Professional Documents
Culture Documents
Dwnload Full College Accounting Chapters 1-27-23rd Edition Heintz Solutions Manual PDF
Dwnload Full College Accounting Chapters 1-27-23rd Edition Heintz Solutions Manual PDF
https://testbankfan.com/download/college-accounting-chapters-1-27-23rd-edition-hein
tz-solutions-manual/
CHAPTER 1
INTRODUCTION TO ACCOUNTING
REVIEW QUESTIONS
1. The purpose of accounting is to provide financial information about a business to individuals and
organizations.
2. Four user groups normally interested in financial information about a business are owners,
managers, creditors, and government agencies.
3. The six major steps of the accounting process are listed below.
a. Analyzing is looking at events that have taken place and thinking about how these affect the
business. This first step in the accounting process usually occurs when the business receives
some type of information, such as a bill, that needs to be properly entered into the business's
records. This first step also involves deciding if the piece of information should result in an
accounting entry or not.
b. Recording is entering financial information into the accounting system.
c. Classifying is sorting and grouping like items together.
d. Summarizing is the aggregation of many similar events to provide information that is easy to
understand.
e. Reporting is telling the results.
f. Interpreting is deciding the importance of information in the various reports.
4. Generally accepted accounting principles (GAAP) are the rules that businesses must follow when
preparing financial statements.
8. Three types of businesses classified by activities are service businesses, merchandising businesses,
and manufacturing businesses.
9. An accounting clerk performs accounting tasks such as recording, sorting, and filing accounting
information.
1
© 2020 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
10. Four areas of specialization for a public accountant are auditing, taxation, management advisory
services, and forensic accounting.
Auditing—Auditing involves the application of standard review and testing procedures to be certain
that proper accounting policies and practices have been followed. The purpose of the audit is to
provide an independent opinion that the financial information about a business is fairly
presented.
Taxation—The work of tax specialists includes offering advice on tax planning, preparing tax returns,
and representing clients before governmental agencies, such as the Internal Revenue Service.
Management Advisory Services—Given the financial training and business experience of public
accountants, many businesses seek their advice on a wide variety of managerial issues.
Forensic Accounting—Forensic accounting is a specialized field that combines fraud detection,
fraud prevention, litigation support, expert witnessing, business valuations, and other
investigative activities.
11. The Sarbanes-Oxley Act (SOX) was passed by Congress to help improve reporting practices of
public companies. One important provision prohibits accounting firms from providing audit and
management advisory services to the same company.
12. Six areas of specialization for a managerial accountant are accounting information systems, financial
accounting, cost accounting, budgeting, tax accounting, and internal auditing.
Accounting Information Systems—Accountants in this area design and implement manual and
computerized accounting systems.
Financial Accounting—Based on the accounting data prepared by the bookkeepers and accounting
clerks, the accountant prepares various reports and financial statements.
Cost Accounting—The cost of producing specific products or providing services must be measured.
Further analysis is also done to determine whether the products and services are produced in
the most cost-effective manner.
Budgeting—In the budgeting process, accountants help management develop a financial plan for
the future.
Tax Accounting—A firm may have its own accountants to focus on tax planning, preparation of tax
returns, and dealing with the Internal Revenue Service and other governmental agencies.
Internal Auditing—The main functions of an internal auditor are to review the operating and
accounting control procedures adopted by management and to see that accurate and timely
information is provided.
© 2020 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
CHAPTER 1 3
Exercise 1-1A
Exercise 1-2A
© 2020 Cengage®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
Another random document with
no related content on Scribd:
ADDITIONAL NOTES.
A. Note that in Appendix the word translated Archpriest is in the
original Archiereus, and signifies the Bishop. There is however
another word which can only be translated into English by the term
Archpriest, namely Protoiereus, but this is a title borne by many
priests who are not of episcopal rank.
B. And note that in the Psalms the Orthodox Church follows the
Septuagint and not the Hebrew enumeration.
ERRATA.
Page xi, line 17 of Notes, omit Archpriest. A Bishop, as
being calculated to give a wrong
impression. See Additional Note A,
page xxxix.
” 51, ” 3 of foot-note, for of read in.
” 61, ” 8, and page 62, line 27, for Gallilee read
Galilee.
” 64, ” 3, for help-meet read helpmeet.
” 103, ” 16, for who read whom.
” 142, lines 10 and 11, and page 158, lines 13 and 14, for
we ask of thee, O Christ, read let us
ask of Christ.
” 158, line 4, after for insert the repose of.
” 160, ” 18, descendants’, omit the apostrophe.
Transcriber’s Note: The errata have been corrected, including any obvious errors in the
punctuation that were found.
TREBNIK.
MOSCOW.
At the Synodal Press.
MDCCCLXXXII.
Be it known that on the eighth day after birth the babe is brought
by the nurse to the temple, and she standeth before the doors of the
temple.
And the priest maketh,
Blessed be our God... Trisagion. O most holy Trinity... And after
Our Father... For thine is the kingdom...
Then the troparion of the day, or of the holy habitation. And the
priest signeth its forehead, mouth, and breast, and saith the prayer.
Let us pray to the Lord.
O Lord our God, to thee we pray, and on thee we call, Let the light of
thy countenance be signed on this thy servant (or, on this thine
handmaid), name, and be he signed with the cross of thine only-
begotten Son in his heart and understanding, that he may flee the
vanity of the world and every evil device of the enemy, and may keep
thy commandments; and grant, O Lord, that thy holy name may
remain upon him unrenounced, when at the fitting time he shall be
conjoined with thy holy church, and be perfected with the terrible
mysteries of thy Christ, that, living according to thy commandments
and preserving the seal unbroken, he may attain unto the
blessedness of thine elect in thy kingdom, through the grace and
love to man of thine only-begotten Son, with whom thou art blessed,
together with thy most holy, and good, and life-creating Spirit, now
and ever, and to ages of ages. Amen.
Then, taking the child in his hands, he standeth before the doors
of the temple, or before the image of the most holy God-bearing one,
and maketh the sign of the cross, saying,
Hail, grace-accorded God-bearing Virgin! for out of thee the sun of
righteousness, Christ our God, hath shined, enlightening them that
are in darkness. And thou, O righteous elder, be thou glad, receiving
in thine arms the deliverer of our souls, even him that granteth
resurrection unto us.
And the dismissal is made.
It is necessary to know that, if the newly born babe, being
exceedingly weak, do not suck, but appear likely to die, it behoveth
not to wait six or eight days, and then to baptize it, as some wickedly
say; but at the very hour of its birth to wash it only, and immediately
to baptize it, that it die not unilluminated. Since they that are five
months pregnant are, by the laws and canons, responsible for
murder, if it happen that by any shock they abort the babe, so much
the more is it necessary to avoid the condemnation of them that are
brought forth, that they die not unilluminated.
Chapter III.
PRAYERS FOR A PARTURIENT WOMAN AFTER
FORTY DAYS.