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accounting information systems
Questions and Answers of
Accounting Information Systems
On 1 October, Cooper’s Appliance purchased $8800 of goods including GST for resale. On 11 October, it sold $4500 of these goods that cost $4400 including GST to customers at a selling price of
The Swanlake Tax Services business was established on 1 March of the current year to help clients with their tax planning.During January, the business entered into the following
The following information is available for the Miller & Keen business for the year:Required:Prepare a schedule that calculates the cost of goods sold for the year. Beginning inventory Ending
The income statement information of Walten Furniture business for 20X2 and 20X3 is as follows.Required:Fill in (a)–(f). All the necessary information is given. (Hint: It is not necessary to find
Four independent cases related to the owner’s equity account of the Schmidt business are as follows:Required:Determine the amounts of (a)–(d). Schmidt, capital Net income Withdrawals Case 1 May
The statement of profit and loss for JT Andrews for the financial year ended 30 June 2019 reports that the business had increased its gross profit from $123 000 in 2018 to $147 000 in 2019. Its net
Neil Russell, the owner and bookkeeper for Jiffy Couriers, was confused when he prepared the following financial statements:Neil asks for your help. He says, ‘Something is not right! My business
Slick Suction’s ending inventory of vacuum cleaner parts included the following items:Required:a Calculate the value of the ending inventory under the lower-of-cost or net realisable value method.b
What is the difference between a T-form and a narrative form of balance sheet?
Identify and briefly explain five current assets that most businesses might have.
Identify and briefly explain three current liabilities that most businesses might have.
In each of the following situations, the total increase or decrease for one component of the accounting equation is missing.i Assets increased by $20 800; liabilities increased by $6400.ii
The total increase or decrease for one component of the accounting equation is missing in each of the following situations:i Assets decreased by $30 000; liabilities decreased by $19 500.ii Owner’s
Identify whether the following assets would be classified as current or non-current at the end of the reporting period.Explain your classification decision.a Cash and cash equivalents b Motor
Identify whether the following liabilities would be classified as current or non-current at the end of the reporting period.Explain your classification decision.a GST collected b Loan payable in
UNeedit Sports Store, a business owned by Penny Needham, had the following assets and liabilities as at the financial years ended 30th June, 20X1 and 20X2:Required:a What is the owner’s equity at
From the following account balances of Josland at 31 December 20X2 prepare a balance sheet in both T-format and narrative classified format. Cash at bank $113 500 Accounts receivable (net) 52 400
Many long-term loans are payable over a period of time. For example, when a business takes out a mortgage to finance a building, it pays off a fraction of that mortgage every month.Required:What
In this chapter, we said that the quick ratio is a better measure of liquidity than the current ratio because the quick ratio includes only those current assets that may be easily converted to
Obtain the Woolworths 2018 annual report and answer the following questions.Required:1 How does Woolworths report on its corporate responsibility?2 List three important points the CEO makes relating
Flightboat Ltd borrowed $60 000, issued $20 000 worth of ordinary shares, paid a dividend of $50 000 and the owner withdrew $10 000 in cash. What was Flightboat’s net cash provided (used) by
Fredski Coaching School had accounts receivable of $30 000 at the beginning of the year and $60 000 at the year end. The revenue for the year was $120 000. How much cash did Fredski collect from his
Greengrass Mowing Service had operating expenses for the year of $60 000. At the beginning of the year, Greengrass owed$15 000 on accrued liabilities. The closing balance of accrued liabilities was
Simmo Education had cost of goods sold of $42 000 for the year. The beginning inventory was $40 000 and the ending inventory was $61 000. The beginning accounts payable was $35 000 and the closing
Nadine’s Fitball Pty Ltd began on 1 July 20X0 with cash of $140 000. During the year, Fitball earned service revenue of$650 000 and collected $620 000 from customers. Fitball expenses for the year
Tube Tunnel has the following information in its ‘Cash‘ account for July:i Paid employees: $18 000 ii Paid suppliers: $8000 iii Cash sales: $44 000 iv Collected interest: $3200 v Paid interest:
Items to be included in the Mitchell’s Mechanics business’s cash flow statement for the current year are as follows:i Investment by owner: $12 000 ii Payments to employees: $32 400 iii Receipt
An analysis of the Barty Battles business’s Cash account for October shows these entries:i Beginning cash balance: $1600 ii Collections from customers: $43 000 iii Payment for purchase of storage
Poodle Pets Company has asked for your assistance in preparing its cash flow statement for 20X1. Among other items, its 20X1 income statement shows sales revenue (net) of $270 000, cost of goods sold
You have been hired by Freddy Flintstone to prepare its 20X1 cash flow statement. The business provides you with its 20X1 income statement, as follows:You determine that these numbers are correct.
Ryan Rebel Footy had net cash provided by operating activities of $8600 for 20X0. The business’s income statement showed sales (net) of $80 000, interest expense of $800 and net income of $8000.
The following information is taken from the accounting records of Ward’s business for the current year:1 Net income: $34 000 2 Increase in inventory: $9200 3 Decrease in accounts receivable: $17
Define a ‘stakeholder’. Suggest some examples of stakeholders at a university or at your own workplace.
What is sustainability reporting?
What is meant by ‘closing the loop’ in life cycle analysis?
What is the eco-efficiency ratio formula?
Explain what is meant by the term the ‘time value of money’ and provide an example.
What is the Global Reporting Initiative (GRI)? Outline its key components.
What is the difference between eco-efficiency and ecological balance?
Explain why business sustainability is a key consideration for management.
Suppose you have $100 000 to invest in the share market.a Using the triple bottom line to analyse company performance what company would you invest in, and why?b Would your decision differ if you
Explore the Integrated Reporting website: http://integratedreporting.org/Required:a What is integrated reporting?b What is the aim of integrated reporting? (Hint: try the FAQs.)
The International Integrated Reporting Framework describes six categories of capital that organisations must consider as a benchmark in preparing an integrated report. Briefly describe each capital.
Skatelove Ltd is a manufacturer of skate boards, based in Jacksonville, Florida. The skateboards have three main parts: the deck (wood and PVA glue); an aluminium truck (holding the wheels to the
Define the characteristics of relevant costs and relevant revenues.
Explain why sunk costs are irrelevant.
What is an opportunity cost? Are these costs always able to be quantified?
‘All future costs are irrelevant.’ Do you agree? Why or why not?
‘If a product line is making a loss, should it be discontinued.’ Why or why not?
In a decision to make a previously purchased part, think of two incremental costs that might not be avoidable if the decision is reversed a year later. Why would they not be avoidable?
Suppose your friend tells you, ‘My colleague offered me $200 to rent my boat over the weekend, but I decided that I would use it myself to go water skiing at a cost of $90.’ What costs are
Explain, by using an example, how a fixed cost can be a relevant cost.
When are fixed costs relevant in a short-term decision?
What is the decision rule for a special order decision?
An airline company is considering giving rates reduced by up to 50 per cent to members of the families of businesspeople at certain times of the week, in order to encourage businesspeople to take
Actionwear makes clothing and accessories for the fitness industry. The company is considering dropping its line of Fitbands.What costs would be considered relevant to this decision? Are there costs
Lisa Cooper is an employee of a company that manufactures tear-proof tracksuits. Lisa is paid $60 per hour, and is the only person on staff who is trained to operate a piece of technology that is
Pete Panda has just discontinued its poorest-selling line of high-quality upholstery. In its inventory, Pete has 6000 metres of material that cost $10 per metre. At the current selling price of $20,
Smartime manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $100 000 annually. The company allocates these costs
On a chilly Sunday morning, Shaz Granger bought 30 dozen doughnuts for $75, prepared 10 litres of hot coffee and went to a farm auction. There, she sold all the coffee and all but six dozen of the
Steveo Company produces small gelblasters. The manufacturing costs per unit to produce a small gelblasters are as follows:Variable selling costs to obtain and fill orders normally average $6.00 per
Williamson Company, a furniture manufacturer, produces 10 000 units of Product X-100 each year for use in its production line. The costs per unit for Product X-100 are as follows:Direct materials:
Phonegrip Company manufactures mobile phone holders. Phonegrip currently buys a magnet for its phones for $0.90 per unit. Phonegrip’s president asked for cost estimates for making this product, and
Cooper Manufacturing produces high-quality cabinets. Cooper has been forced to increase prices by about 40 per cent over the last few years, mostly because of the increased costs of purchasing
Why is it important to understand how your business is performing before making capital expenditure decisions? How is this understanding achieved?
Briefly explain the advantages and disadvantages of the ARR and the payback period.
From the following table, calculate the variances and discuss each one in relation to the following questions:i Is the variance positive or negative in terms of business performance?ii What are the
Refer to the example given in the accounting rate of return (ARR) section of the text (pages 492–3), a summary of which is given below.Required:a Calculate the net present value (NPV) of the
The Anderson Group has identified the following capital expenditure proposals as acceptable. Only $150 000 is available for investment.Required:Determine the combination of proposals to be selected.
Cairns Farming is a small family run dairy farm, which is finding it hard to continue in business. After visiting a farm in Nienberg, Germany, it is considering buying equipment that will enable it
Several years ago, Catherine’s Cattery Supplies signed a contract to deliver 5000 units of a special product each year to one of its customers at a price of $15 per unit. This contract, which runs
What do we mean when we refer to different categories of business?
What distinguishes a service business from a merchandising business?
What impact does changes in interest rates have on the business environment?
What are the types of regulations with which businesses must comply in different jurisdictions?
What is an accounting management system?
What are generally accepted accounting principles (GAAP)?
Which groups of users require financial accounting reports to make decisions and what type of information do they need?
What does the term ‘ethics’ mean in business?
Why are ethical codes of conduct important for professional groups such as accountants and who monitors these codes of conduct?
What does ‘sustainability’ mean in regard to business?
What is auditing?
Explain the characteristics of a critical thinker. How do critical thinking skills improve problem solving?
Suppose you are Samuel Cook, CEO of DeFlava Coffee. DeFlava currently operates in south-eastern Australia, and you are considering opening a factory and sales office in Queensland. What questions do
Refer to question 1-34. Suppose, instead, that you were considering opening a factory and sales office in Bejing, China.What questions would you want answered before proceeding with this idea? How do
Suppose your brother, the owner of Muscle Up, a fitness centre, has asked you for a substantial loan to help him expand his business.Required:What would you like to know about Muscle Up before you
Your friend, Vito Guarino (an incredible cook), plans to open a restaurant when he graduates from university. One evening, while extolling the virtues of linguine to you and some other friends, he
How are ‘risk’ and ‘return’ each defined? Do you think there is a relationship between them?
Describe the components of a business plan. How does each of these components help the following people to make decisions about a business?(a) An investor.(b) A creditor.(c) A manager or owner.
What is the difference between short-term and long-term capital?
Define relevant range. Why is it important?
A business is considering two type of containers to package its product, one made of plastic and the other of biodegradable cardboard with native wild flower seeds embedded in the packaging, designed
Complete the crossword puzzle below:Clues Across 2 Amount of uncertainty that exists about the future operations of a business 4 The ‘V’ in CVP analysis 6 The amount provided by the sale of a
Below is an income statement for Rosie’s Flowers, prepared for internal management use.Required:Rewrite the income statement so that it is more useful for decision making. (Hint: There is a missing
Below is an income statement for Rosie’s Flowers, prepared for internal management use.Required:Rewrite the income statement using a contribution margin approach and a sales level of 20 000 units.
Topsy’s Trailers makes small trailers for towing light loads. The business’s accountant has undertaken CVP analysis on its main product – the Tipping Trailer – and presented the results to
You have worked out the following facts about three of your business’s products: A B Expected number of unit sales 1 400 5 000 6 600 Sales price per unit $ 200 $ 50 $ 160 Variable cost per unit $
Bellevue Amateur Dramatics club produces Shakespearian plays in a rural country setting. There are two productions every year and each production has five performances. The average performance sells
Doggy Day Care is a proposed new business venture that will look after pet dogs for their owners during the day while the dogs’ owners are at work. The following costs have been identified by the
Refer to Question 2.47. What if your aunt instead gave you $100 000 and you were interested in investing this amount in Cafe´ Revive?Required:Would this change your answers to Question 2.47? Why or
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