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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

A(n)_is a systematic and disciplined approach to evaluate and review the effectiveness of risk management, the internal control system and corporate governance processes.
_includes the organizational culture, policies and procedures that determine how an entity is directed, administered and controlled, as overseen by the business’s board of directors.
_refers to levels of acceptable risk around specific objectives.
_isan independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization to accomplish its objectives by bringing a
_involve advising business units on adding value and improving governance, risk management and control processes.
_isthe effect of a theft of a business’s assets that causes the financial statements not to conform to applicable accounting standards.
A(n)_is conducted by external accounting and auditing specialists who perform tests and other procedures on the business to enable them to express an opinion about whether the financial statements of
_meansthat there is reasonable assurance that the business’s risk is managed efficiently.
A(n)_means that more than one board exists within the business.
_,also knownas_or_,are professionally qualified individuals or firms who can perform independent audits and render an opinion regarding the financial statements.
_involves misstatement or omission of amounts or disclosures that cause financial statements not to conform to applicable accounting standards.
A(n)_serves on the board of directors but is not an executive or manager of the business entity.
A(n)_is a committee of the board that advises the board about candidates for the board, removal of existing directors and conducts performance evaluations of board members.
_isthe level of tolerance for risk within an entity.
A(n)_is the formal report to the board of directors that contains the opinion of the independent auditors about whether the financial statements, in all m^erial respects, present a true and fair view
_provide advice to business units on adding value and improving governance, risk management and control processes.
_refers to an engagement that evaluates whether the business is conforming to policies, plans, procedures, laws, regulations, controls and other requirements.
_arecharges for the use of long-term assets such as patents, trademarks and software.
The_iscalculated by dividing gross profit by net sales.
_isthe total of profit or loss and other comprehensive income.
The_iscalculated by dividing profit -I- interest expense + tax expense by interest expense.
_is payment received for earnings on amounts owed to the business entity.
A__is a tax assessed on the value of goods and services at each stage of distribution.
_and_refer to the point which the buyer assumes responsibility for the goods being shipped.
_is the income received from profit distributions from a company owned by the business entity.
__occurs when a transaction has been completed or consummated.
The__is calculated by dividing profit by net sales.
A_isa tax levied on the final sales price of goods or services.
_iscalculated by dividing profit by average total assets.
_iscalculated by dividing average noncurrent liabilities, plus equity into profits plus after tax interest expense.
Gareth Carson Corporation has been in business since 1 May 2010. The company has prepared the draft statement of income shown below and has asked yOu to check if it is correct.Additional
Aim Enterprises Ltd does not keep a full set of accounting records. An analysis of the company’s cash transactions for the year ended 30 June 2010 is given below:(3) Aim’s depreciation policy is
The draft financial statements of Rampion, a limited liability company, for the year ended 31 December 2010 included the following figures:No adjustments have yet been made for the following
You have been provided with the following trial balance as of 31 May 2009 for a limited liability company called Sondaw.The following notes are relevant:i. Inventories at 31 May 2009 were valued at
The draft statement of financial position shown below has been prepared for Shuswap, a limited liability company, as at 31 December 2009.The following further information is available:1. The land and
The trial balance for Adnett, a limited liability company, at 31 May 2011 was as follows:Additional information as at 31 May 2011:(i) Closing inventories has been counted and is valued at $560
At 1 July 2010 the statement of financial position of Yeung a limited liability company, contained the following items:During the year ended 30 June 2011 the following events took place:(i) An error
The following information has been extracted from the books of Tonson, a limited liability company, as at 31 October 2011. [ACCA adapted]You have also been provided with the following information:i.
Describe how cash flows relate to the business life cycle. LO1.
Explain how cash flows differ from profit or loss.LO1.
Explain the sources and uses of cash and cash equivalents.LO1.
Construct a statement of cash flows using the indirect and direct methods.LO1.
Calculate cash flow related ratios.LO1.
What are the four phases of the business life cycle?LO1.
How does each phase of the business life cycle typically affect cash flows from operating activities, investing activities and financing activities?LO1.
What are operating activities as reported on the statement of cash flows? What are investing activities? What are financing activities?LO1.
What are examples of operating activities? What are examples of investing activities? What are examples of financing activities?LO1.
What is the difference between an investing activity and a financing activity?LO1.
Why are movements between cash and cash equivalents excluded from the statement of cash flows?LO1.
What is the rule of thumb in terms of the number of months for classifying an investment as a cash equivalent? If an investment has a maturity that does not meet this rule-of-thumb test, then how is
What are the two major exceptions for not reporting cash flows on a net basis? Why do you think that cash flows are generally not reported on a cash basis?LO1.
What options are available to report interest and dividends in the statement of cash flows?LO1.
What are examples of noncash transactions?LO1.
Borrowing a loan from a bank would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing activityd. None of the above
Cash used to purchase equipment would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing activityd. None of the above
Cash payments to acquire the business’s own shares would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing activityd. None of the above
Cash flows from acquisitions and disposals of subsidiaries and other businesses would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing activityd.
Cash inflows and outflows related to income taxes would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing activityd. None of the above
Cash receipts from commissions earned would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing activityd. None of the above
Cash repayments of amounts borrowed would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing activityd. None of the above
Cash receipts from the sale of property, plant and equipment, intangible and other assets would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing
Cash payments to employees would be classified as which of the following?LO1.a. Operating activityb. Investing activityc. Financing activityd. None of the above
What are the two methods for calculating the operating activities section of the statement of cash flows?LO1.
What is the approach used by the direct method? What is the approach used by the indirect method?LO1.
What three types of adjustments are made to profit or loss in the operating activities section under the indirect method?LO1.
Which of the following would increase the amount of cash generated by operating activities under the indirect method?LO1.i. Trade receivables increase by €120 000 during the period.ii. Trade
By how much does cash generated by operating activities under the indirect method increase or decrease when the effects of all the following items are considered?LO1.i. Trade receivables increase by
By how much does cash generated by operating activities under the indirect method increase or decrease when the effects of all the following items are considered?LO1.i. Loss on a sale of equipment
Flow is the current cash debt coverage ratio calculated? Is this a liquidity, solvency or profitability ratio?LO1.
How is the cash debt coverage ratio calculated? Is this a liquidity, solvency or profitability ratio?LO1.
How is free cash flow calculated? Is this a liquidity, solvency or profitability measure?LO1.
How is operating cash flow per share calculated? Is this a liquidity, solvency or profitability measure?LO1.
What is excluded from cash flows?LO1.
Can cash flows be offset?LO1.
What are the three sources and uses of cash reported in the statement of cash flows?LO1.
How are noncash transactions reported in the statement of cash flows?LO1.
How is the statement of cash flows constructed using the indirect method?LO1.
How is the statement of cash flows constructed using the direct method?LO1.
What is the current cash debt coverage ratio?LO1.
What is the cash debt coverage ratio?LO1.
What is free cash flow?LO1.
What is operating cash flow per share?LO1.
Explain how business entities are evaluated for consistency and comparability.LO1.
Apply horizontal analysis to the statement of comprehensive income.LO1.
Apply vertical analysis to the statement of comprehensive income.LO1.
Apply horizontal analysis to the statement of financial position.LO1.
Apply vertical analysis to the statement of financial position.LO1.
Analyse the liquidity of the reporting entity.LO1.
Analyse the solvency of the reporting entity.LO1.
Analyse the profitability of the reporting entity.LO1.
A company may choose to finance its activities mainly by equity capital, with low borrowings (low gearing) or by relying on high borrowings with relatively low equity capital (high gearing). [ACCA
Ratio analysis in general can be useful in comparing the performance of two companies, but it has its limitations. [ACCA adapted]Required: Srate and briefly explain three factors that can cause
How is horizontal analysis performed for one company over time?LO1.2.1.1 How is horizontal analysis performed using the base-period approach for a single company?2.1.2 How is horizontal analysis
How is horizontal analysis performed for multiple companies?LO1.2.2.1 How is horizontal analysis performed using the base-period approach for multiple companies?2.2.2 How is horizontal analysis
What is the difference between horizontal analysis performed using the base period approach versus horizontal analysis using the period-to-period approach?LO1.
What IS the advantage of using horizontal analysis to compare multiple companies of different size and which use different currencies?LO1.
How is horizontal analysis performed for one company over time?LO1.4.1.1 How IS horizontal analysis performed using the base-period approach for a single company?4.1.2. How IS horizontal analysis
How is horizontal analysis performed for multiple companies?LO1.4.2.1 How IS horizontal analysis performed using the base-period approach for multiple companies?4.2.2 How IS horizontal analysis
Horizontal analysis can be performed using eitherthe-orthe-.
__ attempts to identify patterns in information over time.

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