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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

The following question is similar to Activities 5.1 and 5.3 and completing the question will ensure that you have understood the concepts so far.Miss Coffee intends to set up in business as a
This question is provided for extra practice. Mr Pickup sets up, in business as a web¬ site designer. He places £25,000 of his own money into a business bank account and then purchases a computer
Enter the following transactions in the ledgers of A. Bate, maintaining separate bank and cash accounts. March 3 3 Bate placed 20,000 in a business account Bought car for 8,000, paying by cheque
Identify the sequence that occurred to balance off the above bank account.
Balance off all the accounts for Activity 5.7.
Construct the trial balances in respect of Activity 5.7.
The following errors have been made in the books of Mr Bean. Identify those errors that the use of a trial balance will reveal and those it will not.1 The sales account has been incorrectly added.2
Identify the sequence carried out above to arrive at the net profit figure of £1,500. For example the sequence will start:► Transfer balance on sales account to profit and loss account by debiting
Given that the closing stock as at 31 March in Activity 5.9 for A. Bate is £4,500 draw up a profit and loss account for the month ended 31 March.
Draw up the balance sheet for the information contained in Activities relating to A. Bate after the extraction of the profit and loss account as at 31 March.
What types of organisation can you think of? Jot them down and then put a cross against any that you think have no need of accounting.
Accounting is undertaken by organisations for a variety of reasons. What do you think they are? Jot down at least three reasons before you read on.
What sorts of transaction does an accountant record? Note down at least four.
List three things about an organisation that accountants might not record, but which you would regard as useful things to be told about.
In conventional accounting, which of the events listed in the table would usually be recorded and which would be ignored? 1 Selling one of the organisation's cars 2 Paying the wages 3 Making the tea
Which approach, the UK or the French, do you think is best? Why?
Earlier in this chapter we referred to the cash flow statement. This is not the same thing as a cash flow forecast. To ensure that you appreciate the difference, and hence something of the difference
As a way of getting to grips with the various groups who are usually held to need financial information, and why they need it, try completing the following table. To get you started, we have already
Look back at the user groups we identified earlier in this chapter. Which three groups do you think would benefit most from environmental (not social) reporting? Give a couple of reasons to justify
List three sources of funds for a typical business. You may find it helpful to think about your present or past employer, or another business you know of.
A new business starts up as a limited company called Sunrise Ltd by raising £10,000 from its owners, i.e. its shareholders. It puts this money into a new bank account. What would be the asset(s) and
Sunrise Ltd then uses £6,000 of its bank account to buy a delivery van. List the asset(s) and liability(ies) after this transaction.
Finally, Sunrise Ltd buys some stock for £3,000 but does not yet pay for it. That is, it buys on credit from Daytime Suppliers, agreeing to pay them the £3,000 next month. List the asset(s) and
List the fixed assets and total them. Then list the current assets beneath the fixed assets, and total them separately.
Extend your balance sheet to include the liabilities. Total your figures, and double underline the total. Then list the share capital below the rest of the balance sheet.
Look at the balance sheet for Sunrise Ltd, above.1 We have included the delivery van at what we paid for it. List at least two other ways we could have valued it.2 Note down one reason why the
List at least two disadvantages that you can see with the use of historical cost as a method of valuing an asset.
Which of the following statements about a method of valuing assets are true? Mark each with a T for true, or an F for false.1 Replacement cost represents a current valuation of what the entity is
Dayspring Ltd undertakes the following activities in its first week of existence;1 Starts its activities by raising £50,000 from the issue of 50,000 £1 shares, and putting this money into a new
Fixed assets are:(a) assets the organisation expects to keep for more than one year(b) assets worth more than £lm(c) assets that can’t normally be physically moved(d) assets specified as fixed by
Liabilities are:(a) the capital of an organisation(b) the total of assets and capital(c) the obligation to transfer economic resources(d) the total an organisation would have to pay if it were wound
The total of a balance sheet represents:(a) what the organisation would sell for if someone took it over(b) the original historical cost, amended by revaluations, net of liabilities(c) the total
The difference between debt and equity is that:(a) debt is what the organisation owes its shareholders and equity is what it owes government(b) debt is what the organisation owes its lenders and
‘Working capital’ is the difference between:(a) fixed assets and current liabilities(b) share capital and fixed assets(c) current assets and current liabilities(d) long-term liabilities and
‘Historical cost valuation’ means valuing an asset at:(a) what it was worth one year ago(b) what it is worth at the balance sheet date(c) what it would cost to replace(d) what was paid for it
Hammerstein Ltd has number of assets with the following details. For each asset you are required to state the most true and fair valuation, and to justify your choice. In all cases you should ignore
Prepare the balance sheet at 31 December 20X9 for Yeovil Electronics, in each of the following situations. The capital is not given, so you should calculate it as being the figure needed to make the
The main purposes of financial accounting and reporting are:(a) For stewardship and to aid decision making, in that order(b) To aid decision making and to comply with company law, in that order(c) To
The main purpose of management accounting and reporting is to:(a) Provide information for internal decision making(b) Determine costs of production processes(c) Set budgets against which actual costs
Which two of the following events would not normally result in an immediate accounting transaction?(i) Buying goods, agreeing to pay next month(ii) Selling goods for cash, payable immediately (lii)
The main purpose of a cash flow statement is to:(a) Summarise short-term assets and liabilities at a point in time(b) Summarise the cash in hand at a point in time(c) Summarise cash paid and received
Which user group is likely to be most interested in the growth in wealth of the organisation, and the profit relative to the money tied up in the organisation?(a) lenders(b) investors(c) employees(d)
Accounting standards are:(a) Broad statements of guidance on accounting practice(b) Effectively mandatory statements of acceptable accounting practice(c) Rules set out in the Companies Acts governing
Social and environmental accounting is:(a) A mandatory part of UK financial accounting(b) A possible extension to UK financial accounting(c) A particular form of management accounting(d) None of the
The essential difference between the UK and French systems of financial accounting is that:(a) The UK system specifies more precisely the form of recording and presentation(b) The French system
Match the statements listed in the left-hand column against the correct definition in the right-hand column. Note that there will therefore be two definitions that are not applicable. Profit and Loss
Chapter 1 of the ‘Statement of Principles’ outlines two rationales for financial accounting, namely decision making and stewardship. It suggests that accounting is done to help users make
Seal Coatings Company purchased waterproofing equipment on January 2, 2007, for \(\$ 475,000\). The equipment was expected to have a useful life of four years, or 21,500 operating hours, and a
The comparative marketable securities and inventory balances for a company are provided below.Based on this information, what is the amount and percentage of increase or decrease that would be shown
The comparative accounts payable and long-term debt balances of a company are provided below.Based on this information, what is the amount and percentage of increase or decrease that would be shown
Income statement information for Washburn Corporation is provided belowPrepare a vertical analysis of the income statement for Washburn Corporation.objs. 2, 3 Sales Cost of goods sold Gross profit
Income statement information for Lewis Corporation is provided below.Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.objs. 2, 3 Sales Gross profit Net income
The following items are reported on a company's balance sheet:Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.objs. 2, 3 Cash $275,000 Marketable securities
A company reports the following:Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round to one decimal place.objs. 2, 3 Net sales $450,000 Average
A company reports the following:Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round to one decimal place.objs. 2, 3 Net sales $225,000 Average
A company reports the following:Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round to one decimal place.objs. 2, 3 Cost of goods sold Average inventory
A company reports the following:Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round to one decimal place.objs. 2, 3 Cost of goods sold Average inventory
The following information was taken from Straub Company's balance sheet:Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders'
The following information was taken from Tristar Company's balance sheet:Determine the company's (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders'
A company reports the following:Determine the number of times interest charges are earned.objs. 2, 3 Income before income tax Interest expense $375,000 120,000
A company reports the following:Determine the number of times interest charges are earned.objs. 2, 3 Income before income tax Interest expense $625,000 160,000
A company reports the following:Determine the ratio of net sales to assets.objs. 2, 3 Net sales $1,170,000 Average total assets 650,000
A company reports the following:Determine the ratio of net sales to assets.objs. 2, 3 Net sales. $1,520,000 Average total assets 950,000
A company reports the following income statement and balance sheet information for the current yearDetermine the rate earned on total assets.objs. 2, 3 Net income Interest expense Average total
A company reports the following income statement and balance sheet information for the current year:Determine the rate earned on total assetsobjs. 2, 3 Net income Interest expense Average total
A company reports the following:Determine (a) the rate earned on stockholders' equity and (b) the rate earned on common stockholders' equity. Round to one decimal place.objs. 2, 3 Net income
A company reports the following:Determine (a) the rate earned on stockholders' equity and (b) the rate earned on common stockholders' equity.objs. 2, 3 Net income Preferred dividends $115,000 10,000
A company reports the following:a. Determine the company's earnings per share on common stock.b. Determine the company's price-earnings ratio.objs. 2, 3 Net income Preferred dividends $115,000
A company reports the following:a. Determine the company's earnings per share on common stock.b. Determine the company's price-earnings ratio.objs. 2, 3 Net income Preferred dividends Shares of
Revenue and expense data for Jazz-Tech Communications Co. are as follows:a. Prepare an income statement in comparative form, stating each item for both 2008 and 2007 as a percent of sales. Round to
Income statement data for Web-pics Company for the years ended December 31, 2008 and 2007, are as follows:objs. 2, 3 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses
a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2008 when compared with 2007 . Round to one decimal place.b. What conclusions can be drawn
The following data were taken from the balance sheet of Outdoor Suppliers Company:a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to
PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years:a. Determine the (1) current
The bond indenture for the 20-year, \(11 \%\) debenture bonds dated January 2, 2007, required working capital of \(\$ 560,000\), a current ratio of 1.5 , and a quick ratio of 1.2 at the end of each
The following data are taken from the financial statements of Creekside Technology Inc. Terms of all sales are \(2 / 10, \mathrm{n} / 60\).a. Determine for each year (1) the accounts receivable
The following data were extracted from the income statement of Clear View Systems Inc.:a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round to
Hasbro and Mattel, Inc., are the two largest toy companies in North America. Condensed liabilities and stockholders' equity from a recent balance sheet are shown for each company as follows:a.
The balance sheet for Chaney Resources Inc. at the end of the current fiscal year indicated the followingIncome before income tax was \(\$ 625,000\), and income taxes were \(\$ 175,000\) for the
The following information was taken from the financial statements of Royer Medical Inc. for December 31 of the current fiscal year:The net income was \(\$ 450,000\), and the declared dividends on the
The table below shows the stock price, earnings per share, and dividends per share for three companies as of February 10, 2006:a. Determine the price-earnings ratio and dividend yield for the three
Data pertaining to the current position of Tsali Industries, Inc., are as follows:{Instructions}1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round to one
Shore Company has provided the following comparative information:You have been asked to evaluate the historical performance of the company over the last five years.Selected industry ratios have
Data pertaining to the current position of Spruce Pine Medical Company are as follows:{Instructions}1. Compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. Round to one
Van DeKamp Company has provided the following comparative information:You have been asked to evaluate the historical performance of the company over the last five years.Selected industry ratios have
The financial statements for Williams-Sonoma, Inc., are presented in Appendix E at the end of the text. The following additional information (in thousands) is available:{Instructions}1. Determine the
The condensed income statements through income from operations for Dell Inc. and Apple Computer, Inc., are reproduced below for recent fiscal years (numbers in millions of dollars).Prepare
Ford Motor Company is the second largest automobile and truck manufacturer in the United States. In addition to manufacturing motor vehicles, Ford also provides vehicle- related financing, insurance,
Go to Microsoft Corporation's Web site at http://www.microsoft.com and click on the "Investor Relations" area under "About Microsoft." Select the menu item "Stock Info and Analysis." Select the
Marriott International, Inc., and Hilton Hotels Corporation are two major owners and man- agers of lodging and resort properties in the United States. Abstracted income statement information for the
Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following
Using the following revenue journal for Omega Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to
The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger.objs. 2, 3 NAME Impact Graphic Design
Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger
Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary
The debits and credits from three related transactions are presented in the following creditor's account taken from the accounts payable ledger.objs. 2, 3 NAME Moore Co. ADDRESS 101 W. Stratford Ave.
A-Plus Learning Centers was established on March 20, 2008, to provide educational services. The services provided during the remainder of the month are as follows:Mar. 21. Issued Invoice No. 1 to J.
Transactions related to revenue and cash receipts completed by Palm Beech Architects Co. during the period September \(2-30,2008\), are as follows:{Instructions}1. Insert the following balances in
Forever Spring Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping.

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