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fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

An encumbrance is still outstanding at the end of the fiscal year. The government anticipates that it will honor this encumbrance in the next year. How does the government report this
When is an encumbrance recorded? What happens to this balance? How are encumbrances reported in government-wide financial statements? LO9
How are budget results shown in the financial reporting of a state or local government? LO9
Why are budgetary entries recorded in the individual funds of a state or local government? LO9
Fund-based financial statements have separate columns for each activity. Which activities are reported in this manner? LO9
What are the two major divisions reported in government-wide financial statements? What funds are not reported in these financial statements? LO9
What are the four fund types within the fiduciary funds? What types ofevents does each report? LO9
What are the two fund types within the proprietary funds? What types ofevents does each report? LO9
What are the five fund types within the governmental funds? What types of events does each of these report? LO9
What are the three classifications of funds? What funds are included in each of these three? LO9
In applying the current financial resources measurement focus, when are liabilities recognized? LO9
What accounts are included in current financial resources? LO9
What measurement focus is used in government-wide financial statements, and what system is applied to determine the timing of revenue and expense recognition? LO9
What measurement focus is used in fund-based financial statements, and what system is applied to determine the timing of revenue and expenditure recognition? LO9
What are the basic financial statements that a state or local government now produces? LO9
In general, how has the double system of financial statements created by GASB Statement 34 impacted the financial reporting of state and local governments? LO9
Why have accountability and control been so important in the traditional accounting for state and local government units? LO9
How have users’ needs impacted the development of accounting principles for state and local government units? LO9
When does a government recognize revenues, expenses, and expenditures? LO9
What measurement focus and basis of accounting are utilized within the various financial statements produced for a state or local government? LO9
How do government-wide financial statements differ from fund-based financial statements and why are two sets of financial statements necessary? LO9
Why is financial accountability consid¬ ered so important in a government? In what ways is financial accountability established in the accounting system? LO9
What is fund accounting, and why do state and local governments utilize it? LO9
Who uses the financial data produced by state and local government units, and why is such a wide variety of infor¬ mational needs encountered? LO9
The Red and Blue partnership has been created to operate a law firm. The partners have been attempting to devise a fair system to allocate profits and losses. Red plans to work more billable hours
Use the information in Communication Case 1. LO3 Required Write a report for these two individuals outlining the types of situations in which the partnership form of legal structure would be the best
Heidi Birmingham and James T. Roberts have decided to create a business. They have financing avail¬ able and have a well-developed business plan. However, they have not yet decided which type of
Brenda Wilson, Elizabeth Higgins, and Helen Poncelet form a partnership as a first step in creating a business. Wilson invests most of the capital but does not plan to be actively involved in the
Go to the Web site www.sec.gov where forms filed with the SEC are available. Look for a section enti¬ tled “Filings & Forms (EDGAR),” and click on “Search for Company Filings” within that
Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O’Donnell, a local merchant, to contribute the capital to form a
A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2009:Assets. $320,000 Liabilities. $120,000 Athos, capital. 80,000 LO3 Porthos,
Gray, Stone, and Lawson open an accounting practice on January 1, 2009, in San Diego, California, to be operated as a partnership. Gray and Stone will serve as the senior partners because of their
Boswell and Johnson form a partnership on May 1, 2008. Boswell contributes cash of $50,000; Johnson conveys title to the following properties to the partnership:Book Value Fair Value Land. $15,000
Following is the current balance sheet for a Cash and current local partnership of doctors:Liabilities.... $ 40,000 assets. LO3. $ 30,000 A, capital.20,000 Land. . 180,000 B, capital.40,000 Building
In the early part of 2009, the partners of Page, Childers, and Smith sought assistance from a local accountant. They had begun a new business in 2008 but had never used an accountant’s
The HELP partnership has the following capital balances as of December 31, 2009:Lennon. LO3 McCartney . . Harrison Starr.Total capital$230,000 190,000 160,000 140,000$720,000 Answer each of the
On January 1,2009, the dental partnership of Left, Center, and Right was formed when the partners contributed $20,000, $60,000, and $50,000, respectively. Over the next three years, the business
Purkerson, Smith, and Traynor have operated a bookstore for a number of years as a partnership. At the beginning of 2009, capital balances were as follows:Purkerson. $60,000 Smith. 40,000 LO3
The partnership agreement of Jones, King, and Lane provides for the annual allocation of the busi¬ ness’s profit or loss in the following sequence:• Jones, the managing partner, receives a bonus
The C-P partnership has the following capital account balances on January 1, 2009:Com, Capital.$150,000 LO3 Pack, Capital.110,000 Com is allocated 60 percent of all profits and losses with the
A partnership has the following account balances: Cash $50,000; Other Assets $600,000; Liabili¬ ties $240,000; Nixon, Capital (50% of profits and losses) $200,000; Hoover, Capital (20%) $120,000;
The Distance Plus partnership has the following capital balances at the beginning of the current year:Tiger (50% of profits and losses). $85,000 Phil (30%).60,000 LO3 Ernie (20%).55,000a. If Sergio
Lear is to become a partner in the WS partnership by paying $80,000 in cash to the business. At pre¬ sent, the capital balance for Hamlet is $70,000 and for MacBeth is $40,000. Hamlet and MacBeth
Darrow invests $250,000 in cash for a 30 percent ownership interest. The money goes to the busi¬ ness. No goodwill or other revaluation is to be recorded. After the transaction, what is Jennings’s
Darrow invests $270,000 in cash for a 30 percent ownership interest. The money goes to the origi¬ nal partners. Goodwill is to be recorded. How much goodwill should be recognized, and what is
At year-end, the Cisco partnership has the following capital balances: LO3 Montana, Capital Rice, Capital . . .Craig, Capital . .Taylor, Capital . .Profits and losses are split on a 3:3:2:2 basis,
Apartnership has the following capital balances:Allen, Capital.$60,000 LO3 Burns,Capital. 30,000 Costello,Capital. 90,000 Profits and losses are split as follows: Allen (20%), Burns (30%), and
Apartnership begins its first year of operations with the following capital balances: LO3 Winston,Capital. $110,000 Durham,Capital. 80,000 Salem, Capital.110,000 According to the articles of
A partnership begins its first year with the following capital balances:Arthur, Capital.$ 60,000 LO3 Baxter, Capital.80,000 Cartwright,Capital. 100,000 The articles of partnership stipulate that
The capital balance for Messalina is $210,000 and for Romulus is $140,000. These two partners share profits and losses 60 percent (Messalina) and 40 percent (Romulus). Claudius invests $100,000 in
Bishop has a capital balance of $120,000 in a local partnership, and Cotton has a $90,000 balance. These two partners share profits and losses by a ratio of 60 percent to Bishop and 40 percent to
The capital balance for Bolcar is $ 110,000 and for Neary is $40,000. These two partners share prof¬ its and losses 70 percent (Bolcar) and 30 percent (Neary). Kansas invests $50,000 in cash into
Apartnership has the following capital balances: LO3 Elgin (40% of gains and losses).$100,000 Jethro (30%).200,000 Foy (30%).300,000 Oscar is going to pay a total of $200,000 to these three partners
A partnership has the following capital balances:Albert (50% of gains and losses).$ 80,000 Barrymore (20%).60,000 LO3 Candroth(30%). 140,000 Danville is going to invest $70,000 into the business to
Pat, Jean Lou, and Diane are partners with capital balances of $50,000, $30,000, and $20,000, respectively. These three partners share profits and losses equally. For an investment of $50,000 cash
How does partnership accounting differ from corporate accounting? LO3a. The matching principle is not considered appropriate for partnership accounting.b. Revenues are recognized at a different time
Which of the following is not a reason for the popularity of partnerships as a legal form for businesses? LO3a. Partnerships need be formed only by an oral agreement.b. Partnerships can more easily
When a partner withdraws from a partnership, why is the final distribution often based on the appraised value of the business rather than on the book value of the capital account balance? LO3
Under what circumstance might goodwill be allocated to a new partner entering a partnership? LO3
A new partner enters a partnership and goodwill is calculated and credited to the original partners. How is the specific amount of goodwill assigned to these partners? LO3
When a partner sells an ownership interest in a partnership, what rights are conveyed to the new owner? LO3
By what methods can a new partner gain admittance into a partnership? LO3
What is a partnership dissolution? Does dissolution automatically necessitate the cessation of busi¬ ness and the liquidation of partnership assets? LO3
If no agreement exists in a partnership as to the allocation of income, what method is appropriate? LO3
What provisions in a partnership agreement can be used to establish an equitable allocation of income among all partners? LO3
At what point in the accounting process does the allocation of partnership income become significant? LO3
What is the purpose of a drawing account in a partnership’s financial records? LO3
If a partner is contributing attributes to a partnership such as an established clientele or a particular expertise, what two methods can be used to record the contribution? Describe each method. LO3
What valuation should be recorded for noncash assets transferred to a partnership by one of the partners? LO3
What is an articles of partnership agreement, and what information should this document contain? LO3
A company is being created and the owners are trying to decide whether to form a general partner¬ ship, a limited liability partnership, or a limited liability company. What are the advantages and
Describe the differences between a Subchapter S corporation and a Subchapter C corporation. LO3
What information do the capital accounts found in partnership accounting convey? LO3
How does partnership accounting differ from corporate accounting? LO3
What are the advantages of operating a business as a partnership rather than as a corporation? What are the disadvantages? LO3
If a partner withdraws from a partner¬ ship and receives more cash than the amount recorded in the appropriate capital account, what accounting does the business make of the excess payment? LO3
How is the annual net income earned by a partnership allocated among the individual capital accounts maintained for each partner? LO3
If a partner brings an intangible attribute (such as business expertise or an established clientele) to a partner¬ ship, how is this contribution valued and recorded? LO3
Why do the equity accounts of a partnership differ from those of a corporation? LO3
Why are some businesses legally orga¬ nized as partnerships rather than as corporations? LO3
The senior partner of Wojtysiak & Co., CPAs, has been approached by a small, publicly traded corpora¬ tion wishing to change auditors. The Wojtysiak firm does not audit any other public companies.
Go to the Web site www.sec.gov and, under the Filings & Forms (EDGAR) heading, click on “Search for Company Filings” and then click on “Companies & Other Filers.” Enter the name of a well-
Tasch Corporation, a multilevel marketing and sales organization, plans to sell approximately $10,000,000 worth of “service agreements” to many of its customers. These service agreements guaran¬
Domer Corporation is preparing to issue a relatively small amount of securities and does not want to go to the trouble of filing a registration statement with the SEC. Company officials hope to be
Which organizations are normally exempted from the SEC’s registration requirements? LO7
Explain each of the following items:a. StaffAccounting Bulletins.b. Wraparound filing.c. Incorporation by reference. LO7d. Division of corporation finance.e. Integrated disclosure system.f
Describe the provisions of the Sarbanes-Oxley Act as they relate to the creation and responsibilities of the Public Company Accounting Oversight Board. LO7
What is the importance of a Form 8-K? What is the importance of a proxy statement? LO7
Which forms do most companies file with the SEC in connection with the offering of securities to the public? LO7
Which forms do most companies file with the SEC on a periodic basis? Explain the purpose of each form and its primary contents. LO7
Discuss the methods by which the SEC can influence the development of generally accepted accounting principles in the United States. LO7
What are the general steps involved in filing a registration statement with the SEC? LO7
Discuss the objectives of the Securities Act of 1933 and the Securities Exchange Act of 1934. Flow are these objectives accomplished? LO7
Identify each of the following as they pertain to the SEC.a. Blue sky laws.b. S-8 Statement.c. Letter of deficiencies.d. Public Company Accounting Oversight Board. LO7e. Prospectus.
What is EDGAR? LO7a. A system the SEC uses to reject registration statements that do not contain adequate information.b. The enforcement arm of the SEC.c. A system designed by the SEC to allow
What is a shelf registration?a. A registration statement that the SEC formally rejects.b. A registration statement that the SEC rejects due to the lapse of a specified period of time.c. A
Which of the following is usually not filed with the SEC on a regular periodic basis?a. A Form 10-Q. LO7b. A prospectus.c. A proxy statement.d. A Form 10-K.
Which of the following is not exempt from registration with the SEC under the Securities Act of 1933?a. Securities issued by a nonprofit religious organization.b. Securities issued by a government
What is a prospectus?a. A document attached to a Form 8-K.b. A potential stockholder as defined by Regulation S-K. LO7c. A document a company files with the SEC prior to filing a registration
What is a letter of comments?a. A letter the SEC sends to a company indicating needed changes or clarifications in a registration statement.b. A questionnaire supplied to the SEC by a company

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