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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

When special journals are used, where are cash payments by check recorded?
How does a columnar journal save posting time and effort?
What is direct posting of sales invoices?
Why does a company need a general journal when using special journals for sales, purchases, cash receipts, and cash disbursements?
Identify an advantage of an integrated computer-based accounting system.
What advantages do computer systems offer over manual systems?
Identify an advantage of computer networks.
Describe ERP software and its potential advantages to businesses.
Does the income statement of Tastykake in Appendix A indicate the net income earned by its business segments? If so, list them.
Does the balance sheet of Harley-Davidson in Appendix A indicate the identifiable assets owned by its business segments? If so, list them.
Place the letter of each system principle in the blank next to its best description.A. Control principle D. Flexibility principle B. Relevance principle E. Cost-benefit principle C. Compatibility
Fill in the blanks to complete the following descriptions: 1. With - processing, source documents are accumulated for a period and then processed all at the same time, such as once a day, week, or
Identify the most likely role in an accounting system played by each of the numbered items I through 12 by assigning a letter from the list A through E on the left: A. Source documents B. Input
Damron Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash dis¬ bursements journal, and a general journal as illustrated in this chapter. Damron recently completed
Lue Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements jour¬ nal, and a general journal as illustrated in this chapter. Journalize its November
Debray is a company with publicly traded securities and it operates in more than one industry. Which of the following items of information about each industry segment must the company report?a.
Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disburse¬ ment journal, and a general journal. The following transactions occur in the month of March: Mar.
Refer to Exercise 7-1 and for each of the March transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal,
Prepare headings for a sales journal like the one in Exhibit 7A.1. Journalize the March transactions shown in Exercise 7-1 that should be recorded in the sales journal assuming that the periodic
Moeder Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November. Nov. 3
Refer to Exercise 7-4 and for each of the November transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal,
Prepare headings for a cash receipts journal like the one in Exhibit 7A.2. Journalize the November transactions shown in Exercise 7-4 that should be recorded in the cash receipts journal assuming
Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disburse¬ ments journal, and a general journal. The following transactions occur in the month of
Refer to Exercise 7-7 and for each of the June transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash
Prepare headings for a purchases journal like the one in Exhibit 7A.3. Journalize the June transactions from Exercise 7-7 that should be recorded in the purchases journal assuming the periodic in¬
Politte Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April. Apr. 3
Refer to Exercise 7-10 and for each of the April transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal,
Prepare headings for a cash disbursements journal like the one in Exhibit 7A.4. Journalize the April transactions from Exercise 7-10 that should be recorded in the cash disbursements journal assuming
At the end of May, the sales journal of Clear View appears as follows:Required 1. Open an accounts receivable subsidiary ledger that has a T-account for each customer listed in the sales journal.
Refer to Exhibit 7.13 and complete the segment return on assets table for Wolfe Company. Analyze your findings and identify the segment with the highest, and that with the lowest, segment return on
Assume that Wise Co. in Problem 7-1A uses the periodic inventory system.Required 1. Prepare headings for a sales journal like the one in Exhibit 7A.1. Prepare headings for a cash receipts journal
Complete parts 3, 4, and 5 of Problem 7-1A using the results of parts 1 and 2 of this problem.Problem 7-1Wise Company completes these transactions during April of the current year (the terms of all
Refer to Problem 7-1A and assume that Wise Co. uses the periodic inventory system.Required 1. Prepare a general journal, a purchases journal like that in Exhibit 7A.3, and a cash disbursements
Refer to Krispy Kreme’s financial statements in Appendix A to answer the following: 1. Identify the note disclosing Krispy Kreme’s business segments.2. Describe the nature and activities of each
Key figures for Krispy Kreme follow ($ millions):Required 1. Compute the percent change in revenue (rounded to whole numbers) for each segment and for each of the most recent two years shown.
Access the May 1, 2002, filing of the fiscal 2002 10-K report for Dell Computer (ticker DELL) at www.SEC.gov. Read the footnote that details Dell’s segment information and answer the following:1.
Each member of the team is to assume responsibility for one of the following tasks:a. Journalizing in the purchases journal.b. Journalizing in the cash disbursements journal.c. Maintaining and
Read the article, “The Battle to Streamline Business Software’’ in the December 4, 2002, edition of Business Week. (This book’s Website provides a free link.)Required 1. What functions are
Access and refer to the 2002 annual report for Grupo Bimbo at GrupoBimbo.com.Required 1. Skim the management and discussion section until you find information relating to Grupo Bimbo’s geographic
Why must a company hold liquid assets?
Why does a company hold cash equivalent assets in addition to cash?
Identify at least two assets that are classified as cash equivalents.
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 should count cash
Harley-Davidson's balance sheet in Appendix A Harley- reports that cash and equivalents decreased dur- Davidson ing the fiscal year ended December 31, 2002. Identify at least three major causes of
Prepare journal entiies to record the following merchandising transactions of Wave Company, which applies the perpetual inventory system. July 3 Purchased merchandise from CAP Corp. for $15,000 under
Prepare journal entries to record the following merchandising transactions of Yang Company, which applies the perpetual inventory system. May 2 Purchased merchandise from Bots Co. for $9,000 under
Albin Company’s adjusted trial balance on March 31, 2005, its fiscal year-end, follows:Required 1. Calculate the company’s net sales for the year.2. Calculate the company’s total cost of
Use the data for Albin Company in Problem 5-4B to complete the following requirements:Required 1. Prepare closing entries as of March 31, 2005 (the perpetual inventory system is used).Analysis
Refer to the data and information in Problem 5-3B.Required Prepare and complete the entire 10-column work sheet for FAB Products Company. Follow the structure of Exhibit 5B.1 in Appendix 5B.Problem
Refer to Krispy Kreme’s financial statements in Appendix A to answer the following.Required 1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form
Key comparative figures ($ thousands) for both Krispy Kreme and Tastykake follow:Required 1. Compute the dollar amount of gross margin and the gross margin ratio for the two years shown for both
Amy Martinez is a student who plans to attend approximately four professional events a year at her college. Each event necessitates a financial outlay of $100-$200 for a new suit and ac¬ cessories.
Access the SEC’s EDGAR database (www.SEC.govf and obtain the April 22, 2003, filing of its fiscal 2003 10-K report (for the year ended February 1, 2003) for J. Crew Group, Inc.Required Prepare a
Read the article, “The End of Fuzzy Math?” in the December 11,2000, issue ofBusiness BUSINESS WEEK Week. The book’s Website provides free access to the article.Required 1. How does the article
Dwayne Fewis and Michael Cherry have earned well beyond the $1,000 they used to launch Damani Dada (see chapter’s opening feature). Good entrepreneurs continually rethink and refine business
Grupo Bimbo (GrupoBimbo.com), Krispy Kreme, and Tastykake are all competitors in the global marketplace. Key comparative figures for each company follow:Required 1. Rank the three companies (highest
What accounting principle most guides the allocation of cost of goods available for sale between ending inventory and cost of goods sold?
If Skechers sells goods to Target with terms FOB shipping point, which company reports these goods in its inventory while they are in transit?
Describe one advantage for each of the inventory costing methods: specific identification, FIFO, LIFO, and weighted average.
When costs are rising, which method reports higher net income—LIFO or FIFO?
When costs are rising, what effect does LIFO have on a balance sheet compared to FIFO?
A company takes a physical count of inventory at the end of 2005 and finds that ending inventory is understated by $10,000. Would this error cause cost of goods sold to be overstated or understated
Use LCM applied separately to individual items to compute ending inventory if the data are as follows: Product Units Unit Recorded Cost Unit Market Cost A..... 20 $6 $5 B 40 9 8 C.... 10 12 15
A company reports the following beginning inventory and purchases, and it ends the period with 30 units in inventory.a. Compute ending inventory using the FIFO periodic system.b. Compute cost of
Describe the flow of costs from inventory to cost of goods sold for the following methods: (a) FIFO and (b) LIFO.
Why are incidental costs sometimes ignored in inventory costing? Under what principle is this permitted?
If costs are declining, will the LIFO or FIFO method of inventory valuation result in the lower cost of goods sold?
Does the accounting principle of consistency preclude any changes from one accounting method to another?
Explain following statement: “Inventory errors correct themselves
What guidance does the principle of conservatism offer?
Refer to Krispy Kreme’s financial statements in Appendix A. On February 2, 2003, what per¬ cent of current assets are represented by inventory?
Refer to Tastykake’s financial statements in Appendix A. Compute its cost of goods avail¬ able for sale for the year ended December 28, 2002.
What percent of Harley-Davidson’s current assets are inventory as of December 31, 2002, and Davidson as of December 31, 2001?
Tevin Tiader starts a merchandising business on December 1 and enters into three inventory purchases:Trader sells 15 units for $25 each on December 15. Eight of the sold units are from the December 7
A company reports the following beginning inventory and purchases for January. On January 26, 345 units were sold. What is the cost of the 140 units that remain in ending inventory, assuming costs
Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs.1. The preferred method when each unit of product has unique
Duke & Son, antique dealers, purchased the contents of an estate for \($37,500.\) Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke & Son’s warehouse was
Talisman Trading Co. has the following products in its ending inventory. Compute lower of cost or market for inventory (a) as a whole and (b) applied separately to each product. Product Mountain
In taking a physical inventory at the end of year 2005, Nadir Company erroneously forgot to count certain units. Explain how this error affects the following: (a) 2005 cost of goods sold, (b) 2005
Refer to QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on (a) FIFO, (b) LIFO, (c) weighted
Refer to QS 6-3 and assume the periodic inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on (a) FIFO, (b) LIFO, and (c) weighted average.
Dooling Store’s inventory is destroyed by a fire on September 5, 2005. The following data for year 2005 are available from the accounting records. Estimate the cost of the inventory destroyed. Jan.
Taos Company purchased merchandise for resale from Tucson Company with an invoice price of \($22,000\) and credit terms of 3/10, n/60. The merchandise had cost Tucson \($15,000.\) Taos paid within
Insert the letter for each term in the blank space beside the definition that it most closely matches: A. Cash discount B. Credit period E. FOB shipping point F. Gross profit H. Purchase discount I.
Spare Parts was organized on May 1, 2005, and made its first purchase of merchandise on May 3. The purchase was for 1,000 units at a price of \($10\) per unit. On May 5, Spare Parts sold 600 of the
Refer to Exercise 5-4 and prepare the appropriate journal entries for DeSoto Co. to record the May 5 purchase and each of the three separate transactions a through c. DeSoto is a retailer that uses a
On May 11, Smythe Co. accepts delivery of \($30,000\) of merchandise it purchases for resale from Hope Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB
Explain why a company’s manager wants the accounting system to record customers’ returns of unsatisfactory goods in the Sales Returns and Allowances account instead of the Sales account. In
The following supplementary records summarize Titus Company’s merchandising activities for year 2005. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the summarized
Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses. Sales Cost of goods sold Merchandise inventory (beginning).
Refer to Exercise 5-2 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 5-6 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,Exercise 5-6On
Prepare journal entries to record the following merchandising transactions of Stone Company, which applies the perpetual inventory system. Aug. 1 Purchased merchandise from Abilene Company for $6,000
Prepare journal entries to record the following merchandising transactions of Bask Company, which applies the peipetual inventory system. July 1 Purchased merchandise from Black Company for $6,000
BizKid Company’s adjusted trial balance on August 31, 2005, its fiscal year-end, follows:On August 31, 2004, merchandise inventory was $25,000. Supplementary records of merchandising activities for
Explain why use of the perpetual inventory system has dramatically increased.
Under what conditions are two entries necessary to record a sales return?
When a merchandiser uses a perpetual inventory system, why is it sometimes necessary to adjust the Merchandise Inventory balance with an adjusting entry?
What account is used in a perpetual inventory system but not in a periodic system?
Which of the following accounts are temporary accounts under a periodic system?(a) Merchandise Inventory: (b) Purchases; (c) Transportation-In.

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