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business
introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

Barry Holk operates an engineering consulting business. Through the month of February, the accounting records for the business had been maintained by a CPA. Those records showed that Holk's February
Scott DeShazo opened a new business as a tennis instructor and completed a number of transactions during May, the first month of operation. He recorded all transactions with double entries in just
Karen Harris, a graduate student, has just completed the first summer's operation of a concession on Green Lake, at which she rents boats and sells sandwiches, soft drinks, and candy. She began the
Upon graduation from high school last summer, Clay Stocks needed a job to earn a portion of his first-year college expenses. He was unable to find anything satisfactory and decided to go into the
Why is the life of a business divided into time periods of equal length?
If a business adopts the calendar year as its annual accounting period, how would you describe financial reports of the business that are based on onemonth or three-month accounting periods?
Which month would most likely end the natural business year of a business that operates outdoor tennis camps in Minnesota: August or April?
In selecting a fiscal year, what type of businesses are most apt to select their natural business year instead of the calendar year?
Why would you expect some account balances of a concern to be incorrect for statement purposes at the end of an accounting period even though all transactions were correctly recorded?
What purposes are served by making end-of-period adjustments?
A prepaid expense is an asset at the time of its purchase or prepayment. When is it best to ignore this and record the prepayment as an expense? Why?
What kind of assets require adjusting entries for depreciation?
What is a contra account? Give an example.
What contra account is used to record depreciation? Why is such an account used?
If a building is purchased for \(\$ 100,000\) and depreciation of \(\$ 2,500\) is taken each year, what amount of accumulated depreciation will appear in the balance sheet at the end of five years?
How does an unearned revenue arise? Give an example of an unearned revenue.
What is the balance sheet classification of an unearned revenue?
When financial statements are prepared from an adjusted trial balance, why should the income statement be prepared first? What statement is prepared next?
Which accounting principles provide the basis for the adjustment process?
What is required by the matching principle?
Is the cash basis of accounting consistent with the matching principle?
What is the difference between the cash and accrual bases of accounting?
What are the typical classes of assets and liabilities shown on a classified balance sheet?
What are characteristics of a current asset?
What is meant by the operating cycle of a business?
What are some examples of assets that are shown in the investments category of the balance sheet?
What are the characteristics of assets classified as plant and equipment?
A local fast-food restaurant paid \(\$ 20,000\) for a franchise that identifies the restaurant as belonging to a nationally recognized chain of restaurants. How should this asset be classified on the
What are current liabilities? Long-term liabilities?
What are the two classes of equity on the balance sheet of a corporation?
If a company records its prepaid expenses with debits to expense accounts, what type of account does it debit in making end-of-period adjustments for prepaid expenses?
Bee Company records revenues received in advance with credits to liability accounts, while Cee Company records revenues received in advance with credits to revenue accounts. Will these companies have
A company's two employees earned a total of \(\$ 225\) per day for a five-day week that begins on Monday and ends on Friday. They were paid for the week ended Friday, December 28, and both worked a
Prepare adjusting journal entries on December 31 , 1990, prior to the preparation of annual financial statements, for the following independent situations:a. The Shop Supplies account had a \(\$
Assume that the required adjustments of Exercise 3-2 were not made at the end of the accounting period. For each adjustment, tell the effect of its omission on the income statement and balance sheet
Determine the amounts indicated by the question marks in the columns below. The amounts in each column constitute a separate problem. Supplies on hand on January 1 Supplies purchased during the year
Prepare adjusting journal entries dated April 30 for the following items. Then prepare journal entries to record the May payments.a. Employees are paid total salaries of \(\$ 2,400\) each Friday
A company paid the \(\$ 1,080\) premium on a three-year insurance policy on October 1,1990 . The policy gave protection beginning on that date.a. Assuming the accrual basis of accounting, how many
The owner of a building prepares annual financial statements based on a calendaryear accounting period.a. A tenant rented space in the building on November 1 at \(\$ 450\) per month, paying six
The adjusted trial balance that follows was taken from the ledger of Laura Shipley, an attorney. Calculate the amount of owner's equity on December 31, 1990, and prepare a classified year-end balance
An inexperienced bookkeeper prepared the income statement shown below in columns 1 and 2, but he forgot to adjust the accounts before its preparation. However, the oversight was discovered, and the
A corporation had \(\$ 375,000\) of common stock issued and outstanding during all of 199B. It began the year with \(\$ 95,000\) of retained earnings, and it declared and paid \(\$ 30,000\) of cash
Calculate the missing item in each of the following cases. Case 1 Case 2 Case 3 Case 4 Case 5 The Owner, capital, January 1, 1990. Total revenues during 1990. Total expenses during 1990. Withdrawals
Ace Consulting was organized on December 1 and follows the procedure of debiting expense accounts when it records prepayments of expenses; also, revenue accounts are credited when unearned revenues
Ideas Company prepares monthly financial statements. On June 30, the balance in the Office Supplies account was \(\$ 400\). During July, \(\$ 740\) of supplies were purchased and debited to Office
The following information for adjustments was available on December 31, 1990, the end of Tuft Company's annual accounting period.a. The Store Supplies account had a \(\$ 150\) debit balance at the
Century Realty's unadjusted trial balance on December 31, 1990, the end of its annual accounting period, is as follows:\section*{Required}1. Set up accounts for the items in the trial balance plus
The unadjusted trial balance of Countrywide Moving and Storage follows:\section*{Required}1. Set up accounts for the items in the trial balance plus these additional accounts: Salaries and Wages
Crestview Trailer Park's unadjusted trial balance is as follows:\section*{Required}1. Set up accounts for the items in the trial balance plus these additional accounts: Accounts Receivable; Wages
Lily Kent purchased Pecan Grove, a mobile home park, last September 1, and she has operated it four months without keeping formal accounting records. However, she has deposited all receipts in the
Setter Company debits expense accounts when recording prepaid expenses; it credits revenues accounts when recording unearned receipts. The following information was available on December 31, 1990,
The following information for preparing adjusting entries was available on December 31, 1990, the end of Shiff Company's annual accounting period.a. The Store Supplies account had a \(\$ 175\) debit
Miller Realty's unadjusted trial balance on December 31, 1990, the end of its annual accounting period, is as follows:\section*{Required}1. Set up accounts for the items in the trial balance plus
The unadjusted trial balance for United Moving and Storage follows:\section*{Required}1. Set up accounts for the items in the trial balance plus these additional accounts: Salaries and Wages Payable;
Bel-Aire Trailer Park's unadjusted trial balance, at the end of its annual accounting period, follows:\section*{Required}1. Set up accounts for the items in the trial balance plus these additional
James Piper, a lawyer, has always kept his records on a cash basis; at the end of 1990, he prepared the following cash basis income statement.In preparing the statement, the following amounts of
In recording prepaid expenses and unearned revenues, Nickle Company debits the disbursements to expense accounts and credits the receipts to revenue accounts. The following information was available
The 1989 and 1990 balance sheets of Kidd Management Services show the following assets and liabilities at the end of each of the years:The concern's records show the following amounts of cash
Jay Field began Field Electrical Service, a new business, on January 2, 1990. After one year's operations, Jay feels the business has done a lot of work during its first year. However, the bank has
During the first week of January 1990, Ray Slovak began a repair business he calls Repairs Fast. He has kept no accounting records, but he does keep any unpaid invoices in a box near his workbench.
What is the difference between working papers and a work sheet?
What tasks are performed on a work sheet?
Is it possible to complete the statements and adjust and close the accounts without preparing a work sheet? What is gained by preparing a work sheet?
At what stage in the accounting process is a work sheet prepared?
Where do you obtain the amounts that are entered in the Unadjusted Trial Balance columns of a work sheet?
Why are the adjustments in the Adjustments columns of a work sheet keyed together with letters?
What is the result of combining the amounts in the Unadjusted Trial Balance columns with the amounts in the Adjustments columns of a work sheet?
Why must you exercise care in sorting the items in the Adjusted Trial Balance columns to the proper Income Statement or Balance Sheet columns?
In extending the items in the Adjusted Trial Balance columns of a work sheet, what would be the effect on the net income of extending (a) an expense into the Statement of Changes in Owner's Equity or
Why are revenue and expense accounts called temporary accounts? Are there any other temporary accounts?
Explain the difference between adjusting and closing entries.
What is the purpose of an Income Summary account?
An accounting student listed the item, "Depreciation expense, building, \(\$ 1,800\)," on a post-closing trial balance. What did this indicate?
What two kinds of accounts are shown in the stockholders' equity section of a corporation's balance sheet?
Explain how the retained earnings item found on corporate balance sheets arises.
What three dates are normally involved in the declaration and payment of a cash dividend?
What is the purpose of using a Dividends Declared account?
One corporation uses a Dividends Declared account and another corporation does not. What effect does this difference have on the entries to be made by the corporations?
Explain why the payment of a cash dividend by a corporation with a deficit generally is illegal.
If one company uses reversing entries and another does not, what differences between the two companies will show up on the financial statements?
Why do reversing entries make the bookkeeping process easier?
If a company made an adjusting entry to accrue salaries expense of \(\$ 500\) at the end of an accounting period, what reversing entry would be made for this accrual?
At what stage in the accounting cycle are reversing entries recorded? When they are dated?
Devon Bailey invested \(\$ 750\) in a short-term enterprise, the sale of soft drinks during the annual July Fourth Weekend Fair in his small rural town. He paid \(\$ 150\) for the right to sell soft
Megan Brinks ran out of money at the end of the first semester of her sophomore year in college. She had to go to work, but she could not find a satisfactory job. However, since she had an
WICAT Systems manufactures, markets, and services a complete line of computer systems, software, and courseware for training, education, and general-purpose markets. Headquarters for the company are
What is the nature of accounting and what is its function?
What are three or four examples of questions that a business manager might try to answer by looking to accounting information?
What is the difference between accounting and bookkeeping?
Why is the study of accounting necessary for a person who is responsible for using a computer to process accounting data?
Why do the states license certified public accountants?
According to the Council of the AICPA, how much education should a person have to enter the accounting profession in the future?
What are three broad fields of employment for accountants?
What are three types of services typically offered to the public by certified public accountants?
What is the purpose of an audit? What do certified public accountants do when they make an audit?
What are some examples of the management advisory services typically provided by public accountants?
What do the tax services of a public accountant include beyond preparing tax returns?
Why is the chief accounting officer of a large company called a controller?
What are four broad areas of work performed in private accounting?
Government accounting may involve some unique types of work. Give some examples.

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