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financial accounting 11th
Questions and Answers of
Financial Accounting 11th
Identify the elements of the financial statements and describe their characteristics.
Define accrual accounting, explain how it differs from cash basis accounting, and identify examples of accrual accounting on actual financial statements.
Compute and explain the meaning of the current ratio.
Identify the risks and potential frauds related to financial accounting records, and explain the controls needed to ensure their accuracy.
What is GAAP?
Name the four characteristics that help make accounting information useful.
What is the separate-entity assumption?
Why would the going-concern assumption be important to a bank giving a business a loan?
What are the four basic financial statements?
Which financial statement pertains to a single moment in time?
What are the two ways that equity is generated in a business?
What does the income statement report about a firm? Name the types of accounts that appear on the income statement.
What is the full-disclosure principle?
What does recognize revenue mean in accounting?
Must a company collect the money from a sale before the sale can be recognized?
How is the current ratio computed? What does it tell us about a company?
If revenue exceeds expenses for a given period,a. Total assets for the period will decrease.b. Cash for the period will increase.c. The income statement will report net income.d. Liabilities for the
The matching principle is best described as the process ofa. Matching assets to liabilities and owners' equity.b. Recognizing a cost as an expense in the period in which it is used to generate
Which of the following would never appear on a company's income statement?a. Prepaid insuranceb. Cost of goods soldc. Interest expensed. Sales revenue
Which of the following statements is consistent with accrual basis accounting?a. Revenues are recorded when cash is received.b. Expenses are recorded when cash is paid.c. Expenses are recorded in a
Sales revenue is most often recognized in the period in whicha. The customer agrees to purchase the merchandise.b. The seller agrees to sell the merchandise to the customer at a specified price.c.
Which of the following is an example of a financing cash outflow?a. Borrowing money from a bank by signing a long-term note payableb. Financing the purchase of a new factory by issuing new shares of
How are financial assets reported in the balance sheet?a. Chronologicallyb. Alphabeticallyc. In the order of their liquidityd. In the order of their relative values
Which of the following financial statement elements are found on the balance sheet?a. Insurance expenseb. Retained earningsc. Sales revenued. All of the above
A company's current ratio is 1.85 . You can safely conclude thata. The company is a good investment.b. The company will have no trouble paying its current obligations.c. The company has a short-term
Which of the following is not a type of internal control?a. Preventiveb. Correctivec. Collusiond. Detective
Qualitative characteristics. Give the accounting principle, assumption, constraint, or qualitative characteristic that is most applicable to each of the following: (LO 1, 2)a. Airlines check fuel
Basic accounting principles and assumptions. Give the accounting principle, assumption, constraint, or qualitative characteristic that is most applicable to each of the following: (LO 1, 2, 3)a.
Basic accounting principles. For each of the following, give the accounting principle or assumption that is best described: (LO 1, 2, 3)a. Carlene's Sweet Shop reports revenue when it is earned
Qualitative characteristics. For each of the following items, explain what it means. Why are these characteristics important? (LO 2)a. Relevantb. Reliablec. Comparabled. Consistent
Elements of the financial statements. For each item that follows, tell whether it is an asset, a liability, or a shareholders' equity item. (LO 3)a. Computerb. Prepaid rentc. Retained earningsd.
Elements of the financial statements. For each of the following items, give the financial statement on which it would appear. (Hint: some items will appear on more than one financial statement.) (
Revenue recognition. Suppose Motor Trend Analysis Inc. performed services for a client on account on February 09, 2008. Motor Trend charged the client \(\$ 3,050\). The client paid for half of the
Accrual accounting versus cash basis accounting. Hazel \& Euglenia Grocery Inc. purchased inventory in June 2008 for \(\$ 100,000\) cash to sell in June and July. The company sold merchandise that
Cash versus credit sales. Suppose two companies are identical except for their credit policy. One company allows cash sales only, whereas the other sells for cash or credit. Suppose the two companies
Compute and explain current ratio. Given the following information, compute the current ratio for the two years shown. Explain the trend in the ratio for both years and what you think it means. (LO
Identify business risks and controls. For each of the controls given, tell whether it is primarily a preventive control, a detective control, or a corrective control. (LO 6)Retro Clothing Inc. has an
GAAP and the income statement. One of your friends started a business in 2008. At the end of the first year, December 31, 2008, he prepared the following income statement. Give three examples from
Relevance and reliability. Your car has broken down, so you have decided to look for a replacement. You find an advertisement on the Internet for a used Lexus. When you contact the owner, this is
Elements of the financial statements. The following accounts and balances were taken from the financial statements of Brand Names at a Discount Inc. For each item, identify the financial statement(s)
Net income and retained earnings. Marge's Seafood Market Inc. reported the following (incomplete) information in its records for 2007: (LO 3)a. If the sales revenue given is the only revenue for the
Elements of the financial statements. Listed are elements of the financial statements discussed in this chapter. Match each element with the descriptions (use each as many times as necessary). (LO
Balance sheet and income statement transactions. Unisource Company started the year with \(\$ 2,000\) in cash and common stock. During 2010, the Unisource Company earned \(\$ 4,600\) of revenue on
Income statement preparation. Use the following to prepare an income statement for Crenshaw Consultants Inc. for the year ended June 30, 2010. (LO 3) Service revenues Rent expense $54,000 1,000
Classified balance sheet preparation. The following items were taken from the December 31, 2011, financial statements of Health Trainers Inc. (All dollars are in millions.) Prepare a classified
Current ratio. Use the balance sheet you prepared in E2-8A to compute Health Trainers' current ratio at December 31, 2011. What does it indicate? (LO 5)
Current ratio. The following data was taken from the 2008 and 2007 financial statements of Fancy Fish Stores Inc. Calculate the current ratio for each year. What happened to the company's liquidity
Identify business risks and controls. Give two examples of controls that you believe would minimize the risk of errors in the accounting records of Sears Inc. (LO 6)
GAAP and the balance sheet. One of your friends started a business in 2008. At the end of the first year, December 31, 2008, he prepared the following balance sheet. Give three examples from the
Relevance and reliability. You have decided to open a restaurant, so you look around in your area to see if an established restaurant is for sale. You find an advertisement in the newspaper for a
Elements of the financial statements. The following accounts and balances were taken from the financial statements of Quality Products Inc. For each item, identify the financial statement(s) on which
Net income and retained earnings. Manny's Cuban Bistro Inc. reported the following (incomplete) information in its records for 2009: (LO 3)a. If the sales revenue given is the only revenue for the
Elements of the financial statements. Listed are elements of the financial statements discussed in this chapter. Match each element with the descriptions (use each as many times as necessary). (LO
Balance sheet and income statement transactions. Pet Caterers Inc. started the year with \(\$ 3,500\) in cash and common stock. During 2012, the Pet Caterers earned \(\$ 6,500\) of revenue on
Income statement preparation. Use the following to prepare an income statement for Michael \& Trina's Dazzling Landscape Service Inc. for the year ended June 30, 2009. (LO 3) Service revenue
Classified balance sheet preparation. The following items were taken from the December 31, 2012, financial statements of Calorie Counter Food Stores Inc. (All dollars are in thousands.) Prepare a
Current ratio. Use the balance sheet you prepared in E2-8B to compute Calorie Counter Food Stores' current ratio at December 31, 2012. What does it indicate? (LO 5)
Current ratio. The following data was taken from the 2010 and 2009 financial statements of Kitten Caboodle Inc. Calculate the current ratio for each year. What happened to the company's liquidity
Identify business risks and controls. Give two examples of controls that you believe would minimize the risk of errors in the accounting records of Home Depot Inc. (LO 6)
Relationships between financial statement items. Use the following information for USA Movers Inc. for the year ended June 30, 2009, to answer the following questions. Assume that the shareholders
Analyzing transactions. Results Advertising Inc. entered into the following transactions during 2008: (LO 3)1. Results Advertising Inc. started as a corporation with a \(\$ 6,500\) cash contribution
Identify errors using GAAP; prepare a classified balance sheet; and calculate the current ratio. An inexperienced accountant has put together a balance sheet for Wings and Things Inc. The balances
Analyzing transactions and preparing financial statements. Given the following transactions, (LO 3)1. Aniseh Maximous opened Fresh Pastry Bakery by contributing \(\$ 15,000\) on April 1, 2008, in
Analyze transactions from the accounting equation; prepare the four financial statements; and calculate the current ratio. The following accounting equation worksheet shows the transactions for
Analyzing transactions and preparing financial statements. Kristin and Jenny Harrison graduated from the Aveda Institute at the end of June in 2010. They decided to withdraw \(\$ 80,000\) each from
Relationships between financial statement items. Use the following information for Multicultural Travel Inc. for the year ended December 31, 2010, to answer the questions. Assume that the
Analyzing transactions. International News Herald Inc. entered into the following transactions during 2010: (LO 3)1. International News Herald Inc. started as a corporation with a \(\$ 7,250\) cash
Identify errors using GAAP; prepare a classified balance sheet; and calculate the current ratio. An inexperienced accountant has put together a balance sheet for Art Objects Inc. The balances shown
Analyzing transactions and preparing financial statements. Given the following transactions, (LO 3)1. Leticia Shettle started a business, Exotic Travel Planners, by contributing \(\$ 5,000\) on July
Analyze transactions from the accounting equation; prepare the four financial statements; and calculate the current ratio. The following accounting equation worksheet shows the transactions for
Analyzing transactions and preparing financial statements. Jackie, Chris, and Cindy started their own consulting firm. They contributed \(\$ 30,000\) each in exchange for 3,000 shares of common stock
The balance sheets for Tootsie Roll Industries Inc. are shown here. (LO 3, 5)\section*{Required}a. What were the total current assets at December 31, 2004? 2005?b. How are the assets ordered on the
Selected information from the comparative balance sheets for Sears Holdings Corporation are presented here. Although some accounts are not listed, all of the current assets and current liabilities
A condensed statement of cash flows for Apple Computer Inc. for the year ended September 24,2005 , is shown here. Use it to answer the questions given after the statement. (LO 5)\section*{Required}a.
In the Symbol box, enter MRK for Merck and Co. Inc.a. What type of company is Merck?b. List three products manufactured by Merck.
Click on Financial Statements.a. For the most recent year list the amounts reported for sales, cost of goods sold, and total net income. Does the amount reported for revenue represent cash received
. Business exchanges. Identify the transactions from the following story. For each, identify the give and get portion. Who would be interested in this information? (LO 1, 3)Latasha Jones decided to
. Analyze business transactions using the accounting equation. Jamie Bailey opened a hair salon and spa named "Brazwells at Bradford Inc." The following transactions occurred during its first month
. Classify business transactions. For each of the transactions in E1-2A , tell whether the transaction was an operating, investing, or financing activity. (LO 2)
. Analyze the balance sheet. Use the balance sheet for Rainy Day Umbrellas \& Raincoats Inc. at June 30, 2009, to answer the following questions: (LO 3, 4)a. List the assets the company had on
. Analyze business transactions using the accounting equation. Enter each transaction below into the accounting equation. Then, calculate the (1) amount of assets owned by Jasmine's Sushi Bar Inc. at
. Classify business transactions. Classify each of the transactions in E1-5A as an operating, investing, or financing activity. (LO 2)
. Business transactions effects on shareholders' equity. For each of the transactions given, tell whether it increases, decreases, or has no effect on shareholders' equity. Consider both
. Classify cash flows. Classify each transaction as an operating, investing, or financing activity. Assume all transactions are for cash. (LO 2, 4)a. Jackie Benefield makes a contribution of \(\$
. Analyze business transactions using the accounting equation. Enter each transaction into the accounting equation and identify its increase or decrease to assets, liabilities, shareholder's equity,
. Changes in net income. For each of the following transactions, determine if there is an increase, decrease, or no change on net income for Fun Movie Productions Inc. (LO 4)a. Fun Movie earned \(\$
. Relationship between income statement and balance sheet. Fill in the amounts for \(\mathrm{X}, \mathrm{Y}\), and \(\mathrm{Z}\) in the table shown below. (The company started business on January 1
. Revenues and the statement of cash flows. Joan started a catering business on the first day of July. She catered 10 parties in July and earned \(\$ 300\) for each party. Most of her customers paid
. Expenses and the statement of cash flows. Naida decided to open a candle shop. During her first month of business, she purchased candles from the supplier for a total of \(\$ 500\) and paid in
. Retained earnings and cash. The Flower Shop Inc. started business on January 1, 2009 , with \(\$ 5,000\) cash contribution from its owners in exchange for common stock. The company used \(\$
. Classify cash flows. For E1-14A , what amounts would The Flower Shop show on its statement of cash flows for the month of January 2006? Classify each as an operating, investing, or financing cash
. Business exchanges. Identify the transactions from the following story. For each, identify the give and get portion. Who would be interested in this information? (LO 1,3) Bonnie Lawhon decided to
. Analyze business transactions using the accounting equation. Chris Evans opened a fishing supply store named Evans Bait \& Tackle Inc. The following transactions occurred during its first
. Classify business transactions. For each of the transactions in E1-2B , tell whether the transaction was an operating, investing, or financing activity. (LO 2)
. Analyze the balance sheet. Use the balance sheet for Pet Specialty Supplies Inc. at December 31, 2009, to answer the following questions. (LO 3, 4)a. List the assets the company had on December 31,
. Analyze business transactions using the accounting equation. Enter each transaction into the accounting equation. Then, calculate the (1) amount of assets owned by Barry's Barrels of Ice Cream Inc.
Classify business transactions. For each of the transactions in E1-5B , tell whether the transaction was an operating, investing, or financing activity. (LO 2)
Business transactions effects on shareholders' equity. For each of the transactions given next, tell whether it (1) increases, (2) decreases, or (3) has no effect on shareholders' equity. Consider
Classify cash flows. Classify each cash transaction for the statement of cash flows as an operating, investing, or financing activity. (LO 2, 4)a. William makes a contribution of \(\$ 75,000\) from
Analyze business transactions using the accounting equation. Enter each transaction into the accounting equation and identify an increase or decrease to assets, liabilities, shareholders' equity,
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