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accounting

Questions and Answers of Accounting

The FASB requires that a company organized in different “operating segments” disclose the revenues, profits, and assets of each of its major operating segments. RequiredPrepare a short memo that
You are listening to two accounting majors, both of whom are seniors. They are debating the merits of having relevant versus reliable accounting information for external decision making. One student
The following two statements have been taken directly or with some modification from the accounting literature. Each of them is either taken out of context, involves circular reasoning, and/or
The concept of the accounting entity often is considered to be the most fundamental of accounting concepts, one that pervades all of accounting. Required1. a. What is an accounting entity? Explain.b.
Revenue usually is recognized at the point of sale. Under special circumstances, however, bases other than the point of sale are used for the timing of revenue recognition.Required1. Why is the point
Generally accepted accounting principles require the use of accruals and deferrals in the determination of income. Required1. How does accrual accounting affect the determination of income? Include
The following are brief descriptions of several companies in different lines of business. A. Company A is a construction company. It has recently signed a contract to build a highway over a
The following are accounting procedures and practices used by several companies.A. As soon as it purchases inventory, Sokolich Company records the purchase price as cost of goods sold to simplify its
The Financial Accounting Standards Board has developed a conceptual framework for financial accounting and reporting. The FASB has issued 7 Statements of Financial Accounting Concepts. These
You have been hired as an “accounting consultant” by Watson Company to evaluate its financial reporting policies. Watson is a small corporation with a few stockholders owning stock that is not
What is a primary objective of financial reporting?
What is an accounting system?
Discuss the relationship between the accounting equation and the double-entry system of recording transactions.
What is the difference between a permanent and a temporary account? Give examples of each.
What are the major financial statements of a company and what information does each summarize?
Define the following:a. Accountb. Contra accountc. Ledgerd. Journale. Posting
Why is it advantageous to a company to initially record each of its transactions in a journal?
What is a perpetual accounting system? What journal entries are involved?
Give examples of transactions that:a. Increase an asset and a liability.b. Increase an asset and stockholders’ equity.c. Increase an asset and decrease an asset.d. Decrease an asset and a
Give examples of transactions that:a. Increase inventory account and a liability.b. Decrease inventory account and a liability.c. Increase inventory account and decrease an asset.d. Decrease
What are the steps that a company completes in the accounting cycle? Briefly discuss each step.
Why are adjusting entries necessary? Discuss.
What are prepaid expenses and deferred revenues? Give an example of an adjusting entry to update each of these items at year-end.
What are accrued expenses and accrued revenues? Give an example of an adjusting entry to record each of these items.
Give two examples of adjusting entries to record estimated items. Include in one example a discussion of how depreciation is computed.
What is the difference between a trial balance and an adjusted trial balance? Why is the latter a useful accounting working paper?
What is the difference between a sales return and a sales discount? How does each affect net sales?
What is a periodic inventory system? How is cost of goods sold computed when a company uses a periodic inventory system?
What are the objectives of closing entries?
Show, without amounts, the form of the closing entries for a retail store using a perpetual inventory system.
What is a worksheet? How does the use of a worksheet facilitate the completion of the accounting cycle?
What are reversing entries and why are they used? Give an example of an adjusting entry and a reversing entry for salaries payable, and the later entry to pay the salaries.
What is a subsidiary ledger and a control account, and why are they used? Give an example of how they work.
What are special journals and what advantages are achieved by using them?
What are the major special journals? Give an example of transactions that would be recorded in each journal.
Identify the common software for the financial accounting functions.
What is cash-basis accounting? What must a company do to convert its cash-basis accounting records to an accrual-based income statement?
Draw a diagram that shows the interrelationship between the beginning balance sheet, income statement, retained earnings statement, and ending balance sheet.
The Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May:Date Transaction_______________________________________________May 1 Made cash
The following are selected accounts and account balances of the Sawyer Company on May 31: Debit
The following are selected account balances of the Rule Corporation at the end of 2007:The company is subject to a 30% income tax rate and stockholders own 800 shares of its capital
Raynolde Company uses a periodic inventory system. At the end of 2007, the following information is available:Purchases returns and allowances ......$ 1,400Inventory, 12/31/2007 ............
The Turtle Company has prepared the following adjusted trial balance for the year endedDecember 31, 2007:RequiredPrepare for 2007 in proper form:(1) An income statement,(2) A retained earnings
Your examination of the records of the Sullivan Company provides the following information for the December 31, 2007 year-end adjustments:1. Bad debts are to be recorded at 2% of sales. Sales totaled
The following are several transactions of the Pruitt Company that occurred during the current year and were recorded in real (that is, balance sheet) accounts unless indicated otherwise:Date
The following partial list of accounts and account balances has been taken from the trial balance and the adjusted trial balance of the Barker Company:RequiredPrepare the adjusting entry that caused
The Collins Corporation shows the following inventory, dividends, revenue, and expense account balances before closing:RequiredPrepare closingentries.
The Grant Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2007:Additional information:(a) On January 1, 2007 the company
The Murphy Company prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2007:Additional information:(a) The equipment is being depreciated on a
On December 31, 2007 Adams Company made the following adjusting entries for its annual accounting period:To record interest on note payable due March 16, 2008.RequiredPrepare whatever reversing
The following are several transactions of a company that uses special journals:RequiredIn the space provided, indicate in which journal the transaction would be recorded using the codes: G for
Ellis Company keeps its accounting records on a cash basis during the year. At year-end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2006, Ellis
The account balances of the Antil Company on November 1, 2007 are as follows:During the month of November, the following transactions took place:Date Transaction_______________________________
The Stern Company uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2007:RequiredPrepare in proper form for 2007 the company's:(1) Income
The Nealy Company has prepared the following alphabetical adjusted trial balance on December 31, 2007:RequiredPrepare the following 2007 items in proper form for the Nealy Company:(1) The income
The following 2007 information is available concerning the Drake Company, which adjusts and closes its accounts every December 31:1. Salaries accrued but unpaid total $2,840 on December 31, 2007.2.
The Franklin Retail Company entered into the following transactions during 2007. [The transactions were properly recorded in real (balance sheet) accounts unless otherwise indicated.]Date
At the end of 2007 the Ritter Company prepared a trial balance, recorded and posted its adjusting entries, and then prepared an adjusted trial balance. Selected accounts and account balances from the
The trial balance of the Trishia Company on December 31, 2007 (the end of its annual accounting period) included the following account balances before adjustments:Notes receivable .........$10,000
The Ferdon Company uses a periodic inventory system. The following is partial information from its income statements for 2007 and 2008:RequiredFill in the blanks numbered 1 through 6.
During the current accounting period Page Company makes the following errors. The company uses a perpetual inventory system.RequiredIndicate the effect of the errors on the net income, total assets,
At the end of the current year, the controller of the Jodi Corporation discovers the following items of information:1. Salaries are paid every Friday for a five-day work week. The normal weekly
The Fiorillo Company has the following account balances on December 31, 2007 prior to any adjustments:Additional adjustment information:(a) Depreciation on buildings, $1,100; on equipment, $600,(b)
The Langer Company has prepared the following partially completed worksheet for the year ended December 31, 2007:The following additional information is available:(a) Salaries accrued but unpaid
During 2007, the Garson Company entered into two transactions involving promissory notes and properly recorded each transaction. These are listed next:1. On November 1, 2007 it purchased land at a
On December 31, 2007 Cochran Company made the following proper year-end adjusting entries:Required1. Prepare journal entries to record whatever reversing entries you think are appropriate.2. Explain
On November 30, 2007 the Zu Company had the following account balances:During the month of December the Zu Company entered into the following transactions:Date
Comprehensive (Appendix) Tina Tunxis is the owner of Valley Sales, a distributor of horticulture supplies. The following is the balance sheet of the company as of December 31, 2006:Tina keeps very
Presented next is information pertaining to Ward Specialty Foods, a calendar-year sole proprietorship, maintaining its books on the cash basis during the year. At year-end, however, Mary Ward's
What are the major financial statements of a company and what do they show?
What does a company’s financial position include?
What are two purposes of a company’s balance sheet?
Define liquidity, financial flexibility, and operating capability.
What is financial capital? Why is capital maintenance important?
What does “recognition” mean in accounting?
Define an asset. What are the three characteristics of an asset?
Define a liability. What are the three characteristics of a liability?
What is stockholders’ equity?
Identify the five alternatives for measuring (valuing) assets. What is the fair value of an asset? Which valuation method is usually used in a company’s balance sheet?
List the major sections (and the components of each section) of a company’s balance sheet.
How are current assets defined and what are the major items that may be included in current assets? How are current liabilities defined? Give three examples of such liabilities.
Define a company’s operating cycle. How does working capital relate to this cycle? How is working capital computed?
What items are classified as (a) Long-term investments,(b) Property, plant, and equipment, and (c) Intangible assets?
What items are classified as (a) Long-term liabilities and (b) Other liabilities?
What is a bond? Give an illustration of how bonds payable would be disclosed on a company’s balance sheet.
Define (a) Capital stock, (b) Additional paid-in capital in excess of par, (c) Treasury stock, (d) Retained earnings, (e) Deficit, and (f) Accumulated other comprehensive income.
What are investments by owners? Distributions to owners? In what statement do many companies report these items?
What accounting policies are disclosed in the notes accompanying a company’s financial statements? Why is this disclosure important?
Give several examples of financial instruments and identify the required disclosures for a company’s financial instruments.
What is a loss contingency? What criteria have to be met for a company to accrue a loss contingency? If these criteria are not met, how does a company disclose a loss contingency?
Why is it necessary for a company to disclose subsequent events? What kinds of subsequent events are disclosed by an adjustment to the company’s financial statements and what kinds are disclosed
What must a company disclose for related party transactions?
Why are comparative financial statements important?
What is an audit and why is the auditor’s report an important item of information?
Briefly describe the SEC “integrated” disclosures that most regulated companies include in their annual reports.
Briefly list the format of a company’s balance sheet under international accounting standards.
What is the difference between the report form and the account form of the balance sheet?
What alternative methods are used to disclose additional information not included in the accounts reported on a company’s financial statements? Give examples of the types of information disclosed
What factors should be considered when an accountant prepares and writes financial reporting notes?
Multiple Choice Questions1. APB Opinion No. 22, “Disclosure of Accounting Policies”a. Requires a description of every accounting policy followed by a reporting entityb. Provides a specific

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