Accounting Questions

Accounting Questions?
Could someone please help me answer the following accounting questions? Which of the following would indicate a cash disbursement? A. Selling equipment at a loss. B. A decrease in accounts receivable. C. An increase in prepaid expenses. D. A decrease in inventory. Which of the following is not classified among the investing activities in a statement of cash flows? A. Purchase of marketable securities for cash. B. Collection of the principal amount of cash loans made to others. C. Investment ...

rhythm of the falling rain:cash disbursement: C not investing activities in statement of cash flows: B... More...


accounting questions?
hi i was wondering if anyone knows a website that has a collection of questions and answers for accounting issues such as cash flows, debentures, income tax, etc... ? just need to study and practicle practice always helps me but my textbook only has 1 or 2 questions and iv almost memorised them so im not really remembering the methods just the answers. so does anyone know a site that i cna go to find some questions like what would be in a textbook and there answers? thankyou...

Sandy:Try this site: http://www.accountingcoach.com/ It has drills, puzzles, and Q&As. I'm sure you'll have fun at the same time.... More...


Accounting questions?
I am considering majoring in Accounting in college and have some questions... 1.) Does taking Accounting classes in high school help to prepare you for college? 2.) What is the entry level salary? 3/) How many years of school is it? 4.) Do you need a master's? 5/) What is the schedule like? Do you work 24/7 with no weekends off? 6.) Is it hard to find a job after graduating college? 7.) Is it very very very stressful and difficult that you want to kill yourself? 8.) What's a CPA?...

Robert W:1)A little. One high school accounting class (at most schools) would cover half of your first college accounting class. However, this is incredibly important stuff (debits and credits, the nature of the balance sheet etc.) that some people find quite difficult, so it's probably a good idea to get ... More...


ACCOUNTING QUESTIONS.?
Any help would be appreciated. Thanks in advance (: In which section of the financial statements would Paid-In Capital from Sale of Treasury Stock be reported? 1. other income on income statement 2. stockholders' equity on balance sheet 3. other expense on income statement 4. intangible asset on balance sheet Which of the following is true? 1. If using the units-of-production method, it is possible to depreciate more than the depreciable cost. 2. If using the straight line method, t...

JKRB:In which section of the financial statements would Paid-In Capital from Sale of Treasury Stock be reported? 2. stockholders' equity on balance sheet Which of the following is true? 1. If using the units-of-production method, it is possible to depreciate more than the depreciable cost. False. You... More...


ACCOUNTING Questions ?
A 90-day, 12% note for $20,000, dated April 10, is received from a customer on account. If the note is discounted at 15% on May 10, the due date is a. July 8 b. July 11 c. July 10 d. July 9 Under the allowance method, when a year-end adjustment is made for estimated uncollectable accounts a. Total Assets decrease b. Total Assets are uncharged c. Net Income is unchanged d. Liabilities decrease You have just received notice that a customer of yours with an Account Receivable balance of $100 has ...

Sandy:A 90-day, 12% note for $20,000, dated April 10, is received from a customer on account. If the note is discounted at 15% on May 10, the due date is d. July 9 Under the allowance method, when a year-end adjustment is made for estimated uncollectable accounts a. Total Assets decrease You have just r... More...


Accounting question and I cant think of questions. Cam someone please help me?
Much of accounting is directed at servicing the information needs of those users that are external to an organization. Identify at least three external users of accounting information and indicate two questions they might seek to answer through their use of accounting information. I chose: lenders, governments, and managers. What type of questions would they ask?...

Sandy:I wouldn't say management is external. You shd choose another external user. (a) Lenders. Lenders are interested in information that enables them to determine whether their loans, and the interest attaching to them, will be paid when due. (b) Suppliers and other trade creditors. Suppliers and other... More...


Is there a legitimate place to get help with some accounting questions?
I am needing some help with an accounting class I am taking online. i do not understand how to complete the questions. It is too lengthy to post here.I need help now, tomorrow will be too late. I have nobody around here to help me out. Any suggestions? Please be nice, I am in a serious fix here......thanks....

NT:i can help, email me... More...


Can some one answer accounting questions asked in interviews?
1. how to make payroll for employees.How to calculate over time & double time. 2. Hoe to make provisions & accruals for utilities (electricity bills,telephone) & what entries are made.If accruals exceeds actual how t adjust at the end of the month. 3.How to make Sales budget. 4.In accounts receivables & payables what are the steps & entries to know. 5.Can u show format of Bank Reconciliation Statement. 6.What are the other questions asked in interviews for Accounts as well as Finance....

MannyHosea:1. Payroll is made in different methods. Fixed Salary, Hourly Wage, By-piece of work done. For Hourly Wage employees are being paid the number of hours he worked for a week or days including rest day. for fixed salaries like supervisors and managers, they are being paid according to contract desp... More...


What are the answers to these accounting questions?
An accounting information system communicates data to help businesses make better decisions. True False Question 2 2 points Save External auditors examine financial statements to verify that they are prepared according to generally accepted accounting principles. True False Question 3 2 points Save External users include lenders, shareholders, customers, and regulators. True False Question 4 2 points Save The Sarbanes-...

capwest5a:I don't have time to answer all of them, but here's a few: 4.2 False 8.2 False 10.2 True 14.2 False 16.2 True 18.2 False... More...


Could someone please help me with my CFA and forensic accounting questions?
I am considering a career in forensic accounting. I will graduate with a degree in accounting in the Summer 2008. I am then planning on going back to school for my MBA and CPA. I was reading some where about a CFA, I'm assuming is stands for Chartered Financial Analyst. What is a CFA? Also, does anyone know of any forensic schools? I've searched and searched and it seems like none exist. I live in Virginia :)...

dlatona7:A CFA is helpful for investment professionals, portfolio managers, investment bankers, analysts--basically anyone dealing with securities. If you want a career in forensic accounting, a CPA would be infinitely more helpful. I'm not sure where you live, so I can't tell you if there are any school... More...


Can you help me answer so financial accounting questions?
True Or False 1.When companies sell their receivables to other companies, the transaction is called factoring. 2.Allowance for Doubtful Accounts is a liability account. 3.When an accounts receivable that has been written off is subsequently collected, the account receivable is reinstated. 4.The accounts receivable turnover measures the length of time in days it takes to collect a receivable 5.During inflationary periods, the use of FIFO method of costing inventory will yield an inventory a...

Sandy:1. TRUE 2. FALSE. It's a contra asset account. 3. TRUE 4. FALSE. It's the number of times in an operating cycle (normally one year) the company collects its receivable balance 5. TRUE 6. FALSE 7. FALSE 8. TRUE 9. FALSE 10. TRUE 11. TRUE 12. TRUE 13. TRUE 14. FALSE. It must be probable and easily est... More...


Please help on these 5 True or False Accounting questions?
1.Keeping personal and business records separate is an application of the business entity. 2.Assets such as cash and supplies have value because they can be used to acquire other assets or be used to operate a business. 3.The relationship among assets, liabilities, and owner’s equity can be written as an equation. 4.The accounting equation does not have to be in balance to be correct. 5.The sum of the assets and liabilities of a business always equals the investment of the business owner....

Phil:1) True 2) True 3) True O.E. + Liabilities = Assets 4) False, they always have to balance! 5) False, The sum of the O.E. and Liabilities have to equal the assets.... More...


Please help on Another 5 True or False Accounting questions?
1.Recording business costs in terms of hours required to complete projects in an application of the unit of measurement concept. 2.The capital account is an owner’s equity account. 3.If two amounts are recorded on the same side of the accounting equation, the equation will no longer be in balance. 4.When a company pays insurance premiums in advance to an insurer, it records the payment as a liability because the insurer owes future coverage. 5.When items are bought and paid for later this is ref...

Annora:1. T 2. T 3. F - an example of how you can record something on one side of the equation is purchasing assets for cash. It only affects the assets but the accounting equation still balances. 4. F - the insurer would record a liability, but the insured has a prepaid expense 5. T... More...


Does anyone know a good forum specifically for questions regarding Accounting, finance and investments?
Doing volunteer pro bono work. May need to ask various questions from non-profit accounting to investments. Would need a specific forum where I can ask for expert advice and where responses are immediate....

Journal Entry:Fast, good, free: you can pick two. Fast+good=hire an accountant Fast+free=yahoo answers Good+free=get an accountant on your board of directors... More...


I Beg YOu PLease help on these 5 True or False Accounting questions?
1.When cash is paid on account, a liability is increased. 2.When cash is received from a sale, the total amount of both assets and owner’s equity. 3.A sale for which cash will be received on a later date is called a charged sale. 4.The accounting concept Realization of Revenue us applied when revenue is recorded at the time goods and services are sold. 5.When cash is paid for expenses, the business has more equity....

Scott K:1. false 2. false 3. false 4. true 5. false... More...


PLease help on these 5 True or False Accounting questions?
1.Recording business costs in terms of hours required to complete projects in an application of the unit of measurement concept. 2.The capital account is an owner’s equity account. 3.If two amounts are recorded on the same side of the accounting equation, the equation will no longer be in balance. 4.When a company pays insurance premiums in advance to an insurer, it records the payment as a liability because the insurer owes future coverage. 5.When items are bought and paid for later this is ref...

jfcruzr:1. F, (there is a lot more to cost accounting than just man-hours) 2. F. (capital can be cash, fixed assets, equity and more) 3. T (if the 2 amounts refer to the same line-item) 4. F (once paid, it is a prepaid item) 5. T... More...


How do I solve these accounting questions?
1. "Cash sales amounted to $14200. Jenny banked the remaining account after deducting $12000 for private use." How should I present this transaction in a three-column cash book? 2. "Photocopier paper" --- belongs to stationery or sundries?...

Choices:I will try as I'm new to this credit 14,200 to cash debit 12,000 to Jenny cash balance 2,200 credit 2,200 to stationary... More...


I would like to know the sort of accounting questions that are asked in the NY state civil servicce examinatio?
If any one knows the type of questions that are asked in NY State civil service examinations for accountant and auditor examinations, would you please idea and some sample questions? Thank you in advance...

V.T.V.RAM:1. General Accounting - The general accounting principles used in the preparation of financial statements is the main thrust. Candidates should have knowledge of Generally Accepted Accounting Principles and computerized information systems. 2. General Auditing - One should possess knowledge of au... More...


[Accounting Questions] please help me to answer the following question?
If company's suppliers delayed to give you receipts, should company still record expenses? If so, it is in what accounting principle? Thanks for ur help!...

Sandy:You record the expense not so much because of any accounting principle but because of contract law. You've paid him, haven't you? It doesn't matter whether he gives you a receipt. He's accepted your money, there was a valid contract, a commercial transaction has taken place, and you should record it... More...


help on Another 5 True or False Accounting questions?
1.When cash is paid on account, a liability is increased. 2.When cash is received from a sale, the total amount of both assets and owner’s equity. 3.A sale for which cash will be received on a later date is called a charged sale. 4.The accounting concept Realization of Revenue us applied when revenue is recorded at the time goods and services are sold. 5.When cash is paid for expenses, the business has more equity....

Sandy:1. When cash is paid on account, a liability is increased False. A liab. is decreased. 2. When cash is received from a sale, the total amount of both assets and owner’s equity. (You didn't finish your sentence) When cash is received from a sale, the total amount of both assets and owner’s equity in... More...


Could someone please help me answer the following accounting questions?
1. The identification of a target price for a newly designed product or service is focused on: A.The expected costs of production. B.The required profit margin. C.The prices charged by existing and potential competitors. D.Customers and their functional requirements. 2.The suppliers and production component of the value chain would include all of the following costs except: A.Direct production labor. B.Production set-up. C.Salaries for sales personnel. D.Receipt of direct materials from suppl...

Bacc:1 - D 2 - C 3 - D... More...


What are two questions that an owner might be able to answer by looking at accounting information?
PLEASE HELP ACCOUNTING QUESTION...

LongIslandRaceFan:Only two? There are hundreds of answers. Some examples: How much did my business earn or lose this year. How did the business do this year compared to last year. How much did I spend on rent, office supplies, salaries. Was it more or less than last year. What were the revenues from selling go... More...


How to solve these accounting questions?
1. There are columns called "Post. Ref." in cash book and journals. What do they mean and what should I write? 2. When writing sales and purchases journal, is it necessary to write the equations on the description column to show the amounts? 3. Is it necessary to write "Mr" or "Miss" before the names of the debtors or creditors in cash books and journals? 4. There is a column called "Acc. No." in the trial balance. What should I write it and where can I find it?...

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First one the answer the simple accounting questions below get the points?
Identify the tow basic categories of items on an income statement What do you call the bottom line of the income statement? oops sorry i meant two*...

caira:The income statement summarizes a company's revenues (sales) and expenses quarterly and annually for its fiscal year. The bottom line is often used as a reference to Net Income. So, basically, the categories are: Revenues - Expenses = Net Income Multi: Net Sales Less: COGS = Gross Income Less: S... More...


Could you please help me answer these accounting questions?
A large favorable variance from standard costs at the end of the year should be: A.Carried forward to the next fiscal year. B.Shown as other income in the income statement. C.Added to cost of goods sold in the income statement. D.Allocated between ending inventories and cost of goods sold. An unfavorable volume variance in a factory is generally: A.The responsibility of the production manager. B.Viewed as an idle capacity loss. C.The result of actual volume exceeding normal volume. D.Treated ...

Jack C:The first item is: D. Allocated between ending inventories and cost of goods sold. This is the Cost Principle, wherein we make sure our period-end costs are corectly allocated between inventories and COGS. The second item is C. The result of actual volume exceeding normal volume. We don't know the... More...


Are there any tough accounting questions that you have?
are there any tough accounting questions you have (with the answer) that you could give me? I want to stump my teacher in class......

Chuck:Oh, yes, I've got one for you: The cash-flow statement is supposed to measure "cash events," literally, the flow of cash into and out of a business. Stupidly, depreciation is an item on the cash-flow statement, when it is not a flow of cash. If a business buys a forklift for $5,000, and depreciate... More...


Could someone please help me answer these accounting questions?
Which of the following is not an important financial consideration in capital budgeting? A.The timing of the investment's future cash flows. B.The investment's future profitability. C.The sunk costs related to the investment. D.The initial cost of the investment and its estimated salvage value. Of the following techniques of capital budgeting, which one explicitly incorporates an estimate of an interest rate into the basic computation? A.Payback method. B.Average rate of return. C.Net present...

Jack C:Good Morning Ang! Your answers are as follows: 1) C. The sunk costs are those that have already been spent. The other three items deal with future values: future cash flows, future profitability, estimated salvage value. 2) C. The net present value method uses an estimated discount interest rate... More...


I need help answering a couple of accounting questions?
1. Peak Plumbing Corporation currently manufactures a valve for use in water pumps that it produces for sale. The company is considering purchasing the valves from an outside supplier rather than manufacturing them. Which of the following costs is not relevant to the decision? A.The cost of direct material required to make the valve. B.The price charged by the outside supplier for an identical valve. C.The cost of the machinery owned by Peak Plumbing used exclusively to manufacture of this valv...

adiwsusanto:C D Cheers...... More...


What is the easy way to learn accounting questions?
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The JZA:Check out Nettutor.com, I know someone who works there. They tutor for everything, almost.... More...


Is there any good website to discuss accounting questions?
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Esther M. Kinney:I'll try to help you.... More...


Please help me to answer these accounting questions?
Based on these financial statements found at the following link http://highered.mcgraw-hill.com/sites/dl/free/0072996501/388052/appendix__a_home_depot.pdf Please help me answer these accounting questions 1. How much were the dividends per share in 2006? 2. What is the company debt ratio for the year 2006? Could you please let me know how you figured out the answers too and on what page numbers the answers can be found?...

Sandy:1. How much were the dividends per share in 2006? Cash dividends of $0.40 per share (look at page 6 of 16, towards the bottom) 2. What is the company debt ratio for the year 2006? Debt ratio = Total debt/Total assets = 17,573/44,482 = 0.395 Total debt is same as total liabilities (current + L-T) (... More...


Could you please help me answer a couple of accounting questions?
Based on the following financial statements, http://highered.mcgraw-hill.com/sites/0072996501/student_view0/appendix_a_-_home_depot_annual_report.html could you please help me answer these questions? 1. What were the diluted earnings per share for year 2003? 2. What is the company policy regarding goodwill? Please try to explain how you figured out the answers too if you could....

Sandy:1. What were the diluted earnings per share for year 2003? For fiscal year ended Feb 1, 2004, diluted earnings per share = $1.88 (look at the bottom of page 4 of 16) 2. What is the company policy regarding goodwill? Goodwill represents the excess of purchase price over fair value of net assets acq... More...


I need help with some accounting questions?
Here is the question I have: I am recording two complete accounting cycles. For the one in 2004 it states at the end for the adjusting section, "Recorded $2,100 of accrued salaries at the end of 2004". Then, at the very beginning of 2005 it states "Paid $2,100 cash for the salaries accrued at the end of the previous year." We have put this on a T chart, and I am not sure where each will go on each year and on each side of the Dr. and Cr. Thanks for your help. If this doesn't make sense, se...

Kerri E:2004 Salaries Expense DR 2,100 Accrued Salaries CR 2,100 2005 Accrued Salaries DR 2,100 Cash CR 2,100... More...


Calculating accounting questions on investment appraisel, help needed?
How do i calculate the following - - Payback period to the nearest month - Accounting rate of return - Net present value...

RENDEVOUS:Check your management accounting textbook, if you cannot find it there, your school used the wrong book!... More...


Urgent Accounting questions about corporation's net income and comprehensive income?
-A corporation shows income from continuing operations of $175,000. It has an extraordinary gain of $50,000, and its tax rate is 30%. What is the corporation's net income?...

Sandy:Assuming the $175,000 is pre-tax, you'll have Income from continuing operations before income taxes $175,000 Income taxes .......... .......... .......... .......... .......... .......... ......($ 52,500) Income from continuing operations .......... .......... .......... ... $122,500 Extraordinary... More...


what types of questions should i ask during an accounting internship interview?
i have an interview later today for an accounting internship. what types of questions should i ask? also, should i bring a copy of my resume? should i bring a notepad?...

Girl:You've probably already gone to the interview, but you should always bring a copy of your cover letter and resume to any job interview. Although you've already submitted them, don't assume that the interviewer will have a copy. It is also a good idea to bring a pen and notepad so you can take note... More...


I have newly started accounting business, What open ended questions should I ask while cold calling the client?
I have recently opened a small accounting home based business. My target market is Plumbers, construction workers and other small businesses. Can someone please give me some examples of open ended questions to ask my prospective clients to get their business?...

Journal Entry:You need to find their accounting pain points and then describe how your service would help eliminate them.... More...


Can anyone help with these two Accounting Ethics questions?
^When should an accountant place his or her duty to the public ahead of his or her duty to a client or employer? ^Which would you choose as the key idea for ethical behavior in the accounting profession: “Protect the public interest” or “Protect the credibility of the profession.” Why?...

accntant4life:1. Always - specifically, when it is known that the public is relying on the information provided to make decisions 2. Protect the public interest. If the public interest is not protected and members of the public discover that the information they have been relying on is inadequate or incorrect... More...


two accounting questions true or false, if false please indicate why?
1. in a periodic inventory system, the cost of goods sold is determined only at the end of the accounting period. 2. a periodic inventory system provides better control over inventories than a perpetual system....

Sandy:1. in a periodic inventory system, the cost of goods sold is determined only at the end of the accounting period. TRUE 2. a periodic inventory system provides better control over inventories than a perpetual system. FALSE You only know how much inventory is on hand at the end of the accounting peri... More...


Need help with some accounting questions?
Question 1 Is it possible to have a positive net income and negative cash flow from operations? If your answer is no, explain fully. If your answer is yes, provide two examples when one might find this. Question 2 Is it possible to have a negative net income and positive cash flow from operations? If your answer is no, explain fully. If your answer is yes, provide two examples when one might find this....

EJ (Philippines):Answer: Question 1 - Yes 1. Sales on account without or low collection during the year 2. Payment of merchandise purchase on account during the previous year Question 2 - Yes 1. Collection of account sold during the previous year 2. Cash purchases of merchandise during the year... More...


What kind of questions should i ask my accounting professor?
I have to interview someone in the accounting field. so i decided to interview my accounting professor, but i have no idea what questions to ask....

James M:What are the different ways of teaching accounting? What are the advantages and disadvantages of each one? What kind of jobs will an accounting degree prepare you for? What are the advantages of the 4-year accounting degree, and the 5-year undergraduate degree that the U. of Houston, Texas, awards... More...


Hi could someone please help me with these accounting questions?
When posting the column totals of a cash payments journal, a debit should be posted to a. Cash b. Accounts Payable c. Sales Discounts d. Unearned Revenue Which of the following is not an advantage of a computer accounting systems? a. Special journals are not typically used. b. Reports are easy to generate. c. Automatic posting to account balances. d. Month end postings to controlling accounts. A purchase of supplies for cash is recorded in the a. Revenue journal ...

Sandy:When posting the column totals of a cash payments journal, a debit should be posted to b. Accounts Payable Which of the following is not an advantage of a computer accounting systems? a. Special journals are not typically used. A purchase of supplies for cash is recorded in the d. Cash Paymen... More...


Couple of balance sheet accounting questions?
a) If a company generates say $500k in net income for the quarter and uses it to retire long term debt, what is the adjustment to the asset side of the balance sheet? Or does retained earnings go down? But the $500k is from new income, so shouldn't retained earnings stay the same? b) If a company has net earnings of say $500k and pays it out as a cash dividend, what happens to the balance sheet? Nothing?...

ustoev:A: The change is a credit to cash and a debit to long term debt. Doe not affect the earnings at all. Retained earnings remains the same. B: Credit to cash and a debit to stockholder equity. Again it does not affect the retained earnings but does affect the balance sheet. From one year to the next, t... More...


These two accounting questions don't make sense plz help?
True or False 1. The ending merchandise inventory for 2007 is the same as the beginning merchandise inventory for 2008. 2. Gross profit minus selling expenses equals net income....

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What questions can i ask in my accounting interview?
I've got an interview in a week for an accounting job. The role will deal with the financial statements and entries and stuff. What questions can I ask that will make me sound smart? other general questions acceptable as well....

Princess Diddy:I would hesitate to ask too many questions, before the end of the interview, however asking questions really does make you look smarter! I would suggest asking any questions about the role (if any parts of your day to day responsibilities is unclear). I would also ask about the company, althou... More...


i have a lot of questions regarding accounting. Accountants with at least with a bachelor degree only please.?
Currently, i'm contemplating whether i should be majoring in Accounting. therefore, if possible, can i e-mail you and ask you some questions? i think it would be best to do it this way as i have a lot of questions that need to be ask. thank you. Note: i had done some research this career already. However, i want to get answers from someone who is experience. Moreover, i have some specific questions that only someone who has experience can answer. thank you....

Dr. Deth:here are some general items -forget about taking any vacation the first week of any month - monthly closing -work is generally routine and boring in your early years. -stressful deadlines are common, sometimes waiting for others to finish something you need to do your work -must be very detail orien... More...


Does anyone know the answer to these accounting questions?
Identify the major reporting requirements associated with a. Securities of Act of 1933 B. Securities and exchange Act of 1934 c. 10-K report d. 10-Q report...

JKRB:Yes I do. But that would mean that you wouldn't be able to do the research you're supposed to be doing. I will tell you that the 10-K is not a long distance race, it is the annual financial report that publicly traded companies are required to file.... More...


I just have trouble with accounting and am behind so I have a bunch more accounting questions?
If anyone is willing to help me with this please e-mail me I will send the problems your way...

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Questions to ask my supervisor about accounting?
I have an assignment for school that includes interviewing a supervisor at my current job about accounting and how it is used in her job. I need 2-3 questions to use/ask to write a 2-3 paragraph summary. Any suggestions from anyone on what I can ask?...

Nostra:I wish I knew what your supervisor's job was. Here are the three questions I would ask: 1) Do you provide any information to Accounting, and what do they do with it? 2) Do you receive any information to Accounting, and what do you do with it? 3) How does accounting affect your job.... More...


Where can i find answers to quick study questions and exercises in the Managerial Accounting 2010 edition ?
I have the book "Managerial Accounting" 2010 edition, by John J. Wild & want to know some of the answers to the quick study questions & exercises. Finding the correct answers to these problems will be a guiding tool !...

Maia Creations:I am not sure if this will help but you can buy the online version and get it right away. It also says that answers are provided at the end of each chapter.... On example is here: http://www.coursesmart.com/0077315146 Or: http://www.mcgrawhillryerson.net/highereducation/php/bookinfo.php?isbn=0073379... More...