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business
accounting for business

Questions and Answers of Accounting for Business

What is net realizable value, and how is it used? pg25
Why is it acceptable accounting practice to recognize a loss by writing down an item in inventory to market, but unacceptable to recognize a gain by writing up an inventory item? pg25
Under what conditions would the gross margin method of computing an estimated inventory yield approximately correct amounts? pg25
What are the main reasons for estimating ending inventory? pkh
How can the retail method be used to estimate inventory'. pg25
Real world Question Based on the notes to the financial statements of Maytag Corporation contained in the annual report booklet, what inventory methods were used? pg25
Real world Question Based on the notes to the financial statements of The Limited. Inc.. contained in the annual report booklet, what inventory methods were used? pg25
Real World Question Based on the notes to the financial statements of John H. Harland Company contained in the annual report booklet, what inventory methods were used? pg25
Should a company rely exclusively on the gross margin method to determine the ending inventory and cost of goods sold for the end-of-year financial statements? pg25
Crocker Company reported annual net income as follows:Analysis of its inventories revealed the following incorrect inventory amounts and these correct amounts: lo01 1997 1998 $484,480 487,680 1999
Using the data in Exercise 7-3 for Miami Discount Company, present a schedule showing the measurement of the ending inventory using LIFO perpetual inventory procedure. lo01
London Company had a beginning inventory of 160 units at $24 (total = $3,840) and the following inventory transactions during 1998: lo01 1. January 8. sold 40 units. 2. January 11. purchased 80 units
Kettle Company made the following purcha.ses of Product A in its first year of operations: lo01b. VVliiih iiioihod woiikl yield the highest animinl of gross margin? Explain why it does. Unit Units
The following are seleeted transaelions and otiier data of the Custer Company: lo01 1. Purehased 20 units @ $360 per unit on aeeount on September I S, 1999.2. Sold 6 units on aeeount for $576 per
Following are selected transactions of Gamble Company:1. Purchased 100 units of merchandise at $240 each: terms 2/10, n/30.2. Paid the invoice in transaction I within the discount period.3. Sold 80
Following are inventory data for 1999 for Kintech Company: lo01 1. January 1 inventory on hand. 400 units @ $28.80. 2. January sales were 80 units. 3. February sales totaled 120 units. 4. March 1.
Use the data in Exercise 7-15 to compute the cost of the ending inventory using the LCM method applied to the total inventory. lo1
Victoria Falls Company. Inc.. records show the following account balances for the year ending December 31, 1999: loi25Using these data, compute the estimated cost of ending inventory using the retail
Describe the necessity for and features of internal control. lop85
Define cash and list the objectives sought by management in handling a company's cash. lop85
Identify procedures for controlling cash receipts and disbursements. lop85
Prepare a bank reconciliation and make necessary journal entries based on that schedule. lop85
Explain why a company uses a petty cash fund, describe its operations, and make the necessary journal entries. lop85
Analyze and use the financial results-quick ratio. lop85
Cash includes coin, currency, postdated checks, money orders, and money on deposit with banks. pg52
To effectively manage its cash, a company should make certain that enough cash is available to pay bills as they come due. . pg52
The cash balance on the bank statement is usually equal to the cash balance in the depositor's books.. pg52
A deposit in transit requires an entry in the depositor's books after the bank reconciliation is prepared. . pg52
For control purposes, a company should issue checks for every payment, regardless of its amount. . pg52
The adjusted cash balance is: pgh5a. $1,794.60.b. $1,719.60.c. $1,638.00.d. $1,713.00.e. $1,876.20. Balance per bank statement Balance per ledger $1,951.20 1,869.60 Deposits in transit Outstanding
After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to: pgh5a. Bank Service Charge Expense.b. Cash.c. Petty Cash.d. Cash Short and Over.e. None of
The entry to replenish the petty cash fund for disbursements made for stamps includes: pgh5a. A credit to Petty Cash.b. A credit to Postage Expense.c. A debit to Accounts Payable.d. A credit to
Which account titles are likely to appear in a merchan- dising company's ledger that do not appear in the ledger of a service enterprise? pg58
What entry is made to record a sale of merchandise on account under periodic inventory procedure? pg58
Describe trade discounts and chain discounts. pg58
What are the two basic procedures for accounting for inventory? How do these two procedures differ? pg58
What useful purpose does the Purchases account serve? pg58
What do the letters FOB stand for? When terms are FOB destination, who incurs the cost of freight? pg58
What type of an expense is delivery expense? Where is this expense reported in the income statement? pg58
Periodic inventory procedure is said to afford little control over inventory. Explain why. pg58
How does the accountant arrive at the total dollar amount of the inventory after taking a physical inventory? pg58
How is cost of goods sold determined under periodic inventory procedure? pg58
If the cost of goods available for sale and the cost of the ending inventory are known, what other amount appearing on the income statement can be calculated? pg58
What are the major sections in a classified income statement for a merchandising company, and in what order do these sections appear? pg58
What is gross margin? Why might management be interested in the percentage of gross margin to net sales? pg58
(Appendix) After closing entries are posted to the ledger, which types of accounts have balances? Why? pg58
In the following table, indicate how to increase or decrease (debit or credit) each account, and indicate its normal balance (debit or credit). kio85 Increased Decreased by (debit by (debit Title of
What is the last payment date on which the cash discount can be taken on goods sold on March 5 for $51,200; terms 3/10/EOM, n/60? Assume that the bill is paid on this date and prepare the correct
You have purchased merchandise with a list price of $36,000. Because you are a wholesaler, you are granted trade discounts of 30%, 20%, and 10%. The cash discount terms are 2/EOM, n/60. How much will
Lasky Company sold merchandise with a list price of $60,000 on July 1, 1999. For each of the following independent assumptions, calculate ( 1 ) the gross selling price used to record the sale and (2)
Stuart Company purchased goods for $84,000 on June 14, 1999, under the following terms:3/10, n/30; FOB shipping point, freight collect. The bill for the freight was paid on June 15,$1,200. kio85 a.
In each case, use the following information to calculate the missing information: kio85 Gross sales Case 1 $640,000 Case 2 Case 3 $ ? 69 ? Sales discounts ? 25.600 19,200 Sales returns and
In each ol the I'olknving equations supply the missing terni(s): kio85 a. Net sales Gross sales ( and allowances). + Sales returns b. Cost of goods sold - Beginning inventory + Net cost of
Given the balances in this partial trial balance, indicate how the balances would be treated in the work sheet. The ending inventory is $96. (The amounts are unusually small for ease in rewriting the
Using the data in Exercise 6-11 prepare closing entries for the preceding accounts. Do not close the Income Summary account. kio85
Explain and calculate the effects of inventory errors on certain financial statement items.
Indicate which costs are properly included in inventory
Calculate cost of ending inventory and cost of goods sold under the four major inventory costing methods using periodic and perpetual inventory procedures.
Explain the advantages and disadvantages of the four major inventory costing methods.
Record merchandise transactions under perpetual inventory procedure.
Apply net realizable value and the lower-of- cost-or-market method to inventory.
Estimate cost of ending inventory using the gross margin and retail inventory methods.
Analyze and use the financial results- inventory turnover ratio.
Identify and discuss the underlying assumptions or concepts of accounting. pg74
Identify and discuss the major principles of accounting. pg8
Identify and discuss the modifying conventions(or constraints] of accounting. pg5
Describe the conceptual framework project of the Financial Accounting Standards Board. pg74
Describe the recommendations for meeting the information needs of investors and creditors. pg58
Discuss the nature of a company's summary of significant accounting policies in its annual report. pg74
The business entity concept assumes that each business has an existence separate from all parties except its owners. ok5
When the substance of a transaction differs from its legal form, the accountant should record the economic substance. ik4
The matching principle is fundamental to the accrual basis of accounting. ki5
Immaterial items do not have to be recorded at all. mk7
The conceptual framework project resulted in identify- ing two primary qualitative characteristics that account- ing information should possess-relevance and reliability. mi4
The underlying assumptions of accounting include all the following except:a. Business entity.b. Going concern.c. Matching.d. Money measurement and periodicity. lop85
The concept that requires all companies to use the same accounting practices and reporting practices through time is:a. Substance over form.b. Consistency.c. Articulation.d. None of the above. lop85
Assume the following facts regarding the construction of a bridge:. lop85 Construction costs this period. Total estimated construction costs Total sales price. $ 3,000,000 10,000,000 15,000,000 The
Modifying conventions include all of the following except:a. Periodicity.b. Cost-benefit.c. Materiality.. lop85 d. Conservatism.
Which of the following is not part of the conceptual framework project?a. Objectives of financial reporting.b. Quantitative characteristics.c. Qualitative characteristics.d. Basic elements of
Name the assumptions underlying generally accepted accounting principles. Comment on the validity of the stable unit of measurement assumption during periods of high inflation. lop5
Why does the accountant use the business entity concept? lop5
When is the going-concern assumption not to be used? lop5
What is meant by the term accnial basis of accounting? What is its alternative? lop5
What does it mean to say that accountants record substance rather than form? lop5
If a company changes an accounting principle because the change better meets the information needs of users, what disclosures must be made? lop5
What is the exchange-price (or cost) principle? What is the significance of adhering to this principle? lop5
What two requirements generally must be met before recognizing revenue in a period? lop5
Under what circumstances, if any, is the receipt of cash an acceptable time to recognize revenue? lop5
What two methods may be used in recognizing revenues on long-term construction contracts? lop5
Define expense. What principles guide the recognition of expense? lop5
How does an expense differ from a loss? lop5
What is the full disclosure principle? lop5
What role does cost-benefit play in financial reporting? lop5
What is meant by the accounting term conservatism'.' How does it affect the amounts reported in the financial statements? lop5
Does materiality relate only to the relative size of dollar amounts? lop5
Identify the three major parts of the conceptual frame- work project. lop5
What are the two primary qualitative characteristics? lop5
Identify some of the "lower priority issues" to which the AICPA Special Committee on Financial Reporting recommended standard setters not devote attention at that time. lop5
What is the purpose of including a "Summary of Significant Accounting Policies" in the company's annual report? lop5
Nevada Real Estate Sales Company sells lots in its development in Dry Creek Canyon under terms calling for small cash down payments with monthly installment payments spread over a few vears.

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