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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

What is the price-earnings ratio?LO1.
What is book value per share?LO1.
What is the debt-to-equity ratio?LO1.
What is the debt ratio?LO1.
A-givesshareholders the right of first refusal on new share issuances.
-is the total amount of shares that a limited liability company can issue.
The -iscalculated by dividing share price by earnings per share.
--givepreference shareholders the right to receive a share of dividends beyond the preference dividend.
The date that determines which shareholders will be paid a dividend isthe__
When the number of treasury shares is subtracted from issued shares the resultis_
A-ISthe difference between the amount recorded when shares are issued over their nominal value.
The-is calculated by dividing the annual dividend by share price.
___ IS calculated by dividing profit less preference dividends by the average ordinary shares outstanding.
Shareholders are also referred to as ________
The_or_ is an official listing of all current shareholders.
A_isstated but is not a legal obligation of the business entity until declared by the board of directors.
Ordinary shares are also referred toas_and_.
A dividend becomes a legal obligation of the business entity onthe_.
_refersto increases in share value.
The_feature gives preference shareholders the right to receive dividends in arrears.
The_iscalculated by dividing total liabilities by total equity.
The_isan internal document that determines how the a share-based business will be governed.
_,also knownas_,are when a company invests in its own shares.
The annual gathering of members is referred to asthe_or
The total authorized value for share capital isthe_.
A_or_refersto a dividend distribution, which is given as additional shares issued to members in proportion to their current shareholdings.
_iscalculated by dividing equity less preference shares by ordinary shares outstanding.
_isthe effect that conversion of all convertible financial instruments has on earnings per share. The resultis_.
Debt is subordinateto_whichare subordinateto_.
When the board of directors does not declare a preference dividend, then that dividend is
Adebt instrument or preference share can be exchanged for an ordinary share if it has a
A_occurs when the board of directors divides shares into a multiple (for example, two shares for each currently authorized share).
At 31 December 2010 the capital structure of Ambia, a limited liability company, was as follows:The authorized share capital of the company was $1 000 000. The directors of the company are
The board of directors of Sailbird Inc. declared total dividends of $50 000 for 2009. The following shares were outstanding at that time:For the previous two years, no dividends had been paid for
The board of directors of Sailbird Inc. declared total dividends of $50 000 for 2009. The following shares were outstanding at that time:For the previous two years, no dividends had been paid for
Jerome Highland Corporation reported the following balances on its statement of financial position on 1 January 2009:The following transactions occurred during 2009.i. Issued a 100% share dividend
A company issues 30 000 ordinary shares for cash on 30 April 2009 for $20 per share. On 30 November 2009, the company’s board of directors declared a dividend of $0.30 per share, which was paid on
A company issues 30 000 ordinary shares on 30 April 2009 for $20 per share. On 30 November 2009, the company’s board of directors declared a dividend of $0.30 per share, which was paid on 15
A company issues 30 000 ordinary shares on 30 April 2009 for $20 per share. On 1 October 2009 the company purchases 5000 of its own shares for $110 000 to hold as treasury shares. On 30 November
A company reports the following amounts on its 31 December 2010 statement of financial position. Treasury shares had been acquired at £2.50 each.Required:a) How many treasury shares does the company
Kelly Melnik owns and operates Aaladin Print Co. During July, Aaladin Print Co. incurred the following costs in acquiring two printing presses. One printing press was new, and the other was used by a
If a capital expenditure has been expensed before the cost has expired, what is the impact on profit or loss? If a capital expenditure has not been expensed once the cost has expired, what is the
How do a manufacturer’s or merchandiser’s inventories differ from a service firm’s?(Appendix)
What choices does management have for allocating the cost of goods available between ending inventories and cost of goods sold?(Appendix)
What costs are included in property, plant and equipment? How are these costs allocated to reporting periods? What accounting options does management have after acquisition of property, plant and
Which intangible asset costs are capitalized? Which are expensed? How are capitalized intangible asset costs allocated to reporting periods? What is goodwill and how is it accounted for?(Appendix)
What is investment property? How is a gain or a loss cTn investment property accounted for?(Appendix)
_isequal to beginning inventory plus net purchases for the reporting period.
_iseither the period over which an asset is expected to be available for use by an entity or the number of production units expected to be obtained from the asset by the entity.
_isthe original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding.
The_iscalculated by dividing sales by average inventories.
_aretangible items that are held for use in production or supply of goods or services, for rental to others or for administrative purposes, and expected to be used during more than one period.
The method of allocating property, plant and equipment costs to a reporting period that expenses the depreciable amount in equal instalments isthe_.
The systematic allocation of the depreciable amount of an asset over its useful life is_for property, plant and equipment, and_for intangible assets.
The_is the amount at which an asset is recognized in the statement of financial position.This amount is sometimes referred toas_or_.
The method of determining whether inventories have declined below the carrying amount is called the
The_method assigns the oldest costs to cost of goods sold and the most recent costs to ending inventories.
In_,ownership of the goods does not pass to the seller.
_assets are not capitalized but expressed immediately.
_isthe estimated amount that an entity would currently obtain from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already at the age and in the condition
The method of allocating property, plant and equipment costs to a reporting period that is based on use of the asset rather than time isthe_.
An_isan asset without physical substance.
The method of allocating property, plant and equipment costs to a reporting period that accelerates depreciation when compared to the straight-line methodis_,also referred to as the _methodor_.
Assets held for sale in the ordinary course of business, in the process of production for such sale or in the form of materials and supplies to be consumed in productionare_.
Under the_the cost of goods available is allocated between ending inventories and costs of goods sold at the end of the reporting period.
_is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before
_isa land or building held to earn rentals or for capital appreciation or both rather than for use in the production or supply of goods or services or for administrative purposes, or sale in the
When property, plant and equipment and intangible assets decline in .value below their carrying amounts, then a(n)_loss may need to be recorded.
The_calculates an average cost of inventory items for the reporting period and then allocates the cost of goods available based on the result.
The method of inventory used when goods or services produced are not normally interchangeable is the_.
_isthe estimated selling price in the ordinary course of business less the estimated selling costs of completion and the estimated costs necessary to make the sale.
-and_arereductions to the selling price provided by a seller to customers as an incentive to purchase.
A_-which are also referred toas_,fixed assetsor_-means that a cost has been capitalized.
-iscalculated by dividing the number of days in the year by the inventories turnover ratio.
_aregoods or services on which production has begun but not been completed.
The_calculates the amount of inventory costs allocated to cost of goods sold with each sale transaction.
-isan asset representing the future economic benefits arising from other assets being acquired in a business combination that are not individually identifisd and separately recognized.
Yen Electronics Corporation uses a periodic inventory system. The following information shows inventory transactions in June 2009 for its new e-book reader. At the end of June, 700 e-book units
Radwan SpA uses a perpetual inventory system. The following information shows inventory transactions in the second quarter of 2009 for its weight training machine.Compute the amounts for ending
Compute the missing amounts in the following schedule. Each company is independent of the others. Company A Company B Company C Revenue $1700 $1600 222 Cost of goods sold ??? ??? 690 Profit or loss
On 1 January 2009, Mietal Resources Inc. purchased earth-moving equipment for $875 000. The equipment is rated for a total of 10 000 hours of operation. Actual hours of operation were 1850 in 2009,
On 1 January 2009, Mietal Resources Inc. purchased earth-moving equipment for $875 000. The equipment is rated for a total of 10 000 hours of operation. Actual hours of operation were 1850 in 2009,
On 1 January 2009, Mietal Resources Inc. purchased earth-moving equipment for $875 000. The equipment is rated for a total of 10 000 hours of operation. Actual hours of operation were 1850 in 2009,
Compute the missing amounts in the schedule shown below under FIFO and AVCO. Revenue (2000 units sold at $22 per unit) Beginning inventories (500 units at $6 per unit) Purchases (2600 units at $6.50
Prater Luxury Linens Ltd sells bed and bath linens. For the month of February 2011, the company had a beginning inventory of 1 250 linens with a unit cost of £18. On 3 February, an additional 550
Simon depreciates his machinery at a rate of 20% per annum on a reducing balance basis. Fie provides a full year’s depreciation in the year an asset is acquired, and no depreciation expense is
You work for a wholesale firm that distributes a single product. A trainee has prepared accounts for the month of October 2010. The accounts report a net loss of $35 580 and total net assets of $283
Explain the accounting for cash and cash equivalents. LO1.
Explain how financial assets and liabilities are classified.LO1.
Apply the effective interest rate method.LO1.
Explain the accounting for trade accounts.LO1.
Explain the accounting for credit card receivables.LO1.
Explain the accounting for notes.LO1.
Explain the accounting for bonds.LO1.
Evaluate assets and liabilities.LO1.
Define financial asset and financial liability.LO1.
What is cash? What is cash equivalent?LO1.
What is a demand deposit?LO1.
What is the time frame applied to determine whether an item is a cash equivalent, current financial investment or noncurrent financial investment?LO1.
Explain why cash is presented in the statement of financial position as restricted.LO1.

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