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business
financial accounting information

Questions and Answers of Financial Accounting Information

Common and Preferred Stock Fielder Company has the following accounts in the Stockholders’ Equity category of the balance sheet:Common Stock, $10 no par, 10,000 shares authorized, 9,000 issued,
Components of Stockholders’ Equity Nash Company has the following accounts among the items on its balance sheet at December 31, 2010:Common Stock, $10 par, 10,000 shares authorized, 9,000 issued,
What are some ways that partnerships could share income among the partners? (Appendix)AppendixLO1
What is an advantage of organizing a company as a corporation rather than a partnership? Why don’t all companies incorporate? (Appendix)AppendixLO1
What is the difference between a statement of stockholders’ equity and a retained earnings statement?AppendixLO1
Can the market value per share of stock be determined by the information on the income statement?AppendixLO1
How is the book value per share calculated? Does the amount calculated as book value per share mean that stockholders will receive a dividend equal to the book value?AppendixLO1
What is the difference between stock dividends and stock splits? How should stock splits be recorded?AppendixLO1
Would you rather receive a cash dividend or a stock dividend from a company? Explain.AppendixLO1
What is a stock dividend? How should it be recorded?AppendixLO1
Many fi rms operate at a dividend payout ratio of less than 50%. Why do fi rms not pay a larger percentage of income as dividends?AppendixLO1
When treasury stock is bought and sold, the transactions do not result in gains or losses reported on the income statement. What account or accounts are used instead? Why are no income statement
What is treasury stock? Why do fi rms use it? Where does it appear on a corporation’s fi nancial statements?AppendixLO1
When stock is issued in exchange for an asset, at what amount should the asset be reported? How could the fair market value be determined?AppendixLO1
Why are common shareholders sometimes called residual owners when a company has both common and preferred stock outstanding?AppendixLO1
Why might some stockholders be inclined to buy preferred stock rather than common stock? What are the advantages of investing in preferred stock?AppendixLO1
What is the meaning of the statement that preferred stock has a preference to dividends declared by the corporation? Do preferred stockholders have the right to dividends in arrears on preferred
If a fi rm has a net income for the year, will the balance in the Retained Earnings account equal the net income?What is the meaning of the balance of the account?AppendixLO1
Why do fi rms designate an amount as the par value of stock? Does par value indicate the selling price or market value of the stock?AppendixLO1
Corporations disclose the number of shares authorized, issued, and outstanding. What is the meaning of each of those terms? What causes a difference between the number of shares issued and the number
What are the two major components of stockholders’equity? Which accounts generally appear in each component?AppendixLO1
Describe the important differences between the sole proprietorship and partnership forms of organization versus the corporate form (Appendix).AppendixLO1
Explain the effects that transactions involving stockholders’ equity have on the statement of cash fl ows.AppendixLO1
Understand how investors use ratios to evaluate stockholders’ equity.AppendixLO1
Show that you understand the statement of stockholders’ equity and comprehensive income.AppendixLO1
Determine the difference between stock dividends and stock splits.AppendixLO1
Show that you understand the difference between cash and stock dividends and the effect of stock dividends.AppendixLO1
Compute the amount of cash dividends when a fi rm has issued both preferred and common stock.AppendixLO1
Describe the fi nancial statement impact of stock treated as treasury stock.AppendixLO1
Determine the fi nancial statement impact when stock is issued for cash or for other consideration.AppendixLO1
Show that you understand the characteristics of common and preferred stock and the differences between the classes of stock.AppendixLO1
Understand the concept of stockholders’ equity and identify the components of the Stockholders’Equity category of the balance sheet and the accounts found in each component.AppendixLO1
Cash Receipts in a Bookstore You were recently hired by a large retail bookstore chain. Your training involved spending a week at the largest and most profi table store in the district. The store
Liquidity R Montague and J Capulet distribute fi lms to movie theaters. Following are the current assets for each distributor at the end of the year. (All amounts are in millions of dollars.)R
Reading and Interpreting IBM’s Report of Management IBM’s 2008 annual report includes the following selected paragraphs from its Report of Management found on page 58:IBM maintains an effective
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 this book.Required 1. What is
Internal Control Abbott Inc. is expanding and needs to hire more personnel in the accounting offi ce.Barbara Barker, the chief accounting clerk, knew that her cousin Cheryl was looking for a job.
Cash and Liquid Assets on the Balance Sheet The following accounts are listed in a company’s general ledger:December 31, 2010 December 31, 2009 Accounts Receivable $12,300 $10,000 Certifi cates of
The Design of Internal Control Documents Tiger’s Group is a newly formed company that produces and sells children’s movies about an imaginary character. The movies are in such great demand that
Internal Control Procedures The loan department in a bank is subject to regulation. Internal auditors work for the bank to ensure that the loan department complies with requirements. The internal
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Karen’s Catering on March 31, 2010:a. The balance on the March 31, 2010, bank
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
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
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,
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
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Calico Corners on May 31, 2010:a. The balance on the May 31, 2010, bank statement is
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
Segregation of Duties The following tasks are performed by three employees, each of whom is capable of performing all of the tasks. Do not be concerned with the time required to perform the tasks,
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
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
Cash and Cash Equivalents and the Statement of Cash Flows Bedford Corp. began the year with $15,000 in cash and another $8,500 in cash equivalents.During the year, operations generated $140,000 in
Cash Equivalents Systematic Enterprises invested its excess cash in the following instruments during December 2010:Certifi cate of deposit, due January 31, 2013 $ 75,000 Certifi cate of deposit, due
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
Internal Control Procedures List the names of at least four important internal control procedures.AppendixLO1
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
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
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
What is the purpose of comparing a purchase invoice with a purchase order? of comparing a receiving report with a purchase invoice?AppendixLO1
What is a blind receiving report? How does it act as a control device?AppendixLO1
Which document, a purchase order or an invoice, is the basis for recording a purchase and a corresponding liability? Explain your answer.AppendixLO1
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
What two basic procedures are essential to an effective system of internal control over cash?AppendixLO1
What are some of the limitations on a company’s effective system of internal control?AppendixLO1
An order clerk fi lls 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
What is the typical composition of a board of directors of a publicly held corporation?AppendixLO1
What circumstances led to the passage of the Sarbanes-Oxley Act in 2002?AppendixLO1
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
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
Why does the purchase of an item classifi ed as a cash equivalent not appear on the statement of cash fl ows as an investing activity?AppendixLO1
What is a cash equivalent? Why is it included with cash on the balance sheet?AppendixLO1
Describe the various documents used in recording purchases and their role in controlling cash disbursements.AppendixLO1
Describe the basic internal control procedures.AppendixLO1
Explain the importance of internal control to a business and the signifi cance of the Sarbanes-Oxley Act of 2002.AppendixLO1
Show that you understand various techniques that companies use to control cash.AppendixLO1
Identify and describe the various forms of cash reported on a balance sheet.AppendixLO1
Understand balance sheet disclosures for operating assets.AppendixLO1
Determine the acquisition cost of an operating asset.AppendixLO1
Explain how to calculate the acquisition cost of assets purchased for a lump sum.AppendixLO1
Describe the impact of capitalizing interest as part of the acquisition cost of an asset.AppendixLO1
Compare depreciation methods and understand the factors affecting the choice of method.AppendixLO1
Understand the impact of a change in the estimate of the asset life or residual value.AppendixLO1
Determine which expenditures should be capitalized as asset costs and which should be treated as expenses.AppendixLO1
Analyze the effect of the disposal of an asset at a gain or loss.AppendixLO1
Understand the balance sheet presentation of intangible assets.AppendixLO1
Understand the proper amortization of intangible assets.AppendixLO1
Explain the impact that long-term assets have on the statement of cash fl ows.AppendixLO1
Understand how investors can analyze a company’s operating assets.AppendixLO1
What are several examples of operating assets? Why are operating assets essential to a company’s long-term future?AppendixLO1
What is the meaning of the term acquisition cost of operating assets? Give some examples of costs that should be included in the acquisition cost.AppendixLO1
When assets are purchased as a group, how should the acquisition cost of the individual assets be determined?AppendixLO1
Why is it important to account separately for the cost of land and building even when the two assets are purchased together?AppendixLO1
Under what circumstances should interest be capitalized as part of the cost of an asset?AppendixLO1
What factors may contribute to the decline in usefulness of operating assets? Should the choice of depreciation method be related to these factors? Must a company choose just one method of
Why do most companies use the straight-line depreciation method?AppendixLO1
How should the residual value of an operating asset be treated when the straight-line method is used? How should it be treated when the double-declining-balance method is used?AppendixLO1
Why do many companies use one method to calculate depreciation for the income statement developed for stockholders and another method for income tax purposes?AppendixLO1
What should a company do if it fi nds that the original estimate of the life of an asset or the residual value of the asset must be changed?AppendixLO1
Defi ne the terms capital expenditures and revenue expenditures. What determines whether an item is a capital or revenue expenditure?AppendixLO1
How is the gain or loss on the sale of an operating asset calculated? Where would the Gain on Sale of Asset account appear on the fi nancial statements?AppendixLO1
Give several examples of intangible assets. In what balance sheet category should intangible assets appear?AppendixLO1

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