Each Problem Solver is an insightful and essential study and solution guide chock-full of clear, concise problem-solving gems. All your questions can be found in one convenient source from one of the most trusted names in reference solution guides. More useful, more practical, and more informative, these study aids are the best review books and textbook companions available. Nothing remotely as comprehensive or as helpful exists in their subject anywhere. Perfect for undergraduate and graduate studies.
Here in this highly useful reference is the finest overview of business, accounting, and finance currently availablea, with hundreds of business, accounting, and finance problems that cover everything from advanced math skills to economic theories and from financial management theories to accounting skills. Each problem is clearly solved with step-by-step detailed solutions.
DETAILS
- The PROBLEM SOLVERS are unique - the ultimate in study guides.
- They are ideal for helping students cope with the toughest subjects.
- They greatly simplify study and learning tasks.
- They enable students to come to grips with difficult problems by showing them the way, step-by-step, toward solving problems. As a result, they save hours of frustration and time spent on groping for answers and understanding.
- They cover material ranging from the elementary to the advanced in each subject.
- They work exceptionally well with any text in its field.
- PROBLEM SOLVERS are available in 41 subjects.
- Each PROBLEM SOLVER is prepared by supremely knowledgeable experts.
- Most are over 1000 pages.
- PROBLEM SOLVERS are not meant to be read cover to cover. They offer whatever may be needed at a given time. An excellent index helps to locate specific problems rapidly.
- Educators consider the PROBLEM SOLVERS the most effective and valuable study aids; students describe them as "fantastic" - the best books on the market.
TABLE OF CONTENTS
Introduction
Chapter 1: Basic Math Skills
Addition and Subtraction
Multiplication
Division
Averages
Ratios and Percents
Conversion of Units
Chapter 2: Taxes
Sales Tax
Income Tax
Property Tax
Chapter 3: Insurance
Life Insurance
Social Security
Health Insurance
Automobile Insurance
Fire Insurance
Chapter 4: Intermediate Math Skills
Algebraic Equations
Cost, Revenue, and Production Functions
Chapter 5: Economic Theory
Microeconomics
Indifference and Demand Curve Analysis
Production and Cost Functions
Perfect and Imperfect Competition
Macroeconomics
Production Possibilities Frontiers
Keynesian Macroeconomics
Monetary Problems
Chapter 6: Advanced Math Skills
Rate of Change: Marginal Costs and Revenue
Cost Minimization
Profit Maximization Through Production Adjustments
Profit Maximization Through Price Adjustments
MANAGEMENT THEORY AND SKILLS
Chapter 7: Payroll
Wage Rates and Gross Earnings
Chapter 8: Commissions
Chapter 9: Advertising
Rate Per Advertisement
Milline Rate
Chapter 10: Transportation
Shipping and Mailing
Vehicle Rental
Chapter 11: Wholesale Discounts
Discounts and Discount Rates
Series Discounts
Terms of Discounts
Chapter 12: Retailing
Retailing Markdowns and Discounts
Markups
Chapter 13: Purchasing Decisions
Chapter 14: Analysis of Costs and Profits
Fundamentals
Present Worth
Rate of Return
Chapter 15: Corporate Operations
Costs and Price
Sales and Corporate Income
Accounting Systems
ACCOUNTING SKILLS
Chapter 16: Balance Sheets
Structure of the Balance Sheet
Journals, Ledgers, and Trial Balances
Rates and Ratios
Chapter 17: Financial Statements
Ratios and Minor Documents
Income Statements and Net Profits
Chapter 18: Inventory
Methods of Valuation
Open-To-Buy and Stockturn Rate
Chapter 19: Depreciation
Units of Production/Use Method and Straight-Line Method
Declining Balance Method
Sum of the Years' Digits Method and Comprehensive Problem
Chapter 20: Overhead Distribution
Floor Space Basis
Cost/Profit Basis
Chapter 21: Partnerships
Chapter 22: Cost Accounting
Standard Costs
Break-Even Analysis and Pricing
FINANCIAL MANAGEMENT
Chapter 23: Interest
Simple Interest
Exact Interest
Compound Interest
Effective Interest
Chapter 24: Installment Plans
Installment Cost and Finance Charges
Percent of Finance Charges
Chapter 25: Banking
Bank Statements and Deposit Accumulation
Bank Notes and Mortgages
Loans and Nominal vs. True Interest Rate
Chapter 26: Stocks
Cost
Yield Rate and Income from Stocks
Chapter 27: Bonds
Characteristics of Bonds
Cost and Face Value
Interest Rates
Chapter 28: Notes and Drafts
Notes
Drafts
Chapter 29: Personal Finance
Expenditures and Choices
Savings and Funds
ADVANCED TECHNIQUES
Chapter 30: Personal Finance
Maximization and Minimization Problems
Games, Business Applications, and Advanced Problems
Chapter 31: Data Processing
Chapter 32: Statistics
Chapter 33: Using Operations Research for Business, Management, and Finance
Chapter 34: Using Computers for Business Applications
Depreciation, Interest. and Commission Problems
Optimizing Production
Operations Research
TABLE FOR SELECTED PROBLEMS
Discount Tables
Automobile Insurance
Fire Insurance
Life Insurance
Retirement Income
Economy Study
Interest Tables
INDEX
WHAT THIS BOOK IS FOR
Students have generally found business, accounting, and finance difficult subjects to understand and learn. Despite the publication of hundreds of textbooks in these fields, each one intended to provide an improvement over previous textbooks, students of business, accounting, and finance continue to remain perplexed as a result of numerous subject areas that must be remembered and correlated when solving problems. Various interpretations of business, accounting, and financial terms also contribute to the difficulties of mastering these subjects.
In a study of business, accounting, and finance, REA found the following basic reasons underlying the inherent difficulties of business, accounting, and finance:
No systematic rules of analysis were ever developed to follow in a step-by-step manner to solve typically encountered problems. This results from numerous different conditions and principles involved in a problem that leads to many possible different solution methods. To prescribe a set of rules for each of the possible variations would involve an enormous number of additional steps, making this task more burdensome than solving the problem directly due to the expectation of much trial and error.
Current textbooks normally explain a given principle in a few pages written by a business, accounting, or finance professional who has insight into the subject matter not shared by others. These explanations are often written in an abstract manner that causes confusion as to the principle's use and application. Explanations then are often not sufficiently detailed or extensive enough to make the reader aware of the wide range of applications and different aspects of the principle being studied. The numerous possible variations of principles and their applications are usually not discussed, and it is left to the reader to discover this while doing exercises. Accordingly, the average student is expected to rediscover that which has long been established and practiced, but not always published or adequately explained.
The examples typically following the explanation of a topic are too few in number and too simple to enable the student to obtain a thorough grasp of the involved principles. The explanations do not provide sufficient basis to solve problems that may be assigned for homework or given on examinations.
Poorly solved examples such as these can be presented in abbreviated form which leaves out much explanatory material between steps, and as a result requires the reader to figure out the missing information. This leaves the reader with an impression that the problems and even the subject are hard to learn - completely the opposite of what an example is supposed to do.
Poor examples are often worded in a confusing or obscure way. They might not state the nature of the problem or they present a solution, which appears to have no direct relation to the problem. These problems usually offer an overly general discussion - never revealing how or what is to be solved.
Many examples do not include accompanying diagrams or graphs, denying the reader the exposure necessary for drawing good diagrams and graphs. Such practice only strengthens understanding by simplifying and organizing business, accounting, and finance processes.
Students can learn the subject only by doing the exercises themselves and reviewing them in class, obtaining experience in applying the principles with their different ramifications.
In doing the exercises by themselves, students find that they are required to devote considerable more time to business, accounting, and finance than to other subjects, because they are uncertain with regard to the selection and application of the theorems and principles involved. It is also often necessary for students to discover those "tricks" not revealed in their texts (or review books) that make it possible to solve problems easily. Students must usually resort to methods of trial and error to discover these "tricks," therefore finding out that they may sometimes spend several hours to solve a single problem.
When reviewing the exercises in classrooms, instructors usually request students to take turns in writing solutions on the boards and explaining them to the class. Students often find it difficult to explain in a manner that holds the interest of the class, and enables the remaining students to follow the material written on the boards. The remaining students in the class are thus too occupied with copying the material off the boards to follow the professor's explanations.
This book is intended to aid students in business, accounting, and finance overcome the difficulties described by supplying detailed illustrations of the solution methods that are usually not apparent to students. Solution methods are illustrated by problems that have been selected from those most often assigned for class work and given on examinations. The problems are arranged in order of complexity to enable students to learn and understand a particular topic by reviewing the problems in sequence. The problems are illustrated with detailed, step-by-step explanations, to save the students large amounts of time that is often needed to fill in the gaps that are usually found between steps of illustrations in textbooks or review/outline books.
The staff of REA considers business, accounting, and finance subjects that are best learned by allowing students to view the methods of analysis and solution techniques. This learning approach is similar to that practiced in various scientific laboratories, particularly in the medical fields.
In using this book, students may review and study the illustrated problems at their own pace; students are not limited to the time such problems receive in the classroom.
When students want to look up a particular type of problem and solution, they can readily locate it in the book by referring to the index that has been extensively prepared. It is also possible to locate a particular type of problem by glancing at just the material within the boxed portions. Each problem is numbered and surrounded by a heavy black border for speedy identification.
