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business
accounting for business

Questions and Answers of Accounting for Business

The following contract prices and costs relate to all of Orlando Construction Company's long- term construction projects (in millions of dollars): fgt85Required General and administrative expenses
In each of these circumstances, the accounting practices may be questioned. Indicate whether you agree or disagree with the accounting practice employed and state the assumptions, concepts, or
Select the best answer to each of the following questions: fgt85 1. In the conceptual framework project, how many financial reporting objectives were identified by the FASB? a. One. b. Two. c. Three.
Record journal entries for sales transactions involving merchandise.
Describe briefly cost of goods sold and the distinction between perpetual and periodic inventory procedures.
Record journal entries for purchase trans- actions involving merchandise.
Describe the freight terms and record transportation costs.
Determine cost of goods sold.
Prepare a classified income statennent
Analyze and use the financial results — gross margin percentage.
Prepare a work sheet and closing entries for a merchandising company?
To compute net sales, sales discounts are added to, and sales returns and allowances are deducted from, gross sales. 56k
Under perpetual inventory procedure, the Merchandise Inventory account is debited for each purchase and credited for each sale. 56k
Purchase discounts and purchase returns and allow ances are recorded in contra accounts to the Purchases account. 56k
In taking a physical inventory, consigned goods delivered to another party who attempts to sell the goods are not included in the ending inventory of the company that sent the goods. 56k
A classified income statement consists of only two categories of items, revenues and expenses. 56k
A seller sold merchandise which has a list price of S4,000 on account, giving a trade discount of 20%. The entry on the books of the seller is: pg85 a. Accounts Receivable Trade Discounts. Sales
X Company began the accounting period with $60,000 of merchandise, and net cost of purchases was$240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost
A business purchased merchandise for $12,000 on account: terms are 2/10, n/30. If $2,000 of the merchan- dise was returned and the remaining amount due was paid within the discount period, the
A classified income statement consists of all of the following major sections except for:a. Operating revenues.b. Cost of goods sold.c. Operating expenses.d. Nonoperating revenues and expenses.e.
At the end of the accounting period, three trial balances are prepared. fg5g
The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns.ty4
It' a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. kg4
After the closing process is complete, no balance can exist in any revenue, expense. Dividends, or Income Summary account. kgi4
The post-closing trial balance may contain revenue and expense accounts. ji4
All accounting systems currently in use are computerized. kio5
Which of the following accounts is least likely to be adjusted on the work sheet?a. Supplies on Hand.b. Land.c. Prepaid Rent.d. Unearned Delivery Fees. pg44
If the Balance Sheet columns do not balance, the error is most likely to exist in the:a. General journal.b. General ledger.c. Last six columns of the work sheet.d. First six columns of the work
Net income for a period appears in all but which one of the following?a. Income Statement debit column of the work sheet.b. Statement of Retained Earnings credit column of the work sheet.c. Statement
Which of the following statements ifi false regarding the closing process?a. The Dividends account is closed to Income Summary.b. The closing of expense accounts results in a debit to Income
At which stage of the accounting cycle is a work sheet usually prepared? mk5
Why are the financial statements prepared before the adjusting and closing entries are journalized and posted? mk5
Describe the purposes for which the work sheet is prepared. mk5
How are the amounts in the Adjusted Trial Balance columns of a work sheet determined? mk5
The work sheet for Bridges Company shows net income of S40.000. The follow ing four adjustments were ignored: 1. Subscriptions Fees earned. SI. 200. 2. Depreciation of equipment. S4.000. 3.
How is the statement of retained earnings prepared? pg47
What is the purpose of closing entries? What accounts are not affected by closing entries? pg47
A company has net income of $50,000 for the year. In which columns of the work sheet would net income appear? pg47
Is it possible to prepare monthly financial statements without journalizing and posting adjusting and closing entries? How? pg47
What is the purpose of a post-closing trial balance? pg47
Describe some of the ways in which the manual accounting system has evolved. pg47
When did computerized accounting systems come into use? pg47
Define an accounting system. pg47
How is a classified balance sheet different than an unclassified balance sheet? pg47
List the steps in the accounting cycle. Would the system still work if any of the steps were performed out of order? pg74
Refer to the work sheet prepared in Exercise 4-6. Prepare the adjusting and closing journal entries. o6
The following account balances appeared in the Income Statement columns of the work sheet prepared for Liu Company for the year ended December 31, 1999: lo1 Income Statement Account Titles. Debit
Which of the followmg accounts are likely to appear in the post-closing trial balance for the Blake Company? lo5 1. Accounts Receivable 2. Cash 3. Service Revenue 4. Buildings 5. Salaries Expense 6.
Using the legend at the right, determine the category (number) into which you would place each of these items. lo6 a. Land. Item b. Marketable securities. C. Notes payable, due in three years. d.
The following data are from the 1995 annual report of The Procter & Gamble Company and its subsidiaries. This company markets a broad range of laundry, cleaning, paper, beauty care, health care,
Which events during an accounting period trigger the recording of normal journal entries? Which event triggers the making of adjusting entries? pg58
Describe the difference between the cash basis and accrual basis of accounting. pg58
Why are adjusting entries necessary? Why not treat every cash disbursement as an expense and every cash receipt as a revenue when the cash changes hands? pg58
Why don't accountants keep all the accounts at their proper balances continuously throughout the period so that adjusting entries would not have to be made before financial statements are prepared?
What is the fundamental difference between deferred items and accrued items? pg58
Identify the types of adjusting entries included in each of the two major classes of adjusting entries. pg58
You notice that the Supplies on Hand account has a debit balance of $2,700 at the end of the accounting period. How would you determine the extent to which this account needs adjustment? pg58
Give the depreciation formula to compute straight-line depreciation for a one-year period. pg58
What does the term accrued liability mean? pg58
What is meant by the term service potential? pg58
When assets are received before they are earned, what type of an account is credited? As the amounts are earned, what type of account is credited? pg58
What does the word accrued mean? Is there a conceptual difference between interest payable and accrued interest payable? pg58
Matching expenses incurred with revenues earned is more difficult than matching expenses paid with reve- nues received. Do you think the effort is worthwhile? pg58
Refer to "A Broader Perspective" on page 1 15. What type of adjusting entry is involved? How do you think the managements of some companies might react having to record postretirement benefits in
Select the correct respon.se for each of the following multiple-choice questions:1. The cash basis of accounting:a. Recognizes revenues when sales arc made or services are rendered.b. Recognizes
Select the correct response for each of the following multiple-choice questions: pg74 1. The least common accounting period among the following is: a. One month. b. Two months. c. Three months. d.
Select the correct response for each of the following multiple-choice questions: pg74 1. Which of the following types of adjustments belongs to the deferred items class? a. Asset/revenue
a. A one-year insurance policy was purchased on August 1 for $2,400. and the following entry was made at that time: pg74 Prepaid Insurance Cash 2,400 2,400 What adjusting entry is necessary at
Assume that rent of $12,000 was paid on September 1. 1999, to cover a one-year period from that date. Prepaid Rent was debited . If financial statements are prepared only on December 3 1 of each
At December 31. 1999, an adjusting entry was made as follows: pg74 Rent Expense. Prepaid Rent 1,500 1,500 You know that the gross amount of rent paid was $4,500, which was to cover a one-year
Supplies were purchased for cash on May 2, 1999, for $8,000. Show how this purchase would be recorded. Then show the adjusting entry that would be necessary, assuming that $2,500 of the supplies
A firm borrowed $30,000 on November 1. By December 31, $300 of interest had been incurred. Prepare the adjusting entry required on December 31. pg74
In the following table, indicate the effects of failing to recognize each of the indicated adjustments by writing "O" for overstated and "U" for understated. pg74 Failure to Recognize 1.
The trial balance of Caribbean Vacation Tours. Inc.. at December .31 of the current year includes, among other items, the following account balances: pg85 Prepaid Insurance Prepaid Rent Buildings
Among the account balances shown in the trial balance of Dunwoody Mail Station. Inc.. at December 31 of the current year are the following: pg85 Supplies on Hand Prepaid Insurance Buildings
Nevada Camping Equipment Rental Company occupies rented quarters on the main street of Las Vegas. To get this location, the company rented a store larger than needed and subleased(rented) a portion
The reported net income amounts for Safety Waste Control Company were 1999, $200.000; and 2000, $230,000. No annual adjusting entries were made at either year-end for any of these transactions: pg85
On June 1, 1999, Richard Cross opened a swimming pool cleaning and maintenance service. Cross Pool Company. He vaguely recalled the process of making journal entries and establish- ing ledger
Summarize the steps in the accounting cycle.
Prepare a work sheet for a service company
Prepare an income statement, statement of retained earnings, and balance sheet using information contained in the work sheet.
Prepare adjusting and closing entries using information contained in the work sheet.
Prepare a post-closing trial balance.
Describe the evolution of accounting systems.
Prepare a classified balance sheet.
Analyze and use the financial results — the current ratio.
An insurance policy premium of S 1 .200 was paid on September 1. 1999, to cover a one-year period from that date. An asset was debited on that date. Adjusting entries are prepared once a year, at
The Supplies on Hand account has a balance of $1,500 at year-end. The actual amount of supplies on hand at the end of the period was $400. The necessary adjust- ing entry is: pg85 a. Supplies
A company purchased a truck for $20,000 on January 1. 1999. The truck has an estimated salvage value of S5.000 and is expected to last five years. Adjusting entries are prepared only at year-end. The
When a company earns interest on a note receivable or on a bank account, the debit and credit are as follows: pg85 Debit Credit a. Accounts Receivable Interest Revenue b. c. Interest Receivable
When the stockholders invest cash in the business:a. Capital Stock is debited and Cash is credited.b. Cash is debited and Dividends is credited.c. Cash is debited and Capital Stock is credited.d.
A cash dividend of $500 was declared and paid to stockholders. The correct journal entry is: ph52 a. Capital Stock. Cash 500 500 b. Cash 500 Dividends 500 c. Dividends. 500 Cash 500 d. Cash. 500
Describe the steps in recording and posting the effects of a business transaction. klo5
Give some examples of source documents. lp8
Define an account. What are the two basic forms(styles) of accounts illustrated in the chapter? ki5
What is meant by the term double-entry procedure, or duality? lo5
Describe how you would determine the balance of a T-account. mk6
Which of the steps in the accounting cycle are performed throughout the accounting period? lop8
Which of the steps in the accounting cycle are performed only at the end of the accounting period? lop5
Why are expense and revenue accounts used when all revenues and expenses could be shown directly in the Retained Earnings account? mk5

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