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principles financial accounting

Questions and Answers of Principles Financial Accounting

2. October 31 (adjusting entry): Salaries earned between October 29 and October 31 are $1,200. The company will pay these in the November 9 payroll.
1. October 26 (initial salary entry): Pioneer pays $4,000 of salaries earned be¬tween October 15 and October 26.
2. Using the PepsiCo annual report, determine its current liabilities at December 31,2005, and December 25,2004. Were current liabilities higher or lower than current assets in these two years? The
1. What are the major sections in a classified balance sheet?
5. What are the potential benefits and challenges presented by reporting assets like plant and equipment at their market value rather than historical cost?
4. What are the required and optional steps in the accounting cycle?
3. What are the content and purpose of a post-closing trial balance?
2. What four different types of entries do companies make in closing the books?
1. How do permanent accounts differ from temporary accounts?
5. What might Yale Express's vice president have done to produce more accurate financial statements without waiting months for Republic's outstanding transportation bills?
4. Who else benefits from a shorter closing process?
3. How does a worksheet relate to preparing financial statements and adjusting entries?
2. How is net income or net loss shown in a worksheet?
1. What are the five steps in preparing a worksheet?
6 Identify the sections of a classified balance sheet.
5 Explain the approaches to preparing correcting entries.
4 State the required steps in the accounting cycle.
3 Describe the content and purpose of a post-closing trial balance.
2 Explain the process of closing the books.
1 Prepare a worksheet.
Q: Why choose those year-ends?
Q: What if you owned a college bookstore?
Q: What year-end would you likely use if you owned a ski resort and ski rental business?
(d) Under what circumstances might an otherwise ethical person decide to illegally overstate or understate earnings?
(c) What are some reasons why a company might want to understate its earnings?
(b) What are some reasons why a company might want to overstate its earnings?
(c) What would you do in this situation?
(b) What are the ethical issues in this case?
(a) Who are the stakeholders (affected parties) in this situation?
P1-5B Financial statement information about four different companies is as follows.(b) Net income $4,300(c) Cash $13,800 Determine financial statement McKane Selara Gordon Hindi amounts and prepare
P1-4B Laura Geller started a consulting firm, Geller Consulting, on May 1, 2008. The follow- Analyze transactions and ing transactions occurred during the month of May. prepare financial
P1-3B Divine Cosmetics Co., a company that provides individual skin care treatment, was started on June 1 with an investment of $26,200 cash. Following are the assets and liabilities of the company
P1-2B Cindy Belton opened a law office, Cindy Belton, Attorney at Law, on July 1,2008. On July 31, the balance sheet showed Cash $4,000, Accounts Receivable $1,500, Supplies $500, Office Equipment
PI-1 B On April 1, Jenny Russo established Matrix Travel Agency. The following transactions were completed during the month.1. Stockholders invested $10,000 cash in exchange for stock.2. Paid $400
PI-5A Financial statement information about four different companies is as follows.(b) Net income $4,050(c) Cash $8,200 Determine financial statement Karma Yates McCain Dench amounts and prepare
P1-4A Mark Miller started a delivery service, Miller Deliveries, on June 1,2008. The following transactions occurred during the month ofJune.June 1 Stockholders invested $10,000 cash in the
PI-3A On May 1, Skyline Flying School, a company that provides flying lessons, was started with an investment of $45,000 cash in the business. Following are the assets and liabilities of the company
P1-2A On August 31, the balance sheet of Nashville Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, Common Stock
P1-1A Barone’s Repair Inc. was started on May 1. A summary of May transactions is pre¬sented below.1. Stockholders invested $10,000 cash to start the repair company.2. Purchased equipment for
1 Define internal control.
2 Identify the principles of internal control.
3 Explain the applications of internal control principles to cash receipts.
4 Explain the applications of internal control principles to cash disbursements.
5 Describe the operation of a petty cash fund.
6 Indicate the control features of a bank account.
7 Prepare a bank reconciliation.
8 Explain the reporting of?
This Was a Penalty to Take Seriously (p. 343)
SOX Boosts the Role of Human Resources (p. 344)
Poor Internal Control Can Hammer Stock Price (p. 346)
Cash? What Cash? (p. 357)
All About You: Protecting Yourself from Identity Theft (p. 364)
Which principle of internal control was implemented in ancient Egypt? Who do you think investors today expect to detect and prevent fraud?
1. What are the two primary objectives of internal control?
2. Identify and describe the principles of internal control.
3. What are the limitations of internal control?
2. What procedures do companies use for over-the-counter receipts?
2. What are the entries required in a petty cash system?
3. Will "cash" be obsolete in terms of financial statement reporting?
1. Why is it necessary to reconcile a bank account?
2. What steps are involved in the reconciliation procedure?
3. What information does a bank reconciliation include?
1. What do companies generally report as cash on the balance sheet?
2. What are cash equivalents? What are compensating balances? What is restricted cash?
3. At what amount does PepsiCo report cash and cash equivalents in its 2005 consolidated balance sheet? The answer to this question appears on page 383.
5. Permitting only designated personnel to handle cash re¬ceipts is an application of the principle of:a. segregation of duties.b. establishment of responsibility.c. independent check.d. other
6. The use of prenumbered checks in disbursing cash is an application of the principle of:a. establishment of responsibility.b. segregation of duties.c. physical, mechanical, and electronic
9. In a bank reconciliation, deposits in transit are: (SO 7)a. deducted from the book balance.b. added to the book balance.c. added to the bank balance.d. deducted from the bank balance.
10. The reconciling item in a bank reconciliation that will re- (SO 7)suit in an adjusting entry by the depositor is:a. outstanding checks.b. deposit in transit.c. a bank error.d. bank service
11. Which of the following statements correctly describes the (SO 8)reporting of cash?a. Cash cannot be combined with cash equivalents.b. Restricted cash funds may be combined with Cash.c. Cash is
10. What principle(s) of internal control is (are) involved in making daily cash counts of over-the-counter receipts?
12. At Hummel Wholesale Company, two mail clerks open all mail receipts. How does this strengthen internal control?
16. (a) What is a voucher system? (b) What principles of in¬ternal control apply to a voucher system?
17. What is the essential feature of an electronic funds trans¬fer (EFT) procedure?
19. “The use of a bank contributes significantly to good inter¬nal control over cash.” Is this true? Why or why not?
21. What are the four steps involved in finding differences be¬tween the balance per books and balance per bank?
BE8-1 Jim Gaffigan has prepared the following list of statements about internal control.1. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and
BE8-3 The internal control procedures in Weiser Company provide that:(a) Employees who have physical custody of assets do not have access to the accounting records.(b) Each month the assets on hand
BE8-6 On March 20,Terrell’s petty cash fund of $100 is replenished when the fund contains $7 in cash and receipts for postage $52, freight-out $26, and travel expense $10. Prepare the journal entry
BE8-7 Gary Cunningham is uncertain about the control features of a bank account. Explain the control benefits of (a) a check and (b) a bank statement.
BE8-9 Using the data in BE8-8, indicate (a) the items that will result in an adjustment to the depositor’s records and (b) why the other items do not require adjustment.
BE8-10 At July 31, Kuhlmann Company has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $1,120, and a bank service charge $20.Determine the
BE8-11 At August 31, Felipe Company has a cash balance per books of $8,500 and the follow- Prepare partial bank ing additional data from the bank statement: charge for printing Felipe Company checks
BE8-12 Quirk Company has the following cash balances: Cash in Bank $15,742, Payroll Bank Explain the statementpresentaAccount $6,000, and Plant Expansion Fund Cash $25,000. Explain how each balance
E8-1 Sue Merando is the owner of Merando’s Pizza. Merando’s is operated strictly on a carry¬out basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for
E8-2 The following control procedures are used at Gonzales Company for over-the-counter cash receipts.
1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attache case in the stock room until it is deposited in the bank.
E8-3 The following control procedures are used in Benton’s Boutique Shoppe for cash dis¬bursements.1. The company accountant prepares the bank reconciliation and reports any discrepancies to the
E8-5 Listed below are five procedures followed by The Beat Company.1. Several individuals operate the cash register using the same register drawer.2. A monthly bank reconciliation is prepared by
E8-6 Listed below are five procedures followed by Collins Company.1. Employees are required to take vacations.2. Any member of the sales department can approve credit sales.3. Jethro Bodine ships
E8-8 Lincolnville Company uses an imprest petty cash system. TThe fund was established on March 1 with a balance of $100. During March the following petty cash receipts were found in the petty cash
E8-9 Anna Pelo is unable to reconcile the bank balance at January 31. Anna’s reconciliation is as follows.
E8-10 On April 30, the bank reconciliation of Galena Company shows three outstanding(So 7) checks: no. 254, $650, no. 255, $820, and no. 257, $410. The May bank statement and the May cash payments
E8-11 The following information pertains to Family Video Company.1. Cash balance per bank, July 31, $7,263.2. July bank service charge not recorded by the depositor $28.3. Cash balance per books,
E8-13 The cash records of Givens Company show the following four situations.1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July the general ledger account
P8-1A Luby Office Supply Company recently changed its system of internal control over cash Identify internal control princidisbursements. The system includes the following features. Ples over cash
P8-4A The bank portion of the bank reconciliation for Backhaus Company at November 30, 2008, was as follows.
P8-5A Haverman Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger balance and the bank statement are shown on page 376.
P8-6A Emporia Middle School wants to raise money for a new sound system for its auditonesses in cash receipts and cash rium. The primary fund-raising event is a dance at which the famous disc jockey
P8-1B Starr Theater is located in the Zurbrugg Mall. A cashier’s booth is located near the ennesses over cash receipts. trance to the theater.Two cashiers are employed. One works from 1-5 p.m., the

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