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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Describe the four types of adjusting entries.LO1.
Demonstrate how adjusting entries are recorded.LO1.
Describe the four closing entries and explain the purpose of each.LO1.
Prepare financial statements using the extended trial balance worksheet.LO1.
Explain the circumstances that create the need to make an adjusting entry to accrue revenue.LO1.
What are the two tests that an adjusting entry must meet?LO1.
Able Cleaning Service Ltd prepares financial reports monthly. On 30 July 2009, the supervisor informs the accounting office that he has received a request from a customer, Nestor Almadar, for €550
Able Cleaning Service Ltd prepares financial reports monthly. On 30 July 2009, the supervisor informs the accounting office that his crew completed work for a customer, Nestor Almadar, that morning
Able Cleaning Service Ltd prepares financial reports monthly. On 30 July 2009, the supervisor informs the accounting office that his crew completed work for a customer, Nestor Almadar, that morning
Explain the circumstances that create the need to make an adjusting entry to accrue expenses.LO1.
A company accrues salaries for the week just ended that will be paid at the end of the month. The debit in the journal entry would be to which financial statement category?LO1.a. Assetsb.
Able Cleaning Service Ltd prepares financial reports monthly. On 30 July 2009, the supervisor informs the accounting office that his crew completed work that morning for a customer, Nestor Almadar,
Able Cleaning Service Ltd prepares financial reports monthly. On 30 July 2009, the supervisor informs the accounting office that his crew completed work that morning for a customer, Nestor Almadar,
Explain what circumstances cause an adjusting entry for unearned revenue to be recorded.LO1.
How is accrued revenue different from unearned revenue?LO1.
Which adjusting entry increases assets? Accrued revenue or unearned revenue?LO1.
Which adjusting entry decreases liabilities? Accrued revenue or unearned revenue?LO1.
Which adjusting entry increases profit? Accrued revenue or unearned revenue?LO1.
Which adjusting entry increases equity? Accrued revenue or unearned revenue?LO1.
Baity, a limited liability company, receives rent for subletting part of its office premises to a number of tenants. In the year ended 31 December 2009, Baity received cash of $318 600 from its
A company sublets part of its office accommodation. In the year ended 30 June 2009 cash received from tenants was $83 700. Details of rent in arrears and in advance at the beginning and end of the
What is the journal entry to record the prepayment of rent for the next three months in the amount of $33 000 on 1 June 2012?LO1.
What is the adjusting entry related to the prepayment of rent in Item 1 above for the month of June 2012?LO1.
What is the adjusting entry related to the prepayment of rent in Item 1 above for the month of September 2012?LO1.
A company has a supplies balance in its trial balance for 1 May 2012 for $45 000. A physical count reveals that $22 000 remains at the end of the month. What is the adjusting entry related to
A company has a supplies balance in its trial balance for 1 May 2012 for $45 000. Records indicate that $27 000 of the supplies were used during the month of May. What is the adjusting entry related
In September 2010 Alison paid $7800 for rent for the four months from 1 October 2010. What ■ should be reported on Alison’s statement of financial position at 30 November 2010?a. An accrual of
A company prepares its financial statements on 30 April each year. Rent is paid quarterly in advance on 1 January, 1 April, 1 July and 1 October. The annual rent is $84 000 annually until 30 June
What is a temporary account? What is a permanent account?LO1.
Which accounts are closed - temporary or permanent?LO1.
Explain the four closing entries.LO1.
The adjusted trial balance for 30 September 2009 showed dividends of €500 just before closing. What is the closing entry?LO1.
The adjusted trial balance for 30 September 2009 showed revenues of €72 500 just before closing. What is the closing entry?LO1.
The adjusted trial balance for 30 September 2009 showed expenses of €84 200 just before closing. What is the closing entry?LO1.
Based on items 1, 2 and 3 above, what is the entry to close income summary to retained earnings?LO1.
Indicate whether each of the following accounts is temporary or permanent:LO1. Account Cash Revenue Trade accounts payable Share capital Reserves Expenses Dividends Trade accounts receivable
When completing an extended trial balance that includes balances for depreciation expense and accumulated depreciation, into which columns should these balances be extended?LO1. Depreciation Expense
Heather is completing her extended trial balance. Into which columns should she extend the balance to close profit?LO1. Statement of Comprehensive Income a. Debit b. Credit c. Debit d. Credit ACCA
Totals in an extended trial balance were:What is the profit for the period?LO1.a. A loss of $7209b. A loss of $12 318c. A profit of $7209d. A profit of $12 318 ACCA adapted Statement of Comprehensive
Why are adjusting entries made at the end of the reporting period? What are the four types of adjusting entries? Explain each type and provide an example. What are the two criteria that every
What is the difference between a temporary and permanent account? Which accounts are temporary accounts? Which accounts are permanent accounts?
Which accounts - temporary or permanent - are closed and show a balance of zero on the post¬ closing trial balance? Which accounts - temporary or permanent - have a balance in the post¬ closing
Why are temporary accounts closed? Why are permanent accounts ^ot closed?(Appendix)
What are the four closing entries?(Appendix)
Entries that remove balances m temporary accounts to the retained earnings reserve are called _________.
_________ (also referred to as _________ ) include the statement of financial position accounts.
________ is the process of classifying debits and credits into the appropriate reporting period.
________ also referred to as_)include the statement of comprehensive income accounts and the dividend account.
_______ are not closed. _________ are closed at the end of the reporting period.
When revenue should be recognized in the current reporting period but it has not been recorded, then we must-the revenue. The same is true with expenses that have been incurred but not yet recorded.
A worksheet version of the adjusted trial balance called a(n)_can be used to construct the financial statements.
Entries that convert accounts to accrual basis are called_.
On 31 March 2010, for the Bayan Cafe was preparing to make adjusting entries in order to prepare the quarterly financial statements. 31 March 2010 falls on a Wednesday. Based on the following
Following is the extended trial balance worksheet for A1 Awad Systems, Inc.Required:1. Complete the extended worksheet.2. Prepare the statement of comprehensive income.3. Prepare the statement of
The June month end adjusted trial balance for Christophe Ceramics SA is as follows:Record the closing entries. Account Titles Sales revenue Cost of sales Christophe Ceramics SA Adjusted Trial Balance
Define the accounting inforntation system and describe its components.LO1.
Describe the sales and cash receipts cycle.LO1.
Describe the purchases and cash disbursements cycle.LO1.
Describe the employee compensation, fixed assets and inventories and conversion cycles.LO1.
Define the audit trail.LO1.
Compare and contrast the accounting information system with the accounting process discussed in Chapters 4 and 5.LO1.
Compare and contrast a general journal entry and a special journal entry. How are they similar? How are they different? Why are special journal entries used in accounting?LO1.
Compare and contrast a general ledger and a subsidiary ledger. How are they similar? How are they different? Why are subsidiary ledgers used in acTcounting?LO1.
Compare and contrast a chart of accounts with an account code structure. How are they similar? How are they different?LO1.
What would be the appropriate account code for the credit side of the journal entry when cash is received from Sydney Doctors’ Group to Melbourne Sales on the trade accounts receivable that was
What would be the appropriate account code for the debit side of the journal entry when cash is received from Sydney Doctors’ Group to Melbourne Sales on the trade receivable that was recorded for
Explain what the following documents are and how they are used in the sales and cash receipts cycle: customer purchase order, sales order and sales invoice.LO1.
What is the difference between a sales return and a sales allowance? Why would a business use one or the other?LO1.
What is a contra account?LO1.
Compare and contrast invoice payment with the statement method of paying for sales.LO1.
What is the difference between gross sales and net sales? How is each calculated?LO1.
A company sells $25 000 in merchandise to a customer on terms 2/8, net 30 on 29 October 2012. The customer pays on 7 November 2012 in full. What is the journal entry to record the payment?LO1.
A company sells $25 000 in merchandise to a customer on terms 2/8, net 30 on 29 October 2012. The customer pays on 5 November 2012 in full. What is the journal entry to record the payment?LO1.
Achillios Industries extends credit to its customers on terms 4/12, net 25. On 11 December 2014 a customer purchases €210 799 in merchandise. On 25 December 2014 payment is received by Achillios.
Lorenz-Wilhelm Steel receives an order for €3 324 885 from a construction company on 15 August 2013 on terms 3/10, net 30. On 17 August 2013, the customer returns merchandise for €215 300. The
Tekko Fabrics reported $1 455 000 in revenues for fiscal 2011. Sales returns and allowances were $23 400, sales discounts $57 200, purchase discounts $77 990 and purchase returns and allowances $49
Explain what the following documents are and how they are used in the purchases and cash disbursements cycle: purchase requisition, purchase order, receiving report, vendor invoice and remittance
What is the difference between a purchase return and a purchase allowance? Why would a business use one or the other?LO1.
Which document should accompany a payment made to a supplier?a. Sales invoiceb. Remittance advicec. Purchase invoiced. Purchase requisition LO1.
Which of the following is correct when recording a discount received from a supplier?a. Debit trade accounts payable; credit cashb. Debit trade accounts receivable; credit cashc. Debit trade accounts
The sequence of events to account for a purchase on credit for a contract cleaning company would be which of the following?a. record purchase in purchase journal, prepare purchase requisition,
What document provides proof of payment in a business transaction?a. Debit noteb. Invoicec. Chequed. Claim LO1.
Manish buys goods on credit from Lisa but finds that some of them are faulty. What document would Manish return to Lisa with the faulty goods?a. Statementb. Debit notec. Sales invoiced. Purchase
Jonathan sends a debit note to one of his suppliers. In which of Jonathan’s books of prime entry would this be recorded?a. Salesb. Purchasesc. Sales returnsd. Purchase returns ACCA adapted LO1.
What activities does the employee compensation cycle address?LO1.
What is the difference between gross pay and net pay?LO1.
What is an asset register and what information does it contain?LO1.
What major accounting entries are generated by the fixed assets cycle?LO1.
What is the difference between work in progress and finished goods?LO1.
What are direct materials, direct labour and overhead?LO1.
Sophie has the following information about a recently acquired noncurrent asset that was financed by taking out a loan.(i) serial number(ii) cost(iii) provider of loan(iv) date of purchase What
Which of the following are reasons for maintaining a noncurrent asset register?(i) To calculate the total balance outstanding on loans raised to buy noncurrent assets(ii) To help in carrying out the
Which of the following is/are correct?(i) The noncurrent asset register is part of the double-entry system(ii) A noncurrent asset register is required in every organization’s accounting system(iii)
Define audit trail.LO1.
What purposes do audit trails serve?LO1.
What are accounting cycles?LO1.
What are special journals, subsidiary ledgers and the general ledger?LO1.
What is an account coding structure?LO1.
What is the sales subsystem?LO1.
What is the cash receipts subsystem?LO1.

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