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Questions and Answers of Accounting

The following financial statement was prepared by employees of Walters Corporation. Note 1: New styles and rapidly changing consumer preferences resulted in a $71,500 loss on the disposal of
As audit partner for Grupo and Rijo, you are in charge of reviewing the classification of unusual items that have occurred during the current year. The following material items have come to your
Willie Nelson, Jr., controller for Jenkins Corporation, is preparing the company’s financial statements at year-end. Currently, he is focusing on the income statement and determining the format
Counting Crows Inc. provided the following information for the year 2012. AccountingPrepare (a) a single step income statement for 2012, (b) a retained earnings statement for 2012, and (c) a
Your client took accounting a number of years ago and was unaware of comprehensive income reporting. He is not convinced that any accounting standards exist for comprehensive income.InstructionsIf
The Coca-Cola Company and PepsiCo, Inc. InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to P&G’s financial statements and
The Z-score bankruptcy prediction model uses balance sheet and income information to arrive at a Z-Score, which can be used to predict financial distress: EBIT is earnings before interest and
Dresser Industries provides products and services to oil and natural gas exploration, production, transmission and processing companies. A recent income statement is reproduced below.Dollar amounts
One of the more closely watched ratios by investors is the price/earnings or P/E ratio. By dividing price per share by earnings per share, analysts get insight into the value the market attaches to a
In this simulation, you are asked to compute various income amounts. Assume a tax rate of 30% and 100,000 shares of common stock outstanding during the year. Prepare responses to allparts.
Discuss the appropriate treatment in the income statement for the following items:(a) Loss on discontinued operations.(b) Non-controlling interest allocation.
Bradshaw Company experienced a loss that was deemed to be both unusual in nature and infrequent in occurrence. How should Bradshaw report this item in accordance with IFRS?
Presented below is information related to Viel Company at December 31, 2012, the end of its first year of operations.Sales revenue $310,000Cost of goods sold 140,000Selling and
On the next page is the income statement for a British company, Avon Rubber plc. Avon prepares its financial statements in accordance with IFRS. Instructions(a) Review the Avon Rubber income
Your client took accounting a number of years ago and was unaware of comprehensive income reporting. He is not convinced that any accounting standards exist for comprehensive
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.marksandspencer.
How are FASB preliminary views and FASB exposure drafts related to FASB “statements”?
What is the difference between the Codification and the Codification Research System?
What are the primary advantages of having a Codification of generally accepted accounting principles?
What are the sources of pressure that change and influence the development of GAAP?
Some individuals have indicated that the FASB must be cognizant of the economic consequences of its pronouncements. What is meant by “economic consequences”? What dangers exist if politics play
Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.1. GAAP is the term used to indicate the whole body of FASB authoritative
Presented below are four statements which you are to identify as true or false. If false, explain why the statement is false.1. The objective of financial statements emphasizes a stewardship
Answer the following multiple-choice questions.1. GAAP stands for:(a) Governmental auditing and accounting practices.(b) Generally accepted attest principles.(c) Government audit and attest
Presented below are comments made in the financial press. InstructionsPrepare responses to the requirements in each item.(a) Rep. John Dingell, the ranking Democrat on the House Commerce Committee,
What is the benefit of a single set of high-quality accounting standards?
Briefly describe FASB/IASB convergence process and the principles that guide their convergence efforts.
As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature. As a first step, you decide to explore the IASB’s Framework
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed
In this simulation, you are asked questions regarding accounting principles. Prepare responses to allparts.
What is the primary objective of financial reporting?
Briefly describe the two fundamental qualities of useful accounting information.
What are the enhancing qualities of the qualitative characteristics? What is the role of enhancing qualities in the conceptual framework?
What is the fair value option? Explain how use of the fair value option reflects application of the fair value principle.
Briefly describe the fair value hierarchy.
Selane Eatery operates a catering service specializing in business luncheons for large corporations. Selane requires customers to place their orders 2 weeks in advance of the scheduled events. Selane
In January 2013, Janeway Inc. doubled the amount of its outstanding stock by selling on the market an additional 10,000 shares to finance an expansion of the business. You propose that this
The treasurer of Landowska Co. has heard that conservatism is a doctrine that is followed in accounting and, therefore, proposes that several policies be followed that are conservative in nature.
Match the qualitative characteristics below with the following statements.1. Relevance 2. Faithful representation 3. Predictive value 4. Confirmatory value 5. Comparability6. Completeness7.
Match the qualitative characteristics below with the following statements.1. Relevance 2. Faithful representation 3. Predictive value 4. Confirmatory value 5. Comparability6. Completeness7.
Match the qualitative characteristics below with the following statements.1. Timeliness 2. Completeness 3. Free from error 4. Understandability 5. Faithful representation6. Relevance7.
Vande Velde Company made three investments during 2012: (1) It purchased 1,000 shares of Sastre Company, a start-up company. Vande Velde made the investment based on valuation estimates from an
What accounting constraint is illustrated by the items below?(a) Greco’s Farms, Inc. reports agricultural crops on its balance sheet at fair value.(b) Rafael Corporation discloses fair value
What accounting assumption, principle, or constraint would Target Corporation use in each of the situations below?(a) Target was involved in litigation over the last year. This litigation is
Explain how you would decide whether to record each of the following expenditures as an asset or an expense. Assume all items are material.(a) Legal fees paid in connection with the purchase of land
Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position.(a) Accounting rule-making that relies on a
Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position.(a) The fundamental qualitative
SFAC No. 8 identifies the qualitative characteristics that make accounting information useful. Presented below are a number of questions related to these qualitative characteristics and underlying
The qualitative characteristics that make accounting information useful for decision-making purposes are as follows.Relevance Neutrality VerifiabilityFaithful representation Completeness
Presented below are the assumptions, principles, and constraints used in this chapter.1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption
Presented below are a number of operational guidelines and practices that have developed over time.InstructionsSelect the assumption, principle, or constraint that most appropriately justifies these
Presented below are a number of facts related to Weller, Inc. Assume that no mention of these facts was made in the financial statements and the related notes.InstructionsAssume that you are the
Wayne Cooper has some questions regarding the theoretical framework in which GAAP is set. He knows that the FASB and other predecessor organizations have attempted to develop a conceptual framework
Homer Winslow and Jane Alexander are discussing various aspects of the FASB’s concepts statement on the objective of financial reporting. Homer indicates that this pronouncement provides little, if
After the presentation of your report on the examination of the financial statements to the board of directors of Piper Publishing Company, one of the new directors expresses surprise that the
On June 5, 2011, Argot Corporation signed a contract with Lopez Associates under which Lopez agreed (1) to construct an office building on land owned by Argot, (2) to accept responsibility for
An accountant must be familiar with the concepts involved in determining earnings of a business entity. The amount of earnings reported for a business entity is dependent on the proper recognition,
Accountants try to prepare income statements that are as accurate as possible. A basic requirement in preparing accurate income statements is to record costs and revenues properly. Proper recognition
Daniel Barenboim sells and erects shell houses, that is, frame structures that are completely finished on the outside but are unfinished on the inside except for flooring, partition studding, and
Anderson Nuclear Power Plant will be “mothballed” at the end of its useful life (approximately 20 years) at great expense. The expense recognition principle requires that expenses be matched to
The AICPA Special Committee on Financial Reporting proposed the following constraints related to financial reporting.1. Business reporting should exclude information outside of management’s
William Murray achieved one of his life-long dreams by opening his own business, The Caddie Shack Driving Range, on May 1, 2012. He invested $20,000 of his own savings in the business. He paid $6,000
Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with “generally accepted accounting
Go to the book’s companion website, and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) What are the primary lines of business of
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to P&G’s financial statements and
Wal-Mart Stores provided the following disclosure in a recent annual report. New accounting pronouncement (partial) . . . the Securities and Exchange Commission issued Staff Accounting Bulletin No.
In this simulation, you are asked to address questions regarding the FASB conceptual framework. Prepare responses to allparts.
What two assumptions are central to the IASB conceptual framework?
Do the IASB and FASB conceptual frameworks differ in terms of the role of financial reporting? Explain.
What are some of the differences in elements in the IASB and FASB conceptual frameworks?
What are some of the challenges to the FASB and IASB in developing a converged conceptual framework?
As discussed in Chapter 1, the International Accounting Standards Board (IASB) develops accounting standards for many international companies. The IASB also has developed a conceptual framework to
Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with IFRS. She has also heard that certain
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at
On January 1, 2012, Lombard Co. sells property for which it had paid $690,000 to Sargent Company, receiving in return Sargent’s zero-interest-bearing note for $1,000,000 payable in 5 years. What
Moon Hardware is planning to factor some of its receivables. The cash received will be used to pay for inventory purchases. The factor has indicated that it will require “recourse” on the sold
You are evaluating Woodlawn Racetrack for a potential loan. An examination of the notes to the financial statements indicates restricted cash at year-end amounts to $100,000. Explain how you would
Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for
Finman Company designated Jill Holland as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $15. Petty cash receipts indicate
Presented below are a number of independent situations.InstructionsFor each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain
The chief accountant for Dollywood Corporation provides you with the following list of accounts receivable written off in the current year. Dollywood Corporation follows the policy of debiting Bad
The trial balance before adjustment for Sinatra Company shows the following balances. InstructionsUsing the data above, give the journal entries required to record each of the following cases. (Each
On July 1, 2012, Rentoul Inc. made two sales.1. It sold land having a fair value of $900,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,416,163. The land
On December 31, 2011, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a $300,000 zero-interest-bearing note due
McMann, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.1. On April 1, it
Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and the Allowance
The Flatiron Pub provides catering services to local businesses. The following information was available for The Flatiron for the years ended December 31, 2011 and 2012. Flatiron management is
As the new staff person in your company’s treasury department, you have been asked to conduct research related to a proposed transfer of receivables. Your supervisor wants the authoritative sources
Occidental Petroleum Corporation reported the following information in a recent annual report. Instructions(a) What items other than coin and currency may be included in "cash"?(b) What items may
Microsoft is the leading developer of software in the world. To continue to be successful Microsoft must generate new products, which requires significant amounts of cash. Shown below is the current
The Coca-Cola Company and PepsiCo, Inc.InstructionsGo to the book’s companion website and use the information found there to answer the following questions related to The Coca-Cola Company and
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to P&G’s financial statements and
In this simulation, you are asked to address various requirements regarding the accounting for receivables. Prepare responses to allparts.
In its December 31, 2012, balance sheet Oakley Corporation reported as an asset, “Net notes and accounts receivable, $7,100,000.” What other disclosures are necessary?
State the generally accepted accounting principle applicable to the balance sheet valuation of each of the following assets.(a) Trade accounts receivable.(b) Land.(c) Inventories.(d) Trading
Refer to the definition of assets on page 216. Discuss how a leased building might qualify as an asset of the lessee (tenant) under this definition.
Each of the following items must be considered in preparing a statement of cash flows. Indicate where each item is to be reported in the statement, if at all. Assume that net income is reported as
Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $110,000; Inventory $290,000; Allowance for Doubtful Accounts $8,000; Patents
Koch Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2012: Cash $7,000; Land $40,000; Patents $12,500; Accounts Receivable $90,000; Prepaid Insurance
Included in Outkast Company’s December 31, 2012, trial balance are the following accounts: Prepaid Rent $5,200; Debt Investments $56,000; Unearned Fees $17,000; Land (held for investment) $39,000;

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