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
financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

What is the five-member body created by the Sarbanes-Oxley Act that was given authority to set auditing standards in the United States?a. Securities and Exchange Commissionb. Financial Accounting
The composition of a company’s audit committeea. must consist of a majority of directors who are key officers of the company.b. must consist of a majority of directors who are outsiders.c. must
Refer to Exhibit 6-5 for Management’s Annual Report on Internal Control Over Financial Reporting for Sears Holdings. Where in this report does management discuss limitations on internal
Controls that a company establishes to safeguard assets and ensure the reliability of the financial statements are calleda. administrative controls.b. accounting controls.c. fiscal controls.d. none
The group within an organization that is responsible for monitoring and evaluating the internal control system is called thea. internal audit staff.b. accounting staff.c. board of directors.d. audit
The form sent by the seller to the buyer as evidence of a sale is called a(n)a. purchase requisition form.b. purchase order.c. invoice.d. invoice approval form.
Which of the following departments in an organization is responsible for preparing the invoice approval form to document all of the information about a particular purchase?a. the department making a
The form sent by the seller to the buyer as evidence of a sale. True/False
The group composed of key officers of a corporation and outside members responsible for the general oversight of the affairs of the entity. True/False
Policies and procedures necessary to ensure the safeguarding of an entity’s assets, the reliability of its accounting records, and the accomplishment of overall company objectives. True/False
Procedures concerned with safeguarding the assets or the reliability of the financial statements. True/False
The form a department uses to initiate a request to order merchandise. True/False
A form the accounting department uses before making payment to document the accuracy of all information about a purchase. True/False
A form used by the accountant to reconcile or resolve any differences between the balance shown on the bank statement for a particular account with the balance shown in the accounting records.
An investment that is readily convertible to a known amount of cash and has an original maturity to the investor of three months or less. True/False
Deductions on a bank statement for items such as NSF checks and various service charges. True/False
A check written by a company but not yet presented to the bank for payment. True/False
A detailed list, prepared by the bank, of all activity for a particular account during the month. True/False
A report required by Section 404 of SOX to be included in a company’s annual report in which management assesses the effectiveness of the internal control structure. True/False
A deposit recorded on the books but not yet reflected on the bank statement. True/False
The methods and records used to accurately report an entity’s transactions and to maintain accountability for its assets and liabilities. True/False
Additions on a bank statement for such items as interest paid on the account and notes collected by the bank. True/False
The board of directors subset that acts as a direct contact between the stockholders and the independent accounting firm. True/False
Money kept on hand for making minor disbursements in coin and currency rather than by writing checks. True/False
The five-member body created by the Sarbanes-Oxley Act that was given the authority to set auditing standards in the United States. True/False
A form used by the receiving department to account for the quantity and condition of merchandise received from a supplier. True/False
Procedures concerned with efficient operation of the business and adherence to managerial policies. True/False
The form sent by the purchasing department to the supplier. True/False
An act of Congress in 2002 intended to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals. True/False
The department responsible for monitoring and evaluating the internal control system. True/False
The following information is available for McCarthy Corp. on June 30, 2008:a. The balance in cash as reported on the June 30, 2008, bank statement is $5,654.98.b. McCarthy made a deposit of $865 on
composition of Cash For the following items, indicate whether each should be included (I) or excluded (E) from the line item titled Cash and cash equivalents on the balance sheet.1.Certificate of
Internal Control List the internal control procedures discussed in the text.
What is a cash equivalent? Why is it included with cash on the balance sheet? (Lo 8) 123
Why does the purchase of an item classified as a cash equivalent not appear on the statement of cash flows as an investing activity? (Lo 8) 123
A friend says to you: “I understand why it is important to deposit all receipts intact and not keep coin and currency sitting around the business. Beyond this control feature, however, I believe
A friend says to you: “I’m confused. I have a memo included with my bank statement indicating a $20 service charge for printing new checks. If the bank is deducting this amount from my account,
Different formats for bank reconciliations are possible.What is the format for a bank reconciliation in which a service charge for a lockbox is added to the balance per the bank statement? Explain
What circumstances led to the passage of the Sarbanes-Oxley Act in 2002? (Lo 8) 123
What is the typical composition of a board of directors of a publicly held corporation? (Lo 8) 123
An order clerk fills out a purchase requisition for an expensive item of inventory and the receiving report when the merchandise arrives. The clerk takes the inventory home, then sends the invoice to
What are some of the limitations on a company’s effective system of internal control? (Lo 8) 123
What two basic procedures are essential to an effective system of internal control over cash? (Lo 8) 123
How would you evaluate the following statement? The only reason a company positions its cash register so that customers can see the display is so customers feel comfortable knowing they are being
Which document, a purchase order or an invoice, is the basis for recording a purchase and a corresponding liability?Explain your answer. (Lo 8) 123
What is a blind receiving report? How does it act as a control device? (Lo 8) 123
What is the purpose of comparing a purchase invoice with a purchase order? of comparing a receiving report with a purchase invoice? (Lo 8) 123
Composition of Cash Using Y for yes and N for no, indicate whether each of the following items should or should not be included with cash and cash equivalents on the balance sheet.Cash in a checking
Bank Reconciliation Indicate whether each of the following items is an adjustment to the balance per books (BK) or to the balance per bank statement (BS) on a reconciliation that adjusts the bank
Sarbanes-Oxley Act Provide answers to each of the following questions.1. Who is responsible for establishing and maintaining an adequate internal control structure for a company?2. Who provides an
Business Documents Number each of the following documents to indicate the order in which each document would be used.Purchase order Invoice approval form Check and remittance advice Purchase
Cash Equivalents Systematic Enterprises invested its excess cash in the following instruments during December 2008:Certificate of deposit, due January 31, 2011 $ 75,000 Certificate of deposit, due
Items on a Bank Reconciliation Assume that a company is preparing a bank reconciliation for the month of June. It reconciles the bank balance and the book balance to the correct balance. For each of
Petty Cash Fund On January 2, 2008, Cleaver Video Stores decided to set up a petty cash fund. The treasurer established the fund by writing and cashing a $300 check and placing the coin and currency
Internal Control The university drama club is planning a raffle. The president overheard you talking about internal control to another accounting student, so she asked you to set up some guidelines
Segregation of Duties The following tasks are performed by three employees, each of whom is capable of performing all of the tasks. Do not concern yourself with the time required to perform the
Composition of Cash Using Y for yes and N for no, indicate whether each of the following items should be included in cash and cash equivalents on the balance sheet. If an item should not be included
Internal Control Procedures You are opening a summer business, a chain of three drive-through snow-cone stands. You have hired other college students to work and have purchased a cash register with
The Design of Internal Control Documents Motel $49.99 has purchased a large warehouse to store all supplies used by housekeeping departments in the company’s expanding chain of motels. In the past,
Cash and Liquid Assets on the Balance Sheet The following accounts are listed in a company’s general ledger. The accountant wants to place the items in order of liquidity on the balance
Internal Control At Morris Mart Inc., all sales are on account. Mary Morris-Manning is responsible for mailing invoices to customers, recording the amount billed, opening mail, and recording the
Adjusting Entries Flood Relief Inc. prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for June 2008:a. Flood
Effects of Adjusting Entries on the Accounting Equation Refer to the information provided for Flood Relief Inc. in Problem 4-1A.Required 1. Prepare a table to summarize the required adjusting entries
Adjusting Entries—Annual Adjustments Ogonquit Enterprises prepares annual financial statements and adjusts its accounts only at the end of the year. The following information is available for the
Recurring and Adjusting Entries Following are the accounts of Dominique Inc., an interior decorator. The company has been in the decorating business for ten years and prepares quarterly financial
Use of Account Balances as a Basis for Adjusting Entries—Annual Adjustments The following account balances are taken from the records of Laugherty Inc. at December 31, 2008. The Supplies account
Use of a Trial Balance as a Basis for Adjusting Entries Lori Matlock operates a graphic arts business. A trial balance on June 30, 2008, before recording any adjusting entries, appears as
Effects of Adjusting Entries on the Accounting Equation Refer to the information provided for Matlock Graphic Arts Studio in Problem 4-6A.Required 1. Prepare a table to summarize the required
Reconstruction of Adjusting Entries from Account Balances Zola Corporation records adjusting entries each month before preparing monthly financial statements.The following selected account balances
Use of a Trial Balance to Record Adjusting Entries in T Accounts Lewis and Associates has been in the termite inspection and treatment business for five years. An unadjusted trial balance at June 30,
Effects of Adjusting Entries on the Accounting Equation Refer to the information provided for Lewis and Associates in Problem 4-9A.Required Prepare a table to summarize the required adjusting entries
Revenue and Expense Recognition and Closing Entries Two years ago Sue Stern opened an audio book rental shop. Sue reports the following accounts on her income statement:Sales $84,000 Advertising
Ten-Column Work Sheet and Closing Entries (Appendix)The unadjusted trial balance for Forever Green Landscaping on August 31, 2008, follows.Required 1. Enter the unadjusted trial balance in the first
Ten-Column Work Sheet and Financial Statements (Appendix)The following unadjusted trial balance is available for Tenfour Trucking Company on January 31, 2008:Required 1. Enter the unadjusted trial
Comparing Two Companies in the Same Industry: Kellogg’s and General Mills Refer to the financial information for Kellogg’s and General Mills reproduced at the end of the book for the information
Reading and Interpreting Nordstrom’s Notes—Revenue Recognition The following excerpt is taken from Note 1 on page 33 of Nordstrom’s 2006 annual report:Revenue Recognition We record revenues net
Reading and Interpreting Sears Holdings Corporation’s Notes—Revenue Recognition The following excerpt is taken from page 65 of the Sears Holdings Corporation (parent company of Kmart and Sears)
Depreciation Jenner Inc., a graphic arts studio, is considering the purchase of computer equipment and software for a total cost of $18,000. Jenner can pay for the equipment and software over three
Revenue Recognition and the Matching Principle Listum & Sellum Inc. is a medium-sized midwestern real estate company. It was founded five years ago by its two principal stockholders, Willie Listum
Advice to a Potential Investor Century Company was organized 15 months ago as a management consulting firm. At that time, the owners invested a total of $50,000 cash in exchange for stock. Century
Identify the forms of inventory held by different types of businesses and the types of costs incurred.
Show that you understand how wholesalers and retailers account for sales of merchandise.
Show that you understand how wholesalers and retailers account for cost of goods sold.
Use the gross profit ratio to analyze a company’s ability to cover its operating expenses and earn a profit.
Explain the relationship between the valuation of inventory and the measurement of income.
Apply the inventory costing methods of specific identification, weighted average, FIFO, and LIFO by using a periodic system.
Analyze the effects of the different costing methods on inventory, net income, income taxes, and cash flow.
Analyze the effects of an inventory error on various financial statement items.
Apply the lower-of-cost-or-market rule to the valuation of inventory.
Explain why and how the cost of inventory is estimated in certain situations.
Analyze the management of inventory.
Explain the effects that inventory transactions have on the statement of cash flows.
Explain the differences in the accounting for periodic and perpetual inventory systems and apply the inventory costing methods using a perpetual system.
The inventory of a retailer is limited to a single type of cost, the purchase price of the inventory it sells. The three distinct types of cost to a manufacturer area. direct materials, direct labor,
The three forms or states in the development of inventory for a manufacturer area. direct materials, direct labor, and finished goods.b. direct materials, direct labor, and manufacturing overhead.c.
Net sales is equal toa. sales revenue less sales returns and allowances and sales discounts.b. sales revenue less cost of goods sold.c. sales revenue less selling and administrative expenses.d. none
What type of account is Sales Discounts?a. contra-assetb. revenuec. contra-revenued. expense
Cost of goods available for sale is equal toa. cost of goods sold less beginning inventory.b. beginning inventory less ending inventory.c. beginning inventory less cost of goods sold.d. none of the
The type of inventory system in which the Inventory account is updated at the time of each sale is calleda. a periodic system.b. a perpetual system.c. an accrual system.d. none of the above.
The gross profit ratio is computed bya. dividing gross profit by net sales.b. dividing net sales by gross profit.c. dividing gross profit by cost of goods sold.d. none of the above.

Showing 1800 - 1900 of 2576

First
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

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