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business
advanced financial accounting

Questions and Answers of Advanced Financial Accounting

Answer the following questions about the characteristics of a corporation’s stock:1. Who are the real owners of a corporation?2. What privileges do preferred stockholders have over common
What are two main advantages that a corporation has over a proprietorship and a partnership? What are two main disadvantages of a corporation? Describe the authority structure of a corporation. Who
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Examine Note 5—Income Taxes—in the Notes to Consolidated
1. Journalize the following transactions of Lyons Communications, Inc.:2. At December 31, 2018, after all year-end adjustments have been made, determine the carrying amount of Lyons’ bonds payable,
1. Journalize the following transactions of Laporte Communications, Inc.:2. At December 31, 2018, after all year-end adjustments have been made, determine the carrying amount of Laporte’s bonds
Select the best choice from among the possible answers given.Amortizing the discount on bonds payablea. Increases the recorded amount of interest expense.b. Reduces the semiannual cash payment for
On January 31, 2018, Dunkin Logistics, Inc., issued five-year, 3% bonds payable with a face value of $8,000,000. The bonds were issued at 93 and pay interest on January 31 and July 31. Dunkin
Complete the following statements with one of the terms listed here.1. The ________ measures the proportion of a company’s total liabilities to its total assets.2. ________ is usually a long-term
Read each statement below, indicate if it is true or false, and give a brief explanation of your answer.1. When a bond is issued at a discount, the semiannual amount of interest expense will be
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Did accounts payable for Apple increase or decrease in 2016?
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Did accounts payable for Apple increase or decrease in 2016?
The top management of Flashline Services examines the following company accounting records at July 29, immediately before the end of the year, July 31:Total current assets ..................... $
An end-of-period adjusting entry that debits Unearned Revenue most likely will credita. A revenue.b. An asset.c. A liability.d. An expense.Select the best choice from among the possible answers given.
What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd. Revenue accountSelect the best choice from among the possible answers given.
Failure to accrue interest expense results ina. An overstatement of net income and an understatement of liabilities.b. An understatement of net income and an overstatement of liabilities.c. An
For the purpose of classifying liabilities as current or noncurrent, the term operating cycle refers toa. the time period between the date the sale is made and the date the related revenue is
EnviroFriend Structures, Inc., builds environmentally sensitive structures. The company’s 2018 revenues totaled $2,780 million. At December 31, 2018, and 2017, the company had, respectively, $656
Martinson Cycles, Inc., a motorcycle manufacturer, included the following note in its annual report:NOTES TO CONSOLIDATED FINANCIAL STATEMENTS7 (In Part): Commitments and ContingenciesThe Company
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Visit a local business and do the following.Requirements1. List all its plant assets.2. If possible, interview the manager. Gain as much information as you can about the business’s plant assets.
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s Consolidated Financial Statements in Appendix A and online in the filings section of www.sec.gov, and answer the following questions:Requirements1. Refer to Note 1 and Note 3
Toledo National Bank purchased land and a building for the lump sum of $6 million. To get the maximum tax deduction, the bank’s managers allocated 80% of the purchase price to the building and only
The following questions are unrelated except that they all apply to plant assets and intangible assets:1. The manager of Wallace Manufacturing regularly buys plant assets and debits the cost to
Suppose you are considering investing in two businesses, Bahama Bakery and Burgers Galore. The two companies are virtually identical, and both began operations at the beginning of the current year.
In 2016, The Cheesecake Factory Incorporated (NASDAQ: CAKE) opened its first New York City restaurant. The new Cheesecake Factory is in Queens and is 8,850 square feet and seats 240 guests.Rather
A company purchased mineral assets holding approximately 240,000 tons of ore for $960,000. The estimated residual value of the assets is zero. During the first year, 40,000 tons are extracted and
Which of the following costs are reported on a company’s income statement and balance sheet?Income statement Balance sheeta. Cost of goods sold Accumulated depreciationb. Accumulated deprecation
Acton, Inc., uses the double-declining-balance method for depreciation on its computers. Which item is not needed to compute depreciation for the first year?a. Estimated residual valueb. Expected
Which statement about depreciation is false?a. A major objective of depreciation accounting is to allocate the cost of using an asset against the revenues it helps to generate.b. Depreciation should
A capital expenditurea. Adds to an asset.b. Is expensed immediately.c. Is a credit like capital (equity).d. Records additional capital.Select the best choice from among the possible answers given.
Chester Consultants purchased a building for $430,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $70,000. After using the building for 20 years,
Assume Byron Athletic Products, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a capital expenditure or an immediate expense related to machinery:a. Purchase
Sugar Ridge Manufacturing bought three used machines in a $167,000 lump-sum purchase. An independent appraiser valued the machines as shown:Machine No. ...................... Appraised Value1
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Obtain the annual reports of ten companies, two from each of five different industries. Most companies’ financial statements can be downloaded from their websites.Requirements1. Compute each
This case will help you learn to use a company’s inventory notes. The notes are part of the financial statements. They give details that would clutter the financial statements themselves. Refer to
The inventory costing method a company chooses can affect its financial statements and the decisions of the people who use those statements.Requirements1. Company A uses the LIFO inventory method and
The sum of ending inventory and cost of goods sold isa. Net purchases.b. Beginning inventory.c. Cost of goods available (or cost of goods available for sale).d. Gross profit.Select the best choice
The word market as used in “the lower of cost or market” generally meansa. Net realizable value.b. Liquidation price.c. Retail market price.d. Original cost.Select the best choice from among the
Use the data for Spear Corporation in E6-30B to answer the following.Requirements1. Compute cost of goods sold and ending inventory using each of the following methods:a. Specific identification,
Griffin Company’s inventory records for its retail division show the following at December 31:At December 31, 11 of these units are on hand. Journalize the following for Griffin Company under the
This exercise tests your understanding of the four inventory methods. List the name of the inventory method that best fits the description. Assume that the cost of inventory is rising.1. Results in a
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
This case is based on Under Armour, Inc.’s, consolidated balance sheets, consolidated statements of income, and Note 2 of its financial statements (Significant Accounting Policies) found online in
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Using the Revenue Recognition section of Note 1 as a reference,
Under the allowance method for uncollectible receivables, the entry to record uncollectible- account expense has what effect on the financial statements?a. Decreases assets and has no effect on net
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
You are holding a concert in your area. Assume you organize as a partnership, with each member of your group contributing $5,000 in exchange for an ownership interest and a share of the profits.
Refer to the Under Armour, Inc., Financial Statements online in the filings section of www.sec.gov. You can retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings
Refer to the Apple Inc. consolidated financial statements in Appendix A and online in the filings section of www.sec.gov. The cash and cash equivalents section of the Consolidated Balance Sheet
For each of the following situations, answer the following questions:1. What is the ethical issue in this situation?2. What are the alternatives?3. Who are the stakeholders? What are the possible
This case is based on an actual situation experienced by one of the authors. Augusta Construction, headquartered in Topeka, Kansas, built a motel in Kansas City. The construction foreman, Pete
Nashville Motels, Inc., has poor internal controls. Recently, Rick Colby, the manager, has suspected the bookkeeper of stealing. Details of the company’s cash position at September 30 follow.a. The
Each of the following situations reveals an internal control weakness:a. Tom Dickens has been an employee of the city of Fulton for many years. Because the city is small, Dickens performs all of its
Parisian Imports buys furniture and décor items from France and sells them to retailers. Erin Moreland is the general manager of the company. Moreland employs two other people in the business.
Each of the following situations reveals an internal control weakness:a. Jake Bates has been an employee of the city of Elmhurst for many years. Because the city is small, Bates performs all of its
Italian Imports buys furniture and décor items from Italy and sells them to retailers. Amelia Rossi is the general manager of the company. Rossi employs two other people in the business. Marcia
Before paying an invoice for goods received on account, the controller or treasurer should ensure thata. The company is paying for the goods it actually received.b. The company is paying for the
In a bank reconciliation, interest revenue earned on your bank balance isa. Added to the book balance.b. Deducted from the book balance.c. Deducted from the bank balance.d. Added to the bank
In a bank reconciliation, an EFT cash payment isa. Deducted from the bank balance.b. Added to the bank balance.c. Added to the book balance.d. Deducted from the book balance.Answer each question by
In a bank reconciliation, an outstanding check isa. Deducted from the book balance.b. Deducted from the bank balance.c. Added to the bank balance.d. Added to the book balance.Answer each question by
All of the following are controls for cash received over the counter excepta. A printed receipt must be given to the customer.b. The cash drawer should open only when the sales clerk enters an amount
Requiring that an employee with no access to cash do the accounting is an example of which characteristic of internal control?a. Separation of dutiesb. Assignment of responsibilityc. Competent and
All of the following are internal control procedures excepta. Sarbanes-Oxley reforms.b. Assignment of responsibilities.c. Adequate records.d. Internal and external audits.Answer each question by
All of the following are objectives of internal control excepta. To ensure accurate and reliable accounting records.b. To comply with legal requirements.c. To maximize net income.d. To safeguard
The following situations describe two cash payment situations and two cash receipt situations. In each pair, one set of internal controls is better than the other. Evaluate the internal controls in
Lander Company manufactures a popular line of work clothes. Lander employs 125 workers and keeps time sheets that show how many hours the employees work each week. On Friday the shop foreman collects
The following situations describe two cash payment situations and two cash receipt situations. In each pair, one set of internal controls is better than the other. Evaluate the internal controls in
Identify the internal control weakness in the following situations. State how the person can hurt the company.a. Emily Chen is the purchasing agent for Wilson Industries. Chen prepares purchase
Answer the following questions about internal control over cash payments:1. Payment by check includes three controls over cash. What are they?2. Suppose a purchasing agent receives the goods that she
James Cooper sells memberships to the Atlanta Symphony Association. The Association’s procedure requires that Cooper prepare and give each customer a receipt for each membership sold. The receipt
Fireball Company requires that all documents supporting a check (purchase order, invoice, and receiving report) be canceled by punching a hole through the packet. Why is this practice required? What
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
After completing his electrical technology degree program, Jason Whitmer accepted a position as an electrician’s assistant for a large electrical repair company. After working for three years,
Refer to the consolidated financial statements of Under Armour, Inc., online in the filings section of www.sec.gov. You can retrieve the 2016 Under Armour financial statements at www.sec.gov by
Apple Inc.—like all other businesses—adjusts its accounts prior to yearend to get correct amounts for the financial statements. Examine Apple’s Consolidated Balance Sheets in Appendix A and
The Cheesecake Factory Incorporated (NASDAQ: CAKE) is publicly held and uses U.S. Generally Accepted Accounting Principles (GAAP) to prepare its financial statements. Its fiscal year-end is the 52-
McClain Company’s condensed and adapted balance sheet at December 31, 2018, follows:
Bellwood Company’s condensed and adapted balance sheet at December 31, 2018, follows:
Refer to Exercise 2-37 of Chapter 2. Start from the trial balance and the posted T-accounts that Olivia Matthews, Certified Public Accountant, Professional Corporation (P.C.), prepared for her
For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
During the first month of operations, Augusta Services, Inc., completed the following transactions:Requirements1. Record each transaction in the journal. Be sure to record the date in each entry.
The first seven transactions of Frontier Advertising, Inc., have been posted to the company’s accounts:RequirementPrepare the journal entries that served as the sources for the seven transactions.
Refer to Exercises 2-20A and 2-21A.Requirements1. After journalizing the transactions of Exercise 2-20A, post the entries to the ledger, using T-accounts. Key transactions by date. Determine the
Refer to Exercise 2-20A.RequirementRecord the transactions in the journal of Dr. Helen Samoa, P.C. List the transactions by date and give an explanation for each transaction.Exercise 2-20A.Dr. Helen
Dr. Helen Samoa opened a medical practice specializing in physical therapy. During the first month of operation (December), the business, titled Dr. Helen Samoa, Professional Corporation (P.C.),
You are promoting a concert in your area. Your purpose is to earn a profit. Assume you organize as a corporation.Requirements1. Make a detailed list of 10 factors you must consider as you establish
Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for “Under Armour” under Company Filings. When you see the list of filings for the
Refer to Apple Inc.’s financial statements in Appendix A and online in the filings section of www.sec.gov. Assume that Apple completed the following selected transactions during 2016:a. Made
A friend named Lance Barton has asked what effect certain transactions will have on his company, Blast Networks, Inc. Time is short, so you cannot apply the detailed procedures of journalizing and
The manager of West Industries Furniture needs to compute the following amounts:a. Total cash paid during December.b. Cash collections from credit customers during December. Analyze Accounts
This problem can be used in conjunction with Problem 2-59A; see that problem for the relevant data.Requirements1. Journalize the transactions of Grueser Computing, Inc. Explanations are not
Where is a transaction first recorded?a. Trial balanceb. Accountc. Journald. Ledger
Which of the following transactions will increase an asset and increase stockholders’ equity?a. Performing a service on account for a customerb. Borrowing money from a bankc. Collecting cash from a

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