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business
cost accounting

Questions and Answers of Cost Accounting

Why is it necessary to distinguish between business assets and liabilities and non-business assets and liabilities of a single proprietor?
Name and define the six major elements of the accounting equation.
List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.
What is the function of an income statement?
What is the function of a statement of owner’s equity?
What is the function of a balance sheet?
What are the three basic phases of the accounting process?
Label each of the following accounts as an asset (A), a liability (L), or owner’s equity (OE), using the following format:Item Account ClassificationMoney in bank CashOffice supplies
Using the accounting equation, compute the missingelements.
Alice Stern started a business. During the first month (February 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities +
This exercise is an extension of Exercise 2-3A. Assume Alice Stern completed the following additional transactions during February. Show the effect of each transaction on the basic elements of the
Label each of the following accounts as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongs—income
Betsy Ray started an accounting service on June 1, 20--, by investing $20,000. Her net income for the month was $10,000, and she withdrew $8,000. Prepare a statement of owner’s equity for the month
Based on the information provided in Exercise 2-6A, prepare a statement of owner’s equity assuming Ray had a net loss of $3,000.
Dr. John Schleper is a chiropractor. As of December 31, he owned the following property that related to his professional practice.Cash $ 4,750Office Equipment 6,200X-ray Equipment
Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred.(a) Invested cash in business, $18,000.(b) Bought office supplies for $4,600: $2,000 in cash
Based on Problem 2-9A, prepare an income statement for Jay Pembroke for the month of April 20--.
Based on Problem 2-9A, prepare a statement of owner’s equity for Jay Pembroke for the month of April 20--.
Based on Problem 2-9A, prepare a balance sheet for Jay Pembroke as of April 30, 20--.
Label each of the following accounts as an asset (A), liability (L), or owner’s equity (OE) using the following format. Account ClassificationCashAccounts PayableSuppliesBill Jones,
Using the accounting equation, compute the missing elements.
Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets = Liabilities +
This exercise is an extension of Exercise 2-3B. Assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the
Label each of the following accounts as an asset (A), liability (L), owner’s equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongs—income
Efran Lopez started a financial consulting service on June 1, 20--, by investing $15,000. His net income for the month was $6,000, and he withdrew $7,000 for personal use. Prepare a statement of
Based on the information provided in Exercise 2-6B, prepare a statement of owner’s equity assuming Lopez had a net loss of $2,000.
Dr. Patricia Parsons is a dentist. As of January 31, Parsons owned the following property that related to her professional practice:Cash $3,560Office Equipment 4,600X-ray Equipment
David Segal started a business. During the first month (October 20--), the following transactions occurred.(a) Invested cash in the business, $15,000.(b) Bought office supplies for $3,800: $1,800 in
Based on Problem 2-9B, prepare an income statement for David Segal for the month of October 20--.
Based on Problem 2-9B, prepare a statement of owner’s equity for David Segal for the month of October 20--.
Based on Problem 2-9B, prepare a balance sheet for David Segal as of October 31, 20--.
Write a brief memo that explains the differences and similarities between expenses and withdrawals.
Lisa Vozniak started her own business, We Do Windows. She offers interior and exterior window cleaning for local area residents. Lisa rents a garage to store her tools and cleaning supplies and has a
Trace the flow of accounting information through the accounting system.
Explain the purpose of a chart of accounts.
Name the five types of financial statement classifications for which it is ordinarily desirable to keep separate accounts.
Name a source document that provides information about each of the following types of business transactions:a. Cash paymentb. Cash receiptc. Sale of goods or servicesd. Purchase of goods or services
Where is the first formal accounting record of a business transaction usually made?
Describe the four steps required to journalize a business transaction in a general journal.
In what order are the accounts customarily placed in the ledger?
Explain the primary advantage of a general ledger account.
Explain the five steps required when posting the journal to the ledger.
What information is entered in the Posting Reference column of the journal as an amount is posted to the proper account in the ledger?
Explain why the ledger can still contain errors even though the trial balance is in balance. Give examples of two such types of errors.
What is a slide error?
What is a transposition error?
What is the ruling method of correcting an error?
What is the correcting entry method?
Source documents trigger the analysis of events requiring an accounting entry. Match the following source documents with the type of information they provide.1. Check stubs or check register a. A
Explain the purpose of a chart of accounts.
Set up T accounts for each of the general ledger accounts needed for Exercise 4-2A and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal
Jean Jones has opened Jones Consulting. Journalize the following transactions that occurred during January of the current year. Use the following journal pages: January 1â€“10, page 1, and
Set up general ledger accounts using the chart of accounts provided in Exercise 4-4A. Post the transactions from Exercise 4-4A to the general ledger accounts and prepare a trial balance.
From the information in Exercises 4-4A and 4-5A, prepare an income statement, a statement of owner’s equity, and a balance sheet.
From the following trial balance taken after one month of operation, prepare an income statement, a statement of owner's equity, and a balancesheet.
Joe Adams bought $500 worth of office supplies on account. The following entry was recorded on May 17. Find the error(s) and correct it (them) using the ruling method.On May 25, after the
Annette Creighton opened Creighton Consulting. She rented a small office and paid a part-time worker to answer the telephone and make deliveries. Her chart of accounts is as follows:Creighton's
Jim Andrews opened a delivery business in March. He rented a small office and has a part-time assistant. His trial balance shows accounts for the first three months of business.Andrews' transactions
Assuming that all entries have been posted, prepare correcting entries for each of the following errors.1. The following entry was made to record the purchase of $500 in supplies on account:Supplies
What type of information is found on each of the following source documents?1. Cash register tape2. Sales ticket (issued to customer)3. Purchase invoice (received from supplier or vendor)4. Check stub
For each of the following transactions, list the account to be debited and the account to be credited in the general journal.1. Invested cash in the business, $1,000.2. Performed services on account,
Set up T accounts for each of the general ledger accounts needed for Exercise 4-2B and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal
Sengel Moon opened The Bike Doctor. Journalize the following transactions that occurred during the month of October of the current year. Use the following journal pages: October 1â€“12, page 1,
Set up general ledger accounts using the chart of accounts provided in Exercise 4-4B. Post the transactions from Exercise 4-4B to the general ledger accounts and prepare a trial balance.
From the information in Exercises 4-4B and 4-5B, prepare an income statement, a statement of owner’s equity, and a balance sheet.
From the following trial balance taken after one month of operation, prepare an income statement, a statement of owner's equity, and a balancesheet.
Mary Smith purchased $350 worth of office equipment on account. The following entry was recorded on April 6. Find the error(s) and correct it (them) using the ruling method.On April 25, after the
Benito Mendez opened Mendez Appraisals. He rented office space and has a part-time secretary to answer the telephone and make appraisal appointments. His chart of accounts is as follows:Mendez’s
Ann Taylor owns a suit tailoring shop. She opened business in September. She rented a small work space and has an assistant to receive job orders and process claim tickets. Her trial balance shows
Assuming that all entries have been posted, prepare correcting entries for each of the following errors.1. The following entry was made to record the purchase of $400 in equipment on account:Supplies
You are a public accountant with many small business clients. During a recent visit to a client’s business, the bookkeeper approached you with a problem. The columns of the trial balance were not
Barry Bird opened the Barry Bird Basketball Camp for children ages 10 through 18. Campers typically register for one week in June or July, arriving on Sunday and returning home the following
Journal entries and a trial balance for Fred Phaler Consulting follow. As you will note, the trial balance does not balance, suggesting that there are errors. Recall that the chapter offers tips on
Internal control is concerned only with enhancing the accuracy of the accounting records. Do you agree? Explain.
At the corner grocery store, all sales clerks make change out of one cash register drawer. Is this a violation of internal control? Why?
McCartney Fertilizer Co. owns the following assets at the balance sheet date.Cash in bank savings account $ 8,000Cash on hand 850Cash refund due from the IRS 1,000Checking account
To have maximum effective internal control over cash disbursements, all payments should be made by check. Is this true? Explain.
What is the essential feature of an electronic funds transfer (EFT) procedure?
At what amount does PepsiCo report cash and cash equivalents in its 2007 consolidated balance sheet?
Joanie Corp sells it products on both credit and cash basis. Monthly sales are sold 10% for cash, 90% for credit. Credit sales are collected 40% in the month of sale and 60% the following month.
C-V-P Analysis in a Service Business Luke Ticci, CPA, is the owner of a firm that provides tax services. The firm charges $50 per return for the direct professional labor involved in preparing
As of December 31, 2012, Nilsen Industries had $2,000 of raw materials inventory. At the beginning of 2012, there was $1,600 of materials on hand. During the year, the company purchased $324,000 of
Delphi Company has developed a new product that will be marketed for the first time during the next fiscal year. Although the marketing department estimates that $35,000 units could be sold at $36
Baker Company has a product that sells for $20 per unit. The variable expenses are $12 per unit, and fixed expenses total $30,000 per year.Required:a. What is the total contribution margin at the
Seton Company manufactures a single product that sells for $360 per unit and whose total variable costs are $270 per unit. The company targets an annual after-tax income of $1,620,000. The company is
What are the two general purposes of budgeting?
How are strategic planning, capital budgeting, and operations budgeting different?
Describe the advantages of the authoritative approach and the participative approach to budgeting.
Why are budgets usually prepared for one year?
Why does the accuracy of the entire master budget depend on a reliable sales forecast?
Identify the sequence of schedules used in preparing a master budget for a manufacturing firm.
How is the budgeting process for a merchandising firm different from the budgeting process for a manufacturing firm?
How is the budgeting process for a service firm similar to the budgeting process for a manufacturing firm? What are any differences?
Which one of the following is not a characteristic of a successful personal budgeter?a. Goal-drivenb. Flexiblec. Proactived. Disciplinede. Impulsive
Which one of the following is not a behavioral consideration of the budgeting process?a. Top management must support the budgeting process.b. All managers, and as many employees as possible, should
Which one of the following statements is false?a. An advantage of authoriative budgeting is that upper management knows the strategic objectives of the company.b. An advantage of participative
Which one of the following is not part of the master budget of a manufacturing firm?a. Sales budgetb. Depreciation budgetc. Production budgetd. Direct labor budgete. Selling and administrative
Place the following schedules in chronological order from start to finish in the master budgeting process.a. Cash budgetb. Pro-forma income statementc. Production budgetd. Sales budgete. Direct
Is the following statement true or false?Since external variables (like customer tastes and economic conditions) cannot be controlled by a company, those inputs are not used when computing a sales
Using the following information, compute the number of units to be produced.Desired ending inventory (in units) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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