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principles financial accounting

Questions and Answers of Principles Financial Accounting

(e) What are the qualitative characteristics of accounting? Explain each one.
(d) If you had to explain generally accepted accounting principles to a nonaccountant, what es¬sential characteristics would you include in your explanation?
(c) What are the objectives of financial reporting?
(b) Why is there a need for a conceptual framework?
(a) What is a conceptual framework?
P7-5B The ledgers of Campo Leathers Inc. contain the following balances as of January 31, 2008 (its year-end).
P7-4B The adjusted trial balance of Gabelli Equipment, Inc., as ofJune 30,2008 (its year-end)contains the following information.
P7-3B 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
P7-2B Presented below are a number of business transactions that occurred during the cur¬rent year for Renteria, Inc.
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.
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.
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.
E7-6 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
E7-5 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
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
E7-2 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.
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”
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.
6. Hot Shot Company is in its fifth year of operation and has yet to issue financial statements.(Do not use full disclosure principle.)
5. Dean Inc. is carrying inventory at its current market value of $100,000. Inventory had an original cost of $110,000.
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
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
18. What organization establishes international accounting standards?
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?
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. 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
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?
3. What are the materiality constraint and the conservatism constraint?
2. What are the revenue recognition principle, the matching principle, the full disclosure principle, and the cost principle?
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)
When to Account for the Winning Handle Pull (p. 301)
8 Explain the accounting principles used in international operations.
7 Understand and analyze classified financial statements.
6 Identify the two constraints in accounting.
5 Identify the basic principles of accounting.
4 Identify the basic assumptions used by accountants.
3 Discuss the qualitative characteristics of accounting information and elements of financial statements.
2 Describe the basic objectives of financial reporting.
1 Explain the meaning of GAAP and identify the key items of the conceptual framework.
(c) Should the plant accountant order the inventory purchase to lower income? What are the ethical implications of this order?
(b) If B. J. Ortiz Wholesale had been using the FIFO method of inventory costing, would the president give the same directive?
(a) What is the effect of this transaction on this year’s and next year’s income statement and in¬come tax expense? Why?
(d) What inventory method does Cisco use?
(c) How much of the inventory was finished goods?
(b) How has this changed from the previous fiscal year-end?
(a) At Cisco’s fiscal year-end, what was the inventory on the balance sheet?
P6-11B Frontenac Books uses the retail inventory method to estimate its monthly ending in¬ventories. The following information is available for two of its departments at October 31,2008.Hardcovers
P6-10B Hannigan Company lost all of its inventory in a fire on December 26, 2008. The ac¬counting records showed the following gross profit data for November and December.
P6-9B Falco Co. began operations on July 1. It uses a perpetual inventory system. During July the company had the following purchases and sales.
P6-8B Fechter Inc. is a retailer operating in Dartmouth, Nova Scotia. Fechter uses the perpet¬ual inventory method. All sales returns from customers result in the goods being returned to
P6-7B The management of Dains Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2008, the accounting records show the fol¬lowing
P6-6B You are provided with the following information for Rondelli Inc. Rondelli Inc. uses the periodic method of accounting for its inventory transactions.March 1 March 3 March 5 March 10 March 20
P6-5B You are provided with the following information for Charlote Inc. for the month ended June 30,2008. Charlote uses the periodic method for inventory.Unit Cost or Date Description Quantity
(5) Will gross profit under the average-cost method be higher or lower than FIFO? Than LIFO? (Note: It is not necessary to quantify your answer.)
(4) How much more cash will be available for management under LIFO than under FIFO?Why?
(3) Which cost flow method (FIFO or LIFO) is more likely to approximate the actual phys¬ical flow of goods? Why?

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