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financial accounting an introduction

Questions and Answers of Financial Accounting An Introduction

Baltimore Realty, Inc., had the following transactions for the month of June 2010.The following T-accounts have been set up, for Baltimore Realty, Inc., with their beginning balances as of June 1,
The transactions for Dancing Antz, Inc., for the month of September 2010 have been posted to the accounts as follows:Requirements 1. Prepare the journal entries that served as the sources for the six
Meo Consulting, Inc., completed the following transactions during February 2010, its first month of operations:Requirements 1. Record transactions in the journal. Explanations are not required.2.
Sheri Neylon has trouble keeping her debits and credits equal. During a recent month, Sheri made the following errors:a. Sheri recorded a $850 payment of rent by debiting Rent Expense for $85 and
Angela Rodriguez practices law under the business title Angela Rodriguez Attorney at Law, Inc. During June, her law practice engaged in the following transactions:Rodriguez’s business uses the
Advantage Advertising, Inc., engaged in the following business transactions during November of 2010:Advantage Advertising, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies,
Tom Slater opened an accounting firm on March 1,2010. During the month of March, the business completed the following transactions:Requirements 1. Open, or set up, the following T-accounts: Cash,
The trial balance for TDR Systems, Inc., at July 15, 2010, follows:During the remainder of July, TDR Systems, Inc., completed the following transactions:Requirements 1. Journalize the transactions
The accounts of Cascade Consulting, Inc., follow with their normal balances at December 31, 2010. The accounts are listed in no particular order.Requirements 1. Prepare the company’s trial balance
Arleen O’Neil practices law under the business title Arleen O’Neil Attorney at Law, Inc. During November, her law practice engaged in the following transactions:O’Neil’s business uses the
Tip Top Advertising, Inc., engaged in the following business transactions during July of 2010:Tip Top Advertising, Inc., uses the following accounts: Cash, Accounts Receivable, Supplies, Building,
Teddy Sargent opened an accounting firm on May 1, 2010. During the month of May, the business completed the following transactions:Requirements 1. Open, or set up, the following T-accounts: Cash,
The trial balance for BFF Systems, Inc., at March 15, 2010, follows:During the remainder of March, BFF Systems, Inc., completed the following transactions:Requirements 1. Journalize the transactions
The accounts of Highland Consulting, Inc., follow with their normal balances at August 31, 2010. The accounts are listed in no particular order.Requirements 1. Prepare the company’s trial balance
Explain the nature and roles of accounting and finance.
Identify the main users of financial information and discuss their needs.
Identify and discuss the characteristics that make accounting information useful.
Explain the purpose of a business and describe how businesses are organised and structured.
Explain the nature and purpose of the three major financial statements.
Prepare a simple statement of financial position and interpret the information that it contains.
Discuss the accounting conventions underpinning the statement of financial position.
Discuss the uses and limitations of the statement of financial position for decision-making purposes.
The equity belongs to Paul because he is the sole owner of the business. Can you explain how the figure for equity by Thursday evening has arisen? You will need to look back at the events of Monday,
Discuss the nature and purpose of the income statement.
Prepare an income statement from relevant financial information and interpret the information that it contains.
Discuss the main recognition and measurement issues that must be considered when preparing the income statement.
Explain the main accounting conventions underpinning the income statement.
Singh Enterprises has an accounting year to 31 December and uses the straight-line method of depreciation. On 1 January 2006 the business bought a machine for £10,000. The machine had an expected
The following is the statement of financial position of TT and Co. at the end of its first year of trading (from Self-assessment question 3.1):* The prepaid expenses consisted of rates (£300) and
Place the corresponding letter of the definition next to the term.a. An organization that stands as a separate economic unit must not have its financial affairs confused with that of other
Jill Riggins owns and operates Jill’s Java coffee shop. She proposes to account for the shop’s assets at their current market value in order to have current amounts on the balance sheet. Which
Place the corresponding letter of the definition next to the term. 1. Liabilities 2. Assets 3. Corporation 4. Dividends 5. Sole proprietorship 6. Partnership 7. Transaction a. Any event that affects
Bill Allen owns Bill’s Lawncare Service. The business has cash of \($3,000\) and equipment that costs \($12,000\). Debts of the business include accounts payable of \($6,000\) and a \($5,000\) note
Apex Accounting, Inc., has cash of \($2,000\), supplies costing \($800\), and stockholders’ equity of \($1,300\). Determine the liabilities of the business. Write the accounting equation for Apex
Bond Back Clinic, Inc., started a business when Dr. Bond purchased \($8,000\) of stock in the business. Before starting operations, Bond Back Clinic, Inc., borrowed \($5,000\) cash by signing a note
Match each of the following items with its location in the accounting equation. Use the most detailed category appropriate: a. Assets b. Liabilities c. Stockholders' Equity d. Revenues e. Expenses -
Presented here are nine transactions and the analysis used to account for them. Evaluate each of the suggested accounting treatments and indicate whether it is true or false. 1. Received cash of
Determine the missing amounts in the following accounting equations.1. Label each of the transactions in the preceding analysis with the correspon ding letter of the description that best fits it:a.
Styles Salon had \($87,000\) of total assets and \($52,000\) of total stockholders’ equity at December 31, 2010. At December 31,2011, Styles Salon had assets totaling \($153,000\) and
Anthony’s Consulting, Inc., started business in 2010 with total assets of \($32,000\) and total liabilities of \($14,000\). At the end of 2010, Anthony’s total assets were \($42,000\), and total
The balance sheet data for Quick Care, Inc. September 30, 2010, follow:Requirement 1. The following are three independent assumptions about the business during September. For each assumption, compute
Suzanne Luken opened a medical practice titled Suzanne Luken M.D., Inc. During March, the first month of operations, the business experienced the following events:Requirement 1.Analyze the effects of
The following are the balances of the assets, liabilities, and equity of Hair Today Salon at July 31, 2010:Requirements 1. What type of business organization is Hair Today Salon?2. Prepare the
Selected accounts of Armstrong Consulting, Inc., a financial services business, have the following balances at December 31, 2010, the end of its first year of operations. During the year, Lori
Presented here is information for Telco, Inc., for the year ended December 31,2010.Requirements 1. What is the beginning stockholders’ equity of Telco, Inc.?2. What is the ending stockholders’
Great Wall Chinese Cuisine had \($93,000\) of total assets and \($31,000\) of total stock¬ holders’ equity at May 31,2010. At May 31, 2011, Great Wall Chinese Cuisine had assets totaling
Kablossom started a business in 2010 with total assets of \($35,000\) and total liabilities of \($32,000\). At the end of 2010, Kablossom’s total assets were \($65,000\), and total liabilities were
The balance sheet data for Bob’s Electronics, Co., November 30, 2010, follow:Requirement 1. The following are three independent assumptions about the business during November. For each assumption,
Sherene Lynch opened a medical practice titled Sherene Lynch M.D., Inc.During January, the first month of operations, the business experienced the following events:Requirement 1. Analyze the effects
The following are the balances of the assets, liabilities, and equity of Kite Runner, Inc., at August 31, 2010:Requirements 1. What type of business organization is Kite Runner, Inc.?2. Prepare the
Selected accounts of Albright Consulting, Inc., a financial services business, have the following balances at January 31,2010, the end of its first year of operations. During the year, Lilly
Presented here is information for Eliason, Inc., for the year ended August 31,2010. Beginning: Assets. Liabilities... Ending: Assets....... Liabilities. Stockholders' Equity: Sale of Stock ..........
Dan Oliver worked as an accountant at a local accounting firm for five years after graduating from college. Recently, he opened his own accounting practice, which he operates as a corporation. The
Donna Adams started an interior design company called Interiors by Donna, Inc., on September 1, 2010. The following amounts summarize the financial position of her business on September 14, 2010,
Gear Heads, Inc., restores antique automobiles. The retained earnings balance of the corporation was \($32,000\) at December 31,2009. During 2010, the corporation paid \($40,000\) in dividends to its
Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues, and Expenses of The Better Body, Inc., at December 31, 2010. The items are listed in alphabetical order.The
The IT manager of Aztec Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In par¬ ticular, the IT manager knew that
Don Griffin worked as an accountant at a local accounting firm for five years after graduating from college. Recently, he opened his own accounting practice, which he operates as a corporation. The
Deanna Golds started an interior design company called Interiors by Deanna, Inc., on November 1,2010. The following amounts summarize the financial position of her business on November 14, 2010,
Barrett, Inc., restores antique automobiles. The retained earnings balance of the corporation was \($28,500\) at December 31,2009. During 2010, the corporation paid \($35,000\) in dividends to its
Presented here are the amounts of Assets, Liabilities, Stockholders’ Equity, Revenues, and Expenses of Camp Out, Inc., at October 31,2011. The items are listed in alphabetical order.The retained
The IT manager of Right Away Realty, Inc., prepared the balance sheet of the com pany while the accountant was ill. The balance sheet contains numerous errors. In particular, the IT manager knew that
Which type of business organization is owned by its stockholders?a. Proprietorshipb. Partnership C. Corporationd. All the above are owned by stockholders.
Generally Accepted Accounting Principles (GAAP) are created by thea. Securities and Exchange Commission (SEC).b. Financial Accounting Standards Board (FASB).C. Institute of Management Accountants
Boardmaster is famous for custom skateboards. At the end of a recent year, Boardmaster’s total assets added up to \($622\) million, and stockholders’ equity was \($487\) million. How much did
Assume that Boardmaster sold skateboards to a department store for \($35,000\) cash. How would this transaction affect Boardmaster’s accounting equation?a. Increase both assets and stockholders’
Assume that Boardmaster sold skateboards to another department store for $22,000 on account. Which parts of the accounting equation does a sale on account affect?a. Accounts Receivable and Accounts
Assume that Boardmaster paid expenses totaling $38,000. How does this transaction affect Boardmaster’s accounting equation?a. Increases assets and decreases liabilitiesb. Increases both assets and
Consider the overall effects of transactions in questions 5, 6, and 7 on Boardmaster. What is Boardmaster’s net income or net loss?a. Net income of \($57,000b.\) Net loss of \($3,000\) C. Net
The income statement reportsa. financial position on a specific date.b. results of operations on a specific date.C. financial position for a specific period.d. results of operations for a specific
Under IFRS, for non-financial companies, most non-current assets are measured at:A. Fair value.B. The lower of cost or fair value.C. Cost less depreciation and impairment.D. Net realisable value.
Oxfam’s purpose is to help create lasting solutions to the injustice of poverty.As stated in its Memorandum of Association, the objects for which Oxfam is established for the public benefit are:●
We are a global, science-led biopharmaceutical business.Return to shareholders Revenue from the sale of our medicines generates cash flow, which helps us fund business investment. It also enables us
Our mission and supporting strategies The FRC’s mission is to promote high quality corporate governance and reporting to foster investment.Why have we landed on this mission? The capital markets
Next is a UK - based multi-channel retailer offering exciting, beautifully designed, excellent quality clothing, footwear, accessories and home products Management team The success of NEXT relies on
National Express and Stagecoach are both major providers of transport services in the UK. Here we compare their accounts of financial performance in their UK Bus divisions.National Express plc UK Bus
In the year, total turnover of £17.7bn was down 2% (2012/13:£18.1bn). When compared to the prior year the underlying operating margin of 4.9% fell by 40bps. This increased to 50bps after adjusting
Who we are Royal Mail is the UK’s pre-eminent delivery company, connecting people, customers and businesses.As the UK’s sole designated Universal Service Provider1, we are proud to deliver a
Write a short commentary on each ledger account prepared in S1, to enable a non-accountant to understand their purpose and content.
Associated British Foods is a diversified international food, ingredients and retail group with sales of £12.9bn, and 118,000 employees in 47 countries across Europe, southern Africa, the Americas,
WHSmith plc is one of the UK’s leading retailers and is made up of two core businesses – Travel and High Street.Extracts from Annual report and accounts About us WHSmith has a presence in a wide
Rio Tinto is a leading global mining group that focuses on finding, mining and processing the Earth’s mineral resources. Our vision is to be a company that is admired and respected for delivering
Mothercare, the buggy-tobabywear retailer, has launched a £100m rights issue to pay down debt and close up to 75 UK stores to transform the property-heavy group into a “digitally led
Our businesses are organised so that they are close to the markets and customers that they serve.They are managed as five business segments that bring together common industry expertise, operational
Five years ago ITV, the UK broadcaster, was the lead in a tragic story of large debts and little profits, with a market capitalisation below £3bn.Since 2010, when Adam Crozier became chief
£12,000 received from a credit customer was posted to the debit of the customer’s account. Resultant difference in the Trial Balance was placed in a Suspense account and then that balance adjusted
A trader’s gross salary to staff for a month is £417,000. PAYE is deductible at 6%, while NI contribution is 5% by staff and 10% by the employer. Calculate (a) The Net salary payable for the
VB Limited, a chemical company, extracted a Trial Balance from its ledgers on 30 April 2012 and found that the sum of the debit balances did not equal the sum of the credit balances. A Suspense
To write off a trade debt of £11,750, in the books of a VAT-registered trader:(a) Debit Bad debts account £11,750, credit Trade receivable account £11,750(b) Debit Bad debts account £10,000,
To account for increasing the Allowance for doubtful debts by £4,935:(a) Debit Bad debts account £4,935, credit Allowance for doubtful debts account £4,935(b) Debit Bad debts account £4,200,
Sasha Whitmore is the new owner of a catering establishment acquired on 1 July 2011, from Sunshine Caterers (SS). She seeks your advice on whether she could report the following resources as assets
The year-end Trial Balance of Cavalier plc, as at 30 June 2012, reports Development costs at an amount of £780,000. The break-down of this amount is as shown. You are informed as follows:(a) The
Lion is a company producing medicinal drugs. At 1 October 2010 the following balances existed in the records:■ Deferred development expenditure £1,200,000. See details in the box.■ Equipment
Which of the assets named below is not an intangible asset?(a) Brand name(b) Inventory(c) Goodwill(d) Patent
Explain the circumstances in which you would capitalise the cost of:1. A reputed brand name acquired as part of a business combination and expected to have a useful life of at least 20 years2.
Which of the following statements relating to intangible assets is/are correct?(a) Research on market potential, prior to launching a product, can be capitalised(b) Applied research, calculated to
What a company spends on its research and development activities is no different from what is spent on other areas such as salaries and advertising. Why is there such a hype and importance attached
Jason, Jim and Jones are the only shareholders of a private limited company, operating under the name Triple Jay Computers Ltd. They are manufacturers and dealers in both computer hardware and
Alpha plc paid £900,000 to acquire the whole of the equity in Beta plc on 31 December 2011, when the net assets of Beta plc were reported as shown. As at the date of acquisition:(a) Beta plc reports
Which of the following qualities should an asset possess for it to qualify for recognition as an asset?(a) It should have physical existence(b) It should be within the entity’s control(c) It should

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