Introduction to Accounting , 8th Ainsworth, Deines Test Bank

Test Bank and Solution manual Introduction to Accounting: An Integrated Approach, 8th Edition Ainsworth, Deines 2019 


Introduction to Accounting: An Integrated Approach, 8th Edition Ainsworth, Deines 2019 Test Bank

Introduction to Accounting: An Integrated Approach, 8th Edition Ainsworth, Deines 2019 Test Bank

Test Bank and Instructor Solution Manual

  • Paperback: 736 pages
  • Publisher: Wiley; 8 edition (June 12, 2019)
  • Language: English
  • ISBN-10: 1119600103
  • ISBN-13: 978-1119600107
  • Product Dimensions: 8.5 x 1.2 x 10.8 inches

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Penne AinsworthDan Deines

ISBN: 978-1-119-60013-8 May 2019 736 Pages


The new, revised, and updated edition of the popular textbook for introductory accounting courses

Accounting plays a central role in a multitude of areas, from everyday personal finance to global corporate operations. Introduction to Accounting helps students understand the concepts, principles, methods, and mechanisms of the field. Designed to benefit all students, regardless of major, this innovative textbook integrates life skills and business skills to provide an accessible, engaging introduction to accounting. Rather than separating financial accounting from managerial accounting, this textbook demonstrates how to plan and evaluate business activities from both external and internal reporting perspectives.

Now in its eight edition, Introduction to Accounting enables students to understand both the nature and functions of business and the mechanics of the bookkeeping process. Three organizing themes—the accounting information system, business processes, and the balanced scorecard—help students learn why and how activities are planned and evaluated by different stakeholders. Based on extensive instructor feedback, as well as the authors’ six decades of combined teaching experience, this new edition has been thoroughly revised to enhance readability and highlight real-world examples. A complete array of pedagogical tools includes improved and expanded learning objectives, updated definitions, questions and problem setsnewcritical-thinking and ethical-challenge exercises, and more.

  • Focuses on accounting as an information system used in each business processes to provide information to plan and evaluate activities
  • Stimulates interest in the field of accounting with relatable, reader-friendly narrative
  • Employs various pedagogical devices to stimulate active and cooperative learning for students
  • Uses the example of Apple, Inc. throughout the text to illustrate central concepts and significant issues
  • Includes extensive online support including test problems and essay exercises for every chapter of the text, PowerPoint slides and Excel templates, downloadable solution manuals, and links to professional resources

Offering a wealth of instructor resources, Introduction to Accounting, 8th Edition is ideally suited for introductory accounting courses in both high school and university-level settings.

Penne Ainsworth, Ph.D., CPA, CMA (inactive), and CIA (inactive),is Emeritus Professor, University of Wyoming. She received her Ph.D. from the University of Nebraska and is the former Chairperson and emeritus professor in the Department of Accounting and Finance. She was also the Associate Dean for the College of Business at the University of Wyoming. She received the AICPA Distinguished Achievement in Accounting Education Award in 2016. Her research focused on managerial accounting, accounting education, and assessment. She has been published in-Issues in Accounting Education and other journals. She was President of the Wyoming Society of CPAs in 2015-2016.

Dan Deines is Retired Professor, Kansas State University.  He received his undergraduate degree in history from Fort Hays State University, a master’s in business from Emporia State University, and his Ph.D. in accounting from the University of Nebraska. He had been at Kansas State University since 1982 and was the Ralph Crouch, KPMG Professor of Accounting. He was president of the Kansas Society of CPAs for 2003–2004; and was designated an Academic Pathfinder by the AICPA and in May 2007 received the AICPA’s Distinguished Achievement in Accounting Education Award. In 2014, he received the AICPA’s Special Recognition Award and in 2017 Emporia State University presented him with their Distinguished Alumni Award.

About the Authors 


Part One Introduction: Business Operating Activities 

Chapter 1 Accounting and Business 

Accounting: Who Needs It? 

Business Today 

Customer-Focused Operations 

Global Markets 

Manufacturing and Communication Advances 


Business and Accounting: Together Forever 

Ancient Babylonia 

Commerce in Old Italy 

Pacioli and the Method of Venice 

Advent of the Corporation

The Stock Market Crash of 1929 

Return to the Present 

Generally Accepted Accounting Principles 

Statements of Financial Accounting Concepts 

International Accounting Standards 

Financial Statements 

Income Statement 

Statement of Owners’ (Shareholders’) Equity 

Statement of Cash Flows 

Balance Sheet (Statement of Financial Position) 

Comprehensive Inome

Report of the Independent Accountant (Auditor) 

Relationship of the Financial Statements 

Current Ratio 

Return on Sales Ratio 

Debt-to-Equity Ratio 

Codification of GAAP


Key Terms 

Chapter 2 Business Processes and Accounting Information 

Management Cycle 

Planning Phase 

Performing Phase 

Evaluating Phase 

Business Processes 

Business Organization and Strategy Process 

Operating Processes 

Capital Resources Process 

Performance Measurement and Management Process 

Balanced Scorecard Approach 

Financial Perspective 

Internal Perspective 

Customer Perspective 

Learning and Growth Perspective 

Internal Control 

Control Environment 

Risk Assessment

Control Activities

Information and Communication


Applying Internal Control to Protect Cash 

Cash Receipts 

Cash Disbursements 

Bank Reconciliation 

Bank Statement 

Bank Reconciliation Process 


Key Terms 

Chapter 3 Operating Processes: Planning and Control 

Revenue Process 

Generate Sales 

Receive and Accept Orders 

Deliver Goods and/or Services 

Receive Payment from Customers 

Provide Customer Support 

Expenditure Process 

Determine the Company’s Need for Goods 

Select Suppliers and Order Goods 

Receive Goods 

Pay Suppliers 

Conversion Process 

Schedule Production 

Obtain Direct Materials 

Use Labor and Other Manufacturing Resources to Make Products 

Store Finished Goods Until Sold 

Cost and Revenue Behavior 

Behavior Patterns 

Relevant Range 

Activity Measures 

Fixed Costs and Revenues 

Variable Costs and Revenues 

Mixed Costs and Revenues 

Cost/Revenue Estimation Methods 

High/Low Method 


Appendix: Linear Regression Analysis

Key Terms 

Part Two Planning: Operating Activities 

Chapter 4 Short-Term Decision Making 

Short-Term Decisions 

Cost-Volume-Profit Analysis 

Determining the Breakeven Point 

Determining the Target Profit Level 

Determining the Target Profit Level After Taxes 

Sensitivity Analysis 

Change in Selling Price 

Change in Variable Cost 

Change in Fixed Cost 

Change in Tax Rate 

Relevant Variable Analysis 

Sunk Costs Are Never Relevant 

Opportunity Costs Are Always Relevant 

Incremental Costs and Revenues May Be Relevant 

Identify the Alternative Actions 

Determine the Relevant Revenues, Costs, and Profit 

Choose the Best Alternative 

Special Order (Accept-or-Reject) Decision 

Outsourcing (Make-or-Buy) Decision 

Product Mix (Keep-or-Drop) Decision 

Another (More Difficult) Example 


Key Terms 

Chapter 5 Strategic Planning Regarding Operating Processes 

Revenue Process: Determining the Selling Price 

Customers: Customer Perspective 

Competitors: Learning and Growth Perspective

Legal and Social Forces: Learning and Growth Perspective 

Cost: Internal Process Perspective 

Pricing Strategies 

Penetration Pricing 

Skimming Pricing 

Life-Cycle Pricing 

Target Pricing 

Conversion Process: Determining the Inventory Model 

Reasons to Maintain Inventory 

Reasons to Not Maintain Inventory 

Balancing Ordering and Carrying Costs 

Inventory Models 

Comparison of Inventory Models 

Expenditure Process: Determining the Employee Compensation Package 

Paid Compensation 

Health and Life Insurance 

Paid Leave 

Contingent Compensation: Bonuses 


Key Terms 

Chapter 6 Planning, the Balanced Scorecard, and Budgeting 

Budgeting and Goal Setting 


Communication and Coordination 

Resource Allocation 

Evaluation and Control 

Time and Resource Requirements 

Adaptability of Departments and Segments 

Motivation and Behavior of Individuals 

Mandated versus Participatory Budgeting 

Mandated Budgeting 

Participatory Budgeting 

Incremental Budgeting versus Zero-Based Budgeting 

Incremental Budgeting 

Zero-Based Budgeting 

Master Budget 

Revenue Process Planning 

Balanced Scorecard Goals 

Sales Budget 

Cash Receipts Schedule 

Accounts Receivable Schedule 

Marketing and Distribution Budget 

Conversion Process Planning 

Balanced Scorecard Goals 

Production Budget 

Expenditure Process Planning 

Balanced Scorecard Goals 

Budgeting for Human Resources 

Administrative Budget 

Cash Disbursements Schedule 

Accounts Payable Schedule 


Appendix: Conversion Process Planning

Balanced Scorecard Goals

Production Budget

Direct Labor and Manufacturing Overhead Budget 

Direct Materials Purchases Budget 

Key Terms 

Part Three Recording and Evaluating: Operating Activities 

Chapter 7 Accounting Information Systems 

Manual Accounting Systems 

Accounting Events 

Chart of Accounts 



Adjusting Entries 

Closing Entries 

Comprehensive Example 

Computer-Based Transaction Systems 

Database Systems 


Key Terms 

Chapter 8 Purchasing/Human Resources/Payment Process: Recording and Evaluating Expenditure Process Activities 

Expenditure Process 

Special Journals and Subsidiary Ledgers 

Special Journals 

Subsidiary Ledgers 


Perpetual versus Periodic Inventory Systems 

Gross versus Net Price Methods 

Purchasing Inventory

Reporting Inventory Purchase and Payment Events 

Human Resources 

Withholdings from Employees 

Employer Taxes 

Accounting Events in the Payroll Process 

Reporting Human Resource Events 

Other Expenditure Process Activities 

Cash Outflow before Expense (Assets Created) 

Expense before Cash Outflow (Liabilities Incurred) 

Expense Concurrent with Payment 

Reporting Other Expenditure Process Activities 

Financial Statements and the Expenditure Process 

Estimating Cash Paid for Inventory 

Estimating Cash Paid for Operating Expenses 

Internal Evaluation of Expenditure Process Events 


Key Terms 

Chapter 9 Recording and Evaluating Conversion Process Activities 

Manufacturing Inventories 

Recording Raw Material Activities 

Recording Labor Activities 

Recording Manufacturing Overhead Events 

Actual Manufacturing Overhead 

Applied Manufacturing Overhead 

Overhead Application Process Using ABC 

Over- and Underapplied Manufacturing Overhead 

Recording Finished Goods 

Reporting Conversion Process Events 

Internal Evaluation of Conversion Process Events 

Direct Labor Variance Analysis 

Direct Materials Variances 


Key Terms 

Chapter 10 Marketing/Sales/Collection/Customer Support Process: Recording and Evaluating Revenue Process Activities 

Revenue Recognition 

Revenue Recognized When Cash Collected 

Revenue Recognized before Cash Collected (Asset Created) 

Revenue Recognized after Cash Received (Liability Incurred) 

Sales Returns and Allowances 

Sales Discounts 

Cost of Goods Sold 

Specific Identification Method 

First-In, First-Out (FIFO) Method 

Last-In, First-Out (LIFO) Method 

Periodic Inventory System and Cost Flow Assumptions 

FIFO, LIFO, and GAPP External Reporting 

Estimating Uncollectible Credit Sales 

Proper Income Measurement 

Proper Asset Valuation 

Recording Estimated Uncollectible Accounts 

Recording Actual Uncollectible Accounts 

Reporting Revenue Process Events 

Estimating Cash Receipts from Customers 

Internal Evaluation of Revenue Process Events 

Revenue Variances 


Key Terms 

Part Four Introduction: Capital Resource Process Activities 

Chapter 11 Time Value of Money 


Time Considerations 

Initial Investment Considerations 

Rate of Return 

Expected Rate of Return 


Attitudes toward Risk 

Types of Risk 

Risk/Return Relationship 

Risk Premiums 

Risk/Return and Investors’ Money 

Time Value of Money 

Simple and Compound Interest 

Future Value of the Amount of $1 

Present Value of the Amount of $1 


Future Value of an Annuity 

Present Value of an Annuity 

How to know which tools to use

Step 1. Determine Whether the Problem Is an Annuity 

Step 2. Determine Whether the Problem Is Present or Future Value 

Step 3. Identify the Missing Element 

Step 4. Solve for the Missing Element 

More Time Value of Money Problems 


Key Terms 

Appendix: Time Value of Money Tables 

Part Five Planning: Capital Resource Process Activities 

Chapter 12 Planning Investments: Capital Budgeting 

The Capital Budgeting Process 

Identifying Long-Term Investment Opportunities 

Tie to Business Organization and Strategy Process 

Selecting Appropriate Investments 

Net Present Value Analysis 

Assumptions of NPV 

Source of Cash Flows 

Uneven Cash Flows 

Income Taxes 

Tax Shield 

Gains and Losses on Disposal of Assets 

Comprehensive Example

Payback Method 

Other Issues 

Human Judgment 


Qualitative/Ethical Factors 

Capital Expenditures and Budgeting 


Key Terms 

Chapter 13 Planning Equity Financing 

Tie to Business Organization and Strategy Process 

Debt versus Equity Financing 

Risk of Debt Financing 

Debt-to-Equity Ratio 

Times Interest Earned Ratio 

Reward of Debt Financing 

Return on Owners’ Equity Ratio 

Reward of Equity Financing 

Risk of Equity Financing 

Equity Financing 

Sole Proprietorships and Partnerships 


Planning for Partnership Equity 

Partnership Income Allocations 

Other Changes in Capital 

Planning Corporate Equity 

Common Stock 

Preferred Stock 

Return on Common Equity 

Stock Shares 

Stock Values 


Dividend Dates 

Stock Splits 

Corporate Equity Planning and Budgeting 


Key Terms 

Chapter 14 Planning Debt Financing 

Debt Financing 

Long-Term Debt Instruments 

Periodic Payment (Installment) Note 

Lump-Sum Payment (Noninterest-Bearing) Note 

Periodic Payment and Lump-Sum Note 

Comparison of the Three Types of Notes 

Sources of Debt Financing 

Nonpublic Funding 



Public Funding: Bonds 

Comprehensive Example: Chapters 12 through 14 


Key Terms 

Part Six Recording and Evaluating Capital Resource Processes 

Chapter 15 Recording and Evaluating Capital Resource Process Activities: Financing 

Review of Transaction-Based Accounting Systems 

Equity Financing Activities 

Contributions by Owners (Shareholders) 

Corporate Earnings 

Corporate Distributions 

Financial Statements and Owners’ Equity Activities 

Debt Financing Activities 

Installment Notes Payable 

Noninterest-Bearing Notes Payable 

Bonds Payable: Market Rate Greater Than the Face Rate 

Bonds Payable: Market Rate Less Than the Face Rate 

Bonds Payable: Market Rate Equal to the Face Rate 

Accounting for Leases

Financial Statements and Financing Activities 

Internal Evaluation of Financing Activities 


Key Terms 

Chapter 16 Recording and Evaluating Capital Resource Process Activities: Investing 

Plant Assets 

Acquisition of PPE 

Use of PPE 


Other PPE Usage Issues 

Disposal of PPE 

Discard PPE 

Sell PPE 

Exchange PPE 

Exchanges When No Gains and Losses Are Recorded 

Natural Resources 

Intangible Assets 

Nonoperational Investments 

Internal Evaluation of Investment Activities 


Key Terms 

Part Seven Evaluating: Operating and Capital Resource Processes 

Chapter 17 Company Performance: Profitability 

Purpose of the Income Statement 

GAAP and Comprehensive Income 

What Are Earnings? 

Earnings per Share 

Calculating Earnings per Share 

Calculating Diluted Earnings per Share 

Other Earnings per Share Disclosures 

Other Required Income Statement Disclosures 

Reporting Issues Concerning the Income Statement 

Historical Cost and Conservatism 

Cost Allocations 

Full-Absorption Costing 

Internal Profitability Reporting 

Variable and Throughput Costing Methods 

Product Line (Divisional) Income Reports 

Return on Investment for the Division 

Du Pont Method of Return on Investment 


Key Terms 

Chapter 18 Company Performance: Owners’ Equity and Financial Position 

Statement of Comprehensive Income

Statement of Shareholders’ Equity 

Retained Earnings 

Other Disclosures 

Statement of Financial Position (Balance Sheet) 

What Is Financial Position? 

Why is the Distinction between Current and Noncurrent Items Important? 

Balance Sheet Classifications 


Liabilities and Shareholders’ (Owners’) Equity 

Internal Financial Position Reporting 


Key Terms 

Chapter 19 Company Performance: Cash Flows 

GAAP and the Statement of Cash Flows 

Purpose of the Statement of Cash Flows 

Sections of the Statement of Cash Flows 

Operating Activities: Cash Flows 

Brief Comparison of the Direct and Indirect Methods 

Calculation of Operating Cash Flows: Direct Method 

Calculation of Operating Cash Flows: Indirect Method 

Comparison of Direct and Indirect Methods 

Apple’s Operating Cash Flows 

Investing Activities: Cash Flows 

Calculating Investing Cash Flows 

Investing Cash Flows of Apple 

Financing Activities: Cash Flows 

Calculating Financing Cash Flows 

Financing Cash Flows of Apple 

Net Change in Cash 

Other Investing and Financing Activities 

Internal Evaluation of Cash Flows 


Key Terms 

Chapter 20 Company Performance: Comprehensive Evaluation 

External Stakeholders 

Creditors and Investors 


Trading in Capital Markets 

Information in Capital Markets 

Issues to Consider 

Role of Independent Auditor 

Annual Report Analysis 

Studying the Financial Statements 

Industry Analysis 

Statement Analyses 

Vertical Analysis 

Horizontal Analysis 

Ratio Analysis 

Other Information 

Management’s Letter to Shareholders 

Segment and Quarterly Data 

Auditor’s Report 


Key Terms 

Appendix Apple’s 2017 Financial Statements and Accompanying Notes 


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