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Questions and Answers of Accounting

You are scheduled to receive annual payments of $10,000 for each of the next 25 years. Your discount rate is 8.5%. What is the difference in the present value if you receive these payments at the
Consider the following scenario: John buys a house for $150,000 and takes out a five-year adjustable rate mortgage with a beginning rate of 6%. He makes annual payments rather than monthly
On January 1, 2012, Solano Incorporated amended its pension plan, which caused an increase of $3,600,000 in its projected benefit obligation. The company has 400 employees who are expected to receive
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 beginning one year from today. The interest rate on the note
For the following purchase,(a) Calculate the effective interest rate of failing to take the discount,(b) Determine the date and amount paid if the discount is taken. Assume that the invoice date is
The cash price of a small house is $40,000. The owner of the house agrees to sell you the house in return for your promise to pay $5000 down and $1,000 at the end of each month.If the annual mortgage
A five-year note has a payment of $1,000 at the end of each year for five years. What is the effective interest rate on the loan if the present principal of the note is $8,000?
Find the future value of a five-year $500 annuity when annual interest rate 6% is compounded annually.
On January 1, 2013, Laura's Living Company has the following defined benefit pension plan balancesAccumulated Postretirement benefit obligation .....................$5,700,000Fair value of plan
Calculating the Annual Percentage Rate. Dave borrowed $500 on January 1, 2006, and paid it all back at once on December 31, 2006. What was the APR?(Reminder: Dave borrowed $500 for 1 year and paid
Calculating the Annual Percentage Rate. If Dave paid the $500 in 12 equal monthly payments, what was the APR?
As a result of their divorce, Fred agrees to pay alimony to Tammy of $20,000 per year. The payments are to cease in the event of Fred’s or Tammy’s death or in the event of Tammy’s remarriage.
The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual
You want to have $500,000 when you retire in 20 years. You expect to earn 10% compounded monthly over the entire 20-year period. How much extra money per month must you deposit if you choose to fund
You are the office manager of the Orthopedic Sports Clinic. Your physicians would like to purchase a piece of equipment that will cost the practice $100,000.You can purchase the equipment through the
What is the function and primary focus of financial accounting?
What is meant by the phrase efficient allocation of resources? What mechanism fosters the efficient allocation of resources in the United States?
Identify two important variables to be considered when making an investment decision.
What must a company do in the long run to be able to provide a return to investors and creditors?
What is the primary objective of financial accounting?
Define net operating cash flows. Briefly explain why periodic net operating cash flows may not be a good indicator of future operating cash flows.
What is meant by GAAP? Why should all companies follow GAAP in reporting to external users?
Explain the roles of the SEC and the FASB in the setting of accounting standards.
Explain the role of the auditor in the financial reporting process.
List three key provisions of the Sarbanes-Oxley Act of 2002. Order your list from most important to least important in terms of the likely long-term impact on the accounting profession and financial
Explain what is meant by adverse economic consequences of new or changed accounting standards.
Why does the FASB undertake a series of elaborate information-gathering steps before issuing a substantive accounting standard?
What is the purpose of the FASB’s conceptual framework project?
Discuss the terms relevance and faithful representation as they relate to financial accounting information.
What are the components of relevant information? What are the components of faithful representation?
Explain what is meant by: The benefits of accounting information must exceed the costs.
What is meant by the term materiality in financial reporting?
Briefly define the financial accounting elements: (1) Assets, (2) Liabilities, (3) Equity, (4) Investments by owners,(5) Distributions to owners, (6) Revenues, (7) Expenses, (8) Gains, (9) Losses,
What are the four basic assumptions underlying GAAP?
What is the going concern assumption?
Explain the periodicity assumption.
What are the four key broad accounting principles that guide accounting practice?
What are two important reasons to base the valuation of assets and liabilities on their historical cost?
Describe the two criteria that must be satisfied before revenue can be recognized.
What are the four different approaches to implementing the matching principle? Give an example of an expense that is recognized under each approach.
In addition to the financial statement elements arrayed in the basic financial statements, what are some other ways to disclose financial information to external users?
Briefly describe the inputs that companies should use when determining fair value. Organize your answer according to preference levels, from highest to lowest priority.
Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $340,000; Cash paid for rent, $40,000; Cash paid to employees
For each of the following items, identify the appropriate financial statement element or elements: (1) Probable future sacrifices of economic benefits; (2) Probable future economic benefits owned by
Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or pervasive constraint that applies to each
Identify the basic assumption or broad accounting principle that was violated in each of the following situations.1. Astro Turf Company recognizes an expense, cost of goods sold, in the period the
For each of the following situations, (1) Indicate whether you agree or disagree with the financial reporting practice employed (2) State the basic assumption, pervasive constraint, or accounting
Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, and Roy.In addition, you learn that the company incurred utility costs
Listed below are several transactions that took place during the second two years of operations for RPG Consulting.In addition, you learn that the company incurred advertising costs of $25,000 in
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required:1. Obtain the relevant authoritative literature on fair
Access the FASB’s Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. The topic number for business combinations.2.
Three groups that participate in the process of establishing GAAP are users, preparers, and auditors. These groups are represented by various organizations. For each organization listed below,
For each of the items listed below, identify the appropriate financial statement element or elements.1. Obligation to transfer cash or other resources as a result of a past transaction.2. Dividends
Listed below are several terms and phrases associated with the FASB’s conceptual framework. Pair each item from List A (by letter) with the item from List B that is most appropriately associated
Phase A of the joint FASB and IASB conceptual framework project stipulates the desired fundamental and enhancing qualitative characteristics of accounting information. Several constraints impede
Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A (by letter) with the item from List B that is
Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or constraint that applies to each statement.1. Jim
Identify the basic assumption or broad accounting principle that was violated in each of the following situations.1. Pastel Paint Company purchased land two years ago at a price of $250,000. Because
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, constraint, or accounting principle that is
For each of the following situations, state whether you agree or disagree with the financial reporting practice employed, and briefly explain the reason for your answer.1. The controller of the
Listed below are the basic assumptions, broad accounting principles, and constraints discussed in this chapter.a. Economic entity assumptionb. Going concern assumptionc. Periodicity assumptiond.
Multiple Choice QuestionsDetermine the response that best completes the following statements or questions.1. The primary objective of financial reporting is to provide informationa. About a firm’s
The following questions are used in the Kaplan CPA Review Course to study the environment and theoretical structure of financial accounting while preparing for the CPA examination. Determine the
The following questions dealing with the environment and theoretical structure of financial accounting are adapted from questions that previously appeared on Certified Management Accountant (CMA)
In 1934, Congress created the Securities and Exchange Commission (SEC) and gave the commission both the power and responsibility for setting accounting and reporting standards in the United States.
Internet access to the World Wide Web has provided a wealth of information accessible with our personal computers. Many chapters in this text contain Real World Cases that require you to access the
The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).Required:Access the FASB home page on the Internet. The web
The purpose of this case is to introduce you to the information available on the website of the International Accounting Standards Board (IASB).Required:Access the IASB home page on the Internet. The
Economic reforms in the People’s Republic of China are moving that nation toward a market-driven economy. China’s accounting practices must also change to accommodate the needs of potential
Some theorists contend that companies that create pollution should report the social cost of that pollution in income statements. They argue that such companies are indirectly subsidized as the cost
One of your friends is a financial analyst for a major stock brokerage firm. Recently she indicated to you that she had read an article in a weekly business magazine that alluded to the political
It is the responsibility of management to apply accounting standards when communicating with investors and creditors through financial statements. Another group, auditors, serves as an independent
Generally accepted accounting principles do not require companies to disclose forecasts of any financial variables to external users. A friend, who is a finance major, is puzzled by this and asks you
Mary McQuire is trying to decide how to invest her money. A friend recommended that she buy the stock of one of two corporations and suggested that she should compare the financial statements of the
Phase A of the joint FASB and IASB conceptual framework project includes a discussion of the constraint cost effectiveness. Assume that the FASB is considering revising an important accounting
A new client, the Wolf Company, asks your advice concerning the point in time that the company should recognize revenue from the rental of its office buildings. Renters usually pay rent on a
Revenues measure the accomplishments of a company during the period. Expenses are then matched with revenues to produce a periodic measure of performance called net income.Required:1. Explain what is
When a company makes an expenditure that is neither a payment to a creditor nor a distribution to an owner, management must decide if the expenditure should be capitalized (recorded as an increase in
Selected financial statements from a recent annual report of The GAP Inc. follow. Use these statements to answer the following questions.Required:1. What amounts did The GAP report for the following
What is the objective of financial reporting?
Briefly explain the meaning of decision-usefulness in the context of financial reporting.
Karen Sepan, a recent graduate of the local state university, is presently employed by a large manufacturing company. She has been asked by Jose Martinez, controller, to prepare the company’s
Describe the main elements of the link labeled “Help, FAQ, Learning Guide, and About the Codification.”
Describe the procedures for providing feedback.
Briefly describe the purpose and content of the “What’s New” link.
What is a performance obligation, and how is it used to determine when revenue should be recognized?
What are the five steps used to determine the proper time to recognize revenue?
Access the glossary (“Master Glossary”) at the FASB Codification website to answer the following.(a) What is the definition of fair value?(b) What is the definition of revenue?(c) What is the
Briefly describe how the organization of the FASB Codification corresponds to the elements of financial statements.
Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2014, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2014,
Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Wayne Rogers Corp. requests you as its independent
Presented below are selected accounts for Alvarez Company as reported in the worksheet at the end of May 2014.InstructionsComplete the worksheet by extending amounts reported in the adjusted trial
Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September.Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash.2 Purchases dental equipment on
The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer.1. Fees received in advance from clients $6,000.2. Services performed for clients that
Kellogg Company has its headquarters in Battle Creek, Michigan. The company manufactures and sells ready-to-eat breakfast cereals and convenience foods including cookies, toaster pastries, and cereal
Why should caution be exercised in the use of the net income figure derived in an income statement? What are the objectives of generally accepted accounting principles in their application to the
Lebron Co. owns most but not all of the shares of its subsidiary Bryant Inc. Lebron reported net income of $124,700. The amount to be attributed to the non-controlling interest in Bryant is $30,000.
Presented below are certain account balances of Paczki Products Co.InstructionsFrom the foregoing, compute the following:(a) Total net revenue,(b) Net income,(c) Dividends declared, and(d) Income
The accountant of Latifa Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2014.Rent revenue
Access the glossary (“Master Glossary”) to answer the following.(a) What is a change in accounting estimate?(b) How is a change in accounting principle distinguished from a “change in

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