All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
accounting principles

Questions and Answers of Accounting Principles

A summary of the revenue and expenses for a specific period of time, such as a month or a year.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F.
A summary of the changes in owner's equity that have occurred during a specific period of time, such as a month or a year.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E.
A list of the assets, liabilities, and owner's equity as of a specific date, usually at the close of the last day of a month or a year.LO9 A. Account form B. Account payable C. Account receivable D.
A summary of the cash receipts and cash payments for a specific period of time, such as a month or a year.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting
A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E.
The form of balance sheet that resembles the basic format of the accounting equation, with assets on the left side and the liabilities and owner's equity sections on the right side.LO9 A. Account
A profit-making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as a: LO9 A. proprietorship. C. partnership.B. service business. D.
The resources owned by a business are called: LO9 A. assets.B. liabilities.C. the accounting equation.D. owner's equity.
A listing of a business entity's assets, liabilities, and Aow.n e ra' s b a leaqnuciet y s hase e to.f a specific date is: LO9 B. an income statement.C. a statement of owner's equity.D. a statement
If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease)of the change in owner's equity for
If revenue was $45,000, expenses were $37,500. and the owner's withdrawals were $10,000, the amount of net income or net loss would be: LO9 A. $45,000 net income. C. $37,500 net loss.B. $7,500 net
What is the objective of most businesses? LO9
Who are normally included as the stakeholders of a business? LO9
What is the role of accounting in business? LO9
What three sound principles form the foundation for ethical behavior? LO9
Distinguish between private accounting and public accounting. LO9
Identify what the abbreviation FASB stands for and describe how the FASB sets generally accepted accounting principles. LO9
Lynda Lyons is the owner of Fast Delivery Service. Recently, Lynda paid interest of$3,500 on a personal loan of $60,000 that she used to begin the business. Should Fast Delivery Service record the
On April 18, Neece Repair Service extended an offer of $95,000 for land that had been priced for sale at $100,000. On April 25, Neece Repair Service accepted the tsehlel e rl'asn d .c ounteroffer of
a. Land with an assessed value of $200,000 for property tax purposes is acquired by a business for $350,000. Seven years later, the plot of land has an assessed value of $240,000 and the business
What are the two principal rights to the properties of a business? LO9
Name the three elements of the accounting equation. LO9
Describe the difference between an account receivable and an account payable. LO9
A business had revenues of $130,000 and operating expenses of $l-t5,000. Did the business (a) incur a net loss or (b) realize net income? LO9
A business had revenues of $280,000 and operating expenses of $270,000. Did the business (a) incur a net loss or (b) realize net income? LO9
What two types of transactions increase the owner's equitv of a proprietorship? LO9
Briefly describe the nature of the information provided by each of the following financial statements: the income statement, the statement of owner's equity, the balance sheet, and the statement of
Indicate whether each of the financial statements in Question Id covers a period of time or is for a specific date. LO9
What particular item of financial or operating data appears on both the income statement and the statement of owner's equity? What item appears on both the balancesheet and the statement of owners
What are the three types of activities reported in the statement of cash flows? LO9
Explain why accounts are used to record and summarize the effects of transactions on financial statements. LO1
Describe the characteristics of an account. LO2
List the rules of debit and credit and the normal balances of accounts. LO3
Analyze and summarize the financial statement effects of transactions. LO4
Prepare a trial balance and explain how it can be used to discover errors. LO5
Discover errors in recording transactions and correct them. LO6
Use horizontal analysis to compare financial statements from different periods. LO7
A debit may signify: LO5 A. an increase in an asset account.B. a decrease in an asset account.C. an increase in a liability account.D. an increase in the owner's capital account.
The type of account with a normal credit balance is: LO5 A. an asset. C. a revenue.B. drawing. D. an expense.
A debit balance in which of the following accounts would indicate a likely error? LO5 A. Accounts Receivable B. Cash C. Fees Earned D. Miscellaneous Expense
The receipt of cash from customers in payment of their accounts would be recorded by a: LO5 A. debit to Cash: credit to Accounts Receivable.B. debit to Accounts Receivable; credit to Cash.C. debit to
The form listing the titles and balances of the accounts in the ledger on a given date is the: LO5 A. income statement.B. balance sheet.C. statement of owner's equity.D. trial balance.
What is the difference between an account and a ledger? LO5
Describe in general terms the sequence of accounts in the ledger. LO5
Do the terms debit and credit signify increase or decrease or can they signify either? Explain. LO5
Explain why the rules of debit and credit are the same for liability accounts and owner's equity accounts. LO5
What is the effect (increase or decrease) of a debit to an expense account (a) in terms of owner's equity and (b) in terms of expense? LO5
What is the effect (increase or decrease) of a credit to a revenue account (a) in terms of owner's equity and (b) in terms of revenue? LO5
Meadows Company adheres to a policy of depositing all cash receipts in a bank ac- count and making all payments by check. The cash account as of July 31 has a credit balance of $900, and there is no
Rearrange the following in proper sequence: (a) entry is posted to ledger, (b) busi- ness transaction occurs, (c) entry is recorded in journal. (d) business document is prepared. (e) business
Describe the three procedures required to post the credit portion of the following journal entry (Fees Earned is account no. 41): LO5 Date 2003 JOURNAL Page 19 Post. Description Ref. Debit Credit 12
In the journal, what indicates that an entry has been posted to the accounts? LO5
Shaw Company performed services in October for a specific customer, for a fee of $4,230. Payment was received the following November. (a) Was the revenue earned in October or November? (b) What
What proof is provided by a trial balance? LO5
If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain. LO5
Assume that a trial balance is prepared with an account balance of $21,750 listed as $21,570 and an account balance of $6,100 listed as $610. Identify the transposition. and the slide. LO5
Assume that when a purchase of supplies of $1,050 for cash was recorded, both the debit and the credit were journalized and posted as $1,500. (a) Would this error cause the trial balance to be out of
How is a correction made when an error in an account title or amount in the jour- nal is discovered before the entry is posted? LO5
Banks rely heavily upon customers' deposits as a source of funds. Demand deposits normally pay interest to the customer, who is entitled to withdraw at any time with- out prior notice to the bank.
Which of the following items represents a deferral? LO1 A. Prepaid insurance B. Wages payable C. Fees earned D. Accumulated depreciation
The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the
If the estimated amount of depreciation on equipment for a period is $2,000, the adjusting entry to record depreciation would be: LO1 A. debit Depreciation Expense, $2,000; credit
It the equipment account has a balance of $22,500 and its accumulated depreciation account has a balance of $ 14,000, the book value of the equipment is: LO1 A. $36,500. C. $14,000.B. $22,500. D.
How are revenues and expenses reported on the income statement under (a) the cash basis of accounting and (b) the accrual basis of accounting? LO1
Fees for services provided are billed to a customer during 2002. The customer remits the amount owed in 2003- During which year would the revenues be reported on the income statement under (a) the
Employees performed services in 2002. but the wages were not paid until 2003. During which year would the wages expense be reported on the income statement under(a) the cash basis? the accrual
Is the matching concept related to (a) the cash basis of accounting or (b) the accrual basis of accounting? LO1
Is the balance listed for cash on the trial balance, before the accounts have been adjusted, the amount that should normally be reported on the balance sheet? Explain. LO1
Is the balance listed for supplies on the trial balance, before the accounts have been adjusted, the amount that should normally be reported on the balance sheet? Explain. LO1
Why are adjusting entries needed at the end of an accounting period? LO1
Are adjusting entries in the journal dated as of the last day of the fiscal period or as of the day the entries are actually made? Explain. LO1
What is the difference between adjusting entries and correcting entries! LO1
Identify the five different categories of adjusting entries frequently required at the end of an accounting period. LO1
Does every adjusting entry have an effect on determining the amount of net income for a period? Explain. LO1
What is the nature of the balance in the prepaid insurance account at the end of the accounting period (a) before adjustment? (b) after adjustment? LO1
In accounting for depreciation on equipment, what is the name of the contra asset account? LO1
Sam has set-up a transport business, Smart Drive, to distribute sports equipment in the UK. It has been so successful that it now has its own customers as well as Sam’s business. It has two
To understand whether the costs are being controlled effectively, the operational efficiency also needs to be assessed. For example, at Smart Drive it is important to keep van costs as low as
Consider how the balanced scorecard could be used in an airline industry (see Figure 16.3). As a commercial operation, an airline business is looking to maximize its return on investment. Keeping its
From your understanding of financial measures, what do you consider to be the most appropriate financial objectives and measures for Smart Drive?
Develop some customer objectives and measures that might give Smart Drive some warning about a future decline in profits. Think about what a customer might expect and whether these expectations are
Take the customer objectives developed in Demonstration Exercise 16.5 for Smart Drive. What internal process objectives and measures would be appropriate to ensure that the needs of Smart Drive’s
The fourth perspective of the balanced scorecard is ‘learning and growth’. This includes all aspects concerning how a business looks to its future, such as developing new products or services and
Sam analyses the three ways in which he sells his team kits to his customers: directly to his customers, through a retailer, or over the internet. Selling products directly to customers involves
Sam is now considering his future strategy. His ambition is to float the company on the stock exchange and go travelling. To do this, he needs to develop a fiveyear plan with a detailed strategy for
Tarun owns a small chain of middle-range hotels in the Netherlands and wishes to assess their relative performance. In addition to providing rooms, every hotel has a bar and a small restaurant. He
Draw up a list of additional objectives and performance measures for Tarun’s hotel chain, and use them, with the performance measures in Practice Question 16.1, to design a balanced scorecard. For
Jabu, a brand manager in a South African confectionery manufacturer, reviews his product profitability sheets. His energy sweets are making an overall loss, but he needs to know whether this is true
How can the balanced scorecard contribute to the successful management of a business?
Why should non-accountants have an understanding of accounting?
Why should accountants have a sound understanding of business?
In what way can accountants contribute to setting corporate strategy?
Table 15.1 shows figures taken from the management consultants’ report prepared for Smart Sports Ltd into the launch of the new internet site and warehouse, identifying the forecast costs and
Note that the amount of £25k that has already been spent on developing the website is not included in this analysis, as it represents a sunk cost. The decision rule for ARR is that a project should
If we refer again to the cash flows that will arise from the Smart Online project, we can determine the payback period for that project.
Forecast cash outflows and inflows from the bottles project are shown in Table 15.5:Danni and Sam have agreed a target payback period of three years.Calculate the payback period for the bottles
The joint venture that Sam and Danni are considering has the forecast cash outflows and inflows as shown in Table 15.10.Danni and Sam have agreed that a discount rate of 15% would be required from
Smart Sports is also planning to launch a range of drinks products. The products have been developed by Hydration Labs Ltd and are designed to be sold as powders that dissolve easily in water. They
Juliet opened a coffee shop in Paris two years ago. The business has grown steadily, and the shop is frequently so full that some potential customers have to be turned away. She is considering three
Bryd Ltd runs a chain of five small supermarkets in Wales specializing in the sale of local produce. The supermarkets have been doing well in recent years, and the company has funds available to

Showing 800 - 900 of 1520

First
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved