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principles financial accounting

Questions and Answers of Principles Financial Accounting

You have just been hired by Top Executive Employment Agency, Inc., to help prepare adjusting entries at the end of an accounting period. It becomes obvious to you that management does not seem to
A friend of yours, Jack Andrews, is quite excited over the opportunity he has to purchase the land and several miscellaneous assets of Drake Bowling Lanes Company for \(\$ 400,000\). Andrews tells
Turn to the "Selected Financial Data" section of The Coca-Cola Company's annual report in the annual report booklet. Prepare trend percentages for the net income amounts using 1986 as the base year.
In teams of two or three students, go to the library to locate one company's annual report for the most recent year. (The university may have received the annual reports of companies either in
With one or two other students and using library sources, write a paper on Statement of Accounting Standards No. 106, "Accounting for Postretirement Benefits Other Than Pensions." This standard
With one or two other students and using library sources, write a paper on human resource accounting. Generally accepted accounting principles do not allow "human assets" to be included among assets
Visit the website:\section*{http://www.arthurandersen.com}Click on Career Opportunities. Then click on Explore the Work We Do. Summarize the services they provide and click on one of those services
Visit the website:\section*{http://www.dttus.com}Then click on Supporting Work/Life Balance. Read the information and then return to the home page and click on D\&T Initiatives for Women. Read the
At the end of the accounting period, three trial balances are prepared. True-False
The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns. True-False
If a net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column. True-False
After the closing process is complete, no balance can exist in any revenue, expense, Dividends, or Income Summary account. True-False
The post-closing trial balance may contain revenue and expense accounts. True-False
All accounting systems currently in use are computerized. True-False
Which of the following accounts is least likely to be adjusted on the work sheet?a. Supplies on Hand.b. Land.c. Prepaid Rent.d. Unearned Delivery Fees.
If the Balance Sheet columns do not balance, the error is most likely to exist in the:a. General journal.b. General ledger.c. Last six columns of the work sheet.d. First six columns of the work sheet.
Net income for a period appears in all but which one of the following?a. Income Statement debit column of the work sheet.b. Statement of Retained Earnings credit column of the work sheet.c. Statement
Which of the following statements is false regarding the closing process?a. The Dividends account is closed to Income Summary.b. The closing of expense accounts results in a debit to Income
Which of the following statements is true regarding the classified balance sheet?a. Current assets include cash, accounts receivable, and equipment.b. Plant, property, and equipment is one category
At which stage of the accounting cycle is a work sheet usually prepared?
Why are the financial statements prepared before the adjusting and closing entries are journalized and posted?
Describe the purposes for which the work sheet is prepared.
You have taken over a set of accounting books for a small business as a part-time job. At the end of the first accounting period, you have partially completed the work sheet by entering the proper
How are the amounts in the Adjusted Trial Balance columns of a work sheet determined?
The work sheet for Bridges Company shows net income of \(\$ 40,000\). The following four adjustments were ignored:1. Subscriptions Fees earned, \(\$ 1,200\).2. Depreciation of equipment, \(\$
After the Adjusted Trial Balance columns of a work sheet have been totaled, which account balances are extended to the Income Statement columns, which account balances are extended to the Statement
How is the statement of retained earnings prepared?
What is the purpose of closing entries? What accounts are not affected by closing entries?
A company has net income of \(\$ 50,000\) for the year. In which columns of the work sheet would net income appear?
Is it possible to prepare monthly financial statements without journalizing and posting adjusting and closing entries? How?
Describe some of the ways in which the manual accounting system has evolved.
When did computerized accounting systems come into use?
Define an accounting system.
How is a classified balance sheet different than an unclassified balance sheet?
Real World Question Refer to "A Broader Perspective" on page 146 to answer the following true-false questions:a. The same skills are needed at each level in a CPA firm.b. The two most important
Real World Question Referring to the annual report booklet, identify the classifications (or categories) of assets used by The Coca-Cola Company, Maytag Corporation, The Limited, Inc., and John H.
Real World Question Referring to the annual report booklet, identify the classifications (or categories) of liabilities used by The Coca-Cola Company, Maytag Corporation, The Limited, Inc., and John
List the steps in the accounting cycle. Would the system still work if any of the steps were performed out of order?
Three of the major column headings on a work sheet are Trial Balance, Income Statement, and Balance Sheet. Determine under which major column headings each of the following items would appear and
Assume a beginning balance in Retained Earnings of \(\$ 84,000\) and net income for the year of \(\$ 36,000\). Illustrate how these would appear in the Statement of Retained Earnings columns and
In Exercise \(4-3\), if there was a debit balance of \(\$ 216,000\) in the Retained Earnings account as of the beginning of the year and a net loss of \(\$ 192,000\) for the year, show how these
Damon Davis was preparing the work sheet for Drano Plumbing Company. He calculated the net income to be \(\$ 50,000\). When he totaled the Balance Sheet columns, the column totals were debit, \(\$
The Trial Balance of the Printer Repair Company at December 31, 1999, contains the following account balances listed in alphabetical order to increase your skill in sorting amounts to the proper work
Texban Corporation had a January 1, 1999, balance in its Retained Earnings account of \(\$ 90,000\). For the year 1999 , net income was \(\$ 50,000\) and dividends declared and paid were \(\$
Rubino Company reported net income of \(\$ 100,000\) for the current year. Examination of the work sheet and supporting data indicates that the following items were ignored:1. Accrued salaries were
Refer to the work sheet prepared in Exercise 4-6. Prepare the adjusting and closing journal entries.
The Income Statement column totals on a work sheet prepared at December 31, 1999, are debit, \(\$ 500,000\); and credit, \(\$ 900,000\). In T-account format, show how the postings to the Income
After adjustment, these selected account balances of Cold Stream Campground are:In T-account format, show how journal entries to close the books for the period would be posted. (You do not need to
The following account balances appeared in the Income Statement columns of the work sheet prepared for Liu Company for the year ended December 31, 1999:Prepare the closing journal entries. Income
Which of the following accounts are likely to appear in the post-closing trial balance for the Blake Company?1. Accounts Receivable 2. Cash 3. Service Revenue 4. Buildings 5. Salaries Expense 6.
Using the legend at the right, determine the category (number) into which you would place each of these items. a. Land. Item b. Marketable securities. c. Notes payable, due in three years. d. Taxes
The following data are from the 1995 annual report of The Procter \& Gamble Company and its subsidiaries. This company markets a broad range of laundry, cleaning, paper, beauty care, health care,
The following adjusted trial balance is for Dream Home Realty Company:Prepare the closing journal entries at the end of the fiscal year, June 30, 1999. DREAM HOME REALTY COMPANY Adjusted Trial
The adjusted trial balance for Penrod Insurance Consultants, Inc., follows:a. Prepare an income statement for the year ended December 31, 1999.b. Prepare a statement of retained earnings.c. Prepare a
The following trial balance and additional data are for Ramon Data Processing Company:1. The prepaid rent is for the period January 1, 1999, to December 31, 2000. 2. The equipment is expected to last
Jim Casey recently received his accounting degree from State University and went to work for a Big-Six CPA firm. After he had been with the firm for about six months, he was sent to the Ling Clothing
The following trial balance and additional data are for Best-Friend Pet Hospital, Inc.:The company consistently followed the policy of initially debiting all prepaid items to asset accounts 1.
Refer to the "Summary of Significant Accounting Policies" in the annual reports of The Coca-Cola Company, Maytag Corporation, The Limited, Inc., and John H. Harland Company in the annual report
The following trial balance and additional data are for Roswell Interior Decorators, Inc.:1. Supplies on hand at December 31,1999 , are \(\$ 1,000\).2. Rent expense for 1999 is \(\$ 10,000\).3.
Refer to the item "An Ethical Perspective" on page 193. Write out the answers to the following questions:Is management being ethical in this situation? Explain.Is the accountant correct in believing
In teams of two or three students, go to the library to locate one company's annual report for the most recent year. (The university may have received the annual reports of companies in either
The following adjusted trial balance is for Jasper Appliance Repair Company:Required Prepare the closing journal entries at the end of the fiscal year, June 30, 1999 . JASPER APPLIANCE REPAIR COMPANY
The adjusted trial balance for Denver Architects, Inc., follows.a. Prepare an income statement.\section*{Required}b. Prepare a statement of retained earnings.c. Prepare a classified balance sheet.d.
The following trial balance and additional data are for Sure Sale Realty Company:1. The prepaid rent is for the period July 1,1999 , to June \(30,2000\).Prepare work sheet, adjusting entries, and
With one or two other students and using library sources, write a paper on the history and achievements of the Financial Accounting Standards Board. This board is responsible for establishing the
Your team of students should obtain a copy of the report, "Improving Business ReportingA Customer Focus" by the AICPA Special Committee on Financial Reporting (1994). Your library might have a copy.
The following trial balance and additional data are for South Sea Tours, Inc.:The company consistently followed the policy of initially debiting all prepaid items to asset accounts.1. The buildings
Visit the following Internet site for Motorola, Inc.:\section*{http://www.mot.com}Using the choices provided on the screen, find the annual report, and then the Significant Accounting Policies within
The following trial balance and additional data are for Florida Time-Share Property Management Company:1. Insurance expense for the year, \(\$ 3,840\).2. Rent expense for the year, \(\$ 19,200\).3.
To compute net sales, sales discounts are added to, and sales returns and allowances are deducted from, gross sales. True-False
Under perpetual inventory procedure, the Merchandise Inventory account is debited for each purchase and credited for each sale. True-False
Purchase discounts and purchase returns and allow-ances are recorded in contra accounts to the Purchases account. True-False
In taking a physical inventory, consigned goods delivered to another party who attempts to sell the goods are not included in the ending inventory of the company that sent the goods. True-False
Heather and Dan Holt met while both were employed in the interior trim and upholstery department of an auto manufacturer. After their marriage, they decided to earn some extra income by doing small
A classified income statement consists of only two categories of items, revenues and expenses. True-False
A seller sold merchandise which has a list price of \(\$ 4,000\) on account, giving a trade discount of \(20 \%\). The entry on the books of the seller is: a. Accounts Receivable... Trade Discounts.
X Company began the accounting period with \(\$ 60,000\) of merchandise, and net cost of purchases was \(\$ 240,000\). A physical inventory showed \(\$ 72,000\) of merchandise unsold at the end of
A business purchased merchandise for \(\$ 12,000\) on account; terms are \(2 / 10, n / 30\). If \(\$ 2,000\) of the merchandise was returned and the remaining amount due was paid within the discount
Using the annual report booklet, calculate the current ratios for the two years shown for The Coca-Cola Company, The Limited, Inc., Maytag Corporation, and John H. Harland Company. Write a summary of
A classified income statement consists of all of the following major sections except for:a. Operating revenues.b. Cost of goods sold.c. Operating expenses.d. Nonoperating revenues and expenses.e.
Read the "A Broader Perspective" on page 146. Write a description of a career in public accounting at each level within the firm. Discuss the skills needed and how you could develop these skills.
(Appendix) Closing entries for merchandise-related accounts include all of the following except for:a. A credit to Sales Discounts.b. A credit to Merchandise Inventory for the cost of ending
In teams of two or three students, interview a management accountant in person or by speaker phone. Management accountants may have the title of chief financial officer (CFO), controller, or some
Which account titles are likely to appear in a merchandising company's ledger that do not appear in the ledger of a service enterprise?
What entry is made to record a sale of merchandise on account under periodic inventory procedure?
Describe trade discounts and chain discounts.
With a small group of students, obtain an annual report of a company in which you have some interest. You may obtain the annual report from your instructor, the library, the Internet, or the company.
Sales discounts and sales returns and allowances are deducted from sales on the income statement to arrive at net sales. Why not deduct these directly from the Sales account by debiting Sales each
What are the two basic procedures for accounting for inventory? How do these two procedures differ?
What useful purpose does the Purchases account serve?
With a small group of students and using library sources, write a paper comparing the features of three different accounting software packages (such as Peachtree Complete, DacEasy Accounting, Great
What do the letters FOB stand for? When terms are FOB destination, who incurs the cost of freight?
What type of an expense is delivery expense? Where is this expense reported in the income statement?
Visit the following Internet site:\section*{http://www.merck.com}Pursue choices you are offered on the screen until you locate the consolidated balance sheet. In a short report to your instructor,
Periodic inventory procedure is said to afford little control over inventory. Explain why.
How does the accountant arrive at the total dollar amount of the inventory after taking a physical inventory?
How is cost of goods sold determined under periodic inventory procedure?
If the cost of goods available for sale and the cost of the ending inventory are known, what other amount appearing on the income statement can be calculated?
Visit the following Internet site:\section*{http://www.mobil.com}Using the choices provided on the screen, locate the annual report and the consolidated balance sheet. Identify the major headings
What are the major sections in a classified income statement for a merchandising company, and in what order do these sections appear?

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