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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Accounting for notes receivable (Learning Objective 6) 20–25 min.Record the following transactions in the journal of Jo Jo Music. Explanations are not required.Use a 360-day year for interest
Accounting for notes receivable (Learning Objective 6) 20–25 min.Buck Insurance Agency received the following notes during 2014:(1)(2)(3)Note Dec 23 Nov 30 Dec 7 Date$21,000 15,000 9,000 Principal
Aging of accounts receivable allowance method (Learning Objectives 4 & 5)15–20 min.Dialex Supply completed the following selected transactions during 2014:Jan 17 Jun 29 Aug 6 Sep 4 Dec 31 Dec 31
Direct write-off method and percent of sales allowance method(Learning Objectives 4 & 5) 20–25 min.On October 31, Ash Tennis Equipment had an $82,000 debit balance in Accounts Receivable. During
Quick ratio, current ratio, and accounts receivable turnover (Learning Objective 7) 15–20 min.Midwest Equipment reported the following items on July 31, 2014 (amounts in thousands, with last
Quick ratio and current ratio (Learning Objective 7) 15–20 min.Consider the following data:Cash................................................Short-term Investments..................Net Current
Accounting for notes receivable (Learning Objective 6) 15–20 min.Sanchez Enterprises sells on account. When a customer account becomes four months old, Sanchez converts the account to a note
Accounting for notes receivable (Learning Objective 6) 15–20 min.Journalize the following transactions of Baltic, Inc., which ends its accounting year on September 30:May 1 Sep 17 30 Loaned $16,000
Accounting for notes receivable (Learning Objective 6) 15–20 min.On July 31, 2014, Texas State Bank loaned $475,000 to Gina Baldwin on a one-year, 6% note.Requirements 1. Compute the interest for
Percent of sales and aging of accounts receivable allowance methods(Learning Objective 4) 15–20 min.Outerbanks, Inc., uses the allowance method to account for uncollectible accounts. On December
Aging of accounts receivable allowance method (Learning Objective 4)15–20 min.On October 31, 2014, the Accounts Receivable balance of Richards Manufacturing is $307,000. The Allowance for
Percent of sales allowance method (Learning Objective 4) 10–15 min.Teck Automotive ended December 2013 with Accounts Receivable of $30,000 and a credit balance in Allowance for Uncollectible
Direct write-off method (Learning Objective 4) 5–10 min.Fesler Industries uses the direct write-off method to account for bad debts. Record the following transactions that occurred during the
Quick ratio, current ratio, and accounts receivable turnover (Learning Objective 7) 15–20 min.Cherokee Equipment reported the following items on December 31, 2014 (amounts in thousands, with last
Quick ratio and current ratio (Learning Objective 7) 15–20 min.Consider the following data:Cash................................................Short-term Investments..................Net
Accounting for notes receivable (Learning Objective 6) 15–20 min.Jonah Enterprises sells on account. When a customer account becomes four months old, Jonah converts the account to a note
Accounting for notes receivable (Learning Objective 6) 15–20 min.Journalize the following transactions for Antoine Co. based on the notes receivable during the last 2 months of the year.Nov 1 Dec
Accounting for notes receivable (Learning Objective 6) 15–20 min.On September 30, 2014, Citibank loaned $800,000 to George Wells on a one-year, 9% note.Requirements 1. Compute the interest for the
Percent of sales and aging of accounts receivable allowance methods(Learning Objective 4) 15–20 min.EasternTextile uses the allowance method to account for uncollectible accounts.On December 31,
Percent of sales allowance method (Learning Objective 4) 10–15 min.Charly’s Automotive ended December 2013 with Accounts Receivable of $72,000 and a credit balance in Allowance for Uncollectible
Direct write-off method (Learning Objective 4) 5–10 min.Blue Mountain, Inc., uses the direct write-off method to account for bad debts. Record the following transactions that occurred during the
Accounts Receivable Turnover and Receivable Collection Period(Learning Objective 7) 5–10 min.Marina Oceana Panacea Company Name$180,000$400,000$ 75,000$ 5,000$52,000$ 5,400$30,000$42,000$ 5,800
Quick ratio (Learning Objective 7) 5–10 min.Calculate the quick assets and the quick ratio for each of the following
Accounting for notes receivable (Learning Objective 6) 10–15 min.Nisrine, Inc. has the following transactions related to notes receivable during the last month of the year. Journalize the
Accounting for notes receivable (Learning Objective 6) 10–15 min.Compute the maturity value as indicated for each of the following notes receivable.1. A $7,000, 5%, 6-month note dated June
Notes receivable terms (Learning Objective 6) 10–15 min.Match the term with its definition by placing the corresponding letter in the space provided:_____1. A written promise to pay a specified
Internal controls—credit sales (Learning Objective 3) 10–15 min.Claire Billiot, the office manager of a local office supply company, is designing its internal control system. Billiot proposes the
Aging of accounts receivable allowance method (Learning Objective 4)5–10 min.Umbrella.com had the following balances on December 31, 2014, before the year-end adjustments:Accounts Receivable
Aging of accounts receivable allowance method (Learning Objective 4)5–10 min.The following information relates to Hani Company’s 2014 operations. Hani Company uses the allowance method for
Percent of sales allowance method (Learning Objective 4) 5–10 min.Wilson’s Auto Repair ended 2013 with Accounts Receivable of $85,000 and a credit balance in Allowance for Uncollectible Accounts
Percent of sales allowance method (Learning Objectives 4 & 5) 5–10 min.During its first year of operations, World Wide Travel earned revenue of $620,000 on account. Industry experience suggests
Direct write-off method (Learning Objective 4) 5–10 min.Amy Macintosh, an attorney, uses the direct write-off method to account for uncollectible receivables. On September 30, Macintosh’s
Receivable terms (Learning Objectives 3 & 4) 5–10 min.Match the term with its definition by placing the corresponding letter in the space provided:c Example: Amounts owed to a business by another
Balance sheet presentation of cash (Learning Objective 2) 5–10 min.Prepare the current assets section of the balance sheet as of May 31, 2014, for Spices and More, Inc., using the following
Bank reconciliation adjustments (Learning Objective 1) 10–15 min.Classify each of the following items as one of the following:Addition to the book balance (+ Book)Subtraction from the book balance
Bank reconciliation adjustments (Learning Objective 1) 5–10 min.For each of the following, indicate whether the item is an adjustment to the bank balance or the book balance:____ 1. Bank service
According to the Real World Accounting Video, cash sales account for approximately _________ of all sales at Alphabet City Beer.a. half, or 50%b. a quarter, or 25%c. none, or 0%d. all, or
In the Real World Accounting Video, Zachery Mack talks about the challenges of cash management. He was able to survive a catastrophe due to Hurricane Sandy. He was able to pay his bills and keep his
On December 31, you have a $15,000 note receivable from a customer. Interest of 5%has also accrued for eight months on the note. What will your financial statements report for this situation?a. The
Which of the following is true regarding the direct write-off method of accounting for uncollectibles?a. The direct write-off method does not adhere to GAAP.b. The direct write-off method does not
Your business uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Uncollectible Accounts had a credit balance of $1,800. During the year
Which method of estimating uncollectible receivables focuses on net credit sales?a. Aging approachb. Net realizable value approachc. Percent-of-sales approachd. All of the above AppendixLO1
Uncollectible accounts are the same asa. notes receivable.b. bad debts.c. both a and b.d. none of the above.AppendixLO1
After performing a bank reconciliation, journal entries are required fora. all items on the book side of the reconciliation.b. all items on the bank side of the reconciliation.c. all items on the
On its books, Nile Valley Company’s Cash account shows an ending balance of $950.The bank statement for the current period shows a $22 service charge and an NSF check for $140. A $220 deposit is in
Which item(s) appears as a reconciling item(s) to the bank balance in a bank reconciliation?a. Outstanding checksb. Deposits in transitc. Both a and bd. None of the above AppendixLO1
Which item(s) appears as a reconciling item(s) to the book balance in a bank reconciliation?a. Outstanding checksb. Deposits in transitc. Both a and bd. None of the above AppendixLO1
The document that identifies and explains all differences between the company’s record of cash and the bank’s record of that cash is thea. bank reconciliation.b. electronic fund transfer.c. bank
Recently the United States was in a recession. What would be the expected effect of a recession on accounts receivable turnover ratios?AppendixLO1
If a company with a 12/31 year-end lends money in the form of a six-month note on 11/1, which accounts will be credited when the note is paid off on 4/30?AppendixLO1
How would the net realizable value of Accounts Receivable change when an account is written off under the allowance method?AppendixLO1
Under which method, percent of sales or aging, would the balance in Allowance for Doubtful Accounts, just before the adjusting entry, affect the amount of the adjusting entry? Why?AppendixLO1
Why is the percent of sales method called the “income statement approach” while the aging method is called the “balance sheet approach”?AppendixLO1
How is Allowance for Doubtful Accounts reported on the financial statements? Why is it important for companies to report net realizable value of Accounts Receivable on the balance sheet?AppendixLO1
Why does the allowance method of accounting for bad debts conform to GAAP while the direct write-off method does not?AppendixLO1
What would be the surest way to eliminate the possibility of having any bad debts? Why don’t companies operate this way if it could help them eliminate this costly expense?AppendixLO1
After preparing a bank reconciliation, which reconciling items will require journal entries? Why?AppendixLO1
Which duties should be segregated in the purchasing process? Why? That is, what could go wrong if two or more of those duties are not segregated?AppendixLO1
Calculate the current ratio, quick ratio, accounts receivable turnover, and receivable collection period AppendixLO1
Use the direct write-off and allowance methods to account for uncollectible accounts AppendixLO1
Identify the different types of receivables and discuss related internal controls for accounts receivable AppendixLO1
Discuss internal controls for cash and prepare a bank reconciliation AppendixLO1
You are the controller for Pro Clean Services, a company that provides janitorial services to large commercial customers. The company has been very successful during its first two years of
Kelly Straton, a trusted employee of Simpson Supply Company, found himself in a difficult financial situation. His son’s college tuition had to be paid in full by the end of the month.The family
Assume that you were recently hired as a staff accountant for Advanced Energy Solutions, Inc. You report to Tina, the director of financial reporting, who in turn reports to the CFO. One of your
Jennifer Sims was hired as the new store manager for BargainHunter. The store used four cash registers, and 10 cashiers worked various shifts in the store. Store operations include the following
PDQ, Inc., is a supplier of residence alarm systems to building contractors. Charlie Roberts, the company’s new CEO, is out to make a name for himself and makes it known to his management team that
Sam Olson is the manager of a Stop and Go convenience store. He has been employed by the company for 14 years, the last 4 years as a store manager. Sam applied for a promotion to regional manager,
Ali Jamison is the controller at Williams Supply Company, a publicly traded distributor of automotive supplies. It is the end of the third quarter, and Ali is working under a deadline to get the
Roberto needed a summer job and was lucky enough to land a position as a ticket collector at a local amusement park. On his first day, he was assigned to work alongside Suzanne who had worked at the
IFRS (Learning Objective 1) 20–25 min.Describe the major differences between US GAAP and International Financial Reporting Standards.AppendixLO1
Sarbanes-Oxley Act (Learning Objective 5) 20–25 min.What are the main provisions of the Sarbanes-Oxley Act? Be specific.AppendixLO1
Accounting terminology (Learning Objectives 1 & 4) 5–10 min.Place the corresponding letter of the definition next to the term._____ 1. Unqualified opinion _____ 2. Audit _____ 3. IFRS _____ 4. GAAP
Fraud and internal controls (Learning Objectives 2 & 3) 15–20 min.Each of the following situations has an internal control weakness.a. Crystal Lund has been your trusted employee for 25 years. She
Internal controls (Learning Objective 2) 5–10 min.Identify the missing internal control in the following situations. Select from these activities:• Proper authorization• Separation of duties•
Internal controls (Learning Objective 2) 5–10 min.The following situations suggest a strength or a weakness in internal control. Identify each as a strength or weakness, and give the reason for
Internal controls (Learning Objective 2) 5–10 min.Peter’s Hardware maintains the following policies/procedures with regard to internal control. Indicate by letter which of the following control
Internal controls (Learning Objective 2) 5–10 min.Identify each of the following as an internal control objective (O), an internal control activity (A), or a limitation of internal control
Fraud triangle (Learning Objective 3) 5–10 min.Look at each of the following employees of Anthony’s Restaurant. Which of the elements of the fraud triangle apply?Perceived pressure (P)Perceived
Internal controls (Learning Objective 2) 10–15 min.Explain in your own words why separation of duties is often described as the cornerstone of internal control for safeguarding assets. Describe
Internal controls (Learning Objective 2) 5–10 min.Indicate by letters which of the following control activities match with the following descriptions:Separation of duties (SD)Restricted access
Internal controls (Learning Objective 2) 5–10 min.Internal controls are designed to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure
Fraud triangle (Learning Objective 3) 5–10 min.Identify each of the following as an example of a perceived pressure (P), perceived opportunity(O), or rationalization (R) in the fraud triangle:_____
Match the following five items (a-e) with the definitions provided below (1-5)a. Risk assessmentb. Monitoringc. Information and communicationd. Control environmente. Control activities _____ 1. The
According to the Real World Accounting Video, CPAs are very special people in the accounting world. The initials CPA stand for ______________.a. Chartered Public Auditorb. Certified Public
According to the Real World Accounting Video, Generally Accepted Accounting Principles(GAAP) provide all of the following except ______________.a. standardizationb. investor confidencec.
Which of the following is false regarding the Sarbanes-Oxley act?a. It requires that external auditors report to the company president.b. It established the PCAOB.c. It applies to publicly traded
Internal auditors focus on _____; external auditors are more concerned with _____.(Fill in the blanks.)a. financial statements; laws and regulationsb. company policies and procedures; financial
Which of the following is not a limitation of internal control?a. Rationalizationb. Tired employeesc. Poorly designed controlsd. Collusion AppendixLO1
Darice Goodrich receives cash from customers as part of her job duties. Her other duty is to post the receipts to customer accounts receivable. Based on these duties, her company has (a) weaka.
Which of the following is not a control activity?a. Proper authorizationb. Security measuresc. Risk assessmentd. Mandatory vacations AppendixLO1
Which of the following factors creates an opportunity for fraud?a. Greedb. Living beyond one’s meansc. Lack of an audit traild. The organization owes it to me AppendixLO1
Which of the following is not an element of an internal control system?a. Monitoringb. Information and communicationc. The control environmentd. Auditing AppendixLO1
Internal control isa. the act of stealing a business’s assets.b. the process that helps a business achieve its objectives, such as operating efficiently and effectively.c. the reconciliation of the
The fraud triangle includes all of the following except for ______________.a. validationb. perceived opportunityc. rationalizationd. perceived pressure AppendixLO1
Which of the following is not one of the key elements common to most frauds?a. Perceived pressureb. Perceived inequalityc. Perceived opportunityd. Rationalization AppendixLO1
What is the difference between a rules-based system and a principles-based system of accounting rules? Under what circumstances would each be preferable? How does the distinction apply to the
What effect does the Sarbanes-Oxley Act of 2002 have on the role and influence of the CEO in a corporation?AppendixLO1
What are the implications of the fact that every internal control structure has inherent limitations? That is, how does the knowledge that no internal control structure is perfect help management run
What part of the fraud triangle is most closely associated with the control activities component of internal control? That is, if control activities are improved, which corner of the fraud triangle

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