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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Nokia Corporation is the world's top producer of cell phones. The following information was reported in recent annual reports.\section*{Required:}1. Compute the ratios discussed in this chapter for
You have the opportunity to invest \(\$ 10,000\) in one of two companies from a single industry. The only information you have is shown below. The word high refers to the top third of the industry,
You have the opportunity to invest \(\$ 10,000\) in one of two companies from a single industry. The only information you have is shown on the following page. The word high refers to the top third of
Refer to the financial statements of the Nestlé Group given in Appendix A of this book. From the list of ratios that were discussed in this chapter, select and compute the ratios that help you
Go to Connect online for the financial statements of Cadbury plc. From the list of ratios that were discussed in this chapter, select and compute the ratios that help you evaluate the company's
Speedy Company uses the double-declining-balance method to amortize its property, plant, and equipment, and Turtle Company uses the straight-line method. Both companies use decliningbalance
The ratios computed for Home Depot in this chapter are compared with those of RONA Inc. and Canadian Tire Corporation. The comparison of ratios across these three companies assumes that they use the
As a team, select an industry to analyze. A list of companies classified by industry can be obtained by accessing www.fpinfomart.ca and then choosing "Companies by Industry." You can also find a list
The comparative financial statements prepared at December 31, 2011, for Goldfish Company showed the following summarized data:2: Answer the following:a. By what amount did working capital change?b.
Use the data given in P13-1 for Goldfish Company.\section*{Required:}1. Present component percentages for 2011 only.2. Answer the following for 2011 :a. What was the average percentage markup on
Sears Canada Inc. and Canadian Tire Corporation are two giants of the Canadian retail industry. Both offer full lines of moderately priced merchandise. Annual sales for Sears total \(\$ 5.2\)
Summer Corporation has just completed its comparative statements for the year ended December 31, 2012. At this point, certain analytical and interpretive procedures are to be undertaken. The
The 2011 financial statements for Armstrong and Blair companies are summarized below:The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have
Company A uses the FIFO method to cost inventory, and Company B uses the weightedaverage method. The two companies are exactly alike except for the difference in inventory costing methods. Costs of
The Geox Group creates, produces, promotes, and distributes Geox-brand footwear and apparel. worldwide, through a network of traditional company-owned retail stores and franchised stores. The main
You have the opportunity to invest \(\$ 10,000\) in one of two companies from a single industry. The only information you have follows. The word high refers to the top third of the industry, average
You have the opportunity to invest \(\$ 10,000\) in one of two companies from a single industry. The only information you have is shown below. The word high refers to the top third of the industry,
Morksen Corp. has enjoyed modest success in penetrating the personal electronic devices market since it began operations a few years ago. A new line of devices introduced recently has been well
A(n)_is a company that controls another company calledthe_.
_ateassets that the entity expects to realize or intends to sell or consume within 12 months or in its normal operating cycle.
-arepresent obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
Assets with no physical substanceare_.
The cost of physical goods that a business owns and is holding for future sale to customers is classified as_andis sometimes referred to as merchandise or_.
A(n)-is the amount the business owes to its suppliers created when the business purchased goods or services on account.
A ___ also a noncontrolling interest - refers to owners of a subsidiary other than the________.
The ownership of part of another business over which the entity has significant influence is classified as a(n)_.
Working capital is calculated by subtracting_from_.
Any outlay of cash or other consideration is a(n)_.
___is calculated by subtracting operating expenses from gross profit.
Accumulated earnings of the business entity that have not been distributed to the owners are referred to as_.
________ - also __________ or ____________ -represents the amount that owners have invested in the business.
Amounts paid to governments are classified as ________.
When a business has the right to collect cash in the future based on the customer’s promises to pay for goods or services purchased before the reporting date this is referred toas_.
_areresources controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.
A_represents a good or service that has been paid for in advance of its use.
_-also_-is calculated by subtracting cost of sales from revenue.
A(n)_is created by expenditure or an estimate of a future decrease in economic benefits to the business entity.
_isthe total income less expenses of a business entity, excluding the components of other comprehensive income.
When an amount is owed on a noncurrent obligation within 12 months of the reporting date it would be classifiedas_.
_refers to an expense that is related to goods produced or sold by a merchandiser or manufacturer.
A(n)_is a cost that has expired.
The residual interest in the assets of the entity after deducting all its liabilitiesis-.
Interest on debt is classifiedas_onthe statement of comprehensive income.
_—also referred toas__or_—are assets used in the production of goods or services, rental to others or for administrative purposes, and are expected to be used for more than one period.
A(n)_is a debt related to the purchase of real estate.
._includes items of income and expense that are not recognized in profit or loss.
For an accounting period, profit is $65 000 and dividends paid were $133 000. Beginning retained earnings were $200 000. How much are ending retained earnings?
Deborah’s Bridal Shoppe Inc. reported the following figures for 2010. The business uses the calendar year for reporting purposes. Use the information provided to construct the statement of
Check the appropriate box to indicate to which financial statement line item described belongs. An office furniture retailer purchases furniture to sell to a customer. The furniture has been sold. An
Categorize the following financial account titles by which financial statements each would appear is by placing an X in the appropriate columns. If the item does not appear in either statement, leave
Care-Mart LLC reports all financial numbers in €thousands. Use the information presented below to construct a statement of comprehensive income and statement of financial position for 31 December
Following are the statement of comprehensive income and statement of financial position for Global Tire LLC. Fill in the missing numbers for each statement. Statement of Comprehensive Income for the
CNZ Group, a manufacturer of performance autos, reports all financial numbers in Emillions. The company not only manufactures and sells autos but finances and leases them as well.Prepare a
Describe the four major steps in the accounting process.LO1.
Explain how transactions are analyzed.LO1.
Explain how transactions are recorded.LO1.
Explain what source documents are and their importance in the accounting process.LO1.
Construct journal entries to record transactions.LO1.
Describe the journal and explain its role in the accounting process.LO1.
Describe the ledger and explain its role in the accounting process.LO1.
Describe the trial balance and explain its role in the accounting process.LO1.
Explain normal balances and describe how normal balances are used to analyze accounting information.LO1.
What are the four major steps in the accounting process?LO1.
What is the sequence of the four major steps in the accounting process?LO1.
What three types of items can be exchanged in a transaction?LO1.
Give examples of exchanges between good or services, money and promises.LO1.
Give examples of exchanges between financial statement elements.LO1.
Why is revenue ‘given up’ in a transaction? When revenue is given up, what can be received in exchange?LO1.
What is the purpose of a journal entry?LO1.
List the five basic components of a complete journal entry.LO1.
How is a journal entry structured?LO1.
Describe the journal.LO1.
What information is available in the journal?LO1.
What is the journal most likely to be used for?LO1.
What is a ledger? LO1.
What information is available in a ledger?LO1.
The ledger account for trade accounts receivable has a beginning balance of €1113. The following debits are posted during the month: €125, €517 and €362. The following credits are posted
The ledger account for trade accounts payable has a beginning balance of €1113. The following debits are posted during the month: €125, €517 and €362. The following credits are posted during
What is a trial balance? What purpose does a trial balance serve in a''manual system?LO1.
Explain the difference between a trial balance and a ledger.LO1.
Which financial statement elements have a normal debit balance?LO1.
Which financial statement elements have a normal credit balance?LO1.
What is a source document? Give examples. Why is a source document important?(Appendix)
Describe the accounting process, listing all steps and reports generated at each stage.(Appendix)
How is a transaction analysed and then recorded as a journal entry? What are the components of a journal entry?(Appendix)
What is the chart of accounts? Why do companies create and maintain a formal chart of accounts?(Appendix)
What is the difference between a journal, a ledger and a trial balance? Describe what each contains and how it is organized. What purpose does each serve in the accounting process?(Appendix)
At what stage in the accounting process are the financial statements prepared? Where is the information to generate the financial statements obtained?(Appendix)
What is a normal balance? What is the normal balance of revenues? Expenses? Profit? Loss? Assets? Liabilities? Equity? Dividends?(Appendix)
Transactions are recorded in the_based on information froma_.
A-isa formal list of account titles authorized by the business entity.
Debits and credits are summarized by account titlesby_tothe_.
The_isa method accounting uses to codea_.
What is given in transaction is recorded as a_whilewhat is received is recorded as a
When rent has been paid but not used it is referred to as_which is an asset on the statement of financial position.
A listing of accounts with the net balances of each is the_.
What is the journal entry on 21 November 2013 to record payment of £10 000 by a client for work that had been completed in the previous accounting period?
What is the journal entry on 21 November 2013 to record payment of £10 000 by a client for work that had been completed in November but for which the revenue has already been recognized?
What is the journal entry on 21 November 2013 to record payment of £10 000 by a client for work that had been completed in November but for which the revenue has not already been recognized?
Jeffrey’s trial balance at 30 September 2010 is shown below. [ACCA adapted]The value of Jeffrey’s inventory at 30 September 2010 was $11 875.Jeffrey has discovered the following errors in the

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