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Questions and Answers of Accounting

Canadian exporters are pleased when the Canadian dollar weakens against the U.S. dollar, while the federal and provincial ministers of finance are likely not happy when this happens. Required Explain
Margaret Joyce is the owner of Trickle Music Holdings Ltd., a newly formed company whose year end is December 31. The company made two investments during the first week of January 2014. Both
Distinguish between operating, investing, and financing activities.
Give two examples of each kind of business activity:(a) Operating,(b) Investing, and(c) Financing.
Name two local companies that provide services and generate service revenue. Name two local companies that sell products and generate sales revenue.
What is a fiscal year end? Why does a company's fiscal year not always end on December 31?
André is puzzled reading Air Canada's financial statements. He notices that the numbers have all been rounded to the nearest million. He thought financial statements were supposed to be accurate
What are the primary components explained in a statement of changes in equity? What types of items generally increase each component? What types of items generally decrease each component?
Why is a statement of financial position prepared as at a specific point in time, while the other financial statements cover a period of time?
How are each of the following pairs of financial statements related?(a) Income statement and statement of changes in equity(b) Statement of changes in equity and statement of financial position(c)
Identify the four financial statements used by corporations using(a) IFRS and(b) ASPE.
What kinds of questions might internal users of accounting information want answered? EXTERNAL users?
Why is ethics as important to accountants as it is to the decision makers who rely on financial information?
Identify the advantages and disadvantages of each of the following forms of business organization: (a) Proprietorship, (b) Partnership, (c) Private corporation, and (d) Public corporation.
Identify the similarities and differences between a public corporation and a private corporation.
(a) Identify the financial reporting standards a public and a private corporation may use. (b) Why do you think they differ?
Explain how the reporting entity concept applies to business organizations.
Explain the following terms and give an example of each: (a) Asset, (b) Liability, (c) Shareholders' equity, (d) Revenues, and (e) Expenses.
The following list presents different types of evaluations made by various users of accounting information:1. Determining if the company respected income tax regulations2. Determining if the company
Go-Ahead Limited began the year with common shares of $100,000 and retained earnings of $350,000. During the year, it issued an additional $25,000 of common shares, reported a profit of $75,000, and
Classify each item by type of business activity-operating (O), investing (I), or financing (F).(a) ________ Cash received from customers(b) ________ Dividends paid to shareholders(c) ________ Common
For each of the following items, indicate (a) the type of business activity-operating (O), investing (I), or financing (F)-and (b) whether it increased (1), decreased (-), or had no effect (NE) on
Use the accounting equation to answer these independent questions:(a) The shareholders' equity of Sansom Corporation is $120,000. Its total liabilities are $55,000. What is the amount of Sansom's
At the beginning of the year, Lam Ltd. had total assets of $800,000 and total liabilities of $500,000. Use this information to answer each of the following independent questions.(a) If Lam's total
Indicate which statement-income statement (IS), statement of financial position (SFP), statement of changes in equity (SCE), or statement of cash flows (SCF)-you would examine to find each of the
Determine whether each transaction would increase (1), decrease (2), or have no effect (NE) on each the following components found in the statement of changes in equity: share capital, retained
Facebook, Inc. is a public corporation and has been one of the world's most active social networking sites. Its revenue is generated primarily from advertising.Instructions(a) Identify two internal
The following selected accounts and amounts (in millions) were taken from the February 2, 2013, financial statements of Reitmans (Canada) Limited.______________ Administrative
The following information is for Kon Inc. for the year ended December 31, 2015:Common shares, Jan......................................................1 $20,000Common shares issued during
Sea Surf Campground, Inc. is a public camping ground in Ocean National Park. It has the following financial information as at December 31, 2015:Camping
Consider each of the following independent situations:1. The statement of changes in equity of Yu Corporation shows dividends of $70,000, while profit for the year was $75,000.2. The statement of
Consider the following statements.InstructionsIndicate if each of the statements listed in the left -hand column of the table above is normally true (T) or false (F) for each of the following types
Consider the following business activities.InstructionsClassify each of the above items by type of business activity: operating (O), investing (I), or financing (F). The first one has been done for
Consider the following business activities.Instructions(a) For each of the above items, indicate the type of business activity-operating (O), investing (I), or financing (F).(b) Indicate whether each
Consider the following typical accounts and statement items.1. _______ Cash2. _______ Profit3. _______ Service revenue4. _______ Common shares5. _______ Sales6. _______ Dividends7. _______
K-Os Corporation reported the following selected information for the two years ended December 31:________________________2015............................2014Total
Summaries of selected data from the financial statements of two corporations follow. Both companies have just completed their first year of operations.InstructionsDetermine the missing amounts for
The following amounts (in thousands) were taken from the December 31 statements of financial position of Maple Leaf Foods Inc.:___________________________2012......................... 2011Total
The following list of accounts, in alphabetical order, is for Aventura Inc. at November 30, 2015:______________ Accounts payable........................................$ 26,200______________ Accounts
Financial decisions made by users often depend on one financial statement more than the others. Consider each of the following independent, hypothetical situations:1. The South Face Inc. is
GG Corporation, a private corporation, was formed on July 1, 2015. On July 31, Guy Gélinas, the company's president, prepared the following statement of financial position:Guy admits that his
Five independent situations follow:1. Three computer science professors have formed a business to expand wireless access for computers. Each has contributed an equal amount of cash and knowledge to
All companies are involved in three types of activities: operating, investing, and financing. The names and descriptions of corporations in several different industries follow:Indigo Books &
Slipstream Ltd. reports the following list of accounts, in alphabetical order:Instructions(a) Classify each account as an asset (A), liability (L), share capital (SC), revenue (R), or expense (E)
Craft Carpentry Limited reports the following statement of financial position accounts, in alphabetical order:Accounts
Selected information (in millions) is available for Sears Canada Inc. and Canadian Tire Corporation, Limited for a recent fiscal year:_________________________________Sears .................Canadian
On June 1, 2015, One Planet Cosmetics Corp. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at June 30 follow:Instructions(a) Prepare an income statement,
Selected financial information follows for Maison Corporation for the year ended December 31, 2015:Cash, Jan. 1.........................................................................$ 12,000Cash
Incomplete financial statements for Baxter, Inc. follow.____________________________________BAXTER, INC.___________________________________Income Statement_____________________________Year Ended
Financial decisions made by users often depend on one financial statement more than the others. Consider each of the following independent, hypothetical situations:1. An Ontario investor is
The Independent Book Shop Ltd. was formed on April 1, 2014. It is a small private corporation, run by Joanna Kay. On March 31, 2015, Joanna prepared the following income statement:Joanna admits that
Five independent situations follow:1. Dawn Addington, a student looking for summer work, has opened a vegetable stand along a busy local highway.Each morning, she buys produce from local farmers,
All companies are involved in three types of activities: operating, investing, and financing. The names and descriptions of corporations in several different industries follow:West Jet
Gulfstream Inc. reports the following list of accounts, in alphabetical order:Instructions(a) Classify each account as an asset (A), liability (L), share capital (SC), revenue (R), or expense (E)
D&K Delivery Limited reports the following statement of financial position accounts, in alphabetical order:Accounts payable.....................................................$10,800Accounts
Selected information is available for Tim Hortons Inc. and Starbucks Corporation for a recent fiscal year:________________________________Tim
On May 1, 2015, Aero Flying School Ltd. was formed. Its assets, liabilities, share capital, revenues, expenses, and dividends as at May 31 follow:Instructions(a) Prepare an income statement,
Selected financial information follows for Furlotte Corporation for the year ended June 30, 2015:Cash, July 1.......................................................................$ 40,000Cash
Incomplete financial statements for Wu, Inc. follow:________________________________WU, INC.______________________________Income Statement__________________________Year Ended August 31, 2015Service
Actual financial statements (rather than the simplified financial statements presented in the chapter) for Shoppers Drug Mart are presented in Appendix A at the end of this book.Instructions(a)
The financial statements of Jean Coutu are presented in Appendix B following the financial statements for Shoppers Drug Mart in Appendix A.Instructions(a) Based on the information in these
In Canada, public corporations are required to adopt International Financial Reporting Standards (IFRS) as accounting standards. Private corporations are given a choice, and must decide between two
Industrial Maids Service Ltd. (IMS) is a corporation based in Sarnia, Ontario that focuses on cleaning commercial properties, which is a very competitive business. Although IMS tries to recruit
Chief executive officers (CEOs) and chief financial officers (CFOs) of publicly traded companies are required to personally certify that their companies' financial statements and other financial
As part of the requirements of her university entrepreneurship program, Natalie Koebel had been operating "Cookie Creations," a proprietorship, on a part-time basis. The purpose of Cookie Creations
What are current assets? Give four examples of current assets a company might have.
"The current ratio should not be used as the only measure of liquidity, because it does not take into account the composition of the current assets." Explain what this statement means.
Dong Corporation has a debt to total assets ratio of 45%, while its competitor, Du Ltd., has a debt to total assets ratio of 55%. Based on this information, which company is more solvent? Why?
Why can you compare the price-earnings ratio among different companies but not earnings per share?
Explain why increases in earnings per share, price-earnings, and current ratios are considered to be signs of improvement in a company's financial health, but an increase in the debt to total assets
(a) Describe the conceptual framework and explain how it helps financial reporting.(b) Is the conceptual framework applicable to publicly traded companies reporting using IFRS, to private companies
(a) What is the objective of financial reporting? (b) Who are the main users that rely on this objective?
Explain how the going concern assumption supports the classification of assets and liabilities as current and non-current.
Identify and explain the two fundamental qualitative characteristics of useful financial information.
How is materiality related to the fundamental qualitative characteristic of relevance?
Identify and explain the four enhancing qualitative characteristics of useful financial information. Is there a prescribed order for applying these enhancing characteristics?
Explain how the cost constraint relates to the quality of completeness.
What are the elements of financial statements?
Identify and explain the two bases used to measure the elements of financial statements.
Explain how the qualitative characteristics of relevance and faithful representation relate to the cost and fair value bases of accounting.
(a) Distinguish between current assets and noncurrent assets. (b) Distinguish between current assets and current liabilities. Why does showing these items as current in nature matter?
(a) What are current liabilities? (b) Give four examples of current liabilities a company might have.
(a) Distinguish between current liabilities and non-current liabilities.(b) Explain how a bank loan can sometimes be classified as both a current liability and a non-current liability.
Identify the two components of shareholders' equity normally found in a corporation and indicate the purpose of each.
Explain what it means to present a statement of financial position in order of liquidity, as is done by many North American companies, compared with presenting it in an order of reverse liquidity, as
Explain what each of the following classes of ratios measures and give an example of each: (a) Liquidity ratios, (b) Solvency ratios, and (c) Profitability ratios.
Why is the current ratio a better measure of liquidity than working capital?
The following are the major statement of financial position classifications: 1. Current assets 2. Long-term investments 3. Property, plant, and equipment 4. Intangible assets 5. Current
For each of the situations discussed below, choose a basis of measurement to use and explain why. (a) Sosa Ltd. is a real estate company that purchases and holds land for eventual sale to
A list of current assets for Swann Limited includes the following: accounts receivable $14,500; cash $16,400; merchandise inventory $9,000; supplies $4,200; and prepaid insurance $3,900. Prepare the
A list of financial statement items for Shum Corporation includes the following: accumulated depreciation- buildings $33,000; accumulated depreciation-equipment $25,000; buildings $110,000; equipment
Hirjikaka Inc. reports the following current and non-current liabilities:accounts payable $22,500; salaries payable $3,900; interest payable $5,200; unearned revenue $900; income tax payable $6,400;
Indigo Books & Music Inc. reported the following selected information for the years ended March 31, 2012, and April 2, 2011 (in
Convenience store operator Alimentation Couche-Tard Inc. reported the following selected information for the years ended April 29, 2012, and April 24, 2011 (in U.S. $ millions):(a) Calculate the debt
The following information is available for Leon's Furniture Limited for the years ended December 31 (in thousands, except for share
Presented below is a chart showing selected portions of the conceptual framework. Fill in the blanks from (a) to (f).
The following selected items relate to the qualitative characteristics of useful fi nancial information discussed in this chapter: 1. Comparability 2. Completeness 3. Confirmatory value 4. Cost
The following are the major statement of financial position classifications: 1. Current assets 2. Long-term investments 3. Property, plant, and equipment 4. Intangible assets 5. Current
Marietta Corp. had the following reporting issues during the year: 1. Land with a cost of $208,000 that is intended to be used by the company as a building site was reported at its fair value of
The assets (in thousands) that follow were taken from the December 31, 2012, balance sheet for Big Rock Brewery Inc.:InstructionsPrepare the assets section of the statement of financial position.

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