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principles financial accounting

Questions and Answers of Principles Financial Accounting

P8-2B Cushenberry Company maintains a petty cash fund for small expenditures. The follow¬ing transactions occurred over a 2-month period.
P8-3B Flint Hills Genetics Company of Lawrence, Kansas, spreads herbicides and applies liq¬uid fertilizer for local farmers. On May 31, 2008, the company’s cash account per its general ledger
P8-5B Baumgardner Company’s bank statement from Last National Bank at August 31,2008, Prepare a bank reconciliation shows the following information.
P8-6B Richardson Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a
(a) In a university setting who has responsibility for evaluating the adequacy of the system of internal control?
(b) What do reconciliations ensure in the university setting? Who should review the reconciliation?
(c) What are some examples of physical controls?
(d) What are two ways to accomplish inventory counts?
(a) Indicate the weaknesses in internal accounting control over the handling of collections.
(b) List the improvements in internal control procedures that you plan to make at the next meeting of the audit team for (1) the ushers, (2) the head usher, (3) the financial secretary, and (4) the
(c) What church policies should be changed to improve internal control?
(a) Who will suffer negative effects if you do not comply with Gena Schmitt’s instructions? Who will suffer if you do comply?
(b) What are the ethical considerations in this case?
(c) What alternatives do you have?
7. Silas Rupe Co. has inventory on hand that cost $400,000. Rupe Co. reports inventory on its balance sheet at its current market value of $425,000.
8. Charlotte Webb, president and owner of the Always Music Company, bought a computer for her personal use. She paid for the computer by using company funds and debited the“Computers”
E7-2 Presented below are some business transactions that occurred during 2008 for Vicki Prowitz Company.(a) Merchandise inventory with a cost of $208,000 is reported at its market value of$260,000.
E7-3 Presented below are the assumptions, principles, and constraints discussed in this chapter.1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Time period
E7-5 The ledger of Jean Sartre Corporation at December 31, 2008, contains the following summary information.Administrative expenses $116,000 Other expenses and losses $34,700 Cost of goods sold
P7-2B Presented below are a number of business transactions that occurred during the cur¬rent year for Renteria, Inc.
1 Explain the meaning of GAAP and identify the key items of the conceptual framework.
2 Describe the basic objectives of financial reporting.
3 Discuss the qualitative characteristics of accounting information and elements of financial statements.
4 Identify the basic assumptions used by accountants.
5 Identify the basic principles of accounting.
7 Understand and analyze classified financial statements.
6 Identify the two constraints in accounting.
E7-6 Presented below, in alphabetical order, is information related to Wilkinson Corporation for the year 2008.Cost of goods sold $1,499,900 Dividends on common stock 140,000 Gain on the sale of
E7-7 Net sales, net income, total assets, and total common stockholders’ equity information for a recent year is available for the following three companies.
E7-8 Net sales, net income, total assets, and total common stockholders’ equity information for a recent year is available for the following three companies.
18. What organization establishes international accounting standards?
P7-1B Mary Kate and Ashley are accountants for Olsen Printers. They disagree over the fol lowing transactions that occurred during the year.
P7-5A The ledgers of Mid City Galleries Inc. contain the following balances as of December 31,2008.Advertising expense $ 123,000 Commissions expense on art sales Depreciation expense
P7-4A The adjusted trial balance of Quad Cities Tours Inc. as of October 31, 2008 (its yearsheet and analyze financial end) contains the following information.
P7-3A Presented below are the assumptions, principles, and constraints used in this chapter.1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Time period
P7-2A Presented below are a number of business transactions that occurred during the cur¬rent year for Yerkes, Inc.1. Because the general level of prices increased during the current year, Yerkes,
4. Land costing $60,000 was appraised at $90,000. Scott suggests the following journal entry.
3. Depreciation for the year was $18,000. Since net income is expected to be lower this year, Scott suggests deferring depreciation to a year when there is more net income.
2. Millenium bought a custom-made piece of equipment for $36,000. This equipment has a use¬ful life of 6 years. Millenium depreciates equipment using the straight-line method. “Since the equipment
1. Scott suggests that equipment should be reported on the balance sheet at its liquidation value, which is $15,000 less than its cost.
P7-1A Scott and Quick are accountants for Millenium Computers. They disagree over the fol¬lowing transactions that occurred during the calendar year 2008.
E7-10 Presented on page 326 is partial balance sheet information related to Batten Ltd., a United Kingdom company at December 31. All financial information has been translated from pounds to dollars.
6. The accounting constraint that says that when in doubt the (SO 4, accountant should choose the method that will be least - d likely to overstate assets and income is called:a. matching
8 Explain the accounting principles used in international operations.
5. Dean Inc. is carrying inventory at its current market value of $100,000. Inventory had an original cost of $110,000.
11. Describe the two constraints inherent in the presentation of accounting information.
8. Distinguish between expired costs and unexpired costs.
4. Henrik Stenson, the president of Spartan Company, is pleased. Spartan substantially increased its net income in 2008 while keeping the number of units in its inventory relatively the same. Brett
2. What elements comprise the FASB’s conceptual frame¬work?
BE7-1 Indicate whether each of the following statements is true or false. Identify generally accepted(a) _“Generally accepted” means that these principles must have “substantial authoritative
4. Whitney Hospital Supply Corporation reports only current assets and current liabilities on its balance sheet. Property, plant, and equipment and bonds payable are reported as current assets and
3. Zareena Corp. charges the entire premium on a 2-year insurance policy to the first year.
2. In preparing its financial statements, Leask Company omitted information concerning its method of accounting for inventories.
1. Church Company recognizes revenue at the end of the production cycle, but before sale. The price of the product, as well as the amount that can be sold, is not certain.
E7-1 A number of accounting reporting situations are described below.
BE7-11 Additional information for Palpatine Inc. (BE7-10) is as follows.
BE7-10 The following information, presented in alphabetical order, is taken from the financial statements of Palpatine Inc.
BE7-9 The following data are taken from the balance sheet of Ortiz, Inc. The data are arranged in alphabetical order (in millions).
BE7-8 Fast Forward Company uses the following accounting practices.
BE7-4 Presented below is a chart of the qualitative characteristics of accounting information.Fill in the blanks from (a) to (e).
BE7-3 According to the FASB’s conceptual framework, which of the following are objectives of financial reporting? (Use “Yes” or “No” to answer this question.)(a) __ Provide information that
1. What are the monetary unit assumption, the economic entity assumption, the time period assumption, and the going concern assumption?
6. Would instant access to financial information provide more relevant information? Do you think such an approach would do away with the need for annual reports?
5. What accounting principles are applicable to the Harold's Club progressive slot ma¬il chines? If Harold's fails to use an estimate for expenses, what effect will this have on financial statements
4. What are the qualitative characteristics that make accounting information useful? Identify two elements of the financial statements.
3. What are the basic objectives of financial information?
2. What is stated about generally accepted accounting principles in the Independent Auditors’ Report for PepsiCo? The answer to this question ap¬pears on page 336.
1. What are generally accepted accounting principles?
3. Identifies the economic resources (assets), the claims to those resources (lia¬bilities), and the changes in those resources and claims.
2. Is helpful in assessing future cash flows.
1. Is useful to those making investment and credit decisions.
All About You: Corporations Have Governance Structures Do You? (p. 314)
And the Correct Answer Is . . .? (p. 312)
How High Is Your Profit Margin? (p. 310)
How About Instant Access? (p. 302)
2. What are the revenue recognition principle, the matching principle, the full disclosure principle, and the cost principle?
3. What are the materiality constraint and the conservatism constraint?
8. Suster Company has a retained earnings balance of (SO 7)$170,000 at the beginning of the period. At the end of the period, the retained earnings balance was $222,000.Assuming a dividend of $25,000
7. Erika Pechacek Inc. has current assets of $90,000 and current (SO 7)liabilities of $30,000. Its current ratio and working capital are:a. .33:1; $60,000.c. .33:1; $90,000.b. 3:1; $60,000.d. 3:1;
6. Hot Shot Company is in its fifth year of operation and has yet to issue financial statements.(Do not use full disclosure principle.)
4. Verifiable is an ingredient of:Reliability Relevancea. Yes Yesb. No Noc. Yes Nod. No Yes
5. What is the purpose of the International Accounting Standards Board?
4. Explain how these ratios are useful in financial statement analysis.
3. How are the current ratio, working capital, profit margin percentage, return on assets, return on common stockholders’ equity, and debt to total assets computed?
2. Where are income tax expense and earnings per share reported on the income statement? How is earnings per share computed?
1. What is the major difference in the equity section of the balance sheet between a corporation and proprietorship?
5. What would be the advantage of similar accounting standards for all countries? How can the financial and operating performance of international companies be compared?
4. If service companies have a profit margin much lower than manufacturers (a third as large), why would anyone invest in a service company over a manufacturer?
When to Account for the Winning Handle Pull (p. 301)
(c) What does Michael have to gain by advocating early implementation? Who might be affected by the decision against early implementation?
(b) What, if any, are the ethical considerations in this situation?
(a) Who are the stakeholders in this situation?
3. What are some examples of costs that Long Beach City College might properly charge to its grant or special programs?
2. Give some examples of grant or special programs to which the matching principle might be ap¬plied at your college or university.
1. Why is the matching principle important in accounting for government grants?
(c) What characteristics make the FASB’s procedures an “open” decision-making process?
(b) How are topics added to the FASB technical agenda?
(a) What is the mission of the FASB?
(g) What are two major constraints involved in financial reporting? Explain both of them.
(f) Identify the basic assumptions used in accounting.

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