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accounting information systems

Questions and Answers of Accounting Information Systems

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
The following are a condensed 20X1 income statement and a 31 December 20X1 balance sheet for Franklin Business.On 1 January 20X1 the accounts receivable were \(\$ 8470\), the inventory was \(\$
Outback Retreat Ltd reports GST quarterly using the accrual method. As at the 30 June 20X1 Outback Retreat Ltd has net sales for the June quarter of \(\$ 100100\) which including GST; purchases of
Potts Business reports GST quarterly using the cash method. As at 30 June 20X1 Potts Business has net cash sales for the June quarter of \(\$ 57000\) which includes GST; cash purchases of \(\$
What is a cash flow statement, and what types of questions can a user answer by studying a business' cash flow statement?
Write out a cash flow equation that links the beginning and the ending cash balances.
What three types of transactions related to balance sheet items may cause cash inflows? Give an example of each.
What three types of transactions related to balance sheet items may cause cash outflows? Give an example of each.
Identify the three sections of a business' cash flow statement, and briefly explain what is included in each section.
How is the net cash provided by operating activities determined under the direct method?
What are the three categories of operating cash inflows under the direct method?
What are the four categories of operating cash outflows under the direct method?
Describe how to calculate a business' collections from customers during an accounting period, based on an analysis of its income statement and its beginning and ending balance sheets.
Describe how to calculate a business' payments to employees during an accounting period, based on an analysis of its income statement and its beginning and ending balance sheets.
Describe how to calculate a business' payments to suppliers during an accounting period, based on an analysis of its income statement and its beginning and ending balance sheets.
How is the operating cash flow margin of a business computed, and what does it describe?
How is the cash return on total assets of a business computed, and what does it measure?
How is the cash return on owner's equity of a business computed, and what does it measure?
(Appendix) How does a business determine its net cash provided by operating activities under the indirect method?
(Appendix) Identify the steps a business completes under the indirect method to calculate its net cash provided by operating activities.
These are transactions and activities of a business:a Receipt from sale of building b Withdrawal by owner c Decrease in accounts receivable d Payment for purchase of investment e Receipt from
The following are transactions and activities of a business:a Cash sales b Decrease in accounts payable c Payment for purchase of equipment d Investment by owner e Payment of long-term note payable f
The following is selected information taken from the Cash account of Steven Steel Business for June:a Cash sales, \(\$ 20000\)b Payment of interest, \(\$ 1200\)c Payment for inventory, \(\$ 2000\)d
Water Ski Business has the following information in its Cash account for July:a Paid employees \(\$ 9000\)b Paid suppliers \(\$ 4000\)c Made cash sales of \(\$ 22000\)d Collected \(\$ 1600\) interest
This list of items is to be included in the cash flow statement of the Brockman Lawn Sprinklers Business for the current year:a Payment for purchase of trenching equipment, \(\$ 6000\)b Payments to
The items to be included in the Nadine's Giftware Business' cash flow statement for the current year are:a Investment by owner, \(\$ 6000\)b Payments to employees, \(\$ 16200\)c Receipt from sale of
An analysis of the Toney Business' Cash account for September shows these entries:a Beginning cash balance, \(\$ 800\)b Collections from customers, \(\$ 21500\)c Payment for purchase of storage shed,
The Fredette Business' Cash account shows the following entries for April:a Beginning cash balance, \(\$ 800\)b Receipt from issuance of note, \(\$ 20000\)c Payment of interest on loan, \(\$ 1800\)d
Among other items, the Andy's Business' income statement for the year shows sales revenue of \(\$ 156000\), cost of goods sold of \(\$ 92600\) and salaries expense of \(\$ 24400\). An analysis of its
While reviewing the Taber Business' income statement for the year, you find that it had sales of \(\$ 81500\), cost of goods sold of \(\$ 50000\) and wages expense of \(\$ 30200\). A review of its
Thorpe Business' 20Xl cash flow statement as developed by its bookkeeper is given.You determine that the amounts of the items listed on the statement are correct but are incorrectly
The cash flow statement information of the Fairview Flowers Shop for 20X1 is below.Required:Fill in the letters (a)-(e). All the necessary information is given. (Hint: It is not necessary to find the
The cash flow statement information of the Bray Tyre Company for 20X1 is below.Required:Fill in the letters (a)-(e). All the necessary information is given. (Hint: It is not necessary to find the
Border Collie Business has asked for your assistance in preparing its cash flow statement for 20X3. Among other items, its 20X3 income statement shows sales revenue (net) of \(\$ 135000\), cost of
You have been hired by Seeser Flappits Business to prepare its 20X2 cash flow statement. The business provides you with its 20X2 income statement.You determine that these numbers are correct. You
In 20X2 Franklin Fibres Business had net cash provided by operating activities of \(\$ 9400\). A review of its \(20 \mathrm{X} 2\) financial statements shows that the business had net income of \(\$
Nibbets Baskets Business had net cash provided by operating activities of \(\$ 4300\) for \(20 \mathrm{X} 3\). The business' income statement showed sales (net) of \(\$ 40000\), interest expense of
(Appendix) The following information is taken from the accounting records of Ward Business for the current year:Required:Using the indirect method, prepare the cash flows from the operating
(Appendix) In 20X3 Faldo Business earned net income of \(\$ 61000\). Included in the calculation of net income was \(\$ 12500\) of depreciation expense. During the year the business had these changes
(Appendix) During the current year, Nash's Business earned net income of \(\$ 56000\). Depreciation expense of \(\$ 11000\) was included in the calculation of net income. Nash's accounting records
The management of Pink Ltd is worried because the bank overdraft has increased by a substantial amount over the financial year ended 30 June 20X4 despite a large profit and the introduction of
Now that you have begun studying accountancy, it seems as though everyone is coming to you for advice. Yesterday, your mother's friend Juanita asked you to explain what she'd read in the notes to
The owner of Fine Cuisine (a business that publishes 'kitchen-tested' recipes) has come to your bank for a loan. He states, 'In each of the last two years our cash has gone down. This year we need to
Your friend Basil Nutt has come to you for advice. He says, 'I don't understand it. My business, Nutts and More, had a net income of \(\$ 4300\) in \(20 \mathrm{X} 2\) so I expected the balance in
These are pairs of ratios related to the income statement, the cash flow statement and the balance sheet.Required:For each of the above pairs of ratios, explain the similarities and the differences.

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