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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

What is a bank overdraft. LO1.
Describe how petty cash is accounted for when the petty cash fund is first created, when the petty cash fund must be replenished and when the petty cash balance is reduced.LO1.
What is a voucher? What is an lOU?LO1.
Which of the following represents the correct amount in an imprest petty cash fund?a. Notes and coins in the cash box - vouchers - lOUsb. Notes and coins in the cash box + vouchers — lOUsc. Notes
A company s bank reconciliation statement shows outstanding amounts from customers paid of $3800. Cheques outstanding to suppliers were $3500. The cash ledger account has a net debit balance of
According to Lettice Corporation’s records, the bank account is overdrawn by $2600, yet the balance shown on the bank statement is only $1200 overdrawn. Assuming that no errors have been made by
Obake Ltd’s cash ledger account shows a month end debit balance of $13 100.The company’s bank statement, however, shows a different figure. Obake has identified four differences:• Bank charges
Sigma’s bank statement shows an overdrawn balance of $38 600 at 30 June 2010. A check against the company’s cash account revealed the following differences:• Bank charges of $200 have not been
Torme Publishing Ltd received the monthly bank statement for 31 August 2010. The statement shows an ending balance of €297 500.The statement lists a deposit of €15 000 during the month which as a
List the four categories of financial assets and liabilities.LO1.
What are the criteria for including a financial asset or liabilities as held for trading?LO1.
What are the criteria for including a financial asset as held to maturity?LO1.
What are the criteria for including a financial asset and liability as loans and receivables?LO1.
What are the criteria for including a financial asset as available for sale?LO1.
Which categories of financial assets or liabilities are accounted for using fair value through profit or loss?LO1.
Which categories of financial assets or liabilities are accounted for using the amortized cost using effective interest method?LO1.
Into what category of financial assets and liabilities are trade receivables and trade payables classified?LO1.
What financial accounting method - fair value through profit or loss or amortized cost using effective interest method - applies to trade receivables and trade payables?LO1.
What is bankruptcy?LO1.
What is the allowance method of accounting for uncollectible accounts?LO1.
Define net receivables.LO1.
What are the two methods of estimating uncollectible accounts?LO1.
How is the adjusting entry for the percentage of sales method made to the allowance account? Is the balance in the allowance account considered or not when determining the amount of the adjusting
How is the adjusting entry for the aged receivables method made to the allowance account? Is the balance in the allowance account considered or not when determining the amount of the adjusting
On 30 June 2010 Apex Chemicals Ltd had a €24 522 credit balance in allowance for uncollectible accounts. The company uses the percentage of sales method to estimate uncollectible accounts. In the
Following is the aged receivables subledger for SOS Executive Trainers Inc. at 30 April 2012.a) Based on the information presented in the subledger, what is the estimated uncollectible amount for
If Arnbjorg uses the write-off method, what is the journal entry to record the default?Arnbjorg Marine sells yachting equipment. On 4 September 2011, the company received notice that one of Its
If Arnbjorg uses the allowance method and a 55 000 kroner debit already exists in the allowance account when the default occurs, what is the journal entry to record the default?Arnbjorg Marine sells
If Arnbjorg uses the allowance method and a 30 000 kroner credit already exists in the allowance account when the default occurs, what is the journal entry to record the default?Arnbjorg Marine sells
If a 55 000 kroner debit already exists in the allowance account, what would be the adjusting entry to record the uncollectible estimate?On 30 September 2011 Arnbjorg determines that its total sales
If a 30 000 kroner credit already exists in the allowance account, what would be the adjusting entry to record the uncollectible estimate?On 30 September 2011 Arnbjorg determines that its total sales
If a 55 000 kroner debit already exists in the allowance account, what would be the adjusting entry to record the uncollectible estimate?On 30 September 2011, Arnbjorg determines that its total sales
If a 3000 kroner credit already exists in the allowance account, what would be the adjusting entry to record the uncollectible estimate?On 30 September 2011, Arnbjorg determines that its total sales
At 1 June 2011, a company’s allowance for receivables was $39 000.At year end on 30 June 2011, trade receivables totalled $517 000.It was decided to write off debts totalling $37 000 and to then
What is a promissory note?2 Who is the issuer of a note?LO1.
How do notes receivable and notes payable differ from trade accounts receivable and trade accounts payable, respectively?LO1.
What is the stated rate on a note?LO1.
Why would the rate used to discount a note be different from the stated rate?LO1.
What is the financial accounting method used for notes receivable and notes payable?LO1.
Define a bond. How is a bond different from a note?LO1.
Who is the issuer of the bond: the party who owes the money or the creditor?LO1.
What does maturity date mean?LO1.
What is the stated interest rate or nominal interest rate?LO1.
Explain what a callable feature is on a bond.LO1.
Explain the difference between a term bond and a serial bond.LO1.
Explain the difference between a secured bond and an unsecured bond.LO1.
What does it mean that a bond is sold at par? At a premium? At a discount?LO1.
If the market rate of interest is above the stated rate of interest on a bond, will a premium or a discount result?LO1.
How is a premium or a discount on a bond accounted for?LO1.
What forms can cash and cash equivalents take?LO1.
How do we account for petty cash?LO1.
How do we reconcile cash?LO1.
What are held-for-trading financial assets and liabilities?LO1.
What are held-to-maturity investments?LO1.
What are loans and receivables?LO1.
What are available-for-sale financial assets?LO1.
How is the effective interest rate method applied to trade accounts?LO1.
How do we account for uncollectible trade accounts receivable balances?LO1.
How do we account for the amount of uncollectible trade accounts receivable estimated?LO1. 4.3.1 What is the percentage of sales method?4.3.2 What is the aged receivables method?4.3.3 How are
What entries are recorded when a customer defaults?LO1.
How do we account for internal credit cards?LO1.
How do we account for third-party credit cards?LO1.
How do we account for interest-bearing notes?LO1.
How do we account for noninterest-bearing notes?LO1.
What are bonds and what are the types of bonds.^LO1.
How do we account for bonds issued at par?LO1.
How do we account for bonds issued at a premium?LO1.
How do we account for bonds issued at a discount?LO1.
How do we account for noninterest-bearing bonds?LO1.
How do we account for a bond that is sold?LO1.
What is liquidity?8.1.1 What is working capital?8.1.2 What is the current ratio?8.1.3 What is the acid-test ratio?8.1.4 What is the cash ratio?8.1.5 What is the receivables turnover ratio?8.1.6 What
What is solvency?LO1.
The_or_isthe amount used to calculate the interest due based on the face value of a note or bond.
A_isprovided by a bank and shows all activity on the entity’s bank account for some period of time.
_isa cash amount set aside for a specific purpose.
The_dividescash and cash equivalents + trade receivables + marketable securities by current liabilities.
_(also_)refers to cash kept on hand to pay small expenses such as postage, delivery charges, entertainment for clients and other miscellaneous expenses.
_arefinancial assets or liabilities with fixed or determinable payments that are not quoted on an active market.
A_isa bond on which the principal is paid in instalments over the term of the bond.
_isthe availability of cash in the near future after taking account of financial commitments over this period.
The_ofaccounting for uncollectible accounts records an estimated amount of uncollectible receivables as uncollectible expense when revenue is recognized.
The_iscalculated by dividing current assets by current liabilities.
A_isa debt instrument in which the issuer promises to pay an amount of money over time plus a stated interest rate.
A_isa formal contract between two entities whereby the issuer agrees to pay a specified amount of money plus interest in exchange for either the loan of money or the purchase of goods or services.
A_isa written record as proof of an expenditure or disbursement.
The_estimates the amount of uncollectible accounts as a proportion of sales for the period.
_isthe availability of cash over the longer term to meet financial commitments as they come due.
To calculatethe_,the receivables turnover ratio is divided into 365.
A_isa bond on which the principal is due on the maturity date.
A__isan asset that is cash, an equity instrument of another entity, a contractual right to receive cash or another financial asset.
_arefinancial assets with fixed or determinable payments and a fixed maturity that an entity has the positive intention and ability to hold to maturity.
_isa legal procedure that provides protection from creditors while the business is either reorganized or liquidated.
A_occursin situations when a business overdraws the amount of cash it has in its bank account.
_iscalculated by subtracting the allowance account for uncollectible accounts from trade accounts receivable.
A_isa bond that pays no interest but on which the investor earns a return by purchasing the bond at a discounted price.
A_resultswhen the market price of the bond is below the stated value of the bond.
A_isa minimum cash balance that must be kept on hand at all times as part of a loan agreement with a lender.
_arefinancial assets other than cash or cash equivalent that are not classified as(a) loans and receivables, (b) held-to-maturity investments, or (c) financial assets at fair value through profit or
_isthe date on which the issuer must repay the principal.
-resultswhen the market price of a bond is above the stated value of the bond.

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