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financial accounting an introduction

Questions and Answers of Financial Accounting An Introduction

Record the following transactions in the journal of Birds Eye Music. Explanations are not required. 2009 Dec 19 Received a $6,000, 60-day, 12% note on account from AVC Company. Made an adjusting
The comparative financial statements of Perfection Taco Restaurants for 2010, 2009, and 2008 include the following selected data: 2010 (In Thousands) 2009 2008 Balance Sheet Current Assets: Cash
Indicate by letters the type of fraud committed: Check tampering (CT)Cash register scheme (CR)Expense scheme (E)Bribe (B)Fraudulent financial reporting (F) Here is an example: CT Employee writes a
Identify each of the following as an example of a perceived pressure (P), perceived opportunity (O), or rationalization (R) in the fraud triangle: 1. Job dissatisfaction 2. Greed. 3. "It's for a good
Indicate by letters which of the following control activities match with the following descriptions:Separation of duties (SD)Restricted access (RA)Proper authorization (PA)Adequate documents and
Look at each of the following employees of Agetro’s Restaurant. Which of the elements of the fraud triangle apply?Perceived pressure (P)Perceived opportunity (O)Rationalization (R) 1. As the
Identify each of the following as an internal control objective (O), an internal control activity (A), or a limitation of internal control (L). 1. Separation of duties 2. Collusion 3. Proper
Each of the following situations has an internal control weakness.a. Betty Grable has been your trusted employee for 30 years. She performs all cash-handling and accounting duties. Betty Grable just
If a company with a 12/31 year-end lends money in the form of a 6-month note on 11/1, which accounts will be credited when the note is paid off on 4/30?
In 2009 the United States was in a deep recession. What would be the expected effect of a recession on accounts receivable turnover ratios?
The document that identifies and explains all differences between the company’s record of cash and the bank’s record of that cash is thea. bank reconciliation.b. bank collection.C. bank
Which item(s) appears as a reconciling item(s) to the book balance in a bank reconciliation?a. Outstanding checksb. Deposits in transit C. Both a and bd. None of the above
Which item(s) appears as a reconciling item(s) to the bank balance in a bank reconciliation?a. Outstanding checksb. Deposits in transit C. Both a and bd. None of the above
On its books, Navarro Company’s Cash account shows an ending balance of \($770\).The bank statement for the current period shows a \($20\) service charge and an NSF check for \($100.\) A \($250\)
After performing a bank reconciliation, journal entries are required fora. all items on the bank side of the reconciliation.b. all items on the book side of the reconciliation.C. all items on the
Uncollectible accounts are the same asa. bad debts.b. notes receivable.C. both a and b.d. none of the above.
Which method of estimating uncollectible receivables focuses on net credit sales?a. Aging approachb. Percent-of-sales approach C. Net realizable value approachd. All of the above
Your business uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Uncollectible Accounts had a credit balance of \($1,100.\) During the
Which of the following is true regarding the direct write-off method of accounting for uncollectibles?a. The direct write-off method does not adhere to GAAP.b. The direct write-off method does not
Which of the following is necessary for fraud to occur?a. Perceived pressureb. Perceived opportunity C. Rationalizationd. All three are necessary.
On what element of the fraud triangle do most organizations usually focus their fraud prevention efforts?a. Perceived pressureb. Perceived opportunity C. Rationalizationd. All three are targeted.
Internal control isa. the act of stealing a business’s assets.b. the preparation of fraudulent financial statements.C. the process that helps a business achieve its objectives, such as operating
Which of the following is not an element of an internal control system?a. Auditingb. The control environment C. Monitoringd. Information and communication
Separation of duties refers to separating all of these functions except which of the following?a. Authorizing transactionsb. Keeping accounting records C. Hiring personneld. Maintaining custody of
Which of the following is not a control activity?a. Mandatory vacationsb. Risk assessment C. Security measuresd. Proper authorization
Darice Goodrich receives cash from customers as part of her job duties. Her other duty is to post the receipts to customer accounts receivable. Based on these duties, her company has weaka. ethics.b.
Which of the following is not a limitation of internal control?a. Poorly designed controlsb. Tired employeesc. Collusiond. Rationalization
Internal auditors focuson-;external auditors are more concerned with-.(Fill in the blanks.)a. financial statements; risk assesmentb. company policies and procedures; financial statements C. financial
.Which of the following is false regarding the Sarbanes-Oxley act?a. It requires that external auditors report to the company president.b. It applies to publicly traded companies.C. It requires that
Motion Auto would like to assign the oldest costs of inventory items to its ending inventory.Which inventory costing method should Motion Auto choose?
Hamilton Furniture doesn’t expect prices to change dramatically and wants to use a method that averages price changes.Which inventory method would best meet Hamilton Furniture’s goal? What if
Mike’s Powersports uses the FIFO inventory method. Mike’s Powersports started August with 10 helmets that cost \($54\) each. On August 19, Mike’s Powersports bought 15 helmets at \($56\) each.
Mike’s Powersports uses the LIFO inventory method. Mike’s Powersports started August with 10 helmets that cost \($54\) each. On August 19, Mike’s Powersports bought 15 helmets at \($56\) each.
Mike’s Powersports uses the (perpetual) LIFO inventory method. Mike’s Powersports started August with 10 helmets that cost \($54\) each. On August 19, Mike’s Powersports bought 15 helmets at
Assume that Bonsai Boards has the following LIFO perpetual inventory record for snowboards for the month of November:At November 30, the accountant for Bonsai Boards determines that the current
At the end of the current year, Cuppa Joes’ inventory account balance was \($12,600.\) A physical count of the inventory revealed that inventory on hand totaled \($12,200.What\) amount should Cuppa
Bonsai Board’s income statement data for the year ended December 31,2010, follow.Assume that the ending inventory was accidentally overstated by $3,300.What are the correct amounts for cost of
Bonsai Board’s income statement data for the year ended December 31,2010, follow.Assume that the ending inventory was accidentally overstated by $3,300. How would the inventory error affect Bonsai
Mackay Industries’ sales for the year ended December 31, 2010, were \($1,287,000\) and cost of goods sold amounted to \($707,000.\) Beginning inventory was \($58,000\) and ending inventory was
Refer to the data for E5-16A. Flowever, instead of the FIFO method, assume Austin’s Jewelers uses the LIFO method.Requirements 1. Prepare a perpetual inventory record for the watches on the LIFO
Refer to the data for E5-16A. However, instead of the FIFO method, assume Austin’s Jewelers uses the average cost method.Requirements 1. Prepare a perpetual inventory record for the watches on the
Assume that Midway Cycles bought and sold a line of mountain bikes during May as follows:Midway Cycles uses the perpetual inventory system.Requirements 1. Compute the cost of ending inventory under
Refer to the data for Midway Cycles in E5-19A.Requirements 1. Compute the cost of goods sold under FIFO.2. Compute the cost of goods sold under LIFO.3. Which method results in the higher cost of
Assume that a Firestone Tire Store completed the following perpetual inventory transactions for a line of tires.Requirements 1. Compute cost of goods sold and gross profit under FIFO.2. Compute cost
GDL Enterprises has the following account balances at December 31, 2010. The inventory balance was determined using FIFO.GDL Enterprises has determined that the replacement cost (current market
Hanson’s Furniture Outlet reported the following comparative income statement for the years ended June 30, 2010 and 2009.During 2010, Hanson’s Furniture Outlet discovered that the 2009 ending
Gibson’s Nursery has the following information as of December 31,2010:Requirements 1. Compute the rate of inventory turnover for Gibson’s Nursery for the year ended December 31,2010. Round the
Refer to the data for E5-28B. Flowever, instead of the FIFO method, assume Underwater Way uses the LIFO method.Requirements 1. Prepare a perpetual inventory record for the watches on the LIFO basis
Refer to the data for E5-28B. However, instead of the FIFO method, assume that Underwater Way uses the average cost method.Requirements 1. Prepare a perpetual inventory record for the watches on the
Assume that Cycle Guys bought and sold a line of mountain bikes during December as follows:Cycle Guys uses the perpetual inventory system.Requirements 1. Compute the cost of ending inventory under
Refer to the data for Cycle Guys in E5-31B.Requirements 1. Compute the cost of goods sold under FIFO.2. Compute the cost of goods sold under LIFO.3. Which method results in a higher cost of goods
Assume that a RB Tire Store completed the following perpetual inventory transactions for a line of tires.Requirements 1. Compute cost of goods sold and gross profit under FIFO.2. Compute cost of
Clarmont Resources has the following account balances at October 31, 2010. The inventory balance was determined using FIFO.Clarmont Resources has determined that the replacement cost (current market
Healthy Bite Mart reported the following comparative income statement for the years ended November 30, 2010 and 2009.During 2010, Healthy Bite Mart discovered that the 2009 ending inventory, as
Pete’s Plants has the following information as of October 31, 2010:Requirements 1. Compute the rate of inventory turnover for Pete’s Plants for the year ended October 31,2010. Round the result to
Inland Equipment sells hand held engine analyzers to automotive service shops. Inland Equipment started April with an inventory of 85 units that cost a total of \($12,750.\) During the month, Inland
Refer to the data for Inland Equipment in P5-40A. However, assume Inland Equipment uses the average cost method.Requirements 1. Prepare a perpetual inventory record using average cost. Round the
MAC Industries completed the following inventory transactions during the month of August:Requirements 1. Without resorting to calculations, determine which inventory method will result in MAC
Titan Offroad Equipment uses the LIFO inventory method and values its inventory using the lower-of-cost-or-market^LCM) rule. Titan Offroad Equipment has the following account balances at December 31,
Due to a nationwide recession, PC World’s merchandise inventory is gathering dust. It is now December 31, 2010, and the \($162,000\) that PC World paid for its ending inventory is \($14,000\)
A & R Industrial Supply shows the following financial statement data for 2008, 2009, and 2010. Prior to issuing the 2010 statements, auditors found that the ending inventory for 2008 was
Amtran Enterprises lost its entire inventory in a hurricane that occurred on May 31, 2010. Over the past five years, gross profit has averaged 32% of net sales. The company’s records reveal the
Motion Auto has the following information for the years ending December 31,2010 and 2009:Requirements 1. Compute the rate of inventory turnover for Motion Auto for the years ended December 31, 2010
Builder Bee Equipment sells hand held engine analyzers to automotive service shops. Builder Bee Equipment started April with an inventory of 45 units that cost a total of \($5,760.\) During the
Refer to the data for Builder Bee Equipment in P5-48B. However, assume Builder Bee Equipment uses the average cost method.Requirements 1. Prepare a perpetual inventory record using average cost.
Widget, Corp., completed the following inventory transactions during the month of January:Requirements 1. Without resorting to calculations, determine which inventory method will result in Widget,
Richmond Sporting Goods uses the LIFO inventory method and values its inven¬ tory using the lower-of-cost-or-market (LCM) rule. Richmond Sporting Goods has the following account balances at May
Due to a nationwide recession, Amesbury Systems’ merchandise inventory is gathering dust. It is now October 31,2010, and the \($163,300\) that Amesbury Systems paid for its ending inventory is
Lally Industries shows the following financial statement data for 2008, 2009, and 2010.Prior to issuing the 2010 statements, auditors found that the ending inventory for 2008 was understated by
Olympic Village Enterprises lost its entire inventory in a hurricane that occurred on July 31,2010. Over the past five years, gross profit has averaged 30% of net sales. The company’s records
Hulu’s Hybrids has the following information for the years ending January 31 2010 and 2009:Requirements 1. Compute the rate of inventory turnover for Hulu’s Hybrids for the years ended January
During February, Peter’s Hardware made sales of \($38,600\) and ended the month with inventories totaling \($5,400.\) Cost of Goods Sold was \($23,200.\) Total operating expenses were \($8,700.\)
Which inventory costing method assigns the newest, most recent, costs incurred during the period to ending inventory?a. Specific-unit costb. First-in, first-out (FIFO)C. Last-in, first-out (LIFO)d.
Assume HPC, Inc., began December with 60 units of inventory that cost a total of $720. During December, HPC, Inc., purchased and sold goods as follows:HPC, Inc., uses perpetual inventory. Under the
Assume HPC, Inc., began December with 60 units of inventory that cost a total of $720. During December, HPC, Inc., purchased and sold goods as follows:HPC, Inc., uses perpetual inventory. Under the
Assume HPC, Inc., began December with 60 units of inventory that cost a total of $720. During December, HPC, Inc., purchased and sold goods as follows:HPC, Inc., uses perpetual inventory. Under the
Which of the following prevents a company from switching its inventory costing method to a different method each year?a. Disclosure principleb. Consistency principleC. Matching principled.
Which of the following is most closely linked to accounting conservatism?a. Materiality conceptb. Consistency principle C. Disclosure principled. Lower-of-cost-or-market rule
At December 31,2010, Inland Equipment understated ending inventory by $2,800. How does this error affect cost of goods sold and net income for 2010?a. Overstates cost of goods sold and understates
Suppose Ironman, Inc., lost all of its inventory in a flood. Beginning inventory was \($43,000,\) net purchases totaled \($524,000,\) and sales came to \($875,000.\) Ironman’s normal gross profit
Suppose Sports-R-Us purchases $40,000 of sportswear on account from Pacific Trail on March 1,2010. Credit terms are 2/10, net 30. Sports-R-Us pays Pacific Trail on March 8, 2010.1. Journalize the
Journalize the following transactions for the Jazz Man music store.a. Purchased $8,700 of merchandise on account, terms 2/10, n/30, FOB ship¬ ping point.b. Paid $175 to the freight company for the
Suppose Peter’s Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is $460) on May 17, 2010. Peter’s Hardware later received $225 of goods (cost, $140) as
Suppose Peter’s Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is $460) on May 17, 2010. Peter’s Hardware later received $225 of goods (cost, $140) as
Selected account balances for Jill’s Java at the end of the month are listed below in random order:Identify or compute the following amounts for Jill’s Java:a. Total current assetsb. Total
The accounting records for ADR, Inc., reflected the following amounts at the end of August 2010:Prepare ADR’s multi-step income statement for the fiscal year ended August 31,2010. Cash...... $3,500
The accounting records for ADR, Inc., reflected the following amounts at the end of August 2010:Prepare the ADR, Inc., classified balance sheet at August 31,2010. Use the report format. Cash...
The accounting records for ADR, Inc., reflected the following amounts at the end of August, 2010:Calculate the gross profit percentage and current ratio for 2010. Cash........ $3,200 Cost of Goods
On June 15, 2010, Bailey’s Department Store purchased $4,300 of inventory on account from one of its suppliers. The terms were 3/15, n/45, FOB shipping point. On June 18 Bailey’s Department Store
Journalize the following transactions for Amazing Audio, Inc., that occurred during the month of March. Mar 3 Purchased $4,600 of merchandise on account, terms 2/10, n/30, FOB shipping point. The
On September 14, 2010, C & T Machinery, Inc., sold $2,300 of inventory (cost is $1,350) on account to one of its customers. The terms were 1/10, n/30, FOB destination. On September 16, C & T
Journalize the following transactions for Amazing Audio, Inc., that occurred during the month of November. Amazing Audio’s cost of inventory is 65% of the sales price. Nov 3 Sold $1,600 of
The following transactions occurred during April 2010, for Angelo’s Garden Center, Inc.:Requirement 1. Journalize the April transactions for Angelo’s Garden Center, Inc. Omit explanations. Apr 3
The account balances for Atlantis Aquatics, Inc., for the year ended December 31, 2010, are presented next in random order:Requirements 1. Prepare Atlantis Aquatics’ single-step income statement.2.
Use the data for Atlantis Aquatics, Inc., from E4-21 A.Requirements1. Prepare Atlantis Aquatics’ multi-step income statement.2. Calculate the gross profit percentage.3. The gross profit percentage
Use the data for Atlantis Aquatics, Inc., from E4-21 A.Requirements 1. Prepare Atlantis Aquatics’ classified balance sheet. Use the account format. The balance shown for retained earnings
Apex, Inc., had Sales Revenue of $47 million, Sales Returns and Allowances of $2 million and Sales Discounts of $0.5 million in 2010. Cost of goods sold was $24 million, and net income was $7 million
On November 15, 2010, Chandler’s Department Store purchased $5,100 of inventory on account from one of its suppliers. The terms were 3/15, n/45, FOB shipping point. On November 18 Chandler’s
Journalize the following transactions for Antique Furniture, Inc., that occurred during the month of January. Jan 3 Purchased $5,700 of merchandise on account, terms 1/10, n/30, FOB shipping point.
On November 14, 2010, Amazing Sound, Inc., sold $3,100 of inventory (cost is $1,330) on account to one of its customers. The terms were 3/10, n/30, FOB desti¬ nation. On November 16, Amazing Sound,

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