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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

What is the difference between generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS)
What is the purpose of an income statement? The statement of stockholders' equity? The balance sheet? The statement of cash flows?
What is a period-of-time statement? Give three examples.
What is a point-in-time statement? Give one example.
On December 31 , the Hill Company had \(\$ 800,000\) in total assets and owed \(\$ 230,000\) to creditors. If the corporation's common stock amounted to \(\$ 400,000\), what amount of retained
What are three aspects of the accounting environment that may create ethical pressure on an accountant?
What type of information might you find in the Management's Discussion and Analysis (MD\&A) section of the annual report?
What is the purpose of having the financial statements audited by an independent auditor?
Determine whether the following statements are true or false and explain why:a. The accounting process is only interested in communicating economic activity.b. There are few potential users of
Why did the FASB develop a conceptual framework?
What are two primary qualities of accounting information that contribute to decision usefulness?
How would you describe, in one sentence, each of the following accounting principles, concepts and constraints? Accounting entity Accounting period Monetary unit Cost-benefit Going concern
Which of the following is a primary qualitative characteristic of accounting information?a. Relevanceb. Faithful representationc. Comparabilityd. All of the above are important characteristics.
Define accounting. What is the basic purpose of accounting?
a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions:(1) Provided services for cash.(2) Recognized accrued salaries at the end
Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been
The preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and
The following events apply to Kate Enterprises:1. Collected $16,200 cash for services to be performed in the future.2. Acquired $50,000 cash from the issue of common stock.3. Paid salaries to
Davis, Inc. and Royal, Inc. reported net incomes of $81,000 and $93,000, respectively, for their most recent fiscal years. Both companies had 10,000 shares of common stock issued and outstanding. The
The following information is available for three companies:Requireda. Determine the annual before-tax interest cost for each company in dollars.b. Determine the annual after-tax interest cost for
The following information is available for three companies:Requireda. Determine the annual before-tax interest cost for each company in dollars.b. Determine the annual after-tax interest cost for
The following accounting information exists for Collie and Spaniel companies:Requireda. Identify the current assets and current liabilities and compute the current ratio for each company.b. Assuming
The following information was drawn from the balance sheets of the Augusta and Reno Companies:Requireda. Compute the current ratio for each company.b. Which company has the greater likelihood of
What is the difference between gross pay and net pay for an employee?
Explain straight-line, units- of-production, and double-declining-balance depreciation. When is it appropriate to use each of these depreciation methods?
Alonzo Saunders owns a small training services company that is experiencing growing pains. The company has grown rapidly by offering liberal credit terms to its customers. Although his competitors
Give an example of a cost that can be directly matched with the revenue produced by an accounting firm from preparing a tax return.
Give several examples of period costs.
What does the term expense mean?
How does net income affect the stockholders’ claims on the business’s assets?
Why may net cash flow from operating activities on the cash flow statement be different from the amount of net income reported on the income statement?
When are expenses recognized under accrual accounting?
What effect does expense recognition have on the accounting equation?
When is revenue recognized under accrual accounting?
What effect does the issue of common stock have on the accounting equation?
If cash is collected in advance of performing services, when is the associated revenue recognized?
What does accrual accounting attempt to accomplish?
Graphic Design Inc. had a beginning balance of $2,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $2,400. During the period, Graphic Design recognized $40,000 of
Assume that Clayton Company acquires $1,200 cash from creditors and $1,700 cash from investors.Requireda. Explain the primary differences between investors and creditors.b. If Clayton has net income
The following business scenarios are independent from one another:1. Bob Wilder starts a business by transferring $10,000 from his personal checking account into a checking account for his business,
As of December 31, Year 1, Moss Company had total cash of $195,000, notes payable of $90,500, and common stock of $84,500. During Year 2, Moss earned $42,000 of cash revenue, paid $24,000 for cash
Explain the matching concept.
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In Statement of Financial Accounting Standards No. 95, the Financial Accounting Standards Board (FASB) recommended but did not require that companies use the direct method. In Appendix B, Paragraphs
The December 31, Year 2, balance sheet for Mason Dixon Corp. (MDC) showed Cash of $80,000, Common Stock of $30,000, and Retained Earnings of $50,000. During Year 3, MDC experienced the following
As of January 1, Year 5, the accounting records for High Tech Supply (HTS) showed Cash of $180,000, Common Stock of $120,000, and Retained Earnings of $60,000. During Year 5, HTS experienced the
Anchor Machining experienced the following events during Year 1:1. Started operations by acquiring $100,000 of cash from the issue of common stock.2. Paid $12,000 cash in advance for rent during the
The following transactions pertain to Price Corporation for Year 1:Jan. 1 Began operations when the business acquired $25,000 cash from the issue of common stock.Mar. 1 Paid rent for office space for
The following trial balance was prepared from the ledger accounts of Klein Inc.The accountant for Klein Inc. made the following errors during May, Year 1:1. The cash purchase of land for $3,000 was
Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example.
The following accounting events apply to Little Co. for Year 1:Asset Source Transactions1. Began operations when the business acquired $40,000 cash from the issue of common stock.2. Performed
The following balances were drawn from the accounts of Carter Company. The accounts and balances shown here are presented in random
The following information was drawn from the accounting records of Schafer Company:1. On January 1, Year 1, Schafer paid $72,000 cash to purchase a truck. The truck had a seven-year useful life and a
At the beginning of Year 1, Event Services Co. had the following normal balances in its accounts:Account
The following financial information was taken from the books of Serenity Spa:Account Balances as of December 31, Year 1Accounts Receivable .................................................$
Explain how each of the following posting errors affects a trial balance. State whether the trial balance will be out of balance because of the posting error, and indicate which side of the trial
On December 31, Year 1, Wages Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance.Common Stock
The following events apply to Colton Training Co. for Year 1, its first year of operation:1. Received cash of $60,000 from the issue of common stock.2. Performed $100,000 worth of services on
Virginia Mining began operations by issuing common stock for $150,000. The company paid $135,000 cash in advance for a one-year contract to lease machinery for the business. The lease agreement was
On December 31, Year 1, Zeal Company had accrued salaries of $12,000.Requireda. Record in general journal format the adjustment required as of December 31, Year 1.b. Show the above adjustment in a
James Jones received a $90,000 cash advance on March 1, Year 1, for legal services to be performed in the future. Services were to be provided for a one-year term beginning March 1, Year 1.Requireda.
Laura Moss started and operated a small family consulting firm in Year 1. The firm was affected by two events: (1) Moss provided $36,000 of services on account, (2) she purchased $10,000 of
Ross Company performed services on account for $30,000 in Year 1, its first year of operations. Ross collected $24,000 cash from accounts receivable during Year 1 and the remaining $6,000 in cash
For each of the following T-accounts, indicate the side of the account that should be used to record an increase or decrease in the financial statement element: Stockholders' Equlty Assets
Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects the accounting equation
Indicate whether each of the following accounts normally has a debit balance or a credit balance:a. Unearned Revenueb. Service Revenuec. Dividendsd. Lande. Accounts Receivablef. Cashg. Common Stockh.
The December 31, Year 2, balance sheet for Shannon’s Lamps, Inc. (SLI) showed Cash of $64,000, Common Stock of $24,000, and Retained Earnings of $40,000. During Year 3, SLI experienced the
As of January 1, Year 5, the accounting records for Antique Art, Inc. (AAI) showed Cash of $130,000, Common Stock of $100,000, and Retained Earnings of $30,000. During Year 5, AAI experienced the
Colton Enterprises experienced the following events for Year 1, the first year of operation:1. Acquired $35,000 cash from the issue of common stock.2. Paid $12,000 cash in advance for rent. The
The following transactions pertain to Smith Training Company for Year 1:Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock.Feb. 1 Paid rent for office space
The following trial balance was prepared from the ledger accounts of Ricardo Company:When the trial balance failed to balance, the accountant reviewed the records and discovered the following
Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example.
The following information is from the records of attorney Glenn Price. Write a brief explanation of the accounting event represented in each of the general journal entries. Date Account Titles Deblt
The preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and
The following accounting events apply to Mary’s Designs for Year 1:Asset Source Transactions1. Began operations by acquiring $90,000 of cash from the issue of common stock.2. Performed services and
The following balances were drawn from the accounts of Carter Company. The accounts and balances shown here are presented in random
The following information was drawn from the accounting records of Chapin Company.1. On January 1, Year 1, Chapin paid $56,000 cash to purchase a truck. The truck had a five-year useful life and a
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:Account
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club:Account Balances as of December 31, Year 1Accounts Receivable
On December 31, Year 1, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance.Land
The following events apply to Montgomery Company for Year 1, its first year of operation:1. Received cash of $36,000 from the issue of common stock.2. Performed $48,000 of services on account.3.
On December 31, Year 1, BIG Company had accrued salaries of $6,400.Requireda. Record in general journal format the adjustment required as of December 31, Year 1.b. Show the above adjustment in a
Cherokee Company began operations when it issued common stock for $80,000 cash. It paid $60,000 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the
Raylan received a $60,000 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one year term beginning June 1, Year
Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $25,000 of services on account,(2) He purchased $2,800 of
Davos Company performed services on account for $160,000 in Year 1. Davos collected $120,000 cash from accounts receivable during Year 1, and the remaining $40,000 was collected in cash during Year
For each of the following T-accounts, indicate the side of the account that should be used to record an increase or decrease in the account balance: Cash Accounts Payable Debit Credit Common Stock
Two introductory accounting students were arguing about how to record a transaction involving an exchange of cash for land. Laura stated that the transaction should have a debit to Land and a credit
Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of accounts belonging to each category of financial statement elements. The
Define debit and credit. How are assets, liabilities, and stockholders equity affected (increased or decreased) by debits and by credits?
In 2016 and 2015, Sears Holding Corporation reported net losses and negative cash flows from operating activities. Using the company’s Form 10-K for the fiscal year ended January 28, 2017 (2016),
The following financial statements were drawn from the records of Matrix Shoes:Income Statement For the Year Ended December 31, Year 2Sales revenue
York Company engaged in the following transactions for the year Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100.1. Sales on account were $548,000. The beginning
The comparative balance sheets and an income statement for Raceway Corporation follow:Income StatementFor the Year Ended December 31, Year 2Sales
The comparative balance sheets and income statements for Gypsy Company follow.Income StatementFor the Year Ended December 31, Year 2Sales revenue
The following information can be obtained by examining a company’s balance sheet and income statement information:a. Increases in current asset account balances, other than cash.b. Decreases in
The following information was drawn from the year-end balance sheets of Fox River, Inc.The following is additional information regarding transactions that occurred during Year 2:1. Fox River, Inc.
The following information was drawn from the year-end balance sheets of Mass Trading Company:The following is additional information regarding transactions that occurred during Year 2:1. Investment
Green Brands, Inc. (GBI) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBI’s Year 2 and Year 1 year-end balance
The following accounts and corresponding balances were drawn from Dexter Company’s Year 2 and Year 1 year-end balance sheets:Other information drawn from the accounting records:1. Dividends paid

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