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accounting information systems

Questions and Answers of Accounting Information Systems

Review Exhibit 9.8. Which of the following describes the purpose of the Labor Operations event?a. Add the direct labor costs to work-in-process inventory.b. Control the specific labor activities.c.
Review Exhibit 9.8. Which of the following is a correct posting of a foreign key to implement the model in a relational database?a. Labor Operations primary key becomes a foreign key in Production
Review Exhibit 9.8. Which of the following describes the purpose of the Bill of Material class?a. Record the invoices from suppliers for materials purchased.b. Record the planned raw material
Compare Exhibit 9.9 with Exhibit 9.10. Which of the following describes the differences between those two figures?a. Exhibit 9.10 includes tblLabor_Operations_Employees to implement the many-tomany
For the year ended 30 June 20X1, Newhard Corporation had sales revenues of \(\$ 120000\), operating expenses of \(\$ 68000\) and other revenue of \(\$ 2800\). The company is subject to a 30 per cent
On 1 January 20X1, ACE Corporation showed the following account balances:During 20X1, the following events occurred:a The corporation issued 1000 shares of additional stock for \(\$ 30000\).b Net
The Cameron Copy-Quick Company was recently set up by Joseph Cameron. The business' transactions during October, the first month of operations, are given:Required:a Set up the following general
The Foster Tax Services Company was established on 2 January of the current year to help clients with tax planning and preparation of their tax returns. The business engaged in the following
Ryan Landscaping Service had the following account balances at the start of March. Cash \$23 710; Accounts Receivable \$440; GST Paid \$330; Supplies of Landscaping Materials \(\$ 3200\); Land \(\$
Watson Heater Company sells portable heaters and related equipment. The business uses a perpetual inventory system, and the cost of its inventory at the beginning of November was \(\$ 2600\). Its
Morg Building Supplies sells building supplies and small tools to retail customers. It entered into the following transactions (the business uses the perpetual inventory system) during
The trial balance of Halsey Architectural Consultants on 30 June of the current year (the end of its annual accounting period) included the following account balances before adjustments.In reviewing
Paribus Janitorial Services engaged in the following transactions during the current year and properly recorded them in its balance sheet accounts.Additional information:a On 31 December the office
The adjusted trial balance for Swire Interior Decorating Company on 30 November 20X1 (the end of its monthly accounting period) is as follows:Required:a Prepare a November income statement, statement
On 31 May 20X1 the bookkeeper of Marina Boat Storage prepared the following closing entries for the month of May.In addition, the following post-closing trial balance was prepared.Required:a Prepare
Finestein Corporation showed the following balances on 1 January 20X1.On 4 January 20X1, the company issued 1000 shares for \(\$ 40000\). For the year ended 31 December 20X1, the company had sales
What is a business' working capital, and what is included in its two components?
Why does a business need to manage its working capital?
Define cash for a business.
Briefly discuss the controls over cash sales.
Briefly discuss the controls over collections of cash from accounts receivable.
Briefly discuss the controls over cash payments.
Identify the causes of the difference between the ending cash balance in a business' records and the ending cash balance reported on its bank statement.
Briefly explain what is meant by the terms deposits in transit and outstanding cheques?
Briefly explain what are included in deposits made directly by the bank and charges made directly by the bank.
Prepare an outline of a bank reconciliation for a business.
Briefly explain what a petty cash fund is and how it works.
Why do businesses make sales on credit?
Briefly discuss the controls over accounts receivable.
Briefly explain how a business reports its accounts receivable on its ending balance sheet.
Why is accounting for, controlling and reporting of inventory important?
Briefly discuss the controls over inventory.
Briefly explain how the specific identification method works for determining inventory costs.
Evaluate this statement: 'My business uses a perpetual inventory system, so it doesn't need to take a periodic physical inventory'.
Briefly discuss the controls over accounts payable.
'If all employees behave ethically, there is no need for expensive control systems to manage working capital.' Do you agree or disagree with this statement? Why?
These are several internal control weaknesses of a small retail business in regard to its cash receipts and accounts receivable:i Sales invoices are not pre-numbered.ii Receipts from daily sales are
The following are several internal control weaknesses of a retail business in regard to its cash payments, accounts payable and inventory:i The inventory of gold jewellery for sale is kept in
A. Robetto is preparing its bank reconciliation and discovers the following items:i Outstanding cheques ii Deposits in transit iii Deposits made directly by the bank into business account with the
At the end of March, the Elbert Company records showed a cash balance of \(\$ 7027\). When comparing the 31 March bank statement with the business' Cash account, the business discovered that deposits
At the end of September, the Cyclops Bicycle Company's records showed a cash balance of \(\$ 3513\). When comparing the 30 September bank statement, which showed a cash balance of\(\$ 1860\), with
Four independent cases related to the owner's equity account of the Schmidt Business are given.Required:Determine the amounts of A, B, C and D. Case 1 2 3 34 4 Schmidt, Capital 1 May $ A 74 000 54
The beginning balance in the S. Carton, Capital account on 1 March of the current year was \(\$ 36800\). For March, the Carton Business reported total revenues of \(\$ 12800\) and total expenses of
The Maximo Business shows the following amounts in its owner's equity accounts at the end of December: R. Maximo, Capital, \(\$ 45080\); Revenues, \(\$ 80220\); Expenses, \(\$ 59920\).Required:Set up
A business engages in many types of activities.Required:For each of the following sets of changes in a business' accounts, give an example of an activity that the business could engage in that would
During the current accounting period, the bookkeeper for the Foley Business made the following errors in the year-end adjustments:Required:Assuming that the errors are not discovered, indicate the
Suppose you own a retail business and are considering whether to allow your customers to have quantity discounts, sales discounts and sales allowances.Required:How do you think quantity discounts,
Your friend Georgia is planning to open an automobile parts shop and has come to you for advice about whether to use a perpetual or a periodic inventory system.Required:Before you advise her, list
Yvonne Martin owns a hairdressing shop, In-style Now. It is now September 20X3, and Yvonne thinks she might need a bank loan. Her bank has asked Yvonne to prepare a 'projected' income statement and
The Hewitt News Agency Business had a fire and lost some of the accounting records it needed to prepare its 20X3 income statement. Dave Hewitt, the owner, has been able to determine that his capital
Your boss has given you last year's income statements of two businesses and asked you to recommend one in which your business should invest. The income statements include the following information
A paragraph in the recent financial statements of Winfred Discount Stores begins: 'Advertising, selling, administrative and general expenses increased as a percentage of sales in 20X1 compared to
On 3 January 20X4, Drew Kent agreed to buy the Sharp Repair and Services from Nadine Joyner. They agreed that the purchase price would be five times the 20X3 net income of the business. To determine
The bookkeeper for Jiffy Couriers was confused when he prepared the following financial statements.N. Russell asks for your help. He says, 'Something is not right! My business had a fantastic year in
What is a balance sheet, and what types of questions can a user answer by studying the balance sheet?
What is the accounting equation, and how does it relate to the balance sheet of a business?
What is the difference between an account form and a report form of balance sheet?
Explain what is meant by a classified balance sheet, and identify the major groupings of assets and liabilities.
Explain the meaning of the term current assets.
Identify and briefly explain the major current assets.
What are long-term investments? Give several examples.
What is meant by property and equipment? At what amount is each item of property and equipment listed on the balance sheet?
Explain the meaning of the term current liabilities.
Identify and briefly explain the major current liabilities.
What are non-current liabilities? Give several examples.
What is owner's equity, and why is it sometimes called residual equity?
What is meant by the term liquidity, and why is it important?
Explain how to calculate the current ratio and what it is used for.
Explain how to calculate the quick ratio and what it is used for.
What is meant by the term financial flexibility, and why is it important?
Explain how to calculate the debt ratio and what it is used for.
Explain how to calculate a business' return on total assets and what it is used for.
Explain how to calculate a business' return on owner's equity and how it relates to the return on total assets.
What is meant by the term operating capability, and why is information about it important?
Explain how to calculate a business' inventory turnover. Is a high inventory turnover good or bad? Why?
Explain how to calculate a business' accounts receivable turnover. What is a 'good' accounts receivable turnover? Why?
Is a credit balance in the GST control account shown as an asset or a liability in the balance sheet? Why?
In each of the following situations, the total increase or decrease for one component of the accounting equation is missing.i Assets increased by \(\$ 20800\); liabilities increased by \(\$ 6400\)ii
The total increase or decrease for one component of the accounting equation is missing in each situation.i Assets decreased by \(\$ 30000\); liabilities decreased by \(\$ 19500\)ii Owner's equity
Here are the balances of selected accounts of the Ocean Walk Tours at the end of the current year:Required:Prepare the current assets section of the Ocean Walk Tours balance sheet. Equipment Prepaid
These are the balances of selected accounts of the Reilly Shoes Store at the end of the current year:Required:Prepare the current liabilities section of the Reilly Shoes Store at the end of the
A classified balance sheet contains the following sections:Required:This is a list of accounts. Using the letters A to F, indicate in which section each account is shown. A Current assets B Long-term
Here is an alphabetical list of the accounts of G. Marguerite on 31 December 20X1.Required:Prepare a 31 December 20Xl classified balance sheet (without amounts) for G. Marguerite. Accounts payable
The financial statement information of the Luxury Travel Goods Business for 20X1 and 20X2 is as follows.Required:Fill in the letters (a)-(g). All the necessary information is given. (Hint: It is not
The financial statement information of the Marshall Insurance Brokers for 20X1 and 20X2 is shown.Required:Fill in the letters (a)-(g). All the necessary information is given. (Hint: It is not
The balance sheet information at the end of 20X1 and 20X2 for the Wentworth Catering Business is as follows.Required:Fill in the letters (a)-(f). All the necessary information is given. (Hint: It is
The balance sheet information at the end of 20X1 and 20X2 for Western Fire Safety is as follows.Required:Fill in the letters (a)-(h). All the necessary information is given. (Hint: It is not
The following items and their corresponding amounts appeared in the accounting records of the Booth Dental Practice on 31 December 20X1.Required:a Prepare a classified balance sheet for the Booth
The following accounts and account balances were listed in the accounting records of the Lawrence Custom Carpenters on 31 December 20X1.Required:a Prepare a classified balance sheet for Lawrence
The No-Worries Lawn Mower Business owned by Fred Rainbird has the following condensed balance sheet on 31 December 20X1.The business' quick assets are 60 per cent of its current
Reiner Business reported net income of \(\$ 97750\) for 20X2. Interest expense of \(\$ 6000\) was deducted in the calculation of this net income. The schedule shows other information about the
ABC Optical began 20X1 with accounts receivable of \(\$ 44800\) and inventory of \(\$ 56000\). During \(20 \mathrm{X} 1\) the business made total net sales of \(\$ 840000\), of which 70 per cent were
A friend of yours makes this statement: 'Accumulated depreciation and depreciation expense are the same thing, since they both measure the portion of the cost of an asset that has been 'used up' to
Many long-term loans are payable over a period of time. For example, when a business takes out a mortgage to finance a building, it pays off a fraction of that mortgage every month.Required:What
In this chapter, we said that the quick ratio is a better measure of liquidity than is the current ratio because the quick ratio includes only those current assets that may be easily converted to
On 8 March 20X1, Tim Hunt started his own business by depositing \(\$ 20000\) in the Hunt Business cheque account at the local bank. On 14 March 20X1, the Hunt Business cheque book was stolen. During
The following items appear (in millions) on the 28 June 20X1 financial statements of Global Exports Ltd.On 29 June 20X1 Global Exports had accounts receivable of \(\$ 6082.8\) million and inventory
Thomas Bradshaw is thinking about starting his own business, Bradshaw Sports. At the beginning of October 20X1, he plans to invest \(\$ 30000\) into the business. During October the business will
Today is 1 January 20X2. Last night you were at a New Year's Eve party at which you ran into a long-lost friend, Gail Quigley, the owner of Quigley Mechanical. In conversation, Gail mentioned that
Wasim Raine owns and operates a printery service called Raine's Paper and Office. It is the end of the year, and his bookkeeper has resigned. Knowing only a little about accounting, Wasim prepared

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