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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

Performance Corporation was organized on January 1, 2003. At the end of 2003. the company had not yet employed an accountant; however, an employee who was "good with numbers" prepared the following
On June 1. 2008. Bland Corporation prepared a balance sheet just prior to going out ot business. The balance sheet totals showed the following:Required: 1. How would the balance sheet appear
Elizabeth Watkins owns and operates Liz's Boutique (a sole proprietorship). An employee prepares a financial report for the business at each year-end. This report lists all of the resources (assets)
You are one of three partners who own and operate Mary's Maid Service. The company has been operating for seven years. One of the other partners has always prepared the company's annual financial
As a team, select an industry to analyze. MarketGuide provides lists of industries and their makeup at www.marketguide.com/mgi/INDUSTRY/INDUSTRY.html. Each group member should acquire the annual
Why is an effective management information system a key element of an effec¬ tive management control system?LO1
What are the benefits of a computerized MIS relative to a manual MIS?LO1
What are the four components of a control system? To what devices would each of these relate in one of an automobile’s systems?LO1
Why would an organization have multiple control systems in place?LO1
Exhibit 15-3 identifies life cycle stages of cost management systems and assigns those stages to historical eras. However, the text also notes that all of these stages are found in business today.
How can a cost management system help in investment management activities?LO1
Identify examples of useful information that could be provided to a cost man¬ agement system by each of the functional areas shown in Exhibit 15-4.LO1
Why would management be willing to accept inaccurate costs from the cost management system? What sacrifices would be necessary to obtain accurate costs?LO1
What are examples of costs that a cost management system might treat differ¬ ently for internal and external purposes? Why would these treatments be appropriate?LO1
How can an integrated cost management system help managers understand and evaluate the effectiveness and efficiency of business processes?LO1
Why might activity-based costing be viewed as a fundamental part of a truly integrated cost management system?LO1
Is cost control the primary purpose of a cost management system? Discuss the rationale for your answer.LO1
Why do different performance measurements exist at different organizational levels? What are the benefits and problems associated with having such differences?LO1
What information could be generated from a cost management system that would help an organization ascertain its core competencies?LO1
Describe characteristics of organizations in which (a) centralized and (b) decen¬ tralized control would be effective.LO1
Would you prefer to work as an employee in an organization that had (a) cen¬ tralized or (b) decentralized control? Discuss the reasons for your answer.LO1
List five types of cost management information that would be most useful to an organizational subunit that was engaged in a (a) build, (b) harvest, and (c) hold mission.LO1
Discuss ways in which organizational culture could be used as a control mechanism.LO1
Compare the description in the chapter of AT&T prior to divestiture with the former Soviet Union prior to perestroika. How has the culture of each of these entities changed over time? How would these
Discuss the three generic strategies a company may pursue to avoid competition. What benefits would be gained from each strategy?LO1
What do you believe are the critical success factors of your college or university? Why did you choose these?LO1
What benefits are gained by an organization that has a high level of variable costs and a low level of fixed costs? A high level of fixed costs and low level of variable costs?LO1
How has technology increased the level of fixed (or long-term variable) costs in companies?LO1
How might the cost management system of an organization that has a high level of variable costs and a low level of fixed costs differ from that of an organization with a high level of fixed costs and
Why can “dollar sales per employee” be viewed as a measure of organizational productivity? What actions can managers take to increase productivity?LO1
What are feeder systems and why are they important in the design of a cost management system?LO1
Which is most important in the design of a cost management system: motiva¬ tional elements, informational elements, or reporting elements? Discuss the ra¬ tionale for your answer.LO1
“A firm cannot be successful unless short-term profits are achieved.” Is this statement true or false? Why?LO1
Provide three examples from your academic career of the accuracy ol the state¬ ment “you get what you measure.”LO1
How does the nature of the performance reward provided affect the incentives of a manager to be either short-term or long-term oriented in making decisions?LO1
(Organizational form) As a team of three, or as individuals, write a paper that compares and contrasts the corporate, general partnership, limited partnership, LLP, and LLC forms of business. At a
(Role of accounting information) In a team of three, prepare an oral presentation discussing how accounting information can help and hinder an organization’s progress toward its mission and
(Manual versus computerized information system) Divide a team of four into two groups (a “pro” and a “con” group) of two. Prepare a debate on the following statement: To be useful, an
(Marketing strategy) Robert L. Webling, Procter & Gamble's senior vice presidentfor advertising and market research, would like to wean Americans ofcoupons.His relentless cost-control efforts, which
(Interaction of costs and quality) In Digital Equipment Corp.'s 1994 reorganization, its second in as many years, the company eliminated hundreds of sales and marketing jobs in its health- industries
(Organizational strategy and cost management) Flatland Metals Company produces steel products for a variety of customers. One division of the company is Resi¬ dential Products Division. This
(Cost and quality management) A joke making the rounds in Philadelphia-area doctors’ lounges goes like this:Leonard Abramson, chief executive officer of U.S. Healthcare Inc., the big
(Cost management and product life cycle) Ford Motor Co. reported a 58% drop in its fourth-quarter profit as a result of the heavy costs of launching new vehicles. And officials predicted that similar
When a machine tried out for her job reading electricity meters earlier this year, Vicki Barsczak hoped it would fail. It didn’t.So, in April, Kansas City Power & Light Co., her employer, became
[John] Strazzcmti is the president of Cow-Corp Industries, a $13 million, 100 employee metal¬ stamping shop he incorporated in Cleveland in 1980. He'd started out as a machine operator with a
Some people may view an organization’s culture as a mechanism to eliminate diversity in the workplace. Is it ethical to attract and retain only individuals who accept an organization’s culture
Use Internet resources to compare and contrast the organizational cultures and operating performance of three of the following pairs of organizations:a. Delta Air Line and Southwest Airlinesb. Exxon
Lise Internet resources to find a company (regardless of where it is domiciled) whose managers have chosen to: (a) avoid competition through compression of competitive scope, (b) avoid competition
Management Sciences for Health is a not-for-profit organization that exists to improve the quality of healthcare delivered in the United States, and to improve the manner in which decisions are made
Define the objective of financial reporting, the elements of the balance sheet, and the related key accounting assumptions and principles, p. 49 LO1
Compute and interpret the financial leverage ratio, p. 53 LO1
Identify what constitutes a business transaction and recognize common balance sheet account titles used in business, p. 56 LO1
Apply transaction analysis to simple business transactions in terms of the accounting model: Assets = Liabilities + Stockholders' Equity, p. 57 LO1
Determine the impact of business transactions on the balance sheet using two basic tools, journal entries and T-accounts. p. 62 LO1
Prepare and analyze a simple balance sheet, p. 69 LO1
Identify investing and financing transactions and demonstrate how they are reported on the statement of cash flows, p. 70 LO1
Why is cost consciousness important to all members of an organization?LO1
How are costs determined to be committed or discretionary?LO1
How are the benefits of expenditures for discretionary costs measured?LO1
When are standards applicable to discretionary costs?LO1
How does a budget help control discretionary" costs?LO1
(Appendix) How is program budgeting used in not-for-profit entities?LO1
(Appendix) Why is zero-base budgeting useful in cost control?LO1
What is the primary objective of financial reporting for external users?LO1
Define the following:a. Asset.d. Current liability.b. Current asset.e. Contributed capital.c. Liability.f. Retained earnings.LO1
Explain what the following accounting terms mean:a. Separate-entity assumption.c. Continuity assumption.b. Unit-of-measure assumption.d. Historical cost principle.LO1
Why are accounting assumptions necessary?LO1
How is the financial leverage ratio computed and interpreted?LO1
For accounting purposes, what is an account? Explain why accounts are used in an accounting system.LO1
What is the fundamental accounting model?LO1
Define a business transaction in the broad sense, and give an example of two different kinds of transactions.LO1
Explain what debit and credit mean.LO1
Briefly explain what is meant by transaction analysis. What are the two steps in transaction analysis?LO1
What two accounting equalities must be maintained in transaction analysis?LO1
What is a journal entry?LO1
What is a T-account? What is its purpose?LO1
What transactions are classified as investing activities in a statement of cash flows? What transactions are classified as financing activities?LO1
What is the difference between a bookkeeper and an accountant?LO1
If a publicly traded company is trying to maximize its perceived value to decision makers exter- nal to the corporation, the company is most likely to understate which of the following on its bal-
Which of the following is not an asset?a. short-term investments in stockb. landc. prepaid expensed. contributed capital LO1
Which of the following is false if a company's financial leverage ratio is increasing over time?a. The amount of average stockholders' equity is decreasing relative to average total assets.b. The
Total assets on a balance sheet prepared on any date must agree with which of the following?a. the sum of total liabilities and net income as shown on the income statementb. the sum of total
The "duality of effects" can best be described as follows:a. When one records a transaction in the accounting system, at least two effects on the basic ac- counting equation will result.b. When an
The T-account is a tool commonly used for analyzing which of the following?a. increases and decreases to a single account in the accounting system h. debits and credits to a single account in the
Which of the following describes how assets are listed on the balance sheet?a. in alphabetical orderb. in onder of magnitude, lowest value to highest valuec. from most liquid to least liquidd. from
How many of the following are true regarding debits and credits? In any given transaction, the total amount of the debits and the total amount of the credits must be equal. Debits decrease certain
How many of the following statements are true regarding the balance sheet? One cannot determine the true "fair market value" of a company by reviewing its balance sheet. Certain internally generated
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
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
Calculate the financial leverage ratio for Fullem Company based on the following data:What does the result suggest about the company? What can you say about Fullem's ratio when compared to Papa
For each of the following events, which events result in an exchange transaction for O Brien Company(Y for yes and N for no)?LO1 (1) O'Brien purchased a machine that it paid for by signing a note
The following are several of the accounts of Gomez-Sanchez Company:In the space provided, classify each as it would be reported on a balance sheet. Use CA for current asset.NCA for noncurrent asset,
For each of the following transactions of Nardozzi Inc. for the month of January 2003, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided.a.
Complete the following table by entering either the word increases or decreases in each column.LO1 Assets Liabilities Stockholders' equity Debit Credit
Complete the following table by entering either the word debit or credit in each column.LO1 Assets Liabilities Stockholders' equity Increase Decrease
For each transaction in M2-6 (including the sample), write the journal entry in good form.LO1
For each transaction in M2-6 (including the sample), post the effects to the appropriate T-accounts and determine ending account balances. Beginning balances are provided.LO1 Cash Beg. bal. 1,000
Given the transactions in M2-6 (including the sample), prepare a balance sheet for Nardozzi Inc. as of January 3 1 , 2003. classified into current and noncurrent assets and liabilities.LO1
For the transactions in M2-6, identify each as an investing (I) activity or financing (F) activity on the statement of cash flows.LO1
The following are independent situations.a. A company orders and receives 10 personal computers for office use for which it signs a note promising to pay $25,000 within three months.b. A company

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