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principles financial accounting

Questions and Answers of Principles Financial Accounting

Faye’s statement of financial position shows total assets of £40,000 and total liabilities of £18,400. What will be the total of Faye’s capital?
James runs a sports injury clinic. His statement of financial position as at 31 December 20X8 contains the following assets and liabilities:You are required to state the value of the:(a) current
Akil has provided the following extracts from his accounting records:You are required to:(a) Show the capital account extract as it would appear on the statement of financial position.(b) Explain how
David prepared the following trial balance from his accounting records for his carpentry business on 31 March 20X1. You are required to prepare a statement of financial position as at that date.
Amy produced the following trial balance for her letting agency on 30 September 20X4.You are required to produce a statement of financial position for Amy as at 30 September 20X4. Freehold shop
The accountant of Cubert Ltd produced the following trial balance as at 31 October 20X5:You are required to produce a statement of financial position for Cubert Ltd as at 31 October 20X5. Freehold
The following information was extracted from the computerized records of Trencreek Ltd as at 30 April 20X7.The above information includes all balances with the exception of the bank balance, which
Parag runs a shop selling sports equipment and a range of sports clothing.Trading times have been difficult and he is not sure whether his business is still profitable. He has provided the following
Nagin set up a new business on 1 January 20X9, producing fresh cookies to sell to cafes in his local area. He wants to confirm his new venture is making a profit and extracted the following balances
Lee is a sole trader who runs Window Advertising. He extracted the following trial balance from his accounting records for the year ended 30 April 20X4:On 30 April 20X4 Lee valued his inventory at
Justin is a sole trader who has been in business for many years. He manufactures retail refrigeration equipment. The following trial balance has been extracted from his accounting records for the
Trevone Ltd has an issued share capital of 500,000 ordinary shares of £1 each.The accounts manager prepared the first part of the income statement for the year ended 30 April 20X9, which showed a
Blonsky Ltd’s year end trial balance reveals the following balances:Blonsky Ltd’s closing inventory is valued at £20,000.Based on the above figures, what is the total of Blonsky Ltd’s current
Joylove is in the antiques business. He has a dining table in his shop that cost£2,000. He expects to spend £600 repairing it which means he will then be able to sell it for £3,000.At what value
Which of the following costs should be included in calculating the value of the inventory of a manufacturer?(i) Carriage outwards(ii) Carriage inwards(iii) Salespersons’ salaries(iv) Factory
At the start of May, Sterns Ltd had an opening inventory of 20 calculators valued at £3 each.During May, the following occurred:6 May - sold 15 calculators for £7 each 13 May - bought 15
Osbourne Ltd starts business and buys 8 units of Product X at £5 each and then buys 12 more units of Product X for £6 each. During the year, Osbourne Ltd sells 15 units of Product X for £13
Inthe published financial statements of companies, ‘Provision for bad debts’can also be called:(a) Provision for credit losses(b) Allowance for doubtful receivables(c) Provision for impairment of
Marie starts business on 1 January and makes total sales of £800,000 during the year to 31 December. However, this turnover includes a sale of £40,000 to Mr L Lucan, who has disappeared without
At 30 April 2009 XD Ltd’s provision for bad debts was £26,000. At 30 April 2010 its trade receivables were £630,000. It was decided to write-off irrecoverable debts of £39,000 and adjust the
On 31 July Joel Ltd was owed £68,000 by its customers. At the same date, its provision for doubtful debts was £3,000. How will these balances appear in Joel Ltd’s statement of financial position
The provision for doubtful debts in the books of Dunson Ltd at 30 November 20X8 was £3,000. During the year ended 30 November 20X9, bad debts of£9,000 were identified as irrecoverable and were
Is a bank overdraft:(a) Income?(b) An expense?(c) An asset?(d) A liability?
Which of the following is NOT one of the objectives of performing regular bank reconciliations?(a) To identify errors made by the bank(b) To identify errors made by the business(c) To ensure that the
A junior member of staff has produced the following bank reconciliation:What is the correct figure you would expect to see on the statement of financial position in respect of bank?(a) £1,900
Dillon Ltd’s bank statement shows an overdraft balance of £3,100. Comparison with the nominal ledger account for bank shows that there are unpresented cheque payments totalling £1,300 and
The following trial balance has been extracted at 30 November 2009 from the nominal ledger of Showroad Antiques Ltd. The company is owned and run by Fiona Scully, who asks you to help her prepare the
Ifan adjusting entry for accrued expenses is not made, which of the following items will be overstated?(a) Expenses(b) Assets(c) Profit(d) Liabilities(e) All of the above
A prepaid expense will appear under which of the following headings?(a) Non-current assets(b) Turnover(c) Current asset(d) Current liability(e) None of the above.
Which of the following is an example of an accruals account?(a) Rental income receivable(b) Fees receivable(c) Income tax payable(d) Wages payable(e) All of the above
Ifa company uses accrual accounting and then receives an electric bill, this would require an expense account to be debited. Is this true or false?
Call plc received a telephone bill on 11th December 2009. However, they did not pay the bill until 8th January 2010. Under the accrual basis of accounting, if the year end is 31st Dec the expense
The trial balance shows insurance costs as £8,200, but there is a prepayment of£1,200. Therefore:(a) an expense of £9,400 will be shown in the income statement(b) an expense of £7,000 will be
The trial balance shows electricity costs as £1,000, but there is an accrual of£300. Therefore:(a) an expense of £1,300 will be shown in the income statement(b) an expense of £700 will be shown
Which of the following totals will an accrual increase?(a) Revenue in the income statement(b) Non-current assets in the statement of financial position(c) Non-current liabilities in the statement of
Assets are categorized into two main categories on the statement of financial position: current and non-current. Explain the difference between these categories.
Assets are further broken down on the statement of financial position into tangible and intangible. Explain the difference between tangible (non-current)assets and intangible assets and provide two
Square plc purchases a cutting machine for £60,000 on 1 March 2010. The machine is estimated to have a useful economic life of 10 years, after which it can be sold for £8,000.(a) Assuming Square
Circle plc purchases car wheels at a cost of £6,000 on 1 March 2011. Circle plc applies a depreciation rate of 40%. Show the depreciation charge to the income statement for the next three years and
Triangle plc has the following trial balance for the year ending 30 September 2010.‘The notes below refer to the period after the trial balance and are therefore not included in the above
What will be the impact (increase or decrease) of the following transactions on a company’s cash in its cash flow statement?(a) The company pays its suppliers early.(b) Inventory is purchased in
Can you remember how to account for the sale of a non-current asset in the statement of financial position and the income statement?
What are the main reasons that result in profit not being the same as cash?
Complete the table below by filling in the blank boxes with the appropriate text. Working capital Inventory ? Increase/decrease Increase ? Increase Decrease Payables ? Impact on cash ? Cash inflow as
(a) Name three items from the statement of financial position that may affect a company’s cash flow.(b) State what impact they would have on the cash flow of the company.
What are the main headings that appear in a cash flow statement under IAS 7?
Under what heading in the cash flow statement will the cash impact of the fetorane transactions appear?(a) Purchase of a new machine(b) Repurchase of equity shares(c) Interest paid on the loan(d)
Explain how to determine whether a transaction is a business combination. In addition, describe the principle of control.
Explain the purpose of the consolidated financial statements and why goodwill is only shown in consolidated financial statements.
Explain why the net assets of a subsidiary should be adjusted to their fair value at the date of acquisition.
Polymatica PLC acquired 80% of Solutions Ltd for £500,000 on 1 July 2016.Solutions Ltd’s net assets include property, plant and equipment, inventory and trade receivables with a total book value
On 1 August 2015 Brewer Ltd paid £1.50 per share to acquire 40,000 of the £1 ordinary shares of Cooper Ltd. At this date, the share capital and reserves of Cooper Ltd were:fs £1 ordinary share
Explain the purpose of ratio analysis. In addition, describe the specific purpose of each of the four main types of ratio.
The following extracts are taken from the financial statements of Marsh Ltd and Mallow Ltd.Marsh Ltd Mallow Ltd£ £Capital employed 281,000 596,000 Operating profit 29,500 41,500 Gross profit 71,400
The following information is taken from Ted Baker’s Report and Accounts 2012.Group Income Statement For the 52 weeks ended 28 January 2012 Note 2012 2011£'000 £'000 Revenue 2 ets o25 187,700 Cost
This question is also based on Ted Baker's Report and Accounts 2012.Required(a) Calculate the following ratios for 2012 and 2011. Show the formulae (define any ambiguous terms) and all your workings.
Write an essay that discusses the strengths and weaknesses of ratio analysis as a technique for helping users such as investors, lenders and creditors make decisions about providing resources to a
Describe how a student can become a qualified professional accountant and explain the need for a code of ethics for professional accountants.
Describe the key elements of the definition of accounting.
Compare and contrast the two main branches of accounting.
Explain the advantages and disadvantages of a setting up a one person business as a private limited company rather than a sole proprietorship.
Discuss the main differences between a public limited company and a private limited company in the UK, paying particular attention to the financial implications.
David Green started Green Landscaping Ltd with £50,000 he inherited from his uncle. On 1 June he opened a bank account for the businesasn d paid in the capital he has invested in the business. On
Mrs Lesley owns a gift shop called Inspirational Ideas. On 4 July the cash account looked like this:Cash account£ ie 1 July Opening balance 500 } 1 July Postage 2S 2 July Cash sales 138 | 1 July
The following bank account shows transactions for Bristol Books Ltd for the month of October.Bank account 1 October Balance b/f 6,400 | 2 October Purchases 750 12 October Sales 1,800 | 3 October
The following list of balances at 30 June 2015 is taken from the accounts of the Good Food Shop.£Revenue 26,200 Purchases fk Returns inward 900 Returns outward 460 Discounts allowed 720 Discounts
Explain the advantages of a double-entry bookkeeping system and the purpose of a trial balance. In addition, discuss the limitations of a trial balance, giving examples to illustrate your answer.
Describe the two underlying assumptions that underpin financial accounting and reporting, providing examples to illustrate your answer.
Describe the three key elements of the regulatory framework for financial reporting.In addition, explain how UK GAAP for listed and unlisted companies is now based on IFRSs. ;
Explain what an accounting standard is and discuss the need for international convergence in financial reporting practices.
Describe the objective of general purpose financial reporting and discuss the information needs of the three primary user groups identified in the |ASB Framework (2010).
Discuss the qualitative characteristics of useful financial information.
Describe the general purpose of the statement of comprehensive income. !In addition, explain the terms income and expenses as defined by the Conceptual Framework for Financial Reporting (IASB, 2010).
Explain the accrual basis of accounting by defining the principles involved.Illustrate your answer by taking the example of the cost of sales adjustment in the statement of comprehensive income.
Anika Inman set up a company called Uptown Ltd on 1 January 2015. Her brother helps with the bookkeeping and managing the inventory. At the end of the first year of trading, he generates the trial
On 1 July 2014 Sergio Bari started a business called MiGame Ltd. The trial balance for the first year is shown below.Additional information at 30 June 2015:* Inventory is valued at £890.*
Beauty Plus Ltd started trading on 1 July 2014. At the end of the second year of trading, the bookkeeper provides the following trial balance from the accounting system.Additional information at 30
Describe the general purpose of the statement of financial position. In addition, explain the terms asset, liability and equity as defined by the Conceptual Framework for Financial Reporting (IASB,
Explain the going concern basis of accounting by defining the principles involved.Illustrate your answer by taking the example of the valuation of tangible assets in the statement of financial
Anika Inman set up a company called Uptown Ltd on 1 January 2015. Her brother helps with the bookkeeping and managing the inventory. At the end of the first year of trading, he generates the
On 1 July 2014 Sergio Bari opened a shop called MiGame Ltd. The trial balance for the first year is shown below.Additional information at 30 June 2015:* Inventory is valued at £890.* Advertising
Beauty Plus Ltd started trading on 1 July 2014. At the end of the second year of trading, the bookkeeper provides the following trial balance from the accounting system.Additional information at 30
Explain the purpose of the statement of cash flows and differentiate between cash and cash equivalents.
Explain the difference between operating, investing and financing activities.
Compare and contrast the direct and indirect methods for presenting cash flows for operating activities.
The following financial statements relate to Beauty Plus Ltd.Additional information at 30 June 2016:* There were no acquisitions or disposals of property, plant and equipment during the year and no
The following financial statements relate to Henley Ltd.The following information is also available at 31 December 2015:* The company purchased £15,000 of property, plant and equipment during 2015.*
Income statement data for Boston Company for 2000 and 1999 follow:Prepare a horizontal and vertical analysis of the income data in a form similar to Illustration 17.2. Comment on the results of this
A company engaged in the following three independent transactions:1. Merchandise purchased on account, \(\$ 2,400,000\).2. Machinery purchased for cash, \(\$ 2,400,000\).3. Capital stock issued for
A company has sales of \(\$ 3,680,000\) per year. Its average net accounts receivable balance is \(\$ 920,000\).a. What is the average number of days accounts receivable are outstanding?b. By how
Columbia Corporation had the following selected financial data for December 31, 1998:Compute the cash flow margin. Net sales Cost of goods sold $1,800,000 1,080,000 Operating expenses. 315,000 Net
From the following partial income statement, calculate the inventory turnover for the period. Net sales Cost of goods sold: Beginning inventory Purchases.. Cost of goods available for sale.. Less:
Eastern, Inc., had net sales of \(\$ 3,520,000\), gross margin of \(\$ 1,496,000\), and operating expenses of \(\$ 904,000\). Total assets (all operating) were \(\$ 3,080,000\). Compute Eastern's
Nelson Company began the year 1999 with total stockholders' equity of \(\$ 2,400,000\). Its net income for 1999 was \(\$ 640,000\), and \(\$ 106,800\) of dividends were declared. Compute the rate of
Rogers Company had 60,000 shares of common stock outstanding on January 1, 1999. On April 1, 1999, it issued 20,000 additional shares for cash. The amount of earnings available for common
Smith Company started 2000 with 800,000 shares of common stock outstanding. On March 31, it issued 96,000 shares for cash, and on September 30, it purchased 80,000 shares of its own stock for cash.
A company reported EPS of \(\$ 2\) (or \(\$ 2,400,000 / 1,200,000\) shares) for 1998 , ending the year with \(1,200,000\) shares outstanding. In 1999, the company earned net income of \(\$
A company paid interest of \(\$ 32,000\), incurred federal income taxes of \(\$ 88,000\), and had net income (after taxes) of \(\$ 112,000\). How many times was interest earned?
John Company had 20,000 shares of \(\$ 600\) par value, \(8 \%\) preferred stock outstanding. Net income after taxes was \(\$ 5,760,000\). The market price per share was \(\$ 720\).a. How many times
A company had 80,000 weighted-average number of shares of \(\$ 320\) par value common stock outstanding. The amount of earnings available to common stockholders was \(\$ 800,000\). Current market

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