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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Describe the financial information needs of internal and external users. LO1.
Define a business entity and describe the three major forms of business organization.LO1.
Describe how financial information is reported to external users.LO1.
Explain the accounting process.LO1.
Define generally accepted accounting principles and explain their role in financial accounting. LO1.
Describe the assurance system for financial reporting.LO1.
Who are internal users and what uses do they make of accounting information?LO1.
List the types of external users and describe the information requirements of each.LO1.
For what does financial accounting account?LO1.
What uses do external users make of accounting information?LO1.
Why are internal users more interested in future-oriented financial information?LO1.
Why is future-oriented financial estimates typically not provided to external users?LO1.
Give examples of the types of entities that typically engage in transactions with a business entity.LO1.
In a previous example Didier Bihayintore, a sole proprietor, uses the trade name Didier’s Restaurant. Are Didier Bihayintore and Didier’s Restaurant the same business entity or separate business
What is the difference between a business transaction, a financial transaction and a barter transaction?LO1.
What are the three forms of business organization? What are the advantages and disadvantages of each form?LO1.
What is the difference between a privately held and a publicly traded company? What forms of business organization can each take?LO1.
What are the five components in a complete set of financial statements?LO1.
What question does each statement answer?LO1.
What are the three major elements in the statement of financial position?LO1.
Keep memorizing! Knowing the relationships shown in Figure 1.15 will help later. For example:• Contributed capital is part of equity, which appears in the statement of financial position.• Trade
What question does each financial statement answer?LO1.
What are the elements of each financial statement? Define each of these.LO1.
What purposes do the notes to the financial statement serve?LO1.
When we say that accounting generates ‘general-purpose’ financial statements, what are assuming about the users?LO1.
What is financial position? What is performance?LO1.
Which financial statements report financial position? Which financial statements report changes in financial position? Which financial statements report performance?LO1.
What is the accounting equation?LO1.
What is a line item?LO1.
What is the difference between profit or loss and other comprehensive income?LO1.
What are the different ways to indicate that an amount on the financial statements is negative?LO1.
Trade accounts payable is reported as which of the following?a. A liability on the statement of financial positionb. A liability on the statement of comprehensive incomec. An asset on the statement
Equity would appear on which financial statement(s)?a. The statement of comprehensive income onlyb. The statement of financial position onlyc. The statement of comprehensive income and the statement
Expenses would appear on which financial statement(s)?LO1.a. The statement of comprehensive income onlyb. The statement of financial position onlyc. The statement of comprehensive income and the
If assets are $55 000 and equity is $25 000, how much are liabilities?LO1.a. $80 000b. $30 000c. ($30 000)d. Cannot be determined from the data given
Dividends appear on which financial statement(s)?LO1.a. The statement of comprehensive income onlyb. The statement of financial position onlyc. The statement of comprehensive income and the statement
What is the major advantage of the double-entry method of accounting?LO1.
What are the four steps in the accounting process?LO1.
What are the four major decisions that have to be made when accounting for transactions?LO1.
What are generally accepted accounting principles?LO1.
How do accounting standards and generally accepted accounting principles differ?LO1.
What is the International Accounting Standards Board? LO1.
What are International Financial Reporting Standards?LO1.
How do external users know that the financial statements provide a true and fair view of the financial results of the business?LO1.
What is an independent audit? Who conducts an independent audit?LO1.
Who has the overall responsibility for overseeing financial reporting?LO1.
Who is responsible for preparing the financial statements?LO1.
What are the uses of accounting information?LO1.
Who are internal users and what are their financial information requirements?LO1.
Who are external users and what are their financial information requirements?LO1.
What is a business entity?LO1.
What are the three major forms of business organization?LO1. 2.2.1 Limited liability companies 2.2.2 Sole proprietorships 2.2.3 Partnerships
What are general-purpose financial statements?LO1.
What is a complete set of financial statements?LO1.
What is the relationship between the financial statements?LO1.
What is the accounting process?LO1.
How does the accounting process work?LO1.
What decisions must be made in accounting for specific transactions?LO1. 5.1.1 Should a transaction be included?5.1.2 What amount should be used to measure a transaction?5.1.3 How should financial
How do users know that financial statements conform to GAAP?LO1.
Who within the business entity is responsible for financial reporting?LO1.
What role do professional ethics have in financial reporting?LO1.
Who are the external users of financial reports? What are the information requirements of each? How do the needs of external users differ from those of internal users?(Appandix)
Describe the three forms of business organization. What are the advantages and disadvantages of each?(Appandix)
What must a complete set of general financial statements include? What question is answered by each financial statement? List and define the major elements in each financial statement. Give examples
What is the accounting process and what was its origin? Give a basic explanation of how the accounting process works.(Appandix)
What are generally accepted accounting principles? Describe the difference between generally accepted accounting principles and accounting standards. How are generally accepted accounting principles
Who is ultimately responsible for the financial statements? Who is responsible for preparing financial statements?(Appandix)
What is the assurance system? Describe the major parties that are involved in the assurance system and the role of each. What is the evidence that an external user can rely on the financial
Explain why professional ethics must be part of the financial accounting reporting system in order for it to function properly.(Appandix)
The __________ is the division of time into specific time intervals such as a year, quarter or month.
When expenses exceed revenue, the business reportsa __________ ,which is shown on the statement of__________ .
_isthe inflow of economic benefits from the ordinary activities of the business entity and is included in the statementof_-_.
Evidence of ownership of a limited liability company takes the formof__,also knownas_,___ or___.
_arewhat a business owes and are expected to be settled in the future.
Sources and uses of cash are knownas_.
Goods held for resaleare_andare includedas_onthe statementof_.
_areobligations to suppliers that are included on the statement of
Formal, written guidelines for accounting developed at the national Ifevelare_.
The_refersto the fact that we account for information that can be expressed in terms of money.
The accounting process usesthe_,which accountsfor_ between the business entity and other entities.
_accompanythe financial statements and either explain information contained in the financial statements or provide additional information.
When a company’s shares are not publicly traded, the companyis_or
Financial accounting provides informationfor_.Managerial accounting provides informationfor_.
When revenues exceed expenses, the business reportsa_,which is shown on the statementof_.
_areobligations that customers have to the business, which are included in_onthe statementof_.
__________ are what a business owns and are expected to have economic benefits in the future.
The three forms of business organizationare_,_and ______.
Equity shares are traded on the__________ ,__________ or __________ .
__________ are an outflow of economic benefits from ordinary activities of the business entity and are included in the statement of __________ .
The __________ is the date of the statement of financial position and a __________ is the time in between.
The_ is assets = liabilities + equity.The_ IS revenues expenses = profit or loss.
Three categories of cash sources and uses are ___________, ___________, and ___________.
Profit and loss and other comprehensive income are added to calculate ___________.
When the expenses are subtracted from revenues, the result is a and is revenues- ___________.
Place a tick in the appropriate boxes to indicate which financial statements the items in the left-hand column apply to. Assets Cash from investing activities Contributed capital including changes
Complete the items in the following diagram by writing in the appropriate name of the financial statement, financial statement element or item. Financial Sement 777 ??? ??? 777 Land ??? Lo 7?? ???
Complete the following schedule by supplying the missing information for each of the three companies: Revenue Expenses Profit (loss) Assets Liabilities Equity Company A Company B Company C 170 000 ?
Complete the following schedule by supplying the missing information for each of the three companies: Statement of financial position 31 December 2010 Assets Liabilities Equity Statement of financial
Complete the following schedule by supplying the missing information for each of the four companies: Company A Company B Company C Company D Beginning equity balance. 750 600 1900 800 Sale of
Complete the following schedule by supplying the missing information: Cash from (used by) operating activities Cash from (used by) investing activities Cash from (used by) financing activities Net

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