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principles financial accounting

Questions and Answers of Principles Financial Accounting

Jerome pic bought a large plot of freehold land for £3,600,000 on which Jerome intends to build a storage depot. The land was bought just before news was released of a new road link, and the
Which of the following is an error of principle:(a) Entering a sales invoice for £89 as £98 in the customer's account?(b) Not using a control account?(c) Entering a sales invoice twice?(d) Adding
A main purpose of an external audit is:(a) To enable the auditors to detect fraud.(b) To enable the directors to use correct accounting policies.(c) To enable auditors to report on the truth and
A clean audit report implies that:(a) The auditors believe that the accounts show a true and fair view.(b) The directors believe that the accounts show a true and fair view.(c) The shareholders
Which of the following are required by law to have an external audit?(a) Small limited companies?(b) Sole traders?(c) All limited companies?(d) Larger limited companies?
The purpose of a bank reconciliation statement is to:(a) Detect cash book errors.(b) Make sure the cash book includes all bank interest and charges.(c) Highlight items in transit within the banking
If a bank reconciliation statement starts with the balance per the bank statement, and that balance is in overdraft, then, in the reconciliation state¬ment, any unpresented cheques should be:(a)
The balance on a sales control account should agree with:(a) The total of both individual sales ledger and individual purchase ledger balances.(b) The total of individual sales ledger balances.(c)
Are you familiar with accounting software? You may have used such software at work, but many of you are likely to be studying accounting before starting full¬time work. Nevertheless, most higher
Mortlake Ltd owned a building that had cost £42,000 just before the end of the current accounting year on 31 December, and a vehicle bought for£13,000 at the same time. A new access road was
Hammerstein Ltd has number of assets with the following details. For each asset you are required to state the most true and fair valuation, and to justify your choice. In all cases you should ignore
The following details relate to the trading activities of Anarkhi Ltd for its first year of trading, to 30 June:All purchases may be considered as part of cost of sales. All other costs should be
'The Accounting Standards Board (ASB) should spend less time on developQUESTIONS ing a vague set of principles and more time on specifying clear accounting practices.' To what extent do you agree
Identify the relative merits of the UK and French approaches to financial reporting. To recap, the French system is based on the 'Plan Comptable', a specification of exactly which accounts must be
On the 1.4.19X1 H Britton commenced a business dealing in subaqua equipment.He paid £20,000 into the business bank account and the following transac¬tions took place during the month of April.1st
On 1.6.XI D Alex commenced a business dealing in IT software. He paid£50,000 into the business bank account and the following transactions took place during the first week ofJune.1 June Purchase
The following adjustments are required to be made to the ledger accounts for Mr Cog for the year ended 31.12.X5:Stationery expenses paid in 19X5 £450, amount owing as at 31.12.X5£50.Building
Answer TRUE or FALSE in respect of the following and fully explain your choice:If an accrued expense is ignored at the year end the profit will be understated.If an accrued expense from the previous
Creating a provision for bad debts uses which accounting concept? Explain your choice.
When bad debts are eliminated from accounts a provision for bad debts is no longer necessary. Discuss.
As at the year end 31.12.X5 the following debfs out of a total debtors' figure of £54,500 are found to be bad:A Bloggs £780 B Swift £320 P Trent £1,500 - 50p in the £ is payable.The balance
Identify the factors involved in the calculation of depreciation for a fixed asset.
Are the following statements TRUE or FALSE? Explain your answer fully.Depreciation is the amount necessary to reduce the asset to its net realisable value at the year end.Depreciation is the
The following fixed assets are bought by C Brewer for use in his business on l.l.XO.Buildings and equipment are to be depreciated using the straight line method, vehicles reducing balance of 25%.The
Currant commenced business on 1.10.X2 purchasing fixtures and fittings for £25,000 and a van for £16,000. The fixtures and fittings were estimated to have a useful life of 8 years and a residual
Answer the following questions for both sole traders and companies:Is there any statutory regulation governing them?Who owns the business?Who manages the business?Is the business a separate legal
The directors of Britton pic wish to raise additional capital. They currently have in issue one million £1 ordinary shares and no long-term loans. What options do they have available to raise extra
The following is an extract from the balance sheet of Comp pic as at 31.3.X6What is the par value of each share?What is the book value of each share?What is the interest payable per annum onThe
The following trial balance was extracted from the books of Cuddly Toy Ltd as at31.12.X5The following information has not yet been accounted for:Closing stock 31.12.X5 is valued at
You are required to prepare the profit and loss account for the year ended 31.3.X6 and the balance sheet as at that date for internal purposes for the following company:You are also given the
The trial balance of Hobo Ltd as at 30.9.X6 was as follows:The following additional information is available:Stock as at 30.9.X6 was valued at £20,650.Premises and equipment are used at 50%
The trial balance of Burn Ltd. as at 31.12.X9 was as follows:The following additional information is available none of which has been accounted for in the trial balance:Stock 31.12.X9 £4,560
Excel Problem Walmart Inc. has made historical sales data available for 45 stores located in different regions throughout the United States. Go to the student download page at
Excel Problem Walmart Inc. has made historical sales data available for 45 stores located in different regions throughout the United States. Go to the student download page at
For each of the following scenarios, list the purpose(s) of the visualization and the type(s) of visualization that would best fulfill the purpose(s). Justify your choice.a. A stock analyst is
Excel Problem Walmart Inc. has made historical sales data available for 45 stores located in different regions throughout the United States. Go to the student download page at
The Maryland Transit Administration publishes the cost per passenger for citizens using local bus, light rail, metro rail, mobility paratransit, MARC (Maryland Area Regional Commuter train),
In the state of Maryland, Montgomery County passed a law that requires all retail establishments to charge a five-cent tax on each paper or plastic carryout bag. Retailers retain 1 cent of the 5
Walmart Inc. has made historical sales data available for 45 stores located in different regions throughout the United States. Go to the student download page at http://www.pearsonhighered.com/romney
Search the Internet and find two visualizations. One visualization should be an example of a poorly designed visualization, but that is not misleading or unethical. The other visualization should be
The following case was developed by the Ernst & Young Academic Resource Center, which is sponsored by the Ernest & Young Foundation.Part 1:Background You are the chief technology officer (CTO) of an
Select the correct answer(s) for the following multiple-choice questions. Note that there may me more than one correct answer. Correct answers are bolded 1. Which of the following statements is (are)
For each of the following independent cases of employee fraud, recommend how to prevent similar problems in the future. Adapted from the CMA Examinationa. Due to abnormal inventory shrinkage in the
An auditor found that Rent-A-Wreck management does not always comply with its stated policy that sealed bids be used to sell obsolete cars. Records indicated that several vehicles with recent major
A bank auditor met with the senior operations manager to discuss a customer’s complaint that an auto loan payment was not credited on time. The customer said the payment was made on May 5, its due
An accountant with the Atlanta Olympic Games was charged with embezzling more than $60,000 to purchase a Mercedes-Benz and to invest in a certificate of deposit.Police alleged that he created
The Journal of Accountancy periodically publishes an article called “What Is Your Fraud IQ?” It consists of 10 or more multiple-choice questions dealing with various aspects of fraud. The
To learn more about Benford’s Law (discussed in Focus 8-3), do the following:a. Read the article “Using Excel and Benford’s Law to Detect Fraud” by J. Carlton Collins in the April 2017 issue
Research the following two topics and write a 3-page paper discussing what you found.a. There are several fraud analytics software packages on the market. Investigate them and try to determine what
Match the following terms with the appropriate definition or example:1 aggregate data a process of analyzing data to make certain the data has the properties of high quality data:accuracy,
Excel Project: Data Pivoting You are a data analyst for the city of Burlington, Vermont. Download the data file “P6-2BurlingtonVermontData.xlsx” from the student download page at
Excel Project: Aggregating Data at Different Levels You are an internal auditor for the city of Burlington, Vermont. Download the data file “P6-3BurlingtonVermontData.xlsx” from the student
Excel Project: Parsing Data Go to the student download page at http://www.pearsonhighered.com/romney and download the file labeled “P6-4CustomerData.xlsx”. For this problem, assume that your
Excel Project: Fixing Cryptic Data using Data Concatenation You work at a non-profit that seeks to help people start businesses in third world countries so they can lift themselves out of poverty.
Excel Project: Formatting Data Consistently You are preparing to analyze data about the Washington DC Public Schools from January 2009 to February 2019. Go to the student download page at
Excel Project: Auditing a Data Extract You work as an auditor for the city of Washington DC and have been asked to audit employee purchasing card (p-cards) expenses. You have been asked to validate
For the S&S Case discussed in this chapter, you receive the following output containing basic descriptive statistics for some of the columns in the full dataset (the chapter example problem contained
Excel Project: Creating Data Errors This problem asks you to create a data set with specified errors.REQUIREDa. Create a fake dataset that has at least 20 rows and 6 columns. The dataset can relate
Search the internet for an example of a business project failure caused by a failure in some part of the ETL process. Based on the example you find, discuss the principles discussed in this chapter
The following case was developed by the Ernst & Young Academic Resource Center, which is sponsored by the Ernest & Young Foundation.For this case, you have received a data file,
Prepare flowcharting segments for each of the following operations:a. Processing transactions stored on a sequential medium such as a magnetic tape to update a master file stored on magnetic tape.b.
a. Prepare a document flowchart to reflect how ANGIC Insurance Company processes its casualty claims.b. Prepare a BPD to reflect how ANGIC Insurance Company processes its casualty claims.
Prepare a BPD that documents Beccan’s business processes.
a. Prepare a context diagram and at least two levels of DFDs for this process.Level 0 Data Flow Diagram for a course registration system:Level 1 Data Flow Diagram for a registration system:b. Prepare
Prepare a program flowchart to help Melanie program this process.
Match the flowchart or DFD segments in the right column to an appropriate description in the left column.
Replicate Figures 3.14, 3.15, and 3.17 found in the Comprehensive Problem Solution at the end of the chapter. Use Visio, Microsoft Word, Microsoft Excel, or some other documentation software package.
You are the systems analyst for the Wee Willie Williams Widget Works (also known as Dub 5, which is a shortened version of 5 Ws). Dub 5 produces computer keyboard components.It has been producing
Retrieve the Chapter 4 Relational Database (in Microsoft Access format) from http://www.pearsonhighered.com/romney or create the tables in Table 4-5 in a relational DBMS product.REQUIREDWrite queries
The tables in Table 4-17 reveal the structure of a database for the following queries.Build the database and enter data from these tables in a relational DBMS package, build the database and import
From the database created in the comprehensive problem (also available at http://www.pearsonhighered.com/romney), perform queries based on the tables and query grid. Your instructor may specify
4.11 Answer the following multiple-choice questions. (Correct solutions bolded)1.With respect to data warehouses, databases, and files, which of the following statement(s) is (are) true?2. With
The first step of an analytics mindset is to ask the right questions. How do you learn how to ask the right questions? How would you teach someone else how to ask the right questions?
This chapter discusses several different ways to structure data warehouses, data marts, and data lakes. Discuss the diagrams listed in the book, or diagram your own structures, for data warehouses,
Companies are automating many accounting tasks. Is automation good or bad?Consider this question from the view of accounting students, accounting practitioners, other business professionals, and
The end of this chapter suggests that data analytics are not always appropriate for a decision context. Identify three unique business situations for which data analytics may not be appropriate.
Match the following terms with the appropriate definition or example:1 analytics mindset a Information that results from the examination of data to understand the past, answer the question “what
For each of the following examples, indicate whether the data is structured, semistructured, or unstructured or a mix of each. Explain your answer.1.A company runs many social media campaigns to
Consider the following scenario. You are a tax professional meeting with a new client to help them make strategic tax planning decisions. You know that clients can choose a variety of tax positions
Consider the following scenario. You are a new staff internal auditor for a national restaurant chain. Your manager assigns you to visit a new restaurant that is performing poorly. In preparing for
For each of the following situations, indicate whether the analysis is an example of a descriptive analytic, diagnostic analytic, predictive analytic, or prescriptive analytic.1. An accounting firm
Excel Project: ETL in Excel You are to analyze production patterns for a company producing lawn equipment. The company wants to understand which regions and managers produce the most units. They also
Excel Project: Well Designed Visualizations The following visualization (viz) shows all state taxes and fees collected for the state of New York from 2014 to 2018, inclusive.REQUIREDFor this viz, do
Describe ways that you could change the viz to present the data in unethical ways. How could using one of these unethical viz presentation techniques hurt the institution using this data and damage
5.10 Automation is significantly changing the accounting profession. Research an example of how a company has automated an accounting task during the last year. Prepare a memo that summarizes the
The following case was developed by the Ernst & Young Academic Resource Center, which is sponsored by the Ernest & Young Foundation. Robotic process automation is growing in importance in the
Why is transforming data necessary and why does it take so much time? What ways can you think of to reduce the time needed to transform data?
What are the strengths and weaknesses of each of the four data validation procedures discussed in this chapter? What are other possible ways to validate data?
Compare the net cash flows generated by the two companies through operational activities. Which company emerges stronger on this count? How?
Continue with the case of ITC Ltd. Analyse its results to examine the chronological performance of the company and assess the 2003–04 EPS. Attempt the following requirements towards this
Refer to the extracts from the Annual Report 2001–2002 of Larsen and Toubro Limited regarding its ‘Assets Held under Finance Leases’ as illustrated in this chapter. Analyse the case and attempt
Refer to the extracts from the annual reports 2002–03 and 2003–04 of Colgate-Palmolive (India) Ltd. regarding intangible assets as illustrated in this chapter. Analyse the cases and attempt the
Refer to the extracts from the Annual Report 2002 of Nestlé India Ltd. regarding ‘Impairment of Assets’ and from 2004 regarding ‘Reversal of the Impairment Loss’ as illustrated in this
Using the data given in the case, compute the value of the closing inventory of Pulkit Enterprises as on 30th June 2006 following the LIFO method. Towards this:1. Prepare the statement of inventory
Using the data given in the case, compute the value of the closing inventory of Pulkit Enterprises as on 30th June 2006 following the WAC method.
Refer to the extracts from the Annual Report 2001–2002 of Colgate-Palmolive (India) Limited regarding its investments as illustrated in this chapter. Analyse the case and attempt the following
Refer to the extracts from the annual report 2005–06 of Hindalco Industries Ltd. regarding its investment in its joint venture IDEA Cellular Ltd. as illustrated in this chapter. Analyse the case
Form group of 3 to 4 members. Having understood the financial statements, together with notes thereto, of Nestle India Ltd., and after learning the tools and techniques of financial analysis in the
The treatment of outflows on account of dividend and interest is highly debatable as to their activity classification. Give a serious thought to the issue and express your opinion about the best
Continue with the case of Hindustan Lever Ltd. Analyse the news items to predict the future outlook of the company and to strategise its improvement. Attempt the following requirements towards this

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