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financial accounting information

Questions and Answers of Financial Accounting Information

Stockholders’ equity represents the claim of the owners on the assets of the business. What is the distinction relative to the owners’ claim between the Capital Stock account and the Retained
If an asset account is increased with a debit, what is the logic for increasing a liability account with a credit? (Appendix)AppendixLO1
A friend comes to you with the following plight:“I’m confused. An asset is something positive, and it is increased with a debit. However, an expense is something negative, and it is also
The payment of dividends reduces cash. If the Cash account is reduced with a credit, why is the Dividends account debited when dividends are paid? (Appendix)AppendixLO1
If Cash is increased with a debit, why does the bank credit your account when you make a deposit? (Appendix)AppendixLO1
Your friend presents the following criticism of the accounting system: “Accounting involves so much duplication of effort. First, entries are recorded in a journal; then the same information is
How does the T account differ from the running balance form for an account? How are they similar? (Appendix)AppendixLO1
What is the benefi t of using a cross-referencing system between a ledger and a journal? (Appendix)AppendixLO1
How often should a company post entries from the journal to the ledger? (Appendix)AppendixLO1
What is the purpose of a trial balance?AppendixLO1
External and Internal Events Explain how an external event differs from an internal event.AppendixLO1
Source Documents Provide three examples of source documents and the event for which each would provide the evidence to record.AppendixLO1
Effects of Transactions on the Accounting Equation List the three elements in the accounting equation. How is the third element expanded to show the linkage between the balance sheet and the income
Types of Accounts For each of the following accounts, indicate whether it is a balance sheet (BS) account or an income statement (IS) account._________ Prepaid Insurance _________ Sales Revenue
Debits and Credits (Appendix)For each of the following accounts, indicate whether it would be increased with a debit or a credit._________ Accounts Payable _________ Offi ce Supplies _________
Journalizing Transactions (Appendix)Prepare in good form the journal entry to record each of the following transactions on the books of ABC.January 10, 2009: ABC is incorporated by issuing $50,000 of
Trial Balance (Appendix)For each of the following errors, indicate with a Y for yes or an N for no whether it would be detected by preparation of a trial balance._________a. Cash is debited instead
Source Documents Matched with Transactions Following are a list of source documents and a list of transactions. Indicate by letter next to each transaction the source document that would serve as
The Effect of Transactions on the Accounting Equation For each of the following transactions, indicate whether it increases (I), decreases (D), or has no effect (NE) on the total dollar amount of
Types of Transactions There are three elements to the accounting equation: assets, liabilities, and stockholders’equity. Although other possibilities exist, fi ve types of transactions are
Analyzing Transactions Prepare a table to summarize the following transactions as they affect the accounting equation. Use the format in Exhibit 3-1.1. Services provided on account of $1,530 2.
Normal Account Balances (Appendix)Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit.Account Normal Balance 1.
Normal Account Balances for Carnival Cruise Corporation Each account has a normal balance. Classify each of the following items found in Carnival Cruise Corporation’s 2008 annual report according
Debits and Credits (Appendix)The new bookkeeper for Darby Corporation is getting ready to mail the daily cash receipts to the bank for deposit. Because his previous job was at a bank, he is aware
Trial Balance (Appendix)The following list of accounts was taken from the general ledger of Spencer Corporation on December 31, 2010. The bookkeeper thought it would be helpful if the accounts were
Determining an Ending Account Balance Jessie’s Accounting Services was organized on June 1, 2010. The company received a contribution of $1,000 from each of the two principal owners. During the
Reconstructing a Beginning Account Balance During the month, services performed for customers on account amounted to $7,500 and collections from customers in payment of their accounts totaled $6,000.
Journal Entries Recorded Directly in T Accounts (Appendix)Record each of the following transactions directly in T accounts using the numbers preceding the transactions to identify them in the
Trial Balance (Appendix)Refer to the transactions recorded directly in T accounts for We-Go Delivery Service in Exercise 3-13. Assume that all of the transactions took place during December
Journal Entries (Appendix)Prepare the journal entry to record each of the following independent transactions. (Use the number of the transaction in lieu of a date for identifi cation purposes.)1.
Journal Entries (Appendix)Following is a list of transactions entered into during the fi rst month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to
Journal Entries for Carnival Cruise Corporation (Appendix)Refer to the income statement for Carnival Cruise Corporation shown in the chapter opener. Using the account titles reported there, prepare
The Process of Posting Journal Entries to General Ledger Accounts (Appendix)On June 1, Campbell Corporation purchased ten acres of land in exchange for a promissory note in the amount of $50,000.
Transactions Reconstructed from Financial Statements The following fi nancial statements are available for Elm Corporation for its fi rst month of operations:Elm Corporation Income Statement For the
Transaction Analysis and Financial Statements Blue Jay Delivery Service is incorporated on January 2, 2010, and enters into the following transactions during its fi rst month of operations:January 2:
Transaction Analysis and Financial Statements Neveranerror Inc. was organized on June 2, 2010, by a group of accountants to provide accounting and tax services to small businesses. The following
Accounts Used to Record Transactions (Appendix)A list of accounts, with an identifying number for each, is provided. Following the list of accounts is a series of transactions entered into by a
Trial Balance and Financial Statements (Appendix)Refer to the table for Beverly Entertainment Enterprises in (1) of Problem 3-9.Required 1. Prepare a trial balance at October 31, 2010.2. Prepare an
Journal Entries (Appendix)Atkins Advertising Agency began business on January 2, 2010. The transactions entered into by Atkins during its fi rst month of operations are as follows:a. Acquired its
Journal Entries Recorded Directly in T Accounts (Appendix)Refer to the transactions for Atkins Advertising Agency in Problem 3-11.Required 1. Record each transaction directly in T accounts using the
The Detection of Errors in a Trial Balance and Preparation of a Corrected Trial Balance (Appendix)Malcolm Inc. was incorporated on January 1, 2010, with the issuance of capital stock in return for
Journal Entries, Trial Balance, and Financial Statements (Appendix)Refer to the transactions for Blue Jay Delivery Service in Problem 3-6.Required 1. Prepare journal entries on the books of Blue Jay
Journal Entries, Trial Balance, and Financial Statements (Appendix)Refer to the transactions for Neveranerror Inc. in Problem 3-7.Required 1. Prepare journal entries on the books of Neveranerror to
Transactions Reconstructed from Financial Statements The following fi nancial statements are available for Oak Corporation for its fi rst month of operations:Oak Corporation Income Statement For the
Transaction Analysis Overnight Delivery Inc. is incorporated on February 1, 2010, and enters into the following transactions during its fi rst month of operations:February 15: Received $8,000 cash
Transaction Analysis and a Balance Sheet Krittersbegone Inc. was organized on July 1, 2010, by a group of technicians to provide termite inspections and treatment to homeowners and small businesses.
Accounts Used to Record Transactions (Appendix)A list of accounts, with an identifying number for each, is provided. Following the list of accounts is a series of transactions entered into by a
Trial Balance and Financial Statements (Appendix)Refer to the table for Rapid City Roller Rink in (1) of Problem 3-9A.Required 1. Prepare a trial balance at October 31, 2010.2. Prepare an income
Journal Entries (Appendix)Castle Consulting Agency began business in February 2010. The transactions entered into by Castle during its fi rst month of operations are as follows:a. Acquired articles
Journal Entries Recorded Directly in T Accounts (Appendix)Refer to the transactions for Castle Consulting Agency in Problem 3-11A.Required 1. Record each transaction directly in T accounts using the
Entries Prepared from a Trial Balance and Proof of the Cash Balance (Appendix)Russell Company was incorporated on January 1, 2010, with the issuance of capital stock in return for $120,000 of cash
Journal Entries (Appendix)Refer to the transactions for Overnight Delivery Inc. in Problem 3-6A.Required 1. Prepare journal entries on the books of Overnight to record the transactions entered into
Journal Entries and a Balance Sheet (Appendix)Refer to the transactions for Krittersbegone Inc. in Problem 3-7A.Required 1. Prepare journal entries on the books of Krittersbegone to record the
Reading and Interpreting General Mills’s Statement of Cash Flows Refer to General Mills’s statement of cash fl ows for the year ended May 31, 2009, as reproduced at the end of the book.Required
Reading and Interpreting Carnival Cruise Corporation’s Balance Sheet The following item appears in the current liabilities section of Carnival Cruise Corporation’s balance sheet at November 30,
Cash Flow versus Net Income Shelia Young started a real estate business at the beginning of January. After approval by the state for a charter to incorporate, she issued 1,000 shares of stock to
Loan Request Simon Fraser started a landscaping and lawn-care business in April 2010 by investing$20,000 cash in the business in exchange for capital stock. Because his business is in the Midwest,
Revenue Recognition You are controller for an architectural fi rm whose accounting year ends on December 31. As part of the management team, you receive a year-end bonus directly related to the fi
Delay in the Posting of a Journal Entry (Appendix)As assistant controller for a small consulting fi rm, you are responsible for recording and posting the daily cash receipts and disbursements to the
Explain the signifi cance of recognition and measurement in the preparation and use of fi nancial statements.AppendixLO1
Explain the differences between the cash and accrual bases of accounting.AppendixLO1
Describe the revenue recognition principle and explain its application in various situations.AppendixLO1
Describe the matching principle and the various methods for recognizing expenses.AppendixLO1
Identify the four major types of adjustments and analyze their effects on the fi nancial statements.AppendixLO1
Explain the steps in the accounting cycle and the signifi cance of each step.AppendixLO1
What is meant by the following statement? The items depicted in fi nancial statements are merely representations of the real thing.AppendixLO1
What is the relationship between the time period assumption and accrual accounting?AppendixLO1
Is it necessary for an asset to be acquired when revenue is recognized? Explain your answer.AppendixLO1
What is the meaning of depreciation to the accountant?AppendixLO1
What are the four basic types of adjustments? Give an example of each.AppendixLO1
What is the difference between a real account and a nominal account?AppendixLO1
What two purposes are served in making closing entries?AppendixLO1
Measurement in Financial Statements What are two possible attributes to be measured when an item is to be included in fi nancial statements? What unit of money is used to measure items in the United
Revenue Recognition Explain whether a company must have an infl ow of an asset to be able to recognize revenue. Also, give two examples of situations in which revenue is earned continuously over a
Matching Principle Assume that a company purchases merchandise for resale on December 20, 2010. The merchandise is still on hand on December 31, the company’s year-end. On January 12, 2011, the
Adjustments For the following situations, indicate the types of accounts affected in a year-end adjustment.Use the following legend: IA = Increase in Asset; DA = Decrease in Asset; IL =Increase in
Steps in the Accounting Cycle Recall the steps in the accounting cycle shown in Exhibit 4-5. Assume that a company does not prepare a work sheet. Which of the two remaining steps in the accounting
Accruals and Deferrals For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA).Example: DE
Offi ce Supplies Somerville Corp. purchases offi ce supplies once a month and prepares monthly fi nancial statements. The asset account Offi ce Supplies on Hand has a balance of $1,450 on May 1.
Prepaid Rent—Quarterly Adjustments On September 1, Northhampton Industries signed a six-month lease for offi ce space, which is effective September 1. Northhampton agreed to prepay the rent and
Depreciation On July 1, 2010, Dexter Corp. buys a computer system for $260,000 in cash. Assume that the computer is expected to have a four-year life and an estimated salvage value of$20,000 at the
Prepaid Insurance—Annual Adjustments On April 1, 2010, Briggs Corp. purchases a 24-month property insurance policy for$72,000. The policy is effective immediately. Assume that Briggs prepares
Subscriptions Horse Country Living publishes a monthly magazine for which a 12-month subscription costs $30. All subscriptions require payment of the full $30 in advance. On August 1, 2010, the
Customer Deposits Wolfe & Wolfe collected $9,000 from a customer on April 1 and agreed to provide legal services during the next three months. Wolfe & Wolfe expects to provide an equal amount of
Concert Tickets Sold in Advance Rock N Roll produces an outdoor concert festival that runs from June 28, 2010, through July 1, 2010. Concertgoers pay $80 for a four-day pass to the festival, and all
Wages Payable Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last
Interest Payable Billings Company takes out a 12%, 90-day, $100,000 loan with First National Bank on March 1, 2010.Required 1. Identify and analyze the transaction to take out the loan on March 1,
Interest Payable—Quarterly Adjustments Glendive takes out a 12%, 90-day, $100,000 loan with Second State Bank on March 1, 2010. Assume that Glendive prepares adjustments only four times a year: on
Property Taxes Payable—Annual Adjustments Lexington Builders owns property in Kaneland County. Lexington’s 2009 property taxes amounted to $50,000. Kaneland County will send out the 2010 property
Interest Receivable On June 1, 2010, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%.Required 1. Identify and analyze the transaction on
Rent Receivable Hudson Corp. has extra space in its warehouse and agrees to rent it out to Stillwater Company at the rate of $2,000 per month. The space was made available to Stillwater beginning on
The Effect of Ignoring Adjustments on Net Income For each of the following independent situations, determine whether the effect of ignoring the required adjustment will result in an understatement
The Effect of Adjustments on the Accounting Equation Determine whether recording each of the following adjustments will increase (I), decrease (D), or have no effect (NE) on each of the three
The Accounting Cycle The steps in the accounting cycle are listed in random order. Fill in the blank next to each step to indicate its order in the cycle. The fi rst step in the cycle is fi lled in
Revenue Recognition, Cash and Accrual Basis Hathaway Health Club sold three-year memberships at a reduced rate during its opening promotion. It sold 1,000 three-year nonrefundable memberships for
Depreciation Expense During 2010, Carter Company acquired three assets with the following costs, estimated useful lives, and estimated salvage values:Estimated Estimated Date Asset Cost Useful Life
Accrual of Interest on a Loan On July 1, 2010, Paxson Corporation takes out a 12%, two-month, $50,000 loan at Friendly National Bank. Principal and interest are to be repaid on August 31.Required 1.
Recurring Transactions and Adjustments Following are Butler Realty Corporation’s accounts, identifi ed by number. The company has been in the real estate business for ten years and prepares fi
Use of Account Balances as a Basis for Annual Adjustments The following account balances are taken from the records of Chauncey Company at December 31, 2010. The Prepaid Insurance account represents
Use of Account Balances as a Basis for Adjustments Bob Reynolds operates a real estate business. A list of accounts on April 30, 2010, before any adjustments are recorded, appears as follows:List of

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