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business
introduction to accounting

Questions and Answers of Introduction To Accounting

Classify each of the following items as affecting assets or liabilities and revenues or expenses for Madsen Company. State which financial statement (balance sheet or income statement) each item
What is a business and why does it exist?
Select a company you are interested in and obtain a copy of its most recent annual report. Keep this report for use throughout this book. Based on the information in this report, answer the following
Critically evaluate these statements: “The business of business is to do business. Businesses should not be involved in social issues. It is the role of government to control pollution and
In 2008, Congress voted to bail out many financial institutions that faced bankruptcy due to bad loans. During the same year, it refused to bail out the “Big 3” automakers, which also faced
Classify each of the following businesses by type (service, merchandising, and/or manufacturing):A. MasterCardB. KPMG, LLP (accounting firm)C. Frontier AirlinesD. International Business Machines
Refer to P1.1. If these were the only items affecting the company during the period, what would Madsen’s net income be?Data from P1.1Classify each of the following items as affecting assets or
What is accounting and why does it exist?
Consider the businesses in the town where your college is located. Select one that interests you and prepare written responses to the following questions:A. What type of business is this company
The JIT philosophy stipulates that products (inventory) should arrive just as needed. Discuss the risks for a business that adopts this philosophy.
A student was interviewing for a full-time position with a firm. The on-campus interview went very well, and the student was invited to visit the offices, which were located some distance away. The
Although employees are usually considered to be, and are often referred to as, a company’s most valued asset, they do not appear as assets on the balance sheet. Prepare an argument supporting or
Describe companies from your hometown that have the following ownership structures:(1) Sole proprietorship,(2) Partnership,(3) Corporation.
What is JIT?
Compare and contrast the stock market crash of 1929 to the market crash of 2008.
List four well-known companies that have the following ownership structures:(1) Partnership(2) Corporation.
Explain the differences among sole proprietorships, partnerships, and corporations.
Aullman Company has $3 million in assets and $1.2 million in liabilities. What is its owners’ equity?
Swaby Company has $800,000 in liabilities and $100,000 of owners’ equity. What are its total assets?
Explain the role of accounting in ancient times.
Refer to E1.6. What is the debt-to-equity ratio for Swaby Company?Data from in E 1.6Swaby Company has $800,000 in liabilities and $100,000 of owners’ equity. What are its total assets?
Explain the role of accounting in the eleventh through fifteenth centuries in Italy.
Hoppal Company has $5 million in assets and $3.2 million in liabilities. What are its net assets?
What is an asset? Give an example.
Refer to E1.8. What is the debt-to-equity ratio of Hoppal Company?Data from E 1.8Hoppal Company has $5 million in assets and $3.2 million in liabilities. What are its net assets?
What is a liability? Give an example.
Noe Company has hundreds of owners located throughout the country. Once a month, Noe sends financial statements to its owners. These statements report the results of operations as measured in
Misty Briggs, owner of Briggs Machine Shop, maintains two checking accounts—one for personal affairs and one for the business. What basic accounting concept does this arrangement illustrate?
What is owners’ equity?
Henman Company made sales of $350,000 to customers, of which it received $200,000 in cash from customers. Henman incurred $210,000 in operating expenses, of which it paid $160,000 in cash. What was
Why is a partnership agreement important?
Collins Company made sales totaling $500,000 but received only $350,000 in cash from sales to customers. It paid $400,000 in cash for operating expenses but incurred only $200,000 of expenses this
Explain the business entity concept and how it affects accounting.
Explain the going concern concept and how it affects accounting.
Refer to E1.14. What is the current ratio of Shenefield Company? Classify each of the following as assets, liabilities, or owners’ equity for Kiren Company:A. Kiren Company’s owners have
What is the fundamental accounting equation?
Classify each of the following as assets, liabilities, or owners’ equity for Kiren Company:A. Kiren Company’s owners have contributed $175,000 in land to the company.B. Kiren Company owes $10,000
Who was Pacioli and why is he important?
What is the purpose of financial statements?
Refer to E1.18 and calculate the return on sales ratio for Bowen Company.Data from E1.18Classify the following as revenues or expenses assuming Bowen Company uses the accrual basis of
Explain the periodicity concept.
Interview a marketing, management, or finance instructor at your school to determine the accounting information used by individuals with these particular backgrounds. Describe what you discover.
How is income measured using the cash basis of accounting?
Prepare a list of your personal assets and liabilities. What is your net asset position?
What is limited liability? Is it desirable? Why or why not?
Assume you and your friends are going to start a business. Should you organize as a sole proprietorship, partnership, or corporation? Why?
How is income measured using the accrual basis of accounting?
How did the 1929 stock market crash affect accounting and business?
What are generally accepted accounting principles? Who is responsible for them?
Why did limited partnerships, S-corporations, limited liability companies, and limited liability partnerships arise?
What are the four basic financial statements and what is the purpose of each?
What is the purpose of the Codification?

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