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accounting

Questions and Answers of Accounting

What is the most important category of assets for transportation firms?
Briefly describe the revenue section of the income statement for a transportation firm.
If a transportation firm shows a rise in revenue per passenger mile, what does this increase imply?
How is the passenger load factor of a bus company related to profitability?
Explain how the publication Financial Analysis of the Motor Carrier Industry could be used to determine the percentage of total revenue a firm has in relation to similar trucking firms.
Are annual reports filed with state insurance departments in accordance with U.S. GAAP?
Annual reports that insurance companies issue to the public are in accordance with what accounting standards?
Briefly describe the difference between accounting for intangibles for an insurance company under GAAP and under SAP.
What type of times interest earned ratio would be desirable? What type would not be desirable?
Why should capitalized interest be added to interest expense when computing time’s interest earned?
Why is it difficult to determine the value of assets?
Capital Leases that have not been capitalized will decrease the times interest earned ratio. Comment.
Indicate the status of pension liabilities under the Employee Retirement Income Security Act.
Give a simple definition of earnings per share.
Assume that a corporation is a nonpublic company. Comment on the requirement for this firm to disclose earnings per share.
Keller & Fink, a partnership, engages in the wholesale fish market. How would this company disclose earnings per share?
Why do many firms try to maintain a stable percentage of earnings retained?
Why is the price/earnings ratio considered a gauge of future earning power?
Why is book value often meaningless? What improvements to financial statements would make it more meaningful?
Why should an investor read the note concerning stock options? How might stock options affect profitability?
May personal financial statements be prepared only for an individual? Comment.
What is the basic personal financial statement?
Is a statement of changes in net worth required when presenting personal financial statements?
Are comparative financial statements required when presenting personal financial statements?
When preparing a personal statement of financial condition, should assets and liabilities be presented on the basis of historical cost or estimated current value?
In a personal statement of financial condition, what is the equity section called?
What personal financial statement should be prepared when an explanation of changes in net worth is desired?
Is the presentation of a personal income statement appropriate?
GAAP as they apply to personal financial statements use the cash basis. Comment.
Is the concept of working capital used with personal financial statements? Comment.
Give examples of disclosure in notes with personal financial statements.
If quoted market prices are not available, a personal financial statement cannot be prepared. Comment.
Do not-for-profit organizations, other than governments, use fund accounting? Comment.
How many funds will be used by a state or local government?
Which organization provides a service whereby it issues a certificate of conformance to governmental units with financial reports that meet its standards?
The rating on an industrial revenue bond is representative of the probability of default of bonds issued with the full faith and credit of a governmental unit. Comment.
The accounting for not-for-profit institutions does not typically include the concept of efficiency. Indicate how the concept of efficiency can be incorporated in the financial reporting of a
How many members serve on the GASB? How many votes are needed to issue a pronouncement?
What is the purpose of the book, Codification of Governmental Accounting and Financial Reporting Standards?
Under GASB, which statement has been the most substantial pronouncement?
For the government-wide statements, governmental activities are to be presented separately from the financial statements of business-type activities. Give one example of a governmental activity and
Presented below is the basic accounting equation. Determine the missing amounts.
Given the accounting equation, answer each of the following questions.1. The liabilities of Frank’s Smoothies are $120,000, and the stockholders’ equity is $325,000. What is the amount of
At the beginning of the year, Rita Pasta Company had total assets of $780,000 and total liabilities of $400,000. Answer the following questions.1. If total assets increased $125,000 during the year
Classify each of the following items as asset (A), liability (L), revenue (R), or expense (E)._______ (a) Food inventory _______ (b) Rooms revenue _______ (c) Salaries and wages expense _______ (d)
Sunny’s Noodles has the following balance sheet items.Accounts payable ..........Accounts receivableInsurance expense ..........Taxes payableWages expense ..........Food inventoryCash
From 1 to 9, arrange the following steps of the accounting cycle in order:_____ Posting_____ Financial statements_____ Transaction analysis_____ Closing entries_____ Postclosing trial balance_____
Indicate whether each of the following statements is true (T) or false (F)._____ The Uniform System of Accounts for the Gaming Industry is a joint effort of the Nevada and New Jersey
Indicate whether each of the following statements is true (T) or false (F) in a hotel accounting department._____ The night auditors get their name because of the long hours they work._____ There is
Indicate whether each of the following statements is true (T) or false (F) in the foodservice or club environment._____ Purchasing and yield analysis are the two most important items for a
Indicate whether each of the following statements is true (T) or false (F)._____ GAAP stands for generally accepted accounting practices._____ FASB stands for Financial Accounting Standards
Which of the following is (Yes) or is not (No) part of the FASB conceptual framework?_____ Objectives of managerial reporting_____ Elements of financial statements_____ Quantitative characteristics
Which of the following is (Yes) or is not (No) a part of the three objectives of financial reporting under FASB?_____ The information is useful to the employees only._____ The managerial forms are
Presented below are four concepts. Please match each one with the correct scenario.Relevance Reliability Comparability Consistency_____ Hotel Del Sol uses the Uniform System of Accounts so that it
The operating guidelines of accounting have three parts: assumptions, principles, and constraints. Please match these guidelines with the following by indicating “A” for assumptions, “P” for
Presented below are six business transactions. On a sheet of paper, list the letters (a), (b), (c) with columns for assets, liabilities, and stockholders’ equity. For each column, indicate whether
Selected transactions for Golden Apples Catering Company are listed below.1. Made cash investment to start business.2. Paid monthly electricity bill.3. Purchased food on account.4. Received cash from
W. S. Blaskowski Foodservices entered into the following transactions during May 2008.1. Purchased kitchen equipment for $30,000 from General Appliances on account.2. Paid $3,000 cash for May rent.3.
On June 1, Maui Travel Agency, Inc., was established. The following transactions were completed during the month.1. Stockholders invested $40,000 cash, receiving common stock in exchange.2. Paid
Kiki’s Famous Desserts Corporation was formed on July 1, 2007. On July 31, the balance sheet showed Cash $7,000,Accounts Receivable $2,000, Supplies $500, Office Equipment $5,000, Accounts
When the Financial Accounting Standards Board issues new standards, the required implementation date is usually 12 months or more from the date of issuance, with early implementation encouraged.
For each of the following accounts indicate(a) The effect of a debit or a credit on the account and(b) The normal balance.1. Rooms Revenue2. Rent Expense3. Salary Payable4. Capital5. Food Revenue6.
Transactions for Milton’s Wings and Pizza for the month of June are presented below. Identify the accounts to be debited and credited for each transaction, and journalize the transactions.June1
Ouro Johnson has the following transactions during August of the current year. Indicate (a) The basic analysis and (b) the debit–credit.Journalize the transactions.August1 ....Opens an office as a
Selected transactions for Y. K. Catering are presented in journal form below. Post the transactions to Taccounts.
An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances arenormal.
Selected transactions from the journal of Palm Tree Travel, Inc., are presented below.(a) Post the transactions to T accounts.(b) Prepare a trial balance at August 31,2008.
The T accounts below summarize the ledger of Mardi Gras Catering Corporation at the end of the first month of operations:(a) Prepare the complete general journal entries (including explanations) from
Evergreen Campground was started on June 1 by Jolene and David Collier. The following selected events and transactions occurred during June.June 1.. Invested $150,000 cash in the business in exchange
Alyson Clark is a licensed incorporated CPA. During the first month of operations of the business, the following events and transactions occurred:Sept.1...Invested $40,000 cash in exchange for common
Surepar Miniature Golf and Driving Range was opened on March 1 by Bill Affleck. The following selected events and transactions occurred during March:March1.. Invested $60,000 cash in the business in
The financial statements of PepsiCo are presented in Appendix A. The statements contain the following selected accounts for the year ended, 2006 stated in millions of dollars.Instructions(a) Answer
The ledger of Taqueria San Juan includes the following accounts. Explain why each account may require adjustment.(a) Prepaid Insurance (c) Unearned Revenue(b) Depreciation Expense (d) Interest Payable
Empire Bakers accumulates the following adjustment data on December 31. Indicate(a) The type of adjustment (prepaid expense, accrued revenues, and so on) and(b) The accounts before adjustment
Professional Design Company specializes in uniform design for foodservices. Its trial balance on December 31 shows Supplies $9,000 and Supplies Expense $0. On December 31, there are $2,000 of
The bookkeeper for Royal Cruises asks you to prepare the following accrued adjusting entries at December 31.1. Interest on notes payable of $500 is accrued.2. Services provided but unbilled total
The trial balance of Hawaiian Catering Company includes the following balance sheet accounts. Identify the accounts that require adjustment. For each account that requires adjustment, indicate(a)
Pho Saigon Noodles and Catering accumulates the following adjustment data at December 31.1. Services provided but unbilled total $750.2. Food supplies of $300 have been used.3. Utility expenses of
Spring River Resort Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.In addition to those accounts listed on the
Jan Spears opened her decorating company on January 1, 2008. During the first month of operations, the following transactions occurred:1. Performed services for country club clients. On January 31,
Michael Davidson started his own hospitality consulting firm, Star Company, on June 1, 2008. Star Company performs feasibility studies to determine if restaurants should be opened at certain
The Thayer Motel, Inc., opened for business on May 1, 2008. Its trial balance before adjustment on May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of
The financial statements of PepsiCo are presented in Appendix A at the end of this textbook.(a) Using the consolidated financial statements and related information, identify items that may result
Die Hard Company is a pest-control company providing services to hotels and clubs. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Die Hard’s
Indicate which of the following statements are true or false regarding the work sheet._____The work sheet is essentially a working tool of the accounting._____The work sheet cannot be used as a basis
The ledger of W. S. Juice Bar includes the following unadjusted balances: Service Revenue $60,000; Salaries Expense $28,950; and Prepaid Rent $6,000. Adjusting entries are required for(a) Services
The income statement of Health 24 City Club for the month ending August 31 shows Membership Dues Revenues of $25,000; Salaries Expense of $9,300; Repairs and Maintenance Expense of $2,400; and Net
Using the data in Exercise 5-3 identify the accounts that would be included in a postclosing trial balance.
Sam Perroni, owner of Perroni’s Harbor Cruise, found the following errors that his bookkeeper made after the transactions had been journalized and posted. Prepare the correcting entries.1. A
At Fred’s Fish Chips, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.1. A collection on account from a customer for $850
The balance sheet debit column of the work sheet for Empanada Supreme includes the following accounts: Prepaid Insurance $4,600; Cash $24,080; Supplies $6,200; Short-term Investments $7,240; and
The adjusted trial balance columns of the work sheet for Cajun Company are as follows:Complete the worksheet.
The adjusted trial balance of Lanza Company at the end of its fiscal year is as follows:(a) Prepare the closing entries using page J15.(b) Post to Retained Earnings and No. 350 Income Summary
John Clais began operations as an event consultant on January 1, 2008. The trial balance columns of the work sheet on March 31 are as follows.Other data:1. Supplies on hand total $500.2. Depreciation
The financial statements of PepsiCo, Inc., are presented in Appendix A at the end of this textbook. Answer the following questions using the Consolidated Balance Sheet and the Notes to Consolidated
Numerous companies have established home pages on the Internet, for example, Hyatt Corporation (www.hyatt.com/corporate) and Four Seasons Hotels and Resorts (www. fourseasons.com).You may have
As the controller of TellTale Ice Cream Company, you discover a misstatement that significantly overstated net income in the prior year’s financial statements. The misleading financial statements
Presented below are the components in Clearwater Seafood€™s income statement. Determine the missingamounts.
In its income statement for the year ended December 31, 2008, Bach Resort & Spa reported the following condensed data.(a) Prepare a multiple-step income statement.(b) Prepare a single-step
The T-accounts for Equipment and the related Accumulated Depreciation for Stone Kitchen Equipment Company at the end of 2008 are as follows.Stone Kitchen Equipment Company€™s income

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