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accounting information for business decisions 2nd edition free pdf

accounting information for business decisions 2nd edition free pdf

Accounting is an information tool which can help make good business decisions. ANS: T. Unless you are a business owner, you will not be making business decisions. ANS: F. Accounting support for management activities. Many businesses have no need for accounting information and can actually exist without an accounting system.

A dental surgery is an example of a service business. Service business. Woolworths is an e xample of a retailing business. Merchandising businesses. Sources of capital f or a business include owner investments, and borrowing or seeking investments from outsiders.

Sources of capital. Sole proprietorships are the most common form of business and as such, conduct more volume of business than partnerships and corporations put together. Managemen t accounting information. Financial accounting. External users poss ess skills to extract the information they need for decisions from the accounting information of a business. Accounting support for external decision making. Feedback from oper ations can be effectively used in the planning, operating or evaluating stages of a business.

Operating refers to the set of activities that the business engages in to conduct its business according to its plan. Balance sheet. Cost analysis tells a business owner the selling price of a product or service. Cost analysis. Having a code of ethics will always provide you with the correct solution to an ethical dilemma. The modern day accountant generally works alone and therefore does not require teamwork skills. Communication and teamwork skills. Which of the following is false? Accounting is a mere numbers game.

The information is only useful to a limited few. The reality is that few managers need accounting information to make quality operating decisions. Accounting focuses on the resources and activities of individual businesses. Products and services affect almost every minute of our lives. ANS: B. Accounting information and decision making. Which of the following is an example of a manufacturer?

Dell Calculator. Air NZ. ANS: A. Manufacturing businesses. What is the primary difference between a manufacturer and a merchandiser? Merchandisers purchase finished goods ready to sell, whereas a manufacturer must create the goods. Manufacturers purchase finished goods ready to sell, whereas a merchandiser must create the goods.

Merchandisers do not sell directly to the public, but rather only to manufacturers. Manufacturers buy the finished goods from a merchandiser then resell it, basically acting as a middle ma n.

Which type of busi ness organisation generates the greatest volume of business? Each generates roughly the same amount of business.

ANS: C. Managerial account ing information:. Financial accountin g information:. Financial ac counting information. Which of the follow ing would a manager do as a part of planning activities? Compare estim ates to benchmarks.

Purchase inventory. Hire employees. Prepare cost estimates. ANS: D. Operating activities consist of:. PTS: 1. Evaluating activities consist of:. Statements on management accounting:. A budget:. Cash flow statement. Payables ledger. Income statem ent. Cash flow state ment. Which of the follow ing do not cover a period of time? Accounts recei vable ledger.

A lack of solvency i s demonstrated when:. Financial position of a business can best be evaluated with which of the following? Net income. Cash received and paid. Owner investments. Which of the following is the first stage in solving a business problem? Knowing the possible outcomes. The recognition and definition of the problem. Understanding the available resources to solve the problem. Assessing the total cost and benefits of solving the problem.

Recognising and defining the problem. What is private enterprise? Critical thinking, however, requires practice as well as an awareness and monitoring of the thought process.

A critical thinker must be aware of the assumptions made and be able to judge whether there is sufficient evidence to support those assumptions. A critical thinker also must be aware of his or her own biases and be able to keep those biases from affecting the thought process. To be independent, the critical thinker does not accept the beliefs of others without questioning the source of those beliefs and the evidence supporting them.

Objectivity, refers to the critical thinker's own beliefs and ideas. To be objective, the critical thinker must be aware of his or her own biases and prejudices and try to eliminate them from his or her thinking when evaluating ideas. If the source is not credible, what is the probability that the information is good? The credibility of information sources must be evaluated to ensure that decisions are made based on accurate information.

Organisational and business knowledge includes knowledge of how businesses work and of how various factors affect businesses. This knowledge helps creative thinkers develop ideas and implement them in a particular business environment. It also helps critical thinkers evaluate alternatives and better understand the effects of solutionsto problems.

In this stage, the problem solver defines the problem, gathers facts surrounding the problem, and identifies the objectives that would be achieved by solving the problem.

The major pitfall in this stage is the possibility of incorrectly identifying the problem. Solving the wrong problem could lead to new problems, make the problem worse, and lead to an unproductive course of action.

The second stage is identifying alternative solutions. In this stage, the problem solver uses both creative and critical thinking to generate and identify workable solutions. A pitfall that the problem solver might encounter in this stage would be an inability to arrive at solutions that are workable.

If the problem is not defined clearly, it may be difficult for the problem solver to determine which solutions fit the criteria or solve the posed problem. The third stage is weighing the advantages and disadvantages of each solution. In this stage, the problem solver evaluates potential solutions by examining the different effects of each.

A pitfall that might be encountered in this stage could be an incorrect understanding of the effects of potential solutions. This could occur if the information used is interpreted incorrectly or if a solution is formulated based on incorrect information.

Also, if the problem solver relies on numbers alone, he or she may not identify some of the more subtle advantages or disadvantages of the proposed solutions. The fourth and final stage is choosing a solution. In this stage the problem solver looks at the evaluation of advantages and disadvantages from the previous stage and decides the best course of action.

A pitfall the problem solver may encounter in this stage is the choice of a solution which does not solve the problem or which is not the. This pitfall could occur in a number of different circumstances. This could occur if the problem solver misunderstands the criteria necessary to solve the problem, if the circumstances surrounding the problem change during the process of finding a solution the defined problem and the criteria for solving it may no longer be valid , or if the problem solver has a difficult time comparing the advantages and disadvantages of each solution due to the different weights of each.

The pitfalls for each stage can be interrelated. For example, if the problem solver misidentifies the problem in stage one, the actions of each stage will be affected. Also, if the problem solver quits too soon in stage two, it is possible that the best solution will never be identified. Finally, however thorough the problem solver is, unanticipated future events may cause the chosen solution not to work. In the first stage, accounting information information on costs, pricing, etc.

In the second stage, accounting information can be used to determine whether or not potential solutions are workable if we have already borrowed as much as we can, are there other sources of cash? In the third stage, accounting information is used to determine the economic effects of each solution including determination of costs, profits, timing of cash receipts and payments, and effects on income taxes. In the fourth stage, the problem solver uses accounting information specified for each solution in stage three and decides, based on that information, which solution will be the best which solution provides the greatest benefit at the least cost.

Applying your knowledge 1. You are buying transportation. Because transportation is something intangible, it is considered to be a service.

Because Qantas Airlines is in the business of providing transportation the peanuts are incidental , it is considered to be a service business. When you visit your local Toyota dealer to purchase a car, you also are buying transportation.

The difference between the purchase of the airline ticket and the purchase of the car is that the car is a means of transportation. It is a very tangible product which will be driven as well as parked in your garage or driveway.

Because the Toyota Motor Business is in the business of making cars and selling them to dealers as opposed to selling and providing transportation , it is considered to be a manufacturing business.

The first place a loan officer might go to examine a business's liquidity ability to pay bills and make loan payments is the business's cash flow statement. This statement would show the cash receipts and cash payments for operating, investing, and financing activities. Factors you would consider about organising your business as a company rather than a sole trader or partnership are: 1 As a company income taxes on the profits are paid by the business instead of by the individual owners; and 2 a company tends to be less risky because it, instead of the individual owners, is liable for any debts of the business.

One of the positive factors of operating as a sole proprietor is that it allows flexibility in running the business. As the sole owner, you would be able to make decisions regarding the operations of the business and the use of its capital. The difficulties would be that you would have to be able to raise enough capital on your own to start the business, and that you would retain all the risk if the business fails.

If you are not able to raise enough capital on your own, or want to share the risk, or are lacking in some area of expertise, you may consider organising the business as a. A partner can bring special skills and expertise or additional capital into a business to help make it successful. If not, it would be a waste of your time and money to locate there. If there is low unemployment, you will have to pay higher salaries to attract employees. Regulations that might affect the business range from rules for making food products to rules requiring the business to pay unusual taxes or comply with unusual regulations.

What kind of benefits and time schedules must be offered to employees? Managers within the business use cost information to help determine appropriate pricing for the products sold.

External parties use the same information to help analyse the business's performance and ability to generate profit. Another example of information useful to both internal and external users is data about the sales of products.

Managers use this information to help determine necessary purchases. External users want to know about product sales to look at profitability and to help analyse future cash flows. Both internal and external users are interested in the profits of the business. External parties use this information to evaluate their decisions to invest in the business. Managers use this information to assess the effectiveness of business goals and operations.

Both internal and external parties want to know about the resources available for use in operations. Managers use this information to determine the best way to allocate resources within the business. External parties use this information to evaluate the business's financial position and ability to continue operating.

To help determine potential sales in the upcoming year, information that would be useful includes data on last year's sock sales, projections of growth in population if the population is growing, it is possible that sock sales will grow as well , and information on the economic well-being of the area.

If the area is growing economically and people have more money to spend, they might spend that money on more new socks. In operating activities, you might need information on daily sales figures broken down by type of sock or by sock supplier. This information would let you know which socks are selling best and what kind of socks you should continue to buy to increase the profitability of the store.

You would also need to know sales figures and inventory levels to help determine how often to order socks from suppliers and how many socks you should order at one time. In evaluating activities, you would want to compare your predicted costs of sales with the actual costs of sales. This would help you identify major differences between projections and actual results and determine whether performance was good or whether it needs to improve.

Because it takes time to review information published on new principles, there is a cost of staying informed. When GAAP does change, there is a cost of changing accounting systems, changing reports, and informing employees. The owner s of a business that is affected by a proposed new accounting principle is concerned about the cost of changing the business's accounting system and about the increased paperwork and time that may be required.

The owner s is also concerned about any reporting changes that could reduce the amount of profit the business generates. If a new principle makes a business's performance appear less profitable, the owner may be concerned that the business would have trouble raising capital and attracting investors. For example in Australia the debate about carbon tax accounting. The major financial statements are the income statement, the balance sheet, and the cash flow statement.

The income statement helps users evaluate a business's operations over a period of time by showing revenues, expenses, and net income. Revenues are the total amount that the business charged its customers for the goods or services it provided during a specific time period. Expenses are the business's costs of providing those goods and services, and net income is the difference between revenues and expenses.

A business's assets are resources such as cash, products available for sale to customers, and land, buildings and equipment owned by the business. Liabilities are the business's obligations such as loans to be paid back to banks and amounts owed to suppliers and employees.

The owner's equity section of the balance sheet shows the amount invested in the business by its owner s , and the business's cumulative earnings. The cash flow statement helps users evaluate a business's liquidity by showing its cash receipts and payments from operating, investing and financing activities for a specific time period. Cash flows from operating activities are cash received for providing goods or services and cash paid to suppliers or employees to enable the business to produce goods and provide services.

Cash flows from investing activities are cash paid for assets like equipment or land, and cash received when those assets are sold. Cash flows from financing activities are cash received when the business. To help business people make ethically sound decisions in these complex situations, a code of ethics makes statements about acceptable ethical behaviour. These statements can be considered guidelines which can be applied to various situations to help in the decision-making process.

The main support for requiring all businesses to follow GAAP is that it would ease financial statement comparison of businesses all over the world.

GAAP, therefore, would not be important since the information contained in reports would be for internal use only. It is important that with other information presented to your boss you should be able to bring concrete examples of how your workload has increased. Regardless of the evidence you use to show support your point of view, it is important that the approach used is as objective and professional as possible.

It is important that your boss understand that you are presenting a serious problem and not whining. If this is the case, you may want to request additional training or have the boss show you where you could cut time from your work and still deliver a quality performance. Your response to this argument may be that your inability to meet your deadlines may create greater problems for the business.

If this is the argument of your boss, then you must be able to provide evidence that those times when you were not working occurred because you were being held up by someone else, or that there is some other logical explanation for why you were not working. If this is the case, then your boss may recognise that you are working too hard and may be amenable to implementing any solutions that you help identify.

Your own arguments should address the reasons, information, and evidence used by your boss. The amount of time you have to develop you opinion will affect the kinds of information you are able to collect.

You would go to your boss for the answer to this question. If you know what the expectations are, you will be able to determine the potential of the new branch to meet those expectations. To determine business expectations, you could use business.

Again, it is necessary to know the measures of performance before you can determine the ability of a new branch to perform well. This question can be answered through discussions with your boss and through research of branches in other locations. This information would help you determine the profitability of opening a branch in the proposed location. Marketing surveys and focus groups could be used to determine both the kinds of food people in El Paso would be interested in and the amount they would be willing to pay.

You would want to know if El Paso is an economically strong community. If not, during a period of recession, few people would purchase gourmet food. Statistical information about the area would help you analyse the economic climate. This information will help you determine the potential profitability of the new branch. Research of statistical information about unemployment and wages, and estimates from prospective suppliers will help answer this question.

This information will help you evaluate the ability of a new branch to meet expectations. Sales and costs estimates can be used to develop profitability projections. Again, this information will help determine the profitability of the branch. By examining the capital requirements of other branches, you should be able to develop an estimate of needed capital. Before you decide to take a risk on the family member who tormented you throughout your early years but who you love anyway , make sure you have carefully examined information about The Last Custard Stand.

If he already has a number of debts outstanding, you may be the lowest lender on the totem pole. Be aware that your brother may consider payment to non-familial creditors more important than paying you. If this is the case, you may decide not to lend him the money another. Certainly, you will be more willing to give your brother a loan if you know that the business has been making money. If it is not, this will give you the opportunity to ask your brother why it has not been making money. If the money is for use in the day to day operations, then it is likely that the business is not doing well, regardless of what your brother says.

The business should be able to generate enough cash to support its own operations and if it can't, then it is not likely that the business will be able to generate enough cash to repay the loan. If this is the case, you may not want to loan your brother the money. On the other hand, if the money is going to be used to expand the business, chances are that the business is doing very well. If this is the case, then your brother should have accounting information such as projections and budgets that will help you analyse the potential profitability of the expansion.

If the projections look good and reflect a continuation of the success of the current business, you will be more likely to give your brother the loan. This information on profit would be more helpful if it showed data for more than just one year. You would want to be able to see trend data.

The trend information might show that the business has been making a successively higher profit each year. If this is the case you might infer that the Last Custard Stand is a growing and profitable business and that you should lend your brother the money.

The profit information also would be more helpful if it showed the details of The Last Custard Stand's revenues and expenses.

A detailed list of expenses, for example, could help you understand how the business uses its resources to help it make a. This list, combined with trend information could help you notice which particular expenses are increasing, decreasing, or remaining stable, and which may be shortterm or temporary expenses. It is possible that jeans could be worn on any day of the week. Also, the co-worker makes no observations of Jan's usual attire. It is possible that Jan wears jeans every day of the week, or that Jan has been recruited to help move the copier from problem 1.

Making evaluations 1. Although Vito's cooking is more like an artistic production than an assembly line, the restaurant basically purchases ingredients food from suppliers grocery stores, restaurant supply stores, farmers, etc. For example, you probably would want the partnership agreement to address how much each of you will contribute to the partnership either cash or tools.

You also would want to know who is responsible for what i. You would want to know if each partner will be equally liable for any debts of the partnership. You would want to know how the profits and losses of the partnership will be shared between the two partners.

Finally, you would want to know how the resources of the business will be divided should you ever decide to dissolve the partnership.

Some articles may illustrate the need for a code of ethics to provide a basic set of values in business. Evidence or support may include instances of embezzlement, fraud, insider trading, leaks of corporate secrets, telemarketing schemes that target the elderly, and credit card fraud, just to name a few.

A business code of ethics may help a business change the focus of its business operations to include honesty and fairness. A business code of ethics also is needed to help a business follow the right path when the issues are more complex. In each of these instances, a business may not be conscious of any harmful effects its actions caused. A business code of ethics might help a business recognise situations in which it has a responsibility to act with care and fairness.

A suit projects an image of confidence and professionalism. I have been to business meetings in which some people were wearing suits and some were not. It was evident that those wearing suits were taken more seriously and their comments were given more weight than those not wearing suits. Also, in the book Dress for Success, author John Malloy states that people wearing suits appear to be more authoritative, successful and professional that people not wearing suits.

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Instead of rushing into a business right away, it is wise to develop a. The is money that investors will receive back from their investment and credit decisions. The shows how the business will make sales and how it will influence and respond to market conditions.

The describes how the business will promote, price and distribute the product. The section of a business plan includes a description of the relationships between the business, its suppliers, its customers, as well as a description of how the business will develop, service, protect and support its products or services. The is the difference between the total sales revenue and total variable costs.

The is the difference between the sales revenue per unit and the variable costs per unit. ANS: contribution margin per unit 4. The first step in starting a business is to develop a business plan. The first step in starting a business is to set up a corporation. A business plan is a static document. Once created it should not need to be updated. A business plan typically includes a description of the business, a marketing plan, an operating plan, an environmental management plan and a financial plan.

A business plan should be viewed as an opportunity to identify mistakes before they could happen. Cost behaviour activity affects the way costs behave. In cost behaviour cost affects the way costs behave. Fixed costs per unit will remain constant as activity changes. A fixed cost does not respond to changes in an activity such as sales volume. A fixed cost responds directly to changes in an activity such as sales volume. Fixed costs per unit will change as activity changes.

Variable costs will remain constant per unit as activity changes. Variable costs per unit will change as activity changes. A variable cost responds directly to changes in an activity such as sales volume. Total costs are the sum of the fixed costs and variable costs.

It briefly summarises the content of each question. We did not provide a content analysis for the making evaluations questions because of their lack of uniformity, and because of the multiple topics included in them. Content analysis for applying your knowledge questions 1. Explain how two businesses are examples of a service business and a manufacturing business. Determine which financial statement the bank would request for help making the decision. List factors involved in deciding whether to operate as a sole proprietorship, a partnership, or a business. List questions a business should ask before opening a factory in adobe premiere pro video editing free download full version new location. Referring to 1. Accounting information for business decisions 2nd edition free pdf questions with 1. List examples of business information useful to both internal accounting information for business decisions 2nd edition free pdf external users. Give examples of information that would be useful in the management activities of planning, operating, and evaluating. Explain what generally accepted accounting principles means and how they affect business reports. Explain why new proposals would concern business accounting information for business decisions 2nd edition free pdf. Describe financial statements, list the major financial statements, and explain what each financial statement includes. Accounting information for business decisions 2nd edition free pdf how codes of ethics help businesspeople make decisions. Consider two sides of an issue and develop arguments to support both sides. Develop alternative methods for presenting an argument to a boss while considering possible rebuttals from the boss. Develop questions to ask a boss concerning a new job offer. Determine what information is needed to evaluate a loan applicant and how this information could accounting information for business decisions 2nd edition free pdf the loan decision. Develop a list of ideas to solve an office problem. Private enterprise refers to an economic system in which individuals, rather than government, own and operate businesses. A service business is different from a manufacturing or merchandising business because it sells services, rather than goods or physical products to customers. Both merchandising and manufacturing businesses sell products to their customers. The difference between the two is that a manufacturing business makes the products it sells. A merchandising business buys products that are ready to be sold often from a manufacturing business and then sells those products to its customers. accounting information for business decisions 2nd edition free pdf Accounting: information for business decisions / Billie M. Cunningham, Loren A. Nikolai, John D. Bazley. Search All editions of this book. Filter by type. PDF | Accounting information, as a part of the information system, have a vital role in the Join for free Key Words: Accounting information, Business decisions, Palestinian Managers. 1. 2nd edition; Irwin/McGraw-Hill. Accounting; Information for Business Decisions 2nd 2E Author(s): Billie Cunningham Here's 20 free textbook test questions from Free Test Bank for Accounting. Test Bank for Accounting Information for Business Decisions 2nd Edition by Cunningham - Free download as PDF File .pdf), Text File .txt) or. I am using the same text book, +Name You should download from here to get instant: Test Bank for Test Bank for Accounting Information for Business Decisions 1st Edition by Cunningham File formats: ePub, PDF, Kindle, Audiobook, mobi, ZIP. How can I download a test bank for Corrections, 2nd Edition by Stohr? accounting information for business decisions 2nd edition ebook accounting information for business decisions 2nd edition free pdf accounting. A business focused introduction to Accounting for all students - not Accounting: Information for Business Decisions - ISBN Edition 3 Pages Students follow a retail coffee business through the book to learn about applying accounting issues in the real world. Cunningham 1e Accounting: Information for Business Decisions Solutions information for business decisions 2nd edition free pdf accounting. Download at:devsmash.online accounting information for business decisions 2nd edition ebook accounting information for business. A business focused introduction to Accounting for all students - not just those intending to be Accounting majors. Over a million titles available from more than 1, publishers. Over 40, customer reviews with an average rating of 9. July 2, January 21, 0. Your Name required. Back to Top. VitalSource is the leading provider of online textbooks and course materials. Submit Report. This site complies with DMCA digital copyright. The conversational writing engages students in the theoretical content and how it applies to contemporary real-world scenarios. Search in posts. Cunningham , Loren A. The print version of this textbook is ISBN: , Students learn how to base decisions on two kinds of accounting information managerial and financial. accounting information for business decisions 2nd edition free pdf