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introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

Give two examples of explicit transactions.
Use ratios to assess profitability.
Prepare single- and multiple-step income statements.
Prepare a classified balance sheet and use it to assess short-term liquidity.
Describe the sequence of the final steps in the recording process and relate cash flows to adjusting entries.
Make adjustments for the accrual of unrecorded revenues.
Make adjustments for the accrual of unrecorded expenses.
Make adjustments for the recognition of unearned revenues.
Make adjustments for the expiration or consumption of assets.
Compare U.S. GAAP with other countries' standards.AppendixLO1
Incorporate changing prices into income measurement using four different methods.AppendixLO1
Differentiate between financial capital and physical capital.AppendixLO1
Explain how accounting differences could produce differing income for similar companies.AppendixLO1
Identify the qualities that make information valuable.AppendixLO1
Describe the FASB's conceptual framework.AppendixLO1
Why might a company decide to buy back its own shares instead of paying additional cash dividends?AppendixLO1
"When a company retires shares, it must pay the stockholders an amount equal to the original par value and additional capital contributed for those shares plus the stockholders' fractional portion of
"When companies repurchase their own shares, the accounting depends on the purpose for which the shares are purchased." Explain.AppendixLO1
"A stock split can be achieved by means of a stock dividend." Do you agree? Explain.AppendixLO1
"A 2% stock dividend increases every share- holder's fractional portion of the company by 2%. Do you agree? Explain.AppendixLO1
"The only real dividends are cash dividends." Do you agree? Explain.AppendixLO1
Why do you suppose companies offer their employees stock options rather than simply pay- ing higher salaries?AppendixLO1
Why do some accountants want to record an expense when a company grants stock options to its employees?AppendixLO1
Which are riskier, bonds or preferred stock? Why? Whose perspective are you taking, the issuer's or the investor's?AppendixLO1
In what way is preferred stock similar to debt? To common stock?AppendixLO1
What are convertible securities?AppendixLO1
"The liquidating value of preferred stock is the amount of cash for which it can currently be exchanged." Do you agree? Explain.AppendixLO1
"Cumulative dividends are liabilities that must be paid to preferred shareholders before any dividends are paid to common shareholders." Do you agree? Explain.AppendixLO1
"Treasury stock is unissued stock." Do you agree? Explain.AppendixLO1
Can a share of common stock be outstanding but not authorized or issued? Why?AppendixLO1
"Common shareholders have limited liability." Explain.AppendixLO1
What is the purpose of preemptive rights?AppendixLO1
Use the rate of return on common equity and book value per share.AppendixLO1
Record conversions of debt for equity or of preferred stock into common stock.AppendixLO1
Interpret treasury stock transactions.AppendixLO1
Account for stock splits and both large-percentage and small-percentage stock dividends.AppendixLO1
Identify the economic characteristics of stock splits and dividends.AppendixLO1
Contrast bonds, preferred stock, and common stock.AppendixLO1
Differentiate among authorized, issued, and outstanding shares.AppendixLO1
Describe the rights of shareholders.AppendixLO1
Use the T-account approach to prepare the cash flow statement (Appendix 10B).AppendixLO1
Adjust for gains and losses from fixed asset sales and debt extinguishments in the statement of cash flows (Appendix 10A).AppendixLO1
Reconcile net income to cash provided by operating activities.AppendixLO1
Relate depreciation to cash flows provided by operating activities.AppendixLO1
Use the indirect method to calculate cash flows from operations.AppendixLO1
Determine cash flows from income statement and balance sheet accounts.AppendixLO1
Use the direct method to measure cash flows.AppendixLO1
Classify activities affecting cash as operating, investing, or financing activities.AppendixLO1
Explain the concept of the statement of cash flows.AppendixLO1
Distinguish between a mortgage bond and a debenture. Which is safer?AppendixLO1
"If companies pay a bill twice, they are out of luck. No company is going to return the money after receiving it." Do you agree? Explain.AppendixLO1
Why do companies require source documents before they will issue a check?AppendixLO1
"Product warranties expense should not be recog- nized until the actual services are performed.Until then you don't know which products might require warranty repairs." Do you agree?
Distinguish between employee payroll taxes and employer payroll taxes.AppendixLO1
"Withholding taxes really add to employer payroll costs." Do you agree? Explain.AppendixLO1
Name and briefly describe five items that are often classified as current liabilities.AppendixLO1
Distinguish between current liabilities and long- term liabilities.AppendixLO1
"The cash discount on the purchase of equipment is income to the buyer during the year of acquisi- tion." Do you agree? Explain.AppendixLO1
Distinguish between amortization, depreciation, and depletion.AppendixLO1
Distinguish between tangible and intangible assets.AppendixLO1
Which of the following items would a company be likely to account for using the specific identifica- tion inventory method?a. Corporate jet aircraftb. Large sailboatsc. Pencilsd. Diamond ringse.
Name the four inventory cost flow assumptions or valuation methods that are generally accepted in the United States. Give a brief phrase describing each.AppendixLO1
"Freight out should be classified as a direct offset to sales, not as an expense." Do you agree? Explain.AppendixLO1
Distinguish between FO.B. destination and FO.B. shipping point AppendixLO1
"An advantage of the perpetual inventory system is that a physical count of inventory is unnecessary. The periodic method requires a physical count to compute cost of goods sold." Do you agree?
Distinguish between the perpetual and periodic inventory systems.AppendixLO1
"There are two steps in the periodic system of accounting for inventories." What are they?AppendixLO1
When a company records a sales transaction, it also records another related transaction. Explain the related transaction.AppendixLO1
A company that uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal like the ones described in the chapter completed the following
A company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of August.Aug.
A company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of August.Aug.
A company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of August.Aug.
A company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of August.Aug.
A company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of August.Aug.
A company uses the following journals: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Disbursements Journal, and General Journal. On March 15, the company purchased merchandise priced
At the end of March, the Sales Journal of Crockett Company appeared as follows:\section*{Required}1. On a sheet of notebook paper, open a subsidiary Accounts Receivable Ledger that has a T-account
Maxmann Company, a company that posts its sales invoices directly and then binds the invoices to make them into a Sales Journal, had the following sales during July.\section*{Required}1. On a sheet
Following are the condensed journals of a merchandising concern. The journal column headings are incomplete in that they do not indicate whether the columns are debit or credit
Ferrara Company is considering an investment which, if paid for immediately, is expected to return \(\$ 750,000\), six years hence. If Ferrara Company demands an \(18 \%\) return, how much will
Sandala Company invested \(\$ 77,500\) in a project that is expected to earn a \(12 \%\) rate of return. The earnings will be reinvested in the project each year until the entire investment is
Zavala Company is considering a contract that will return \(\$ 8,000\) annually at the end of each year for 22 years. If Zavala Company demands an annual return of \(18 \%\) and pays for the
Carol Thornton is planning to begin an individual retirement program in which she will invest \(\$ 1,200\) annually at the end of each year. Ms. Thornton plans to retire after making 35 annual
Mr. Lee has been offered the possibility of investing \(\$ 0.0160\) for 25 years, after which he will be paid \(\$ 1\). What annual rate of interest will Mr. Blue earn? (Use Table \(\mathrm{F}-1\) to
Ms. Collins has been offered the possibility of investing \(\$ 0.0779\). The investment will earn \(20 \%\) per year and will at the end of the investment return Ms. Collins \(\$ 1\). How many years
Mr. Farabee expects to invest \(\$ 1\) at \(16 \%\) and, at the end of the investment, receive \(\$ 55.0004\). How many years will elapse before Mr. Farabee receives the payment? (Use Table
Ms. O'Connell expects to invest \(\$ 1\) for 12 years, after which she will receive \(\$ 3.8960\). What rate of interest will Ms. O'Connell earn? (Use Table F-2 to find the answer.)
Mr. Wainwright expects an immediate investment of \(\$ 18.7641\) to return \(\$ 1\) annually for 28 years, the first payment to be received in 1 year. What rate of interest will Mr. Wainwright earn?
Ms. Kubacek expects an investment of \(\$ 6.0726\) to return \$1 annually for several years. If Ms. Kubacek is to earn a return of \(16 \%\), how many annual payments must she receive? (Use Table
Mr. Gibbs expects to invest \(\$ 1\) annually for 40 years and have an accumulated value of \(\$ 1342.0251\) on the date of the last investment. If this occurs, what rate of interest will Mr. Gibbs
Ms. Evans expects to invest \(\$ 1\) annually in a fund that will earn \(10 \%\). How many annual investments must Ms. Evans make to accumulate \(\$ 201.1378\) on the date of the last investment?
Jan Michaels financed a new automobile by paying \(\$ 1,000\) cash and agreeing to make 48 monthly payments of \(\$ 350\) each, the first payment to be made one month after the purchase. The loan was
Edward Locker deposited \(\$ 12,000\) in a savings account that earns interest at an annual rate of \(12 \%\), compounded quarterly. The \(\$ 12,000\) plus earned interest must remain in the account
\(\mathrm{Liz}\) Storey plans to have \(\$ 250\) withdrawn from her monthly paycheck and deposited in a savings account that earns \(12 \%\) annually, compounded monthly. If Liz continues with her
Cameron Company plans to issue \(10 \%, 20\)-year, \(\$ 750,000\) par value, bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 1990, and are to
Pecan Street Company has decided to establish a fund that will be used seven years hence to replace an aging productive facility. The company makes an initial contribution of \(\$ 120,000\) to the
Jetson Company expects to earn \(16 \%\) on an investment that will return \(\$ 450,000\), 10 years hence. Use Table \(\mathrm{F}-2\) to calculate the present value of the investment.
J. B. Pharries Company invests \(\$ 50,000\) at \(18 \%\) for five years. Use Table \(\mathrm{F}-1\) to calculate the future value of the investment, 5 years hence.
Some people argue that conventional financial statements fail to adequately account for inflation. What is the general problem with conventional financial statements that generates this argument?
During a period of inflation, is it possible for the prices of specific items to fall? Why or why not?
Explain the difference between an average change in per unit prices and a weighted-average change in per unit prices.

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