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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

The following supplementary records summarize Tosca Company’s merchandising activities for year 2008. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the summarized
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2008, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these
Compute the current ratio and acid-test ratio for each of the following separate cases. Which company case is in the best position to meet short-term obligations? Explain.Case X Case Y Case Z Cash .
Journalize the following merchandising transactions for Chilton Systems assuming it uses (a) a periodic inventory system and (b) a perpetual inventory system. 1. On November 1, Chilton Systems
Refer to Exercise 4-1 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.AppendixLO1
Refer to Exercise 4-2 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used by both the buyer and the seller. (Skip the part
Refer to Exercise 4-6 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used by both the buyer and the seller.AppendixLO1
Define internal control and identify its purpose and principles. (p. 240)AppendixLO1
Define cash and cash equivalents and explain how to report them. (p. 245)AppendixLO1
Identify control features of banking activities.AppendixLO1
Compute the days’ sales uncollected ratio and use it to assess liquidity.AppendixLO1
Apply internal control to cash receipts and disbursements. (p. 245)AppendixLO1
Explain and record petty cash fund transactions. (p. 249)AppendixLO1
Prepare a bank reconciliation. (p. 254)AppendixLO1
Appendix 6A—Describe the voucher system to control cash disbursements.AppendixLO1
Appendix 6B—Apply the net method to control purchase discounts.AppendixLO1
Principles of internal control suggest that (choose one): (a) Responsibility for a series of related transactions (such as placing orders, receiving and paying for merchandise) should be assigned to
What are some impacts of computing technology on internal control?AppendixLO1
Why must a company hold liquid assets?AppendixLO1
Why does a company hold cash equivalent assets in addition to cash?AppendixLO1
Identify at least two assets that are classified as cash equivalents.AppendixLO1
Good internal control procedures for cash include which of the following? (a) All cash disbursements, other than those for very small amounts, are made by check; (b) One employee counts cash received
Should all companies require a voucher system? At what point in a company’s growth would you recommend a voucher system?AppendixLO1
Why are some cash payments made from a petty cash fund, and not by check?AppendixLO1
Why should a petty cash fund be reimbursed at the end of an accounting period?AppendixLO1
Identify at least two results of reimbursing a petty cash fund.AppendixLO1
What is a bank statement?AppendixLO1
What is the meaning of the phrase to reconcile a bank balance?AppendixLO1
Why do we reconcile the bank statement balance of cash and the depositor’s book balance of cash?AppendixLO1
List at least two items affecting the bank balance side of a bank reconciliation and indicate whether the items are added or subtracted.AppendixLO1
List at least three items affecting the book balance side of a bank reconciliation and indicate whether the items are added or subtracted.AppendixLO1
List the seven broad principles of internal control.AppendixLO1
Internal control procedures are important in every business, but at what stage in the development of a business do they become especially critical?AppendixLO1
Why should responsibility for related transactions be divided among different departments or individuals?AppendixLO1
Why should the person who keeps the records of an asset not be the person responsible for its custody?AppendixLO1
When a store purchases merchandise, why are individual departments not allowed to directly deal with suppliers?AppendixLO1
What are the limitations of internal controls?AppendixLO1
Which of the following assets is most liquid? Which is least liquid? Inventory, building, accounts receivable, or cash.AppendixLO1
What is a petty cash receipt? Who should sign it?AppendixLO1
Why should cash receipts be deposited on the day of receipt?AppendixLO1
Best Buy’s statement of cash flows in Appendix A describes changes in cash and cash equivalents for the year ended February 26, 2005. What amount is provided (used) by investing activities? What
Refer to Circuit City’s balance sheet in Appendix A.How does its cash compare with its other current assets(both in amount and percent) as of February 28, 2005? Compare and assess the cash amount
Apple’s balance sheet in Appendix A reports that cash and equivalents decreased during the fiscal year ended September 25, 2004. Identify at least three major causes of this change in cash and
An internal control system consists of all policies and procedures used to protect assets, ensure reliable accounting, promote efficient operations, and urge adherence to company policies.1 What is
Good accounting systems help with the management and control of cash and cash equivalents.1 Define and contrast the terms liquid asset and cash equivalent.2 Why would companies invest their idle cash
Good accounting systems help in managing cash and controlling who has access to it.1 What items are included in the category of cash?2 What items are included in the category of cash equivalents?3
A good system of internal control for cash provides adequate procedures for protecting both cash receipts and cash disbursements.1 What are three basic guidelines that help achieve this protection?2
1 For each of the following items, indicate whether its amount (i) affects the bank or book side of a bank reconciliation and (ii) represents an addition or a subtraction in a bank reconciliation.a.
The following annual account balances are taken from Armour Sports QS 6-7 at December 31.Days’ sales uncollected Franco Company is a rapidly growing start-up business. Its recordkeeper, who was
Management uses a voucher system to help control and monitor cash disbursements. Identify at least four key documents that are part of a voucher system of control.AppendixLO1
An important part of cash management is knowing when, and if, to take purchase discounts. (a) Which accounting method uses a Discounts Lost account? (b) What is the advantage of this method for
Franco Company is a rapidly growing start-up business. Its recordkeeper, who was hired one year ago, left town after the company’s manager discovered that a large sum of money had disappeared over
Some of Crown Company’s cash receipts from customers are received by the company with the regular mail. Crown’s recordkeeper opens these letters and deposits the cash received each day. (a)
What internal control procedures would you recommend in each of the following situations?1 A concession company has one employee who sells sunscreen, T-shirts, and sunglasses at the beach.Each day,
Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows$104 in cash along with receipts for the following expenditures: transportation-in, $40; postage
Prepare a table with the following headings for a monthly bank reconciliation dated September 30. Exercise 6-6 Bank reconciliation and adjusting entries P3 Not Shown Bank Balance Book Balance on the
Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation in Exercise 6-8.AppendixLO1
Deacon Co. reported annual net sales for 2007 and 2008 of $665,000 and $747,000, respectively. Its year-end balances of accounts receivable follow: December 31, 2007, $61,000; and December 31,
Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Prepare entries to record these transactions assuming
Describe plant assets and issues in accounting for them. (p. 314)AppendixLO1
Explain depreciation and the factors affecting its computation. (p. 317)AppendixLO1
Explain depreciation for partial years and changes in estimates.AppendixLO1
Compare and analyze alternative depreciation methods. (p. 321)AppendixLO1
Compute total asset turnover and apply it to analyze a company’s use of assets.AppendixLO1
Apply the cost principle to compute the cost of plant assets. (p. 315)AppendixLO1
Compute and record depreciation using the straight-line, units-ofproduction, and declining-balance methods. (p. 318)AppendixLO1
Distinguish between revenue and capital expenditures, and account for them. (p. 324)AppendixLO1
Account for asset disposal through discarding or selling an asset. (p. 326)AppendixLO1
Account for natural resource assets and their depletion. (p. 328)AppendixLO1
Account for intangible assets. (p. 329)AppendixLO1
Appendix 8A—Account for asset exchanges.AppendixLO1
Identify the asset class for each of the following: (a) supplies, (b) office equipment, (c) inventory,(d ) land for future expansion, and (e) trucks used in operations.AppendixLO1
Identify the account charged for each of the following: (a) purchase price of a vacant lot to be used in operations and (b) cost of paving that same vacant lot.AppendixLO1
Compute the amount recorded as the cost of a new machine given the following payments related to its purchase: gross purchase price, $700,000; sales tax, $49,000; purchase discount taken, $21,000;
On January 1, 2008, a company pays $77,000 to purchase office furniture with a zero salvage value.The furniture’s useful life is somewhere between 7 and 10 years.What is the year 2008 straight-line
What does the term depreciation mean in accounting?AppendixLO1
A company purchases a machine for $96,000 on January 1, 2008. Its useful life is five years or 100,000 units of product, and its salvage value is $8,000. During 2008, 10,000 units of product are
In early January 2008, a company acquires equipment for $3,800. The company estimates this equipment to have a useful life of three years and a salvage value of $200. Early in 2010, the company
Early in the fifth year of a machine’s six-year useful life, it is overhauled, and its useful life is extended to nine years. This machine originally cost $108,000 and the overhaul cost is
Explain the difference between revenue expenditures and capital expenditures and how both are recorded.AppendixLO1
What is a betterment? How is a betterment recorded?AppendixLO1
A company acquires equipment on January 10, 2008, at a cost of $42,000. Straight-line depreciation is used with a five-year life and $7,000 salvage value. On June 27, 2009, the company sells this
Give an example of a natural resource and of an intangible asset.AppendixLO1
A company pays $650,000 for an ore deposit. The deposit is estimated to have 325,000 tons of ore that will be mined over the next 10 years. During the first year, it mined, processed, and sold 91,000
On January 6, 2008, a company pays $120,000 for a patent with a remaining 17-year legal life to produce a toy expected to be marketable for three years. Prepare entries to record its acquisition and
A company trades an old Web server for a new one. The cost of the old server is $30,000, and its accumulated depreciation at the time of the trade is $23,400. The new server has a cash price of
A company purchased a truck for $35,000 on January 1, 2007.The truck is estimated to have a useful life of four years and an estimated salvage value of $1,000. Assuming that the company uses
A company purchased machinery for $10,800,000 on January 1, 2007. The machinery has a useful life of 10 years and an estimated salvage value of $800,000. What is depreciation expense on the machinery
What characteristics of a plant asset make it different from other assets?AppendixLO1
What is the general rule for costs inclusion for plant assets?AppendixLO1
What is different between land and land improvements?AppendixLO1
Why is the cost of a lump sum purchase allocated to the individual assets acquired?AppendixLO1
Does the balance in the Accumulated Depreciation—Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?AppendixLO1
Why is the Modified Accelerated Cost Recovery System not generally accepted for financial accounting purposes?AppendixLO1
What accounting principle justifies charging low-cost plant asset purchases immediately to an expense account?AppendixLO1
What is the difference between ordinary repairs and extraordinary repairs? How should each be recorded?AppendixLO1
Identify events that might lead to disposal of a plant asset.AppendixLO1
What is the process of allocating the cost of natural resources to expense as they are used?AppendixLO1
Is the declining-balance method an acceptable way to compute depletion of natural resources? Explain.AppendixLO1
What are the characteristics of an intangible asset?AppendixLO1

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