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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Bob Sample and other student investors opened Campus Laundromat Inc. on September 1, 2014. During the first month of operations, the following transactions occurred.The chart of accounts for the
Which of the following statements about an account is true?(a) In its simplest form, an account consists of two parts.(b) An account is an individual accounting record of increases and decreases in
The expanded accounting equation is: (a) Assets + Liabilities Common Stock + Retained Earnings + Dividends + Revenues + Expenses (b) Assets = Liabilities + Common Stock + Retained Earnings +
Which of the following is not part of the recording process?(a) Analyzing transactions.(b) Preparing a trial balance.(c) Entering transactions in a journal.(d) Posting transactions.
The purchase of supplies on account should result in:(a) a debit to Supplies Expense and a credit to Cash.(b) a debit to Supplies Expense and a credit to Supplies.(c) a debit to Supplies and a credit
Before posting a payment of $5,000, the Accounts Payable of Senator Corporation had a normal balance of$16,000. The balance after posting this transaction was:(a) $21,000.(b) $5,000.(c) $11,000.(d)
The trial balance of Clooney Corporation had accounts with the following normal balances: Cash$5,000, Service Revenue $85,000, Salaries and Wages Payable $4,000, Salaries and Wages Expense $40,000,
The expanded accounting equation under IFRS is as follows: (a) Assets = Liabilities + Common Stock + Retained Earnings + Dividends + Revenues Expenses. (b) Assets + Liabilities = Common Stock +
The ledger of Hammond, Inc., on March 31, 2014, includes these selected accounts before adjusting entries are prepared.An analysis of the accounts shows the following.1. Insurance expires at the rate
Micro Computer Services Inc. began operations on August 1, 2014. At the end of August 2014, management attempted to prepare monthly financial statements. The following information relates to
Skolnick Co. was organized on April 1, 2014. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.(a) Determine the net income for the
The Green Thumb Lawn Care Inc. began on April 1. At April 30, the trial balance shows the following balances for selected accounts.Analysis reveals the following additional data.1. Prepaid insurance
The time period assumption states that:(a) revenue should be recognized in the accounting period in which a performance obligation is satisfied.(b) expenses should be matched with revenues.(c) the
Which of the following statements about the accrual basis of accounting is false?(a) Events that change a company’s financial statements are recorded in the periods in which the events occur.(b)
The principle or assumption dictating that efforts (expenses) be matched with accomplishments (revenues) is the:(a) expense recognition principle.(b) cost assumption.(c) time period principle.(d)
Adjusting entries are made to ensure that:(a) expenses are recognized in the period in which they are incurred.(b) revenues are recorded in the period in which services are provided.(c) balance sheet
Each of the following is a major type (or category) of adjusting entries except:(a) prepaid expenses. (c) accrued expenses.(b) accrued revenues. (d) recognized revenues.
Queenan Company computes depreciation on delivery equipment at $1,000 for the month of June.The adjusting entry to record this depreciation is as follows. (a) Depreciation Expense Accumulated
Kathy Siska earned a salary of $400 for the last week of September. She will be paid on October 1. The adjusting entry for Kathy’s employer at September 30 is: (a) No entry is required. (b)
The trial balance shows Supplies $0 and Supplies Expense $1,500. If $800 of supplies are on hand at the end of the period, the adjusting entry is: (a) Debit Supplies $800 and credit Supplies Expense
What accounting constraint allows a company to ignore GAAP if an item is too small to impact a decision?(a) Comparability. (c) Cost.(b) Materiality. (d) Consistency.
GAAP:(a) provides the same type of guidance as IFRS for revenue recognition.(b) provides only general guidance on revenue recognition, compared to the detailed guidance provided by IFRS.(c) allows
As a result of the revenue recognition project by the FASB and IASB:(a) revenue recognition places more emphasis on when the service obligation is satisfied.(b) revenue recognition places more
Which of the following is false?(a) Under IFRS, the term income describes both revenues and gains.(b) Under IFRS, the term expenses includes losses.(c) Under IFRS, firms do not engage in the closing
Susan Elbe is preparing a worksheet. Explain to Susan how she should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet.Cash Accumulated
The worksheet for Hancock Company shows the following in the financial statement columns:Dividends $15,000 Common stock $42,000 Net income $18,000 Prepare the closing entries at December 31 that
Baxter Hoffman recently received the following information related to Hoffman Company’s December 31, 2014, balance sheet.Prepare the asset section of Hoffman Company’s classified balance sheet.
At the end of its first month of operations, Watson Answering Service Inc. has the following unadjusted trial balance.Other data:1. Insurance expires at the rate of $200 per month.2. $1,000 of
When Alexander Company purchased supplies worth $500, it incorrectly recorded a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:(a) Cash is overstated and
Cash of $100 received at the time the service was provided was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100.Assuming the incorrect entry is not reversed,
On December 31, Frank Voris Company correctly made an adjusting entry to recognize $2,000 of accrued salaries payable. On January 8 of the next year, total salaries of $3,400 were paid. Assuming the
The adjusted trial balance columns of the worksheet for Eagle Company, owned by Jeff Spiegel, are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial
Which of the following statements is false?(a) Assets equals liabilities plus equity.(b) Under IFRS, companies sometimes net liabilities against assets to report “net assets.”(c) The FASB and
On September 5, De La Hoya Company buys merchandise on account from Junot Diaz Company. The selling price of the goods is $1,500, and the cost to Diaz Company was $800.On September 8, De La Hoya
The trial balance of Celine’s Sports Wear Shop at December 31 shows Inventory $25,000, Sales Revenue $162,400, Sales Returns and Allowances $4,800, Sales Discounts $3,600, Cost of Goods Sold
You are presented with the following list of accounts from the adjusted trial balance for merchandiser Gorman Company. Indicate in which financial statement and under what classification each of the
The adjusted trial balance columns of Falcetto Company’s worksheet for the year ended December 31, 2014, are as follows.Instructions Prepare a multiple-step income statement for Falcetto Company.
Which of the following statements is false?(a) IFRS specifically requires use of a multiple-step income statement.(b) Under IFRS, companies can use either a perpetual or periodic system.(c) The
Under the new format for financial statements being proposed under a joint IASB/FASB project:(a) all financial statements would adopt headings similar to the current format of the balance sheet.(b)
Indicate whether each of the five statements presented below is true or false.1. The three steps in the accounting process are identification, recording, and communication.2. The two most common
Classify the following items as issuance of stock (I), dividends (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases stockholders’ equity.(1) Rent
Transactions made by Virmari & Co., a public accounting fi rm, for the month of August are shown below. Prepare a tabular analysis which shows the effects of these transactions on the expanded
Presented below is selected information related to Flanagan Corporation at December 31, 2014. Flanagan reports financial information monthly.(a) Determine the total assets of Flanagan at December 31,
Legal Services Inc. was incorporated on July 1, 2014. During the first month of operations, the following transactions occurred.1. Stockholders invested $10,000 in cash in exchange for common stock
Which of the following statements about users of accounting information is incorrect?(a) Management is an internal user.(b) Taxing authorities are external users.(c) Present creditors are external
The cost principle states that:(a) assets should be initially recorded at cost and adjusted when the fair value changes.(b) activities of an entity are to be kept separate and distinct from its
Which of the following statements about basic assumptions is correct?(a) Basic assumptions are the same as accounting principles.(b) The economic entity assumption states that there should be a
The three types of business entities are:(a) proprietorships, small businesses, and partnerships.(b) proprietorships, partnerships, and corporations.(c) proprietorships, partnerships, and large
Net income will result during a time period when:(a) assets exceed liabilities.(b) assets exceed revenues.(c) expenses exceed revenues.(d) revenues exceed expenses.
Performing services on account will have the following effects on the components of the basic accounting equation:(a) increase assets and decrease stockholders’ equity.(b) increase assets and
As of December 31, 2014, Stoneland Company has assets of $3,500 and stockholders’ equity of $2,000.What are the liabilities for Stoneland Company as of December 31, 2014?(a) $1,500. (b) $1,000. (c)
Which of the following events is not recorded in the accounting records?(a) Equipment is purchased on account.(b) An employee is terminated.(c) A cash investment is made into the business.(d) The
During 2014, Gibson Company’s assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity therefore:(a) increased $40,000.(b) decreased $140,000.(c) decreased
Payment of an account payable affects the components of the accounting equation in the following way:(a) decreases stockholders’ equity and decreases liabilities.(b) increases assets and decreases
Which of the following statements is false?(a) A statement of cash flows summarizes information about the cash inflows (receipts) and outflows (payments) for a specific period of time.(b) A balance
On the last day of the period, Jim Otto Company buys a $900 machine on credit. This transaction will affect the:(a) income statement only.(b) balance sheet only.(c) income statement and retained
The financial statement that reports assets, liabilities, and stockholders’ equity is the:(a) income statement.(b) retained earnings statement.(c) balance sheet.(d) statement of cash flows.
Services provided by a public accountant include:(a) auditing, taxation, and management consulting.(b) auditing, budgeting, and management consulting.(c) auditing, budgeting, and cost accounting.(d)
Which of the following is not a reason why a single set of high-quality international accounting standards would be beneficial?(a) Mergers and acquisition activity.(b) Financial markets.(c)
The Sarbanes-Oxley Act determines:(a) international tax regulations.(b) internal control standards as enforced by the IASB.(c) internal control standards of U.S. publicly traded companies.(d) U.S.
IFRS is considered to be more:(a) principles-based and less rules-based than GAAP.(b) rules-based and less principles-based than GAAP.(c) detailed than GAAP.(d) None of the above.
Which of the following statements is false?(a) IFRS is based on a conceptual framework that is similar to that used to develop GAAP.(b) Assets are defined by the IASB as resources controlled by the
Which of the following statements is true?(a) Under IFRS, the term income refers to what would be called revenues and gains under GAAP.(b) The term income is not used under IFRS.(c) The term income
Mercia Corporation is authorized to issue 100,000 shares of common stock and 8,000 shares of preferred stock. During the first year ended 31 December 2024, Mercia Corporation completed the following
Simon’s Garment Company issued $150,000, 6%, 10-year bond payable. Assume that the accounting year of Simon’s Garment Company ends on December 31. Journalize the following transactions for
Modern Bike’s balance sheet appears as follows (amounts in thousands):Use the following ratio data to complete Modern Bike’s balance sheet.1. Current ratio is 1.40.2. Acid-test ratio is 0.45.
What is a prior-period adjustment?
Martin Martini Winery’s comparative income statement follows The 2022 data are given as needed.Requirements1. Calculate the profit margin ratio for 2024 and 2023.2. Calculate the rate of return on
The unadjusted trial balance of Orange Home Cleaning Service at November 30, 2024, follows:Additional information at November 30, 2024:a. The unadjusted prepaid rent of $1,200 relates to rent period
Louise’s Bookstore has been in operation since January 2024. Consider the following independent situations for the bookstore in 2024:a. The bookstore has an interest expense of $4,200 that it must
Lucas Tax Consultancy gathered the following information for the adjusting entries on April 30, 2024:a. Accrued service revenue, $900.b. Earned $800 of the service revenue collected in advance.c. The
Refreshing Salon’s adjusted trial balance follows. Prepare Refreshing Salon’s income statement for the year ended December 31, 2024. REFRESHING SALON Adjusted Trial Balance December 31,
Refer to the data in Short Exercise S-F:4-1. Prepare Refreshing Salon’s statement of retained earnings for the year ended December 31, 2024.Data From S-F:4-1Refreshing Salon’s adjusted trial
Refer to the data in Short Exercise S-F:4-1. Prepare Refreshing Salon’s unclassified balance sheet at December 31, 2024. Use the account form.Data From S-F:4-1Refreshing Salon’s adjusted trial
Refer to the data in Short Exercise S-F:4-1. Prepare Refreshing Salon’s classified balance sheet at December 31, 2024. Use the report form.Data From S-F:4-1Refreshing Salon’s adjusted trial
Use your answer from Exercise E-F:4-20 to prepare Orange Home Cleaning Service’s financial statements.Requirements1. Complete the income statement for the month ended November 30, 2024.2. Complete
Natalia Louis opened a pet shop called Natalia’s Pet Shop. Answer the following questions based on two different situations related to the pet shop.Requirements1. Natalia’s Pet Shop began the
Balinese Traditional Massage Service completed the following transactions during November 2024, its first month of operations:Requirements1. Record the transactions in the journal of Balinese
Consider the following independent situations for Tropical View:a. Tropical View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,400. During the year the company made
Online Gaming collects cash from subscribers in advance and then provides online games to subscribers over a one-year period.Requirements1. Record the journal entry to record the original receipt of
During 2024, Fun Tuition Center, which provides creative tuition services for kids, earned revenues of $400,000, but only collected $380,000. Expenses incurred during the year totaled $280,000 and
The following information is related to Natural Water Company and Clean Water Company for the month of December 2024.Compare the return on assets (ROA) of these two companies and suggest which
Barry Lim is a 28-year old data analyst who lives in Singapore. He recently made a few decisions that affected his professional life. Identify the accounting assumptions and principles that apply to
Emerson St. Book Shop’s unadjusted Merchandise Inventory at June 30 was $5,200. The cost associated with the physical count of inventory on hand on June 30 was $4,900. In addition, Emerson St. Book
Sam Mario works as an Admissions Officer at the Arts Center. Mario’s duty includes welcoming visitors and ensuring visitors pay the admission fee of $5 per person. No ticket is issued to visitors
Stay Fit Gym’s checkbook lists the following:Stay Fit’s June bank statement shows the following:Requirements1. Prepare Stay Fit Gym’s bank reconciliation at June 30, 2024.2. How much cash does
The manager of Creative Hair Salon has just received the May 31, 2024, bank statement for the salon from Park Cities Bank. The statement shows an ending balance of $1,755. Listed on the statement are
Describe the single-step income statement.
Describe the multi-step income statement.
Mellony Corp. reported the following on its comparative income statement: Prepare a horizontal analysis of net sales revenue, cost of goods sold, and gross profit—both in dollar amounts and in
Neville Corporation, a home improvement store chain, reported the following summarized figures: Neville Corporation has 500,000 common shares outstanding during 2025.Requirements 1. Compute Neville
Twin Sisters Optical Company reported the following amounts on its balance sheet at December 31, 2025 and 2024.Prepare a vertical analysis of Twin Sisters Optical Company’s assets for 2025 and
Mouscateer Corp. reported the following revenue and net income amounts: Requirements 1. Calculate Mouscateer Corp.’s trend analysis for revenue and net income. Use 2023 as the base year and
Neville Corporation, a home improvement store chain, reported the following summarized figures: Requirements 1. Compute the profit margin ratio for Neville Corporation for 2025. 2. Compute the
Data for Elderberry Designs, Inc. follow: Requirements 1. Prepare a horizontal analysis of the comparative income statement of Elderberry Designs, Inc. Round percentage changes to one decimal
Timber Realty’s net revenue and net income for a five-year period follow: Requirements 1. Using 2022 as the base year, compute a trend analysis for net revenue and net income. Round to the
Lyall Mills’ balance sheet appears as follows (amounts in thousands): Use the following ratio data to complete Lyall Mills’ balance sheet. 1. Current ratio is 0.80. 2. Acid-test ratio is 0.40.
Janice Creations, Inc. has the following data: Perform a vertical analysis of Janice Creations, Inc.’s balance sheet for each year. JANICE CREATIONS, INC. Comparative Balance Sheet December 31,
Financial statement data of Excursion Trips, Inc. include the following items: Requirements 1. Compute Excursion Trips, Inc.’s current ratio, debt ratio, and earnings per share. Round all ratios
The financial statements of Morton’s Natural Foods include the following items: Compute the following ratios for the current year: a. Current ratio b. Cash ratio c. Acid-test ratio d.

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