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fundamentals of financial accounting 7th edition

Questions and Answers of Fundamentals Of Financial Accounting 7th Edition

What document signals that a company should record the purchase of goods on account?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
A company indicates the condition of goods obtained on which of the following documents?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
This case is available online in the Connect eBook. By completing this case, you will learn to quantify cash embezzlement, identify missing cash controls, and recommend control improvements.
Which of the following internal control principles underlies the requirement that all customers be given a sales receipt?a. Segregate dutiesb. Establish responsibilityc. Restrict accessd. Document
Which of the following does not enhance internal control?a. Assigning different duties to different employeesb. Ensuring adequate documentation is maintainedc. Allowing access only when required to
Which of the following is not a component of internal control?a. Environmental assessmentb. Control activitiesc. Information and communicationd. Monitoring activities
The December bank statement and cash T-account for Stewart Company follow:There were no deposits in transit or outstanding checks at November 30.Required:1. Identify and list the deposits in transit
Which of the following is not a Sarbanes-Oxley Act requirement intended to reduce fraud opportunities?a. Increase fines and jail sentences for fraud perpetrators.b. All public companies establish an
Which of the following is not an element of the fraud triangle?a. Opportunityb. Control environmentc. Incentived. Rationalization
Refer to the financial statements of The Home Depot in Appendix A at the end of this book.Required:1. How much does The Home Depot report for Cash and Cash Equivalents and Restricted Cash (in
The following relates to a magazine company called My Style Mag (MSM). You will use your understanding of the relationships among (1) Business activities, (2) Accounting equation
Refer to E4-16.Required:Using the adjusted balances in E4-16, prepare an income statement, statement of retained earnings, and classified balance sheet for the year ended December 31.Data From
What is a post-closing trial balance? Is it a useful part of the accounting cycle? Explain.
Which of the following trial balances is used as a source for preparing the income statement?a. Unadjusted trial balanceb. Pre-adjusted trial balancec. Adjusted trial balanced. Post-closing trial
Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income
Assume a company receives a bill for $10,000 for advertising done during the current year. If this bill is not yet recorded at the end of the year, what will the adjusting journal entry include?a.
Assume the balance in Prepaid Insurance is $2,500, but it should be $1,500. The adjusting journal entry should include which of the following?a. Debit to Prepaid Insurance for $1,000b. Credit to
Company A has owned a building for several years. Which of the following statements regarding depreciation is false from an accounting perspective?a. Depreciation Expense for the year will equal
An adjusted trial balancea. Shows the ending balances in a debit and credit format before posting the adjusting journal entries.b. Is prepared after closing entries have been posted.c. Is a tool used
Complete this case, available online at the Connect eBook. By completing this case, you will learn to identify misstatements and make adjustments to correct the financial statements.
An adjusting journal entry to recognize accrued salaries payable would cause which of the following?a. A decrease in assets and stockholders’ equityb. A decrease in assets and liabilitiesc. An
What is a contra-asset? Give an example of one.
On December 31, an adjustment is made to reduce Deferred Revenue and report Service Revenue generated. How many accounts will be included in this adjusting journal entry?a. Noneb. Onec. Twod. Three
Learn to Play, Inc., is a one-person company that provides private piano lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected
Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts.Required:1. Calculate the (preliminary)
When a concert promotions company collects cash for ticket sales two months in advance of the show date, which of the following accounts is affected?a. Accounts Payableb. Accounts Receivablec.
Which account is least likely to appear in an adjusting journal entry?a. Cashb. Interest Receivablec. Income Tax Expensed. Salaries and Wages Expense
Refer to the financial statements of The Home Depot in Appendix A and Lowe’s in Appendix B at the end of this book.Required:1. Refer to the notes to the financial statements to determine how much
Refer to the financial statements of The Home Depot in Appendix A at the end of this book.Required:1. How much did The Home Depot owe for salaries and related expenses at January 29, 2017? Was this
Assume it is now December 31, 2018, and Nicole has just completed her first year of operations at Nicole’s Getaway Spa. After looking through her trial balance, she noticed that there are some
Which of the following is not one of the four basic financial statements?a. The balance sheetb. The audit reportc. The income statementd. The statement of cash flows
Nicole Mackisey is thinking of forming her own spa business, Nicole’s Getaway Spa (NGS). Nicole expects that she and two family members will each contribute $10,000 to the business and receive
Val is opening a hair salon, but she does not know what business form it should take. Tell her about the advantages and disadvantages of operating as a sole proprietorship versus a corporation.
Which of the following is true regarding the income statement?a. The income statement is sometimes called the statement of operations.b. The income statement reports revenues, expenses, and
Refer to the financial statements of The Home Depot in Appendix A and Lowe’s in Appendix B at the end of this book.Required:1. Was Lowe’s net income for the year ended February 3, 2017, greater
Which of the following is false regarding the balance sheet?a. The accounts shown on a balance sheet represent the basic accounting equation for a particular business.b. The retained earnings balance
Fitbit, Inc., reported the following information for the nine-month period ended October 1, 2016. Items are listed alphabetically and are in thousands of dollars.Required:Prepare the four basic
Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2018.Required:Prepare the four basic financial statements for the fiscal year ended August 31,
The accounting process generates financial reports for both internal and external users. Describe some of the specific groups of internal and external users.
Which of the following regarding retained earnings is false?a. Retained earnings is increased by net income.b. Retained earnings is a component of stockholders’ equity on the balance sheet.c.
Refer to PB1-3.Required:1. Did Cheese Factory’s cash balance increase or decrease during the year ended August 31, 2018? Which financial statement shows the reasons for this change?2. What would
Which of the following is not one of the items required to be shown in the heading of a financial statement?a. The financial statement preparer’s nameb. The title of the financial statementc. The
Which of the following statements regarding the statement of cash flows is false?a. The statement of cash flows separates cash inflows and outflows into three major categories: operating, investing,
Which of the following regarding GAAP is true?a. GAAP is an abbreviation for generally applied accounting principles.b. Changes in GAAP always affect the amount of income reported by a company.c.
Which of the following is true?a. FASB creates SEC.b. GAAP creates FASB.c. SEC creates CPA.d. FASB creates GAAP.
Which of the following would not be a goal of external users reading a company’s financial statements?a. Understanding the current financial state of the companyb. Assessing the company’s
Which of the following is not required by the Sarbanes-Oxley Act?a. Top managers of public companies must sign a report certifying their responsibilities for the financial statements.b. Public
Refer to the financial statements of The Home Depot in Appendix A at the end of this book. Required:1. What were the year-end dates for the “Fiscal 2016” and “Fiscal 2015” periods?2.
Refer to the financial statements of The Home Depot in Appendix A and Lowe’s in Appendix B.Required:1. Use the companies’ fiscal 2016 balance sheets to determine the amounts in the accounting
Which of the following statements describes transactions that would be recorded in the accounting system?a. An exchange of an asset for a promise to payb. An exchange of a promise for another
Total assets on a balance sheet prepared on any date must agree with which of the following?a. The sum of total liabilities and net income as shown on the income statementb. The sum of total
The duality of effects can best be described as follows:a. When a transaction is recorded in the accounting system, at least two effects on the basic accounting equation will result.b. When an
Refer to E2-4.Required:For each of the events in E2-4, prepare journal entries, checking that debits equal credits.Data From E2-4The following events occurred for Favata Company:a. Received $10,000
The T-account is used to summarize which of the following?a. Increases and decreases to a single account in the accounting systemb. Debits and credits to a single account in the accounting systemc.
Refer to E2-6.Required:1. For each of the events in E2-6, prepare journal entries, checking that debits equal credits.2. Explain your response to event (c).Data From E2-6NIKE, Inc., with headquarters
A company was recently formed with $50,000 cash contributed to the company by stockholders for common stock. The company then borrowed $20,000 from a bank and bought $10,000 of supplies on account.
Which of the following statements would be considered true regarding debits and credits?a. In any given transaction, the total dollar amount of the debits and the total dollar amount of the credits
What is a T-account? What is its purpose?
Which of the following statements would be considered true regarding the balance sheet?a. One cannot determine the true current value of a company by reviewing just its balance sheet.b. The balance
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided.a.
Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year:a. Received $40,000 cash from the company’s founders in exchange for common
J.K. Builders was incorporated on July 1. Prepare journal entries for the following events from the first month of business. If the event is not a transaction, write “no transaction.”a. Received
BSO, Inc., has current assets of $1,000,000 and current liabilities of $500,000, resulting in a current ratio of 2.0. For each of the following transactions, determine whether the current ratio will
Which of the following items is not a specific account in a company’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Deferred Revenue
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $15. At the start of January 2018, VGC’s income statement accounts had
Refer to the financial statements of The Home Depot in Appendix A at the end of this book.Required:1. How much did The Home Depot’s sales revenue increase or decrease in the year ended January 29,
Refer to the financial statements of The Home Depot in Appendix A and Lowe’s in Appendix B at the end of this book.Required:1. Did Lowe’s sales revenues increase or decrease in the year ended
The expense recognition principle (“matching”) controlsa. Where on the income statement expenses should be presented.b. When revenues are recognized on the income statement.c. The ordering of
Sirius XM Holdings Inc. sells a dash-top satellite radio receiver and one-year subscription for a total price of $80. By purchasing this deal, the subscriber is entitled to receive hardware (i.e.,
Which of the following would the core revenue recognition principle consider a contract?a. A concert ticket issued by a Ticketmaster customer service representativeb. An order automatically generated
If a company incorrectly records a payment as an asset, rather than as an expense, how will this error affect net income in the current period?a. Net income will be too high.b. Net income will be too
When should a company report the cost of an insurance policy as an expense?a. When the company first signs the policyb. When the company pays for the policyc. When the company receives the benefits
When expenses exceed revenues in a given period,a. Stockholders’ equity will not be impacted.b. Stockholders’ equity will be increased.c. Stockholders’ equity will be decreased.d. One cannot
Which account is least likely to be debited when revenue is recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Deferred Revenue
Webby Corporation reported the following amounts on its income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income tax expense, $900. If the only other
Which of the following is the entry to be recorded by a law firm when it receives a payment from a new client that will be earned when services are provided in the future?a. Debit Accounts
Given the transactions in M3-18 and M3-19 (including the examples), prepare an income statement for Swing Hard Incorporated for the month ended February 28. (This income statement would be considered

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