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financial accounting information

Questions and Answers of Financial Accounting Information

(Learning Objective 24: Evaluating internal control over cash payments) Beautiful Meadows Golf Company manufactures a popular line of golf clubs. Beautiful Meadows Golf employs 173 workers and keeps
(Learning Objective 3: Classifying bank reconciliation items) The following items appear on a bank reconciliation.Classify each item as (a) an addition to the bank balance, (b) a subtraction from the
(Learning Objective 3: Preparing a bank reconciliation) D.J. Hill’s chequebook and February bank statement show the following:❙ Requirement 1. Prepare Hill’s bank reconciliation at February 28.
(Learning Objective 3: Preparing a bank reconciliation) Harry Spares operates a bowling alley. He has just received the monthly bank statement at September 30 from City National Bank, and the
(Learning Objective 3: Making journal entries from a bank reconciliation) Use the data from Exercise 5-39B to make the journal entries that Smith should record on September 30 to update his Cash
(Learning Objective 3: Preparing a cash budget) Fallon Communications, Inc., is preparing its cash budget for 20X7. Fallon ended 20X6 with cash of €82 million, and managers need to keep a cash
(Learning Objective 4: Reporting bad debts by the allowance method) At December 31, White’s Travel has an accounts receivable balance of €92,000. Allowance for Doubtful Accounts has a credit
(Learning Objective 4: Using the allowance method for bad debts) On April 30, Hilltop Party Planners had a €33,000 balance in Accounts Receivable and a €4,000 credit balance in Allowance for
(Learning Objective 4: Using the aging approach to estimate bad debts) At December 31, before any year-end adjustments, the accounts receivable balance of Digital Electronics Company is €150,000.
(Learning Objective 4: Recording notes receivable and accruing interest revenue)Record the following note receivable transactions in the journal of Celtic Realty. How much interest revenue did Celtic
(Learning Objective 5: Using the current ratio and days’ sales in receivables to evaluate a company) Navajo, Inc., reported the following items at December 31, 20X6 and 20X5:❙ Requirement 1.
(Learning Objective 5: Analyzing a company’s fi nancial statements) Contemporary Limited, the electronics and appliance chain, reported these fi gures in millions of dollars:❙ Requirements 1.
(Learning Objectives 1, 2: Learning about fraud; evaluating internal controls over cash payments; focusing on ethical considerations) Susan Healey, the owner of Susan’s Perfect Presents, has
(Learning Objective 3: Preparing and using a cash budget) Dan Davis, the chief fi nancial offi cer, is responsible for The Furniture Mart’s cash budget for 20X6. The budget will help Davis
(Learning Objective 4: Reconstructing receivables and bad-debt amounts) Suppose Diamond, Inc., reported net receivables of $2,586 million and $2,268 million at January 31, 20X7, and 20X6, after
All of the following are objectives of internal control excepta. to comply with legal requirements.b. to maximize net income.c. to ensure accurate and reliable accounting records.d. to safeguard
Requiring that an employee with no access to cash do the accounting is an example of which characteristic of internal control?a. Assignment of responsibilityc. Monitoring of controlsb. Competent and
All of the following are controls for cash received over the counter excepta. the cash drawer should open only when the sales clerk enters an amount on the keys.b. a printed receipt must be given to
If a bookkeeper mistakenly recorded a $35 deposit as $53, the error would be shown on the bank reconciliation as aa. $53 deduction from the book balance.c. $18 deduction from the book balance.b. $53
If a bank reconciliation included a deposit in transit of $880, the entry to record this reconciling item would include aa. credit to cash for $880.c. credit to prepaid insurance for $880.b. debit to
Before paying an invoice for goods received on account, the controller or treasurer should ensure thata. the company has not already paid this invoice.b. the company is paying for the goods it
Under the allowance method for uncollectible receivables, the entry to record uncollectible-account expense has what effect on the fi nancial statements?a. Decreases owners’ equity and increases
Vincent Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, the balance of accounts receivable is$200,000 and the allowance for
Refer to Question 5-58. The net receivables on the balance sheet is ______.
Graham Company uses the aging method in setting its allowance for doubtful receivables. Allowance for doubtful accounts prior to adjustment has a credit balance of $2,000.Management estimates that
(Learning Objectives 1, 2: Learning about fraud; identifying internal control weakness) Each of the following situations reveals an internal control weakness:a. In evaluating the internal control
(Learning Objective 3: Using the bank reconciliation as a control device) The cash data of Dunlap Automotive for July 20X6 follow:Dunlap received the following bank statement on July 31, 20X6: ■
(Learning Objectives 2: Identifying internal control weakness in sales and cash receipts) Fresh Skin Care makes all sales on credit. Cash receipts arrive by mail, usually within 30 days of the sale.
(Learning Objective 3: Preparing a bank reconciliation and the related journal entries) The August 31 bank statement of Dickson Engineering Associates has just arrived from Carolina First Bank. To
(Learning Objective 3: Preparing a cash budget and using cash-fl ow information) John Watson, chief fi nancial offi cer of Jasper Wireless, is responsible for the company’s budgeting process.
(Learning Objective 4: Accounting for revenue, collections, and uncollectibles)This problem takes you through the accounting for sales, receivables, and uncollectibles for Mail Time Corp., the
(Learning Objective 4: Using the aging approach for uncollectibles) The September 30, 20X7, records of Perfecto Communications include these accounts:At year-end (December 31), the company ages its
(Learning Objective 4: Accounting for notes receivable and accrued interest revenue)Healthy Meal completed the following selected transactions.Requirements 1. Record the transactions in Healthy
(Learning Objective 5: Using ratio data to evaluate a company’s fi nancial position)The comparative fi nancial statements of Highland Pools, Inc., for 20X7, 20X6, and 20X5 included the following
(Learning Objectives 1, 2: Learning about fraud; identifying internal control weakness) Each of the following situations reveals an internal control weakness:Situationa. In evaluating the internal
(Learning Objective 3: Using the bank reconciliation as a control device) The cash data of Donald Automotive for January 20X6 follows:Additional data for the bank reconciliation include the
(Learning Objective 2: Identifying internal control weakness in sales and cash receipts) Flawless Skin Care makes all sales on credit. Cash receipts arrive by mail, usually within 30 days of the
(Learning Objective 3: Preparing a bank reconciliation and the related journal entries) The October 31 bank statement of Dunlap Engineering Associates has just arrived from Carolina First Bank. To
(Learning Objective 3: Preparing a cash budget and using cash-fl ow information)Don Beecher, chief fi nancial offi cer of Carvel Wireless, is responsible for the company’s budgeting process.
(Learning Objective 4: Accounting for revenue, collections, and uncollectibles)This problem takes you through the accounting for sales, receivables, and uncollectibles for Dependable Delivery Corp,
(Learning Objective 4: Using the aging approach for uncollectibles) The September 30, 20X7, records of Image Communications include these accounts:At year-end, the company ages its receivables and
(Learning Objective 2, 5: Understanding annual reports and fi nancial statements reporting requirement) Melvyn Steiner, the new accountant of Stamford Place Ltd, was preparing the company’s
(Learning Objective 2, 5: Understanding materiality, correction of prior period profi ts) In December 20X8, just before the fi nancial statements were fi nalized, Kylie & Kyle discovered that a
(Learning Objective 3, 5: Preparing a note to the fi nancial statement) Knight Ltd commenced operations on January 1, 20X6. On that day, it bought:■ Equipment costing €400,000 million, with a
(Learning Objective 2, 4: Reporting comparative amounts on income statement)Refer to Renee’s Home Repair Services account balances for 20X4 and 20X5 in P4-48B above.Suppose Renee decided to show
(Learning Objective 2, 4: Aggregating information for presentation on the income statement) Renee’s Home Repair Services had the following balances at the end of 20X4 and 20X5.❙ Requirements 1.
(Learning Objective 3: Preparing a classifi ed balance sheet) The accounts of Sunny Laundry Services Ltd as at March 31, 20X5 are listed below in alphabetical order.❙ Requirements Prepare the Sunny
(Learning Objective 1: Expressing an audit opinion) You have just completed the audit of four companies: Alpha, Bravo, Charlie, and Delta. The conclusions of the audits are summarized below for each
(Learning Objective 2, 5: Understanding annual reports and financial statements reporting requirement) Melvin Young, the new accountant of Raffles Place Ltd, was preparing the company’s financial
(Learning Objective 2, 5: Understanding materiality, correction of prior period profi ts) In December 20X8, just before the fi nancial statements were fi nalised, Justin &Justin discovered that a
(Learning Objective 3, 5: Preparing a note to the fi nancial statement) Musashi Ltd commenced operations on January 1, 20X6. On that day, it bought:■ Equipment costing ¥3 million, with a useful
(Learning Objective 2, 4: Reporting comparative amounts on income statement)Refer to Ryan’s Home Repair Services account balances for 20X4 and 20X5 in P4-40A above.Suppose Ryan decided to show all
(Learning Objective 2, 4: Aggregating information for presentation on the income statement) Ryan’s Home Repair Services had the following balances at the end of 20X4 and 20X5.❙ Requirements 1.
(Learning Objective 3: Preparing a classified balance sheet) The accounts of Spa View Services Ltd as at March 31, 20X5 are listed below in alphabetical order.❙ Requirements Prepare the Spa View
(Learning Objective 1: Expressing an audit opinion) You have just completed the audit of four companies: Ahakir, Bhakir, Chakir and Dhakir. The conclusions of the audits are summarized below for each
The notes to the accounts can be used for the following, except for:a. Explaining the accounting policies used.b. Providing additional breakdown of line items on the face of financial statements.c.
The notes to the accounts can be used for the following, except for:a. Explaining the accounting policies used.b. Providing additional breakdown of line items on the face of fi nancial statements.c.
An entity’s equity may decrease during a fi nancial period because:a. There was a new share issuance.b. Total comprehensive income was higher than net profit.c. Prior-period errors resulted from
An entity must disclose comparative information for:a. The previous comparable period for all amounts reported in the fi nancial statements.b. The previous comparable period for all amounts reported
Materiality depends on:a. The nature of the omission or mis-statement.b. The size of the omission or mis-statement.c. The higher of 10% of total assets and 10% of total revenue.d. Both the nature and
Items of dissimilar nature or function:a. Must always be presented separately in fi nancial statements.b. Must be aggregated until they are material.c. Must be presented separately if they are
The information which must be provided so as to properly identify each component of a set of fi nancial statements does not include:a. The presentation currency and level of rounding used.b. The name
When the classifi cation of items in its fi nancial statements is changed, the entity:a. Must not reclassify the comparative amounts unless absolutely necessary.b. Has an unrestricted choice whether
Which of the following entities appears not to be a going concern?a. Company K’s management intends to liquidate the entity.b. Company L’s management is being forced to cease the entity’s
In accordance with IAS 1, which of the following statement is correct?a. Assets and liabilities can be offset if they arise from the same transaction or event.b. Assets and liabilities must be
An entity shall present:a. The statement of fi nancial position more prominently than the other statements.b. The statement of comprehensive income fi rst and the statement of changes in equity
(Learning Objective 4: Reporting by expenses by function and nature) Maryland’s accountant has just prepared an analysis of its expenses for the year, by nature and by functions.The company earned
(Learning Objective 4: Preparing statement of comprehensive income) Nick Limited reported the following balances.Prepare Nick’s statement of comprehensive income in a single statement format and a
(Learning Objective 3: Classifying liabilities based on liquidity) The same review in E4-25B above resulted in the following information on PS Broadcasting’s liabilities at the end of December 31,
(Learning Objective 3: Classifying assets based on liquidity) A thorough review of PS Broadcasting assets at the end of December 31, 20X5 resulted in the following information.■ Cash on hand and
(Learning Objective 2 and 3: Aggregating assets on the balance sheet) Marvis Ltd has the following assets. Assuming that each account is not material, what is the highest level of aggregation allowed
(Learning Objective 2: Understanding materiality) Industria is a company with total assets of €500,000, total revenue of €800,000, gross profit of €300,000 and net profit of€100,000 in its
(Learning Objective 2: Identifying fi nancial statements) Hoffman Enterprises Ltd is a large multinational company with many subsidiaries and associated companies. It is headquartered in Luxembourg
(Learning Objective 1: Identifying key elements of an annual report) For each of the following items, identify which section they would typically appear in on an annual report? Use (1) for corporate
(Learning Objective 4: Reporting by expenses by function and nature) Potomac’s accountant has just prepared an analysis of its expenses for the year, by nature and by functions.The company earned
(Learning Objective 4: Preparing statement of comprehensive income) Fury Enterprise reported the following balances.Prepare Fury’s statement of comprehensive income in a single statement format and
(Learning Objective 3: Classifying liabilities based on liquidity) The same review in E4-17A above resulted in the following information on GP Broadcasting’s liabilities at the end of December 31,
(Learning Objective 3: Classifying assets based on liquidity) A thorough review of GP Broadcasting assets at the end of December 31, 20X5 resulted in the following information:■ Cash on hand and
(Learning Objective 2 and 3: Aggregating assets on the balance sheet) Travis Ltd has the following assets. Assuming that each account is not material, what is the highest level of aggregation allowed
(Learning Objective 2: Understanding materiality) Infi nia is a company with total assets of $500,000, total revenue of $800,000, gross profi t of $300,000, and net profi t of$100,000 in its last fi
(Learning Objective 2: Identifying fi nancial statements) Gant Corp is a large multinational company with many subsidiaries and associated companies. It is headquartered in Manchester, United
(Learning Objective 1: Identifying key elements of an annual report) For each of the following items, identify which section they would typically appear in on an annual report? Use (1) for corporate
(Learning Objective 5: Understanding major items that changes equity) Dynamo Corp reported total equity of £138,851 at the end of its 20X5 fi nancial year. At the end of its 20X6 financial year,
(Learning Objective 4: Assessing net income versus comprehensive income) Company Nought reported a net profi t of $2 million on its income statement and a $2 million loss in other comprehensive
(Leaning Objective 4: Knowing components of other comprehensive income) List the items that could appear as other comprehensive items.
(Learning Objective 3: Distinguishing current assets from non-current assets) Stark Enterprises have the following liabilities: Accounts payable $20,000, Accrued staff wages$3,600, Accrued interest
(Learning Objective 3: Distinguishing current assets from non-current assets) Stark Enterprises have the following assets: Cash and cash equivalents $32,500, Inventory $12,800, Receivables $39,200,
(Learning Objective 2, 3: Aggregating information for presentation on the balance sheet)Expedia has the following account balances:■ writing assignments■ writing assignments■ writing
(Learning Objective 2: Identifying fi nancial statement) What are the IAS 1 requirements in terms of the ordering of fi nancial statements in an annual report? What additional labels must each fi
(Learning Objective 2, 4: Understanding reporting requirements for income statements)You were reading a posting in a local small business discussion forum online. Someone with the nickname
(Learning Objective 1: Understanding annual reports as a communication tool) Arthur Young is one of the many investors in your company. He demands to see your account ing records because he wants to
Which of the following statements best describes notes to the fi nancial statements?a. They provide a breakdown of all the numbers that appear on fi nancial statementsb. They are used to explain how
All of the following may explain changes in equity from one period to another, except for:a. Additional share issuance during the periodb. Payment of dividend during the periodc. Total comprehensive
An entity has the following balances: Cash $10,000, Inventory $20,000, Receivable$30,000, PPE $40,000, and Intangible assets $50,000. Its total current asset is:a. $30,000c. $100,000b. $60,000d.
Which of the following is correct?a. A statement of fi nancial position contains information about how components of equity changes during a periodb. Other comprehensive income items may turn a
IAS 1 does not require the following item to be displayed on the statement of financial position:a. Cash and cash equivalentsc. Intangible assetsb. Provisionsd. Accumulated depreciation
Materiality means:a. The amount in question is greater than 10% of total assets.b. The amount in question is greater than 10% of revenue.c. The amount in question would have resulted in a different
Who is responsible for the preparation of fi nancial statements?a. Chief Financial Offi cer (CFO) and their accounting staffb. Managementc. Chairman of the Boardd. Auditor
The first item in the analysis and commentaries section of an annual report is typically:a. Segment performanceb. Management analysis and discussionsc. Chairman’s message/letter to shareholdersd.
Corporate annual reports typically appear in this order:a. Financial statements, analysis and commentaries, other statement and disclosures, and corporate informationb. Corporate information,

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