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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

What is the sales returns and allowances subsystem?LO1.
What is the sales discounts subsystem?LO1.
What modes of payment are used in sales transactions?LO1.
What is the purchases subsystem?LO1.
What is the cash disbursements subsystem?LO1.
What is the purchases returns and allowances subsystem?LO1.
What are purchase discounts?LO1.
What is the employee compensation cycle?LO1.
What is the fixed assets cycle?LO1.
What is the inventories and conversion cycle?LO1.
Define an accounting information system. How does an accounting information system differ from the accounting process?(Appendix)
What are the cycles typically found in large accounting systems?(Appendix)
Define account coding structures and explain how they function.(Appendix)
What is a special journal? How and why are special journals used? What are examples of typical special journals?(Appendix)
What is a subsidiary ledger? How and why are subsidiary ledgers used? What are examples of typical subsidiary ledgers?(Appendix)
For each cycle in the accounting information system (sales and cash receipts, purchases and cash disbursements and payroll), describe the sequence of events. What documents are typically used in each
Describe the major functions of the fixed assets cycle.(Appendix)
Describe the major functions of the inventories and conversion cycle.(Appendix)
Define the audit trail and describe how an audit trail is created. What is the purpose of an audit trail?(Appendix)
Similar transactions are recorded using_, also referred toas_.
To find all items that have affected a customer’s account, you would examinethe_.For all items that have affected an account that the business owes, you would examinethe_.
When_and_aresubtracted from gross sales, the resultis_.
The_allows a transaction to be traced from the source document through the accounting system to the financial statement.
A(n)_is a bill for goods or services.
Cheques sent in payment of a good or service are accompanied by a(n)_.
A(n)_provides detailed information on a particular general ledger account.
A customer makes a request to purchase goods or services by submitting a(n)_. When this is received by the business, an internal document called a(n)_is prepared.
A bill for goods or services that has been received from a supplier is referred to as a(n)
In the conversion process,_and_are included in overhead.
When a customer requests an allowance for defective goods, a(n)_is issued. When a business requests that a supplier provide an allowance for defective goods, a(n)_is recorded.
When a good or service is received by a business, an internal document called a(n)_is prepared.
_arereductions are offered by a business to a customer if the customer pays within a specified time period.
A_offsets another account.
A list of noncurrent assets including information like original cost, date purchased and serial number can be found onthe_,which is part ofthe-.
When production of goods has begun but has not been completed at the reporting date, we classify related costsin_.If production has been completed at the reporting date, these costs are classifiedas_.
A(n)_is a summary of all account activity for a period of time and is used to request payment from the customer.
When_and_aresubtracted from gross purchases, the result is
The amount an employee receives in his or her pay chequeis-.This is calculated by deducting_from-•
A department within a company uses a(n)_to submit a request to purchase goods. The next step is to prepare a_thatis forwarded to the supplier.
________ are reductions offered by a supplier if the business pays within a specified time period.
In the sales subsystem flowchart shown below, fill in the missing items with the activity, document or accounting from the following terms: sales invoice, sales journal posted to general ledger,
In the cash receipts subsystem flowchart shown below, fill in the missing items with the activity, document or accounting from the following terms: bank deposit slip, journal entry for cash receipts
In the sales returns and allowances subsystem flowchart shown below, fill in the missing items with the activity, document or accounting from the following terms: sales returns and allowances
In the purchases subsystem flowchart shown below, fill in the missing items with the activity, document or accounting from the following terms: payables journal, vendor invoice, journal entry
In the cash disbursements subsystem flowchart shown below, fill in the missing items with the activity, document or accounting from the following terms: payables subsidiary ledger, summary of cash
In the purchase returns and allowances subsystem flowchart shown below, fill in the missing items with the activity, document or accounting from the following terms: debit memo, request for purchase
Ill the payroll subsystem flowchart shown below, fill in the missing items with the activity, document or accounting from the following terms: payroll subsidiary ledger, business hires employee,
At 30 November 2010, the balance in the receivables account for Elizabeth Cosmetics Corporation was €39 982. The company’s accounting department then discovered the following errors:a. A sales
You are assisting in the preparation of the 31 December 2011 year-end accounts of Tofiq & Company. The balance on the trade payables account is £45 505. You have noted the following irregularities
What does the statement of cash flows report? D13-1.
How is a statement of cash flows different from an income statement? D13-1.
What are the three categories into which inflows and outflows of cash are divided? D13-1.
Which items usually constitute the largest components of cash provided by operations? D13-1.
Why are depreciation, depletion, and amortization added to net income when the indirect method is used to develop net cash flows from operations? D13-1.
What are the most common sources of cash inflows from financing and investment? D13-1.
Which items appear most frequently as outflows in statements of cash flows? D13-1.
Why are direct exchanges of long-term debt for items of property, plant, and equipment included in supplementary information for statements of cash flows even though the exchanges do not affect cash?
From what source(s) should most firms secure the majority of cash inflows?Why? D13-1.
Why should firms attempt to secure cash for investment in property, plant, and equipment from long-term or permanent sources? D13-1.
Why might a firm that reports a net loss have a cash outflow (rather than a cash inflow) from operations? D13-1.
What balance sheet account changes might you expect to find for a firm that must draw on sources other than operations to fund its cash outflows? D13-1.
Where do the components of the changes in retained earnings appear in the statement of cash flows? D13-1.
Does the fact that the cash flow from operations is normally positive imply that cash and cash equivalents usually increase each year? D13-1.
DETERMINING CASH FLOWS INVOLVING EQUIPMENT. Burns Company’s 19x9 and 19x8 balance sheets presented the following data for equipment:During 19x9 equipment costing $35,000 with accumulated
DETERMINING CASH FLOWS FOR INVESTMENT. Airco owns several aircraft, which it leases to businesses. Airco’s balance sheet indicated the following amounts for its aircraft accounts at the end of 19x3
PREPARING A PROSPECTIVE STATEMENT OF CASH FLOWS. Jane and Harvey Wentland have decided to open a retail athletic supply store, Fitness Outfitters, Inc. They will stock clothing, shoes, and supplies
PROFITABILITY DECLINES AND THE STATEMENT OF CASH FLOWS. The Bookbarn, Inc., is a retail seller of new books in a moderate-size city. Although initially very successful, The Bookbarn’s sales volume
ACCRUED LIABILITY CHANGES AND THE STATEMENT OF CASH FLOWS. Rod Bucher, the accountant for Green’s Appliance Stores, has asked you how to account for warranty expense and the change in the estimated
DISSENTING VIEWS AND THE CASH FLOW STATEMENT. The preparation of cash flow statements is required by Statement of Financial Accounting Standards No. 95, “The Statement of Cash Flows,” adopted by
INTERPRETING STATEMENTS OF CASH FLOWS. Visit your library and locate the financial statements for the last 4 years for a company of your choice.REQUIRED:1. Prepare a comparative statement of cash
INCOME, CASH FLOW, AND FUTURE LOSSES. On January 1, 19x1, Cermack National Bank loaned $5,000,000 under a 2-year, $5,800,000, zero-coupon note to a real estate developer. The bank recognized interest
CLASSIFICATION OF CASH FLOWS. The controller of Newstrom Software, Inc., provides the following information as the basis for a statement of cash flows:REQUIRED:1. Using the information provided
STATEMENT FROM BALANCES AND CHANGES. Wayne Sales, Inc., is a ow retailer of drinking-water filtration systems. The accompanying schedule of balances a and changes represents a comprehensive
CASH FLOWS FROM OPERATIONS, INDIRECT METHOD. Service Company had net income during 19x3 of $111,000. The following data are available for balance sheet account changes during 19x3:REQUIRED:Prepare
INDIRECT DETERMINATION OF CASH FLOWS FROM OPERATIONS. For Cornelius, Inc., you have the following data: INCOME STATEMENT ITEM Depreciation expense Net income AMOUNT $11,000 38,000 BALANCE SHEET ITEM
CASH FLOWS FROM OPERATIONS, INDIRECT METHOD. The following data Umit are available for Bernard Corporation for a recent year:REQUIRED:Prepare the cash flows from operations portion of the statement
DIRECT DETERMINATION OF CASH FLOWS FROM OPERATIONS. Casey Company engaged in the following transactions:a) Made credit sales of $600,000. The cost of the merchandise sold was $410,000.“b) Collected
CASH FLOWS FROM OPERATIONS, DIRECT METHOD. Colassard Industries has the following data available for preparation of its statement of cash flows: Sales revenue Cost of goods sold $345,000 Inventory,
REFORMATTING A STATEMENT OF CASH FLOWS. Rolling Meadows Country Club, Inc., is a privately owned corporation that operates a golf club. The Club’s statement of cash flows appears below:Prepare a
REFORMATTINGA STATEMENT OF CASH FLOWS. Boeke Company has pre- pared the following statement of cash flows for 19x7:REQUIRED:Recast the Boeke statement into a properly prepared statement of cash
PREPARINGA STATEMENT OF CASH FLOWS. Balance sheets for Cincinnati Health Club, Inc., appear below:Due to adverse economic conditions, Cincinnati Health Club had a net loss in 19x8 of $7,300.
PREPARING A STATEMENT OF CASH FLOWS. Financial statements for Rowe Publishing Company appear below and on the next page: ASSETS ROWE PUBLISHING COMPANY Balance Sheets As of December 31, 19x5 and 10x1
NET INCOME, CASH FLOWS, AND DIVIDENDS. Granville Consulting, Inc., included the following income statements in its 19x9 annual report:During 19x8 the balance of accounts receivable decreased by
DIRECT DEVELOPMENT OF A STATEMENT OF CASH FLOWS. According to Laurie Bond, controller, Transworld Export engaged in the following transactions during a recent year:Made credit sales of
PREPARATION OF A STATEMENT OF CASH FLOWS FROM BALANCE SHEET DATA. Jane Bahr, controller of Endicott & Thurston Associates, prepared the following balance sheets at the end of 19x4 and
PREPARATION OF A STATEMENT OF CASH FLOWS. Yogurt Plus, a restau- rant, collected the following data on inflows and outflows for 19x9:REQUIRED:Prepare a statement of cash flows, using the direct
USING FINANCIAL STATEMENTS AND TRANSACTION DATA TO PREPARE A STATEMENT OF CASH FLOWS. Erie Company has the following data for 19x7:REQUIRED:Prepare a statement of cash flows for Erie, using the
PREPARATION AND ANALYSIS OF A STATEMENT OF CASH FLOWS. SDPS, Inc., provides airport transportation services in southern California. An income statement for 19x6 and balance sheets for 19x6 and-19x5
REORGANIZING A STATEMENT OF CASH FLOWS. Befuddled Corporation prepared the following statement of cash flows for 19x2:REQUIRED:Prepare a properly formatted statement of cash flows for Befuddled for
PREPARATION OF A STATEMENT OF CASH FLOWS. For the year ended December 31, 19x2, Beckwith Products Company has the following data available:REQUIRED:Prepare a statement of cash flows for Beckwith
EFFECT OF TRANSACTIONS ON CASH FLOWS. The accompanying schedule Eo describes 17 transactions that characterize the activities of Summit Sales, Inc., for 19x7:REQUIRED: 1. Indicate in the five asset,
PREPARING A STATEMENT OF CASH FLOWS. The income statement for 19x9 and balances sheets for 19x9 and 19x8 for Monon Cable Television Company follow:REQUIRED:Prepare a statement of cash flows, using
How do long-term investments differ from short-term investments? Where do long-term investments appear on the balance sheet? P14-41.
Define the concepts of return and risk. How are these concepts useful to investors? P14-41.
What events mark the beginning and end of the holding period for long-term investments in debt and equity securities? P14-41.
Why might a business hold long-term investments in debt securities? In equity securities? P14-41.
Describe three strategies for long-term investments in securities, and name the accounting method applicable to each strategy.
Describe the amortized cost method of accounting for long-term investments and the circumstances under which it should be used.P14-41.
Describe the fair value method of accounting for long-term investments and the circumstances under which it should be used.P14-41.
Describe the equity method of accounting for long-term investments and the circumstances under which it should be used.P14-41.

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