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financial accounting information

Questions and Answers of Financial Accounting Information

Question I (Based on ICAI, P3 Summer 2006, Question 6) Question 1 (Based on ICAI, P3 Summer 2006, Question 6) ZIPCO Limited (ZIPCO), a company which was incorporated on 23 January 1986, is involved
e The company had two financial assets, X and Y, classified as available-for-sale as at 31 December 2007:o X — after classification as available for sale the fair value of this asset increased by
Additional Information (a) Inventory was worth €13,000 on 30 September 20X1. (b) Premises consist of land costing €250,000 and buildings costing €200,000. The buildings have an expected useful
Relevance and reliability are two of the five main qualitative characteristics of financial information, as set out in the Framework.Requirement(a) Briefly discuss what is meant by these terms;
The Framework for the Preparation and Presentation of Financial Statements has a number of purposes, including assisting:e the IASB in the development of future accounting standards and in its review
Responsibility for Financial Statements and the Role of the Auditor Financial statements are the means by which accountants communicate to external users.Recent fi nancial reporting scandals have
Identifi cation of Errors in Financial Statements and Preparation of Revised Statements Lakeside Slammers Inc. is a minor league baseball organization that has just completed its fi rst season. You
Preparation of Projected Statements for a New Business Upon graduation from MegaState University, you and your roommate decide to start your respective careers in accounting and salmon fi shing in
An Investment Opportunity You have saved enough money to pay for your college tuition for the next three years when a high school friend comes to you with a deal. He is an artist who has spent most
Comparing Two Companies in the Same Industry:Kellogg’s and General Mills Refer to the fi nancial information for Kellogg’s and General Mills reproduced at the end of the book and answer the
Reading and Interpreting Kellogg’s Financial Statements Refer to the fi nancial statements for Kellogg’s reproduced in the chapter and answer the following questions.1. What was the company’s
An Annual Report as Ready Reference Refer to the excerpts from Kellogg’s annual report reprinted at the back of the book and identify where each of the following users of accounting information
Primary Assumptions Made in Preparing Financial Statements Millie Abrams opened a ceramic studio in leased retail space, paying the fi rst month’s rent of $300 and a $1,000 security deposit with a
Information Needs and Setting Accounting Standards The Financial Accounting Standards Board requires companies to supplement their consolidated fi nancial statements with disclosures about segments
Statement of Retained Earnings for Brunswick Corporation Brunswick Corporation reported the following amounts in various statements included in its 2008 annual report. (All amounts are stated in
Corrected Financial Statements Heidi’s Bakery Inc. operates a small pastry business. The company has always maintained a complete and accurate set of records. Unfortunately, the company’s
Income Statement and Balance Sheet Fort Worth Corporation began business in January 2010 as a commercial carpet-cleaning and drying service. Shares of stock were issued to the owners in exchange for
Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows the various items that regularly appear on the fi nancial statements of Sterns
Corrected Balance Sheet Pete is the president of Island Enterprises. Island Enterprises began business on January 1, 2010. The company’s controller is out of the country on business. Pete needs a
Balance Sheet The following items are available from the records of Victor Corporation at the end of its fi scal year, July 31, 2010:Accounts payable $16,900 Delivery expense $ 4,600 Accounts
Users of Accounting Information and Their Needs Billings Inc. would like to buy a franchise to provide a specialized service. Information about Billings is more useful to some people involved in the
What to Do with a Million Dollars?You have inherited $1 million!Required Describe the process you will go through in determining how to invest your inheritance.Consider at least two options and
Primary Assumptions Made in Preparing Financial Statements Joe Hale opened a machine repair business in leased retail space, paying the fi rst month’s rent of $300 and a $1,000 security deposit
Information Needs and Setting Accounting Standards The Financial Accounting Standards Board requires companies to supplement their consolidated fi nancial statements with disclosures about segments
Statement of Retained Earnings for PepsiCo PepsiCo Inc. and Subsidiaries reported the following amounts in various statements included in its 2008 annual report. (All amounts are stated in millions
Corrected Financial Statements Hometown Cleaners Inc. operates a small dry-cleaning business. The company has always maintained a complete and accurate set of records. Unfortunately, the company’s
Income Statement and Balance Sheet Green Bay Corporation began business in July 2010 as a commercial fi shing operation and a passenger service between islands. Shares of stock were issued to the
Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows the various items that regularly appear on the fi nancial statements of Maple Park
Corrected Balance Sheet Dave is the president of Avon Consulting Inc. Avon began business on January 1, 2010.The company’s controller is out of the country on business. Dave needs a copy of the
Balance Sheet The following items are available from records of Freescia Corporation at the end of the 2010 calendar year:Accounts payable $12,550 Notes payable $50,000 Accounts receivable 23,920
Users of Accounting Information and Their Needs Havre Company would like to buy a building and equipment to produce a new product line. Information about Havre is more useful to some people involved
You Won the Lottery You have won a lottery! You will receive $200,000, after taxes, each year for the next fi ve years.Required Describe the process you will go through in determining how to invest
Users of Accounting Information and the Financial Statements Following are a number of users of accounting information and examples of questions they need answered before making decisions. Fill in
Classifi cation of Items on the Statement of Cash Flows Classify each of the following items according to the section on the statement of cash fl ows in which it should appear: operating (O),
Organizations and Accounting Match each of the organizations listed below with the statement that most adequately describes the role of the group.Securities and Exchange Commission International
Accounting Principles and Assumptions The following basic accounting principles and assumptions were discussed in the chapter:Economic entity Monetary unit Cost principle Going concern Time period
Statement of Retained Earnings Ace Corporation has been in business for many years. Retained earnings on January 1, 2010, is $235,800. The following information is available for the fi rst two months
Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the 2010 calendar year:Accounts payable $ 5,000
Classifi cation of Financial Statement Items Carnival Corporation & plc is one of the largest cruise companies in the world with such well-known brands as Carnival Cruise Lines, Holland America Line,
Classifi cation of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a
The Accounting Equation For each of the following cases, fi ll in the blank with the appropriate dollar amount.Case 1 Case 2 Case 3 Case 4 Total assets, end of period $40,000 $ $75,000 $50,000 Total
Changes in Owners’ Equity The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated:December 31 Total Assets Total Liabilities 2008 $
The Accounting Equation Using the accounting equation, answer each of the following independent questions.1. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities.Net
The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of$250,000. Using this information and the accounting equation, answer each of the
The Accounting Equation For each of the following independent cases, fi ll in the blank with the appropriate dollar amount.Assets = Liabilities + Owners’ Equity Case 1 $125,000 $ 75,000 $ 000000
Users of Accounting Information and Their Needs Listed below are a number of the important users of accounting information. Following the list are descriptions of a major need of each of these
Types of Business Activities Braxton Corp. was organized on January 1, 2010, to operate a limousines service to and from the airport. For each of the following business activities, indicate whether
Making Ethical Decisions List the four steps that can help a person make ethical decisions.AppendixLO1
The Role of Auditors Do a company’s external auditors prepare the company’s fi nancial statements? Explain.AppendixLO1
Monetary Unit What monetary unit is used to prepare fi nancial statements for companies in the United States? for companies in Japan?AppendixLO1
The Accounting Equation and the Balance Sheet State the accounting equation. What two distinct parts make up stockholders’ equity?AppendixLO1
Users of Accounting Information List three examples of external users of accounting information.AppendixLO1
Business Activities Assume that you are starting a new business. In which type of business activity will you engage fi rst? Identify the order in which the remaining two activities will
Forms of Organization What does it mean when you own a share of stock in a company rather than one of its bonds?AppendixLO1
Types of Businesses List the names of three companies with which you are familiar that are manufacturers or producers. Also list the names of three companies that are retailers. Finally, provide the
What role has the Securities and Exchange Commission played in setting accounting standards? Contrast its role with that played by the Financial Accounting Standards Board.AppendixLO1
What is meant by the term generally accepted accounting principles?AppendixLO1
Why does infl ation present a challenge to the accountant? Relate your answer to the monetary unit assumption.AppendixLO1
What is the relationship between the cost principle and the going concern assumption?AppendixLO1
Evaluate the following statement: The auditors are in the best position to evaluate a company because they have prepared the fi nancial statements.AppendixLO1
What are some of the most important provisions in the Sarbanes-Oxley Act?AppendixLO1
Evaluate the following statement: Companies based in the United States can choose whether to follow the standards of the FASB or those of the IASB since the rules of the two groups have
Rogers Corporation starts the year with a Retained Earnings balance of $55,000. Net income for the year is $27,000. The ending balance in Retained Earnings is $70,000. What was the amount of
How should an income statement be dated: as of a particular day or for a particular period of time? Explain your answer.AppendixLO1
What is the purpose of an income statement?AppendixLO1
What does the term cost principle mean?AppendixLO1
How should a balance sheet be dated: as of a particular day or for a particular period of time? Explain your answer.AppendixLO1
What is the purpose of a balance sheet?AppendixLO1
What are the two distinct elements of owners’ equity in a corporation? Defi ne each element.AppendixLO1
How does owners’ equity fi t into the accounting equation?AppendixLO1
What are fi ve different groups of users of accounting information? Briefl y describe the types of decisions each group must make.AppendixLO1
How do fi nancial accounting and management accounting differ?AppendixLO1
What is accounting? Defi ne it in terms understandable to someone without a business background.AppendixLO1
What are the three distinct types of business activity in which companies engage? Assume that you start your own company to rent bicycles in the summer and skis in the winter. Give an example of at
Business entities are organized as one of three distinct forms. What are these three forms?AppendixLO1
What is a liability? How does the defi nition of liability relate to the defi nition of asset?AppendixLO1
What is an asset? Give three examples.AppendixLO1
What is business about? What do all businesses have in common?AppendixLO1
Explain the critical role that ethics plays in providing useful fi nancial information.AppendixLO1
Identify the various groups involved in setting accounting standards and the role of auditors in determining whether the standards are followed.AppendixLO1
Identify and explain the primary assumptions made in preparing fi nancial statements.AppendixLO1
Explain the purpose of each of the fi nancial statements and the relationships among them and prepare a set of simple statements.AppendixLO1
Defi ne accounting and identify the primary users of accounting information and their needs.AppendixLO1
Describe the various types of business activities.AppendixLO1
Distinguish among the forms of organization.AppendixLO1
Explain what business is about.AppendixLO1
=+(5) On retirement, any balance remaining on David’s capital account will be converted into a loan.Requirement Prepare each of the following:(a) The partner’s amended capital accounts as at 31
=+(4) On leaving the partnership, David took his company car and computer. It was agreed that David could take these assets at their respective net book values. The assets were both purchased on 1
=+(3) On 31 December 2002, the property was valued at €500,000. This revaluation is to be reflected in the accoufits.
=+(2) After the change in partners, the new profit sharing ratio is to be as follows:Alan 10%Bob 50%Chris 40%
=+(1) On 31 December 2002 Alan is admitted as a partner. Alan is to introduce cash of €60,000 into the partnership, including €5,000 for his share of the goodwill.A goodwill account is not to be
=+36. ACCOUNTING FOR PARTNERSHIPS 797 Current Liabilities 24 The following additional information is available:
=+On 31 December 2002 David retires from the partnership. The summarised balance sheet of the partnership as at that date is as follows:x Summarised Balance Sheet as at 31 December 2002€°000
=+Question 5 (Based on ICAI, P2 Summer 2003)Bob, Chris and David are in partnership sharing profits in the following ratios:Bob 60%Chris 30%David 10%
=+8. No revaluation of non-current assets was required at any time during the year.Requirement In order to account for the admission of Clarke to the partnership and, in light of the above
=+7. Assume that the profits or losses accrue evenly over the course of the year.
=+6. Goodwill At the time of Clarke’s admission to the partnership goodwill was valued ka €15 (000, No goodwill account is to be maintained in the accounts.
=+5. Capital Grant At the year end a capital grant of € 12,000 was receivable in respect of the year’s property additions. This is to be released to the income statement in line with
=+4. Accruals Year-end accruals have not been included in the draft trial balance. Accruals are to be provided as follows:Accountancy €1,500 Heat & light €500 Telephone €300 796 INTERNATIONAL
=+3. Receivables A specific bad debt of €1,200 is to be provided for. General bad debts should be provided for, based on 1.5% of all remaining receivables.

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