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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

Prepare unadjusted financial statements, p. 120 LO1
How are economic order quantity and reorder point determined and used?LO1
Why do managers use ABC inventory control systems?LO1
How does materials requirements planning differ from the economic order quantity model?LO1
What is the just-in-time philosophy and how does it affect production?LO1
How would the traditional cost accounting system change if a JIT inventory system were adopted?LO1
(Appendix) Why does a company carry safety stock and how is the amount estimated?LO1
Recognize the information conveyed in each of the four basic financial statements and the way that it is used by different decision makers (investors, creditors, and managers). p. 5 LO1
Identify the role of generally accepted accounting principles (GAAP) in determining the content of financial statements. p. 19 LO1
Distinguish the roles of managers and auditors in the accounting communication process. p. 21 LO1
Appreciate the importance of ethics, reputation, and legal liability in accounting. p. 23 LO1
Why are organizational form, structure, and culture important considerations in designing a cost management system?LO1
How do the internal and external operating environments affect the cost management system?LO1
What three groups of elements affect the design of a cost management system and how are these elements used?LO1
How is gap analysis used in the implementation of a cost management system?LO1
(Classifying transactions and economic events as permanent or transitory, LO 1)Would you classify each of the following as transitory or permanent in the entity’s financial statements? Explain your
(Classifying transactions and economic events as permanent or transitory, LO 1)Would you classify each of the following as transitory or permanent in the entity’s financial statements? Explain your
(Preparing common size financial statements, LO 2) Examine the balance sheets and income statements for Fairplay Inc. (Fairplay).Additional information:Required:a. Prepare common size balance sheets
(Preparing trend financial statements, LO 2) Use the financial statements for Fairplay Inc. provided in Exercise E13-3 to respond to the following:a. Prepare trend balance sheets and income
(Calculating liquidity ratios, LO 2) Use the information provided about Fairplay Inc. in Exercise E13-3 to respond to the following:a. Calculate the following for 2004 and 2005:i. current ratio ii.
(Using common size and trend statements to evaluate performance, LO 2) The income statements of Kronau Corp. (Kronau) for the years ended March 31, 2003 through 2005 are shown below:Required:a.
(Calculating accounts payable turnover, LO 2) You have been provided with the following information from the balance sheets and income statements of Batchawana Inc. (Batchawana). Accounts Payable and
(Determining the effects of transactions on ratios, LO 2) Complete the following table by indicating whether the following transactions or economic events would increase, decrease, or have no effect
(Determining the effects of transactions on ratios, LO 2) Complete the following table by indicating whether the following transactions or economic events would increase, decrease, or have no effect
(Determining the effects of transactions on ratios, LO 2) Complete the following table by indicating whether the following transactions or economic events would increase, decrease or have no effect
(Evaluating accounts receivable, LO 2) Oungre Inc. (Oungre) is a small printing business that provides a wide range of printing services to retail and commercial clients. Retail customers pay cash,
(Evaluating inventory management, LO 2) Zawale Ltd. (Zawale) is a wholesaler of fresh fruits and vegetables. Zawale purchases fruits and vegetables from growers and supplies them to small grocery
(Evaluating accounts payable management, LO 2) Guisachan Books Inc.(Guisachan) is a small book retailer. Guisachan has approached your company, a large publishing house, requesting credit terms on
(Calculating EPS, price-to-earnings ratio, and dividend ratios, LO 2) Junor Inc.(Junor) is a publicly traded company. During its year ended July 31, 2004 Junor reported net income of $3,759,000.
(Calculating EPS, price-to-earnings ratio, and dividend ratios, LO 2) Kovach Ltd.(Kovach) is a publicly traded company. During its year ended March 31, 2006 Kovach reported a net loss of $18,750,000.
(Examining the effect of debt covenants on debt and dividends) During fiscal 2005, Husavick Inc. (Husavick) borrowed $500,000 from a private lender. The loan agreement requires that Husavick’s
(Computing ratios, LO 2) Hurstwood Wineries Ltd. (Hurstwood) produces and markets wines from a number of wineries across Canada. You have been provided with the following income statements and
(Understanding return on assets, LO 2) You are provided with the following information about Unwin Corp. (Unwin), a small manufacturing company.Required:a. Calculate Unwin’s return on assets by
(Understanding return on assets, LO 2) You are provided with the following information about Wha Ti Inc. (Wha Ti), a vehicle repair company.Required:a. Calculate Wha Ti’s return on assets by
(Classifying transactions and economic events, LO 1) Explain whether you would classify each of the following transactions and economic events as extraordinary, unusual, or ordinary.a. An entity’s
(Find the missing information, LO 2) Use the information provided about Kynocks Inc. (Kynocks) to determine the missing information from its December 31, 2005 balance sheet and for the income
(Determining the effect of a big bath on future earnings and financial ratios, LO 1, 2) Vogar Ltd. (Vogar) is a public company that manufactures machine parts.In its most recent financial statements
(Evaluating the effect of R&D accounting on financial statement analysis, LO 1, 2,3) One controversial accounting issue is accounting for research costs. In Canada research costs must be expensed
(Evaluating performance, LO2) Nywening Ltd. (Nywening) operates in a highly competitive industry. Price is very important to most customers and it is very difficult for small operators such as
(Determining the effects of transactions on ratios, LO 2) You have been provided with the following information about Everell Inc. (Everell).Required:a. Calculate the accounts receivable, inventory,
(Determining the effects of transactions on ratios, LO 2) You have been provided with the following information about Yarker Ltd. (Yarker).Required:a. Calculate the accounts receivable, inventory,
(The effect of leverage on ROA and ROE, LO 2) Three companies, Company A, Company B, and Company C, are identical in every respect except for how they are financed. You are provided with the
(The effect of leasing on ratios, LO 2) Fodhia Inc. (Fodhia) is a small manufacturing company operating in eastern Canada. Fodhia is a public company. In 2004 Fodhia’s management decided to acquire
(Determining the effect of a big bath on future earnings, LO 1, 2) Quirpon Inc. (Quirpon) is a large mining company. In 2001 Quirpon wrote down $10,000,000 in costs that it incurred finding and
(Forecasting future earnings, LO 1) You have been presented with Peverel Ltd’s(Peverel) income statement for the year ended September 30, 2005.In addition, you have learned the following:© Cost of
(Evaluating liquidity and solvency, LO 2) Yekooche Inc. (Yekooche) is a small manufacturer of home environmental products such as humidifiers, air cleaners, and ionizers. Yekooche’s products are
(Evaluating an equity investment, LO 2) Refer to the information about Yekooche Inc. provided in Problem P13-12.You are an investment analyst for Qualicum Investment Group, Inc. (Qualicum).Qualicum
(Find the missing information, LO 2) Use the information provided about Voligny Inc. (Voligny) to determine the missing information from its December 31, 2005 balance sheet and for the income
Examine the management discussion and analysis section of MWW’s annual report and respond to the following questions:a. Why is it important to distinguish between growth in sales that result from
It is February 1, 2001. You have been approached by MWW to replace a line of credit that had been previously supplied by another lender.a. What information would you want that is not provided in
Calculate the following ratios for MWW for fiscal 2000 and 2001. Explain what these ratios tell you individually and collectively:a. gross marginb. profit marginc. return on assetsd. return on equity
Calculate the following ratios for MWW for fiscal 2000 and 2001. Explain what these ratios tell you individually and collectively:. current ratio. quick ratio accounts receivable turnover ratio.
You are the credit analyst for a company that MWW has approached to become a major supplier of work wear. Prepare a report to the manager of the credit department assessing the credit-worthiness of
MWW has never paid a dividend. Why do you think that is the case? Do you think that MWW could pay a regular dividend to its shareholders (assuming that it had not been purchased by Canadian Tire
In the Forecast Range section of its annual report MWW provides forecasted statements of earnings and forecasted balance sheets under conservative and optimistic scenarios (see page A-000). Use the
You are considering purchasing an equity interest in MWW (assuming that it had not been purchased by Canadian Tire Corporation, Limited). Use the information provided from MWW’s annual report to
MWW provides a “post mortem” on the financial forecast that was provided in the fiscal 2000 annual report (see page A-20). In the post mortem MWW’s manage- ment explains differences between the
Recognize the differences among proprietorships, partnerships, corporations, and not-for-profit organizations, and be familiar with accounting and reporting differences among these different types of
Characterize equity and the different types of equity securities, and explain the accounting for the issuance and repurchase of shares.
Describe the transactions and economic events that affect retained earnings, and explain the nature of cash, property, stock dividends, and stock splits, and the accounting for them.
Define leverage and explain the effects it has on the return earned by equity investors and on the profitability of an entity.
Discuss the nature and purpose of employee stock options, and the accounting issues and controversy surrounding them.
Analyze and interpret information about equity that is provided in financial statements.
Explain the following features that are sometimes associated with preferred shares:a. cumulativeb. retractablec. redeemabled. participatinge. convertible
Why is it important in a corporation’s financial statements that contributed capital be separated from retained earnings?Ql1-7. Explain the differences between debt and equity. What are the
What is a not-for-profit organization? If the objective of not-for-profit organizations is not to make a.profit, then what is their objective? Why is a traditional income statement not appropriate
Explain why not-for-profit organizations do not have an owners’ equity section on their balance sheets. What do they have instead of an owners’ equity section? What does that section of the
What is a limited liability partnership? What is the difference between limited partners and general partners? Why must a limited liability partnership have at least one general partner?
What does par value mean? How does the entry to record the issuance of common stock differ depending on whether the shares have a par value? Provide an example.
Grosvenor Ltd. has the following securities outstanding:i. $1,000,000 bond with 10% coupon rate.il. $1,000,000 of cumulative preferred shares with a 6.5% dividend rate.
What effect would payments to investors for each security have on the income statement? What would be the net cash cost of each security? Assume that Grosvenor Ltd. has a tax rate of 30%.
Over the last six months the price on the stock exchange of Ixworth Inc.’s (Ixworth)shares has fallen from a high of $32 per share to the current price of $18 per share.Ixworth does not plan to
Distinguish between stock splits and stock dividends. How is each accounted for?
What is the economic significance of stock splits and stock dividends?
What are employee stock options? How are they accounted for? What are the advantages to an entity of issuing stack options to its employees?
You are a shareholder in a public company. The company is proposing to introduce an employee stock option program for its senior executives. Do you think that this proposal is a good idea? In your
Why do employee stock options impose a cost on shareholders? Explain.
Car prices tend to increase over time. One car manufacturer has offered students the opportunity to lock in the price of a new car for when they graduate. By paying $500 today, a student can purchase
Why are preferred shares “preferred”? Are dividends on preferred shares guaranteed? If the preferred shares have a cumulative feature, are the dividends guaranteed? Explain.
Why do most companies not pay out 100% of their earnings each year in dividends? Explain.
Why do you think that property dividends are accounted for at their market value instead of their book value? Why are property dividends relatively uncommon?
(Preparing journal entries, LO 2, 3, 4,5) For each of the following transactions or economic events, prepare the journal entry that would be required:a. On April 2, 2010 Barthel Inc. issued 100,000
(Accounting for equity transactions and preparing the shareholders’ equity sec- tion of the balance sheet, LO 2, 3) You are provided with the following information from the equity section of Aurora
(Correction of an accounting error, LO 3) In fiscal 2004 Upshall Ltd. (Upshall)purchased land for $500,000. For some reason, the land was amortized over 10 years on a straight-line basis. A new
(Correction of an accounting error, LO 3) In fiscal 2002, Ioco Inc. (loco) purchased capital assets for $1,000,000. The capital assets were supposed to be amortized over five years on a straight-line
(Equity transactions, LO 2, 3, 6) The shareholders’ equity section of Fogo Ltd.s balance sheet is shown below:During fiscal 2005, the following occurred:i. On January 31, 50,000 common shares were
(Repurchase of shares, LO 2) For the following two transactions, prepare the required journal entries:a. On July 4, 2006 Nourse Inc. (Nourse) announced that it would be repurchasing up to 100,000 of
(Accounting for equity transactions, LO 2, 3) During the year ended December 31, 2006 Oyama Corp. (Oyama) had the following equity related transactions and economic events. On December 31, 2005 the
(Accounting for equity transactions, LO 2, 3) During the year ended June 30, 2007, Utusivik Inc. (Utusivik) had the following equity-related transactions and economic events. On June 30, 2006 the
(Calculating earnings per share, LO 2, 3, 6) For the year ended September 30, 2004 Queylus Inc. (Queylus) reported net income of $250,000. On September 30, 2003, Queylus had the following capital
(Impact of equity transactions on the statement of cash flows, LO 2, 3, 6) For each of the following transactions and economic events, indicate whether it would appear in the cash flow statement. If
(The difference between par and no par value shares, LO 2) For each of the following transactions, record the required journal entry:a. 25,000 shares of no par value shares are issued for $30 per
(Accounting for a partnership, LO 1) In July 2006 Mr. Irving and Ms. Ruth formed a partnership to offer consulting services. Mr. Irving contributed $20,000 in cash to the partnership and Ms. Ruth
(Accounting for dividends, LO 3, 6) Gogama Ltd. (Gogama) is planning on declaring a dividend for its common shareholders and is considering three alternatives:i. Declare a cash dividend of $5.00 per
Pies (Explaining the differences between preferred shares, LO 2) Exhibit 11-3 (page 667) provides a description of Bank of Montreal’s preferred shares. Class B— Series 4 and 5 were both issued in
(Effect of transactions and economic events on ratios, LO 2, 3, 4, 5, 6) Complete the following table by indicating whether the listed transactions or economic events would increase, decrease, or
(Effect of transactions and economic events on ratios, LO 2, 3, 4, 5,6) Complete the following table by indicating whether the listed transactions or economic events would increase, decrease, or have
(The effects of leverage, LO 4) Chitek Inc. (Chitek) is an oil and gas exploration company operating in northern Canada. Chitek has not yet begun extracting oil or gas from the ground, but it is
(The effects of leverage, LO 4) Greenway Television (Greenway) owns licenses to -operate eight new digital specialty television channels. Greenway was recently granted the licenses by the CRTC and
(Effect of employee stock options, LO 5, 6) At its annual meeting in March 2006 the shareholders of Jasper Inc. (Jasper) approved an employee stock option plan that allows the company’s board of

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