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Questions and Answers of
College Accounting
Assume you are a salesperson for a small business. The owner of the business informs the sales staff that the days’ sales uncollected ratio is too high, and asks you for insight on how to reduce
Visit the Association of Certified Fraud Examiners Website at cfenet.com. Review the cash frauds (refer to the 2006 Report to the Nation; see Fraud resource center—under publications—to the
Cash and liquidity Good accounting systems help to manage cash and control access to it.1. What items are included in the category of cash?2. What does the term liquidity refer to?
Control of cash A good system of cash control helps protect both cash receipts and cash disbursements.1. What are three basic guidelines that help achieve this protection?2. Identify a control system
Days’ sales uncollected The following annual account balances are taken from Armour Sports at December 31.What is the change in the number of days’ sales uncollected between years 2007 and 2008?
Adjusting entries from bank reconciliation Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation in Exercise 8-7.Exercise 8-7:Bank
Principles of internal control suggest that (choose one): (a) Responsibility for a series of related transactions (such as placing orders, receiving and paying for merchandise) should be assigned to
What are some impacts of computing technology on internal control?
Should all companies require a voucher system? At what point in a company’s growth would you recommend a voucher system?
What type of company must follow the provisions of the Sarbanes-Oxley Act?
What is a company’s best way to detect fraud?
The following information is available for Hapley Company:* The November 30 bank statement shows a \($1,895\) balance.* The general ledger shows a \($1,742\) balance at November 30.* A \($795\)
Using the information from question 2, what is the reconciled balance on Hapley’s November 30 bank reconciliation?a. \($2,052\)b. \($1,895\)c. \($1,742\)d. \($2,201\)e. \($1,184\)Question 2: 2. The
Using the information from question 2, how will the \($10\) bank service charge appear on Hapley’s November 30 bank reconciliation?a. \($10\) appears as an addition to the book balance of cash.b.
Using the information from question 2, the journal entries to adjust Hapley’s book balance of cash to the bank’s balance of cash on November 30 will include aa. Debit to Cash for the \($10\) bank
Why should the person who keeps the cash records not have access to cash?
Match each of the following transactions 1 through 10 with the applicable internal control principle A through G (some answers refer to more than one principle).A. Establish responsibility.B.
For each of these five separate cases, identify the principle(s) of internal control that is violated. Recommend what the business should do to ensure adherence to principles of internal control.1.
Workplace fraud and internal controls It is important that companies assess their risks of workplace fraud. Managers must also possess the skills to identify workplace fraud and the skills to
It is important that companies assess their risks of workplace fraud. Managers must also possess the skills to identify workplace fraud and the skills to establish internal controls to effectively
The owner of a start-up information services company requires all employees to take at least one week of vacation per year. Why does the employer require this “forced vacation” policy?
Assume you are the owner of a small business. You are planning on borrowing money from a local bank. What are some features of the Sarbanes-Oxley Act that you could adopt to help persuade the banker
Visit the Association of Certified Fraud Examiners Website at cfenet.com. Research the fraud facts (refer to the 2006 Report to the Nation, see fraud resource center—under publications—Report to
Review the opening feature of this chapter that highlights Todd Graves and his company Raising Cane’s Chicken Fingers.Required:1. List the seven principles of internal control and explain how
List the four common elements of all workplace frauds.
List the three major types of workplace frauds.
What are the three main methods of detecting workplace fraud?
A good system of internal control separates the recordkeeping from the control of assets.1. Explain why this separation of duties can be effective.2. Which limitation of internal control might limit
Applying the accounting cycle On July 1, 2008, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company’s first month.July 1. Plume
Preparing trial balances, closing entries, and financial statements Santo Company’s adjusted trial balance on December 31, 2008, follows.Required 1. Prepare an income statement and a statement of
Preparing closing entries and financial statements The adjusted trial balance for Anara Co. as of December 31, 2008, follows.P. Anara invested \($40,000\) cash in the business during year 2008 (the
Preparing a work sheet, adjusting and closing entries, and financial statements ss following unadjusted trial balance is for Power Demolition Company as of the end of its April 30, 2008, fiscal year.
The December 31, 2007, adjusted trial balance of Success Systems (reflecting its transactions from October through December of 2007) follows.Required 1. Record and post the necessary closing entries
Refer to Best Buy’s financial statements in Appendix A to answer the following.Required1. For the fiscal year ended February 26, 2005, what amount is credited to Income Summary to summarize its
Key figures for the recent two years of both Best Buy and Circuit City follow.Required1. Compute the current ratio for both years and both companies.2. Which company has the better ability to pay
On January 20, 2008, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. The company president has said he needs up-to-date
Review this chapter’s opening feature involving Janet Freeman and her company Betty Rides.1. Why was it important for Janet to simplify Betty Rides’ chart of accounts?2. Explain how adjusting and
Where do we get the amount to enter in the Unadjusted Trial Balance columns of a work sheet?
What are the advantages of using a work sheet to help prepare adjusting entries?
What are the major steps in preparing closing entries?
Why are revenue and expense accounts called temporary? Can you identify and list any other temporary accounts?
When two clerks share the same cash register, it is a violation of which internal control principle?a. Establish responsibilitiesb. Maintain adequate records.c. Insure assets.d. Bond key employees.e.
The impact of technology on internal controls includesa. Reduced processing errors.b. Elimination of the need for regular audits.c. Elimination of the need to bond employees.d. More efficient
The most serious limitation of internal control isa. Computer error.b. Human fraud or human error.c. Cost-benefit principle.d. Cybercrime.e. Management fraud.
A set of procedures and approvals that is designed to control cash disbursements and the acceptance of obligations is rec ferred to as a(n):a. Internal cash system.b. Petty cash system.c. Cash
The source by which the greatest percentage of workplace fraud schemes is detected isa, Tips from customers and vendors.b. Internal auditors.c. Accident.d. Tips from employees.e. Independent auditors.
Identify the items from the following list that are likely to serve as source documents.a. Sales ticketb. Income statementc. Trial balanced. Telephone bille. Invoice from supplierf. Company revenue
Prepare journal entries for each of the following selected transactions.a. On January 13, DeShawn Tyler opens a landscaping business called Elegant Lawns by investing \($70,000\) cash along with
A trial balance has total debits of \($20,000\) and total credits of \($24,500.\) Which one of the following errors would create this imbalance? Explain.a. A \($2,250\) debit to Rent Expense in a
On August 4, 2008, a company incorrectly debits Rent Expense instead of Salaries Expense when recording payroll for the month. On August 30, the error is discovered while preparing the trial balance.
Goro Co. bills a client \($62,000\) for services provided and agrees to accept the following three items in full payment: (1) \($10,000\) cash, (2) computer equipment worth \($80,000\), and (3)
Prepare general journal entries for the following transactions of a new business called Pose-for-Pics.Aug. 1 Madison Harris, the owner, invested \($6,500\) cash and \($33,500\) of photography
Use the information in Exercise 4-2 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; M. Harris,
Use the information in Exercise 4-4 to prepare an October statement of owner’s equity for OnTech.Exercise 4-4;On October 1, Diondre Shabazz organized a new consulting firm called OnTech. On October
Use the information in Exercise 4-4 (if completed, you can also use your solution to Exercise 4-5) to prepare an October 31 balance sheet for OnTech.Exercise 4-4:On October 1, Diondre Shabazz
Preparing and posting journal entries; preparing a trial balance Kasey Reese opens a consulting business called Cougar Consulting and completes the following transactions in March.March 1 Reese
Preparing and posting journal entries; preparing a trial balance Bonnie Stradling opened a computer consulting business called Stradling Consultants and completed the following transactions in the
After all journal entries have been posted, Levi Hancock finds that errors have been made in recording some company transactions. Help Levi prepare correcting journal entries for each of the
Preparing and posting journal entrieso; a a trial balance Barry Wells Management Group opens for business and completes these transactions in November.Nov. 1 Barry Wells, the owner, invested
Preparing and posting journal entrieso; v a trial balance Kamilos Management Services opens for business and completes these transactions in September.Sept. 1 Tom Kamilos, the owner, invests
Correcting errors with journal entries.After all journal entries have been posted, Kasey Beck finds that errors have been made in recording some company transactions. Help Kasey prepare correcting
Best Buy sells consumer electronics in its retail outlets and from its online stores.Required Based on your understanding of Best Buy, identify at least four types of source documents that Best Buy
Best Buy and Circuit City sell consumer electronics in their retail outlets and online stores.Required 1. Identify the major revenue and expense accounts you would expect to see reported by Best Buy
Mark Ellingson is an aspiring entrepreneur and your friend. He is having difficulty understanding the link between the general journal and the general ledger.Required Write a half-page memorandum to
Quickbooks is an accounting software program with both a general journal and general ledger. Access Quickbooks’ Website (QuickBooks.com) and review the various Quickbooks’ software programs to
Refer to the chapter’s opening feature about Katrina Markoff and her Vosges Haut Chocolat company.Required Using Exhibit 4.3 as a guide, what are some examples of accounts you would expect to see
Identify examples of accounting source documents.
Explain the importance of source documents.
What determines the number and types of accounts a company uses?
Describe a chart of accounts.
Assume a \($500\) purchase of prepaid insurance is journalized with an incorrect debit to Supplies, and this incorrect entry is posted to the ledger. Prepare the correcting journal entry.
On May 1, 2008, a two-year insurance policy was purchased for \($24,000\) with coverage to begin immediately. What is the amount of insurance expense that appears on the company’s income statement
A company purchases a delivery truck for \($39,000\) on July 1, 2008. The truck is estimated to have a useful life of 6 years and zero salvage value. The company uses the straight-line method of
Review the balance sheet of Circuit City in Appendix A. In addition to Prepayments, identify two accounts (either assets or liabilities) requiring adjusting entries.Appendix A: CONSOLIDATED BALANCE
Recording and analyzing adjusting entries Adjusting entries affect at least one balance sheet account and at least one income statement account.For the following entries, identify the account to be
Adjusting prepaid expensesa. On July 1, 2008, Lamis Company paid \($1,200\) for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now
Adjusting for depreciationa. Chika Company purchases \($20,000\) of equipment on January 1, 2008. The equipment is expected to last five years and be worth \($2,000\) at the end of that time. Prepare
Accuring salaries Lakia Rowa employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works
Interpreting adjusting entries The following information is taken from Brooke Company’s unadjusted and adjusted trial balances.Given this information, what were the adjusting entries? Unadjusted
Classifying adjusting entries In the blank space beside each adjusting entry, enter the letter of the explanation A through C that most closely describes the entry.A. To record this period’s
Preparing adjusting entries Prepare adjusting journal entries for the year ended (date of ) December 31, 2008, for each of these separate situations. :a. Depreciation on the company’s equipment for
Preparing adjusting entries For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended (date of ) December 31, 2008.a. Wages of \($8,000\)
Adjusting and paying accrued wages Lopez Management has five part-time employees, each of whom earns \($250\) per day. They are normally paid on Fridays for work completed Monday through Friday of
Adjusting and paying accrued expenses Total weekly salaries expense for all employees is \($10,000\). This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on
Preparing adjusting journal entries Arnez Co. records prepaid expenses in balance sheet accounts. Arnez’s annual accounting period ends on December 31, 2008. The following information concerns the
Preparing adjusting entries, adjusted trial balance, and financial statements Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition
Preparing financial statements from the adjusted trial balance The adjusted trial balance for Chiara Company as of December 31, 2008, follows.Required Use the information in the adjusted trial
Preparing adjusting and subsequent journal entries Natsu Co. records prepaid expenses in balance sheet accounts. Natsu’s annual accounting period ends on October 31, 2008. The following information
Preparing adjusting entries, adjusted trial balance, and financial statements Following is the unadjusted trial balance for Augustus Institute as of December 31, 2008, which initially records prepaid
Preparing financial statements from the adjusted trial balance The adjusted trial balance for Speedy Courier as of December 31, 2008, follows.Required Use the information in the adjusted trial
After the success of the company’s first two months, Adriana Lopez continues to operate Success Systems. (Transactions for the first two months are described in the serial problem of Chapter 4.)
Refer to Best Buy’s financial statements in Appendix A to answer the following.1. What is Best Buy’s profit margin for fiscal years ended February 26, 2005, and February 28, 2004?2. Interpret
Key figures for the recent two years of both Best Buy and Circuit City follow.Required 1. Compute profit margins for(a) Best Buy and(b) Circuit City for the two years of data shown.2. Which company
Jerome Boland works for Sea Biscuit Co. He and Farah Smith, his manager, are preparing adjusting entries for annual financial statements. Boland computes depreciation and records it asSmith agrees
Kevin Kobelsky is an aspiring entrepreneur and your friend. He is having difficulty understanding the purpose of the work sheet used to adjust accounts.Required Write a half-page memorandum to
Access the Gap’s Website (gap.com) to answer the following requirements.Required 1. What are Gap’s main brands?2. Access Gap’s annual report either at the company’s Website (or at
The class should be divided into teams. Teams are to select an industry (such as automobile manufacturing, airlines, defense contractors), and each team member is to select a different company in
Refer to the chapter’s opening feature about Alex Aguila and Nelson Gonzalez and their company, Alienware. Assume that Alex and Nelson do not understand the purpose of adjusting journal entries
Why is a work sheet used?
What is a contra account? Explain its purpose.
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