All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

On 1 January 2015, Citizen ple (“Citizen”) acquired all of the ordinary share capital of an Australian company, Kane Limited (“Kane”). Citizen's presentation currency is the Euro (€).Kane
King plc owns a number of subsidiaries, one of which is Throne plc in which it has an 80%stake. In terms of King plc’s portfolio of investments, Throne plc represents a relatively minor investment
The following are the draft financial statements of P Limited and S Limited for the year ended 31 December 2017.P Limited acquired 75% of the ordinary shares of S Limited on 1 January 2016 when the
The retail grocery trade in Ireland has undergone significant change in recent years with the growth in large grocery multiples and the decline of independent retailers. One of your firm’s clients
Smith Limited bought 80% of the share capital of Jones Limited for €324,000 on 1 October 2015. At that date Jones Limited’s retained earnings stood at €180,000. The statements of financial
You are given the following summarised financial statements of Holly plc, which is a competitor of your company.During the years ended 31 December 2014. 2015, 2016 and 2017, €3,600m, €3,900m,
Egg Limited Accountant, Mr Montague, has assembled the following data from the company’s last five sets of historical cost accounts.Requirement You are required to prepare a report for Mr Montague
Universal plc =CONSOLIDATED STATEMENT OF FINANCIAL POSITION eS)as at 30 October 2017Universal plc CONSOLIDATED STATEMENT OF PROFIT OR Loss AND OTHER COMPREHENSIVE INCOME for the Year Ended 31 October
"The Allowance for Uncollectible Accounts account has no subsidiary ledger, but the Accounts Receivable account does." Explain.AppendixLO1
The El Camino Hospital uses the allowance method in accounting for bad debts. A journal entry was made for writing off the accounts of Jane Jensen, Eunice Belmont, and Samuel Maze: Do you agree with
Distinguish between the allowance method and the specific write-off method for bad debts.AppendixLO1
If a company accepts bank credit cards, why might they accept specific cards rather than all of them? For example, some retailers accept Visa and Master- Card, but not American Express or Diner's
What is the cost-benefit relationship in deciding whether to offer credit to customers? Whether to accept bank credit cards?AppendixLO1
"If everyone were honest, there would be no need for internal controls to safeguard cash." Do you agree? Explain.AppendixLO1
List 5 internal control procedures used to safe- guard cash.AppendixLO1
"The cash balance on a company's books should always equal the cash balance shown by its bank." Do you agree? Explain.AppendixLO1
It is common in sub shops and pizza parlors around the Cornell University campus to find signs that say "Your purchase is free if the clerk does not give you a receipt" or "Two free lunches if your
"Cash is only 3% of our total assets. Therefore we should not waste time designing systems to man- age cash. We should use our time on matters that have a better chance of affecting our profits." Do
"A compensating balance essentially increases the interest rate on money borrowed." Explain.AppendixLO1
Describe and give two examples of cash equivalents.AppendixLO1
"Retailers who accept Visa or MasterCard are foolish because they do not receive the full price for merchandise they sell." Comment.AppendixLO1
"Trade discounts should not be recorded by the accountant." Do you agree? Explain.AppendixLO1
Distinguish between a cash discount and a trade discount.AppendixLO1
Distinguish between a sales and a purchase return.AppendixLO1
Why is the realizable value of a credit sale often less than that of a cash sale?AppendixLO1
Describe the timing of revenue recognition for a defense contractor on a $50 million long-term government contract with work spread evenly over five years.AppendixLO1
Debits and Credits 6. Retained income 7. Depreciation expense 8. Dividends payable 9. Paid-in capital 10. Subscription revenue Indicate for each of the following transactions whether the account
Debits and Credits For each of the following accounts, indicate whether it normally possesses a debit or a credit balance. Use Dr. or Cr.: 1. Sales 2. Accounts payable 3. Accounts receivable 4.
Are all data processing systems computerized? Explain.AppendixLO1
"In double-entry accounting, errors are not a problem because they are self-correcting." Do you agree? Explain.AppendixLO1
"If debits equal credits in a trial balance, you can be assured that no errors were made." Do you agree? Explain.AppendixLO1
"A trial balance assumes that the amounts in the financial statements are correct." Do you agree? Explain.AppendixLO1
Give two synonyms for book value.AppendixLO1
"Accumulated depreciation is the total deprecia- tion expense for the year." Do you agree? Explain.AppendixLO1
"Revenue and expense accounts are really little stockholders' equity accounts." Explain.AppendixLO1
"The ledger is the major book of original entry because it is more essential than the journal." Do you agree? Explain.AppendixLO1
Name three source documents for transactions.AppendixLO1
"Debit and credit are used as verbs, adjectives, or nouns." Give examples of how debit may be used in these three meanings.AppendixLO1
"Increases in cash and stockholders' equity are shown on the right side of their respective accounts." Do you agree? Explain.AppendixLO1
"Double entry means that amounts are shown in the journal and ledger." Do you agree? Explain.AppendixLO1
What is a CPA and how does someone become onc?AppendixLO1
Explain the relationship between the board of directors and top management of a company.AppendixLO1
"The idea of par value is insignificant." Explain.AppendixLO1
"The accounting systems described in this book apply to corporations and are not appropriate for nonprofit organizations." Do you agree? Explain.AppendixLO1
"International companies with Ltd. or S.A. after their name are essentially the same in organiza- tional form as U.S. companies with Corp. after their name." Do you agree? Explain.AppendixLO1
Why does this book emphasize the corporation rather than the proprietorship or the partnership?AppendixLO1
Explain the meaning of limited liability.AppendixLO1
Give two synonyms for owners' equity.AppendixLO1
Explain the difference between a note payable and an account payable.AppendixLO1
"When a company buys inventory for cash, total assets do not change. But when it buys inventory on open account, total assets increases." Explain.AppendixLO1
"The balance sheet may be out of balance after some transactions, but it is never out of balance at the end of an accounting period." Do you agree? Explain AppendixLO1
Give two synonyms for balance sheet.AppendixLO1
Briefly distinguish between financial accounting and management accounting.AppendixLO1
Give three examples of users of financial state- ments.AppendixLO1
Give three examples of decisions that are likely to be influenced by financial statements.AppendixLO1
"It's easier to learn accounting if you avoid real- world examples." Do you agree? Explain.AppendixLO1
Describe accounting.AppendixLO1
Extracts from the company’s financial statements for the year ending 31 December 2017 showed:Requirement Calculate the basic EPS for 2017. Net profit before taxation Taxation Net profit after
Beano plc STATEMENT OF PROFIT OR Loss AND OTHER COMPREHENSIVE INCOME for the year ended 31 December 2017Additional Information 1. At 1 January 2017 and 31 December 2017 the company had in issue:¢
Ranking Dilutive Securities for the Calculation of Weighted Average Number of SharesPotential ordinary shares:Convertible preference shares — 500,000 entitled to a cumulative dividend of €5. Each
The following information has been extracted from the financial statements of Diamond ple in respect of the year ended 31 December 2017:The tax rate (including any deferred tax) is 40%.PO)S:* 100,000
Extracts from the draft financial statements of Plum Plc for year ended 31 December 2017 show the following:On 1 January 2017 the issued share capital of Plum Plc was 4,600,000 6% preference shares
The following information has been extracted from the financial statements of Earno ple for the year ended 31 December.The 14% preference dividend paid in 2016 is in respect of previous years. The
The issued ordinary share capital of Weller plc (“Weller”) at 1 January 2016 was 6,000,000 ordinary shares of €0.50 each. On 30 June 2017, Weller made a fully subscribed 1 for 3 rights issue at
On 1 January 2017, Bells plc (“Bells”) had 1,000,000 €1 ordinary shares and 500,000 6%€1 convertible preference shares in issue. Preference dividends are paid half-yearly on 31 March and 30
An organisation has identified the following business components:Requirement Identify which of the segments should be classified as reportable in accordance with IFRS 8. Revenue Profit Assets
You are the financial accountant of Global Network plc, an environmental lobbying company that was established in Dublin in 1995. In recent years, Global Network plc has developed into an
On 1 January 2013, Vertigo Limited issued 30,000,000 €1 preference shares at par, incurring issue costs of €300,000. The dividend payable on the preference shares was 4% per annum, payable on 31
On 1 January 2017 Bruce plc (Bruce) acquired 3,000,000 equity shares in Clarence Limited(Clarence) by an exchange of one share in Bruce for every two shares in Clarence, plus €1.25 per acquired
Parent owns 80% of Subsidiary. The consolidated statement of financial position contains the following amounts relating to Subsidiary (a CGU) at 31 December 2017:An impairment review of Subsidiary
Parent owns 80% of Subsidiary. The consolidated statement of financial position contains the following amounts relating to Subsidiary (a CGU) at 31 December 2017:Requirement Calculate the impairment
The statements of financial position of two companies, Blues Limited and Soul Limited, at 31 December 2017 are shown below:Blues Limited acquired 80% of the ordinary shares of Soul Limited on 1
P Limited owns 80% of the ordinary shares of S Limited, a company that has legitimately accrued a proposed dividend at the reporting date. P Limited /as taken credit for its share of that
P Limited owns 80% of the ordinary shares of S Limited, a company that has legitimately accrued a proposed dividend at the reporting date. However, P Limited has mot taken credit for its share of
On 1 January 2017 Toffer acquired the following non-current investment:Three million equity shares in KTE by an exchange of one share in Toffer for every two shares in KTE, plus €1.25 per acquired
Llewellyn Limited paid €68,000 for its interest in Roberts Limited on 1 July 2017, The following is the draft consolidated statement of financial position of Llewellyn Limited and its subsidiary
The statements of financial position of Jersey Limited and Girl Limited as at 31 December 2017 are presented below.Additional Information:(i) Jersey Limited acquired 80,000 €1 ordinary shares in
Morn Limited, Noon Limited and Night Limited are three companies involved in the production of television programmes, primarily dealing with news and current affairs. A number of the management team
Xtra plc was incorporated in 1985 and makes up its accounts to 31 December each year. Its main business is the hire and retail of videos, records, compact discs and computer games.The company had
The purchase consideration comprised deferred consideration of €3,000,000, payable in equal instalments on 31 December 2018, 2019 and 2020. The book value of the net assets of DAT Limited was
On 1 January 2015 Humpty Limited purchased 320,000 €1 ordinary shares in Dumpty Limited. On this date the fair value of Dumpty Limited’s separable net assets differed from their book values as
The draft statements of financial position of Nip Limited (“Nip”) and Tuck Limited(“Tuck”) as at 31 December 2017 are as follows:Additional Information:1. On 1 January 2017, Nip issued
The statements of financial position of Rock ple (“Rock”) and Roll ple (“Roll”) as at 31 December 2017 are presented below.Additional Information:Ia On 1 January 2015, Rock purchased the
A parent company has a 70% interest in a subsidiary. Items in the statements of profit or loss and other comprehensive income of each company included the following:These figures include sales from
Company A is the parent company of Company B, owning 80%. The year-end is 31 December 2017 and consolidated accounts are to be prepared. The following information is available:Company B sold to
The draft statements of profit or loss and other comprehensive income of Apple, Pear and Plum Limited for the year ended 31 December 2017 are shown below.Additional Information:1. Apple Limited
STATEMENT OF Profit or Loss AND OTHER COMPREHENSIVE INCOME for the Year Ended 31 December 2017P Limited acquired 80% of S Limited on 30 April 2017.Additional information on specific items in the
The following are the statements of profit or loss and other comprehensive income for each of the companies in PKF Group Limited for the year ended 31 December 2017.1. P Limited sold F Limited
X Limited owns 90% of the ordinary share capital of Y Limited. The statements of profit or loss and other comprehensive income for X Limited and Y Limited are as follows for the year ended 31
The statements of profit or loss and other comprehensive income of C Limited and A Limited are as follows for the year ended 31 December 2017.Additional Information:1. C Limited purchased 60% of the
The statements of profit or loss and other comprehensive income of X Limited and Y Limited are as follows for the year ended 31 December 2017:Additional Information:1. X Limited purchased 9,000 of
Extracts from the statements of profit or loss and other comprehensive income for the year ended 31 December 2017 of P Limited and S Limited show the following:Additional Information:1. P Limited
The draft statements of profit or loss and other comprehensive income of Ark Limited (“Ark”), Boat Limited (“Boat”) and Canoe Limited (“Canoe”) for the year ended 31 December 2017 are as
You are the financial accountant of Work plc (“Work”), a company that prepares its financial statements to 31 December each year. Work has investments in two companies, Rest Limited (“Rest”)
Marble plc (“Marble”) purchased 36,000,000 of the 45,000,000 €1 ordinary shares in Falls Limited (“Falls”) on 1 April 2017 for €200,000,000. The statements of profit or loss and other
The statements of profit or loss and other comprehensive income of P Limited and its subsidiaries, S Limited and T Limited, for the year ending 31 December 2017 are as followsAdditional Information:
Back plc (“Back”) prepares its financial statements to 31 December each year. On | January 2017, Back acquired 90% of the ordinary share capital of Front Limited (“Front”) at a cost of
Parent Limited purchased 90,000 ordinary shares in Apple Limited on 1 January 2016 when the retained earnings of Apple Limited were €100,000. The cost of the investment was€140,000.Additional
Aroma plc (“Aroma”) purchased 30% of Therapy Limited (“Therapy”) on 1 July 2014. At all times, Aroma participates fully in Therapy’s financial and operating policy decisions. At the date of
On 1 January 2017 Toffer acquired the following non-current investments:¢ three million equity shares in KTE by an exchange of one share in Toffer for every two shares in KTE, plus €1.25 per

Showing 300 - 400 of 3948

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved