Questions and Answers of Accounting Financial Analysis

3.2 In Access, we use tables in a database for (a) Data entry (b) Data storage (c) Data retrieval (d) Two of the above are correct.
3.3 In Access, we use forms in a database for (a) Data entry (b) Data storage (c) Data retrieval (d) Two of the above (e) None of the above.
3.1 Cherokee Art and Antique Store-Tables and Relationships You have created the Purchase Table, Artist Table, and Customer Table. Now, create the remaining tables and relationships for Cherokee
3.2 Cherokee Art and Antique Store-Forms Create a form for Cherokee to enter data into the Inventory Table.
4.1 To convert a conceptual model with a maximum cardinality relationship of "many to many" into relationship database tables, you must (a) Create a foreign key in one of the tables to link the two
4.2 A control in which you can type a value or can click on a pull-down menu to display a list and then select an item from that list is called a (a) Control Box (b) Text Box (c) Combo Box (d) Source
4.3 A query that displays its own dialog box prompting the user for information for retrieving records is called a(n) (a) Select Query (b) Parameter Query (c) Crosstab Query (d) Action Query (e) None
4.4 To ensure that users cannot enter data in certain fields, the Locked and Enabled properties should be set to (a) Locked=Yes, Enabled = No (b) Locked Yes, Enabled = Yes (c) Locked=No, Enabled =
4.1 Create a query for Tragg's Custom Surfboards to sum the cash receipts (grand total for the year) as of December 31, 2006. Save the query so that you can easily provide them with this information
4.2 Alter the query created in Problem 4.1 to sum the cash receipts for each customer as of December 31, 2006. Save the query.
4.3 Tragg's Custom Surfboards needs to know how many inventory items were sold during the month of October 2006. Create the query to provide this information. Save the query.
4.4 Tragg's also wants to know the cost of inventory sold during the month of October 2006. Create the query to provide this information. Save the query.
4.5 Tragg's has asked you for the total sales (in dollars) for the month of October 2006. Save this query so that you can easily provide them with this information for other months in the future.
4.6 Create a Daily Cash Report for Tragg's Custom Surfboards showing the customer number, invoice number, date, customer check number, and amount of payment.
5.1 When we convert an REA diagram (a conceptual model) into a relational database, (a) We should implement all relationships, regardless of maximum cardinalities, by posting the pri- mary key of one
5.2 A company purchases unique (i.e., one-of-a-kind) inventory. The company purchases multiple items from its supplier as part of the same purchase to take advantage of lower shipping costs. The
5.3 What is the purpose of the Nz (null-to-zero) function? (a) The Nz function enables Access to treat null values as if they are zeroes for calculation purposes. (b) The Nz function enables Access
5.1 Dan Tragg has asked you to calculate the total purchases of each inventory item as of October 31, 2006. Create a query to do this. Your query should include the Inventory ID, quantity, unit cost,
5.2 There are many items of inventory listed in the Inventory Table. It is hard to keep remembering the item numbers when you are ordering goods. It might make the Purchase Order more user-friendly
5.3 Calculate the balance account payable by supplier as of October 31, 2006.
5.4 Create a Cash Disbursements Form. The form should include the Cash Disbursement ID, CD Date, Supplier ID, Supplier Name, Cash Account No., Receiving Report No., Amount Applied, and the total of
5.5 Calculate the cash balance as of October 31, 2006.
6.1 Tables in the payroll cycle can (a) Store reference data for use in calculating gross pay and payroll tax (b) Link employees and departments (c) Store payroll registers (d) Contain only one
6.2 The primary key for the Hours Worked Table should be: (a) The employee number (b) The department number (c) The employee number and the pay period (d) The employee number and the department
6.1 Dan Tragg has asked you to create a Payroll Register as of September 30, 2006.
6.2 Tragg's has also decided to print their Payroll checks and related earnings statements for their employees each period. Design this report. Create it so that it is one report that would result in
6.3 Query the system and find out how much Brenda Chan earned (net) as of September 30, 2006. Tragg's Custom Surfboards 8713 Montauk Drive La Selva Beach, CA 95075 Employee No 1001 Dept No 10
Copy the Aspen Industries financial statements from Problem 1 in Chapter 2 into a new workbook.a. Set up a ratio worksheet similar to the one in Exhibit 4-4, page 121, and calculate all of the ratios
Choose your own company and repeat the analysis from Problem 1. You can get the data from MoneyCentral Investor at http://moneycentral.msn.com/investor/home.asp. To retrieve the data for your
Choose three activities that are important to you in “getting started”.
Suppose that in August 1997 you purchased shares in Staples, Inc. (NASDAQ: SPLS). It is now five years later and you decide to evaluate your holdings to see if you have done well with this
In your position as research assistant to a portfolio manager, you need to analyze the profitability of the companies in the portfolio.Using the data for Bed Bath & Beyond, Inc., below:a. Calculate
Repeat Problem 2 using the data below for Loweís Companies, Inc. However, this time you should create a copy of your worksheet to use as a template. Replace the data for Bed Bath &Beyond with that
Using the data in the file P&G.xls (downloadable from the test support site at http://mayes.swlearning.com) forecast the June 30, 2003, income statement and balance sheet for Proctor & Gamble.Use the
Use the same data as in Problem 1.a. Recalculate the percentage of sales income statement, but this time use the TREND function to forecast depreciation expense, other income, and interest expense.b.
What is the role of accounting as an aid to management in solving strategic business problems?
Explain how an adequate management control is possible with the use of accounting?
What are the normal sources of quantitative and non-quantitative information required for decisionmaking and what information is available from each category?
Explain how past and future events are relevant to managerial decision-making?
How would you enlarge the scope of accounting in your organization?
Management accounting is an integral part of the system of management control. Give in brief the various constituents of management control and also point out the importance of management accountant
Explain the term management accounting and state what you understand to be its main objectives.
Financial accounting has the basic objective of providing financial information to parties outside the business. Parties inside the business also need information of the monetary character and
Explain the normal functions of accounting? How could it be used as a tool in the hands of the management to exercise effective and efficient control within the organization?
Why do accounting principles emphasize the use of historical cost as the basis of preparation of accounting statements, to arrive at the surplus or deficit in the business undertaking for a specific
Littleton Electronicsí ending cash balance as of January 31, 2005, (the end of its fiscal year 2004) was $25,000. Its expected cash collections and payments for the next six months are given in the
Huggins and Griffin Financial Planners have forecasted revenues for the first six months of 2005 as shown in the following table.The firm collects 60% of its sales immediately, 39% one month after
You have recently been hired to improve the financial condition of Idaho Springs Hardware, a small chain of three hardware stores in the mountain communities of Colorado. On your first day the owner,
What are the International Accounting Standards? Who sets these standards?
What do you understand by the Indian GAAP (Generally Accepted Accounting Practice)?
What are the eight differences between U.S. GAAP and Indian GAAP?
What are the similarities between the Indian Accounting Standards and the International Accounting Standards?
What are the situations where differences exist in the accounting treatment recommended in the Indian Accounting Standards (A.S.) and the International Accounting Standards (I.A.S.)?
What are the accounting standards (A.S.) formulated by ASB in India and the corresponding International accounting standards (I.A.S.)?
Which accounting standards are statutory/mandatory requirements of the corporate sector?
Using the data presented below:Aspen Industries Income Statement For the Years Ended December 31, 2004 and 2003 2004 2003 Sales 285,000 190,000 Cost of Goods Sold 215,000 143,000 Gross Profit 70,000
Using the data from the previous problem:a. Create a common-size income statement for 2003 and 2004.This statement should be created on a separate worksheet with all formulas linked directly to the
Meyersonís Bakery is considering the addition of a new line of pies to its product offerings. It is expected that each pie will sell for $10 and the variable costs per pie will be $3. Total fixed
Income Statements for Caterpillar, Inc., from 1997 to 2001 appear below.a. Enter the data into your worksheet. Assume that 50% of SG&A expense is a variable cost, with the balance being a fixed
Following the instructions from Internet Exercise 2 in Chapter 5, get the income statements for the company of your choice for the past five years from MSN Investor. Choose a company that is not in a
What is double-entry system of accounting?
What are the different types of accounts? Explain each type of account with suitable examples.
What do you understand by the classification of accounts?
‘Every debit must have a corresponding credit’. Please discuss.
State the various types of personal accounts.
Give reasons for the universal acceptance of the double-entry system of accounting.
Give the applicable rule for the debit and credit of the three types of accounts.
Give three examples of the representative personal accounts.
Classify the following accounts into personal, real and nominal accounts:i. Machinery purchased ii. Capital brought to start the business iii. Goodwill purchased iv. Insurance premium paid v.
State to which class of accounts does each of the following transactions belong:i. Cash ii. Bank iii. Creditors iv. Debtors v. Commission received vi. Amount paid to proprietor
Classify the following accounts into three types of accounts:i. Capital account ii. Steel authority account iii. Debtors account iv. Outstanding expenses account v. G.I.M.T. account vi. I.C.C.M.R.T
What are the books of original entries?
What are the source documents of accountancy?
What are the rules of journalizing the different types of accounts?
What is a voucher? Prepare a sample voucher with the use of imaginary figures.
Distinguish between trade discount and cash discount.
Write short notes on the following:i. Narration ii. Opening entries iii. Compound entries iv. Trade discount
Determine the amount of capital if, cash Rs 5,000; furniture Rs 15,000; stock Rs 27,000 and creditors Rs 6,000.Options are: (a) Rs 53,000; (b) Rs 47,000; (c) Rs 41,000.
Received Rs 15,000 from Mr Arman Suri, whose account was written off as bad-debt last year; to which account it shall be credited and why?Options are:i. Mr Arman Suri’s account ii. Bad-debts
Fill in the blanks:i. Rule of …………. account is ‘Debit what comes in and credit what goes out’.ii. Rule of …………. account is ‘Debit all expenses and losses, and credit all incomes
Explain the meaning and significance of business-entity concept.
Explain the meaning and significance of money-measurement concept.
Explain the difference between important Indian Accounting Standards and International Accounting Standards.
What basic concepts of accounting are not considered in the following instances:i. Accounts manager instructs his accountant to record in the accounts books the non-cooperation between production and
How will you justify the recording of all possible expenses/losses in the books of accounts, but not the possible gains/incomes?
Malavika Drugs Ltd, was constituted by Ms. Malavika Tandon in 2000. Its financial position as on 1 January 2004 is given as:01 January 2004 Assets: leasehold office Rs 60,000; machinery Rs 80,000;
State whether each of the following statements is ‘True’ or ‘False’.i. Accounting is the language of business.ii. Accounting can be useful only for recording business transactions.iii.
Indicate the best answer for each of the following.i. The prime function of accounting is to:a. Record economic and financial data.b. Provide basic information to the management.c. Attain
Define accounting. State its functions. How does it differ from book-keeping?
Who are the persons interested in the accounting information?
Explain the role of an accountant.
Why is accounting regarded as an important aid to the management?
What do you mean by accounting concepts? Explain any four accounting concepts.
What are the basic concepts of accounting? Explain in detail.
Explain the meaning and significance of the business-entity concept.
Explain the money-measurement concept.
Explain the dual-aspect concept.
What do you understand by the accounting equation? Explain in 50 words.
Explain the principle of consistency.
Explain the principle of materiality in a business undertaking.

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