Solution Manual for Financial Accounting 12th by Thomas

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Product details:

• ISBN-10 ‏ : ‎ 0134725980
• ISBN-13 ‏ : ‎ 978-0134725987
• Author: William (Bill) Thomas; Wendy M. Tietz;…

Accounting is the language of business, and understanding the role accounting plays in business is critical to a student’s success in earning a business degree. Financial Accounting puts the focus on the purpose of Accounting in business. With student-friendly examples and streamlined chapters, the 12th Edition delivers a student-centric approach to learning financial accounting. Time-tested resources like the Turnkey Case Resources, help students grasp the practical concepts of accounting, so that they can put them into practice in their future business careers.

Table Of Contents:

1 Accounting in Action 1-1

Knowing the Numbers: Columbia Sportswear 1-1

1.1 Accounting Activities and Users 1-3

Three Activities 1-3

Data Analytics 1-4

Who Uses Accounting Data 1-5

1.2 The Building Blocks of Accounting 1-7

Ethics in Financial Reporting 1-8

Generally Accepted Accounting Principles 1-9

Measurement Principles 1-10

Assumptions 1-10

1.3 The Accounting Equation 1-13

Assets 1-13

Liabilities 1-13

Stockholders’ Equity 1-14

1.4 Analyzing Business Transactions 1-15

Accounting Transactions 1-16

Transaction Analysis 1-17

Summary of Transactions 1-21

1.5 The Four Financial Statements 1-22

Income Statement 1-23

Retained Earnings Statement 1-25

Balance Sheet 1-25

Statement of Cash Flows 1-25

Financial Statements: Order of Preparation 1-26

ESG Reporting: Beyond the Four Financial Statements 1-27

Appendix 1A: Career Opportunities in Accounting 1-28

Public Accounting 1-29

Private Accounting 1-29

Governmental Accounting 1-29

Forensic Accounting 1-30

“Show Me the Money” 1-30

2 The Recording Process 2-1

Accidents Happen: MF Global Holdings 2-1

2.1 Accounts, Debits, and Credits 2-3

Debits and Credits 2-3

Debit and Credit Procedures 2-4

Stockholders’ Equity Relationships 2-7

Summary of Debit/Credit Rules 2-8

2.2 The Journal 2-9

The Recording Process 2-9

The Journal 2-10

2.3 The Ledger and Posting 2-12

The Ledger 2-12

Posting 2-14

Chart of Accounts 2-15

The Recording Process Illustrated 2-16

Summary Illustration of Journalizing and Posting 2-22

2.4 The Trial Balance 2-24

Limitations of a Trial Balance 2-25

Locating Errors 2-25

Dollar Signs and Underlining 2-25

3 Adjusting the Accounts 3-1

Keeping Track of Groupons: Groupon 3-1

3.1 Accrual-Basis Accounting and Adjusting Entries 3-2

Fiscal and Calendar Years 3-3

Accrual- versus Cash-Basis Accounting 3-4

Recognizing Revenues and Expenses 3-4

The Need for Adjusting Entries 3-6

Types of Adjusting Entries 3-7

3.2 Adjusting Entries for Deferrals 3-8

Prepaid Expenses 3-8

Unearned Revenues 3-13

3.3 Adjusting Entries for Accruals 3-16

Accrued Revenues 3-17

Accrued Expenses 3-18

Summary of Basic Relationships 3-22

3.4 Adjusted Trial Balance and Financial Statements 3-24

Preparing the Adjusted Trial Balance 3-25

Preparing Financial Statements 3-25

Appendix 3A: Adjusting Entries for the Alternative Treatment of Deferrals 3-28

Prepaid Expenses 3-29

…

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