Financial Accounting Pearson Answers
Get Solutions for Financial Accounting Problems from Experts
In the field of commerce, accounting is considered to be the language for financial activities. Students in this field have to study all the concepts of financial accounting in a comprehensive manner. They often rely on textbooks and internet resources for learning the concepts. Financial accounting Pearson is one of the most widely used books among students. If you are facing troubles solving the problems given in the textbook, you can get your financial accounting Pearson answers from Myhomeworkhelp.
What is financial accounting?
Before anything else, it would be better to explain what financial accounting is. Primarily, there are two types of accounting- financial accounting and management accounting. While financial accounting is considered as external accounting, management accounting is also called internal accounting.
Financial accounting methods are based on double entry bookkeeping. It deals with recording of general ledger accounts of all business transactions in a chronological manner. Income statements and account sheets are used for this purpose. Financial accounting provides accounting information to the external users such as regulators, owners, tax authorities, banks, statistics, etc. These external users check the financial statements to analyse the financial health of a company.
Throughout the book, there is a constant focus on financial statements. It builds on the foundation laid in the first chapter and carries it through to the last chapter. There are problems after each chapter to help you understand better. We can provide you financial accounting Pearson answers to all the questions mentioned in the book. With all the solutions at your disposal, you will know better how to approach different financial accounting problems.
Different types of financial statements
For learning financial accounting, you need to understand the different kinds of financial statements that can be used. There are five types of such statements, including:
It contains current and fixed assets, long-term and short-term liabilities along with company’s shareholders equity. There are plenty of problems in the book involving balance sheet. Get our financial accounting Pearson answers to know how to solve it the right way.
The income statements contain recognized revenue and expenses. They depict the results that were achieved over a certain period of reporting.
Cash Flow Statements:
These financial statements are compiled with the objective of providing users with information regarding sources of cash. They also indicate how the cash is utilized. Cash flows arise from different activating, including:
These include receipts of cash from sales, commissions, fees and other such incomes. Cash payments to employees and suppliers are also included. Other operating activities include issue or receival of cash from or to insurance companies and refund or payment of taxes.
These include payments of cash for acquisition of property, future contracts, equipment, plants, acquisition of participation in capital ventures, etc. Cash receipts are required from sale of plants, property, equipment, interest in joint ventures and other miscellaneous cash payments.
Inflow of cash from sale of issued shares, payment of cash to shares’ owners is cash flows from financial activities. Another is inflow of cash from sale or issue of long-term and short-term securities. Other financial activities include payment of cash for repaying borrowed funds and cash payment for settling obligations under lease. Refer to our financial accounting Pearson answers to know more.
Statement of changes in equity:
These statements are needed for changes in:
- Capital, because of capital withdrawal or additional investment from the owner
- Equity, because expenditures and revenues are realized
- Equity, due to profit distribution or covering of loss
- Equity, as a result of assets being overvalued
- Equity, resulting from effects of accounting policies being recognized along and material errors correction.
All of these financial statements are well described in the Pearson book. There are also problems based on each of these statements. Our financial accounting Pearson answers cover all the problems mentioned in the book. With these answers, you will be able to learn better how different financial statements actually work.
What are notes to financial statements?
Also called footnotes, the notes to financial statements are nothing but additional information about the figures in the statement. They state basis on which the financial statements were prepared. Certain accounting policies are also mentioned in the footnotes. The additional information provided in notes is relevant to functionality of business, even though they aren’t present in statements itself. If any inconsistencies or irregularities are present, they should be explained in the notes.
Footnotes are provided mainly for the purpose of clarity. The notes can turn out to be quite long. Including them in the main content of the financial statements would cloud the data in financial statements. We also include the necessary footnotes in the financial accounting Pearson answers we provide.
We cover all the chapters in the book, including:
- Chapter 1: Conceptual Framework and Financial Statement
- Chapter 2: Recording Business Transaction
- Chapter 3: Accrual Accounting
- Chapter 4: Presentation of Financial Statement
- Chapter 5: Internal Control, Cash, and Receivable
- Chapter 6: Inventory and Merchandising Operation
- Chapter 7: PPE and Intangible
- Chapter 8: Investments and International Operation
- Chapter 9: Liability
- Chapter 10: Stockholders Equity
- Chapter 11: Cash Flow
- Chapter 12: Financial Statement Analysis
There are problems mentioned at the end of each of these chapters. We provide financial accounting Pearson answers for all the problems of all the chapters. When you have the solution to chapter-wise problems, you will be progress through the book more easily. Whenever you are stuck with a particular problem, you can refer to our solutions to get better clarity.
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