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horngrens accounting 11th canadian

Questions and Answers of Horngrens Accounting 11th Canadian

Self-test Consider the following figures for Gleaston plc:Profit and loss account for the year ended 30 September 2009£000 Sales 28,980 Less: cost of sales (15,295)Gross profit 13,685 Less: expenses
Self-test Sharma has obtained the figures of a rival restaurant owned by Mustapha. The following information is available.Mustapha Sharma Rate of stock turnover 52 times 40 times Net profit to sales
Self-test Andreas Sugaro is considering investing £100,000 in the shares of either Thessaloniki plc (current market price 64p per share) or Athena plc (current market price 98p per
explain the various methods used for investment decisions;
understand the differences between the various cash flow methods;
calculate and formulate answers for management;
understand the drawbacks of some of the appraisal methods.
Self-test Why Ltd contemplates the purchase of a new machine to produce additional units of its product. It has a choice of three different machines, each of which have similar technical
Self-test Using the data given for Why Ltd in section 38.4.3, calculate the net present values of each of the possible machine investments, assuming a cost of capital of 12 per cent.Compare the
Self-test Martin & Co. are printers. They were forced to reject a printing order because of insufficient machine capacity. As a result they investigated the purchase of a new press. This would cost
2 operators at £25,000 each; and
materials at £100,000.You are required to calculate the payback period.You are also required to:(a) calculate the net present value, assuming that the company discounts 4 years of cash flow at 20
Self-test Art Ltd wants to introduce a new product. To do this the company needs to buy a new machine costing £100,000. The life of the new product is anticipated as 4 years. At that time Art Ltd
Self-test Fred Ltd manufacturers sports blazers. The company has over the past 2 years shown declining profits and the directors have decided that major capital investment is needed in the business
Self-test Helico Ltd received a contract for providing helicopter emergency services for the next 6 years in London.Before deciding on accepting the contract they undertook an evaluation of the
undertake calculations of the various methods used for investment decisions;
undertake calculations using the various cash flow methods;
calculate and formulate answers for management;
interpret the results of your calculations.
Self-test Walter & Co. has developed a new product, X2X, at a total cost of £1,000,000.The product is expected to have a four-year life.The following are estimated revenues and costs for the product
Self-test Gems Ltd manufactures a ladies fashion brooch which it sells to an exclusive group of fashion shops. During the past year the company has been operating at 75 per cent of its capacity and
Self-test Healthy Products uses a unique chemical (WX234) in the production of its range of pharmaceuticals. The only supplier of WX234 has just had a fire at its plant and for the next year supply
Self-test Motorman Ltd supplies car parts to garages. Estimated figures for August to November are as follows:Sales Wages Expenses August 190,000 15,000 16,800 September 225,000 16,000 18,750 October
Self-test Alex Ltd anticipates the following costs will be incurred in the manufacture of Product X:Variable costs:Raw materials £12 per unit Direct labour £4 per unit Variable cost £2 per unit
Self-test Doris and Eric have been trading in partnership for many years, preparing accounts to 31 March each year and sharing profits or losses in the ratio 2:1. As from 1 October 2008, they agree
Self-test Delamare Ltd is a small company which prepares accounts to 30 April each year.The company operates a manual double-entry book-keeping system but does not maintain any control accounts.A
Self-test Damon plc prepares accounts to 31 December each year. The company’s issued share capital consists of 2,500,000 ordinary shares of 20p each and 250,000 6%preference shares of £1 each. The
Self-test The following extract has been taken from the statement of cash flows of Grutyer plc:£Net profit before taxation 433,444 Adjustments for:Depreciation 214,530 Surplus on sale of non-current
Self-test Hazel is a sole trader. She runs a small shop (operating from rented premises) and prepares accounts to 31 October each year. Her business records consist solely of a cashbook in which she
Self-test Emma is a sole trader operating from rented premises. She prepares accounts to 31 August each year. Her balance sheet at 31 August 2001 was as follows:Balance Sheet as at 31 August
Self-test Eastwood plc is a manufacturing company which prepares annual accounts to 31 July. On 1 July 2002, the company had a stock of 13,000 units of raw material X.These units had cost £6 each.
Self-test The balance sheets of Essex Ltd at 30 September 2001 and 2002 are as follows:Balance sheets as at 30/9/01 30/9/02£000 £000 £000 £000 Tangible fixed assets:At cost or valuation 3,770
Self-test Karen Lamb Limited sells books. The draft final accounts for the year ended 30 November 2008 have been prepared and show a retained profit for the year of £84,000.The following adjustments
Self-test The following trial balance has been extracted from the books of account of Spartre plc after the trading and profit and loss and appropriation accounts have been prepared.Trial Balance at
Self-test Tilly Teasdale owns a general store. She provides the following information at 31 December 2008.Bad debts written off 88 Equipment at cost 12,000 General expenses 50,841 Motor expenses
Self-test Simon Paul sells CDs to music shops.He provides the following information at 31 March 2008.Trade debtors 28,000 Trade creditors 18,000 Sales for the year 260,000 Purchases for the year
Self-test Niklas Ltd is a small company which sells clocks.The following budgeted information is available for the five months ending 31 October.June July August September October Expected purchases
Self-test Drumfet plc is a manufacturing company. The directors feel that the time is right to expand the business. To fund this expansion, they must raise a substantial amount of finance. They are
Self-test The following balances were extracted from the books of Kumble plc on 31 October 2008.Dr Cr £ £Purchases 820,000 Sales 1,800,000 Stock 1 November 2007 58,000 Discounts 8,300 4,200 Sales
Self-test The following balances were taken from the accounts of Khan plc on 30 November 2008.£1 ordinary shares 280,000£1 6% preference shares 180,000 General reserve 90,000 Share premium 140,000
Self-test The following information is available for two companies engaged in a similar type of business for the year ended 31 October 2008.Gray plc Brew plc£ £Turnover 900,000 1,200,000 Gross
Self-test Eastview Ltd is preparing its cash budget for the three months ending 30 June 2009. The following forecasts are available.Feb Mar Apr May June July Sales 120,000 120,000 130,000 140,000
Self-test Jacques is a sole trader. A trial balance was extracted for the year ended 31 December 2008. The trial balance did not agree. The Profit and Loss Account had, however, been prepared and a
explain the meaning of a microprocessor;
understand and explain the advantages of computer-based accounts;
identify the differences in systems.
Self-test You have been asked to justify the installation of a computerised accounting system. In your answer indicate the advantages of the system.
Self-test Describe the functions of a spreadsheet and give examples of their use.
Self-test Hitesh is a sole trader who prepares accounts to 30 September each year. He uses a manual double-entry book-keeping system and maintains sales ledger and purchase ledger control accounts.
understand and explain the purposes of accounting;
explain the need for financial information;
identify the main users of accounts and their information needs.
Self-test This book shows you how accounts are prepared. It also shows how the information provided is used.List the six reasons for preparing accounts.
Self-test There are many users of accounts and the information that they provide.Identify six such users.
Self-test Accounting is defined by many organisations, but it is agreed that there are three key words that are associated with accounting.In your own words identify how you would describe accounting.
Self-test Accounting is a vast subject and caters for many needs. Traditionally it is divided into two main areas or divisions.List these two areas and briefly describe what each division provides to
explain the meaning of double entry;
describe the dual effect of a transaction;
describe the layout and content of a ledger account;
explain the meaning of debit and credit;
enter transactions to the ledger using the double-entry system;
understand the information contained in the books of account.
explain the need for balancing the ledger;
balance and close off ledger accounts;
distinguish between debit and credit balances;
explain the importance of dates, descriptions and balances.
Self-test You are presented with the following ledger account in the books of Ann. The account gives details of the bank transactions for the month of July 2009.You are required to balance this
Self-test You are required to balance the cash account for September, October and November 2009.In addition you are required to post the payments made for purchases and wages and show the balances on
Self-test Marge started a gift shop on 1 March 2009. The following cheque payments are made during the month:1 Mar 09 Marge transferred £10,000 to the business.1 Mar 09 Paid rent for office, £500.3
explain the need for a cash book and how to write it up;
write up a cash book and balance it off at the end of a period;
post cash book entries to ledger accounts;
explain the function of the discount columns.
Self-test Green is a sole trader who records all her cash and bank transactions in a 3-column cash book. During July 2009 the following transactions took place.1 Cash balance £123 and bank balance
Self-test You are given the following information by Walker relating to his transactions for the month of July 2009.Receipts during the month:From Debtors:3 July 09 Jacks paid £320 by cheque.11 July
explain the meanings of the various bank terms;
understand the need for reconciling the cash book;
reconcile the bank statement with the cash book balance;
adjust the cash book balance as part of the reconciliation.
Self-test The following is the cash book of A Broad for the month of July 2009 together with a copy of the bank statement at the same date.You are required to make any cash book adjustments necessary
Self-test The bank columns of Enid’s cash book for the month of February 2009 are shown below.The following bank statement was received for the month of February:Bank statement Debit Credit Balance
Self-test Michael received the following bank statement.Bank statement 2009 Transaction Debit Credit Balance 1 May Balance 332 7 May Cheque no. 119 102 230 11 May Cash 518 748 18 May Credit transfer
explain the need for a petty cash book;
understand the imprest system of petty cash and its advantages;
understand the control of cash and expenses;
write up a columnar petty cash book;
explain the function of the analysis columns in the petty cash book;
balance the petty cash.
Self-test You are required to prepare a petty cash book with four columns for cleaning, postage, travel and office expenses, and enter the items listed below.The petty cash book of Josh is kept on
Self-test You are required to prepare a petty cash book with four columns for cleaning, postage, travel and office expenses, and enter the items listed below.The petty cash book of Josh is kept on
explain the meaning of VAT;
differentiate between input and output VAT;
show how VAT is accounted for in the ledger;
enter VAT in the subsidiary books;
calculate VAT when trade and cash discounts are offered;
prepare and comment on the VAT account.
Self-test You are given the following information relating to purchases and sales undertaken by Dani & Co. during the 3 months ended September 2009. Assume for this example that VAT is calculated at
Self-test Martha owns a retail clothing store.Martha’s trading during July showed that she had sold goods to Mrs Green for £820, plus VAT. She offered a 3 per cent cash discount for payment within
Self-test Decker & Co. sells office desks to various retail stores. The stores are offered a trade discount of 25 per cent as well as a 10 per cent discount for all payments made within 10 days of
explain the meaning of books of prime entry;

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