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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

Explain what the time period assumption means.LO1
Write the income statement equation and define each element.LO1
Explain the difference betweena. Revenues and gains.b. Expenses and losses.LO1
Define accrual accounting and contrast it with cash basis accounting.LO1
What four conditions must normally be met for revenue to be recognized under accrual basis accounting?LO1
Explain the matching principle.LO1
Explain why stockholders' equity is increased by revenues and decreased by expenses.LO1
Explain why revenues are recorded as credits and expenses as debits.LO1
Complete the following matrix by entering either debit or credit in each cell:LO1 Item Increase Decrease Revenues Losses Gains Expenses
Complete the following matrix by entering either increase or decrease in each cell:LO1 Item Debit Credit Revenues Losses Gains Expenses
State the equation for the asset turnover ratio and explain how it is interpreted.LO1
Which of the following is not a specific account in a company's chart of accounts?a. Gainsb. Net incomec. Revenued. Unearned Revenue LO1
Which of the following is not one of the four conditions that normally must be met for revenue to be recognized according to the revenue principle for accrual basis accounting?a. The price is
The matching principle controlsc. Cash has been collected.d. Evidence of an arrangement exists.a. where on the income statement expenses should be presented.b. how costs are allocated between Cost of
Cash payments for salaries are reported in what section of the Statement of Cash Flows?a. Financingb. Operatingc. Investingd. None of the above LO1
A company collects $100 cash on an account receivable from a customer for a sale last period. How would the receipt of cash impact the following two financial statements this period?LO1 Income
Which account is least likely to be debited when revenue is recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned Revenue LO1
Which is the most likely goal of a business with regard to its operating cycle?a. To sustain its current operating cycleb. To expand its current operating cyclec. To shorten its current operating
Match each definition with its related term by entering the appropriate letter in the space provided.There should be only one definition per term (that is. there are more definitions than terms).LO1
The following data are from annual reports ot Justin s Jewelry CompanyCompute Justin's total asset turnover ratio for 2004 and 2005. What do these results suggest to you about Justin's Jewelry
Mostert Music Company had the following transactions in March:a. Sold instruments to customers for $10,000; received $6,000 in cash and the rest on account. The cost of the instruments was $7,000./'.
The following transactions are July 2004 activities of Bob's Bowling, Inc., which operates several bowling centers (for games and equipment sales). If revenue is to be recognized in July, indicate
The following transactions are July 2004 activities of Bob's Bowling, Inc., which operates several bowling centers (for games and equipment sales). If expense is to be recognized in July, indicate
For each of the transactions in M3-4, write the journal entry in good form.LO1
For each of the transactions in M3-5. write the journal entry in good form.LO1
Given the transactions in M3-8 and M3-9 (including the examples), prepare an income statement for Bob's Bowling, Inc., for the month of July 2004.LO1
Given the transactions in M3-8 and M3-9 (including the examples), prepare the operating activities section of the statement of cash flows for Bob's Bowling, Inc., for the month of July 2004.LO1
Match each definition with its related term by entering the appropriate letter in the space provided.There should be only one definition per term (that is, there are more definitions than terms).LO1
Revenues are normally recognized when the delivery of goods or services has occurred, there is persuasive evidence of an arrangement, the price is fixed or determinable, and collection is reasonably
Revenues are normally recognized when goods or services have been provided and payment or promise of payment has been received. Expense recognition is guided by an attempt to match the costs
The following transactions occurred during a recent year:a. Issued stock to organizers for cash (example).b. Borrowed cash from local bank.c. Purchased equipment on credit.d. Earned revenue,
Wolverine World Wide, Inc., manufactures military, work, sport, and casual footwear and leather accessories under a variety of brand names, such as Hush Puppies, Wolverine, and Bates, to a global
Sysco, formed in 1969. is America's largest marketer and distributor of food sen ice products, serving nearly 250.000 restaurants, hotels, schools, hospitals, and other institutions. The following
Greek Peak Incorporated is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment. It operates several restaurants and rents townhouses to vacationing
Rowland & Sons Air Transport Service, Inc., has been in operation for three years. The following transactions occurred in February:Required:Prepare journal entries for each transaction. Be sure
Kline's Piano Rebuilding Company has been operating for one year (2003). At the start of 2004, its income statement accounts had zero balances and its balance sheet account balances were as
Refer to E3-9.Required:Use the ending balances in the T-accounts in E3-9 to prepare the following: 1. An unadjusted income statement for January 2004 in good form. 2. An unadjusted statement of
Refer to E3-9.Required:Use the transactions in E3-9 to prepare a statement of cash flows in good form.
Karen Gorewit and Pat Nally had been operating a catering business. Traveling Gourmet, for several years. In March 2005. the partners were planning to expand by opening a retail sales shop and
Refer to E3- 12.Required:Use the balances in the completed T-accounts in E3-12 to respond to the following: 1. Prepare an unadjusted income statement in good form for the month of March 2005. 2.
Refer to E3-12.Required:Use the transactions in E3-12 to prepare a statement of cash flows in good form.
Kim's Kite Company (a corporation) sells and repairs kites from manufacturers around the world. Its stores are located in rented space in malls and shopping centers. During its first month of
DeVita Company, which has been operating for three years, provides marketing consulting services worldwide for dot.com companies. You are a financial analyst assigned to report on the DeVita
A recent annual report of Dow Jones & Companv. the world leader in business and financial news and Dow Jones& Company information (and publisher of The Wall Street Journal), included the
You are e\ aluating \ our current portfolio of investments to determine those that are not performing to your expectations. You have all of the companies' most recent annual reports.Required:Fbi each
The following list includes a series of accounts for Norton Corporation that has been operating for three years. These accounts are listed and numbered for identification. Following the accounts is a
Charles Badurski organized a new company, CollegeCaps, Inc. The company operates a small store in an area mall and specializes in baseball-type caps with logos printed on them. Charles, who is never
According to its annual report. Wendy's serves "the best hamburgers in the business" and other fresh food including salads, chicken sandwiches, and baked potatoes in more than 4.000 restaurants
Jenna Wbhlwend, a connoisseur o\~ tine chocolate, opened lama's Sweets in Collegetoun on February 1 . 2003. The shop specializes in a selection of gourmet chocolate candies and a line o\ gourmet
Refer to P3-4.Required:For the transactions listed in P3-4, prepare a statement of cash flows for the month.
The following are several account balances (in millions of dollars) from a recent annual report of Federal Express Corporation, followed by several typical transactions. The business is described in
Cedar Fair, L. P. (Limited Partnership), owns and operates four seasonal amusement parks: Cedar Point in Ohio. Valleyfair near Minneapolis/St. Paul, Dorney Park and Wildwater Kingdom near Allentow
The following is a series of accounts for Murray & Morgan, Incorporated, that has been operating for two years. The accounts are listed and numbered for identification. Following the accounts is
Julie Kellogg is the president of ServicePro, Inc., a company that provides temporary employees for not-for-profit companies. ServicePro has been operating for five years; its revenues are increasing
Abercrombie & Fitch Co. is a specialty retailer of quality casual apparel for men and women. The company was established in 1892. purchased by The Limited in 1988. and in 1996 a newly
Spicewood Stables, Inc., was established in Austin, Texas, on April 1, 2003. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new
Refer to AP3-4.Required:For the transactions listed in AP3-4, prepare a statement of cash flows for the month.
The following are the summary account balances from a recent balance sheet of ExxonMobil Corporation.The accounts have normal debit or credit balances, but they are not necessarily listed in good
Refer to the financial statements and accompanying notes of Abercrombie & Fitch given in Appendix C at the end of the book, or open file ANF.pdf in the Annual Report Cases directory on the student
Refer to the Financial statements and accompanying notes of American Eagle Outfitters given in Appendix B at the end of the book, or open file AEOS.pdf in the Annual Report Cases directory on the
Refer to the financial statements of American Eagle Outfitters given in Appendix B, Abercrombie &Fitch given in Appendix C, and the Industry Ratio Report given in Appendix D at the end of this book,
Refer to the annual report for American Eagle Outfitters in Appendix B, or open file AEOS.pdf in the Annual Report Cases directory on the student CD-ROM.Required: 1. The annual report or 10-K report
The August 2, 1999, edition of Fortune presented numerous articles on accounting irregularities and fraud. One article entitled "Lies, Damned Lies, and Managed Earnings: The Crackdown Is Here"
Tastle Painting Service Company was organized on January 20, 2004. by three individuals, each receiving 5.000 shares of stock from the new company. The following is a schedule of the cumulative
Your cousin, an engineering major, has inherited some money and wants to invest in an auto company.She has never taken an accounting course and has asked you to help her compare a U.S. automaker's
Raul Tello started and operated a small boat repair service company during 2004. He is interested in obtaining a $100,000 loan from your bank to build a dry dock to store boats for customers in the
Mike Lynch is the manager of an upstate New York regional office for an insurance company. As the regional manager, his compensation package comprises a base salary, commissions, and a bonus when the
Define accounting.LO1
Complete the following:LO1 Name of Statement a. Income statement b. Balance sheet c. Audit report a. b. C. Alternative Title
What are the purposes of (a) the income statement, (b) the balance sheet, (c) the statement of cash flows, and (d) the statement of retained earnings?LO1
Explain why the income statement and the statement of cash flows are dated "For the Year Ended December 31, 2005," whereas the balance sheet is dated "At December 31, 2005."LO1
Financial statements discussed in this chapter are aimed at external users. Briefly explain how a company's internal managers in different functional areas (e.g., marketing, purchasing, human re-
Which of the following is not one of the four basic financial statements?a. balance sheetb. audit reportc. income statementd. statement of cash flows LO1
As stated in the audit report, or Report of Independent Accountants, the primary responsibility for a company's financial statements lies witha. the owners of the companyb. independent financial
Which of the following is true?a. FASB creates SECb. GAAP creates FASBc. the auditorsd. the company's managementc. SEC creates AICPAd. FASB creates GAAP LO1
How many of the following statements regarding the statement of cash flows is/are true? The statement of cash flows separates cash inflows and outflows into three major categories: operations.
Match each element with its financial statement by entering the appropriate letter in the space provided.LO1 (1) Expenses Element (2) Cash flow from investing activities (3) Assets (4) Dividends (5)
Mark each item in the following list as an asset (A), liability (L), or stockholders' equity (SE) that would appear on the balance sheet or a revenue (R) or expense (E) that would appear on the
Match each definition with its related term or abbreviation by entering the appropriate letter in the space provided.LO1 Term or Abbreviation (1) SEC (2) Audit (3) Sole proprietorship (4) Corporation
According to its annual report. "'Procter & Gamble markets a broad range of laundry, cleaning, paper, beauty care, health care, food and beverage products in more than 140 countries around the
Tootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll. Tootsie Roll Pops. Tootsie Pop Drops, Tootsie Flavor Rolls. Charms, and Blow-Pop
Established less than 50 years ago, Honda Motor Co., Ltd. of Japan is a leading international manufacturer of automobiles and the largest manufacturer of motorcycles in the world. As a Japanese
Terry Lloyd and Joan Lopez organized Read More Store as a corporation; each contributed $50,000 cash to start the business and received 4,000 shares of common stock. The store completed its first
Assume that you are the owner of The Collegiate Shop, which specializes in items that interest stu- dents. At the end of January 2003, you find (for January only) this information:a. Sales, per the
Wal-Mart Stores. Inc., is the largest retail chain in the United States, operating more than 2.000 stores. Its recent quarterly income statement contained the following items (in thousands). Solve
Home Realty. Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in
Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each independent case following to compute the two missing amounts for each case.
Clay Corporation was organized by five individuals on January 1, 2003. At the end of January 2003, the following monthly financial data are available:Required:Complete the following two statements:
Pest Away Corporation was organized by three individuals on January 1, 2003. to provide insect extermination services. At the end of 2003, the following income statement was prepared:Required: 1.
Compaq Computer is a leading designer and manufacturer of personal computers. The following items were taken from its recent cash flow statement. Note that different companies use slightly different
NITSU Manufacturing Corporation is preparing the annual financial statements for the stockholders.A statement of cash flows must be prepared. The following data on cash flows were developed for the
Paul's Painters, a service organization, prepared the following special report for the month of January 2003:Required: 1. The owner (who knows little about the financial part of the business) asked
Assume that you are the president of Nuclear Company. At the end of the first year (December 31.2003) of operations, the following financial data for the company are available:Required (show
During the summer between her junior and senior years. Susan Irwin needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, she decided to tr\
New Delivery Company was organized on January 1. 2003. At the end of the first quarter (three months) of operations, the owner prepared a summary of its operations as show n in the first row of the
On January 1, 2003, three individuals organized West Company as a corporation. Each individual invested$10,000 cash in the business. On December 31, 2003, they prepared a list of resources
Assume that you are the president of McClaren Corporation. At the end of the first year (June 30.2005) of operations, the following financial data for the company are available:Required (show
Refer to the financial statements of American Eagle Outfitters in Appendix B at the end of this book, or open file AEOS.pdf in the Annual Report Cases directory on the student CD-ROM.Required: 1.
Refer to the financial statements of Abercrombie & Fitch in Appendix C at the end of this book, or open file ANF.pdf in the Annual Report Cases directory on the student CD-ROM.Required:Read the
Refer to the financial statements of American Eagle Outfitters given in Appendix B and Abercrombie& Fitch given in Appendix C and the Industry Ratio Report given in Appendix D at the end of this

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