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accounting principles

Questions and Answers of Accounting Principles

Employers often screen prospective employees for written communication skills. As an applicant, you may be asked to write a short essay. Therefore, it is important for you to practice preparing
Ballston Company uses the fifo method of costing its merchandise inventory. The manager is considering a change to the lifo method. Costs have increased steadily over the past three years. What
The Pet Center stocks many kinds of merchandise. The store has always taken a periodic inventory at the end of a fiscal year.The store has not kept a perpetual inventory because of the cost. However,
What accounts are affected, and how, when cash is paid for office equipment?
What items are included in real property?
Who determines the assessed value of plant assets?
Which accounting concept is being applied when depreciation expense is recorded for plant assets?
What three amounts are used to calculate a plant asset's annual depreciation expense using the straight-line method of depreciation?
What method is used to record accumulated
What is recorded on plant asset records for plant assets that have been disposed of?
When an asset is disposed of after the beginning of the fiscal year, what entry may need to be recorded before an entry is made for the discarding of a plant asset?
What is the formula to calculate the gain or loss on the sale of a plant asset?
When calculating depreciation expense using the declining-balance method, what number stays constant each fiscal period?
What is the declining-balance method that uses twice the straight-line rate?
What change occurs in the annual depreciation expense calculated using the declining-balance method?
An asset is never depreciated below what amount?
Why do successful businesses need an effective inventory system?
Identity four reasons why a merchandise inventory that is larger than needed may decrease the net income of a business?
When are periodic inventories normally taken?
How do inventory levels affect the period a business selects for its fiscal year? Why?
How is the accuracy of a perpetual inventory checked?
When the lifo method is used, how is the cost of each kind of ending merchandise inventory determined?
On what idea is the lifo method based?
In a period of rising prices, which inventory costing method gives the highest cost of merchandise sold?
Why should a business select one inventory costing method and use that same method continuously for each fiscal period.
When neither a perpetual system is maintained nor a periodic inventory is taken, how can an ending merchandise inventory be determined that is accurate enough for a monthly income statement?
What amounts are needed to estimate ending merchandise inventory?
What amount is used for beginning inventory for a month that is not the first month of a fiscal period?
How are uncollectible accounts recorded?
Explain why an adjustment for uncollectible accounts is an application of the Matching Expenses with Revenue concept.
How is the account Accounts Receivable affected by the estimate of uncollectible accounts?
Why is Allowance for Uncollectible Accounts debited when a customer account is written off?
Does the book value of accounts receivable differ before and after writing off an account? Explain.
Why is a customer account reopened when the account is paid after being previously written off?
Some businesses have a policy of accepting only cash sales. Depending on economic conditions or the time of year, many potential customers may not be able to pay with currency, check, or debit card.
Crain Corporation has always assumed that an account receivable is good until the account is proven to be uncollectible. When an account proves to be uncollectible, the credit manager notifies the
What adjusting entry is recorded for a merchandising business that is not recorded for a service business?
What balance sheet account is increased from a zero balance after adjusting entries are journalized and posted?
Where is the information obtained for journalizing closing entries for revenue, cost, and expenses?
What is the name of the temporary account that is used to summarize the closing entries for revenue, cost, and expenses?
In what order should accounts be listed on a post-closing trial balance?
Antwan Jones, a new accounting clerk, has just experienced his first closing of a fiscal period. He questions why the adjustments on the work sheet have to be recorded in a general journal. Antwan
After completing a work sheet, Park's Boutique finds that garment bags still in boxes were overlooked in calculating the supplies inventory. The value of the garment bags overlooked is $600.00. Jerry
High Five Sports Equipment paid $1,800.00 for a one-year fire insurance policy. The company prepares an Income statement and balance sheet every three months. However, the accountant prepares a
What is the major difference between the income statement for a merchandising business and a service business?
How is the cost of merchandise sold calculated?
How can the amount of net income calculated on the income statement be verified?
For a merchandising business, every sales dollar includes what four components?
How does a company determine acceptable component percentages?
What is the result it total expenses are greater than gross profit on sales?
What financial information does a statement of stockholders’ equity report?
What are the two major sections of a statement of stockholders’ equity?
Where is the information found to prepare the capital stock section of a statement of stockholders’ equity?
Where is the beginning balance of retained earnings found?
How does a corporation distribute a portion of income to stockholders?
Where is the amount of dividends found?
How does Hobby Shack classify its assets?
What three items are listed on the balance sheet for an account having a related contra asset account?
What is an example of a long-term liability?
Where are the amounts obtained for the stockholders’ equity section of the balance sheet?
What are two supporting schedules that might accompany a balance sheet?
Wyatt Company has decided to hire a sales representative. The business can afford to pay the representative a salary of only \($30,000.00.\) The accounting assistant informs the manager that hiring
One of the unwritten rules of business is that payroll information is private and confidential. People usually do not want their co-workers to know how much they are paid. This common business
Under what major chart of accounts division are the owners' equity accounts for a corporation normally listed?
What account does a corporation use to record earnings not yet distributed to stockholders?
What action is required before a corporation can distribute income to its stockholder?
What accounts are used for the adjustment to office supplies?
What accounts are used for the adjustment to prepaid insurance?
In what order should general ledger accounts be listed on a work sheet?
What accounts are used for the adjustment for merchandise inventory?
What adjusting entry is entered on a work sheet when the ending merchandise inventory is less than the beginning value?
When is the temporary account Income Summary used?
Why is an uncollectible account recorded as an expense rather than a reduction in revenue?
When do businesses normally estimate the amount of their uncollectible accounts expense?
What two objectives will be accomplished by recording an estimated amount of uncollectible accounts expense?
Why is Allowance for Uncollectible Accounts called a contra account?
Howis the book value of accounts receivable calculated?
What are the two categories of assets?
What three factors are used to calculate a plant asset's annual depreciation expense?
In what column is the Income Summary amount extended?
What extra step is required when a 10-column work sheet is prepared instead of an 8-column work sheet?
Vadillo Lumber currently requires each employee to inform the accounting clerk of the total hours worked each day during the pay period. The total number of hours worked by all employees has been
What account title is used to journalize the Total Earnings column of the payroll register?
What account title is used to journalize the Federal Income Tax column of the payroll register?
What account title is used to journalize the Social Security Tax column of the payroll register?
What account title is used to journalize the Medicare Tax column of the payroll register?
What is the tax rate Hobby Shack must pay on employees for each of the following taxes social security, Medicare, federal unemployment, and state unemployment?
What is the amount of each employee's earnings that is subject to federal and state unemployment taxes at Hobby Shack?
When must employers furnish a W-2 statement to their employees?
What taxes are included in the quarterly federal tax return filed by the employer?
Selmon Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.Instructions Analyze the foregoing
The financial statements and the Notes to Consolidated Financial Statements of PepsiCo are presented in Appendix A.Instructions Refer to PepsiCo’s financial statements and answer the following
In recent years, Juresic Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus,
In recent years, Escobar Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each
PepsiCo’s financial statements are presented in Appendix A. Coca-Cola’s financial statements are presented in Appendix B.Instructions(a) Compute the asset turnover ratio for each company for
On January 1, 2008, Pele Company purchased the following two machines for use in its production process.Machine A: The cash price of this machine was \($38,000.\) Related expenditures included:sales
At the beginning of 2006, Lehman Company acquired equipment costing \($90,000.\) It was estimated that this equipment would have a useful life of 6 years and a residual value of \($9,000\) at that
On January 1, 2008, Guthrie Company purchased the following two machines for use in its production process.Machine A: The cash price of this machine was \($46,500.\) Related expenditures included:
At the beginning of 2006, Hadaway Company acquired equipment costing \($80,000.\) It was estimated that this equipment would have a useful life of 6 years and a residual value of \($8,000\) at that
Reimer Company and Lingo Company are two proprietorships that are similar in many respects. One difference is that Reimer Company uses the straight-line method and Lingo Company uses the

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