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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

(Appendix 3A) Understand how to use a worksheet to prepare financial statements.
Understand the steps in the accounting cycle.
RECOGNITION OF SERVICE CONTRACT REVENUE Jackson Dunlap is president of New Miami Maintenance Inc. which provides building maintenance services. On October 15, 2009, Mr. Dunlap signed a service
Explain why and how companies prepare closing entries.
Prepare financial statements from an adjusted trial balance.
Prepare adjusting entries for accruals and deferrals.
Identify the kinds of transactions that may require adjustments at the end of an accounting period.
Explain how the time-period assumption, revenue recognition, and matching principles affect the determination of income.
Explain the difference between cash-basis and accrual-basis accounting.
APPLYING THE MATCHING CONCEPT Newman Properties Inc. completed construction of a new shopping center in July 2009. During the first six months of 2009, Newman spent $750,000 for salaries, preparation
ADJUSTING ENTRIES FOR REFUND COUPONS Cal-Lite Products, Inc., manufactures a line of food products that appeals to persons interested in weight loss. To stimulate sales, Cal-Lite includes cash refund
ADJUSTING ENTRIES FOR MOTION PICTURE REVENUES Link Pictures, Inc., sells (licenses) the rights to exhibit motion pictures to theaters.Under the sales contract, the theater promises to pay a license
THE EFFECT OF ADJUSTING ENTRIES ON THE FINANCIAL STATEMENTS (A CONCEPTUAL APPROACH)Don Berthrong, the manager of the local Books-A-Million, is wondering whether adjusting entries will affect his
INTERPRETING CLOSING ENTRIES Barnes Building Systems made the following closing entries at the end of a recent year:a. Income Summary 384,300 Retained Earnings 384,300b. Retained Earnings 35,000
RESEARCH AND ANALYSIS USING THE ANNUAL REPORT Obtain FedEx Corporation’s 2007 annual report either through the ‘‘Investor Relations’’ portion of their website (do a web search for FedEx
COMPARATIVE ANALYSIS: ABERCROMBIE & FITCH vs.AEROPOSTALE Refer to the financial statements of Abercrombie & Fitch and Aeropostale that are supplied with this text.Required:Answer the following
State the rules of journalizing.
What are the steps in the process of recording a transaction in the journal?
What are the advantages and disadvantages of a journal?
What is the significance of a journal?
Draw the format of a journal.
What are the other names given to a journal?
What is narration?
What is journalizing?
Fill in the gaps by choosing the best alternative from those given in the brackets:(a) When kitchen equipments are purchased for business purpose, by the proprietor, debit______ A/C. (Capital A/c,
Complete the following entries:(a) Cash A/c To Dr. A/c (Received 4000 from Thomas) (b) Rent A/c (c) To Dr. A/c (Rent 1500 paid for the month) A/c To Capital A/c Dr. (Ramesh introduced 50,000 as
Fill in the blanks: (a) Journal is the book of ____entry. (b) The entry that begins a new set of books is called the_____ entry.(c) Personal drawings of goods by the proprietor may be credited
On January 1, 2003, the position of Tamarind Hotels was as follows: Stock in hand *2400; Bills payable 400; Cash at bank 1800; Kitchen equipment 100; Owing by debtors 500; Owing to creditors 800;
On March 1, 2002 the position of Lemon Tree Restaurant was as follows: Cash in hand, 140; Cash at bank, 3320; Bills receivable, 860; Jai Ram (Dr.) 200; Ram Kumar (Dr.) 601; Furniture, 660; Stock in
A business, which commences on January 12,000, receives a rate demand for 2400 from the local authorities in respect for the period of January to March (inclusive) 2000. The bill is paid on January
From the following information, show the account of Mr. Q as it would appear in the ledger of Mr. P and balance the same:(a) Opening credit balance b/d 16,400(b) Purchased goods from Q 4000(c)
Prepare the personal account of Ram in the books of Shyam and Shyam's A/c in the books of Ram. 2005 Dec. 1 Opening debt of Shyam to Ram 5000 2 Shyam purchased goods from Ram 40,000 13 Ram sold goods
Journalize the following transactions in the journal of Kamath Restaurant, post them to his ledger and prepare a Trial Balance. 2005 May 5 Purchased ingredients on credit from Mr. Anil 15,000 7 Sold
What are the advantages and disadvantage of a ledger?
What are the differences between a journal and a ledger?
Nominal accounts are not balanced. Why?
State the types of ledger.
What is the significance of a ledger?
What is meant by balancing of account?
What is a ledger folio?
What is meant by posting?
State whether the following statements are true or false:(a) An amount paid for rent for the building occupied by the proprietor should be debited to rent account.(b) Goods sold to Ahmed for cash
Fill in the blanks:(a) A group of _____is known as ledger. (b) A ledger is a book of _______entry. (c) The difference between the two sides of an account is known as_________ (d) Assets accounts
Write up the account of Mr. Rajesh from the following transactions:2003 `Jan. 1 Bought goods from Rajesh 8000 2 Paid him on account 5000 12 Returned goods to him 400 17 Sold goods to him 1600 19
Record the following transactions in the personal A/c of Raman: 2002 Sep. 1 Sold goods to Raman 5420 4 Received from Raman cash 5150 15 Raman bought goods 6000 28 Received from Raman cash on A/c 2270
Record the following transactions in the personal account of Mr. Karim and balance at the end of the month:2002 `Nov. 1 Sold goods to Karim 5420.50 4 Received from Karim 5150.38 Allowed him discount
Prepare Anil's account from the following transactions: 2002 June 1 Sold goods to him 1000 3 Received from him on account 450 and allowed him discount 50 5 Bought goods from him 500 7 Returned to him
From the following information, show the account of Ms. Anitha in the books of Ms. Vanitha.2005 `March 1 Credit balance brought forward 10,000 5 Bought goods from Ms. Anitha 5000 8 Returned her goods
Open Kitchen Equipment A/c and balance it.(a) Kitchen equipment purchased 40,000 (b) Old kitchen oven sold 10,000 (c) Mixer purchased 8000 (d) Old cooking range sold 14,000 (e) Depreciation on
Open 'T' shape Cash Account. Put the following on the proper side and balance the account:(a) Mohan started business with cash 40,000 (b) Purchased ingredients 20,000 (c) Sold Food 24,000 (d) Paid
From the following particulars, prepare proprietor's Capital A/c:October 1, 2002 Commenced business with cash 20,000 December 31, 2002 Net loss as per P&L A/c 1800 December 31, 2002 - Drawings during
Give the format of the following:(a) Profit and Loss Statement for the month(b) Balance Sheet(c) Fund Flow Statement (d) Receivables Report (e) Capital Expenditure Statement (f) Expenses Statement
___________ report indicates the previous day’s sales income from various revenue centres
___________ statement provides information regarding number of covers, sales value, average spend per cover, normal food cost percentage based on the company pricing policy, food cost in actual cost
___________ report indicates details of revenue from various sales outlets and expenses that can be directly identified with F&B Department.
___________ report indicates whether the income is at least at the budgeted level.
___________ report indicates what is owed to the business and when the amounts are due.
What is the meaning of night audit? How is it useful for hotels?
What is meant by: (a) Occupancy percentage (b) Multiple occupancy ratio (c) Average daily rate (d) Average rate per guest (e) Foreigners to domestic visitors ratio
What is a city ledger?
What is accounts transfer?
What is VPO?
Discuss the modes of credit settlement.
Discuss the various modes of cash settlement.
How is the double entry completed when the VTL is maintained?
What is VTL?
What is a split bill?
What are the features of a guest account?
If a guest account is not settled in full by cash payment at checkout, the guest's folio balance is transferred from the guest ledger in the front office to the_________. in the accounting division
If the guest had a credit balance in his account at the time of checkout, it has to be refunded to the guest through a __________
When certain charges are paid by the company or agency and the rest are to be borne by the guest himself, the split is made on the basis of charges. The bill in such a case is called_______ bill.
Sometimes, the room and charges are shared by two guests who would like to have their bill split into two identical halves. Such as bill is called ______
The front office also maintains non-guest accounts to extend in-house charge privileges to local businesses or agencies as a means of promotion, or to groups sponsoring meetings at the hotel. These
What do you understand by internal audit? How is it different from statutory audit?
Discuss the internal audit process in hotels.
What do you understand by internal control? What are the advantages of internal control?
"Internal control is concerned with authorization and recording procedures and the division of staff duties. It relates mainly to cash and goods." Comment.
Differentiate between internal control and internal audit.
What do you mean by internal audit?
State the characteristics of internal control.
What do you mean by internal control?
What are objects of internal check?
What do you mean by internal check?
______ helps to locate errors and fraud in accounts at an early date.
______ is defined as "an ongoing appraisal of the financial health of a company's operations by its own employees".
______, a leading American Accountant defines auditing as "a systematic examination of the books and records of a business or other organization in order to ascertain or verify and to report upon the
_______ is the plan of an organization and all the methods and procedures adopted by the management of an entity to achieve the objective of ensuring, as far as practicable, the orderly and efficient
_______ is a continuous check on the day-to-day transactions carried out within the entity by arranging staff function in such a manner a person’s duties are automatically checked by the other
The following balances were extracted from the accounts of the Dalmia Limited at 31st December 2003. Prepare the Income Statement in accordance with the Uniform System of accounting introduced by the
From the following information, you are required to make an Income Statement in accordance with the format introduced by the American Motel and Hotel Association:Net Sales: `Rooms 12,00,000 Food and
Ron Curcio, the owner of Ron’s Resort has hired you to prepare a resort’s income statement for the year ended 31 December 2007. He has provided you with the balances of each of the general ledger
From the following information of Blue Gen Hotel, you are required to prepare an Income Statement in a good form showing Departmental Profits, Gross Operating Income and Gross Operating Profit and
Prepare a Statement of Income and Expenses for XYZ Hotel in accordance with the USHA based on the following ledger balances for the year ended April 30, 2005:Net Sales Payroll and Related Expenses
Prepare a statement of Income and Expenses for APB Hotel in accordance with the USHA, based on the following ledger balances for the year ended September 30, 2005:Heat, Light and Power Payroll and
From the following information extracted from the books of Modern Hotel, you are required to prepare the Income Statement for the year ended 31st December 2005 in accordance with the Uniform System
The following balances were extracted from the accounts of the Blue Moon Hotel at 31st December 2005. Prepar the Income Statement in accordance with the Uniform System of Hotel Accounting introduced
From the following information, prepare departmental trading and profit and loss account of Barista Restaurant:Stock on 1st January 2002 Food 17,400 Beverages 14,700 Purchases Food 35,000 Beverages
What is gross operating income?
What is gross operating profit?
What do you mean by schedules under USHA?

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