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financial accounting for decision makers

Questions and Answers of Financial Accounting For Decision Makers

Present Value of Retirement Benefits The first president and founder of Atwood Airlines retired three years ago and the company is paying her an annual retirement ben- efit of $60,000. The airline
Present Value of Future Payment Lucille will graduate from high school four years from now. Her parents have estimated that they will need $120,000 to cover the costs of her college education at that
Price of Debt Hasis Corporation issues noninterest-bearing debt, called zero-coupon bonds, with a maturity value of $10,000,000 in five years. Hasis will make no interest payments on the debt, and a
Length of Investment Pat Mance is going to invest $4,000 so she can buy a boat in the future. The boat is expected to cost $6,000. If Pat can earn 8 percent on her money, how long will it be before
Rate of Return Pete Nance is going to invest$4,000 so he can buy a boat in the future. The boat is expected to cost $6,000. If Pete wants to buy the boat in ten years, what is the minimum return he
Future Value of Deposits Tony’s wealthy aunt has told his parents that each year at Christmas she will give them a check for $25,000 as a gift. They plan to put the money in an account to provide
Evaluating Cash Flow Potential Aaron Stemper has just been given an opportunity to become a franchise owner for a new product line of Eze Breeze household cleaning products. As a major franchise
Safeguarding Cash Receipts Herb Gardens, Inc., is a successful regional producer of herbs and spices.During the year just ended, the company estimates that it sold 9,000 pounds of herbs and spices at
Cash Receipts and Disbursements Allworth Corporation provided the following cash reconciliation for the month of April:a. Prepare a statement of cash flows for the month of April.b. Did Allworth have
Analysis of Cash Flow Statement Buckle Corporation reported the following cash flows for the year 2000:a. Did Buckle Corporation increase or decrease its cash balance during the year? How much cash
Evaluating Alternative Cash Flows Blaine recently completed his degree at Sun Tan College and TV Repair Center in San Diego. During his final semester, he won the national greased sand volleyball
Evaluating Reported Bank Balances Bill just received his monthly bank statement for April and was irritated when he saw he had been charged $7 for a monthly bank service charge. The charge is only
Computing Loan Balances Andrew Floyd Webber lent money to a friend so he could purchase an old opera house. The loan required annual payments of $50,000 at year-end for 30 years and was based on an
Using Present Values in Evaluating Loans Alabaster Corporation purchased a small office building, with a portion of the purchase price paid for through a 20-year mortgage loan of $200,000. The loan
Present Value of Lottery Winnings The Sugar Maple Lottery run by the State of Maine just announced its new$5,000,000 grand prize contest. The winner will receive payments of $200,000 at the end of
Choosing among Loan Options Al Green is considering buying a car and financing it on a one-year basis.The dealer has offered Al a choice of paying $11,300 at the end of the year or making twelve
Computing Interest on Bonds John invested surplus cash by paying $751.30 to purchase a series Z savings bond that pays no interest annually but matures at $1,000 in three years. The bondholder will
Valuing a Lease Contract Friendly Al’s Auto Leasing Company purchases new and used cars and leases them to customers for periods of one to six years. Al just agreed to lease a used auto to
Analyzing Gateway, Inc., The financial statements of Gateway, Inc., presented in Appendix A include both a consolidated balance sheet and a consolidated statement of cash flows. By examining these
Analyzing Storage Technology Corporation Looking at Storage Technology’s Consolidated Statement of Cash Flows shown in Exhibit 3—9, did the company improve its liquidity during the latest year
Evaluating the Timing of Cash Flows The manager of Champion Catering was quite excited when he learned that the cash flows for his business had more than doubled in November. Instead of the normal
Cash Management and Forecasting Falmouth Enterprises sells a popular household product to retailers and small service companies. The company has been having cash difficulties lately and is concerned
No Payments! No Interest! No Money Down!!!The ad screams out from the Sunday paper: BUY NOW AND PAY NOTHING UNTIL THE YEAR AFTER NEXT!NO INTEREST! Such promotional campaigns have appeared with
Cash Management Chitonya Jackson is considering investing in the stock of Bradley Corporation. Looking at Bradley’s balance sheet, Chitonya feels reassured that the company seems to face little
Planning for the Future Sam and Sheila Gimble are determined that their newborn son Junior will attend college. They expect the tuition for four years of college will be$64,000 at the time Junior is
Business for Sale! Glancing through The Wall Street Journal recently, you came across the following business opportunity:You have $150,000 to invest, and you wonder if this might not be a good
What qualities of accounting information make it useful?
What is meant by the relevance of accounting information?
What attributes must accounting information possess to be reliable?
Why is freedom from bias important for accounting information?
What does it mean for information to be verifiable?How might a lack of verifiability affect a decision maker’s use of information?
What does comparability of information mean? Give an example of comparability.
What does it mean for accounting information to be consistent? Why is consistency important?
Why are financial statements often prepared for an accounting entity rather than a legal entity? When are the two not the same?
When is a company referred to as a parent company?Why would a parent company choose to include information on one or more subsidiaries in its financial statements?
Why does the objectivity concept often lead to the use of historical costs in valuing assets?
Why are exchange transactions important for accounting recognition? What role do exchange transactions play in verifying accounting information?
What is the going-concern concept and why is it important?
What is the periodicity concept? Why is it important for companies to provide periodic information?
What is meant by conservatism and why is it used in preparing financial statements?
What measures, other than historical cost, might be used in valuing assets for financial reporting purposes? Are these measures ever used?
How does the accrual accounting model differ from the cash flow model?
How does the matching concept affect the recognition of costs? Why is it used?
What steps are involved in the matching process?Give two examples of cases where the matching concept should be applied.
What is the difference between an unexpired cost and an expired cost? When does an unexpired cost expire?Give an example of each of the two types of costs.
What is meant by future service potential? What accounting treatment is accorded an asset when its future service potential expires?
When are assets classified as current assets in the balance sheet? Why is it important to know what portion of the assets is current?
When are liabilities classified as current liabilities?What assets are typically used to pay current liabilities?
What are the four basic financial statements normally prepared by business entities?
What is an asset?
What is a liability?
How do the balance sheet and income statement differ? What is the purpose of each?
What information is presented in the statement of cash flows? Why is knowledge of cash flows important?
What are the elements of the accounting equation?How does the use of cash to acquire another asset affect the accounting equation? How does the use of cash to pay a liability affect the accounting
Who are the primary users of financial statement information? In what ways do internal decision makers use accounting information?
Why do businesses spend time and money providing accounting information to external parties? In what ways do external decision makers use accounting information?
What is meant by the term internal control? Why is it important to have internal controls?
Why is the regulation of accountants and accounting information important for people making economic decisions?
What is the difference between a Certified Public Accountant, a Chartered Accountant, and a Certified Management Accountant? How does the work they do differ?
Why is the certification of accountants important?
What is the nature of the work done by external auditors? Why is it important to the functioning of securities markets?
What is an unqualified audit opinion? Why would most business entities want to receive an unqualified opinion on their financial statements?
What types of audit opinions might an auditor give other than an unqualified opinion? Why would a company not want to receive an opinion other than an unqualified opinion?
Why is having expertise in taxation an important part of the knowledge base for those who work in accounting? Do managers who are not accountants need some knowledge of taxes? Why?
What impact does the introduction of business activity across national borders have on reported financial information?
Why has the increase in litigation in our society affected the field of accounting?
Why is maintenance of a high ethical standard by accountants important?
How are accountants involved in identifying and finding solutions for societal problems?
What are the names of the primary standard-setting organizations in accounting? Which is a government agency and which is not? What is the primary mission of the Securities and Exchange Commission?
Why is accounting often referred to as the language of business?
How do an individual’s preferences affect the decisions she or he may make?
What are the steps involved in making a decision?Why is each of these steps necessary?
What role does information play in decision making?
You are considering purchasing a new television set.What information would you attempt to gather? What sources might you use?
Why might the outcome of a decision not be consistent with a decision maker’s expectations? Give an example in which this has happened to you.
Describe the types of information that were helpful to you in choosing which college to attend. Did you receive any information about colleges that was not useful to you? If so, describe why it was
How might the speed with which information is provided to the decision maker affect its usefulness? Give an example.
How might the steps in the decision process be different in a market economy than in a planned economy?
What role do securities play in a market economy?How do they affect the decision-making process?
What are the stewardship responsibilities of professional managers in a market economy?
Why are not all of the activities of society carried on by business entities in a market economy?
Differentiate between a business entity and a notfor-profit entity.
What are the three major forms of business organization? Which form of organization is used most commonly?
What is the difference between a sole proprietorship and a partnership? From an owner’s perspective, why 1s this important?
What characteristics of a corporation lead to the widespread use of this form of business organization?
How can accounting information be distinguished from other types of information?
In what ways do quantitative and nonquantitative information often complement one another in the decisionmaking process?
What is accounting? Describe the important aspects of the accounting process.
Who is responsible for generating the accounting information used by investors and creditors? In what ways do investors and creditors use accounting information?
In what ways does management use accounting information in making its decisions?
In what form does a business generally provide information to external decision makers?
The Decision-Making Process Ralph was strolling down the street on his way back from class when he spotted a beautiful ring in the jewelry store window. He immediately went inside and purchased the
Decisions in a Market Economya. The Stringy Bagel Factory has experienced a tremendous increase in sales in its home town, and the owners are convinced their special recipe will be very profitable if
The Role of Information in Decision Making The Goodnews Bookstore purchases books from six different wholesalers. It classifies the books it purchases as business, religious, and general, and applies
The Nature of Accounting Information In which of the following cases will accounting information be important in helping the manager of Zuckermans Market make his decision? Explain why the
Information and the Accounting Process Stanwood Grain Supply Company purchases soybeans and corn from farmers in the Midwest and transports them by rail and barge to New Orleans for shipment
Obtaining Accounting Information Joyce has decided to go backpacking with a friend during spring break.After looking at the cost of hiking boots, tents, and other supplies, Joyce concluded companies
Multiple Choice: The Decision Process Select the correct answer for each of the following:1. The steps in the decision-making process include:a. Identifying and evaluating alternatives.b. Gathering
Multiple Choice: Types of Organizations and Entities Select the correct answer for each of the following questions:1. Which of the following activities is most likely to be operated as a sole
Multiple Choice: Evaluating Information Select the correct answer for each of the following questions:I. Your company is interested in purchasing a new laser printer. You have contacted several

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