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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

The_iscalculated by dividing total liabilities by total assets.
The-iscalculated by dividing net credit sales by average receivables.
The-estimates the amount of uncollectible receivables based on the likelihood of collection for the time the amounts have been outstanding.
-isa liability that is a contractual obligation to deliver cash or another financial asset, or a contract that will be settled in the entity’s own equity instruments.
-isthe repayment period for a note or bond.
-grantsthe issuer the right to purchase the bonds from investors, at a certain price.
-isa financial asset or financial liability that Is either classified as held for trading or on initial recognition is designated as at fair value through profit and loss.
-i®backed by a pledge of some asset such as real estate on which the investor has a priority claim in the event of liquidation.
The_ divides cash and cash equivalents + marketable securities by current is the party who must repay the amount owed on a note.
Collier Publications Inc. purchases a forklift for use in its warehouse for €43 000 on 1 January 2009. The company has agreed to pay the seller in equal annual instalments over three years. The
Collier Publications Inc. purchases a forklift for use in its warehouse for €43 000 on 1 January 2009. The company has agreed to pay the seller in equal monthly instalments over three years The
On 1 January 2009, Premier Financial Ltd purchased equipment from Tam Banking Equipment Inc. Premier paid £130 000 in cash and signed a noninterest-bearing note for £550 000, due in full on 31
Based on the information provided in 3, assume that the note had a stated interest rate of 7% and that interest-only payments are paid semi-annually on 30 June and 31 December of each year.a. Record
Based on the information provided in 3, assume that the note had a stated interest rate of 7% and that the loan is fully amortizing. Payments are made semi-annually on 30 June and 31 December of each
Ren Motors Ltd, which manufactures energy-efficient ‘smart’ autos, issued ¥100 000 000 of 20-year bonds with a stated interest rate of 9% to be paid semi-annually on 30 June and 31 December. The
Restaurant Concepts Inc. issued $20 000 000 of 5-year bonds on 1 January 2008 with a stated interest rate of 7%. Interest is paid annually on 30 June. The market rate on this date was 6.5%.a. Compute
Restaurant Concepts Inc. issued $20 000 000 of 5-year bonds on 1 January 2008 with a stated interest rate of 7%. Interest is paid annually on 30 June. The market rate on this date was 7.75%.a.
A trainee in your office has prepared draft accounts for a client for the year ended 31 March 2010, but has not dealt with the adjustments for accrued expenses, prepaid expenses, bad and doubtful
You are preparing the year-end accounts for a client who buys and sells industrial machinery. You are dealing with bad debts and closing inventories:(a) Bad and doubtful debts Included in the trade
Wilson is preparing his bank reconciliation at 31 May 2011. His bank statement shows a balance of $228 cash at the bank. The balance on the bank account in his general ledger is $113 (credit). He has
Define capitalization. LO1.
Explain accounting practices for inventories.LO1.
Explain major accounting practices for property, plant and equipment.LO1.
Explain major accounting practices for intangible assets.LO1.
Explain major accounting practices for investment properties.LO1.
What is a capital expenditure? Which financial statement does it appear on?LO1.
What is revenue expenditure? Which financial statement does it appear on?LO1.
A business’s statement of comprehensive income for the year ended 31 December 2009 showed a profit of $83 600.It was later found that $13 500 was paid for the purchase of a motor van that had been
If a capital expenditure is incorrectly classified as revenue expenditure, how will net profit and net assets be affected?LO1. Net profit a. Understated b. Understated Net assets Understated
What costs should be included in inventories?LO1.
Are carriage-inwards costs capital expenditure or revenue expenditure?LO1.
Are carriage-outwards costs capital expenditure or revenue expenditure?LO1.
What is the cost of goods available? How is the cost of goods available calculated?LO1.
Which of the following costs should be included in the inventories of a manufacturing company?LO1.i. Carriage inwards ii. Carriage outwards iii. Factory costs iv. Administrative expensesa. All four
What are the two inventory cost flow assumptions permitted under IFRS?LO1.
What is meant by FIFO?LO1.
Where are the first costs assigned under FIFO? To cost of goods sold or ending inventories?LO1.
Magliori Construction Inc. builds residential villas. The following schedule shows the beginning inventory for October 2011 for 2 X 4 wooden studs and the purchases made throughout the month. The
Explain the difference between the perpetual and periodic inventory methods.LO1.
Is specific identification a perpetual or periodic inventory method?LO1.
A company values its inventory using the first-in, first-out (FIFO) method. On 1 May 2010 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 2012 the
Colin made a mistake in his calculations that resulted in the value of his closing inventory at 30 April 2009 being overstated by $900. The value was calculated correctly at 30 April 2010. What was
Kieron is an antiques dealer. His inventory included a clock that cost $15 100.Kieron expects to spend $700 on repairing the clock, which will mean that he will be able to sell it for $26000.At what
The inventories value for the financial statements of Q for the year ended 31 December 2009 was based on an inventories count on 4 January 2010, which gave a total inventories value of $836
On 1 September 2010, a business had inventories of $380 000.During the month, sales totalled $650 000 and purchases $480 000.On 30 September 2010 a fire destroyed some of the inventories. The
Explain the two approaches for interpreting ratios.LO1.
What are the two key ratios used to evaluate Inventories?LO1.
A company has beginning inventories of ¥1 500 000 and ending inventories of ¥1 400 000 for the reporting period. Gross profit is ¥4 000 000 and revenue is ¥10 000 000.Profit for the period is ¥1
A company has beginning inventories of ¥1 500 000 and ending inventories of ¥1 400 000 for the reporting period. Gross profit is ¥4 000 000 and revenue is ¥10 000 000.Profit for the period is ¥1
What conditions must be met in order to recognize an asset?LO1.
What are trade discounts and rebates?LO1.
What is residual value? What is the useful life?LO1.
How is the depreciable amount calculated?LO1.
Explain the difference between depreciable amount and asset cost.LO1.
Explain the difference between residual value and depreciable amount.LO1.
An asset cost ¥850 000.Its residual value is ¥150 000 and the useful life is estimated at eight years. What is the depreciable amount?a. ¥850 000b. ¥150 000c. ¥1 000 000d. ¥700 000LO1.
Name the principal methods of allocating the depreciation amount over the useful life of property, plant and equipment.LO1.
What is the difference between depreciation expense and accumulated depreciation?LO1.
How is depreciation expense calculated under the straight-line method?LO1.
How is depreciation expense calculated under the units-of-production method?LO1.
How is depreciation expense calculated under the diminishing balance method?LO1.
Which depreciation method increases profit during the earliest years of the asset’s useful life?LO1.
Which depreciation method results in the highest carrying amount for an asset during the earliest years of its useful life?LO1.
Which account is temporary: depreciation expense or accumulated depreciation?LO1.
On 1 July 2009 Tom bought a machine for $15 500.He depreciates machinery at a rate of 20% per annum on the reducing balance basis. A full year’s depreciation is charged in the year an asset is
A business purchased a car on 1 July 2010 for $20 000.It is to be depreciated at 20% per year on the straight-line basis, assuming a residual value at the end of five years of $4000, with a
To what does impairment refer?LO1.
How can a business determine whether an asset is impaired?LO1.
Define recoverable amount, fair value less costs to sell and value in use.LO1.
What are the two models for revaluing property, plant and equipment?LO1.
Under the revaluation model, how often should management determine the fair value of the asset?LO1. a. On the anniversary of the asset’s acquisitionb. Once per yearc. On the first day of the
A company originally purchased equipment at $45 000.Its carrying amount is now $25 000.The equipment is now valued at $47 000.The journal entry to adjust the asset value under the revaluation model
A company bought a machine for use in his business on 1 January 2010. He gave the supplier a cheque for $11 750 and traded in an old machine. The supplier allowed him $4430 in part exchange for the
What are examples of intangible assets?LO1.
When an intangible asset is acquired externally, what is the appropriate accounting?LO1.
When an asset is developed internally, what is the appropriate accounting?LO1.
What is the difference between research and development?LO1.
How are research costs accounted for?LO1.
How are development costs accounted for?LO1.
What two models can a reporting entity use to account for changes to the value of intangible assets?LO1.
What is goodwill? How is it created?LO1.
Which of the following statements is/are correct?i. Capitalized development expenditure must be amortized over a period not exceeding five years.ii. Capitalized development costs are shown in the
At 31 December 2012, Manchester Software Systems Ltd had capitalized software costs of €900 000. The useful life was estimated at four years, with-no residual value. Sales for 2013 were 10% of the
Netherland Company acquired a patent on 1 January 2011 for $1'12 500. This amount was to be amortized over 15 years with no residual value. In 2014, Netherland sued another company for infringement
Which of the following statements about intangible assets are correct?i. If certain criteria are met, research expenditure may be recognized as an intangible asset.ii. Goodwill may not be revalued
Which of the following statements about intangible assets in company financial statements are correct according to international accounting standards?i. Internally generated goodwill should not be
How is an investment property different from property, plant and equipment?LO1.
Under IFRS, what are the two accounting methods businesses can choose for accounting for investment property?LO1.
Which of the following would not qualify as an investment property?LO1. a. Landb. Buildingsc. Trademarkd. Factory currently used in production
Which is inaccurate regarding the accounting for investment property?LO1. a. The carrying amount cannot be historical cost.b. Any difference between the fair value of an investment property and its
How are inventory costs allocated to cost of goods sold?LO1. 2.2.1 What is specific identification?2.2.2 What are cost flow assumptions?First-in, first-out Average cost
How frequently are inventory costs updated?LO1.
What adjustments should be made when inventory values decline?LO1.
How do we evaluate inventories?LO1.
What costs are included in intangible assets?LO1.
How are intangible asset costs expensed?LO1.
How do we account for a change in the value of intangible assets?LO1.
How do we account for the disposal of an intangible asset?LO1.
What is goodwill and how do we account for it?LO1.
Describe the difference between cash-basis and accrual accounting. LO1.

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