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principles financial accounting

Questions and Answers of Principles Financial Accounting

explain why it is necessary to understand the principles of accounting before going on to use computers;
describe and explain the main benefits and risks in the use of computerised accounting;
understand the real dangers of using fully computerised accounting systems and some of the approaches to guarding against those risks.
Compare and contrast just-in-time (JIT) manufacturing practices with traditional manufacturing practices.AppendixLO1
Apply just-in-time manufacturing practices to a traditional manufac¬ turing illustration.AppendixLO1
Describe the implications of a just-in- time manufacturing philosophy on cost accounting and performance measurement systems.AppendixLO1
Apply just-in-time practices to a non¬ manufacturing setting.AppendixLO1
Describe and illustrate activity analysis for improving operations.AppendixLO1
which of the following is not a characteristic of the just-in-time philosophy?A. Product-oriented layout B. Push manufacturing (make to stock)C. Short lead times D. Reducing setup time as a critical
Accounting in a just-in-time environment is best de¬ scribed as:A. more complex.B. focused on direct labor.C. providing detailed variance reports.D. providing less transaction control.AppendixLO1
The product cell for Dynah Company has budgeted conversion costs of $420,000 for the year. The cell is planned to be available 2,100 hours for produc¬ tion. Each unit requires $12.50 of materials
In-process inspection activities are an example of what type of quality cost?A. Prevention B. Appraisal C. Internal failure D. External failure AppendixLO1
A Pareto chart is used to display:A. a ranking of attribute totals, by category, in the form of a bar chart.B. important trends in the form of a line chart.C. percentage information in the form of a
What is the benefit of just-in-time processing?AppendixLO1
What are some examples of nonvalue-added lead time?AppendixLO1
Why is a product-oriented layout preferred by just-in-time manufacturers over a process-oriented layout?AppendixLO1
How is setup time related to lead time?AppendixLO1
Why do just-in-time manufacturers favor pull or “make to order” manufacturing?AppendixLO1
Why would a just-in-time manufacturer strive to produce zero defects?1092 Chapter 26 • Cost Management for Just-In-Time Environments AppendixLO1
How is supplier partnering different from traditional supplier relationships?AppendixLO1
Why does accounting in a just-in-time em ironment result in fewer transactions?AppendixLO1
\X'hy is a “raw and in process inventory'" account used by just-in-time manufac¬ turers, rather than separately reporting materials and work in process?AppendixLO1
Why is the direct labor cost category eliminated in many just-in-time em ironments?AppendixLO1
How does accounting under a just-in-time em iromnent provide less transaction control?AppendixLO1
'^'hat are some possible explanations for the actual con\ ersion cost per unit being greater than the budgeted cost per unit in a just-in-time production cell?AppendixLO1
''X'hat just-in-time principles might a hospital use?AppendixLO1
What is the benefit of an activiy analysis?AppendixLO1
How does a Pareto chart assist management?AppendixLO1
What is the benefit of identifying nonvalue-added activities?AppendixLO1
What ways can the cost of a process be improx ed?AppendixLO1
List and explain the advantages and disadvantages of decentralized oper¬ ations.AppendixLO1
Prepare a responsibility accounting report for a cost center.AppendixLO1
Prepare responsibility accounting re¬ ports for a profit center.AppendixLO1
Compute and interpret the rate of return on investment, the residual income, and the balanced scorecard for an investment center.AppendixLO1
Explain how the market price, negoti¬ ated price, and cost price approaches to transfer pricing may be used by decentralized segments of a business.AppendixLO1
When the manager has the responsibility and au¬ thority to make decisions that affect costs and rev¬ enues but no responsibility for or authority over assets invested in the department, the
The Accounts Payable Department has expenses of $600,000 and makes 150,000 payments to the var¬ ious vendors who provide products and services to the divisions. Division A has income from opera¬
Division A of Kern Co. has sales of $350,000, cost of goods sold of $200,000, operating expenses of $30,000, and invested assets of $600,000. What is the rate of return on investment for Division
Division L of Liddy Co. has a rate of return on in¬ vestment of 24% and an investment turnover of 1.6. What is the profit margin?A. 6% C. 24%B. 15% D. 38%AppendixLO1
Which approach to transfer pricing uses the price at which the product or service transferred could be sold to outside buyers?A. Cost price approach B. Negotiated price approach C. Market price
Differentiate between a cost center and a profit center.AppendixLO1
Differentiate between a profit center and an investment center.AppendixLO1
In what major respect would budget performance reports prepared for the use of plant managers of a manufacturing business with cost centers differ from those prepared for the use of the various
For what decisions is the manager of a cost center not responsible?AppendixLO1
Weyerhaeuser Company developed a system that assigns service department expenses to user divisions on the basis of actual services consumed by the divi¬ sion. Here are a number of Weyerhaeuser’s
What is the major shortcoming of using income from operations as a perfor¬ mance measure for investment centers?AppendixLO1
Why should the factors under the control of the investment center manager (rev¬ enues, expenses, and invested assets) be considered in computing the rate of return on investment?AppendixLO1
In a decentralized company in which the divisions are organized as investment centers, how could a division be considered the least profitable even though it earned the largest amount of income from
How does using the rate of return on investment facilitate comparability betw^een divisions of decentralized companies?AppendixLO1
The rates of return on investment for Harmon Co.’s three divisions, A, B, and C, are 20%, 17%, and 15%, respectively. In expanding operations, which of Harmon Co.’s divisions should be given
Why would a firm use a balanced scorecard in evaluating divisional performance?AppendixLO1
What is the objective of transfer pricing?AppendixLO1
When is the negotiated price approach preferred over the market price approach in setting transfer prices?AppendixLO1
Why would standard cost be a more appropriate transfer cost between cost cen¬ ters than actual cost?AppendixLO1
When using the negotiated price approach to transfer pricing, within what range should the transfer price be established?AppendixLO1
Compute the potential impact of long-term borrowing on the earnings per share of a corporation.AppendixLO1
Describe the characteristics of bonds.AppendixLO1
Compute the present value of bonds payable.AppendixLO1
Journalize entries for bonds payable.AppendixLO1
Describe bond sinking funds.AppendixLO1
Journalize entries for bond redemp¬ tions.AppendixLO1
Journalize entries for the purchase, interest, discount and premium amortization, and sale of bond investments.AppendixLO1
Prepare a corporation balance sheet.AppendixLO1
Compute and interpret the number of times interest charges are earned.AppendixLO1
If a corporation plans to issue $1,000,000 of 12% bonds at a time when the market rate for similar bonds is 10%, the bonds can be expected to sell at:A. their face amount B. a premium C. a discount
If the bonds payable account has a balance of $500,000 and the discount on bonds payable ac¬ count has a balance of $40,000, what is the carry¬ ing amount of the bonds?A. $460,000 C. $540,000 B.
The cash and securities that make up the sinking fund established for the payment of bonds at ma¬ turity are classified on the balance sheet as:A. current assets C. long-temi liabilities B.
If a firm purchases $100,000 of bonds of X Com¬ pany at 101 plus accrued interest of $2,000 and pays broker’s commissions of $50, the amount debited to Investment in X Company Bonds would be:A.
The balance in the discount on bonds payable ac¬ count would usually be reported in the balance sheet in the:A. Current Assets section B. Current Liabilities section C. Long-Term Liabilities section
Describe the two distinct obligations incurred by a corporation when issuing bonds.AppendixLO1
Explain the meaning of each of the following terms as they relate to a bond is¬ sue: (a) convertible, (b) callable, and (c) debenture.AppendixLO1
What is meant by the “time value of money”?AppendixLO1
What has the higher present value: (a) $10,000 to be received at the end of two years, or (b) $5,000 to be received at the end of each of the next two years?AppendixLO1
If you asked your broker to purchase for you a 7% bond when the market in¬ terest rate for such bonds was 8%, would you expect to pay more or less than the face amount for the bond?
A corporation issues $7,500,000 of 8% bonds to yield interest at the rate of 7%. (a) Was the amount of cash received from the sale of the bonds greater or less than $7,500,000? (b) Identify the
If bonds issued by a corporation are sold at a premium, is the market rate of interest greater or less than the contract rate?AppendixLO1
The following data relate to a $1,800,000, 6% bond issue for a selected semi¬ annual interest period:Bond carrying amount at beginning of period $1,850,000 Interest paid during period 108,000
Assume that Mixon Co. amortizes premiums and discounts on bonds payable at the end of the year rather than when interest is paid. What accounts would be debited and credited to record (a) the
Would a zero-coupon bond ever sell for its face amount?AppendixLO1
What is the purpose of a bond sinking fund?AppendixLO1
Assume that two 25-year, 6% bond issues are identical, except that one bond issue is callable at its face amount at the end of 5 years. Which of the two bond issues do you think will sell for a lower
Bonds Payable has a balance of $800,000, and Discount on Bonds Payable has a balance of $32,500. If the issuing corporation redeems the bonds at 97, is there a gain or loss on the bond
Where are investments in bonds that are classified as held-to-maturity securities reported on the balance sheet?AppendixLO1
At what amount are held-to-maturity investments in bonds reported on the balance sheet?AppendixLO1
Summarize the types of cash flow activities reported in the statement of cash flows.AppendixLO1
Prepare a statement of cash flows, using the indirect method.AppendixLO1
Prepare a statement of cash flows, using the direct method.AppendixLO1
Calculate and interpret the free cash flow.AppendixLO1
An example of a cash flow from an operating ac¬ tivity is:A. receipt of cash from the sale of stock B. receipt of cash from the sale of bonds C. payment of cash for dividends D. receipt of cash from
An example of a cash flow from an investing ac¬ tivity is:A. receipt of cash from the sale of equipment B. receipt of cash from the sale of stock C. payment of cash for dividends D. payment of cash
An example of a cash flow from a financing activ¬ ity is:A. receipt of cash from customers on account B. receipt of cash from the sale of equipment C. payment of cash for dividends D. payment of
Which of the following methods of reporting cash flows from operating activities adjusts net income for revenues and expenses not involving the receipt or payment of cash?A. Direct method C.
The net income reported on the income statement for the year was $55,000, and depreciation of fixed assets for the year was $22,000. The balances of the current asset and current liability accounts
what is the principal disadvantage of the direct method of reporting cash flows from operating activities?AppendixLO1
What are the major advantages of the indirect method of reporting cash flows from operating activities?AppendixLO1
A corporation issued $200,000 of common stock in exchange for $200,000 of fixed assets. Where would this transaction be reported on the statement of cash flows?AppendixLO1
a. What is the effect on cash flows of declaring and issuing a stock dividend?b. Is the stock dividend reported on the statement of cash flows?AppendixLO1
A retail business, using the accrual method of accounting, owed merchandise creditors (accounts payable) $290,000 at the beginning of the year and $315,000 at the end of the year. How would the
If salaries payable was $75,000 at the beginning of the year and $65,000 at the end of the year, should $10,000 be added to or deducted from income to de¬ termine the amount of cash flows from
A long-term investment in bonds with a cost of $75,000 was sold for $80,000 cash, (a) What was the gain or loss on the sale? (b) What was the effect of the transaction on cash flows? (c) How should

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