GnuCash 2. 4 Small Business Accounting Manage Your Accounts With This Desktop Financial Management Applications 1st Edition Ashok Ramachandran - Solutions

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What is C.S.’s return on equity for 2009? Compare your results with your results in exercise 15. What are the implications of this comparison?
Using the DuPont method, calculate C.S.’s return on assets for 2009. How did they do compared with 2008?
What do profitability ratios reveal?
Compare C.S.’s accounts payable turnover for 2008 with their result for 2009. What do your results imply?
Did they turn their accounts more quickly in 2009?
Compare C.S.’s accounts receivable turnover for 2008 with their result for 2009.
What are C.S.’s inventory turnover and their number of days’sales in inventory for 2009?
What do activity ratios reveal?
Is C.S. more or less leveraged in 2009 as compared with 2008?As a banker, would you be more or less likely to make a loan to them in 2009 as opposed to 2008?
What was C.S.’s times interest earned ratio for 2008 and for 2009?
What is the ratio of C.S.’s assets to debt in 2009?
What is C.S.’s debt to equity ratio in 2009?
What do leverage ratios reveal?
What is C.S.’s quick ratio for 2009? Does this confirm your finding in exercise 2?
What is Columbia Sportswear’s (C.S.) current ratio for 2009?Has it become more liquid?
What do liquidity ratios reveal?
What are some signs that might indicate House of the Sun Foods’traditional cost accounting system is not providing its management with the information they need?
List four uses House of the Sun Foods’ managers might make of ABC costing.
What are the consequences of over- or under-costing products?
What consequences can the “peanut butter” approach have on product costs?
House of the Sun Foods processes and sells organic, vegan foods to health food stores and the public in Seattle, Washington. It is considering switching from a traditional costing system to an activity-based costing system to determine costs of its various products. It currently allocates overhead
Kruger and Huff Enterprises manufacture and sell wooden statues of biblical figures. Their budget for the coming year calls for sales of 10,000 units at $200 per unit; 30,000 board feet of 18 × 18 wood beams at $10 per foot; 40,000 hours of direct labor at $15 per hour; and $600,000 of variable
List examples of where a favorable variance might lead to unfavorable variances in other areas.
Why do companies use standard costs? How can variance analysis and standard costs aid in a program of continuous improvement?
In what ways is a flexible budget analysis more informative than a static budget analysis?
The Gisele and Edwards manufacturing company seeks to have a minimum $15,000 cash balance at the end of each month.The following amounts are given from its recent cash budget (in thousands). Fill in the missing amounts. (Note that the beginning cash balance in the total column will be the cash
House of the Sun Foods estimates production for the next five quarters as:First quarter 20X1 50,000 meals Second quarter 20X1 45,000 meals Third quarter 20X1 55,000 meals Fourth quarter 20X1 44,000 meals First quarter 20X2 54,000 meals Each meal requires a half-pound of beans and one pound of
Determine the order in which the following budgets are prepared:(a) Budgeted balance sheet (b) Budgeted income statement (c) Capital expenditures budget (d) Cash budget (e) Operating budget (f) Purchases and cost of goods sold budget (g) Sales budget
What is the main purpose of a cash budget?
How do budgets aid the planning process?
Bijou, Inc. is considering the purchase of a bus to take tourists on sightseeing tours. The bus will cost $80,000. Annual cash costs of running the bus are estimated to be $30,000. Annual revenues are estimated to be $70,000. The bus has an estimated useful life of four years, after which it will
What subjective factors might Kathy want to consider when making her decision?
What are the IRR and the payback period of Kathy Smith’s proposed purchase?
Kathy Smith is considering the purchase of a cost-saving machine that costs $100,000. She expects to save $30,000 per year for five years. At the end of the fifth year the machine will have no salvage value and will be scrapped. What is the NPV of the machine if Kathy’s cost of capital is 8
What is the present value of receiving $500 in five years if your required rate of return is 12 percent?
What is the present value of receiving $500 per year for five years if your required rate of return is 12 percent?
How does depreciation affect cash flows?
Why is it important to consider the time value of money when making capital budgeting decisions?
Joe Skater owns an ice-skating rink that accommodates 100 people. He charges $12 an hour to skate. Attendants receive$8 per hour to staff the entrance booth. Utilities, rent, depreciation and insurance average $3,000 per month.Recently the manager of an out-of-town hockey team approached Joe about
DBL, Inc. normally operates at approximately 90 percent of capacity.Owing to a temporary downturn in the economy it is presently operating at 70 percent of capacity. It currently produces 35,000 units of patented bearings designed for use in heating and cooling systems. Its accountant prepared the
List two possible qualitative advantages of making rather than buying a component.
Define the following terms:(a) Relevant information(b) Incremental analysisc) Sunk costs (d) Opportunity costs (e) Allocation (f) Differential cost
Two furniture manufacturers have the following cost structures.Ye Olde Furniture Ye Newe Furniture Sales $1,000,000 $1,000,000 Variable costs 700,000 500,000 Fixed costs 200,000 400,000 Operating income $100,000 $100,000 What will their respective operating incomes be if their sales volumes
House of the Sun Foods produce packaged gourmet vegan dinners.The selling price per dinner is $30. The variable cost per dinner is $18 and their fixed costs per month are $5,000. Last month they sold 500 dinners. In anticipation of the coming holidays, they plan on increasing sales 20 percent.
Denali Skateboards manufactures and sells several different skateboard models. Denali produces skateboards in batches and currently produces ten batches per year. He faces a tax rate of 35 percent.Using the following information determine how many skateboards Denali must sell in order to (a) break
Olivia Blueberry, owner of Blueberry Bicycles, is considering an offer to operate a booth at the Metro Bike show this coming weekend. The promoters of the bike show have offered Olivia two options: (1) a fixed payment of $3,000 for the weekend; or (2)10 percent of total sales during the show.
Define the following terms: sunk cost, variable cost, product cost, period cost.
What is the difference between an expense and a cost?
Adam, a chef, left his $35,000-a-year job to start his own restaurant.Adam now draws a salary of $20,000. Identify his opportunity costs. Identify his opportunity costs if he had not left his prior job.
A prankster arranged Proctor Company’s ledger accounts in alphabetical order. Note that the retained earnings account balance is for January 1, 20X9. All revenue and expense accounts are for the year 20X9.Accounts payable $20,000 Accounts receivable 12,000 Accumulated depreciation 40,000 Cash
Calculate the missing amounts for each firm.Table 1.1 Firm X Firm Y Firm Z Total assets 12/31/11 $500,000 $350,000 Total liabilities 12/31/11 200,000 450,000 Paid-in capital 12/31/11 30,000 100,000 50,000 Retained earnings 12/31/11 125,000 Net income for 2011 80,000 120,000 150,000 Dividends paid
List the type of account (asset, liability, owners’ equity, revenue, expense) and the financial statement on which it belongs for the following:Account Type Financial Statement Cash Depreciation expense Accumulated depreciation Accounts receivable Accounts payable Dividends Prepaid rent Utilities
1. In the Find Job dialog, what values will you enter to get a list of all the jobs in the system?a. contains and all.b. matches regex and a (.) dot.c. does not match regex and a (.) dot.d. contains and a (.) dot.
1. For a foreign currency transaction, which one of the following is not the right way to enter an exchange rate?a. From the menu, select Actions | Edit Exchange Rate.b. From the menu, select Actions | Enter Exchange Rate.c. From the menu, select Actions | Transfer... to open the Transfer Funds
1. GnuCash doesn't have a field for which of the following contact info?a. E-mail addressb. LinkedIn usernamec. FAX numberd. Twitter username
1. When you simply click Save, GnuCash saves in its default data format. What is GnuCash's default data format?a. xmlb. gnucash C. sqlite3d. CSV
1. How do you create a Transaction Report with all of the transactions, after selecting all the Accounts and Subaccounts in the Accounts tab of the Report Options dialog?a. In the Report Options dialog, in the General tab, select All.b. In the Report Options dialog, in the Display tab, select
1. Which of the following formats will not only import the transactions, but also create the matching accounts?a. QIFb. CSVc. IIFd. OFX
1. While importing expenses, when you map the CSV fields, you will map the amount field to which of the following:a. Balanceb. Depositc. Withdrawald. Total
1. How do you make sure that transactions paid in cash, paid by check, and paid by credit card are imported into their matching accounts?a. Select the appropriate matching account in the Select Account dialog.b. Create separate files for each type of payment.c. GnuCash will automatically match them
1. What are the three things that should be backed up?a. The main accounts file, the log file, and the .gnucash file.b. The log file, the .gconf folder, and the .gnucash folder.c. The main accounts file, the .gconf folder, and the .gnucash folder.d. The main accounts file, the stylesheet folder,
1. By default, GnuCash opens reports in the same window in a separate tab. How do you make reports open in a new window?a. From the Reports menu.b. From the Business menu.c. From the GnuCash Preferences dialog Reports tab.d. From the File menu.
1. What should be the Parent Account for creating a separate group of accounts for an event or a project?a. New top level accountb. Placeholder accountc. Event accountd. Project account
1. You want to pay off the entire loan. Which amount should be set to zero?a. Present valueb. Future valuec. Payment Totald. Periodic payment
1. Which one of the following is not a valid window for editing account codes?a. Edit Account dialogb. New Account dialog C. Account Tree windowd. Open Subaccounts window
1. The Print Checks menu is available only from which window?a. Account Tree windowb. Account Register windowc. Transaction Report windowd. View Invoice window
1. You cannot filter transactions by which one of the following attributes?a. By amount rangeb. By date rangec. By cleared statusd. By reconciled status
1. Can you apply more than one tax table to an invoice?a. Yesb. Noc. Under certain conditions
1. How many different taxes can be combined in one tax table?a. Oneb. Twoc. Threed. Any number
1. Where will you find the menu item to export income tax data?a. File | Export | TXF Exportb. Edit | Tax Report Options | TXF Exportc. Reports | Tax Schedule Report/TXF Export, then click on the toolbar button Export.
2. What is the format of the file suitable for importing into tax preparation software?a. TXTb. TFX C. TXFd. TAX
1. Partnerships file income tax returns using which form to IRS?a. 1065b. 1120 C. 1120Sd. 1040
1. What type of account is a Drawing account?a. Expense accountb. Income accountc. Liability accountd. Asset accounte. Equity accoun
1. What type of account is a depreciation account?a. An asset account.b. A liability account.c. An expense account.
2. The Federal Income Tax account to hold the amount deducted from employees'salary will be of what Account Type and with what Parent Account:a. Account Type "Asset" and Parent Account "Assets".b. Account Type "Liability" and Parent Account "Liabilities".c. Account Type "Expense" and Parent Account
1. At the time of paying an employee, the amount deducted from gross pay towards employee's contribution to FICA Tax will be accounted as:a. An expenseb. A liability of the business to be paid to the government laterc. An asset of the companyd. A liability of the employee to be paid to the
2. What selections will you make in the Budget Options dialog to create a quarterly budget?a. Select year(s) and 4 timesb. Select Every 3 month(s)c. Select Every 13 week(s)d. Select Every 91 day(s)
1. Which menu allows you to create a new budget?a. Business | New | New Budgetb. Reports | Budget | New Budgetc. File | New | New Budgetd. Actions | Budget | New Budget
1. Which of the following are allowed for creating the next invoice with the next number?a. MACS1000.b. 2011-1000. C. 2011.1000.d. 1000.1. You entered a bill and posted it by mistake. How will you rectify this error?a. Unpostb. Unpayc. Unbilld. Undo
1. In the Find Customer dialog, what Search Criteria will you enter to get a list of all the customers?a. Company Name contains *.b. Company Name does not contain *. C. Company Name matches regex.(dot).d. Company Name does not match regex.(dot).
2. Which of the following are valid placeholder names?a. Internet bill amountb. 2010 bill amountc. phonebilld. 2010phonebill
1. How will you set the start date of a scheduled transaction?a. Set the Start Date in the Frequency tab of the Edit Scheduled Transaction window.b. Set the Start Date in the Overview tab of the Edit Scheduled Transaction window.c. Set the Start Date in the Template Transaction tab of the Edit
1. You want GnuCash to display the scheduled transactions created by it so that you can make sure they are OK, before saving them. What will you do?a. In the Overview tab of Edit Scheduled Transaction window, check Notify me when created.b. In the Frequency tab of Edit Scheduled Transaction window,
1. You need to make a payment twice a month. What selections will you make in the Frequency tab?a. Select Frequency Daily and Every 15 days.b. Select Frequency Semi-Monthly.c. Select Frequency Weekly and Every 2 weeks.d. Select Frequency Twice-a-month.
2. Checking A in the Generic import transaction matcher will do what?a. Mark the transaction as reconciled.b. Mark the transaction as cleared.c. Add the transaction as new.d. Mark the transaction as accepted.
1. What are the formats that are not supported for electronic reconciliation?a. OFXb. CSVc. QFXd. QIFe. Fixed width
2. In the Reconcile window which transactions will you check?a. The correct transactions.b. The transactions that appear in GnuCash.c. The transactions that appear on the bank statement.d. The transactions that seem to be missing.
1. In the Reconcile Information window, what is the ending balance you will enter?a. Ending balance from GnuCashb. Ending balance from my bank statementc. Ending balance calculated by med. Accept the default offered by GnuCash
1. To create a new stylesheet, where will you start?a. With the report open, click on the Options button. Alternatively, from the menu, select Edit | Report Options.b. From the menu select Edit | Style Sheets.c. From the menu select Reports | Edit Style Sheets.
1. Which one of the following is not an essential step for saving a custom report?a. Change the name of the report.b. Click on the Reload button.c. Click on the Add Report button or select File | Add Report.
1. Which are the two reports that are only available when an account register is open?a. Balance Sheet and Trial Balanceb. Account Report and Account Transaction Report C. Income Statement and Profit & Lossd. Balance Sheet and Profit & Loss
1. What will you do to view or edit notes in a transaction?a. View Basic Ledgerb. View Auto-split Ledgerc. View Transaction Journald. View Double Line
2. What is the Date field shortcut for entering the first day of the month?a. fb. mc. j
1. What is the Transfer field shortcut for Expenses:Auto:Repairs and Maintenance?a. Ex:Au:RMb. Ex:Au:Rec. Ex,Au,Re
2. Where do we enter a split transaction?a. Using the Transfer Funds window or from the account register.b. Only from the account register.c. Only from the Transfer Funds window.d. Only from the Account Tree window
1. For every transaction, the total of the amounts on the right side must be equal to the total of the amounts on the left side.a. Trueb. Falsec. Only under certain conditionsd. Only in special cases
2. How do you close the Accounts tab?a. Using the close buttonb. Accounts tab cannot be closedc. Using the exit menud. Using control menu close
1. What is the name of the window which allows you to view and edit existing transactions?a. Account Register windowb. Account Tree windowc. Transfer Funds windowd. GnuCash Main window
1. In a transaction, how do the source of funds and use of funds compare?a. Source of funds is higherb. Use of funds is higherc. They must be equal to each otherd. They are unrelated
3. Placeholder accounts can have transactionsa. Yesb. Noc. Under certain conditions

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GnuCash 2. 4 Small Business Accounting Manage Your Accounts With This Desktop Financial Management Applications 1st Edition Ashok Ramachandran - Solutions

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