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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

7. Which of the following is correct?a. A statement of financial position contains information about how components of equity change during a period.b. An entity is not allowed to aggregate its
6. IAS 1 does not require the following item to be displayed on the statement of financial position:a. Provisionsc. Accumulated depreciationb. Cash and cash equivalentsd. Intangible assets
5. Materiality means:a. The amount in question had the potential to result in a different decision had it been known to financial statement users.b. The amount in question is greater than 10% of
4. Who is responsible for the preparation of financial statements?a. Auditorb. Managementc. Chief Financial Officer (CFO) and the accounting staffd. Chairman of the Board
3. The first item in the analysis and commentaries section of an annual report is typically:a. Management analysis and discussionsb. Chairman’s message/letter to shareholdersc. Auditor’s report
2. Corporate annual reports typically appear in this order:a. Corporate information, other statements and disclosures, analysis and commentaries, and financial statementsb. Financial statements,
1. Which statement is true?a. Chairman’s letters are part of a ﬁnancial statement.b. Corporate annual reports are part of a financial statement.c. Management discussions and analysis are part of
1 Appreciate the role of annual reports as a communication tool#!#2 Know the general presentation requirements of financial statements#!#3 Understand presentation requirements for Statement of
1 Understand the role of accounting in communicating financial information
2 Understand the underlying accounting concepts in the IFRS Conceptual Framework
3 Obtain insights into business operations through financial statements
4 Identify financial statements and their inter-relationships
5 Understand the role of ethics in accounting
1. All of the following statements are true except one. Which statement is false?a. The organization that formulates IFRS is the International Accounting Standards Board.b. Users of financial
2. Which of the following items are fundamental qualitative characteristics of financial information?a. Going concern and accrual accountingb. Relevance and faithful representationc. Materiality and
3. The accounting equation can be expressed as:a. Assets = Liabilities − Owners’ Equityb. Assets + Liabilities = Owners’ Equityc. Assets − Liabilities = Owners’ Equityd. Owners’ Equity
4. The nature of an asset is best described as:a. an economic resource that’s expected to benefit future operationsb. something with physical form that’s valued at cost in the accounting
5. Which financial statement covers a period of time?a. Balance Sheetb. Income Statementc. Statement of cash flowsd. Both b and c
6. How would net income be most likely to affect the accounting equation?a. Increase assets and increase liabilitiesb. Decrease assets and decrease liabilitiesc. Increase liabilities and decrease
7. During the year, EcoWash has $120,000 in revenues, $50,000 in expenses, and $4,000 in dividend payments. Shareholders’ equity changed by:a. +$66,000b. +$70,000d. +$74,000c. −$66,000
8. EcoWash in question 7 had a:a. net loss of $50,000b. net income of $70,000c. net income of $66,000d. net income of $120,000
9. Rochester Corporation holds cash of $11,000 and owes $27,000 in accounts payable.Rochester has accounts receivable of $40,000, inventory of $34,000, and land that cost$55,000. How much are
10. Which item(s) is (are) reported on the Balance Sheet?a. Inventoryb. Accounts payablec. Retained earningsd. All of the above
11. During the year, McKenna Company’s shareholders’ equity increased from $38,000 to$50,000. McKenna earned net income of $18,000. How much in dividends did McKenna declare and paid during the
12. Javis Company had total assets of $340,000 and total shareholders’ equity of $130,000 at the beginning of the year. During the year assets increased by $70,000 and liabilities increased by
13. Which of the following is a true statement about International Financial Reporting Standards?a. They are newer than US financial reporting standards.b. They require less judgement than other
14. Which of the following is the most accurate statement regarding ethics as applied to decision making in accounting?a. Ethics involves making difficult choices under pressure, and should be kept
S1-1. (Learning Objective 1: Organizing a business) Keyboard Warrior needs funds, and Mary Barry, the president, has asked you to consider investing in the business. Answer the following questions
S1-2. (Learning Objective 1, 2: Defining key accounting terms) Accounting definitions are precise, and you must understand the vocabulary to be able to properly use accounting. Sharpen your
S1-3. (Learning Objective 1, 2: Classifying assets, liabilities, and owners’ equity) Consider Carrefour, a large retailer. Classify the following items as Asset (A), Liability (L), or
S1-4. (Learning Objective 2: Using accounting vocabulary)1. Identify the two accounting elements you would find on an Income Statement.2. What do we call the bottom line of the Income Statement?
S1-5. (Learning Objective 2: Applying accounting assumptions) Daniel Newman is the chair of the board of Quality Food Brands, Inc. Suppose Mr. Newman has just founded Quality Food Brands, and assume
S1-6. (Learning Objective 2: Understanding the Conceptual Framework) Identify the accounting assumption, principle, or qualitative characteristic that best applies to each of the following
S1-7. (Learning Objective 2: Using the accounting equation) Identify the missing amount for each situation: Total Assets Total Liabilities Shareholders' Equity a. b. C. $ ? 270,000 172,800 $50,200
S1-8. (Learning Objective 2: Using the accounting equation)1. Use the accounting equation to show how to determine the amount of a company’s owners’equity. How would your answer change if you
S1-9. (Learning Objective 3: Preparing an Income Statement) Barbed Wires began 20X6 with total assets of $160 million and ended 20X6 with assets of $190 million. During 20X6 Barbed Wires earned
S1-10. (Learning Objective 3: Preparing a statement of changes in equity) Roam Corp.began 20X6 with retained earnings of $300 million and share capital of $125 million. Revenues during the year were
S1-11. (Learning Objective 3: Preparing a Balance Sheet) At December 31, 20X6, Grande Products has cash of $15,000, receivables of $22,000, and inventory of $20,000. The company’s equipment totals
S1-12. (Learning Objective 3: Preparing a statement of cash flows) Lanos Medical, Inc., ended 20X5 with cash of $30,000. During 20X6, Lanos earned net income of $72,100 and had adjustments to
S1-13. (Learning Objectives 3, 4: Using accounting vocabulary; identifying items with the appropriate financial statement) Suppose you are analyzing the financial statements of Murphy Radiology, Inc.
S1-14. (Learning Objectives 2, 4: Applying accounting concepts, assumptions, and principles to explain business activity) Apply your understanding of the relationships among the financial statements
S1-15. (Learning Objective 5: Making ethical judgments) Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting
E1-16A. (Learning Objectives 2, 3: Using the accounting equation; evaluating business operations) Compute the missing amount in the accounting equation for each company(amounts in thousands):Which
E1-17A. (Learning Objectives 2, 3: Using the accounting equation; evaluating business operations) Double Doughnuts has current assets of $250 million; property, plant and equipment of $440 million;
E1-18A. (Learning Objectives 2, 3: Using the accounting equation; evaluating business operations) Spicer, Inc.’s comparative Balance Sheet at January 31, 20X7 and 20X6, reports(in
E1-19A. (Learning Objective 3: Using the accounting equation) Answer these questions about the following companies:1. Delta Cruises began the year with total liabilities of $60,000 and total
E1-20A. (Learning Objectives 3, 4: Evaluating business operations; making business decisions) Assume LINE is expanding into Ireland. The company must decide where to locate and how to finance the
E1-21A. (Learning Objectives 3, 4: Using the accounting equation; preparing a Balance Sheet) Amounts of the assets and liabilities of Angelababy Company, as of January 31, 20X6, are given as follows.
E1-22A. (Learning Objective 3, 4: Preparing an Income Statement and a Statement of Changes in Equity) This exercise should be used with Exercise 1-21A. Refer to the data of Angelababy Company in
E1-23A. (Learning Objective 3, 4: Preparing a statement of cash flows) Gravity began 20X6 with $88,000 in cash. During 20X6, Gravity earned net income of $420,000, and adjustments to reconcile net
E1-24A. (Learning Objective 3, 4: Preparing an Income Statement and a statement of changes in equity) Assume Fast Copy Center ended the month of July 20X6 with this data:Requirement 1. Prepare the
E1-25A. (Learning Objective 3, 4: Preparing a Balance Sheet) Refer to the data in Exercise 1-24A.Requirement 1. Prepare the Balance Sheet of Fast Copy Center, Inc., for July 31, 20X6.
E1-26A. (Learning Objective 3, 4: Preparing a Statement of Cash Flows) Refer to the data in Exercises 1-24A and 1-25A.Requirement 1. Prepare the statement of cash flows of Fast Copy Center, for the
E1-27A. (Learning Objectives 3, 4: Evaluating a business; advising a business) This exercise should be used in conjunction with Exercises 1-24A through 1-26A.The owner of Fast Copy Center seeks your
E1-28B. (Learning Objectives 2, 3: Using the accounting equation; evaluating business operations) Compute the missing amount in the accounting equation for each company(amounts in thousands)Which
E1-29B. (Learning Objectives 2, 3: Using the accounting equation; evaluating business operations) Tripple Doughnuts has current assets of €250 million; property, plant and equipment of €420
E1-30B. (Learning Objectives 2, 3: Using the accounting equation; evaluating business operations) Sprinkler, Inc.’s comparative Balance Sheet at January 31, 20X7 and 20X6, reports(in
E1-31B. (Learning Objective 3: Applying the accounting equation) Answer these questions about two companies.1. Emerald Cruises began the year with total liabilities of €80,000 and total
E1-32B. (Learning Objectives 3, 4: Evaluating business operations; making business decisions)Assume Lesley, Inc., is expanding into Sweden. The company must decide where to locate and how to finance
E1-33B. (Learning Objectives 3, 4: Using the accounting equation; preparing a Balance Sheet) Amounts of the assets and liabilities of Bobbyboy Company, as of May 31, 20X6, are given as follows. Also
E1-34B. (Learning Objective 3, 4: Preparing an Income Statement and a Statement of Changes in Equity) This exercise should be used with Exercise 1-33B.Requirements 1. Prepare the Income Statement of
E1-35B. (Learning Objective 3, 4: Preparing a Statement of Cash Flows) Lucky began 20X6 with €80,000 in cash. During 20X6, Lucky earned net income of €442,000, and adjustments to reconcile net
E1-36B. (Learning Objective 4: Preparing an Income Statement and a Statement of Changes in Equity) Assume Express Copy Center ended the month of July 20X7 with this data:Requirement 1. Prepare the
E1-37B. (Learning Objective 3, 4: Preparing a Balance Sheet) Refer to the data in Exercise 1-36B.Requirement 1. Prepare the Balance Sheet of Express Copy Center, at July 31, 20X7.
E1-38B. (Learning Objective 3, 4: Preparing a Statement of Cash Flows) Refer to the data in Exercises 1-36B and 1-37B.Requirement 1. Prepare the Statement of Cash Flows of Express Copy Center, for
E1-39B. (Learning Objectives 3, 4: Evaluating a business; advising a business) This exercise should be used in conjunction with Exercises 1-36B through 1-38B.The owner of Express Copy Center now
Q1-40. The primary objective of financial reporting is to provide informationa. to the federal government.b. useful for making investment and credit decisions.c. about the profitability of the
Q1-41. Which type of business organization provides the least amount of protection for bankers and other creditors of the company?a. Corporationc. Proprietorshipb. Partnershipd. Both a and b
Q1-42. Assets are usually reported at theira. appraised value.c. current market value.b. historical cost.d. assumed value.
Q1-43. During March, assets increased by $18,000 and liabilities increased by $5,000. Shareholders’equity must havea. increased by $23,000.c. increased by $13,000.b. decreased by $23,000.d.
Q1-44. The amount a company expects to collect from customers appears on thea. statement of cash flows.b. Income Statement in the expenses section.c. Balance Sheet in the shareholders’ equity
Q1-45. All of the following are current assets excepta. cash.c. inventory.b. accounts receivable.d. sales revenue.LO 3 4 LO 3 4 LO 3 4■ writing assignment Conceptual Framework and Financial
Q1-46. Revenue isa. an increase in paid-in capital resulting from the owners investing in the business.b. a decrease in liabilities resulting from paying off loans.c. an increase in retained earnings
Q1-47. The financial statement that reports revenues and expenses is called thea. Balance Sheet.c. Income Statement.b. statement of cash flows.d. statement of changes in equity.
Q1-48. Another name for the Balance Sheet is thea. statement of earnings.c. statement of operations.b. statement of financial position.d. statement of profit and loss.
Q1-49. Rainbow Corporation began the year with cash of $32,000 and other assets that totalled$22,000. During the year Rainbow earned sales revenue of $133,000 and had the following expenses:salaries:
Q1-50. Advanced Instruments had retained earnings of $150,000 at December 31, 20X5. Net income for 20X6 totaled $120,000, and dividends for 20X6 were $20,000. How much retained earnings should
Q1-51. Which of the following is not an enhancing qualitative characteristic?a. Materialityc. Verifiabilityb. Understandabilityd. Comparability
Q1-52. Cash paid to purchase a building appears on the statement of cash flows among thea. financing activities.c. shareholders’ equity.b. investing activities.d. operating activities.
Q1-53. The shareholders’ equity of Diakovsky Company at the beginning and end of 20X6 totaled $16,000 and $21,000, respectively. Assets at the beginning of 20X6 were $25,000. If Diakovsky
Q1-54. Ribbon Company had the following on the dates indicated:Ribbon had no share issuance in 20X6, and thus the change in shareholders’ equity for 20X6 was due to net income and dividends. If
P1-55A. (Learning Objectives 1, 2, 4: Applying accounting vocabulary, concepts, and principles; evaluating business operations) Assume that Division A of Smith Corporation experienced the following
P1-56A. (Learning Objectives 3, 4: Using the accounting equation; evaluating business operations) Compute the missing amount (?) for each company, amounts in millions.At the end of the year, which
P1-57A. (Learning Objectives 3, 4: Using the accounting equation; preparing a Balance Sheet;making decisions) The manager of Headlines, Inc., prepared the company’s Balance Sheet while the
P1-58A. (Learning Objectives 2, 4: Preparing a Balance Sheet; applying the entity assumption; making business decisions) Sandy Healey is a realtor. She organized the business as a corporation on
P1-59A. (Learning Objectives 3, 4: Preparing an Income Statement, a Statement of Changes in Equity and a Balance Sheet; using accounting information to make decisions) The assets and liabilities of
P1-60A. (Learning Objective 4: Preparing a Statement of Cash Flows) The following data is derived from the financial statements of the Water Fountain Company for the year ended May 31, 20X7 (in
P1-61A. (Learning Objective 4: Analyzing a company’s financial statements) Summarized versions of Carlos Corporation’s financial statements are given for two recent years.Requirement 1. Determine
P1-62B. (Learning Objectives 1, 2, 4: Applying accounting vocabulary, concepts, and principles to the Income Statement; evaluating business operations) Assume that Division X of Paris Corporation
P1-63B. (Learning Objectives 3, 4: Using the accounting equation; evaluating business operations) Compute the missing amounts (?) for each company—amounts in millions.Which company has the:■
P1-64B. (Learning Objectives 3, 4: Using the accounting equation; preparing a Balance Sheet; making decisions) The manager of News Maker, Inc., prepared the company’s Balance Sheet while the
P1-65B. (Learning Objectives 2, 4: Preparing a Balance Sheet; applying the entity assumption;making business decisions) Jeana Hart is a realtor. She organized her business as a corporation on
P1-66B. (Learning Objectives 4, 5: Preparing an Income Statement, a Statement of Changes in Equity, and a Balance Sheet; using accounting information to make decisions) The assets and liabilities of
P1-67B. (Learning Objective 4: Preparing a Statement of Cash Flows) The following data is derived from the financial statements of The High Tide Company at the year ended May 31, 20X7 (in
P1-68B. (Learning Objective 4: Analyzing a company’s financial statements) Summarized versions of Espinola Corporation’s financial statements for two recent years follow.Requirement 1. Complete
Case 1. (Learning Objectives 1, 2, 4: Using financial statements to evaluate a loan request)Two businesses, Blue Skies Corp. and Open Road, Inc., have sought business loans from you.To decide whether
Case 2. (Learning Objectives 2, 5: Analyzing a company as an investment) A year out of college, you have $10,000 to invest. A friend has started GrandPrize Unlimited, Inc., and she asks you to invest
You are studying frantically for a mid-term exam due tomorrow. You are having difficulty with the course, and the grade you obtain for this exam can make the difference between receiving a final
This case spans all 12 chapters and is based on the consolidated financial statements of Nestlé.As you work with Nestlé throughout this course, you will develop the confidence and ability to use
Project 1. As instructed by your professor, obtain the annual report of a well-known company.Requirements 1. Take the role of a loan committee of ABN-Amro, a large banking company headquartered in

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