Wiley Plus Homework Answers Accounting And Business
You would have noticed that Wiley Plus has become quite famous with many teachers for reasons that seem to elude the same number of students. They claim that a student’s confidence is built as he realizes that he is way in over his head. Wiley Plus has these papers for a myriad of subjects for which finding answers is almost next to impossible.
Impossible becomes possible with dedication, hard work and super powers of Google. Wiley plus Accounting Homework answers can be extremely difficult to come by. However, you have two options as a student in front of you. Either, work through it or cheat your way through it. If you are a teacher, looking for Wiley plus Accounting Homework answers, then an easier solution would be to contact the publisher with ISBN code so that they provide you with a teacher’s edition.
Before searching for Wiley plus accounting homework answers, it is always recommended to at least try the paper once. Who knows, you might just awaken the inner genius. Accounting is best learnt by the art of sheer practice and logic. You could also continue to read on to grasp an understanding of some tricky concepts. Here are a couple of handpicked Wiley plus accounting homework answers to help get you started.
These are a few of the questions from Accounting Test No. 2 of Wiley plus. These questions have been specifically chosen to allow for an easier understanding for the topics described in Chapter 2 of Wiley Plus accounting module.
- What is a periodicity assumption?
It is an accounting guideline which allows an accountant to divide time into set periods. This is extremely helpful in recording transactions and creating financial statement. It is also termed as Accounting Assumption. The main purpose behind this guideline was to set milestones in the fluid nature of business, in order to draw up comparable reports.
- Name the principle which states that expenses should be matched with revenues.
Expense Recognition Principle states that an expense or revenue should be identified and recorded in the same financial year in which they accrue. If this principle was not to be followed, then expenses would pre date the revenues.
- What do you call cash received before services which is debited in cash account but credited in a liability account?
Unearned revenue is that revenue for which the product or service is yet to be performed. This cash is debited to cash account as money is received. However, it is credited to a liability account as performance of service or giving of product is not yet completed.
If you notice, the questions were explained there a bit, because accounting is not learnt but understood. Below are a few difficult Wiley plus accounting homework answerswhich might be tricky.
These questions are chosen from Chapter 5 of Wiley plus Accounting Test
- Which of the following statements is true about a Periodic Inventory System?
- Cost of Goods Sold are determined at the end of an accounting period
- Periodic system is better than perpetual system for control over inventory
- Usage of Periodic systems have increased by the use of computers
- Records for purchase and sale of inventory is duly maintained by a company
The point a. is true where periodic inventory system is used. Among all the other statements, only cost of goods is determined at the end of an accounting period.
- How long is the discount period with credit terms of 1/15, n/60?
15 days (The answer is self-explanatory)
- Sales Discount is based on which amount?
A sales discount is the amount knocked off by a seller to make his offer more attractive. The discount is calculated on the Invoice Price less all returns and other allowances. This is to minimize the loss, if any to the seller.
- What kind of balance does Sales Discounts Account and Sales return & Allowance Account have?
Both Sales Discounts Account and Sales return & Allowance Account have a debit balance.
Hopefully, these Wiley plus accounting homework answers were helpful and informational enough for you to tackle the rest of the paper yourself. A very easy trick to understanding Accounting is to question every concept.
Unlike Mathematics, where there are certain theorems which need to be blindly followed, accounting has concepts which can be understood.
Accounting is a special subject which can actually be turned into a score bucket because it simply asks for common sense and logic. That said a strong grasp of the basics and accounting rules is very important. Assignments can be difficult for a number of students. In this, accepting help from peers or educational sites is not entirely incorrect.
Wiley plus accounting homework answers are not widely available in the market for reasons ranging from monetary benefit to making students work on their own. However, a little help from a friend never hurt anyone.
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Chapter 1 Financial Accounting and Business Decisions QUESTIONS 1. Accounting is the process of measuring the economic activity of an enterprise in money terms and communicating the results to interested parties. The basic purpose of accounting is to provide financial information that is useful in making economic decisions. 2. The major goal of Financial Accounting is the preparation of a balance sheet, a statement of stockholders’ equity, a statement of cash flows, and an income statement. These statements must be prepared in accordance with a well-defined set of conventions and rules called generally-accepted accounting principles. Managerial Accounting provides the data necessary for management to plan and control the operations of a business and to make decisions. No rigid conventions or rules govern managerial accounting; any analytical approach or mode of accounting may be employed in this area. 3. In addition to stockholders and creditors, the following outside groups may be interested in a company's financial data: prospective investors and creditors, financial analysts, taxing agencies, regulatory agencies, labor unions, and economic planners. Prospective investors and financial analysts desire to evaluate the relative attractiveness of various investments, while creditors are primarily interested in a firm's financial strength. Taxing and regulatory agencies are concerned with whether a firm has met its reporting or other legal requirements. Labor unions are interested in the firm's relations with employees, especially with regard to wages. Economic planners use reliable financial data in their planning and forecasting activities. 4. Generally-accepted accounting principles (GAAP) are standards that accountants have developed to guide the accumulation of financial accounting data and the preparation of financial statements. Many principles have evolved over time and have become entrenched through general acceptance. Although the SEC has the power to set the accounting principles, the agency has largely delegated that principle-setting responsibility. The primary non-governmental body whose pronouncements are authoritative concerning such principles is the Financial Accounting Standards Board (FASB). ©Cambridge Business Publishers, 2014 Solutions Manual, Chapter 1 1