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1、Chapter02InvestingFinancingDecisionstheAccountingSystemFinancialAccounting8e21?2014byMcGrawHillGlobalEducationHoldingsLLC.Thisisproprietarymaterialsolelyfauthizedinstructuse.Notauthizedfsaledistributioninanymanner.Thisdo

2、cumentmaynotbecopiedscannedduplicatedfwardeddistributedpostedonawebsiteinwholepart.Chapter2InvestingFinancingDecisionstheAccountingSystemANSWERSTOQUESTIONS1.Theprimaryobjectiveoffinancialreptingfexternalusersistoprovidef

3、inancialinfmationaboutthereptingentitythatisusefultoexistingpotentialinvestslendersothercreditsinmakingdecisionsaboutprovidingresourcestotheentity.Theseusersareexpectedtohaveareasonableunderstingofaccountingconceptsproce

4、dures.Usuallytheyareinterestedininfmationtoassisttheminprojectingfuturecashinflowsoutflowsofabusiness.2.(a)Anassetisaprobablefutureeconomicbenefitownedcontrolledbytheentityasaresultofpasttransactions.(b)Acurrentassetisan

5、assetthatwillbeusedturnedintocashwithinoneyearinventyisalwaysconsideredacurrentassetregardlessofhowlongittakestoproduceselltheinventy.(c)Aliabilityisaprobablefuturesacrificeofeconomicbenefitsoftheentityarisingfrompreseto

6、bligationsasaresultofapasttransaction.(d)Acurrentliabilityisaliabilitythatwillbesettledbyprovidingcashgoodsotherserviceswithinthecomingyear.(e)Additionalpaidincapitalistheownerprovidedfinancingtothebusinessthatrepresents

7、theexcessoftheamountreceivedwhenthecommonstockwasissuedovertheparvalueofthecommonstock.(f)Retainedearningsarethecumulativeearningsofacompanythatarenotdistributedtotheownersarereinvestedinthebusiness.Chapter02InvestingFin

8、ancingDecisionstheAccountingSystemFinancialAccounting8e23?2014byMcGrawHillGlobalEducationHoldingsLLC.Thisisproprietarymaterialsolelyfauthizedinstructuse.Notauthizedfsaledistributioninanymanner.Thisdocumentmaynotbecopieds

9、cannedduplicatedfwardeddistributedpostedonawebsiteinwholepart.9.Transactionanalysisistheprocessofstudyingatransactiontodetermineitseconomiceffectontheentityintermsoftheaccountingequation:Assets=LiabilitiesStockholdersEqu

10、ityThetwoprinciplesunderlyingtheprocessare:everytransactionaffectsatleasttwoaccounts.theaccountingequationmustremaininbalanceaftereachtransaction.Thetwostepsintransactionanalysisare:(1)identifyclassifyaccountsthedirectio

11、namountoftheeffects.(2)determinethattheaccountingequation(A=LSE)remainsinbalance.10.Theequalitiesinaccountingare:(a)Assets=LiabilitiesStockholdersEquity(b)Debits=Credits11.Thejournalentryisamethodfexpressingtheeffectsofa

12、transactiononaccountsinadebitsequalcreditsfmat.Thetitleoftheaccount(s)tobedebitedis(are)listedfirstthetitleoftheaccount(s)tobecreditedis(are)listedunderneaththedebitedaccounts.Thedebitedamountsareplacedinalefthcolumnthec

13、reditedamountsareplacedinarighthcolumn.12.TheTaccountisatoolfsummarizingtransactioneffectsfeachaccountdeterminingbalancesdrawinginferencesaboutacompanysactivities.Itisasimplifiedrepresentationofaledgeraccountwithadebitco

14、lumnontheleftacreditcolumnontheright.13.Thecurrentratioiscomputedascurrentassetsdividedbycurrentliabilities.Itmeasurestheabilityofthecompanytopayitsshttermobligationswithcurrentassets.Aratioabove1.0nmallysuggestsgoodliqu

15、idity(thatisthecompanyhassufficientcurrentassetstosettleshttermobligations).Sophisticatedcashmanagementsystemsallowmanycompaniestominimizefundsinvestedincurrentassetshaveacurrentratiobelow1.0.Howeveraratiothatistoohighin

16、relationtoothercompetitsintheindustrymayindicateinefficientuseofresources.14.Investingactivitiesonthestatementofcashflowsincludethebuyingsellingofproductiveassetsinvestments.Financingactivitiesincludebrowingrepayingdebti

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