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business
accounting principles

Accounting 20th Edition Carl S. Warren, James M. Reeve, Philip E. Fess - Solutions

In what order are vouchers ordinarily filed (a) in the unpaid voucher file and (b) in the paid voucher file? Give reasons for the answers. LO2
The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference? LO2
What is the purpose of preparing a bank reconciliation? LO2
Do items reported on the bank statement as credits represent (a) additions made by the bank to the depositor's balance, or (b) deductions made by the bank from the depositor's balance? LO2
What entry should be made if a check received from a customer and deposited is returned by the bank for lack of sufficient funds (an NSF check)? LO2
Explain why some cash payments are made in coins and currency from a petty cash fund. LO2
What account or accounts are debited when (a) establishing a petty cash fund and (b) replenishing a petty cash fund? LO2
The petty cash account has a debit balance of $750. At the end of the accounting period, there is $112 in the petty cash fund, along with petty cash receipts totaling $638. Should the fund be replenished as of the last day of the period? Discuss. LO2
How are cash equivalents reported in the financial statements? LO2
How is a compensating balance reported in the financial statements? LO2
Describe the nature of a business LO1
Describe the role of accounting ir business. LO2
Describe the importance of busi- j ness ethics and the basic principles of proper ethical conduct. LO3
Describe the profession of account ing. LO4
Summarize the development ofi accounting principles and relate them to practice. LO5
State the accounting equation and*define each element of the equa- tion. LO6
Explain how business transactio can be stated in terms of the resulting changes in the basic elements of the accounting equation. LO7
Describe the financial statements of a proprietorship and explain how they interrelate. LO8
Use the ratio of liabilities to owner's equity to analyze the ability of a business to withstand poor business conditions. LO9
An organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services ( outputs i to customers.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business
A type of business that changes basic inputs into products that are sold to individual customers.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business
A type of business that purchases products from other businesses and sells them to customers.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business
A business owned by one individual.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N. Ethics O. Expenses
A business owned by two or more individuals.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N. Ethics O.
A business organized under state or federal statutes as a separate legal entity.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L.
A person or entity who has an interest in the economic performance of a business.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L.
Individuals authorized by the owners to operate the business.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost
An information system that provides reports to stakeholders about the economic activities and condition of a business.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business
Moral principles that guide the conduct of individuals.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept
A specialized field of accounting concerned primarily with the recording and reporting of economic data and activities to stakeholders outside the business.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I.
A specialized field of accounting that uses estimated data to aid management in mnning day-to-day operations and in planning future operations.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity
The authoritative body that has the primary responsibility for developing accounting principles.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business
A concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity
A concept of accounting requiring that economic data be recorded in dollars.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L.
The resources owned by a business.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N. Ethics O. Expenses
The rights of creditors that represent debts of the business.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost
The rights of the owners.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N. Ethics O. Expenses P.
Assets = Liabilities + Owner's Equity LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N. Ethics O.
An economic event or condition that directly changes an entity's financial condition or directly affects its results of operations.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J.
The liability created by a purchase on account.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N. Ethics
Items such as supplies that will be used in the business in the future.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation
A claim against the customer.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N. Ethics O. Expenses P.
The amounts used in the process of earning revenue.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L. Corporation M. Cost concept N.
The amount a business earns by selling goods or services to its customers.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business transaction L.
A summary of the revenue and expenses for a specific period of time, such as a month or a year.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K. Business
A summary of the changes in owner's equity that have occurred during a specific period of time, such as a month or a year.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business
A list of the assets, liabilities, and owner's equity as of a specific date, usually at the close of the last day of a month or a year.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept
A summary of the cash receipts and cash payments for a specific period of time, such as a month or a year.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business stakeholder K.
A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance sheet H. Business I. Business entity concept J. Business
The form of balance sheet that resembles the basic format of the accounting equation, with assets on the left side and the liabilities and owner's equity sections on the right side.LO9 A. Account form B. Account payable C. Account receivable D. Accounting E. Accounting equation F. Assets G. Balance
A profit-making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as a: LO9 A. proprietorship. C. partnership.B. service business. D. corporation.
The resources owned by a business are called: LO9 A. assets.B. liabilities.C. the accounting equation.D. owner's equity.
A listing of a business entity's assets, liabilities, and Aow.n e ra' s b a leaqnuciet y s hase e to.f a specific date is: LO9 B. an income statement.C. a statement of owner's equity.D. a statement of cash flows.
If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease)of the change in owner's equity for that period is: LO9 A. a $32,000 increase. C. an $8,000 increase.B. a $32,000 decrease. D. an $8,000
If revenue was $45,000, expenses were $37,500. and the owner's withdrawals were $10,000, the amount of net income or net loss would be: LO9 A. $45,000 net income. C. $37,500 net loss.B. $7,500 net income. D. $2,500 net loss.
What is the objective of most businesses? LO9
Who are normally included as the stakeholders of a business? LO9
What is the role of accounting in business? LO9
What three sound principles form the foundation for ethical behavior? LO9
Distinguish between private accounting and public accounting. LO9
Identify what the abbreviation FASB stands for and describe how the FASB sets generally accepted accounting principles. LO9
Lynda Lyons is the owner of Fast Delivery Service. Recently, Lynda paid interest of$3,500 on a personal loan of $60,000 that she used to begin the business. Should Fast Delivery Service record the interest payment? Explain. LO9
On April 18, Neece Repair Service extended an offer of $95,000 for land that had been priced for sale at $100,000. On April 25, Neece Repair Service accepted the tsehlel e rl'asn d .c ounteroffer of $97,500. Describe how Neece Repair Service should record LO9
a. Land with an assessed value of $200,000 for property tax purposes is acquired by a business for $350,000. Seven years later, the plot of land has an assessed value of $240,000 and the business receives an offer of $400,000 for it. Should the monetary amount assigned to the land in the business
What are the two principal rights to the properties of a business? LO9
Name the three elements of the accounting equation. LO9
Describe the difference between an account receivable and an account payable. LO9
A business had revenues of $130,000 and operating expenses of $l-t5,000. Did the business (a) incur a net loss or (b) realize net income? LO9
A business had revenues of $280,000 and operating expenses of $270,000. Did the business (a) incur a net loss or (b) realize net income? LO9
What two types of transactions increase the owner's equitv of a proprietorship? LO9
Briefly describe the nature of the information provided by each of the following financial statements: the income statement, the statement of owner's equity, the balance sheet, and the statement of cash flows. LO9
Indicate whether each of the financial statements in Question Id covers a period of time or is for a specific date. LO9
What particular item of financial or operating data appears on both the income statement and the statement of owner's equity? What item appears on both the balancesheet and the statement of owners equity? LO9
What are the three types of activities reported in the statement of cash flows? LO9
Explain why accounts are used to record and summarize the effects of transactions on financial statements. LO1
Describe the characteristics of an account. LO2
List the rules of debit and credit and the normal balances of accounts. LO3
Analyze and summarize the financial statement effects of transactions. LO4
Prepare a trial balance and explain how it can be used to discover errors. LO5
Discover errors in recording transactions and correct them. LO6
Use horizontal analysis to compare financial statements from different periods. LO7
A debit may signify: LO5 A. an increase in an asset account.B. a decrease in an asset account.C. an increase in a liability account.D. an increase in the owner's capital account.
The type of account with a normal credit balance is: LO5 A. an asset. C. a revenue.B. drawing. D. an expense.
A debit balance in which of the following accounts would indicate a likely error? LO5 A. Accounts Receivable B. Cash C. Fees Earned D. Miscellaneous Expense
The receipt of cash from customers in payment of their accounts would be recorded by a: LO5 A. debit to Cash: credit to Accounts Receivable.B. debit to Accounts Receivable; credit to Cash.C. debit to Cash; credit to Accounts Payable.D. debit to Accounts Payable; credit to Cash.
The form listing the titles and balances of the accounts in the ledger on a given date is the: LO5 A. income statement.B. balance sheet.C. statement of owner's equity.D. trial balance.
What is the difference between an account and a ledger? LO5
Describe in general terms the sequence of accounts in the ledger. LO5
Do the terms debit and credit signify increase or decrease or can they signify either? Explain. LO5
Explain why the rules of debit and credit are the same for liability accounts and owner's equity accounts. LO5
What is the effect (increase or decrease) of a debit to an expense account (a) in terms of owner's equity and (b) in terms of expense? LO5
What is the effect (increase or decrease) of a credit to a revenue account (a) in terms of owner's equity and (b) in terms of revenue? LO5
Meadows Company adheres to a policy of depositing all cash receipts in a bank ac- count and making all payments by check. The cash account as of July 31 has a credit balance of $900, and there is no undeposited cash on hand. (a) Assuming no errors occurred during journalizing or posting, what
Rearrange the following in proper sequence: (a) entry is posted to ledger, (b) busi- ness transaction occurs, (c) entry is recorded in journal. (d) business document is prepared. (e) business transaction is authorized. LO5
Describe the three procedures required to post the credit portion of the following journal entry (Fees Earned is account no. 41): LO5 Date 2003 JOURNAL Page 19 Post. Description Ref. Debit Credit 12 302000 302000 2 Nov. 23 Accounts Receivable Fees Earned
In the journal, what indicates that an entry has been posted to the accounts? LO5
Shaw Company performed services in October for a specific customer, for a fee of $4,230. Payment was received the following November. (a) Was the revenue earned in October or November? (b) What accounts should be debited and credited in (1) October and (2) November? LO5
What proof is provided by a trial balance? LO5
If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain. LO5
Assume that a trial balance is prepared with an account balance of $21,750 listed as $21,570 and an account balance of $6,100 listed as $610. Identify the transposition. and the slide. LO5

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