Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Concept explainers
Question
Chapter 1, Problem 68.1C
To determine
Concept Introduction:
Accounting:
Accounting is an art of recording, classifying, analyzing and summarizing the financial statement to produce meaningful information and reports.
To Indicate:
The career choice and employment in 5 years.
Expert Solution & Answer
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Check out a sample textbook solutionStudents have asked these similar questions
Which of the following does not represent a reason to map a Career Path?
A
Avoid taking jobs that get you nowhere
B
Strive for a better paycheck
C
Identify gaps in knowledge and skills
D
Bounce back quicker from career setbacks
Goal
The goal of this assignment is to compile your current relevant experience, education and skills into a resume that you could use for potential job applications. Your resume should reflect the job that you are seeking or are interested in and should be written with the skills you have now, not predicting the skills you will have in the future. It is okay if you don’t have all the required skills for a particular position. Focus on describing the transferrable skills you do have.
Requirements
Create a Combination or Functional resume for the same job you used for your Cover Letter. A chronological resume will NOT be eligible for full grades.
You should aim to make the resume one page, but if you have enough experience for more, make sure it is at least 1 ¾ pages but no more than two pages, 11 or 12 pt font, with appropriate headings and spacing. (If you feel your experience warrants a longer resume, then please email a request to your facilitator)
Ensure that the format and…
Analytical problems
11 Fun with IRR. Suppose you have just graduated from college and are deciding on a
career. Your four career options, along with your salary in each of the four earning
periods, are displayed in Table 5.3. Assume that any career will only last four periods
before retirement.
Table 5.3. Career options and salary information for Exercises 11 and 12.
Salary
Оccupation
Period 0
Period 1
Period 2
Period 3
Ophthalmologist
-5
1
10
12
Accountant
3
4
Starving artist
1
1
1
1
DND
Sports superstar
15
a Assume your discount factor 8 =0.95. Interpret this assumption.
b Find the value of the interest rate r that corresponds to your discount factor.
c Assuming 8=0.95, calculate the net present value (NPV) of becoming an ophthal-
mologist and of becoming an accountant. Which career do you prefer?
d Will the internal rate of return (IRR) for becoming an ophthalmologist as opposed
%3D
to an accountant be greater or less than your answer to Exercise 11(b)?
e Now assume 8 = 0.6.…
Chapter 1 Solutions
Cornerstones of Financial Accounting
Ch. 1 - Define accounting. How does accounting differ from...Ch. 1 - Prob. 2DQCh. 1 - What is accounting entity?Ch. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Define the terms revenue and expense. How are...Ch. 1 - Name and briefly describe the purpose of the four...Ch. 1 - What types of questions are answered by the...Ch. 1 - Prob. 10DQ
Ch. 1 - Write the fundamental accounting equation. Why is...Ch. 1 - What information is included in the heading of...Ch. 1 - Define current assets and current liabilities. Why...Ch. 1 - Prob. 14DQCh. 1 - Name the two main components of stockholders;...Ch. 1 - Prob. 16DQCh. 1 - How does the multiple-step income statement differ...Ch. 1 - Explain the items reported on a retained earnings...Ch. 1 - Name and describe the three categories of the...Ch. 1 - Prob. 20DQCh. 1 - Prob. 21DQCh. 1 - Prob. 22DQCh. 1 - Prob. 1MCQCh. 1 - Prob. 2MCQCh. 1 - At December 31, Pitt Inc. has assets of $12,900...Ch. 1 - Prob. 4MCQCh. 1 - Prob. 5MCQCh. 1 - Prob. 6MCQCh. 1 - Use the following information for Multiple-Choice...Ch. 1 - Use the following information for Multiple-Choice...Ch. 1 - Which of the following statements regarding the...Ch. 1 - Prob. 10MCQCh. 1 - Which of the following statements concerning...Ch. 1 - Which of the following sentences regarding the...Ch. 1 - Prob. 13MCQCh. 1 - Prob. 14CECh. 1 - Cornerstone Exercise 1-15 Using the Accounting...Ch. 1 - Cornerstone Exercise 1-16 Financial Statements...Ch. 1 - Prob. 17CECh. 1 - Cornerstone Exercise 1-18 Balance Sheet An...Ch. 1 - Cornerstone Exercise 1-19 Income Statement An...Ch. 1 - Cornerstone Exercise 1-20 Retained Earnings...Ch. 1 - Prob. 21BECh. 1 - Prob. 22BECh. 1 - Brief Exercise 1-23 Business Activities Marni...Ch. 1 - Brief Exercise 1-24 The Accounting Equation...Ch. 1 - Prob. 25BECh. 1 - Brief Exercise 1-26 Income Statement An analysis...Ch. 1 - Retained Earnings Statement Listed below are...Ch. 1 - Brief 1-28 Statement of Cash Flows Listed are...Ch. 1 - Prob. 29BECh. 1 - Prob. 30BECh. 1 - Exercise 1-31 Decisions Based on Accounting...Ch. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Exercise 1-34 Business Activities Bill and Steve...Ch. 1 - Exercise 1-35 Accounting Concepts OBJECTIVE 06° A...Ch. 1 - Exercise 1-36 The Fundamental Accounting Equation...Ch. 1 - Exercise 1-37 Balance Sheet Structure The...Ch. 1 - Exercise 1-38 Identifying Current Assets and...Ch. 1 - Exercise 1-39 Current Assets and Current...Ch. 1 - Exercise 1-40 Depreciation OBJECTIVE 0° Swanson...Ch. 1 - Exercise 1-41 Stockholders Equity OBJECTIVE o On...Ch. 1 - Prob. 42ECh. 1 - Prob. 43ECh. 1 - Prob. 44ECh. 1 - Prob. 45ECh. 1 - OBJECTIVE 6 Exercise 1-46 Income Statement ERS...Ch. 1 - Exercise 1-47 Multiple-Step Income Statement The...Ch. 1 - Exercise 1-48 Income Statement The following...Ch. 1 - Prob. 49ECh. 1 - Exercise 1-50 Statement of Cash Flows OBJECTIVE o...Ch. 1 - Exercise 1-51 Relationships Among the Financial...Ch. 1 - Exercise 1-52 Relationships Among the Financial...Ch. 1 - Exercise 1-53 Relationships Among the Financial...Ch. 1 - Prob. 54ECh. 1 - Prob. 55ECh. 1 - Problem 1-56A Applying the Fundamental Accounting...Ch. 1 - Problem 1-57A Accounting Relationships Information...Ch. 1 - Prob. 58APSACh. 1 - Prob. 59APSACh. 1 - Problem 1-60A Income Statement and Balance Sheet...Ch. 1 - Problem 1-61A Retained Earnings Statement Dittman...Ch. 1 - Problem 1-62A Retained Earnings Statements The...Ch. 1 - Problem 1-63A Income Statement, Retained Earnings...Ch. 1 - Problem 1-64A Stockholders' Equity Relationships...Ch. 1 - Problem 1-65A Relationships Among Financial...Ch. 1 - Problem 1-563 Applying the Fundamental Accounting...Ch. 1 - Problem 1-57B The Fundamental Accounting Equation...Ch. 1 - Problem 1-583 Arrangement of the Income Statement...Ch. 1 - Prob. 59BPSBCh. 1 - Problem 1-60B Income Statement and Balance Sheet...Ch. 1 - Problem 1-61B Retained Earnings Statement Magical...Ch. 1 - Problem 1-62B Retained Earnings Statements The...Ch. 1 - Problem1-63B Income Statement, Retained Earnings...Ch. 1 - Prob. 64BPSBCh. 1 - Problem 1-65B Relationships Among Financial...Ch. 1 - Prob. 66CCh. 1 - Prob. 67.1CCh. 1 - Prob. 67.2CCh. 1 - Prob. 68.1CCh. 1 - Prob. 68.2CCh. 1 - Prob. 69.1CCh. 1 - Prob. 69.2CCh. 1 - Case 1-70 Financial Statement Analysis Reproduced...Ch. 1 - Prob. 70.2CCh. 1 - Case 1-70 Financial Statement Analysis Reproduced...Ch. 1 - Prob. 71CCh. 1 - Prob. 72CCh. 1 - Prob. 73.1CCh. 1 - Prob. 73.2CCh. 1 - Prob. 73.3CCh. 1 - Case 1-73 Research and Analysis Using the Annual...Ch. 1 - Prob. 73.5CCh. 1 - Prob. 73.6CCh. 1 - Prob. 73.7CCh. 1 - Prob. 74.1CCh. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Prob. 74.3CCh. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Case 1-74 Comparative Analysis: Under Armour,...Ch. 1 - Prob. 75.1CCh. 1 - Prob. 75.2CCh. 1 - Case 1-75 CONTINUING PROBLEM: FRONT ROW...
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- Research your top five career choices. Identify financial factors that might influence your career choice. The following websites might be helpful in answering this question. Occupational Outlook Handbook: https://www.bls.gov/ooh/ National Association of Colleges and Employers: http://www.naceweb.org/ O*Net OnLine: https://www.onetonline.org/find/arrow_forwardPleasehelp with the below: What do you consider the most important factors in recruiting, promoting, and motivating empployees? How have you used (or how woul you use) these factors in your workplace? Do you see value in creating a career plan? Why or why not?arrow_forwardUsing the same top five career choices, identify nonfinancial factors that might influence your career choice. The following websites might be helpful in answering this question. Occupational Outlook Handbook: https://www.bls.gov/ooh/ National Association of Colleges and Employers: http://www.naceweb.org/ O*Net OnLine: https://www.onetonline.org/find/arrow_forward
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- 1. Items that should NOT be included in a job search portfolio include: A. A copy of your driver's license B. Work samples C. Addresses and telephone numbers for your personal references D. Your high school transcript 2. When job searching keeping the right attitude includes: A. Positive affirmation B. Maintain your health C. Keeping a "to do" list D. All of these 3. All the following items should be included in a job search portfolio EXCEPT: A. Work samples B. Letters of recommendation C. Your original driver's license D. Awards and certificatesarrow_forwardDiscuss the role of soft skills in career success. The role of soft skills in career success (providing evidence of research / citation).arrow_forwardWhat are the short and long term goals for a finance student hoping to get an internship in consultingarrow_forward
- Creative thinking is the ability to look at things differently, and find new ways of solving problems. How does the Accountancy course sharpen your creative thinking? Answer in 1 sentence onlyarrow_forwardA person who has worked in many fields and has a variety of skills in categories such as communications, research, and supervision would probably be best served with the use of a résumé. Multiple Choice targeted functional chronological goal-oriented career changearrow_forwardCritical Thinking: Chapter 5 – Reducing A High Unemployment Tax Rate Overview: These problems are meant to encourage deeper thinking on the material presented in the textbook. You are to answer ALL questions presented in the problem using the knowledge you have gained throughout the textbook. However, do not simply repeat what is in the book. Use that information and interpret it the best you can to apply it to the situation. Requirements: Review the information and questions below. Provide a detailed 4-5 sentence explanation on how you would solve the problem or issue, based not only on the readings in the chapter, but your own personal experience and/or any additional outside research you perform. If quoting a source directly, make sure to cite that source, but do not rely solely on quoted materials. Issue: Over the past two years, Kermit Stone, the controller of Hilton Company, has been concerned that the company has been paying a large amount of money for state…arrow_forward
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