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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

_ jhe_tohorizontal analysis compares amounts for a line item in the current period with the amount for the same line item in the previous period.
__compares amounts on each line item on the statement of financial position and the statement of comprehensive income over time.
__include financial analysts, advisers and others who evaluate the financial position and performance of companies and offer opinions and advice about whether to invest in the companies’ debt and
_divides each line item on the statement of financial position by total assets and each line item on the statement of comprehensive income by revenue to calculate a percentage.
The ___ to horizontal analysis compares amounts for a line item in the current period to an amount for the same line item in a base period.
_______ converts financial amounts to ratios, which makes the information comparable for an entity over time and between entities.
_______ are organizations that pool significant sums of money to invest in debt and equity securities.
Explain what transactions change equity. LO1.
Describe the statement of comprehensive income.LO1.
Explain how revenue is recognized.LO1.
Explain when expenses are recognized.LO1.
Explain how gains and losses are included in other comprehensive income.LO1.
Describe the reporting requirements for the statement of changes in equity.LO1.
Explain how equity changes are evaluated.LO1.
What are the two choices management has for presenting total comprehensive income?LO1.
Explain how to account for profit or loss.LO1.
How is revenue recognized?LO1.3.1.1 When should revenue for goods be recognized?3.1.2 When should revenue for services be recognized?3.1.3 When should revenue from interest, royalties and dividends
How do we account for revenue taxes like the sales tax and VAT?LO1.
What are the two major components of total comprehensive income?LO1.
What is the difference between income and profit or loss?LO1.
Define revenue. What is the difference between revenue and income?LO1.
What are royalties?LO1.
When is revenue recognized for the sale of goods? For rendering of services? For interest, royalties and dividends? How is revenue measured?LO1.
What is FOB shipping point? What is FOB destination?LO1.
Why is revenue such a critical issue for accounting?LO1.
Hisham Ltd acquired a truck for €75 000 m 2007. In 2009, the company acquired two pieces of computer equipment from Lanzhou Electronics that had a fair value of €72 000.Hisham worked out an
Which of the following conditions does not have to be met in order for revenue to be recognized for goods?LO1.a. The amount of revenue must be able to be measured reliably.b. It is probable that the
Goods are shipped from Paris to Brussels on 12 November 2009 on terms FOB shipping point. The customer is invoiced for the goods on 15 November 2009. The goods arrive in Brussels and are received by
Goods are shipped from Paris to Brussels on 12 November 2009 on terms FOB destination.The customer is invoiced for the goods on 15 November 2009. The goods arrive in Brussels and are received by the
Which of the following conditions does not have to be met in order for revenue to be recognized for services?LO1.a. The amount of revenue must be able to be measured reliably.b. Services must be
Roldo Cosmetics pic owns 10% of the capital stock in Vittorio Ltd. On 29 December 2009, Vittorio declares €200 000 dividends, which are paid on 7 January 2010. On 28 December 2010, Vittorio’s
A company buys a building that increases in value over one year. The company then sells the property for cash for an amount higher than its carrying amount, which is duly recorded in the accounting
A company buys a building that increases in value over the five-year holding period. The increase is recorded under the revaluation method. The company does not sell the property. Which is
How is the times interest earned ratio calculated? What does the times interest earned ratio measure?LO1.
How is the gross profit ratio calculated? What does the gross profit ratio measure?LO1.
How is the profit margin ratio calculated? What does the profit margin ratio measure?LO1.
What is the difference between the gross profit ratio and the profit margin ratio?LO1.
How is return on assets calculated? What does return on assets measure?LO1.
How is return on investments calculated? What does return on investments measure?LO1.
What transactions affect contributed capital?LO1.
What transactions affect retained earnings?LO1.
What transactions affect reserves?LO1.
How are investments in own shares reported?LO1.
What information is included in the statement of comprehensive income?LO1.
What two formats can be used to report total comprehensive income?LO1.2.2.1 What are the requirements for a single statement presentation?2.2.2 What are the requirements for a two statement
What profitability ratios are related to equity changes?LO1.7.1.1 How do we calculate the gross profit ratio?7.1.2 How do we calculate the profit margin ratio?7.1.3 How do we calculate return on
How does the times interest earned ratio measure solvency?LO1.
Explain the difference between ordinary shares and preference shares. LO1.
Define authorized share capital, issued shares, investment in own shares and outstanding shares.LO1.
Explain the accounting for cash dividends, scrip issues and share splits.LO1.
Explain how debt and equity are accounted for differently.LO1.
Calculate equity-related ratios used to evaluate financial positon.LO1.
Name the two major types of share capital.LO1.
What is the difference between ordinary shares and preference shares? LO1.
Do ordinary shares or preference shares have priority if the business is liquidated?LO1.
What are authorized shares?LO1.
What is the nominal value or par value of a share? What is the real value?LO1.
What is a charter? What are examples of common provisions found in a charter?LO1.
What is an issued share? How is an issued share different from an authorized share?LO1.
To what does the term ‘member’ refer?LO1.
What is the register of members?LO1.
What is the purpose of the general shareholders’ meeting?LO1.
Explain what a share premium account is.LO1.
What IS a share-based payment? Give examples of the different forms a share-based payment can take.LO1.
Why would a company invest in its own shares? How is investment in own shares accounted for?.LO1.
What are outstanding shares?LO1.
A company has 10 000 shares issued, the maximum number it is permitted to issue, and 1000 investment in own shares. Nominal value is €1.50 per share. Real value has always been €7 per share. What
A company has 10 000 shares issued, the maximum number it is permitted to issue, and 1000 investment in own shares. Nominal value is €1.50 per share. Real value has always been €7 per share. What
A company has 10 000 shares issued, the maximum number it is permitted to issue, and 1000 investment in own shares. Nominal value is €1.50 per share. Real value has always been €7 per share. What
A company has 10 000 shares issued, the maximum number it is permitted to issue, and 1000 investment in own shares. Nominal value is €1.50 per share. Real value has always been €7 per share. What
A company has 10 000 shares issued, the maximum number it is permitted to issue, and 1000 investment in own shares. Nominal value is €1.50 per share. Real value has always been €7 per share. What
A limited liability company issued 50 000 ordinary shares with a nominal value of $0.25 each at a premium of $0.50 per share. The cash received was correctly recorded, but the full amount was
What are the three dates which boards of directors must consider when making dividend distributions?LO1.
When does a dividend become a legal obligation?LO1.
What is the importance of the date of record?LO1.
What is the difference between a dividend on ordinary shares and a preference dividend?LO1.
What is a cumulative versus noncumulative preference dividend?LO1.
When is a preference dividend in arrears?LO1.
What is the difference between a participating and nonparticipating dividend?LO1.
What is a scrip issue? What is the accounting for a scrip issue?LO1.
What is a share split? What is the accounting for a share split?LO1.
Explain the difference between a scrip issue and a share split. If two shares are granted for each share currently owned, would this be a scrip issue or a share split?LO1.
How is the dividend yield ratio calculated? What does the dividend yield ratio tell an investor? Which type of investor would be more interested in the dividend yield ratio: an investor for income or
How are earnings per share calculated? What do earnings per share tell an investor?LO1.
Why are preference dividends subtracted from profit in the numerator of the earnings per share calculation?LO1.
What is dilution? What causes dilution? How are diluted earnings per share calculated? What do diluted earnings per share tell an investor that earnings per share do not?LO1.
How is the book value to share ratio calculated?LO1.
What does the debt-to-equity ratio measure? How is this ratio calculated?LO1.
Why can we say that there is no good or bad ratio when we look at that ratio in isolation?LO1.
What are ordinary shares?LO1.
What are preference shares?LO1.
What is authorized share capital?LO1.
How are shares issued?2.2.1 What is the difference between a private placement an’d public sale of shares?2.2.2 What is the difference between the primary versus secondary market?2.2.3 What are
What is investment in own shares?LO1.
What is the process for paying dividends?LO1.3.1.1 What is the declaration date?3.1.2 What is the date of record?3.1.3 What is the payment date?
How do we account for preference dividends?LO1.3.2.1 What is a cumulative preference dividend?3.2.2 What is a participating feature for a preference share?
What are non cash dividends?LO1.3.3.1 What is a scrip issue?3.2.2 What are share splits?
What is the dividend yield ratio?LO1.
What is earnings per share?LO1.
What is diluted earnings per share?LO1.

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