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Questions and Answers of College Accounting

When supplies are purchased on account, which accounts increase or decrease?a. Supplies increase; accounts payable increases.b. Supplies increase; accounts receivable increases.c. Supplies increase;
A company borrows \($50,000\) cash from Third National Bank.How does this transaction affect the accounting equation for this company?a. Assets increase by \($50,000;\) liabilities increase by
What is the relation between accounting and recordkeeping?
Who are the internal and external users of accounting information?
Identify at least five types of managers who are internal users of accounting information.
What are internal controls and why are they important?
What career opportunities exist in the taxation area?
What types of certificates are available in accounting?
What three-step guidelines can help people make ethical decisions?
Why are ethics and social responsibility valuable to organizations?
Why are ethics crucial in accounting?
Who sets U.S. accounting rules?
How are U.S. companies affected by international accounting standards?
Describing accounting responsibilities Many accounting professionals work in one of the following three areas.A. Financial accounting B. Managerial accounting C. Tax accounting Identify the area
Identifying accounting users and uses Much of accounting is directed at serving the information needs of those users that are external to an or- ganization. Identify at least three external users of
Learning the language of business Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter for the term or phrase in
Identifying accounting users The following is a list of selected users of accounting information. Match the appropriate user A through E to the following information needs 1 through 5.A.
identify opportunities in accounting The following is a list of broad opportunities in accounting. Match the appropriate opportunity A through D to the specific accounting opportunity 1 through 8.A.
Identifying accounting users The following is a list of selected internal users of accounting information. Match the appropriate user A through E to the following information needs 1 through 5.A.
Definition of accounting terms The following is a list of accounting terms. Match the appropriate accounting term A through D to its definition 1 through 4.A.
On October 1, 2007, Adriana Lopez launched a computer services company, Success Systems, that is organized as a proprietorship and provides consulting services, computer system installations, and
Find Best Buy’s annual report included in Appendix A near the end of the book. In the first footnote to the financial statements, Best Buy reports how it accounts for property and
Key comparative figures ($ millions) for both Best Buy and Circuit City follow.Required 1. Which company is largest in terms of assets? Which company is largest in terms of sales?2. Which company
William Shakespeare wrote, “The evil that men do lives after them; the good is oft interred wih their bones.” Business people are oft not remembered for their outstanding ethics, but rather
The Financial Accounting Standards Board (FASB) sets accounting standards. The FASB’s mission is described at its Website (FASB.org) under the tab “Facts about FASB.”Required Prepare a
Find Best Buy’s most current financial statements by going to their Website (BestBuy.com) and click on the link “For Our Investors” at the bottom of the page. Click on “Annual Reports” in
Assume that Shawn Nelson decides to open a new manufacturing facility to meet customer demand. This new company will be called Manufacturing. To open the new facility, Shawn would have to get a loan
Accounting is an information and measurement system that ____________information about an organization’s business activities.a. Translatesb. Recordsc. Choosesd. Prints out
External users of financial information include:a. Purchasing managersb. Service managersc. The chief executive officerd. Lenders
Typical accounting specialists with designations include all of the following except:a. Certified Financial Analyst (CFA)b. Certified Public Accountant (CPA)c. Certified Bookkeeper (CB)d. Certified
Generally accepted accounting principles do not aim to make information in financial statements:a. Reasonableb. Relevantc. Reliabled. Comparable
The Financial Accounting Standards Board is the:a. Governmental group that sets financial accounting principles.b. International group that identifies preferred international accounting principles.c.
Refer to the financial statements of Best Buy in Appendix A near the end of the book. Look at the cad consolidated statements of earnings (income statement).How many years are included and what are
Identifying accounting terms(a) Define these accounting-related acronyms: GAAP, SEC, FASB and IASB. (b) Briefly explain the importance of the knowledge base or organization that is referred to for
Prepare entries in general journal form to record the following:Aug. 6 Woodard Company failed to pay its 30-day, 10 percent note for $600, dated July 9. The note is thus dishonored at maturity.
Prepare entries in general journal form to record the following:June 12 Sold merchandise on account to K. Perrot; terms n/30; $1,740.July 12 Received $740 in cash from K. Perrot and a 60-day, 7
Prepare entries in general journal form to record the following:June 12 Sold merchandise on account to K. Perrot; terms n/30; $1,740.July 12 Received $740 in cash from K. Perrot and a 60-day, 7
The financial statements for Cole Company follow.RequiredUsing the statements of Cole Company, prepare a statement of cash flows for the year ended December 31, 2018.
The financial statements for Zhang Company follow. Assume that the withdrawals were in the form of cash.RequiredPrepare a statement of cash flows for the year ended December 31, 2018.
The financial statements for Romeo and Company follow. Assume that the additional investment and the withdrawals were in the form of cash.RequiredPrepare a statement of cash flows for the year ended
Mahoney Company has the following financial statements for 2017 and 2018. Assume that the purchase of equipment and the withdrawals were in the form of cash.RequiredPrepare a statement of cash flows
The accounts and their balances in the ledger of Markey’s Mountain Shop as of December 31, the end of its fiscal year, are as follows:Data for the adjustments are as follows. Assume that Markey’s
Refer to the information for Problem 10-1B on pages 462–463.Required1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal,
Refer to the information for Problem 10-1A on pages 458–459.Required1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal,
Refer to the information for Problem 10-1A on pages 458–459.Required1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal,
Describe the transaction recorded.
Kelley Company has completed the following October sales and purchases journals:a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable
List three required deductions and four voluntary deductions from an employee’s total earnings.
The trial balance of Morgan’s Insurance Agency as of September 30, after the firm has completed its first month of operations, is as follows:Required1. Record the amounts in the Trial Balance
List Net Income in the appropriate columns.
In the following two-column journal, the capital letters represent where parts of a journal entry appear. Write the numbers 1 through 8 on a sheet of paper. After each number, match the capital
What does cross-referencing mean in the posting process?
Arrange the following steps in the posting process in correct order:a. Write the ledger account number in the Post. Ref. column of the journal.b. Write the amount of the transaction.c. Write the date
What is a compound entry?
Explain the separate entity concept.
The completed worksheet for Montoya Corporation as of December 31, 20X1, after the company had completed the first month of operations, appears below.INSTRUCTIONS1. Prepare an income statement.2.
What type of account is Purchases Returns and Allowances?
What is the purpose of the Freight In account?
What is the purpose of a purchase requisition? A purchase order?
What is the difference between a receiving report and an invoice?
Describe a full endorsement.
What is a petty cash voucher?
When is the petty cash fund replenished?
What is the classification of the Notes Payable account?
What does the term cash mean in business?
From an accounting and internal control viewpoint, would it be preferable to pay employees by check or cash? Explain.
How is the amount of social security tax to be withheld from an employee’s earnings determined?
What is the purpose of workers’ compensation insurance?
What is Form W-3?
Is the ceiling on earnings subject to unemployment taxes larger than or smaller than the ceiling on earnings subject to the social security tax?
How do the FUTA and SUTA taxes relate to each other?
Under the monthly deposit schedule rule, when must deposits for employee income tax and other withheld taxes be made?
Which of the following factors determine the frequency of deposits of social security, Medicare, and income tax withholdings?a. Experience rating.b. Amount of taxes reported in the lookback period.c.
What is meant by the term “accrued income”?
How, if at all, does “accrued income” differ from “unearned income”?
A completed worksheet for Holiday Company on December 31, 20X1, showed a total of $930,000 in the Debit column of the Income Statement section and a total credit of $902,000 in the Credit column.
On July 1, 20X1, a landlord received $36,000 cash from a tenant, covering rent from July 1, 20X1, through June 30, 20X2. The payment received was credited to Unearned Rent Income. Assuming no entry
On July 1, 20X1, a landlord received $36,000 cash from a tenant, covering rent from that date through June 30, 20X2. The payment was credited to Rent Income. Assuming no entry has been made in the
What journal entry(ies) is (are) made in the adjustment column for beginning and ending inventories?
Why would a photocopy machine used in the office not be considered a current asset?
Immediately after closing entries are posted, which of the following types of accounts will have zero balances? Select all that apply.1. Asset accounts2. Expense accounts3. Liability accounts4.
Which of the following should have a debit balance in the adjusted trial balance?1. Sales Returns and Allowances2. Purchases Discounts3. Salaries Payable4. Unearned Rental Income
Describe the entry that would be made to close the Income Summary account in each of the following cases. The owner of the firm is Jan Hanson.1. There is net income of $58,000.2. There is a net loss
Give the sequence in which the following journal entries are posted to the accounts.1. Adjusting entries2. Entries to close expense accounts3. Entries to close revenue accounts4. Reversing entries
What is the purpose of the auditor’s report?
What are the three major types of business entities?
How is the ownership of a corporation different from that of a sole proprietorship?
On September 1, Antonio Alvarez opened Alvarez Tutoring Service.INSTRUCTIONSAnalyze the following transactions. Use the fundamental accounting equation form to record the changes in property, claims
What is the goal of internal control?
The following account balances are for Lisa Assaad, Certified Public Accountant, as of April 30, 20X1.INSTRUCTIONSUsing the accounting equation form, determine the balance for Lisa Assaad, Capital,
On July 1, Roberto Alonzo established Alonzo Commercial Appraisal Services, a firm that provides expert commercial appraisals and represents clients in commercial appraisal
Kimberly Ashley owns Ashley’s Consulting Service. At the beginning of September, her firm’s financial records showed the following assets, liabilities, and owner’s equity.INSTRUCTIONSSet up an
Kawonza Carter is a painting contractor who specializes in painting commercial buildings. At the beginning of June, her firm’s financial records showed the following assets, liabilities, and
If one side of the fundamental accounting equation increases, what will happen to the other side? Why?
Machinery and Equipment Repair Service is owned by William Giese.INSTRUCTIONSUse the following figures to prepare a balance sheet dated March 31, 20X1. (You will need to compute the owner’s
Calvin Paxton is opening a tax preparation service on December 1, which will be called Paxton’s Tax Service. Paxton plans to open the business by depositing $100,000 cash into a business checking
Describe a transaction that will cause Accounts Receivable to decrease and Cash to increase by $2,800.
Huddleston Cleaning Service has the following account balances on December 31, 20X1. Set up a T account for each account and enter the balance on the proper side of the account.Table Summary: Account
What are withdrawals, and how are they recorded?
Bobby Collins decided to start a dental practice. The first five transactions for the business follow. For each transaction, (1) determine which two accounts are affected, (2) set up T accounts for

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