Financial and Managerial Accounting 10th Edition Needles Test Bank
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Financial and Managerial Accounting 10th Edition Needles Test Bank.
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Product Details:
- ISBN-10 : 1285441974
- ISBN-13 : 978-1285441979
- Author;
Needles/Powers/Crosson’s FINANCIAL AND MANAGERIAL ACCOUNTING continuously evolves to meet the needs of today’s learner. This edition’s new structure is based on research about how to deliver content to students and how to mirror the way instructors have told us they teach. The authors have organized this edition into a new three-section approach: 1. The CONCEPTS section focuses on the overarching accounting concepts that require consistent reiteration throughout the course. 2. The ACCOUNTING APPLICATIONS section helps students apply the accounting procedures with features such as “Apply It!” and a new transaction analysis model. 3. The BUSINESS APPLICATIONS section illustrates how concepts and procedures are used to make real-world business decisions. As students walk through the new three-section approach, they gain extra practice with new corresponding TriLevel Problems within CengageNOW. These problems mirror the three sections in each chapter–Concepts, Accounting Applications, and Business Applications–to foster a complete understanding of each section. These substantial changes make students more efficient learners and prepare them to face a business world that is increasingly complicated by ethical issues, globalization, and technology.
Table of Content:
Chapter 1:
Role of C’s Management:
• Management has to properly utilize the resources.
• Management has to properly decide on the mix of funds.
• Management has the overall responsibility to set out strategies for achieving the profitability and liquidity goals.
Functions performed by management:
The following are the functions that the management should perform in order to carry out the above said activities:
• Resource Management: Management has to properly utilize the available resources.
• Financial Management: Management has to properly manage its finances. It should be properly allocated among investing, finance, and operating activities.
• Operations Management: Management has to properly manage the day-to-day operations of the business.
• Marketing Management: Management has to properly organize the sales and distribution activities.
Chapter 2:
Record of purchase of pre-owned trucks
According to Generally Accepted Accounting Principles (GAAP), the cost principle states that a transaction should be recorded initially at cost as it can be verified easily. However, you asked me to record the purchase of the pre-owned trucks at current market value. The current market value is subjective in nature. It is not considered as reliable, as it does not reflect the actual cost incurred for the purchase of pre-owned trucks. Therefore, the pre-owned trucks should be recorded at cost in order to have conformity with the cost principle.
The following is the accounting equation for the entry:
Record the following journal entry in the general journal:
| Date | Accounts title and explanation | Post Ref | Debit ($) | Credit ($) |
| Pre-owned Trucks | XXX | |||
| Cash | XXX | |||
| (To record the purchase of pre-owned trucks at cost.) |
Explanation:
• Pre-owned trucks are assets. There is an increase in the assets and therefore, it is debited.
• Cash is asset. There is a decrease in assets and therefore, it is credited.
On the balance sheet, the pre-owned trucks that are purchased should be recorded as assets as it would provide benefits in future years. The amount must be at the price paid for the purchase because it would represent the actual price paid for the purchase. It would help to find out the exact profits that the company has earned in the current profit. The trucks which are purchased at 15% less than the current market value would result in increased profits as it recorded at cost.
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