-4

Operating Line of Credit and Bank Overdraft 10-5

Short-Term Notes Payable 10-5

Sales Taxes 10-6

Property Taxes 10-7

Current Maturities of Long-Term Debt 10-8

Uncertain Liabilities 10-9

Provisions 10-9

Contingencies 10-13

Payroll 10-15

Employee Payroll Costs 10-16

Employer Payroll Costs 10-18

Recording the Payroll 10-19

Financial Statement Presentation 10-23

Appendix 10A: Payroll Deductions 10-24

Mandatory Payroll Deductions 10-24

Using Payroll Deduction Tables 10-26

Appendix A Specimen Financial Statements: Aritzia Inc. A-1

Appendix B Sales Taxes B-1

Appendix C Subsidiary Ledgers and Special Journals C-1

Company Index / Subject Index I-1