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accounting

Questions and Answers of Accounting

How might a company monitor the risk related to its accounts receivable?
What is meant by a concentration of credit risk?
Ross Corp. has experienced tremendous sales growth this year, but it is always short of cash. What is one explanation for this occurrence?
How can the amount of collections from customers be determined?
Mrs. Villarreal is uncertain about how the cost principle applies to plant assets. Explain the principle to Mrs. Villarreal.
How is the cost for a plant asset measured in a cash transaction? In a noncash transaction?
Johnstone Company acquires the land and building owned by Briggs Company. What types of costs may be incurred to make the asset ready for its intended use if Johnstone Company wants to use only the
In the fourth year of an asset’s 5-year useful life, the company decides that the asset will have a 6-year service life. How should the revision of depreciation be recorded? Why?
What does Tootsie Roll use as the estimated useful life on its buildings? On its machinery and equipment?
What is revaluation of plant assets? When should revaluation be applied?
Identify the liabilities classified by Tootsie Roll as current.
Assume that Visitin Inc. sold bonds with a face value of $100,000 for $104,000. Was the market interest rate equal to, less than, or greater than the bonds’ contractual interest rate? Explain.
If a 6%, 10-year, $800,000 bond is issued at face and interest is paid annually, what is the amount of the interest payment at the end of the first period?
Explain how IFRS defines a provision and give an example.
What three conditions must be met before a cash dividend is paid?
Explain the circumstances under which debt financing will increase the return on common stockholders’ equity ratio.
Under what circumstances will the return on assets ratio and the return on common stockholders’ equity ratio be equal?
Indicate which of the following items would be reported as an extraordinary item on Stillwell Corporations income statement. (a) Loss from damages caused by a volcano eruption in Iona. (b) Loss
What title does Tootsie Roll use for gross profit? How did it present gross profit? By how much did its total gross profit change, and in what direction, in 2009?
What two ratios measure factors that affect profitability?
What factors affect a company’s gross profit rate—that is, what can cause the gross profit rate to increase and what can cause it to decrease?
“The cost principle of accounting requires adjusting entries.” Do you agree? Explain.
What types of accounts does a company debit and credit in a prepaid expense adjusting entry?
What types of accounts are debited and credited in an unearned revenue adjusting entry?
What items are disclosed on a post-closing trial balance, and what is its purpose?
Which of these accounts would not appear in the post-closing trial balance? Interest Payable, Equipment, Depreciation Expense, Dividends, Unearned Service Revenue, Accumulated
What is the purpose of a worksheet?
What is the basic form of a worksheet?
Why would a bank want to monitor the dividend payment practices of the corporations it lends money to?
What are the three main categories of the statement of cash flows? Why do you think these categories were chosen?
What is retained earnings? What items increase the balance in retained earnings? What items decrease the balance in retained earnings?
Which is not a required part of an annual report of a publicly traded company?(a) Statement of cash flows.(b) Notes to the financial statements.(c) Management discussion and analysis.(d) All of these
How do current liabilities differ from long-term liabilities?
Jon Baird, the founder of Waterboots Inc., needs to raise $500,000 to expand his company’s operations. He has been told that raising the money through debt will increase the riskiness of his
The full disclosure principle dictates that:(a) Financial statements should disclose all assets at their cost.(b) Financial statements should disclose only those events that can be measured in
Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.
What terms commonly used under IFRS are synonymous with common stock and balance sheet?
Brian Hopkins is interested in comparing the liquidity and solvency of a U.S. software company with a Chinese competitor. Is this possible if the two companies report using different currencies?
Describe the accounting information system.
What are the normal balances for the following accounts of Tootsie Roll Industries? (a) Accounts Receivable, (b) Income Taxes Payable, (c) Sales, and (d) Selling, Marketing, and Administrative
Distinguish between primary markets and secondary markets.
Distinguish between the categories of users of financial statements. Why might their decision-making needs be different?
Compare and contrast financial and managerial accounting.
What is financial reporting and what is an important way a company’s financial information is reported?
What are the three major financial statements of a company and what do they show? What is the fourth major financial statement that many companies present, and what does it show?
What are generally accepted accounting principles? List the four accounting bodies that have established generally accepted accounting principles.
How many “categories” are in the hierarchy of generally accepted accounting principles? List the pronouncements that are included in Category A.
What are (were) the CAP, APB, and FASB? What documents that constitute generally accepted accounting principles have been issued by each of these organizations?
Briefly discuss the procedures followed by the FASB for issuing a statement of concepts or standards.
List and briefly discuss the types of pronouncements issued by the FASB.
List several organizations other than the FASB that have had an impact on the development of generally accepted accounting principles.
What is the IASB and how does it operate?
List several professional organizations that play an important role in the accounting standard-setting process.
What is the Code of Professional Conduct and what are the six areas covered in the Principles of this code?
List the steps a person should follow to determine whether an action is ethical.
What is creative thinking? How would you describe a creative thinker?
What is critical thinking? How would you describe a critical thinker?
Several accounting groups have issued various pronouncements establishing or relating to generally accepted accounting principles. The following is a list of six pronouncements, as well as a list of
Certain organizations have been influential in the establishment of accounting principles. The following is a list of abbreviations for several of these organizations, as well as a list of statements
Since the late 1930s, three organizations have been primarily responsible for the establishment of generally accepted accounting principles in the private sector of the United States.RequiredWrite a
At the completion of the Darby Department Store audit, the president asks about the meaning of the phrase “in conformity with generally accepted accounting principles” that appears in your audit
When the Accounting Principles Board was founded in 1959, it planned to establish financial accounting standards using empirical research and logical reasoning only; the role of political action was
The FASB is organized to establish generally accepted accounting principles. It is assisted by various groups and operates under a set of procedures.RequiredPrepare a short written report that
The American Institute of Certified Public Accountants (AICPA) has been in existence for many years to help CPAs provide high-quality professional services. Among other activities, in certain
In a few years, you may become a member of the AICPA and be subject to its Code of Professional Conduct (CPC). RequiredIdentify and briefly discuss the first five principles of the CPC. Provide
A friend of yours says, “I understand there are ‘rules’ for financial reporting. But what are these rules, where can a person find them, and which ones are more important?”RequiredPrepare an
One of your friends remarks, “I understand that before voting on a Statement of Standards the FASB allows written comments and oral presentations in which interested parties can lobby for a
Each person in one of your accounting classes is required to write a report on an accounting topic. Included in the report must be a discussion from a specific library book. When you go to the
You and a friend are in the same accounting class. During the first test, you observe that your friend cheated by copying one of her answers from another student (who was unaware of the copying).
What is the “conceptual framework” of the FASB? What are the titles of the Statements of Concepts issued by the FASB?
What is the most general objective of financial reporting? Who are investors and creditors?
What is the “derived external user objective” and why is it important?
What is the “derived company objective” and what types of information about a company should be reported to satisfy this objective?
List the reasons why external users use information about a company’s (a) Economic resources and claims to these resources, (b) Comprehensive income and its components, and (c) Cash flows.
Define (a) Return on investment, (b) Risk, (c) Financial flexibility, (d) Liquidity, and (e) Operating capability.
What is the overall qualitative characteristic of useful accounting information and what are its two primary qualities?
What is relevant accounting information? Identify and define the ingredients of relevant accounting information.
What is reliable accounting information? Identify and define the ingredients of reliable accounting information.
Identify the secondary quality of useful accounting information. Why is this important and how does it relate to consistency?
What is materiality and how does it relate to relevance?
What is the continuity assumption and why is it important in financial accounting?
What is the period-of-time assumption and why is it important in financial accounting?
Discuss the relationship between historical cost and reliability.
What is recognition? What is realization? What two factors provide guidance for revenue recognition? Why is revenue usually recognized at the time of sale?
What is accrual accounting and how does it relate to the matching principle?
List the three principles for matching expenses against revenues.
What is conservatism and how might it conflict with neutrality?
Define a balance sheet and list its three elements.
Define an income statement and list its four elements.
Define a statement of cash flows and list its three elements.
Define a statement of changes in equity and list its two elements.
For the IASB Framework, list the objective of financial statements and identify the underlying assumptions, qualitative characteristics, and constraints.
Multiple Choice Questions1. Accruing net losses on non-cancelable purchase commitments for inventory is an example of the accounting concept ofa. Conservatism b. Realization c. Consistencyd.
In FASB Statement of Concepts No. 2, several qualitative characteristics of useful accounting information were identified. The following is a list of these qualities as well as a list of statements
Certain accounting assumptions and principles have had an important impact on the development of generally accepted accounting principles. The following is a list of theseassumptions and principles
The FASB has identified several objectives of financial reporting. These objectives proceed from the more general to the more specific and are intended to act as guidelines for providing accounting
A friend of yours, who is not an accounting major, is concerned about the “usefulness” of accounting information. The friend states: “I have watched you prepare many financial statements in
An accountant must be familiar with the concepts involved in determining earnings of a company. The amount of earnings reported for a company is dependent on the proper recognition, in general, of
Financial accounting and reporting provide information that is used in decision making regarding the allocation of resources. In Statement of Financial Accounting Concepts No. 1, “Objectives of
The owners of CSC Inc., a privately held company, are considering a public offering of the company’s common stock as a means of acquiring additional funds. Prior to making a decision about a public

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