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Questions and Answers of Accounting

Sandblasting equipment acquired at a cost of $40,000 has an estimated residual value of $8,000 and an estimated useful life of eight years. It was placed into service on April 1 of the current fiscal
Verizon Communications is a major telecommunications company in the United States. Two recent balance sheets for Verizon disclosed the following information regarding fixed
The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal year for Best Buy and RadioShack: ____________________Revenue _______Average Net Fixed Assets Best
Tuttle Construction Co. specializes in building replicas of historic houses. Tim Newman, president of Tuttle Construction, is considering the purchase of various items of equipment on July 1, 2014,
Go to the Internet and review the procedures for applying for a patent, a copyright, and a trademark. You may find information available on Wikipedia (Wikipedia.org) useful for this purpose. Prepare
The following table shows the revenues and average net fixed assets for a recent fiscal year for three different companies from three different industries: retailing, manufacturing, and
In the following summary of data for a payroll period, some amounts have been intentionally omitted:Earnings:1. At regular rate...............................?2. At overtime
The following data for throwback industries Inc. relate to the payroll for the week ended December 9, 2016:Employees Mantle and Williams are office staff, and all of the other employees are sales
The following data for Flexco Inc. relate to the payroll for the week ended December 9, 2016:Employees Grove and Seaver are office staff, and all of the other employees are sales personnel. All sales
Lily Flower's weekly gross earnings for the week ended October 20 were $2,500, and her federal income tax withholding was $517.24. Assuming the social security rate is 6% and Medicare is 1.5% of all
Marsha Mellow's weekly gross earnings for the week ended May 23 were $1,250, and her federal income tax withholding was $204.95. Assuming the social security rate is 6% and Medicare is 1.5% of all
General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: (in millions) Year 2................Year 1 Current estimated product warranty
A borrower has two alternatives for a loan: (1) Issue a $360,000, 60-day, 5% note or (2) Issue a $360,000, 60-day note that the creditor discounts at 5%. a. Calculate the amount of the interest
A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at maturity, including
A business issued a 60-day note for $75,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at
Diego Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:* For hourly employees, overtime is paid
The following items were selected from among the transactions completed by Pioneer Co. during the current year: Mar. 1. Purchased merchandise on account from Galston Co., $360,000, terms n/30. 31.
Tonya Latirno is a certified public accountant (CPA) and staff accountant for Kennedy and Kennedy, a local CPA firm. It had been the policy of the firm to provide a holiday bonus equal to two weeks'
The partnership of Angel Investor Associates began operations on January 1, 2016, with contributions from two partners as follows:Dennis Overton..........................$180,000Ben
The stockholders' equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 2016, are as follows. Prepare a statement of stockholders' equity for the fiscal year ended December 31,
Noric Cruises Inc. reported the following results for the year ended October 31, 2016: Retained earnings, November 1, 2015.................................$12,400,000 Net
Financial statement data for the years ended December 31 for Dovetail Corporation follows:_______________________________________2016_____________________2015Net
Financial statement data for the years ended December 31 for Black Bull Inc. follows: ____________________________________________________2016_________________2015 Net
Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2016: Retained earnings, February 1, 2015. . . . . . . . . . . . . . . . . .
Pacific Gas and Electric Company is a large gas and electric utility operating in northern and central California. Three recent years of financial data for Pacific Gas and Electric Company are as
For a recent year, OfficeMax and Staples are two companies competing in the retail office supply business. OfficeMax had a net income of $34,894,000, while Staples had a net loss of $210,706,000.
The following stock exchange data for Microsoft Corporation were taken from the Yahoo! Finance Web site on November 29, 2013: Microsoft Corporation (MSFT) Last Trade: .................... 38.13
On January 1, the first day of the fiscal year, a company issues a $500,000, 5%, 10-year bond that pays semiannual interest of $12,500 ($500,000 3 5% 3 ½ year), receiving cash of $500,000.
On January 1, the first day of the fiscal year, a company issues a $800,000, 4%, 10-year bond that pays semiannual interest of $16,000 ($800,000 3 4% 3 ½ year), receiving cash of $800,000.
On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000 × 11% × ½), receiving cash of $2,889,599. Journalize
On the first day of the fiscal year, a company issues a $2,000,000, 8%, five-year bond that pays semiannual interest of $80,000 ($2,000,000 × 8% × ½), receiving cash of $2,170,604. Journalize the
Berry Company reported the following on the company's income statement in 2016 and 2015:________________________________________2016.....................2015Interest
Averill Products Inc. reported the following on the company's income statement in 2016 and 2015:___________________________________________2016...............2015Interest
The following data were taken from recent annual reports of Southwest Airlines, which operates a low-fare airline service to more than 50 cities in the United
Loomis, Inc. reported the following on the company's income statement in 2016 and 2015:______________________________________2016....................2015Interest expense............................$
Iacouva Company reported the following on the company's income statement for 2016 and 2015:____________________________________2016_____________2015__Interest
Rodgers Corporation produces and sells football equipment. On July 1, 2016, Rodgers Corporation issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash
Rodgers Corporation produces and sells football equipment. On July 1, 2016, Rodgers Corporation issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash
You hold a 25% common stock interest in YouOwnIt, a family-owned construction equipment company. Your sister, who is the manager, has proposed an expansion of plant facilities at an expected cost of
The following financial data (in thousands) were taken from recent financial statements of Staples, Inc.:1. What is the number of times interest charges are earned for Staples in Year 3, Year 2, and
On June 30, 2016, Setzer Corporation had a market price of $100 per share of common stock. For the previous year, Setzer paid an annual dividend of $4.00. Compute the dividend yield for Setzer
On October 23, 2016, Wilkerson Company had a market price of $40 per share of common stock. For the previous year, Wilkerson paid an annual dividend of $1.20. Compute the dividend yield for Wilkerson
Hawkeye Company's balance sheet reported, under the equity method, its long-term investment in Raven Company for comparative years as follows:__________________________________________________Dec.
JED Capital Inc. makes investments in trading securities. Selected income statement items for the years ended December 31, 2016 and 2017, plus selected items from comparative balance sheets, are as
The investments of Charger Inc. include a single investment: 14,500 shares of Raiders Inc. common stock purchased on February 24, 2016, for $38 per share including brokerage commission. These shares
Jets Bancorp Inc. purchased a portfolio of trading securities during 2016. The cost and fair value of this portfolio on December 31, 2016, was as follows:On May 10, 2017, Jets Bancorp Inc. purchased
Last Unguaranteed Financial Inc. purchased the following trading securities during 2016, its first year of operations:Name _________________________ Number of Shares____________ CostArden Enterprises
Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, 2016 and 2017, plus selected items from comparative
The investments of Steelers Inc. include a single investment: 33,100 shares of Bengals Inc. common stock purchased on September 12, 2016, for $13 per share including brokerage commission. These
Hurricane Inc. purchased a portfolio of available-for-sale securities in 2016, its first year of operations. The cost and fair value of this portfolio on December 31, 2016, was as follows:On June 12,
Storm, Inc. purchased the following available-for-sale securities during 2016, its first year of operations:Name ...........................Number of Shares..................CostDust Devil,
At the market close on March 28 of a recent year, McDonald's Corporation had a closing stock price of $99.69. In addition, McDonald's Corporation had a dividend per share of $2.87 during the previous
The market price for Microsoft Corporation closed at $26.71 and $25.96 on December 31, current year, and previous year, respectively. The dividends per share were $0.80 for current year and $0.64 for
The following bond investment transactions were completed during 2016 by Starks Company: Jan. 31. Purchased 75, $1,000 government bonds at 100 plus 30 days' accrued interest. The bonds pay 6% annual
The following equity investment transactions were completed by Chung Company in 2016: Mar. 4. Purchased 4,000 shares of Jas Company for a price of $50 per share plus a brokerage commission of
Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, 2016. The following transactions relate to debt investments acquired by Rekya Mart Inc., which has a fiscal
Zeus Investments Inc. is a regional investment company that began operations on January 1, 2016. The following transactions relate to trading securities acquired by Zeus Investments Inc., which has a
Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, 2016. The following transactions relate to securities acquired by Glacier Products Inc., which
Teasdale Inc. manufactures and sells commercial and residential security equipment. The comparative unclassified balance sheets for December 31, 2017 and 2016 are provided below. Selected missing
List the typical contents of an annual report for a public limited company.
Outline the differences between the information provided in the financial statements of sole traders and partnerships.
Outline the differences in the information provided in the financial statements of sole traders and companies.
Why are financial statements prepared by companies?
What do you think is the objective of financial statements?
Who do you think the stakeholders (users) of financial statement might be?
Discuss the current activities of the International Accounting Standards Board (IASB) in the convergence/harmonization of accounting standards.
Explain the role and objectives of the IFRS Advisory Council.
Describe the standard setting process for International Financial Reporting Standards (IFRSs).
Describe the accounting treatment for measuring the value of inventories under IAS 2 - Inventories.
Describe the rules relating to the recognition of product revenue set out in IAS 18 - Revenue.
State the two measurement methods recommended by IAS 16 - Property, Plant and Equipment for recording the value of tangible non-current assets.
Describe the nature and contents of a conceptual framework of accounting.
'It is unrealistic to expect a conceptual framework of accounting to provide a basis for definitive or even generally accepted accounting standards in the foreseeable future because of inherent
Outline the main differences between the ASB (UK) and the IASC conceptual frameworks.
'A conceptual framework of accounting is likely to lead to greater standardization, less choice, less innovation and thus reduced comparability because of the existence of fundamental differences
Explain the nature and functions of financial accounting.
a. Describe the recording and control function of financial accounting. b. Explain the role of financial accounting with regard to the presentation of final financial statements.
a. Outline the objective of financial statements as set out in the IASC's Framework for the Preparation and Presentation of Financial Statements (1989). b. Identify the users of financial
The objective of financial statements is to provide information about the reporting entity's financial performance and financial position that is useful to a wide range of users for assessing the
Describe the information that should be disclosed in financial statements relating to an entity's accounting policies and estimation techniques.
Describe the nature of any adjustments required and the information that should be disclosed when an entity changes an accounting policy.
Describe the nature of any adjustments required and the information that should be disclosed when an entity changes an accounting estimate.
An acquaintance of yours, H. Gee, has recently set up in business for the first time as a general dealer. The majority of his sales will be on credit to trade buyers but he will sell some goods to
On 20 December 20X2 your client paid £10,000 for an advertising campaign. The advertisements will be heard on local radio stations between 1 January and 31 January 20X3. Your client believes that as
Classify each of the following as either a measurement basis, an accounting policy or an estimation technique, and explain your reasons: a. Advertising expenditure that has been treated as a
One of your clients is a beef farmer. She informs you that the price of beef has fallen dramatically over the past few months and that she expects it to fall even further over the next three months.
Nesales plc, a large food manufacturer, has purchased the brand name of a chocolate bar from one of its competitors for £5 million. It proposes to include this on its statement of financial position
Minisoft plc, a manufacturer of computer software, has spent £10 million in the current accounting year on staff recruitment, training and development. It proposes to include this on its statement
Describe the nature of accounting principles.
Explain the nature of the going concern assumption and its implications for the preparation of financial statements.
Explain the relevance of prudence to the appropriateness of accounting policies.
Describe the nature of each of the following: a. Measurement bases b. Accounting policies c. Estimation techniques. Give one example of each.
According to IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors (IASB, 2010a) management should develop and apply an accounting policy that provides quality information that will
Explain the nature of the accruals concept and the matching concept. Give an example of the application of each.
Outline the circumstances that must be prevalent before a change in accounting policy is permitted under IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors (IASB, 2010a).
a. Briefly explain the nature of a qualitative characteristic of financial information.b. Prepare a diagram showing the qualitative characteristics of financial information and the relationship
Define and explain the qualitative characteristic of relevance, including its predictive value and confirmatory value.
Define and explain the qualitative characteristic of reliability, including the attributes of faithful representation, substance over form, neutrality, free from material error, completeness and
Define and explain the qualitative characteristics of comparability and understandability.
Define and explain materiality.

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