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financial accounting 11th

Questions and Answers of Financial Accounting 11th

What is the control environment? Discuss how the control environment had a strong influence over a situation with which you are personally familiar (e.g., a place where you work, your family, your
Do you think the risk factors for management fraud are the same as the risk factors for employee fraud? Why or why not?AppendixLO1
What is a fraud triangle, and why is it important?AppendixLO1
What is management fraud? What is employee fraud? Give some examples of each.AppendixLO1
What motivates people to commit fraud?AppendixLO1
Can ethics be taught in the college classroom? Why or why not?AppendixLO1
Know the difference between book value and market value of stockholders’ equity AppendixLO1
Know the legal and ethical responsibilities of an accountant, including the requirements of the Sarbanes-Oxley Act (SOX)AppendixLO1
Know what a Certified Public Accountant (CPA) is and does AppendixLO1
Define fraud and describe the different types of fraud in business AppendixLO1
Understand the importance and role of internal control AppendixLO1
Describe the relationships among manufacturers, wholesalers, retailers, and customers AppendixLO1
Define periodic and perpetual inventory systems AppendixLO1
Journalize transactions for the purchase of inventory AppendixLO1
Journalize transactions for the sale of inventory AppendixLO1
Understand shipping terms and journalize transactions for freight charges and other selling expenses AppendixLO1
Prepare a multi-step income statement and a classified balance sheet AppendixLO1
Compute earnings per share, the gross profit percentage, and the net income percentage AppendixLO1
What accounts will appear on the financial statements of a merchandiser that will not appear on those of a service-oriented company?AppendixLO1
What are some reasons why a merchandiser might prefer to use a perpetual inventory system over a periodic inventory system?AppendixLO1
Why do businesses use subsidiary ledgers?AppendixLO1
What do the terms 2/10, n/30 mean? If you were advising a company that bought goods under these terms, what would you advise it to do with respect to payment? Why?AppendixLO1
How many accounts are involved in recording the sale of merchandise on credit?AppendixLO1
What kind of account is Sales Returns and Allowances? Where would it appear on the financial statements?AppendixLO1
What is a credit memorandum? Give an example of the type of transaction in which it would be used.AppendixLO1
What does the term “free on board” mean? Why is this an important term to understand if you are involved in making decisions about the purchasing of inventory or the setting of prices for your
What is the difference between a single-step and multi-step income statement? For what type of business is a multi-step income statement most appropriate?AppendixLO1
What situation might explain why a company’s gross profit percentage went down from 60% to 40% from one year to the next?AppendixLO1
Which account does a merchandiser use that a service company does not use?a. Cost of goods soldb. Inventoryc. Sales revenued. All of the above AppendixLO1
The two main inventory accounting systems are thea. perpetual and periodic.b. cash and accrual.c. returns and allowances.d. purchase and sale.AppendixLO1
Which of the following represents the journal entry to record the purchase of $1,500 of inventory on account?AppendixLO1 DATE a. ACCOUNTS POST REF. DR. CR. Cost of Goods Sold 1,500 Accounts Payable
Water Works Pool Supply, Inc., purchased inventory for $2,700 and also paid $70 freight to have the inventory delivered. Water Works Pool Supply, Inc., returned $125 of the goods to the seller and
Suppose Riley Electronics, Inc., had sales of $280,000 and sales returns of $26,000. Cost of goods sold was $112,000. How much gross profit did Riley Electronics, Inc., report?a. $168,000b.
Suppose Perfect Picture Photography Supply’s Inventory account showed a balance of$44,700. A physical count showed $43,300 of goods on hand. To adjust the inventory account, Picture Perfect
If Holiboards, Inc., returned $2,750 of snowboards to a supplier, which of the following entries would be used to record the transaction?AppendixLO1 DATE ACCOUNTS a. Accounts Payable Inventory b.
An asset is classified as current if ita. will last longer than one year.b. will become cash, be sold, or be used up within twelve months.c. was purchased within the last six months.d. was purchased
The income statement format that shows important subtotals is referred to asa. a subtotaled income statement.b. a single-step income statement.c. a multi-step income statement.d. a classified income
Suppose Acme Electronics, Inc., had sales of $195,000 and sales returns of $15,000.Cost of goods sold was $108,000. What was Neilson Electronics’ gross profit percentage(rounded) for this period?a.
According to the Real World Accounting Video, the cost of merchandise inventory that the business has sold to customers is called _______________.a. inventory shrinkageb. cost of businessc. cost of
According to the Real World Accounting Video, vendors generally sell merchandise expecting to be paid in ________ days.a. 0b. 30c. 90d. 180 AppendixLO1
Describe the four different inventory costing methods AppendixLO1
Compute inventory costs using first-in, first-out (FIFO), last-in, first-out (LIFO), and average cost methods and journalize inventory transactions AppendixLO1
Compare the effects of the different costing methods on the financial statements AppendixLO1
Value inventory using the lower-of-cost-or-market(LCM) rule AppendixLO1
Illustrate the reporting of inventory in the financial statements AppendixLO1
Determine the effect of inventory errors on the financial statements AppendixLO1
Use the gross profit method to estimate ending inventory AppendixLO1
Compute the inventory turnover and days-sales-in-inventory AppendixLO1
The introduction to this chapter suggests that the chapter will explore the answers to some questions about inventory. Did you get the answers to those questions? Specifically,a. why does inventory
How are the financial statements of a manufacturer different from those of a merchandiser with respect to inventory?AppendixLO1
What is a cost-flow assumption? Why is a cost-flow assumption necessary in accounting for inventory?AppendixLO1
If a company had two units that cost $1 each in its beginning inventory and purchased two more units for $2 each, what would be the cost of goods sold associated with a sale of three units under each
If a company had two units that cost $1 each in its beginning inventory and purchased two more units for $2 each, what would be the gross profit reported on the income statement under each of the
Let’s say that two companies, identical in every way except that one used FIFO and one used LIFO, went into a bank on the same day to get a loan to deal with the rising cost of acquiring inventory.
Describe some business and economic conditions that might make the lower-of-cost-ormarket rule more likely to result in a write-down of inventory.AppendixLO1
Under which of the inventory methods, periodic or perpetual, would a company be better equipped to detect inventory shrinkage? Why?AppendixLO1
If a company is having a harder time selling its products, even at discounted prices compared to last year, would this year’s inventory turnover rate be higher or lower than last year’s rate?
During April, Bargain Hardware made sales of $42,300 and ended the month with inventories totaling $5,400. Cost of Goods Sold was $21,900. Total operating expenses were$10,800. How much net income
Which inventory costing method assigns the newest, most recent costs incurred during the period to ending inventory?a. Last-in, first-out (LIFO)b. Specific-unit costc. Average costd. First-in,
Which inventory costing method results in the lowest net income during a period of declining inventory costs?a. Last-in, first-out (LIFO)b. Specific-unit costc. Average costd. First-in, first-out
Assume BAL, Inc., began March with 95 units of inventory that cost a total of $1,710.During March, BAL, Inc., purchased and sold goods as follows:Mar 6 15 22 30 Purchased 120 units @ $16 each Sold
Assume BAL, Inc., began March with 95 units of inventory that cost a total of $1,710.During March, BAL, Inc., purchased and sold goods as follows:Mar 6 15 22 30 Purchased 120 units @ $16 each Sold
Assume BAL, Inc., began March with 95 units of inventory that cost a total of $1,710.During March, BAL, Inc., purchased and sold goods as follows:Mar 6 15 22 30 Purchased 120 units @ $16 each Sold
Which of the following prevents a company from switching its inventory costing method to a different method each year?a. Consistency principleb. Materiality conceptc. Matching principled. Disclosure
Which of the following is most closely linked to the accounting principle of conservatism?a. Consistency principleb. Disclosure principlec. Lower-of-cost-or-market ruled. Materiality concept
At December 31, 2012, Island Equipment understated ending inventory by $2,500. How does this error affect cost of goods sold and net income for 2012?a. Understates costs of goods sold and overstates
Suppose Rocky Mountain, Inc., lost its entire inventory in a hurricane. Beginning inventory was $49,000, net purchases totaled $530,000, and sales came to $880,000. Rocky Mountain’s normal gross
According to the Real World Accounting Video, a ____________ is a profitability measure that is computed as net income/net sales.a. gross profit margin ratiob. profit margin ratioc. net income
According to the Real World Accounting Video, ABC Wines has a supply chain that is composed of its ______________.a. landlordsb. importers and distributorsc. customersd. employees Answers are given
Inventory methods (Learning Objective 1) 5 min.Hasse Landscaping would like to assign the oldest costs of inventory items to its ending inventory.Which inventory costing method should Hasse
Inventory methods (Learning Objective 1) 5–10 min.Cunnington Furniture doesn’t expect prices to change dramatically and wants to use a method that averages price changes.1. Which inventory method
FIFO (Learning Objective 2) 5–10 min.Refer to the data for S5-3. Using the FIFO method, calculate the value of ending inventory for April.AppendixLO1
Average cost (Learning Objective 2) 5–10 min.Refer to the data for S5-3. Using the average cost method, calculate the value of ending inventory on April 31.AppendixLO1
LIFO (Learning Objective 2) 5–10 min.Refer to the data for S5-3. Using the LIFO method, calculate the value of ending inventory on April 31.AppendixLO1
LIFO (Learning Objective 2) 5–10 min.Refer to the data for S5-3. Using the LIFO method, calculate the amount charged to cost of goods sold for April.AppendixLO1
Inventory terms (Learning Objectives 4 & 5) 5–10 min.Match the terms with the definitions._____ 1. A company must perform strictly proper accounting only for items that are significant to the
Lower-of-cost-or-market (Learning Objective 4) 5–10 min.Thomson Company accumulates the following cost and market data at December 31.What is the amount of inventory Thomson Company reports on
Reporting inventory on the balance sheet (Learning Objective 5) 5–10 min.At the end of the current year, Cottage Cafe’s inventory account balance was $13,550.A physical count of the inventory
Inventory principles and terminology (Learning Objectives 1, 4, & 5)5–10 min.Match the accounting terms on the left with the corresponding definitions on the right._____1. Assigns the most recent
Inventory errors (Learning Objective 6) 5–10 min.Inland Industrial Supply’s income statement data for the year ended October 31, 2014, follow.Assume that the ending inventory was accidentally
Inventory errors (Learning Objective 6) 10–15 min.Inland Industrial Supply’s income statement data for the year ended December 31, 2014, follow.Assume that the ending inventory was accidentally
Estimating ending inventory (Learning Objective 7) 10–15 min.Haskin’s Wholesale began the year with inventory of $51,600 and made purchases of$326,800 during the year. Sales for the year are
Inventory turnover (Learning Objective 8) 5–10 min.Swanson, Incorporated’s sales for the year ended March 31, 2014, were $1,275,000, and cost of goods sold amounted to $728,000. Beginning
LIFO (Learning Objective 2) 10–15 min.Refer to the data for E5-16A. However, instead of the FIFO method, assume Riley’s Sports Shop uses the LIFO method.Requirements 1. Prepare a perpetual
Average cost (Learning Objective 2) 10–15 min.Refer to the data for E5-16A. However, instead of the FIFO method, assume Riley’s Sports Shop uses the average cost method.Requirements 1. Prepare a
FIFO versus LIFO (Learning Objective 2) 10–15 min.Refer to the data for Brazington Bikes in E5-19A.Requirements 1. Compute the cost of goods sold under FIFO.2. Compute the cost of goods sold under
FIFO versus LIFO versus average cost (Learning Objectives 2 & 3) 15–20 min.Assume that McCormack Tire completed the following perpetual inventory transactions for a line of tires.28 tires @ $193 35
Inventory errors (Learning Objective 6) 10–15 min.Old Time Bakery reported sales revenue of $134,000 and cost of goods sold of $89,000.Requirements 1. Compute Old Time Bakery’s correct gross
Estimating ending inventory (Learning Objective 7) 5–10 min.Sounds on Wheels sells and installs audio equipment. During a recent fire that occurred at its warehouse, Sounds on Wheels’ entire
LIFO (Learning Objective 2) 10–15 min.Refer to the data for E5-28B. However, instead of the FIFO method, assume Underwater World uses the LIFO method.Requirements 1. Prepare a perpetual inventory
FIFO versus LIFO (Learning Objective 2) 10–15 min.Assume that North Country Bike World bought and sold a line of mountain bikes during August as follows:North Country Bike World uses the perpetual
FIFO versus LIFO (Learning Objective 2) 10–15 min.Refer to the data for North Country Bike World in E5-31B.Requirements 1. Compute the cost of goods sold under FIFO.2. Compute the cost of goods
FIFO versus LIFO versus average cost (Learning Objectives 2 & 3) 15–20 min.Assume that Performance Tire, Inc., completed the following perpetual inventory transactions for a line of tires.34 tires
Lower of cost or market (Learning Objective 4) 10–15 min.Ridgeview Resources has the following account balances at January 31, 2014. The inventory balance was determined using FIFO.Ridgeview
Inventory errors (Learning Objective 6) 10–15 min.Titan Trucks reported sales revenue of $343,000 and cost of goods sold of $246,000.Requirements 1. Compute Titan Trucks’ correct gross profit
Estimating ending inventory (Learning Objective 7) 5–10 min.Mobile Audio sells and installs audio equipment. During a recent fire that occurred at its warehouse, Mobile Audio’s entire inventory
Inventory turnover (Learning Objective 8) 10–15 min.Pete’s Plants has the following information as of July 31, 2014:Requirements 1. Compute the rate of inventory turnover for Pete’s Plants for
Computing LIFO and journalizing inventory transactions (Learning Objectives 1 & 2) 15–20 min.Watkins Equipment sells hand-held engine analyzers to automotive service shops.Watkins Equipment started
Computing average cost and preparing a multi-step income statement(Learning Objectives 2 & 5) 15–20 min.Refer to the data for Watkins Equipment in P5-40A. However, assume Watkins Equipment uses the
Lower of cost or market (Learning Objective 4) 10–15 min.Due to a nationwide recession, Liquidation World’s merchandise inventory is gathering dust. It is now October 31, 2014, and the $189,400

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