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cost accounting

Questions and Answers of Cost Accounting

Anna Pelo is unable to reconcile the bank balance at January 31.Anna’s reconciliation is as follows.Cash balance per bank....... $3,560.20Add: NSF check............ 690.00Less: Bank service
On April 30, the bank reconciliation of Galena Company shows three outstanding checks: no. 254, $650, no. 255, $820, and no. 257, $410.The May bank statement and the May cash payments journal show
The following information pertains to Family Video Company.1. Cash balance per bank, July 31, $7,263.2. July bank service charge not recorded by the depositor $28.3. Cash balance per books, July 31,
The information below relates to the Cash account in the ledger of Robertson Company. Balance September 1?$17,150; ? ? ? ?Cash deposited?$64,000. Balance September 30?$17,404;? ? ?? Checks
The cash records of Givens Company show the following four situations.1. The June 30 bank reconciliation indicated that deposits in transit total $720. During July the general ledger account Cash
Lipkus Company has recorded the following items in its financial records.Cash in bank.......... $ 47,000Cash in plant expansion fund.. 100,000Cash on hand........ 12,000Highly liquid
Luby Office Supply Company recently changed its system of internal control over cash disbursements. The system includes the following features. Instead of being unnumbered and manually prepared, all
Winningham Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period. July 1 Established petty cash fund by writing a check on Cubs Bank
On May 31, 2010, James Logan Company had a cash balance per books of $6,781.50. The bank statement from Farmers State Bank on that date showed a balance of $6,404.60. A comparison of the statement
The bank portion of the bank reconciliation for Backhaus Company at November 30, 2010, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at November 30. The
Haverman Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger balance and the bank statement are shown below. Analysis of the bank data reveals that
Emporia Middle School wants to raise money for a new sound system for its auditorium. The primary fund-raising event is a dance at which the famous disc jockey Obnoxious Ed will play classic and
Discount Theater is located in the Mishawaka Mall. A cashier’s booth is located near the entrance to the theater. Three cashiers are employed. One works from 1–5 P.M., another from 5–9 P.M. The
Loganberry Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period.July 1 Established petty cash fund by writing a check on Rock Point
Wolverine Genetics Company of Flint, Michigan, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2010, the company?s cash account per its general ledger showed the
The bank portion of the bank reconciliation for Chapin Company at October 31, 2010, was as follows. The adjusted cash balance per bank agreed with the cash balance per books at October 31. The
Bummer Company?s bank statement from Fifth National Bank at August 31, 2010, shows the information A summary of the Cash account in the ledger for August shows: Balance, August 1, $10,959; receipts
Gazarra Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum,
The financial statements of PepsiCo, Inc., are presented in Appendix A at the end of this textbook. Instructions(a) What comments, if any, are made about cash in the report of the independent
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B. Instructions(a) Based on the information contained in these
All organizations should have systems of internal control. Universities are no exception. This site discusses the basics of internal control in a university setting.Address:
The board of trustees of a local church is concerned about the internal accounting controls for the offering collections made at weekly services. The trustees ask you to serve on a three-person audit
As a new auditor for the CPA firm of Croix, Marais, and Kale, you have been assigned to review the internal controls over mail cash receipts of Manhattan Company. Your review reveals the following:
You are the assistant controller in charge of general ledger accounting at Riverside Bottling Company. Your company has a large loan from an insurance company. The loan agreement requires that the
A local bank reported that it lost $150,000 as the result of employee fraud. Doug Steeber is not clear on what is meant by “employee fraud.” Explain the meaning of fraud to Doug and give an
Fraud experts often say that there are three primary factors that contribute to employee fraud. Identify the three factors and explain what is meant by each.
Identify the five components of a good internal control system.
Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to top managers of a company.
What principles of internal control apply to most businesses?
Graham Moran is reviewing the principle of segregation of duties. What are the two common applications of this principle?
How do documentation procedures contribute to good internal control?
What internal control objectives are met by physical controls?
(a) Explain the control principle of independent internal verification.(b) What practices are important in applying this principle?
As the company accountant, explain the following ideas to the management of Kovacic Company.(a) The concept of reasonable assurance in internal control.(b) The importance of the human factor in
Discuss the human resources department’s involvement in internal controls.
Coggins Inc. owns the following assets at the balance sheet date.Cash in bank-savings account .. $ 8,000Cash on hand .......... 1,100Cash refund due from the IFRS ... 1,000Checking account balance
What principle(s) of internal control is (are) involved in making daily cash counts of over-the-counter receipts?
Assume that Kohl’s Department Stores installed new cash registers in its stores. How do cash registers improve internal control over cash receipts?
Remsen Company’s internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a checkwriter after comparing the check with the approved invoice. Identify the
How do these principles apply to cash disbursements?(a) Physical controls.(b) Human resource controls.
“The use of a bank contributes significantly to good internal control over cash.” Is this true? Why?
Peter Dunn is confused about the lack of agreement between the cash balance per books and the balance per bank. Explain the causes for the lack of agreement to Peter and give an example of each cause.
Identify the basic principles of cash management.
Jennifer Earl asks your help concerning an NSF check. Explain to Jennifer (a) What an NSF check is, (b) How it is treated in a bank reconciliation, and (c) Whether it will require an adjusting entry
(a) Describe cash equivalents and explain how they are reported.(b) How should restricted cash funds be reported on the balance sheet?
What was Tootsie Roll’s balance in cash and cash equivalents at December 31, 2009? Did it report any restricted cash? How did Tootsie Roll define cash equivalents?
(a) Identify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity.(b) When are journal entries required in the
Match each situation with the fraud triangle factor (opportunity, financial pressure, or rationalization) that best describes it. (a) An employee’s monthly credit card payments are nearly 75% of
Gwyn Wallander is the new owner of Bennett Co. She has heard about internal control but is not clear about its importance for her business. Explain to Gwyn the four purposes of internal control, and
The internal control procedures in Phillips Company make the following provisions.Identify the principles of internal control that are being followed in each case.(a) Employees who have physical
Aldstadt Company has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure.(a) All over-the-counter receipts are
While examining cash receipts information, the accounting department determined the following information: opening cash balance $150, cash on hand $1,125.74, and cash sales per register tape $988.62.
Ndon Company has the following internal control procedures over cash disbursements. Identify the internal control principle that is applicable to each procedure.(a) Company checks are prenumbered.(b)
Jay Bauer is uncertain about the control features of a bank account. Explain the control benefits of (a) A checking account and (b) A bank statement.
The following reconciling items are applicable to the bank reconciliation for Gratz Co. Indicate how each item should be shown on a bank reconciliation (a) Outstanding checks.(b) Bank debit
Using the data in BE7-8, indicate(a) The items that will result in an adjustment to the depositor’s records and(b) Why the other items do not require adjustment.
At July 31, Cisler Company has this bank information: cash balance per bank $7,291; outstanding checks $762; deposits in transit $1,350; and a bank service charge $40. Determine the adjusted cash
In the month of November, Hasbrook Company Inc. wrote checks in the amount of $9,750. In December, checks in the amount of $11,762 were written. In November, $8,800 of these checks were presented to
The following information is available for Eckman Company for the month of January: expected cash receipts $59,000; expected cash disbursements $67,000; and cash balance on January 1, $12,000.
On March 20, Palasz’s petty cash fund of $100 is replenished when the fund contains $19 in cash and receipts for postage $40, supplies $26, and travel expense $15. Prepare the journal entry to
Identify which control activity is violated in each of the following situations, and explain how the situation creates an opportunity for fraud or inappropriate accounting practices.1. Once a month,
Mark Graziano is concerned with control over mail receipts at Grazi’s Sporting Goods. All mail receipts are opened by Glen Schrag. Glen sends the checks to the accounting department, where they are
Leon Holzner owns Leon Blankets. Leon asks you to explain how he should treat the following reconciling items when reconciling the company’s bank account. 1. Outstanding checks2. A deposit in
Ross Corporation’s management wants to maintain a minimum monthly cash balance of $8,000. At the beginning of September, the cash balance is $12,270; expected cash receipts for September are
Bank employees use a system known as the “maker-checker” system. An employee will record an entry in the appropriate journal, and then a supervisor will verify and approve the entry. These days,
Lisa’s Pizza operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the customer can see other
The following control procedures are used in Danner Company for over-the counter cash receipts.1. Cashiers are experienced; thus, they are not bonded.2. All over-the-counter receipts are registered
The following control procedures are used in Katja’s Boutique Shoppe for cash disbursements.1. Each week, Katja leaves 100 company checks in an unmarked envelope on a shelf behind the cash
At Reyes Company, checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file
Tasha Orin is unable to reconcile the bank balance at January 31. Tasha’s reconciliation is shown here.Cash balance per bank ....... $3,677.20Add: NSF check ......... 450.00Less: Bank service
At April 30, the bank reconciliation of Silvestre Company shows three outstanding checks: No. 254 $650, No. 255 $ 700, and No. 257 $410. The May bank statement and the May cash payments journal are
The following information pertains to Ghose Company.1. Cash balance per bank, July 31, $7,328.2. July bank service charge not recorded by the depositor $38.3. Cash balance per books, July 31,
This information relates to the Cash account in the ledger of Hawkins Company. Balance September 1'$16,400; ... Cash deposited'$64,000 Balance September 30'$17,600; ..... Checks written'$62,800 The
The cash records of Arora Company show the following. For July:1. The June 30 bank reconciliation indicated that deposits in transit total $580. During July, the general ledger account Cash shows
Mazor Inc.??s bank statement from Hometown Bank at August 31, 2012, gives the following information. A summary of the Cash account in the ledger for August shows the following: balance, August 1,
A new accountant at Netzloff Inc. is trying to identify which of the amounts shown on page 377 should be reported as the current asset “Cash and cash equivalents” in the year-end balance sheet,
Amster, Lasca, and Vang, three law students who have joined together to open a law practice, are struggling to manage their cash flow. They haven’t yet built up sufficient clientele and revenues to
Merrick Company expects to have a cash balance of $46,000 on January 1, 2012. These are the relevant monthly budget data for the first two months of 2012.1. Collections from customers: January
During October, Central Light Company experiences the following transactions in establishing a petty cash fund.Oct. 1 A petty cash fund is established with a check for $150 issued to the petty cash
Paik Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.Aug. 1 Established the petty cash fund by writing a check on Westown Bank for
Classic Theater is in the Greenbelt Mall. A cashier’s booth is located near the entrance to the theater. Two cashiers are employed. One works from 1:00 to 5:00 P.M., the other from 5:00 to 9:00
Nature Hill Middle School wants to raise money for a new sound system for its auditorium. The primary fund-raising event is a dance at which the famous disc jockey Jay Dee will play classic and
On July 31, 2012, Fraiser Company had a cash balance per books of $6,140. The statement from Nasshota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with
The bank portion of the bank reconciliation for Horsman Company at October 31, 2012, is shown here and on the next page. The adjusted cash balance per bank agreed with the cash balance per books at
Stromberg Company of Zwingle, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2012, the company??s Cash account per its general ledger showed a balance of
You are provided with the following information taken from Washburne Inc.’s March 31, 2012, balance sheet.Cash ..................... $ 11,000Accounts receivable ............... 20,000Inventory
Austin Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2012.. All sales and purchases are on account. Budgeted collections and disbursement data are
Fetter Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum,
Erin Company recently changed its system of internal control over cash disbursements. The system includes the following features.1. Instead of being unnumbered and manually prepared, all checks must
The board of trustees of a local church is concerned about the internal accounting controls pertaining to the offering collections made at weekly services. They ask you to serve on a three-person
On May 31, 2012, Laban Company had a cash balance per books of $5,681.50. The bank statement from Citizens Bank on that date showed a balance of $7,964.60. A comparison of the statement with the Cash
The bank portion of the bank reconciliation for Carlin Company at November 30, 2012, is shown here and on the next page. The adjusted cash balance per bank agreed with the cash balance per books at
Grossfeld Company of Omaha, Nebraska, provides liquid fertilizer and herbicides to regional farmers. On July 31, 2012, the company's Cash account per its general ledger showed a balance of
Pincus Co. expects to have a cash balance of $26,000 on January 1, 2012. Relevant monthly budget data for the first two months of 2012 are as follows. Collections from customers: January $70,000;
Vaux Inc. prepares monthly cash budgets. Shown on page 387 are relevant data from operating budgets for 2012. All sales and purchases are on account. Collections and disbursement data are given
Monti Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the
The financial statements of Tootsie Roll are presented in Appendix A of this book, together with an auditor’s report—Report of Independent Auditors.InstructionsUsing the financial statements
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.InstructionsAnswer the following questions for each
The website www.cpa2biz.com has an article dated February 4, 2010, by Mary Schaeffer entitled “Emerging Issues: Demise of Paper Checks.”InstructionsGo to the website and do a search on the
The international accounting firm Ernst and Young performed a global survey. The results of that survey are summarized in a report titled “Fraud Risk in Emerging Markets.” do an Internet search

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