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accounting

Questions and Answers of Accounting

What is the purpose of the qualitative characteristics of financial reports? What are the primary qualitative characteristics as defined by the FASB?
What is the FASB’s conceptual framework?
Identify each of the sections of an auditors’ report and explain its purpose.
Corporate annual reports include a discussion and analysis of the company’s financial performance. What is the purpose of this discussion?
General Mills Corporation had sales of almost $8 billion in fiscal year 2002 from Betty Crocker, Pillsbury, Wheaties, Cheerios, Pop Secret popcorn, and other products. The company reported total
Quick Transport Company owns a large fleet of trucks that move freight throughout the country. Some of these trucks cost hundreds of thousands of dollars and are operated for 15 years or more before
Bill’s grandparents have been buying shares of stock for his college education fund since the day he was born. Yesterday, Bill received the annual report of Thompson Consolidated Shoulderpads,
What is the role of an accountant who works for a business organization?
Selma Fromm is a recent graduate in accounting. She has taken a position with Hand Writer Company. The company has three divisions that manufacture three products: pencils, pens, and colored markers.
What is the purpose of internal auditing? Why is it important to an organization?
List and briefly describe the primary internal control procedures discussed in the chapter.
What is the role of an independent CPA?
Mag’s Pie Shop is a rapidly growing baker and distributor of specialty pies for festive occasions. Mag’s CPA adviser keeps recommending that Mag install better internal controls over the
Ima Crook is a sales clerk for Free Cash Company. Ima runs a cash register. Each day she obtains $200 from a supervisor and places the money in the cash register to make change. Customers bring goods
Accounting and financial reporting is highly regulated in the United States. Standards specify the types of information to be reported and how accounting numbers are to be calculated. Listed below
On Wednesday, July 10, 2002, the Wall Street Journal reported the following headlines:Securities Threat1Bush Crackdown on Business Fraud Signals New EraStream of Corporate Scandals Causes Bipartisan
Accounting standards are set in the United States in the private sector. Public hearings and written documents provide feedback during development of the standards. Opportunity is provided to those
The Financial Accounting Standards Board developed a conceptual framework to provide guidance in the development of financial accounting standards.Required Identify the primary components of the
Draw a diagram that describes the relationships among the qualitative characteristics as defined in the FASB conceptual framework. Explain your diagram.
Larry Clint is the president of Hometown Bank. The bank has several thousand depositors and makes loans to many local businesses and homeowners. Blanche Granite is a partner with a CPA firm hired to
The following statements describe the annual report issued by Short Sheet Company for the fiscal year ended December 31, 2004.A. The report was issued on October 1, 2005.B. The balance sheet
A standard auditors’ report contains reference to each of the following:A. ResponsibilityB. Generally accepted auditing standardsC. Material misstatement and material respectsD. A test basisE.
Bonner Systems uses the following accounts when preparing its financial reports.RequiredA. Place a mark in the appropriate column to indicate the type of account.B. Place a mark in the appropriate
The two most recent monthly balance sheets of Strauss Instrument Company are shown below. Also shown is the most recent monthly income statement.RequiredFrom the financial statements presented,
The letter to the shareholders from Douglas N. Daft, Chairman, Board of Directors, and Chief Executive Officer of Coca-Cola is provided on the text’s Web site and on the student CD that accompanies
The letter to the shareholders from Douglas N. Daft, Chairman, Board of Directors, and Chief Executive Officer of General Mills is provided on the text’s Web site and on the student CD that
In April, 2001, the management of U.S. Aggregates, Inc., a producer of aggregates made of a combination of crushed stone, sand, and gravel, announced that the company would be restating its earnings
Consider each of the following situations.A. Sales clerks in a retail store are assigned to a specific cash register. They are given a cash drawer containing $100 in change at the beginning of their
The Spring Valley Church is a small congregation with about 50 members. The church is financed by member donations. Most of these donations are collected during the Sunday morning service. Many of
You and a friend have finished your Christmas shopping at the mall and have decided to relax and have lunch in a small restaurant in the food court. After selecting your entrees, you notice a sign on
1. To protect its assets and accounting information, a company shoulda. give one person sole responsibility for the accounting system.b. control access to its networks and databases.c. permit access
Examine the auditors’ report provided as part of the 2002 annual report of Nike, Inc., and answer the following questions.REPORT OF INDEPENDENT ACCOUNTANTSTo the Board of Directors and Shareholders
The General Mills 2002 Annual Report is reproduced in Appendix B at the end of the text.RequiredAnswer the following questions about the General Mills Report of ManagementResponsibilities and the
How do we implement a computerized accounting system?Computerized accounting systems reduce the labor needed to record accounting information and prepare accounting reports. How can computerized
Why are integrated business systems more efficient than using individual systems for different functions in a business?
Suppose a company sells to customers on-line. Customers are required to pay for their orders with credit cards at the time of the order. What primary activities would be required of the sales module
The human resources module described in Exhibit 7 is for a manufacturing company. How would the module differ for a retail or service company?
What is a computer network? Why are they used by businesses to maintain accounting systems?
What is the purpose of a database management system?
Irmo Company’s asset management module lists each piece of equipment the company has purchased, when it was purchased, its cost, its expected life, and its location in the company. Why would the
Kreel Company’s financial management module lists each loan the company has outstanding, when the money was borrowed, the amount borrowed, the interest rate, the dates payments were made, and the
What purposes does a retail company’s purchasing module serve? What accounts and types of transactions are associated with this module?
What purposes does a service company’s human resources module serve? What accounts and types of transactions are associated with this module?
Street Inc.’s financial management module lists each stockholder’s name, address, the number of shares owned, and when the stock was purchased. How might the company use this information?
Why would the sales module of Burger King differ from the sales module of the mail order clothing company, Lands’ End? What transactions would Lands’ End record as part of its sales process that
Why is it important for the accounting department of a company to receive data from sales and shipping? What internal control function is served by this process?
Why is it important for the accounting department of a company to receive data from purchasing and receiving? What internal control function is served by this process?
Complete each sentence with the appropriate term.1. Systems that integrate most of the business information functions are referred to as _____________.2. Financial data about individual items of
Match each term with the appropriate definition.a. application softwareb. control accountsc. database management systemd. databasee. E-businessf. enterprise resource planning (ERP) systemsg. general
A friend is confused about entries to computerized accounting systems. She says, “I understand that there are both subsidiary accounts and control accounts, but why are the effects of individual
Lands’ End, Inc., is a large, well-known mail-order retailer. Assume you logged onto its web site, ordered three pairs of shorts, and paid for them by credit card. Describe the business activities
Great Plains Manufacturing recently ordered 100 tons of raw materials including steel, aluminum, glass, and various plastics. Today, the goods were received via rail at the company’s warehouse.
Modern accounting information systems often are maintained as relational databases. What is a relational database and what are the advantages of these database systems? Identify parts of a relational
Computerized accounting systems create special control problems for an organization. Common control procedures used by organizations include the following:a. Use of passwords to access terminals and
Howard Company sells woolen goods and maintains its accounting system using a relational database. To prepare information about sales transactions, the company uses the following tables in its
Refer to information provided in E7-9 as you answer the following questions.1. If a manager for Howard Company wanted to query the company’s database to obtain information about customer sales
Computer networks in many organizations include client software, business management programs and databases on servers, and connections among the computers running these programs.For each of the
One Star Co. recently lost all of its customer and accounts receivable records. An irate customer walked into the company’s sales office and took a sledge hammer to the company’s computer. The
Barbury Company sells machine parts to manufacturing companies. Parts usually are purchased to replace worn or broken parts. Most of Barbury’s customers order goods by phone or through Internet
Exhibit 9 in this chapter provides examples of tables that might appear in a company’s relational database. Exhibit 11 provides an example of a sales order form.RequiredUsing these exhibits as
You have just been hired as an account representative for a large financial institution. Your supervisor shows you to your desk that contains a workstation. She explains that the workstation is part
Dora Company uses a client-server network for its accounting system. The company’s database servers are kept at a central computer center. Users of the system access the company’s database
Connect to www.amazon.com on a web browser.RequiredIdentify the data items that are collected and processed by Amazon’s web interface as part of selecting and placing an order for a book. How might
You have been assigned the responsibility of developing a purchasing module for a retail company.RequiredIdentify the tables that you think would be necessary as part of a relational database that
An Excel spreadsheet provides an example of an application program that can be used as a simple database.Required Describe the applications that a spreadsheet can provide and how a spreadsheet could
Open an Access database like the Mom’s Cookie Company database described in this chapter. Examine the Tools menu in the database window.RequiredWhat database management functions are provided by
Trainor Company has decided to market its pet supplies on the Internet. It has developed a web site so that customers can identify products and order them online.RequiredDescribe a network
Linden Company sells more than 100 different types of nuts, bolts, and screws. Each product has an identification number and is described by its type, size, and material composition. Each product is
Niven Company manufactures and sells ornamental flamingoes. The flamingoes come in one color, pink, but come in three sizes, small, medium, and large. Customers order the products through the web by
Plaxa Company developed a design for its order system that consisted of three tables. Tables and associated fields are listed below. The primary keys for each table are underlined.Product Table
Refer to P7-12. Plaxa ships its products on the same day orders are received.RequiredDescribe the process that Plaxa would use to determine the amount of sales it made during a particular period.
1. Which of the following statements does NOT describe an advantage of a computerized accounting system?a. Many accounting cycle steps are performed by the computer.b. It is easier to control than a
Mom’s Cookie Company received an order from Fair-Price Foods on September 30, 2004 for seven boxes of Terrific Cookies, 24 oz. size.RequiredUse the Mom’s Cookie Company database to record the
How much will it cost to borrow money?Most debt requires periodic payments of principal and interest. Consequently, debt often involves computations of annuities, particularly the present value of
A friend remarks, “I just got out of an accounting lecture about future value and present value. Frankly, I don’t have a clue what the professor was talking about. And we have a quiz on
What does this statement mean? “The future value of $1,000 is an amount greater than $1,000.”
Why is the present value of $10,000 less than $10,000?
You are inspecting Table 1 at the back of this book. At the intersection of the 10% column and the 18-period row you find the following number: 5.55992. Interpret that number. What does it mean?
Freida invested $3,000 in an investment plan that guarantees 7% compound interest annually. The interest is deposited into the account at the end of each year. The account has now been open 30
Why do the interest factors in Table 1 get larger and larger as you move from the upper left corner of the table to the lower right corner?
Your boss has asked you what the ending balance will be if he puts $8,000 into an investment earning 9% interest compounded annually. He plans to leave the money untouched for 29 years.
Kelly Walker places 5% of her salary each year into a company-sponsored 401k retirement plan. Assume her annual salary is $100,000 and deposits are made to the retirement plan at the end of each
You are inspecting Table 2 at the back of this book. At the intersection of the 6% column and the 13-period row you find the following number: 18.88214. Interpret that number. What does it mean?
Why do the interest factors in Table 3 get smaller and smaller as you move from the upper left corner of the table to the lower right corner?
Your boss has asked you what amount she must invest today at 8% interest so that she will have $350,000 available to pay off a lump-sum debt that comes due in 32 years. In other words, what is the
Why do the interest factors in Table 4 get smaller as you move from left to right, but larger as you move from top to bottom?
Jeraldo invested $4,100 into a financial instrument that promised to pay him $1,000 at the end of each year for the next five years. The salesperson explained that this would earn for him a 5% rate
Determine whether the rows in Tables 1 through 4 are labeled in years or in periods. Does it make a difference whether they are labeled in years or periods? Why?
Imelda is making equal-sized monthly payments of $288 on her car loan. She has only 18 payments left. Each month, the portion of her payment that goes to pay interest and the portion that goes to
Assume that you borrow $25,000 on April 1, 2004, at an annual rate of 7%. How much will you owe on March 31, 2005 if you make no payments until that date? How much will you owe on March 31, 2006 if
Today is Dave’s 40th birthday. He is experiencing a midlife crisis and is thinking about retirement for the first time. To supplement his expected retirement pension, he deposits $8,000 in an
Renalda is saving for a once-in-a-lifetime trip, to begin seven years from today. She plans to visit the South Pacific and Far East. Today she starts her savings plan; she will deposit $1,500 at the
Optimism, Inc. anticipates the need for factory expansion four years from today. The firm has determined that it will have the necessary funds for expansion if it puts $400,000 per year into a stock
Use an Excel spreadsheet and the FV function to determine the following:a. The future value of a $2,000 annuity for 30 years at 8% compounded annually.b. The future value of a $2,000 annuity for 30
Assume you will receive $1,000 at the end of year 1. What is its present value at the beginning of year 1 if you expect an 8% rate of return? What is the present value if you expect a 9% return? 10%?
What is the present value of $800 to be received at the end of one year if it must provide a return of 8%? What is the present value of $900 to be received at the end of one year? $1,500? What can
What is the present value of $1,000 to be received at the end of one year if it must provide a return of 5%? What is the present value of $1,000 to be received at the end of two years? Three years?
What is the present value of an annuity of $200 per year for five years if the required rate of return is 8%? What is the present value of the annuity if the required rate of return is 10%?
A wealthy uncle has offered to give you either of two assets: (a) An asset that pays $500 at the end of three years or (b) An asset that pays $100 at the end of each year for five years.Assume that
Lincoln Corporation expanded recently by investing $100,000 in new business assets. This has increased annual operating cash inflows by $50,500 and annual operating cash outflows by $30,200.These

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