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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

The Financial Accounting Standards Board worked many years to develop a conceptual framework for U.S. GAAP.a. Identify the financial statement elements that are specified in the conceptual
Indicate the accounting concepts, principles, or constraints that underlie each of the following independent situations: accounting entity concept, going concern concept, cost-benefit constraint,
For each of the following situations, determine whether the criteria for revenue recognition have been met by December 31, 2018.a. A manufacturing company received \(\$ 85,000\) cash on December
On December 31, John Bush completed his first year as a financial planner. The following data are available from his accounting records:a. Compute John's net income for the year just ended using the
The following are unrelated accounting practices:1. A recession has caused a slowing of business activity and lower profits for Penn Company. Consequently, the firm delays making its payments for
Presented below are four independent situations:a. Kent Jones, a senior in college looking for summer employment, decided to start a dog-walking business. Each morning and evening he picks up a group
While each of the financial statements is likely to aid in any business decision, it is often the case that a particular financial statement may be best suited to help in a particular decision.
The following balance sheet data are for Brintany Coastal Catering Service, a corporation, at May 31,2019 :Required Prepare a balance sheet for Brintany as of May 31, 2019. Accounts receivable..
The following is balance sheet information for Tuttle Janitorial Service, Inc., at the end of 2019 and 2018:Requireda. Prepare a balance sheet as of December 31 of each year.b. Prepare a statement of
Statement of Stockholders' Equity and Balance Sheet The following is balance sheet information for Flush Janitorial Service, Inc., at the end of 2019 and 2018:Requireda. Prepare a balance sheet as of
On March 1, 2019, Janet Dodge began Dodge Delivery Service, which provides delivery of bulk mailings to the post office, neighborhood delivery of weekly newspapers, data delivery to computer service
Shown below is selected information from the financial records of Merris Corporation as of December 31:Requireda. Determine which of the above items will appear on the statement of cash flows and
In each of the following cases, (a) identify the aspect of the accounting environment primarily responsible for the ethical pressure on the accountant as pressure to achieve a favorable outcome, to
Match each of the items in the left column with the LO5, 6 appropriate annual report component from the right column: 1. The company's total liabilities 2. The sources of cash during the period 3. An
Petty Corporation started business on January 1, 2019. The following information was compiled by Petty's accountant on December 31, 2019:Requireda. You have been asked to assist the accountant for
The following are unrelated accounting situations and the accounting treatment that was followed in each firm's records:1. John Company mounts an \(\$ 800,000\) year-long advertising campaign on a
Forms of Business Organization Match the following forms of business organization with the set of attributes that best describes that form of business: sole proprietorship, partnership, or
Accounting Processes Identify the following processes as either measuring or communicating.a. Prepare financial statements for the entityb. Identify relevant economic activities of the entityc.
Types of Statements Match the following type of report with the most likely statement user: management, taxation authority, regulatory agency, or investor.a. Financial statementsb. Tax returnc.
Accounting Organizations Match the following organizations with the set of accounting guidelines: Financial Accounting Standards Board (FASB), International Accounting Standards Board (IASB).a.
Business Activities Match the following activities with the type of activity: Operating, Investing, Financing.a. Day-to-day business activitiesb. Purchase of land for a new warehousec. Sale of
Financial Statement Items Identify the financial statement (or statements) in which each of the following items would appear: income statement (IS), statement of stockholders' equity (SSE), balance
Annual Report Components Which of the following would not be part of the notes to the financial statements in a company's annual report?a. Qualitative information about potential lawsuitsb.
Sarbanes-Oxley Act The Sarbanes-Oxley Act of 2002 was enacted to help restore confidence in financial reporting. Which of the following was not part of the legislation?a. Severe penalties for
Financial Accounting and Generally Accepted Accounting Principles Answer the following multiple-choice questions:1. What is not a primary function of financial accounting in society?a. Provide comedy
Cash Flow Activity Classification Classify each activity as financing, investing, or operating:1. Repay a loan from a bank.2. Sell merchandise from a storefront operation.3. Dispose of an old
Using the Basic Accounting Equation Use the basic accounting equation to answer the following:a. Hawkins Company has total assets of \(\$ 150,000\) and total liabilities of \(\$ 110,000\). How much
Using the Basic Accounting Equation Floyd Company had beginning-of-the-year total assets of \(\$ 320,000\) and total liabilities of \(\$ 180,000\).a. If during the year total assets increased by \(\$
Financial Statements Indicate which statement (or statements) you would examine to locate the following items: balance sheet (BS), income statement (IS), statement of stockholders' equity (SSE), or
Financial Statements Indicate which statement (or statements) you would examine to locate the following items: balance sheet (BS), income statement (IS), statement of stockholders' equity (SSE), or
International Accounting Principles The worldwide acceptance of a global set of international accounting principles will provide certain benefits.a. Which group has taken the lead in developing a set
Principles of Accounting Which of the following accounting principles applies to the statement of cash flows?a. Materialityb. Conservatismc. Accrual basis of accountingd. Cash basis of accounting
Generally Accepted Accounting Principles Select the best answer to each of the following MBC) questions:1. Accounting rules are developed to provide:a. Simplicityb. Useful informationc. Complexityd.
Basic Accounting Principles Match the following list of accounting concepts, principles, and assumptions with the definitions below:1. Ability to compare the financial performance of different
FASB Codification A major reason for the codification project completed by the FASB in 2009 was to:a. ease the convergence between financial and managerial accountingb. ease the convergence between
Basic Accounting Principles Which of the following is not considered a qualitative characteristic of accounting information?a. faithful representationb. comparabilityc. assets must equal liabilities
Basic Accounting Principles Identify whether the following statements are true or false.1. Together the revenue recognition principle and the expense recognition (matching) principle define the
Match the following organizational attributes in the left column with the organizational form in the right column. More than one organizational form may be associated with a given attribute.1.
Establish the correct sequence of steps in the accounting measurement process.a. Record in a systematic fashionb. Identify relevant economic activityc. Quantify economic activity
Identify the type of accounting associated with each type of report: Managerial, Financial, Tax, or some combination as needed.a. Budget for internal use by managementb. Tax return for state income
Which of the following is not part of the triple bottom line reporting framework?a. Economic bottom lineb. Social bottom linec. Competitive bottom lined. Environmental bottom line
Identify whether the following statements are true or false:a. U.S. GAAP is universally accepted in all countries in the world.b. U.S. GAAP is established by the IASB.c. Once established, U.S. GAAP
Identify each of the following activities as operating (O), investing (I), or financing \((\mathrm{F})\) :a. Payment of employee salariesb. Repayment of a loanc. Issuance of common stockd. Purchase
Determine the missing amount in each of the following cases: Assets Liabilities $190,000 $62,000 ? $53,000 $115,000 ? Stockholders' Equity ? $31,000 $61,000
The beginning and ending balances of retained earnings for the year were \(\$ 50,000\) and \(\$ 65,000\), respectively. If dividend payments during the year were \(\$ 0\), determine the net income or
The following information appears in the records of Becker Corporation at year-end:a. Calculate the balance in retained earnings at year-end.b. If the amount of the retained earnings at the beginning
Determine the following:a. The stockholders' equity of a corporation that has assets of \(\$ 600,000\) and liabilities of \(\$ 306,000\).b. The assets of a corporation that has liabilities of \(\$
Fred Flores operates a golf driving range. For each of the following financial items related to his business, indicate the financial statement (or statements) in which the item would be reported:
For the following four unrelated situations, A through D, calculate the unknown amounts appearing in each column: A B C Beginning Assets. $45,000 $32,000 $53,000 ? Liabilities.. 32,000 15,000 49,000
Identify where the following items will appear in a company's annual report: Management's Discussion and Analysis (MD\&A), notes to the financial statements, or the auditor's report, or indicate that
In each of the following cases, (a) identify the aspect of the accounting environment primarily responsible for the ethical pressure on the accountant as pressure to achieve a favorable outcome, to
Identify whether the following statements are true or false.1. One argument for IFRS is that there is less globalization in the world.2. IFRS is accepted as GAAP in every country of the world.3. The
The Financial Accounting Standards Board worked many years to develop a conceptual framework for U.S. GAAP.a. What is the purpose of a conceptual framework?b. Identify the financial reporting
Indicate the accounting concepts, principles, or constraints that underlie each of the following independent situations: accounting entity concept, going concern concept, cost-benefit constraint,
For each of the following situations, determine whether the criteria for revenue recognition have been met by December 31, 2018.a. A manufacturing company received \(\$ 60,000\) cash on December
On December 31, Greg Jones completed his first year as a financial planner. The following data are available from his accounting records:a. Compute Greg's net income for the year just ended using the
The following are unrelated accounting practices:1. Pine Company purchased a new \(\$ 30\) snow shovel that is expected to last six years. The shovel is used to clear the firm's front steps during
Which of the following processes best defines accounting?a. Measuring economic activitiesb. Communicating results to interested partiesc. Preventing fraudd. Both a and b.
Generally accepted accounting principles are:a. A set of guidelines to aid in the financial reporting processb. A set of laws to prevent financial fraudc. A set of standards for ethical conductd. A
To which area of accounting are generally accepted accounting principles primarily relevant?a. Managerial accountingb. Financial accountingc. Tax accountingd. Financial reporting to all regulatory
Which of the following is not one of the three types of business activities?a. Investingb. Financingc. Marketingd. Operating
If assets total \(\$ 140,000\) and liabilities total \(\$ 50,000\), how much are net assets?a. \(\$ 40,000\)b. \(\$ 90,000\)c. \(\$ 140,000\)d. \(\$ 50,000\)
What are increases in resources that a firm earns by providing goods or services to its customers?a. Assetsb. Revenuesc. Expensesd. Liabilities
Which of the following items is not required to be included as part of a company's annual report?a. Notes to the financial statementsb. Management discussion and analysisc. Detailed history of the
Which of the following situations presents ethical challenges to accountants?a. Pressure by superiors to produce a "good" numberb. Avoiding the disclosure of confidential informationc. An emphasis on
Match the following organizational attributes in the left column with the organizational form in the right column that the attribute is most often associated with.1. Tax advantages 2. Unlimited
The financial statements of People Company contain the following. How much is net income?a. $6,000 b. $11,000 c. $19,000 d. $17,000 Accounts payable. Revenues... Accounts receivable. Expenses.
If Bing Company reports its year-end total liabilities to be \(\$ 40,000\), and its year-end stockholders' equity to be \(\mathbf{\$ 6 0 , 0 0 0}\), how much are Bing Company's year-end total
Puff Company began the year with a retained earnings balance of \(\$ 50,000\), reported net income for the year of \(\$ 45,000\), and reported ending retained earnings of \(\$ 60,000\). How much
Who are some of the outside groups that may be interested in a company's financial data and what are their particular interests?
What are generally accepted accounting principles and what organization has primary responsibility for their formulation in the United States?
What role does financial accounting play in the allocation of society's financial resources?
What is the accounting equation? Define assets, liabilities, and stockholders' equity.
What is the difference between generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS)
What is the purpose of an income statement? The statement of stockholders' equity? The balance sheet? The statement of cash flows?
What is a period-of-time statement? Give three examples.
What is a point-in-time statement? Give one example.
On December 31 , the Hill Company had \(\$ 800,000\) in total assets and owed \(\$ 230,000\) to creditors. If the corporation's common stock amounted to \(\$ 400,000\), what amount of retained
What are three aspects of the accounting environment that may create ethical pressure on an accountant?
What type of information might you find in the Management's Discussion and Analysis (MD\&A) section of the annual report?
What is the purpose of having the financial statements audited by an independent auditor?
Determine whether the following statements are true or false and explain why:a. The accounting process is only interested in communicating economic activity.b. There are few potential users of
Why did the FASB develop a conceptual framework?
What are two primary qualities of accounting information that contribute to decision usefulness?
How would you describe, in one sentence, each of the following accounting principles, concepts and constraints? Accounting entity Accounting period Monetary unit Cost-benefit Going concern
Which of the following is a primary qualitative characteristic of accounting information?a. Relevanceb. Faithful representationc. Comparabilityd. All of the above are important characteristics.
Define accounting. What is the basic purpose of accounting?
a. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions:(1) Provided services for cash.(2) Recognized accrued salaries at the end
Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of the following accounts. The appropriate debit/credit terminology has been
The preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and
The following events apply to Kate Enterprises:1. Collected $16,200 cash for services to be performed in the future.2. Acquired $50,000 cash from the issue of common stock.3. Paid salaries to
Davis, Inc. and Royal, Inc. reported net incomes of $81,000 and $93,000, respectively, for their most recent fiscal years. Both companies had 10,000 shares of common stock issued and outstanding. The
The following information is available for three companies:Requireda. Determine the annual before-tax interest cost for each company in dollars.b. Determine the annual after-tax interest cost for
The following information is available for three companies:Requireda. Determine the annual before-tax interest cost for each company in dollars.b. Determine the annual after-tax interest cost for
The following accounting information exists for Collie and Spaniel companies:Requireda. Identify the current assets and current liabilities and compute the current ratio for each company.b. Assuming
The following information was drawn from the balance sheets of the Augusta and Reno Companies:Requireda. Compute the current ratio for each company.b. Which company has the greater likelihood of
What is the difference between gross pay and net pay for an employee?
Explain straight-line, units- of-production, and double-declining-balance depreciation. When is it appropriate to use each of these depreciation methods?
Alonzo Saunders owns a small training services company that is experiencing growing pains. The company has grown rapidly by offering liberal credit terms to its customers. Although his competitors
Give an example of a cost that can be directly matched with the revenue produced by an accounting firm from preparing a tax return.

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