Solution manual for Fundamentals Of Financial Accounting 7th Edition By Fred Phillips [Canadian Edition] © 2024

Solution Manual for Fundamentals of Financial Accounting (7th Canadian Edition)

Overview

The Solution Manual for Fundamentals of Financial Accounting, 7th Canadian Edition by Fred Phillips and Brandy Mackintosh provides detailed answers and explanations to problems found in the main textbook. Developed as a valuable companion for students and instructors, this manual enhances comprehension of key accounting principles and supports effective problem-solving in real-world contexts.

The textbook itself introduces financial accounting through a balanced, student-focused approach. It features real Canadian companies, practical learning tools, and updated content reflecting current business practices, including new material on data analytics. This solution manual mirrors that structure, offering step-by-step solutions to help students master core accounting concepts with confidence.

Key Features(Fundamentals of Financial Accounting)

• Complete solutions to end-of-chapter problems and cases

• Structured explanations for financial statements, assets, liabilities, equity, and cash flows

• Reinforces learning with real business examples and Canadian context

• Updated to align with new textbook material on data analytics

• Ideal for coursework, revision, and independent study

Chapter Coverage

1. Business Decisions and Financial Accounting
Foundation of financial accounting and its role in business decisions.

2. The Balance Sheet
Assets, liabilities, and equity structure in financial position reporting.

3. The Income Statement
Revenue and expense recognition, and performance evaluation.

4. Adjustments and Financial Results
Accruals, deferrals, and their effect on financial statements.

5. Fraud, Internal Control, and Cash
Cash handling, fraud prevention, and control procedures.

6. Merchandising Operations
Retail accounting and the multi-step income statement.

7. Inventory and Cost of Goods Sold
Inventory valuation and the impact on profitability.

8. Receivables and Revenue Recognition
Bad debts, interest income, and receivables management.

9. Long-Lived Assets and Goodwill
Depreciation, amortization, and intangible asset reporting.

10. Liabilities
Current and long-term obligations and financial implications.

11. Shareholders’ Equity
Equity structure, dividends, and retained earnings.

12. Statement of Cash Flows
Cash flows from operating, investing, and financing activities.

13. Financial Performance Evaluation
Ratio analysis and key financial performance indicators.

Appendices

• Appendix A & B: Excerpts from 2021 Annual Reports – Home Depot and Lowe’s

• Appendix C: Time Value of Money – Present and future value calculations

• Appendix D: Accounting for Investments in Other Corporations