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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

How to record bonds issue.AppendixLO1
How to distinguish between liabilities, accrued liabilities, provisions and contingent liabilities.AppendixLO1
How to record current and non-current liabilities.AppendixLO1
How liabilities are usually classified and reported in the balance sheet.AppendixLO1
How to define a liability.AppendixLO1
According to IAS 1, which of the following items should be disclosed either on the balance sheet or in Notes?(a) The number of shares authorized(b) The number of shares issued and fully paid, and
The main objective of the legal reserve is to protect the shareholders of the company(a) True(b) False AppendixLO1
A share may grant a voting right greater than one vote per share but never lower than one vote per share(a) True(b) False AppendixLO1
The number of authorized shares is greater than the amount of outstanding shares which is greater than the amount of issued shares(a) True(b) False AppendixLO1
In all types of limited liability companies, it is possible for shareholders to defer the payment of one part of the subscribed capital(a) True(b) False AppendixLO1
CU; 250,000 shares authorized; 100,000 shares issued and outstanding 200,000 Share premium 30,000 Retained earnings and Reserves 50,000 Net income 20,000 Shareholders’ equity 300,000 The market
A company has the following shareholders’ equity section:Ordinary shares: par ¼AppendixLO1
In a capital increase, the difference between the price paid by the buyer for a company’s common share and the par value of each share can be called(several possible answers)(a) Capital surplus(b)
Dividends cannot be distributed if net income of the period is negative(a) True(b) False AppendixLO1
A company received cash subscriptions for 5,000 shares of 20 CU nominal (par) value at 100 CU per share. A down-payment of 50 percent of the issuance price is required. The remainder of the purchase
The sale by a shareholder of shares of a company to another shareholder should be recorded by the company(a) True(b) False AppendixLO1
How shareholders’ equity can be analyzed.AppendixLO1
How changes in shareholders’ equity are reported.AppendixLO1
How stock options plans are recorded.AppendixLO1
What kinds of different categories of reserves are found in the balance sheet.AppendixLO1
How profit appropriation divides current earnings between dividends, reserves and retained earnings.AppendixLO1
What a share premium is and how it is reported.AppendixLO1
What different categories of shares exist.AppendixLO1
How changes in share capital (increase or reduction) are reported.AppendixLO1
What share capital is.AppendixLO1
The differences between the legal forms of business organization.AppendixLO1
Which of the following statements are not true?(a) Unrealized gains of financial assets are never recognized(b) Financial assets held for trading are usually very liquid(c) Available-for-sale
When a provision (allowance) is no longer necessary(a) An expense account is decreased(b) A revenue account is increased(c) Both solutions are possible, it depends on the country(d) None of these
When a note receivable is discounted(a) The note is removed from the assets(b) The note is maintained in the assets and a liability is recorded(c) The note is removed from the assets or maintained in
An accounts receivable with a 100 percent probability of being collected is a cash equivalent(a) True(b) False AppendixLO1
Given the following information, determine the accounts receivable turnover for a retailer (two possible answers)Beginning accounts receivable 20 Ending accounts receivable 40 Beginning cash 50
Accounts receivable are generally valued at the(a) Amounts invoiced to customers(b) Net realizable value(c) Present value of future cash flows(d) None of these AppendixLO1
The direct write-off method is consistent with the matching accounting principle while the allowance method is not(a) True(b) False AppendixLO1
A bank overdraft should be(a) Included in the financial fixed assets(b) Reported as a current asset(c) Reported as a current liability(d) Netted against positive cash balances at other banks(e) None
Accounts receivable is equivalent to(a) Trade creditors(b) Trade partners(c) Trade accounts payable(d) Trade accounts receivable(e) All of these(f) None of these AppendixLO1
Doubtful debts represent(a) Liabilities which are challenged by one of the parties(b) Receivables which might not be collected(c) All of these(d) None of these AppendixLO1
How to analyze financial instruments in the balance sheet for decision making.AppendixLO1
What ‘available-for-sale’ financial assets represent and how they are reported.AppendixLO1
What accounts receivable, also known as ‘receivables’, represent and how they are reported.AppendixLO1
What ‘held-to-maturity’ financial assets represent and how they are reported.AppendixLO1
What financial assets and liabilities ‘at fair value through profit or loss’ mean.AppendixLO1
What cash and cash equivalents represent and how they are reported.AppendixLO1
How financial assets and financial liabilities are valued.AppendixLO1
How to analyze inventory data for evaluation and decision making.AppendixLO1
How inventory valuation policies are disclosed.AppendixLO1
Why knowledge of detailed information about inventories is important to restate an income statement by nature into an income statement by function (and vice-versa).AppendixLO1
How accounting records a decline in the value of items in inventory.AppendixLO1
How inventory valuation methods affect cash flow.AppendixLO1
How profit is affected by the choice of how to attach costs to objects that transit through an inventory before their sale.AppendixLO1
Among intangible assets, R&D has received special attention on the part of financial analysts as it helps describe the effort of the firm to be innovative and build its future competence. Which
Since economic benefits derived from intangible assets are uncertain, their costs of acquisition should be expensed in the period when they are incurred.Which principle is put into practice in this
years(b) Capitalized and not amortized but tested for impairment(c) Not capitalized but expensed(d) Capitalized and amortized over 20 years(e) None of these AppendixLO1
years(e) None of these 8 Training costs of personnel should be(a) Capitalized and amortized over AppendixLO1
Same question as (4) but Albeniz purchased the trademark (instead of having developed it internally)and applies US GAAP(a) Capitalized and amortized over 40 years(b) Capitalized and not amortized but
Same question as (4) but Albeniz purchased the trademark (instead of having developed it internally)and applies IFRS/IAS(a) Capitalized and amortized over 40 years(b) Capitalized and not amortized
Same question as (4) but Albeniz applies US GAAP(a) Capitalized and amortized over 40 years(b) Capitalized and not amortized but tested for impairment(c) Not capitalized but expensed in X1(d)
Albeniz company spent 500 CU throughout X1 in promoting a not well-known trademark it created internally during that same year. This trademark is supposed to have an indefinite life. The company
All recorded intangible assets should be amortized to match their cost with the revenue they contribute to generate(a) True(b) False AppendixLO1
An example of a trademark which should unambiguously be capitalized is(a) The logo of a business school designed and created by the personnel of the school(b) The trademark ‘Chivas’ acquired by
An example of an item that is not an intangible asset is(a) Patent(b) Goodwill(c) Computer(d) Computer software(e) Trademark AppendixLO1
What accounting rules apply to reporting development of computer software.AppendixLO1
What the arguments are in favor and against R&D capitalization.AppendixLO1
What the conditions are for appropriate R&D capitalization.AppendixLO1
How accounting handles changes in value of intangible assets after their initial recognition.AppendixLO1
What the criteria are for recognition of an intangible fixed asset.AppendixLO1
Which ratio(s) is (are) used to define the weight of tangible assets in financial statements?(a) Net tangible assets/Total net assets(b) Rate of return of tangible assets(c) Tangible assets
The share of a natural resource deposit’s cost of acquisition that is expensed each year is called(a) Depreciation(b) Amortization(c) Depletion(d) Exhaustion(e) None of these AppendixLO1
When using the double declining balance method, in calculating the annual depreciation expense, the depreciation rate is applied to the(a) Purchase price of the asset(b) Fair value of the asset at
Companies must use the same method of depreciation for all of their depreciable tangible fixed assets(a) True(b) False AppendixLO1
All tangible fixed assets are expensed over a period of years in some systematic and rational manner(a) True(b) False AppendixLO1
Examples of tangible fixed assets include land, buildings and equipment(a) True(b) False AppendixLO1
Which of the following items would not be considered a tangible fixed asset? 1 Land 2 Trademark 3 Building 4 Oil well 5 Software(a) 1, 3 and 4(b) 2 and 4(c) 2 and 5(d) 2, 3, 4 and 5(e) 3 and 5
At the end of the useful life of a tangible asset originally purchased for 100 CU and fully depreciated over five years, the gross value is(a) 0(b) 100(c) 20(d) None of these AppendixLO1
Depreciation will directly generate(a) An increase in cash(b) An increase in liabilities(c) A decrease in liabilities(d) A decrease in assets(e) A decrease in cash
The most appropriate method of depreciation of land is(a) The straight-line method(b) The declining balance method(c) Either method(d) None of these AppendixLO1
How to use effectively data about tangible fixed assets and depreciation in financial statement analysis.AppendixLO1
How to handle financing or borrowing (interest) costs.AppendixLO1
How to record internally constructed tangible fixed assets.AppendixLO1
How to distinguish ‘capital expenditures’ (which are capitalized as tangible assets) and ‘revenue expenditures’ (which are included in expenses when incurred).AppendixLO1
Of the four items listed below, which one is not an element of ‘other comprehensive income’ (i.e., items not recorded in the income statement but directly in the shareholders’ equity)?(a)
In the four situations below, which one is a case when a change in accounting policy would be inappropriate?(a) If required by an Interpretation of a Standard.(b) If required by a Standard.(c) If the
What is created when the tax rules lead to a later recognition of the tax burden than under financial accounting?(a) Deferred tax liability.(b) Deferred tax revenue.(c) Deferred tax asset.(d)
When it is decided to deliberately anticipate or delay recognition of profit or losses to avoid reporting peaks and troughs in income, this is known as _____(a) Income hiding.(b) Income smoothing.(c)
In the four situations below, regarding revenue that arises from others’ use of entity assets (i.e. interest, royalties and dividends), which of the four situations is one when it would be
When the outcome of a transaction involving the rendering of services cannot be estimated reliably, which of the following statements is correct?(a) Revenue should not be recognized.(b) Revenue
Progress payments and advances received from customers often reflect the services performed and can be used to reliably determine the percentage of completion.(a) True.(b) False.AppendixLO1
The recognition of revenue by reference to the degree of completion of a transaction is often referred to as the percentage of completion method.(a) True.(b) False.AppendixLO1
In which of the following situations can one consider that the seller does not retain a significant risk of ownership?(a) For a retail sale, refund is offered if the customer is not satisfied. The
Which category(ies) of transactions and events is(are) specified in IAS 18 rules guiding the revenue recognition process?(a) The sale of goods.(b) The use by others of entity assets.(c) The rendering
What accounting issues arise in recording and reporting ‘government assistance’.AppendixLO1
What is meant by comprehensive income and why its introduction better informs users of accounting information.AppendixLO1
What the different types of ‘accounting changes’ are and how to deal with them: changes in accounting policies, changes in estimates and correction of errors.AppendixLO1
How to and why distinguish between ‘ordinary’, ‘extraordinary’ and ‘exceptional’ items in the income statement.AppendixLO1
Which methods can be used to recognize revenue in ‘long-term contract’ sales.AppendixLO1
How losses can be carried forward or carried back to reduce taxes (future tax reduction or tax refund).AppendixLO1
How deferred taxation is recorded and reported.AppendixLO1
What the concept of ‘revenue recognition’ represents.AppendixLO1
The income statement in North America is generally called the _________ in the UK(a) Revenue and expense account (b) Result account (c) Profit and loss account (or statement)(d) Statement of
An annual report includes(a) Only information on the activity of a company(b) Only commercial information(c) Only financial information(d) Information on the activity of a company AppendixLO1
According to IAS 1 , the purpose(s) of the Notes to financial statements is (are)(a) To present information about the basis of preparation of the financial statements(b) To provide additional

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