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accounting information systems
Questions and Answers of
Accounting Information Systems
What is a 'going concern' and why is it important in accounting?
What is a source document? Why does a business need to prepare source documents?
What are the monetary unit and historical cost concepts? How do they affect the recording of transactions?
Define assets. Give four examples.
Define liabilities. Give two examples.
Define owner's equity. What items affect owner's equity?
Why is a business' statement of financial position called a balance sheet?
What are a business' net assets? How do they relate to owner's equity?
What is meant by the dual effect of transactions? How does it relate to the accounting equation?
How is the accounting equation used to set up a basic accounting system for a business?
What is an account? What is an account balance?
Define revenues, expenses and net income. How is the accounting equation expanded to record income-related transactions?
Name and briefly define four principles and concepts relating to net income.
What is an accounting period? What is the usual length of an accounting period?
What is a business' earning process, and when does the business record revenues?
What is the matching principle? Why is it useful to a business?
What is accrual accounting, and why is it important?
Each of the following cases is independent of the others.Required:Determine the amounts for A, B and C. Case 1 2 3 Assets A $ 95 000 $102 000 Liabilities $30 000 B $44 000 Owner's equity $62 000 $54
Why are adjustment entries needed at the end of the period? Give four examples of adjustments that might be necessary.
At the beginning of the year, Thomas Lighting had total assets of \(\$ 78000\) and total liabilities of \(\$ 22000\). During the year, the total assets increased by \(\$ 16000\). At the end of the
At the end of the year, a business' total assets are \(\$ 43000\) and its total owner's equity is \(\$ 22000\).During the year, the business' liabilities decreased by \(\$ 8000\) while its assets
The following transactions are taken from the records of Phantom Security Company:a Rex Simpson, the owner, invested \(\$ 12000\) cash in the business.b Phantom paid \(\$ 6000\) cash to acquire
On 31 August 20X2, the Hernandez Engineering Company's accounting records contained the following items (listed in alphabetical order):Required:Prepare a balance sheet for the Hernandez Engineering
Listed below, in random order, are all the items included in the Ridge Rental Company balance sheet at 31 December 20X1:Total assets on 31 December 20X1 are \(\$ 33800\).Required:Prepare a balance
We stated that a transaction is an exchange of property or service by a business with another entity. We also explained that in the recording of a transaction at least two changes must be made in the
We defined a source document as a business record used as evidence that a transaction has occurred.Required:Name the source documents you think a business would use as evidence for each of the
During October, the Wilson Company incurred the following costs:a At the beginning of the month, the company paid \(\$ 1200\) to an insurance agency for a twoyear comprehensive insurance policy on
The Slidell Auto Supply Company entered into the following transactions during the month of July:Required:Using the basic accounting equation that we introduced in this chapter, record the preceding
Gertz Rent-A-Car is in the business of providing customers with quality rental cars at low rates. The business engaged in the following transactions during March:a J. Gertz deposited an additional
Amy Dixon opened the Dixon Travel Agency in January, and the company entered into the following transactions during January:a On 2 January Amy deposited \(\$ 23000\) in the cash account.b To conduct
Parsons Fashion Designers was started on 1 June. The following transactions of the business occurred during June:a E. Parsons started the business by investing \(\$ 18000\) cash.b Land and an office
The Johnson Drafting Company was started on 1 March to draw blueprints for building contractors. The following transactions of the company occurred during March:Required:i Using the accounting system
L. Snider, a young accountant, started Snider Accounting Services on 1 September. During September, the following transactions of the business took place. Note: where appropriate, GST is included in
The five transactions that occurred during June, the first month of operations for Brown's Gym, were recorded as follows (excluding GST implications):Required:a Describe the five transactions that
The following transactions were recorded by the Sutton Systems Design Company for May, its first month of operations (excluding GST implications):Required:a Describe the five transactions that took
At the beginning of July, Patti Dwyer established PD Company, investing \(\$ 20000\) cash in the business. On 5 July the company purchased land and a building, making a \(\$ 6000\) down payment(which
Your friend Maxine plans to supplement her job salary by running her own company at night and on the weekends. When the company earns enough money so that she can pay for a holiday house in Fiji, she
Andrew Poist works for a public accounting firm in Melbourne, Australia. On 4 October 20XI Sydney Langston, who started selling decorative, carved, wooden ducks out of a booth at Cypress Court
Chris Schandling is a loan officer at the Nation Bank in Brisbane, Australia. One day Nathan Wooten, who owns KidzLand (an indoor playground for young children), comes to the bank to see Chris about
In this assignment, we are going to chronicle the changes in value and ownership of one asset - a one-hectare plot of land on the corner of Cedar Springs Road and McKinney Avenue in Tamborine
Five years ago, Linda Monroe became the sole owner of LM Electronics. LM Electronics sells home entertainment centres, car audio equipment and computers. LM advertises that it sells only the best
Paul Jenkins is the sole owner of Friendly Exchange Shop. Friendly Exchange Shop buys and sells jewellery, musical instruments, televisions, telephones and small kitchen appliances. Paul has owned
Your friend Jane Thomson is about to prepare the 31 January balance sheet for her new business, Tasty Bites cupcake shop. This is Tasty Bites' first month of operation, and Jane is also going to
Samson Construction Company is a small business that constructs buildings. Usually the time for Samson to complete the construction of a building is about six months. At the beginning of this year,
Define an account. What are the parts of a T-account?
What is a debit entry? What is a credit entry?
What are the debit and credit rules? How do these rules relate to the accounting equation?
Explain the double entry rule. How (if at all) does this rule change in the case of a compound entry?
What is a general journal (in a manual accounting system)? List the advantages of initially recording a business' transactions in a general journal.
What is journalising? Briefly describe the journalising process.
What is posting? Briefly describe the posting process. Where are entries posted to?
What are adjusting entries? Why are they necessary?
What is an adjusted trial balance? Why is it used?
What are closing entries? Describe how(a) revenue accounts,(b) expense accounts and(c) the withdrawals account are closed.
How does the lower portion of the income statement for a company differ from that of a sole proprietorship? Where does a company report its income taxes payable on its financial statements?
During the month of July, Sands Insurance entered into the following transactions:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used in
How is the owner's equity of a company shown on its balance sheet?
Albert Mitchell started Worldwide Travel Service on 1 April of the current year, and the business engaged in the following transactions during April:Required:a Prepare journal entries to record the
Bothwell Plumbing entered into the following transactions during the month of May:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used to
Aline Taxi Service entered into the following transactions during September:Required:a Prepare journal entries to record the preceding transactions.b List the source documents normally used to record
Nomura Sales, a medical supplies wholesaler, entered into the following transactions (the business uses the perpetual inventory system):Required:Prepare journal entries to record the preceding
Taylor Art Supplies Company sells various art supplies to local artists. The business uses a perpetual inventory system, and the cost of its inventory of art supplies at the beginning of August was
On June 30 of the current year, Washington Background Music Company showed the following trial balance:The following adjustments are needed (Note: ignore GST):i Office supplies used during the month
At the end of the current year, Rulem Hair Styling provides you with the following information (Note: ignore GST):a Depreciation expense on styling equipment totals \(\$ 1360\) for the current year.b
On 1 October of the current year, Bourdon Company paid \$396 for a two-year comprehensive insurance policy on the business' building.Required:a Prepare the journal entry to record each of the
On 1 October of the current year, Sagir Appraisal Company received \(\$ 1980\) in advance from the Land-Ho Real Estate Agency for six months' rent of office space.Required:a Prepare the Sagir
The Cobbler Company shows the following revenue, expense and withdrawals account balances on 31 December of the current year, before closing:Required:Prepare closing entries. Account titles A. B.
The following are various accounts related to the income statement and owner's equity of Lynn Company (a sole proprietorship) for the current year.Required:From the information given, prepare the 31
How would you describe a private enterprise?
What distinguishes a service business from a merchandising or manufacturing business?
How is a merchandising business different from a manufacturing business? How are the two types of business the same?
Suppose you were an entrepreneur. Where might you go for business capital?
Describe the factors affecting the business environment and the impact of each of these factors.
What distinguishes a sole proprietorship from a company and a partnership?
What types of regulations must businesses comply with in different jurisdictions?
Given what you have learned from this chapter, how would you define accounting?
How would you describe the similarities and differences between management accounting and financial accounting? Why are they different, and why are they similar?
How do management accounting reports help managers with their activities?
What are generally accepted accounting principles?
How do financial accounting reports help external users?
Why have various business groups found it necessary to establish codes of ethics?
What does sustainability mean?
In addition to knowledge of accounting, what other skills and knowledge prepare a university graduate to enter the profession of accountancy?
What is auditing?
What are three professional organisations of accountants and who are their members?
Think of a recent discovery, technological innovation, world event, regulation or other factor affecting the business environment (one not mentioned in this chapter). What effect has this factor had
What are the broad skills, as outlined by the accounting community, which are necessary for practising accounting and for effectively conducting business?
Explain the characteristics of a critical thinker.
What is the difference between being independent and being objective?
Why is it important to evaluate the credibility of a source of information?
How do general knowledge and organisational and business knowledge support decision making?
Describe the stages of problem solving. What pitfalls might you encounter at each stage?
Describe how accounting information is used in each of the stages of problem solving.
What is 'judgement', and how does it apply in business? Give three examples.
Give an example of a service business and of a manufacturing business. Explain the similarities and differences between the two.
How might knowledge of a business' cash receipts and payments affect a bank's decision about whether to loan the business money? What financial statement would the loan officer want to look at to
What factors would you consider in deciding whether to operate your business as a sole proprietorship, a partnership or a company?
Suppose you are Samuel Cook, CEO of Unlimited Decadence Corporation, maker of chocolate bars. Unlimited Decadence currently operates in south-eastern Australia, and you are considering opening a
What are some examples of business information in which both internal and external users have an interest?
Suppose you are a manager of The Foot Note, a small retail store that sells socks. Give an example of information that would help you in each of the management activities of planning, operating and
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