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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

How do accounts payable and notes payable differ? How are they similar?
Define revenues. How are revenues measured?
Define expenses. How are expenses measured?
What is a balance sheet? On what aspect of a business does the balance sheet provide information?
What is an income statement? On what aspect of a business does this statement provide information?
What information does the statement of retained earnings provide?
Identify the three types of activities shown in a statement of cash flows.
What is a transaction? What use does the accountant make of transactions? Why?
What is the accounting equation? Why must it always balance?
Give an example from your personal life that illustrates your use of accounting information in reaching a decision.
You have been elected to the governing board of your church. At the first meeting you attend, mention is made of building a new church. What accounting information would the board need in deciding
A company purchased equipment for $2,000 cash. The vendor stated that the equipment was worth $2,400. At what amount should the equipment be recorded?
What is meant by money measurement?
Of what significance is the exchange-price (or cost) concept? How is the cost to acquire an asset determined?
What effect does the going-concern (continuity) concept have on the amounts at which long-term assets are carried on the balance sheet?
Of what importance is the periodicity (time periods) concept to the preparation of financial statements?
Describe a transaction that would:a. Increase both an asset and capital stock.b. Increase both an asset and a liability.c. Increase one asset and decrease another asset.d. Decrease both a liability
Identify the causes of increases and decreases in stock- holders' equity.
Real World Question Refer to the 1996 financial statements of Maytag Corporation in the separate annual report booklet that came with your text. What were the net income or loss amounts in the latest
Real World Question Referring to the financial state- ments of John H. Harland Company in the separate annual report booklet, has net income improved over the period reported? Has the solvency of the
On June 1, 1999, Green Hills Riding Stable, Incorporated, was organized. The following transactions occurred during June:Required a. Prepare a summary of the preceding transactions. Use columns
The three forms of business organizations are single proprietorship, partnership, and trust. TRUE-FALSE
The three types of business activity are service, merchandising, and manufacturing. TRUE-FALSE
The income statement shows the profitability of the company and is dated as of a particular date, such as December 31, 1999. TRUE-FALSE
The statement of retained earnings shows both the net income for the period and the beginning and ending balances of retained earnings. TRUE-FALSE
The balance sheet contains the same major headings as appear in the accounting equation. TRUE-FALSE
Match the descriptions in Column B with the appropriate terms in Column A. Column A 1. Corporation. 2. Merchandising company. 3. Partnership. 4. Manufacturing company. 5. Service company. 6. Single
Assume that retained earnings increased by $3,600 from June 30, 1999, to June 30, 2000. A cash dividend of $300 was declared and paid during the year.a. Compute the net income for the year.b. Assume
On December 31, 1999, Perez Company had assets of $150,000, liabilities of $97,500, and capital stock of $30,000. During 2000, Perez earned revenues of $45,000 and incurred expenses of $33,750.
At the start of the year, a company had liabilities of $50,000 and capital stock of $150,000. At the end of the year, retained earnings amounted to $135,000. Net income for the year was$45,000, and
For each of the following events, determine if it has an effect on the specific items (such as cash) in the accounting equation. For the events that do have an effect, present an analysis of the
Bradley Company, engaged in a courier service business, completed the following selected transactions during July 1999:Purchased office equipment on account.Paid an account payable.Earned service
Indicate the amount of change (if any) in the stockholders’ equity balance based on each of the following transactions:a. The stockholders invested $100,000 cash in the business by purchasing
Give examples of transactions that would have the following effects on the items in a firm’s financial statements:a. Increase cash; decrease some other asset.b. Decrease cash: increase some other
Which of the following transactions results in a decrease in retained earnings? Why?a. Employees were paid $20,000 for services received during the month.b. $175,000 was paid to acquire land.c. Paid
Assume that the following items were included in the Retained Earnings column in the summary of transactions for Cinck Company for July 1999:Prepare an income statement for July 1999. Salaries
Given the following facts, prepare a statement of retained earnings for Brindle Company, a tanning salon, for August 1999: Balance in retained earnings at end of July, $188,000. Dividends paid in
The column totals of a summary of transactions for Speedy Printer Repair, Inc., as of December 31, 1999, were as follows:Prepare a balance sheet. We have purposely listed the accounts out of order.
Digital Equipment Corporation is a world leader in implementing and supporting networked platforms and applications in multivendor environments. The company, working with its business partners,
Preston Auto Paint Company had the temporary free use of an old building and completed the following transactions in September 1999;RequiredPrepare a summary of transactions (see Part A of
Quick-Start Home Repair Company completed the following transactions in June 1999:a. Prepare a summary of transactions (see Part A of Illustration 1.3). Include money columns for Cash, Accounts
Following are summarized transaction data for Luxury Apartments, Inc., for the year ending June 30, 1999. The company owns and operates an apartment building.RequiredOf the $150,000 rent revenue,
The following data are for Central District Parking Corporation:The summarized transactions for October 1999 are as follows:Requireda. Prepare a summary of transactions (see Part A of Illustration
The following balance sheets for June 30, 1999, and May 31, 1999, and the income statement for June are for Beach Camping Trailer Storage, Inc. (Common practice is to show the most recent period
The ending balance in retained earnings is shown in the:a. Income statement.b. Statement of retained earnings.c. Balance sheet.d. Both (b) and (c).
Which of the following is not a correct form of the accounting equation?a. Assets = Equities.b. Assets = Liabilities + Stockholders’ equity.c. Assets — Liabilities = Stockholders’ equity.d.
Which of the following is not one of the five underlying assumptions or concepts mentioned in the chapter?a. Exchange-price concept.b. Inflation accounting concept.c. Business entity concept.d.
When the stockholders invest cash in the business, what is the effect?a. Liabilities increase and stockholders’ equity increases.b. Both assets and liabilities increase.c. Both assets and
When services are performed on account, what is the effect?a. Both cash and retained earnings decrease.b. Both cash and retained earnings increase.c. Both accounts receivable and retained earnings
Considering the forward price \(F\) of a nondividend-paying stock, we have\[ F_{t, T}=P_{t} e^{r(T-t)} \]where \(r\) is the risk-free interest rate, which is constant and \(P_{t}\) is the current
Suppose that the current price of Stock A is \(\$ 70\) per share and the price follows the jump diffusion model in Eq. (6.26). Assume that the risk-free interest rate is \(8 \%\) per annum and the
Consider the daily log returns of GE stock from July 3, 1962 to December 31, 1999. The data can be obtained from CRSP or the file "d-geln.dat." Suppose that you hold a long position on the stock
The file "d-csco9199.dat" contains the daily log returns of Cisco Systems stock from 1991 to 1999 with 2275 observations. Suppose that you hold a long position of Cisco stock valued at \(\$ 1\)
Use Hill's estimator and the data "d-csco9199.dat" to estimate the tail index for daily stock returns of Cisco Systems.
The file "d-hwp3dx8099.dat" contains the daily log returns of Hewlett-Packard, CRSP value-weighted index, equal-weighted index, and S\&P 500 index from 1980 to 1999. All returns are in percentages
Consider the monthly log stock returns, in percentages and including dividends, of Merck \& Company, Johnson \& Johnson, General Electric, General Motors, Ford Motor Company, and value-weighted index
The Federal Reserve Bank of St Louis publishes selected interest rates and U.S. financial data on its Web site:\[ \text { http://www.stls.frb.org/fred/index.html } \]Consider the monthly 1-year and
The file "m-spibmge.dat" contains the monthly log returns in percentages of S\&P 500 index, IBM stock, and General Electric stock from January 1926 to December 1999. The returns include dividends.(a)
Focus on the monthly log returns in percentages of GE stock and the S\&P 500 index. Build a constant correlation GARCH model for the bivariate series. Check the adequacy of the fitted model, and
Focus on the monthly log returns in percentages of GE stock and the S\&P 500 index. Build a time-varying correlation GARCH model for the bivariate series using a logistic function for the correlation
Focus on the monthly log returns in percentages of GE stock and the S\&P 500 index. Build a time-varying correlation GARCH model for the bivariate series using the Cholesky decomposition. Check the
Consider the three-dimensional return series jointly. Build a multivariate timevarying correlation volatility model for the data, using the Cholesky decomposition. Discuss the implications of the
An investor is interested in daily Value at Risk of his position on holding long \(\$ 0.5\) million of Dell stock and \(\$ 1\) million of Cisco Systems stock. Use 5\% critical values and the daily
Consider the linear regression model with time-series errors in Section 10.5. Assume that \(z_{t}\) is an \(\operatorname{AR}(p)\) process (i.e., \(z_{t}=\phi_{1} z_{t-1}+\cdots+\phi_{p}
Consider the linear AR \((p)\) model in Subsection 10.6.1. Suppose that \(x_{h}\) and \(x_{h+1}\) are two missing values with a joint prior distribution being multivariate normal with mean
Consider the monthly log returns of General Motors stock from 1950 to 1999 with 600 observations: (a) build a GARCH model for the series, (b) build a stochastic volatility model for the series, and
Build a stochastic volatility model for the daily log return of Cisco Systems stock from January 1991 to December 1999. You may download the data from CRSP database or the file "d-csco9199.dat." Use
Build a bivariate stochastic volatility model for the monthly log returns of General Motors stock and the S\&P 500 index for the sample period from January 1950 to December 1999. Discuss the
Consider the daily stock returns of Alcoa (aa), American Express (axp), Walt Disney (dis), Chicago Tribune (trb), and Tyco International (tyc) from January 1990 to December 1999 for 2528
Consider the monthly stock returns of Alcoa (aa), General Motors (gm), Walt Disney (dis), and Hershey Foods (hsy) from January 1962 to December 1999 for 456 observations and those of American Express
Focus on the monthly stock returns of Alcoa from 1962 to 1999.• What is the average annual log return over the data span?• What is the annualized (average) simple return over the data span?•
Repeat the same analysis as the prior problem for the monthly stock returns of American Express.
Obtain the histograms of daily simple and log returns of American Express stock from January 1990 to December 1999. Compare them with normal distributions that have the same mean and standard
Daily foreign exchange rates can be obtained from the Federal Reserve Bank of Chicago. The data are the noon buying rates in New York City certified by the Federal Reserve Bank of New York. Consider
The file "bnd.dat" contains simple returns of monthly indexes of U.S. government bonds with maturities in 30 years, 20 years, 10 years, 5 years, and 1 year (in column order). The data are obtained
Consider the sampling period from January 1990 to December 1999. Are the daily log returns of ALCOA stock predictable? You may test the hypothesis using (a) the first 5 lags of the autocorrelation
Consider the daily log returns of Hewlett-Packard stock, value-weighted index, equal-weighted index, and S\&P 500 index from January 1980 to December 1999 for 5056 observations. The returns include
Consider the monthly log returns of CRSP equal-weighted index from January 1962 to December 1999 for 456 observations. You may obtain the data from CRSP directly or from the file "m-ew6299.dat" on
Column 3 of the file "d-hwp3dx8099.dat" contains the daily log returns of the CRSP equal-weighted index from January 1980 to December 1999.- Build an AR model for the series and check the fitted
Again, consider the daily log return of CRSP equal-weighted index from January 1980 to December 1999. Create indicator variables for Mondays, Tuesdays, Wednesdays, and Thursdays and use a regression
The data file "qunemrate.dat" contains the U.S. quarterly unemployment rate, seasonally adjusted, from 1948 to the second quarter of 1991 . Consider the change series \(y_{t}=x_{t}-x_{t-1}\), where
The quarterly gross domestic product implicit price deflator is often used as a measure of inflation. The file "gdpipd.dat" contains the data for U.S. from the first quarter of 1947 to the last
Consider the monthly log return of Intel stock from 1973 to 1997. Build a GARCH model for the series and compute 1 to 5 -step ahead volatility forecasts at the forecast origin December 1997.
The file "m-mrk.dat" contains monthly simple returns of Merck stock. There are three columns-namely, monthly simple returns, years, and months. Transform the simple returns to log returns.- Is there
The file "m-mmm.dat" contains two columns. They are monthly simple return and date for \(3 \mathrm{M}\) stock. Transform the returns to log returns.- Is there evidence of ARCH effects in the log
The file "m-gmsp5099.dat" contains the monthly log returns, in percentages, of General Motors stock and S\&P 500 index from 1950 to 1999. The GM stock returns are in column 1 .- Build a GARCH model
Again, consider the file "m-gmsp5099.dat."- Build a Gaussian GARCH model for the monthly log returns of S\&P 500 index. Check the model carefully.- Is there a Summer effect on the volatility of the
The file "d-ibmln.dat" contains the daily log returns, in percentages, of IBM stock from July 1962 to December 1997 with 8938 observations. The file has only one column. Fit a
Consider the monthly log returns of General Electric (GE) stock from January 1926 to December 1999. You may download the data from CRSP or use the file "m-ge2699.dat" on the Web. The log returns in
Suppose that the monthly log returns of GE stock, measured in percentages, follows a smooth threshold GARCH \((1,1)\) model. For the sampling period from January 1926 to December 1999, the fitted
Again, consider the monthly log returns of GE stock from January 1926 to December 1999. Reserve the returns in 1998 and 1999 for forecasting evaluation.- Fit a 3-2-1 feed-forward neural network to
Because of the existence of inverted yield curves in the term structure of interest rates, the spread of interest rates should be nonlinear. To verify this, consider the weekly U.S. interest rates of
Let \(r_{t}\) be the log return of an asset at time \(t\). Assume that \(\left\{r_{t}\right\}\) is a Gaussian white noise series with mean 0.05 and variance 1.5 . Suppose that the probability of a
Let \(P_{t}\) be the observed market price of an asset, which is related to the fundamental value of the asset \(P_{t}^{*}\) via Eq. (5.9). Assume that \(\Delta P_{t}^{*}=P_{t}^{*}-P_{t-1}^{*}\)
The file "mmm9912-dtp.dat" contains the transactions data of the stock of \(3 \mathrm{M}\) Company in December 1999. There are three columns: day of the month, time of transaction in seconds from
Identify the reasons for differences in financial accounting practices within Europe.
Do all European countries adopt the principle of the true and fair view?Answers to these questions can be found at the back of the book.Further review questions are available in a separate resource
Obtain a set of accounts for a supermarket and a manufacturer. You can do this by accessing your university library or using the service provided by the Financial Times. Compare and contrast the
Identify information provided by a cash flow statement to users that is not provided by a profit and loss account and balance sheet
It is conceivable that UK accounting and reporting for fixed assets could be changed to a system based on one of the valuation methods dealt with in this chapter, perhaps deprival value. List three

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