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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

E2-1 Josh Cephus has prepared the following list of statements about accounts.1. An account is an accounting record of either a specific asset or a specific liability.2. An account shows only
BE2-10 An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal.
BE2-9 From the ledger balances given below, prepare a trial balance for P. J. Farve Company at June 30,2008. List the accounts in the order shown on page 60 of the text. All account balances are
BE2-8 Selected journal entries for Gilles Company are presented in BE2-7. Post the transac¬tions using the standard form of account.
BE2-7 Selected transactions for Gilles Company are presented in journal form below. Post the transactions toT accounts. Make oneT account for each item and determine each account’s end¬ing balance.
BE2-6 Using the data in BE2-5, journalize the transactions. (You may omit explanations.)
BE2-4 ■■Http* Tim Weber, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.
BE2-3 Using the data in BE2-2, journalize the transactions. (You may omit explanations.)
BE2-2 Transactions for Kaustav Sen Company, which provides welding services, for the month ofJune are presented below. Identify the accounts to be debited and credited for each transaction.June 1
BE2-1 For each of the following accounts indicate the effects of (a) a debit or a credit on the and normal balance. accounts and (b) the normal balance of the account.(SO 2) 1. Accounts Payable.2.
18. What is a trial balance and what are its purposes?
17. (a) What is a ledger?(b) What is a chart of accounts and why is it important?
16. Journalize the following business transactions.(a) Hector Molina invests $9,000 cash in the business in exchange for shares of common stock.(b) Insurance of $800 is paid for the year.(c) Supplies
13. Describe a compound entry, and provide an example.
11. What are the advantages of using a journal in the record¬ing process?
10. What are the basic steps in the recording process?
9. Indicate whether the following accounts generally will have (a) debit entries only, (b) credit entries only, or (c)both debit and credit entries.(1) Cash. (4) Accounts Payable.(2) Accounts
5. State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts, and (c) the stockholders’equity accounts (revenues, expenses, dividends, common stock, and retained
1. Describe the parts of a T account.
10. A trial balance will not balance if:a. a correct journal entry is posted twice.b. the purchase of supplies on account is debited to Supplies and credited to Cash.c. a $100 cash withdrawal by the
5. Which of the following is not part of the recording process? (SO 3)a. Analyzing transactions.b. Preparing a trial balance.c. Entering transactions in a journal.d. Posting transactions.
3. A revenue account: (SO 2)a. is increased by debits.b. is decreased by credits.c. has a normal balance of a debit.d. is increased by credits.
1. Which of the following statements about an account is true?a. In its simplest form, an account consists of two parts.b. An account is an individual accounting record of increases and decreases in
3. What are the limitations of a trial balance?
2. Flow is a trial balance prepared?
1. What is a trial balance, and what is its primary purpose?
3. Why do companies leave gaps in the chart of accounts numbering system?
2. What is the purpose of (a) the ledger and (b) a chart of accounts?
1. How does journalizing differ from posting?
4. In the reference column of the journal, write the account number to which the credit amount was posted.
3. In the ledger, enter, in the appropriate columns of the account(s) credited, the date, journal page, and credit amount shown in the journal.
2. In the reference column of the journal, write the account number to which the debit amount was posted.
1. In the ledger, enter, in the appropriate columns of the account(s) debited, the date, journal page, and debit amount shown in the journal.
4. Why did Sam Walton keep separate pigeonholes and blue binders? Why bother to keep separate records for each store?
3. What is the standard form and content of a journal entry in the general journal?
2. How does the journal benefit the recording process?
1. What is the sequence of the steps in the recording process?
3. It helps to prevent or locate errors because the debit and credit amounts for each entry can be easily compared.
2. It provides a chronological record of transactions.
1. It discloses in one place the complete effects of a transaction.
4. What are the normal balances for PepsiCo’s Cash, Accounts Payable, and Interest Expense accounts? (The answer to this question appears on page 90.)
3. What are the debit and credit effects on revenues, expenses, and dividends?
2. What are the debit and credit effects on assets, liabilities, and stockholders’equity?
1. What do the terms debit and credit mean?
Was LeBron James playing high school basketball the last time you balanced your checkbook?
Is your wallet such a mess that it is often faster to fish for money in the crack of your car seat than to dig around in your wallet?
Does your wallet contain so many cash machine receipts that you've been declared a walking fire hazard?
7 Prepare a trial balance and _ explain its purposes.
3 Identify the basic steps in the recording process.
5. When is cost of goods sold determined in a perpetual inventory system? goods. Give the journal entry on July 24 to record pay- ment of the balance due within the discount period using a perpetual
12. Explain why the Merchandise Inventory account will usually require adjustment at year-end.
1. You are about to give directions to a person who is stand¬ing with you. She is staying in a hotel in town and wants to visit your house later. She has a rental car. You would:a. draw or provide a
2. You are not sure whether a word should be spelled“dependent” or “dependant.” You would:c. look it up in the dictionary.a. see the word in your mind and choose by the way it looksb. sound
3. You have just received a copy of your itinerary for a world trip. This is of interest to some friends. You would:b. phone, text, or email them and tell them about it.c. send them a copy of the
4. You are going to cook something as a special treat for your family. You would:d. cook something familiar without the need for instructions.a.thumb through the cookbook looking for ideas from the
5. A group of tourists has been assigned to you to find out about wildlife reserves or parks. You would:d. drive them to a wildlife reserve or park.a. show them slides and photographs.c. give them
6. You are about to purchase a new CD player. Other than price, what would most influence your decision?b. The salesperson telling you what you want to know.c. Reading the details about it.d. Playing
7. Recall a time in your life when you learned how to do something like playing a new board game. Try to avoid choosing a very physical skill, e.g. riding a bike. You learned best by:a. visual
8. You have a knee problem. You would prefer that the doctor:b. told you what was wrong.a. showed you a diagram of what was wrong.d. used a model of a knee to show you what was wrong.
9. You are about to learn to use a new program on a computer. You would:d. sit down at the keyboard and experiment with the program.c. read the manual that came with the program.b. telephone or text
10. You are staying in a hotel and have a rental car. You would like to visit friends whose address/location you do not know. You would like them to:a. draw you a map on paper or provide a map from
11. Apart from the price, what would most influence your decision to buy a particular textbook?d. You have used a copy before.b. A friend talking about it.c. Quickly reading parts of it.a. The way it
12. A new movie has arrived in town. What would most influence your decision to go (or not go)?b. You heard a review about it on the radio.c. You read a review about it.a. You saw a preview of it.
13. You prefer a teacher who likes to use:c. a textbook, handouts, and reading.a. flow diagrams, charts, and graphs.d. field trips, models, laboratories, and practical sessions.b. class or email
1 Explain what accounting is.
2 Identify the users and uses of accounting.
3 Understand why ethics is a fundamental business concept.
4 Explain generally accepted accounting principles and the cost principle.
5 Explain the monetary unit assumption and the economic entity assumption.
6 State the accounting equation, and define assets, liabilities, and stockholders'equity.
8 Understand the four financial statements and how they are prepared.
1. What is accounting?
2. What does it mean to analyze and interpret financial information?
4. Identify specific internal and external users of accounting.
1. Why is ethics a fundamental business concept?
2. What are generally accepted accounting principles? Give an example.
3. Explain the monetary unit and the economic entity assumptions.
4. The accounting equation is: Assets = Liabilities + Stockholders’ Equity.Replacing the words in that equation with dollar amounts, what is PepsiCo’s accounting equation at December 31,2005?
5. What are assets, liabilities, and stockholders’ equity?
1. What is an example of an external transaction? What is an example of an in¬ternal transaction?
2. If an asset increases, what are the three possible effects on the basic accounting equation?
1. Where did cash come from during the period?
2. What was cash used for during the period?
3. What was the change in the cash balance during the period?
1. What are the income statement, retained earnings statement, balance sheet, and statement of cash flows?
2. How are the financial statements interrelated?
1. Which of the following is not a step in the accounting process?a. identification.c. recording.b. verification.d. communication.
3. The cost principle states that:a. assets should be initially recorded at cost and adjusted when the market value changes.b. activities of an entity are to be kept separate and dis¬tinct from its
7. As of December 31,2008, Stoneland Company has assets of (SO 7$3,500 and stockholders’ equity of $2,000. What are the lia¬bilities for Stoneland Company as of December 31,2008?a. $1,500.b.
9. The financial statement that reports assets, liabilities, and (SO 8stockholders’ equity is the:a. income statement.b. retained earnings statement.c. balance sheet.d. statement of cash flow.
2. Identify and describe the steps in the accounting process.
7. What is the monetary unit assumption?
8. What is the economic entity assumption?
11. What is the basic accounting equation?
12. (a) Define the terms assets, liabilities, and stockholders’equity.(b) What items affect stockholders’ equity?
13. Which of the following items are liabilities of Stanley Jewelry Stores?(f) Equipment.(g) Salaries payable.(h) Service revenue.(i) Rent expense.14(a) Cash.(b) Accounts payable.(c) Dividends.(d)
17. Listed below are some items found in the financial state¬ments of Alex Greenspan Co. Indicate in which financial statement(s) the following items would appear.(a) Service revenue. (d) Accounts
18. In February 2008, Paula King invested an additional$10,000 in Hardy Company. Hardy’s accountant, Lance Jones, recorded this receipt as an increase in cash and rev¬enues. Is this treatment
20. Garcia Enterprises had a stockholders’ equity balance of$168,000 at the beginning of the period. At the end of the accounting period, the stockholders’ equity balance was$198,000.(a) Assuming
El-1 Urlacher Company performs the following accounting tasks during the year._Analyzing and interpreting information._Classifying economic events._Explaining uses, meaning, and limitations of

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