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

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

Overview

The Test Bank and Solution Manual for Fundamentals of Financial Accounting, 7th Canadian Edition by Fred Phillips and Brandy Mackintosh is a trusted academic tool designed to reinforce learning and simplify teaching. This comprehensive resource provides accurate, step-by-step solutions and exam-ready questions that align with the latest edition of the textbook.

Created with a student-focused approach, the textbook introduces financial accounting through real-world company examples, relevant exercises, and updated content on data analytics. The accompanying solution manual and test bank offer essential support for mastering financial concepts, making this a complete resource for academic success.

What’s Included

• Fully worked-out solutions for all end-of-chapter problems and cases

• Chapter-aligned test bank with multiple choice, short answer, and true/false questions

• Content updated for the 2024 edition, including data analytics integration

• Ideal for self-study, tutoring, classroom instruction, and exam preparation

• Canadian business examples to enhance real-world relevance

Chapter Coverage

1. Business Decisions and Financial Accounting
Introduces the role of financial data in business decision-making.

2. The Balance Sheet
Explores assets, liabilities, and equity in financial position reporting.

3. The Income Statement
Covers revenue, expenses, and profitability analysis.

4. Adjustments and Financial Statements
Focuses on accruals, deferrals, and their effect on reporting accuracy.

5. Fraud, Internal Control, and Cash
Examines methods to manage cash and prevent financial fraud.

6. Merchandising Operations and the Multi-step Income Statement
Details retail transactions and income reporting across sections.

7. Inventory and Cost of Goods Sold
Explains inventory valuation and cost of goods sold calculations.

8. Receivables and Bad Debt Expense
Covers credit sales, uncollectible accounts, and interest revenue.

9. Long-Lived Assets and Goodwill
Discusses asset acquisition, depreciation, and amortization.

10. Liabilities
Outlines accounting for short-term and long-term financial obligations.

11. Shareholders’ Equity
Covers share capital, dividends, and retained earnings.

12. Statement of Cash Flows
Breaks down cash flow activities: operating, investing, and financing.

13. Measuring and Evaluating Financial Performance
Introduces financial ratios and performance metrics.

Appendices

• Appendix A & B: Financial excerpts from Home Depot and Lowe’s 2021 annual reports

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

• Appendix D: Accounting for investments in other corporations