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accounting

Questions and Answers of Accounting

Suggest reasons why the total assets and total liabilities of a defined benefit pension plan do not appear, but their net amount does appear, on the employer’s balance sheet.
Describe the rationale for reducing pension expense by the expected return on investments instead of the actual return.
The principal issue in accounting for income taxes concerns when firms recognize the tax effects of temporary differences between income for book purposes and income for tax purposes. Explain.
What does accrual accounting attempt to accomplish?
Define recognition. How is it independent of collecting or paying cash?
What does the term deferral mean?
If cash is collected in advance of performing services, when is the associated revenue recognized?
What does the term asset source transaction mean?
What effect does the issue of common stock have on the accounting equation?
How does the recognition of revenue on account (accounts receivable) affect the income statement compared to its effect on the statement of cash flows?
Give an example of an asset source transaction. What is the effect of this transaction on the accounting equation?
When is revenue recognized under accrual accounting?
Give an example of an asset exchange transaction. What is the effect of this transaction on the accounting equation?
What is the effect on the claims side of the accounting equation when cash is collected in advance of performing services?
What does the term unearned revenue mean?
What effect does expense recognition have on the accounting equation?
What does the term claims exchange transaction mean?
What type of transaction is a cash payment to creditors? How does this type of transaction affect the accounting equation?
When are expenses recognized under accrual accounting?
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?
What is the relationship between the income statement and changes in assets and liabilities?
How does net income affect the stockholders’ claims on the business’s assets?
What is the difference between a cost and an expense?
When does a cost become an expense? Do all costs become expenses?
How and when is the cost of the supplies used recognized in an accounting period?
What does the term expense mean?
What does the term revenue mean?
What is the purpose of the statement of changes in stockholders’ equity?
What is the main purpose of the balance sheet?
Why is the balance sheet dated as of a specific date when the income statement, statement of changes in stockholders’ equity, and statement of cash flows are dated with the phrase for the period
In what order are assets listed on the balance sheet?
What does the statement of cash flows explain?
What does the term adjusting entry mean? Give an example.
What types of accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?
Give several examples of period costs.
Give an example of a cost that can be directly matched with the revenue produced by an accounting firm from preparing a tax return.
List and describe the four stages of the accounting cycle discussed in Chapter 2.
Name and comment on the three elements of the fraud triangle.
What is the maximum penalty and prison term that can be charged to a CEO and/or CFO under the Sarbanes-Oxley Act?
What are the six articles of ethical conduct set out under section I of the AICPA’s Code of Professional Conduct?
Maddox, Inc., experienced the following events in 2010, in its first year of operation.1. Received $20,000 cash from the issue of common stock.2. Performed services on account for $40,000.3. Paid the
Venture Company earned $8,000 of service revenue on account during 2010. The company collected $5,200 cash from accounts receivable during 2010.RequiredBased on this information alone, determine the
The following events apply to 2009, the first year of operations of Howard Services.1. Acquired $30,000 cash from the issue of common stock.2. Paid $12,000 cash in advance for one-year rental
Kim's Copy Service, Inc., started the 2009 accounting period with $9,000 cash, $6,000 of common stock, and $3,000 of retained earnings. Kim's Copy Service was affected by the following accounting
Jordan Michael started a personal financial planning business when she accepted $80,000 cash as advance payment for managing the financial assets of a large estate. Michael agreed to manage the
Martin Gantt received $600 in advance for tutoring fees when he agreed to help Josh Smith with his introductory accounting course. Upon receiving the cash, Martin mentioned that he would have to
Christy Byrd tells you that the accountants where she works are real hair splitters. For example, they make a big issue over the difference between a cost and an expense. She says the two terms mean
Revenue and expense recognitionRequireda. Describe a revenue recognition event that results in a decrease in liabilities.b. Describe a revenue recognition event that results in an increase in
Transactions that affect the elements of financial statementsRequiredGive an example of a transaction that willa. Increase an asset and decrease another asset (asset exchange event).b. Increase an
Identifying deferral and accrual eventsRequiredIdentify each of the following events as an accrual, deferral, or neither.a. Incurred other operating expenses on account.b. Recorded expense for
On August 1, 2010, Corn Products paid Warehouse Rentals $48,000 for a 12-month lease on warehouse space.Requireda. Record the deferral and the related December 31, 2010, adjustment for Corn Products
The following transactions pertain to the operations of Traci Company for 2011.1. Acquired $30,000 cash from the issue of common stock.2. Provided $40,000 of services on account.3. Incurred $25,000
Effect of accounting events on the income statement and statement of cash flowsRequiredExplain how each of the following events and the related adjusting entry will affect the amount of net income
Identifying transaction type and effect on the financial statementsRequiredIdentify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims
G. Gabe, Attorney at Law, experienced the following transactions in 2009, the first year of operations.1. Purchased $1,500 of office supplies on account.2. Accepted $24,000 on February 1, 2009, as a
On May 1, 2009, Tennessee Corporation paid $12,000 cash in advance for a one-year lease on an office building. Assume that Tennessee records the prepaid rent and that the books are closed on December
In 2010, Puckett Inc. billed its customers $60,000 for services performed. The company collected $42,000 of the amount billed. Puckett incurred $38,000 of other operating expenses on account. Puckett
Morgan Associates experienced the following accounting events during its 2010 accounting period.1. Paid cash for an insurance policy that provides coverage during the next year.2. Collected cash from
The following information was drawn from the accounting records of Spartan Company as of December 31, 2010, before the temporary accounts had been closed. The Cash balance was $3,000, and Notes
Closing accounts and the accounting cycleRequireda. Identify which of the following accounts are temporary (will be closed to Retained Earnings at the end of the year) and which are permanent.(1)
Closing entriesRequiredWhich of the following accounts are closed at the end of the accounting period?a. Dividendsb. Retained Earningsc. Utilities Expensed. Salaries Payablee. Salaries Expensef.
Matching concept Companies make sacrifices known as expenses to obtain benefits called revenues. The accurate measurement of net income requires that expenses be matched with revenues. In some
Identifying source, use, and exchange transactionsRequiredIndicate whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE)
Identifying asset source, use, and exchange transactionsRequireda. Name an asset use transaction that will affect the income statement.b. Name an asset use transaction that will not affect the income
Relation of elements to financial statementsRequiredIdentify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders’ equity (SE),
In February 2006, former Senator Warren Rudman of New Hampshire completed a 17-month investigation of an $11 billion accounting scandal at Fannie Mae (a major enterprise involved in home-mortgage
The following events pertain to The Mesa Company.1. Acquired $15,000 cash from the issue of common stock.2. Provided services for $4,000 cash.3. Provided $13,000 of services on account.4. Collected
Effect of deferrals on financial statements: three separate single-cycle examplesRequireda. On February 1, 2010, Moore, Inc., was formed when it received $70,000 cash from the issue of common stock.
Effect of adjusting entries on the accounting equationRequiredEach of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect
Ohio Mining Company was formed on January 1, 2010.Events Affecting the 2010 Accounting Period1. Acquired cash of $60,000 from the issue of common stock.2. Purchased $1,600 of supplies on account.3.
Oaks Company had the following balances in its accounting records as of December 31, 2010.The following accounting events apply to Oaks's 2010 fiscal year:Jan. 1 Acquired an additional $70,000 cash
The following information was drawn from the records of Ruth & Associates at December 31, 2010.RequiredUse the preceding information to construct an income statement, statement of changes in
Relationship of accounts to financial statementsRequiredIdentify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders’ equity (SE),
Missing information in financial statementsRequiredFill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started
Pete Chalance is an accountant with a shady past. Suffice it to say that he owes some very unsavory characters a lot of money. Despite his past, Pete works hard at keeping up a strong professional
Understanding real-world annual reportsRequiredUse the Topps Company annual report in Appendix B to answer the following questions.a. Which accounts on Topps’ balance sheet are accrual type
Verizon Communications, Inc., is one of the country's largest providers of communication services. The following information for 2004 through 2007 was taken from its annual reports. All amounts are
The following information was drawn from the 2007 annual reports of five real-world companies. Adidas Group, the company that makes athletic apparel, reported trademarks of €1,291 million. [Adidas
Make the following assumptions about Gwinn Company and Harris Company for the purpose of this problem.1. The two companies ended 2010 with the exact same balances in all of the accounts reported on
The following income statements are available for Hopi, Inc., and Zuni, Inc., for 2011.RequiredAssume that neither company had beginning or ending balances in its Accounts Receivable or Wages
The following information was drawn from the 2007 annual reports of three real-world companies. The 2006 balance sheet of Balder Electric Company reported $0.6 million of accrued interest expense.
Glenn's Cleaning Services Company is experiencing cash flow problems and needs a loan. Glenn has a friend who is willing to lend him the money he needs provided she can be convinced that he will be
Although most of this course is concerned with the financial statements themselves, all sections of a company’s annual report are important. A company must file various reports with the SEC, and
What is the difference between accounts receivable and notes receivable?
What is the net realizable value of receivables?
What type of account is the Allowance for Doubtful Accounts?
What are two ways in which estimating uncollectible accounts improves the accuracy of the financial statements?
When using the allowance method, why is uncollectible accounts expense an estimated amount?
What is the most common format for reporting accounts receivable on the balance sheet? What information does this method provide beyond showing only the net amount?
Why is it necessary to reinstate a previously written off account receivable before the collection is recorded?
What are some factors considered in estimating the amount of uncollectible accounts receivable?
What is the effect on the accounting equation of recognizing uncollectible accounts expense?
What is the effect on the accounting equation of writing off an uncollectible account receivable when the allowance method is used?
How does the recovery of a previously written-off account affect the income statement when the allowance method is used? How does the recovery of a previously written-off account affect the statement
What is the advantage of using the allowance method of accounting for uncollectible accounts?
How do companies determine the percentage estimate of uncollectible accounts when using the percent of revenue method?
What is an advantage of using the percent of receivables method of estimating uncollectible accounts expense?
What is “aging of accounts receivable”?
What is a promissory note?
Define the following terms:a. Makerb. Payeec. Principald. Intereste. Maturity datef. Collateral

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