College Accounting (Chapters 1-24) 14th Edition Solution Manual

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Chapter Opener: Thinking CriticallyFast Facts••••Managerial Implications: Thinking CriticallyDiscussion Questions1.2.3.4.5.6.7.8.9.10.11.12.CHAPTER 1ACCOUNTING: THE LANGUAGE OF BUSINESSGoogle’s mission is to organize the world’s information and make it universally accessible and useful.“Googol” is the mathematical term for a 1 followed by 100 zeros. Google’s play on the term reflectsthe company’s mission to organize the immense amount of information available on the web.Google’s interface can be customized into more than 100 languages.The purpose of the Public Company Accounting Oversight Board is to oversee the accountingprofession through its investigative and enforcement powers and to discipline corrupt accountants andauditors.SEC, AICPA, AAA.The Public Company Accounting Reform and Investor Protection Act of 2002 was passed in responseto the wave of corporate accounting scandals starting with the demise of Enron Corporation in 2001,the arrest of top executives at WorldCom and Adelphia Communications Corporations, andultimately, the demise of Arthur Andersen, an international public accounting firm.Managers use financial information to make decisions about adding new products and services, offeringcurrent products and services, and choosing vendors.Statements of Financial Accounting Standards.Google’s culture is unlike any in corporate America—lava lamps and large rubber balls dot companyheadquarters and the company’s chef used to cook for the Grateful Dead. Google Inc. puts employeesfirst when it comes to daily life in all of their offices.Owners and managers: evaluate operations. Suppliers: assess ability of a firm to pay debts. Banks:ability to repay loans. Tax authorities: determine a tax base. Governmental agencies: legalcompliance. Employees: wage levels and profit-sharing plans.Auditing, tax, and management advisory services.Measure business performance; separate entity.Sole proprietorship (owned by one person). Partnership (owned by two or more people). Corporation(can be owned by one person or many).Public, managerial, and governmental.Advice on how to structure financial affairs in order to reduce taxes without violating tax laws.Establish accounting policies, direct the accounting system, prepare and interpret financial statements,provide financial advice, prepare tax forms.Note to instructor:These questions are designed to check students’ understanding of new terms, concepts,and procedures presented in the chapter.Regulation of financial reporting by publicly owned corporations.Stockholders, the IRS, SEC, banks, lenders and creditors are all examples of organizations that would beinterested in how Google is performing.1-1

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