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Questions and Answers of College Accounting

Prepare and describe the purposes of a simple income statement, statement of owner's equity, and balance sheet.
Define the three basic phases of the accounting process.
Damon Young has started his own business, Home and Away Inspections.He inspects property for buyers and sellers of real estate. Young rents office space and has a part-time assistant to answer the
Assets are items that are owned by the business and are expected to provide future benefits. True/False
Accounts Payable is an example of an asset account. True/False
According to the business entity concept, nonbusiness assets and liabilities are not included in the business’s accounting records. True/False
The accounting equation (assets = liabilities + owner’s equity) must always be in balance. True/False
When an asset increases, a liability must also increase. True/False
When total revenues exceed total expenses, the difference is called net loss. True/False
Expenses represent outflows of assets or increases in liabilities as a result of efforts to produce revenues. True/False
An increase to which of these accounts will increase owner’s equity? —(a) Accounts Payable(b) Drawing(c) Client Fees(d) Rent Expense
When delivery revenue is earned in cash, which accounts increase or decrease?(a) Cash increases; Revenue increases.(b) Cash decreases; Revenue increases.(c) Cash decreases; Revenue decreases.(d) Cash
When delivery revenue is earned on account, which accounts increase or decrease?(a) Cash increases; Revenue increases.(b) Accounts Receivable increases; Revenue increases.(c) Accounts Receivable
When payment is made on an existing debt, which accounts increase or decrease?(a) Cash increases; Accounts Receivable increases.(b) Cash decreases; Accounts Payable increases.(c) Cash increases;
Which of the following accounts does not appear on the income statement?(a) Delivery Fees(b) Wages Expense ,(c) Drawing(d) Rent Expense
What are generally accepted accounting principles (GAAP)?
What is the purpose of the Sarbanes-Oxley Act?
Identify the following characteristics of useful accounting information as being a component of either Relevant (R) or Reliable (L). (: Refer to Exhibit B.1.)1. Timeliness 2. Verifiable 3.
Fill in the blanks with appropriate accounting terminology.1. Accounting information is _________if different companies use similar accounting principles.2. Information is______ if it would make a
Identify the appropriate assumption underlying useful accounting information for each description 1 through 4.1. Hancock Hats reports its sales on a monthly basis.2. Joann Hancock, owner of Hancock
Identify the appropriate accounting principle for each description 1 through 4.1. Callahan’s Castles records expenses incurred to produce revenues in the accounting period.2. Callahan’s Castles
Fill in the blanks with appropriate accounting terminology.I. _________suggests that transactions that are too small to make an impact on a decision maker are recorded in the most cost beneficial
Identify which general accounting principle best describes each of the following practices.a. In December 2006, Chavez Landscaping received a customer’s order and cash prepayment to install sod at
The following describe several different business organizations. Determine whether the description refers to a sole proprietorship, partnership, or corporation.a. Ownership of Zander Company is
Match each of the numbered descriptions with the principle it best reflects. Indicate your answer by writing the letter for the appropriate principle in the blank space next to each description.A.
You are reviewing the accounting records of Cathy’s Antiques, owned by Cathy Miller. You have uncovered the following situations. Cite the appropriate accounting principle or assumption and suggest
Match each of the numbered transactions to the accounting terms A through F applicable to recording and reporting them.A. Business entity assumption B. Reliability C. Cost principle D.
Fill in the blanks with the appropriate accounting terms or phrases.1. ___________means that a company applies the same concept year after year.2. For information to be relevant, it should have
1. Pagnozzi Properties is trying to decide if it needs to install a new accounting system to keep track of every detailed construction cost. The cost of the system will be \($20,000\) and the
I. Inventory is reported at market value when cost is lower.2. Computers costing less than \($1,000\) are immediately expensed even though their useful life is three years.3. The auditors of Dietrich
Target Corporation follows accounting rules in reporting its lease obligations. However, the vast majority of their store leases are not reported as liabilities on their balance sheet. Similar to
Identify the accounting assumption, principle, or constraint that best describes the accounting practices at Ben Wallace Company.1. Land is valued at its original purchase price rather than its
Presented below are transactions that occurred during 2008.1. Susan Scholz, the president of Lake of the Ozarks cabin properties, buys a computer for personal use and charges it to her company’s
Identify the accounting assumption, principle, or constraint that best describes the accounting practices at Steve Hill Company.1. Financial statements are prepared each year.2. Market value changes
Danny Manning and Larry Brown are accountants for the Engineering Institute. They disagree over the following transactions that occurred during 2008. Larry disagrees with Danny on each of the
Why is it importantto have comparable accounting methods between companies?
Why is the business entity principle important?
Identify the owners of corporations and the terminology for ownership units.
Why is the revenue recognition principle important?
Do you think a \($10\) million error would be material in a \($100\) million sales company?
The principle that prescribes that a business be accounted for separately and distinctly from its owner or owners is known as the:a. Matching principle.b. Business entity assumption.c. Going-concern
The rule that prescribes financial statements reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is
To include the personal assets and transactions of a business’s owner in the records and reports of the business would conflict with the:a. Matching principle.b. Realization principle.c. Business
The accounting principle that prescribes accounting information be based on actual cost and requires assets and services to be recorded initially at the cash or cash-equivalent amount given in
The qualitative characteristic of reliability:a. Means that information is supported by independent, unbiased evidence.b. Means that information can be based on what the preparer thinks is true.c.
Describe the four key qualitative characteristics of useful accounting information.
Why is the business entity assumption important?
What does the reliability characteristic imply for information reported in financial statements?
What is Best Buy’s revenue recognition policy?
By examining Circuit City’s financial statements in Appendix A, rawth at evidence is there that they used the reported in financial statements? matching principle?Appendix A: CONSOLIDATED BALANCE
The March 31, 2008, adjusted trial balance of Success Systems (reflecting its transactions from October 2007 through March of 2008) follows. The March 31, 2008, amount of merchandise available totals
Refer to Best Buy’s financial statements in Appendix A to answer the following.Required1. In its first footnote, Best Buy lists the primary costs classified in both costs of goods sold and selling,
Access the classified financial statements for Best Buy and Circuit City in Appendix A.Required1. Compare and contrast the assets section on the balance sheet for both Best Buy and Circuit City.How
Cloudveil currently produces high-performance, multisport mountain apparel. Assume that Stephen Sullivan and Brian Cousins are considering producing a new line of apparel for high-altitude camping.
What temporary account do you expect to find in the merchandising business but not in a service business?
Describr the closing entries normally made by thr merchandising company
Describe the following assets as (1) current assets, (2) plant assets, or (3) intangible assets:(a) Land used in operations, (b) office supplies, (c) receivables from customers due in 10 months, (d)
Cite the two example of assets classified as investments on the balance sheet.
Explain the operating cycle for a service company.
Cacuango Company’s adjusted trial balance on August 31, 2008, its fiscal year-end, follows.On August 31, 2008, merchandise inventory was \($41,000.\)Required 1. Compute the company’s net sales
Use the data for Cacuango Company in Problem 14-2A to complete the following requirements.RequiredPrepare closing entries as of August 31, 2008.Problem 14-2A:Cacuango Company’s adjusted trial
The following six-column table for Hawkeye Ranges includes the unadjusted trial balance as of December 31, 2008.Required 1. Complete the six-column table by entering adjusting entries that reflect
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.A. Current
White Company’s adjusted trial balance on March 31, 2008, its fiscal year-end, follows.On March 31, 2008, merchandise inventory was \($56,500.\)Required1. Calculate the company’s net sales for
Use the data for White Company in Problem 14-2B to complete the following requirements:RequiredPrepare closing entries as of March 31, 2008.Problem 14-2B:White Company’s adjusted trial balance on
The following six-column table for Solutions Co. includes the unadjusted trial balance as of December 31, 2008.Required 1. Complete the six-column table by entering adjusting journal entries that
Match the following terms A through J with the appropriate definitions 1 through 10.A. Plant assets B. Owner’s capital C. Classified balance sheet D. Intangible assets E. Current ratio F.
Match the following terms A through E with the appropriate definitions 1 through 5.A. Merchandise inventory B. Single-step income statement C. Selling expenses D. Multiple-step income
On December 31, 2007, Yates Co. prepared an adjusting entry for \($12,000\) of earned but unrecorded management fees. On January 16, 2008, Yates received \($26,700\) cash in management fees, which
Use the following adjusted trial balance of Jones Trucking Company to prepare the (1) single-step income statement and (2) statement of owner’s equity, for the year ended December 31, 2008. The K.
Use the information in the adjusted trial balance reported in Exercise 14-1 to prepare Jones Trucking Company’s classified balance sheet as of December 31, 2008.Exercise 14-1:Use the following
Use the information in the adjusted trial balance reported in Exercise 14-1 to compute the current ratio as of the balance sheet date. Interpret the current ratio for Jones Trucking Company. Assume
Listed below are a number of accounts. Use the table to classify each account. Indicate whether it is a temporary or permanent account (T or P), whether it is included in the income statement or
Based on the adjusted trial balance shown below, prepare a classified balance sheet for Focus Package Delivery as of December 31. FOCUS PACKAGE DELIVERY Adjusted Trial Balance December 31 Cash
Fill in the blanks (a) through (g) for the Hendricks Company for each of the income statements for 2007, 2008, and 2009. Prepare the closing entry to close the inventory and purchases-related
The following two events occurred for Trey Co. on October 31, 2008, the end of its fiscal year.a. Trey rents a building from its owner for \($2,800\) per month. By a prearrangement, the company
A company has \($550,000\) in net sales and \($123,000\) in gross profit. Its cost of goods sold equalsa. \($427,000\)b. \($673,000\)c. \($550,000\)d. \($123,000\)e. (\($123,000)\)
J. Awn, the proprietor of Awn Services, withdrew \($8,700\) from the business during the current year. The entry to close the withdrawals account at the end of the year is a. J. Awn, Withdrawals Cash
An income statement that includes cost of goods sold as another expense and shows only one subtotal for total expenses is aa. Balanced income statement.b. Single-step income statement.c.
A classified balance sheeta. Measures a company’s ability to pay its bills on time.b. Organizes assets and liabilities into important subgroups.c. Presents revenues, expenses, and net income.d.
A company shows a \($600\) balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of \($200\). This adjusting entry
Refer to the balance sheet for Best Buy in Appendix A. What five noncurrent asset categories are used on its classsified balance sheet?Appendix A: Consolidated Balance Sheets $ in millions, except
A six-column table for Yan Consulting Company follows. The first two columns contain the unadjusted trial balance for the company as of December 31, 2008, and the last two columns contain the
The following information is available for Khalid Amin Company. Assume that December 31 is the end of the annual accounting period.a. The Prepaid Insurance account shows a debit balance of
A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2008. The last two columns contain the adjusted trial balance as
The following information is available for Drew Gooden Company. Assume that December 31 is the end of its annual accounting period.a. The Prepaid Insurance account shows a debit balance of
Review the “You Call It” on page 285, which illustrates an ethical challenge associated with purchase discounts.Required 1. In your view, is the company currently abusing its suppliers’ cash
Prepare journal entries to record the following merchandising transactions of Blink Company.July 1 Purchased merchandise from Boden Company for \($6,000\) under credit terms of 1/15, n/30, FOB
Prepare journal entries to record the following merchandising transactions of Sheng Company.Aug. 1 Purchased merchandise from Arotek Company for \($7,500\) under credit terms of 1/10, n/30, invoice
Valley Company’s adjusted trial balance on August 31, 2008, its fiscal year-end, follows. (Also, merchandise inventory was \($41,000\) on August 31, 2008.)Required1. Compute the company’s net
Prepare journal entries to record the following merchandising transactions of Yarvelle Company.May. 2 Purchased merchandise from Havel Co. for \($10,000\) under credit terms of 1/15, n/30, FOB
Prepare journal entries to record the following merchandising transactions of Mason Company.July. 3 Purchased merchandise from OLB Corp. for \($15,000\) under credit terms of 1/10, n/30, FOB
Barkley Company’s adjusted trial balance on March 31, 2008, its fiscal year-end, follows.On March 31, 2008, merchandise inventory was \($56,500.\)Required 1. Calculate the company’s net sales
Johnson Corp. has the following credit purchase transactions in the month of January.Jan. 5 Purchased merchandise from Bethany Inc. under the following terms: \($725,\) invoice date 1/4, credit
Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of \($24,000\) and credit terms of 3/10, n/60. The merchandise had cost Mesa \($16,000\). Santa Fe paid
Ziegler Inc. has the following cash disbursements in April.Apr. 9 Issued check no. 210 to Kitt Corp. to buy store supplies for \($650.\)Apr. 17 Issued check no. 211 for \($1,400\) to pay off a note
Scudamore had to attend to payroll, employee benefits, and taxes, among other issues, in getting hiscompany where it is today.RequiredPrepare a one-page memorandum that summarizes the types of
Fishing Guides Co. pays its employees each week. Employees’ gross pay is subject to these taxes.The company is preparing its payroll calculations for the week ended September 30. Payroll records
Refer to Problem 10-3B. MLS Company’s tax year ends on December 31 and its federal Employer Identification Number is 548932154. It is located at 102 Grindstone Way, Columbus, Ohio
Prestige Travel reports the following summary information in its payroll register for 2007. Prestige Travel pays state unemployment tax of 2.0% of each employee’s first \($7,000\) of annual gross

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