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financial accounting for decision makers

Questions and Answers of Financial Accounting For Decision Makers

What are the three forms of business organization? Briefly describe each form.
How do an income statement and a statement of cash flows differ? How are they similar?
How would you evaluate the following statement: "The auditors are in the best position to evaluate a com- pany because they have prepared the financial statements"?
Why is the economic entity assumption important in preparing a set of financial statements?
What is meant by the phrase generally accepted ac- counting principles?
Greenway Corporation is organized on June 1, 1998. The company will provide lawn care and tree-trimming services on a contract basis. Following is an alphabetical list of the items that should appear
Annual Report Information Critics of financial reporting have said that accounting information, specifically an an- nual report, is not useful for decision making because it is published three or
Forms of Organization A university is an entity that requires an accounting system. Is a university a business or nonbusiness entity? What type of accounting system do universities use? Within large
Users of Accounting Information and Their Needs Listed below are a number of the important users of accounting information. Below the list are descriptions of a major need of each of these various
Changes In Owners' Equity The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated:Required 1. Compute the changes in Coaches and
Classification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue
Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the 1998 calendar year:Required Use the information
Statement of Retained Earnings Ace Corporation has been in business for many years. Retained earnings on January 1, 1998, is $235,800. The following information is available for the first two months
Accounting Principles and Assumptions The following basic accounting principles and assumptions were discussed in the chapter:Going concern Economic entity Monetary unit Cost principle Time period
Organizations and Accounting Match each of the organizations listed below with the statement that most adequately describes the role of the group.Securities and Exchange Commission International
Cash Flows The operating activities of Springview Corporation generated $50,000 of cash during the year. Net income for the year was $75,000, and cash dividends of $45,000 were paid. Springview spent
Roles of Accountants One day on campus, you overhear two nonbusiness majors discussing the reasons each did not major in accounting. "Accountants are bean counters. They just sit in a room and play
You Won the Lottery You have won a lottery! You will receive $200,000, after taxes, each year for the next five years.Required Describe the process you will go through in determining how to invest
Effect of Forms of Organization an Accounting for the Entity Entities can be organized as sole proprietorships, partnerships, or corporations. The following is a list of entities:1. A snow cone
Cash Flows for McDonald's Corporation McDonald's Corporation had cash and equivalents of $334.8 million on December 31, 1995. McDonald's reported revenues of $9,794.5 million, total operating costs
Users of Accounting Information and Their Needs Microsenses Company would like to buy a building and equipment to produce a new product line. Some information about Microsenses is more useful to some
Balance Sheet The following items are available from records of Freescia Corporation at the end of the 1998 calendar year:Required Prepare a balance sheet. Hint: Not all of the items listed should
Corrected Balance Sheet Dave is the president of Avon Consulting Inc. Avon began business on January 1, 1998. The company's controller is out of the country on business. Dave needs a copy of the
Income Statement, Statement of Retained Earnings, and Balance Sheet Shown below, in alphabetical order, is a list of the various items that regularly appear on the financial statements of Maple Park
Income Statement and Balance Sheet Green Bay Corporation began business in July 1998 as a commercial fishing operation and passenger service between islands. Shares of stock were issued to the owners
Corrected Financial Statements Hometown Cleaners Inc. operates a small dry-cleaning business. The company has al- ways maintained a complete and accurate set of records. Unfortunately, the company's
Setting New Standards Kmart Corporation reported a net loss of $571 million for the fiscal year ended January 31, 1996. In his letter to shareholders, dated March 19, 1996, the chairman, president,
Role of the Accountant in Various Organizations The following positions in various entities require a knowledge of accounting practices:1. Chief financial officer for the subsidiary of a large
What to do With a Million Dollars You have inherited $1 million!Required Describe the process you will go through in determining how to invest your inheritance. Consider at least two options and
Effect of Forms of Organization on Accounting for the Entity Entities can be organized as sole proprietorships, partnerships, or corporations. The fol- lowing is a list of entities:1. A landscaping
Cash Flows for PepsiCo Inc.PepsiCo Inc. and subsidiaries had cash and cash equivalents of $382 million on Decem- ber 30, 1995. PepsiCo reported net sales (or revenues) of $30,421 million, total
Users of Accounting Information and Their Needs McCormick Inc. would like to buy a franchise to provide a specialized service. Some in- formation about McCormick is more useful to some people
Balance Sheet The following items are available from the records of Victor Corporation at the end of its fiscal year ended July 31, 1998:Required Prepare a balance sheet. Hint: Not all of the items
Corrected Balance Sheet Pete is the president of Island Enterprises. Island Enterprises began business on January 1, 1998. The company's controller is out of the country on business. Pete needs a
Income Statement, Statement of Retained Earnings, and Balance Sheet Shown below, in alphabetical order, is a list of the various items that regularly appear on the financial statements of Sterns
Income Statement and Balance Sheet Fort Worth Corporation began business in January 1998 as a commercial carpet clean- ing and drying service. Shares of stock were issued to the owners in exchange
Corrected Financial Statements Heidi's Bakery Inc. operates a small pastry business. The company has always maintained a complete and accurate set of records. Unfortunately, the company's accountant
Setting New Standards Coca-Cola is a global business that operates in approximately 200 countries. The majority of its operating income is generated outside the United States. In its 1995 annual
Role of the Accountant in Various Organizations The following positions in various entities require a knowledge of accounting practices:Required For each position listed above, fill in the blank to
Primary Assumptions Made in Preparing Financial Statements Millie Abrams opened a ceramic studio in leased retail space, paying the first month's rent of $300 and a $1,000 security deposit with a
An Annual Report as Ready Reference Refer to the Ben & Jerry's annual report, and identify where each of the following users of accounting information would first look to answer their respective
Reading and Interpreting Ben & Jerry's Financial Statements Refer to the financial statements for Ben & Jerry's reproduced in the chapter and answer the following questions:1. What was the company's
An Investment Opportunity You have saved enough money to pay for your college tuition for the next three years when a high school friend comes to you with a deal. He is an artist who has spent most
Identification of Errors in Financial Statements and Preparation of Revised Statements Lakeside Slammers Inc. is a minor-league baseball organization that has just completed its first season. You and
Ben & Jerry's Imagine ice cream with ricotta cheese. Add candied pistachios and cocoa-coated cannoli pieces, and you have Ben & Jerry's "Holy Cannoli" flavor ice cream. This is just one of the many
Allocating Foreign Sales Overdale Company has subsidiaries located in many countries. While each subsidiary produces a unique set of products, they all carry a full line of Overdale specialty
Analysis of Transactions Kramer Corporation purchased pollution control devices from a foreign company with the purchase price stated in FCU (foreign currency units). At the time Kramer Corporation
Receivables in Foreign Currency Montana Corporation sold inventory costing $150,000 to a company in Atlantis for 900,000 atlans, the official currency of Atlantis. At the time the inventory was
Translation of Foreign Balance Sheets The translated balance sheets of Lumpo Mining Company at January |, 2000, and December 31, 2000, are as follows:The burm (BR) is the currency for the country in
Translation of Foreign Income Statements Domestic Corporation is a U.S. company that owns all of the common stock of External Corporation. The income statements of External Corporation for 2000 and
Reporting Transactions Denominated in Foreign Currencies Western Corporation is a U.S. company with a sales representative in Brazil. To make travel possible, the company purchased an automobile for
Analysis of Global Business US Corporation has investments in Indonesia and France. While the return on assets invested in Indonesia last year was 20 percent higher than the return on assets invested
Exchange Transactions Tom Peatty, the purchasing agent of Blown Glass Company, has received a bid for a new special glassblowing machine manufactured in Denmark. The machine is priced at 5,765,000
Exchange Risk Stateside Company has an exposed asset position of approximately 1.85 billion foreign currency units (FCU) in its foreign subsidiary, and you want to convince the executive committee
International Accounting Standards The ROM Specialty Company is considering buying an interest in CD Limited, a foreign company operating in Europe.ROM has agreed to pay five times last year’s net
Analysis of Global Business Kraul Corporation has major operating divisions located outside the United States. Your boss, the manager of international operations, has asked you to analyze the recent
Foreign Transactions and Decisions The Gilbert Company has received a bid from a Canadian supplier to furnish the raw materials the company uses in manufacturing one of its major product lines. The
Team Project: Operating Globally Identify= three companies operating in the same industry. Obtain the fito nancial statements of these companies directly from the com-[Hae Se > panies, their home
Carnival’s Foreign Currency Transactions The following are excerpts from the notes to the financial statements of Carnival Corporation for the year ending November 30, 1998:INFORMATION TAKEN FROM
Consolidated Balance Sheet Jennie’s Plumbing and Heating recently purchased 100 percent of the stock of Ron’s Repair Service. The balance sheets for the two companies immediately after the
Consolidated Income Statement Reich Manufacturing purchased all of the stock of Smith Supply Company on January 1, 1995. For the year ended December 31, 2000, the companies reported the following
Analyzing a Consolidated Balance Sheet Varwood Company is a subsidiary of Tabor Corporation. The balance sheets for Varwood Company and for the consolidated entity at December 31, 2000, contained the
Analyzing Segment Reports World Products Corporation has subsidiaries or major operating divisions in more than 30 countries. Each of its operating units produces one of three major product lines,
Quarterly Statements Ander Corporation prepares quarterly financial statements. During 2000, the following events occurred:1. The company’s total sales of $780,000 occurred by quarter, as follows:
Reporting to the SEC Bruse Company common shares are listed on the American Stock Exchange and are actively traded. In a recent article in one of the financial publications, you read about a number
Budget Analysis New England Ski Products recently established goals that it hopes to achieve with regard to asset and debt management. A summarized balance sheet and budgeted percentages at year-end
Developing Financial Ratios You have obtained the financial statements of A-Tec and Bi-Sci, new companies in the high-tech industry. Both companies have just completed their second year of
Ameritech’s Interim Statements Ameritech’s 1998 consolidated financial statements included the following note relating to its quarterly operating results:The first quarter of 1998 includes a
Evaluation of Geographic Segments Archer Daniels Midland’s 1998 consolidated financial statements included the following note relating to its operations in the United States, Europe, and other
Personal Financial Statements Albert Jackson has applied for a personal loan. Cleveland State Bank has re-quested personal financial statements for Mr. Jackson, including a statement of financial
Segment Information for General Dynamics The 1998 annual report of General Dynamics contained the following note to the financial statements (dollar amounts are stated in millions):S. BUSINESS
Inventory Estimation Based on Gross Profit Highlight Company reported sales of $600,000 in the first quarter of 2000. Because the company does not keep a running tally of the cost of inventory sold,
Team Assignment: Analyzing Financial Disclosures Using annual reports available through your lia brary, or by using electronic databases, do the following:a. Examine the financial statements of a gas
Ethics and Quarterly Profits The management of the Forward Electronics Company has been proud of the company’s record of growth over the past 5 years. Not only have sales and earnings been higher
How would you distinguish between doing business overseas and being a global company?
Identify two U.S. companies other than those mentioned in the chapter that do a significant proportion of their business in countries outside the United States. How do you know they are U.S.
Would the existence of a fixed exchange rate between countries reduce the risk of entering into business transactions with companies in other countries? Explain.
What factors might cause currency exchange rates to fluctuate?
For companies doing business internationally, why is specification of the currency in which transactions are denominated important?
If you are holding a note receivable denominated in Canadian dollars and the exchange rate changes from $1.35(Canadian) for $1 (U.S.) to $1.25 (Canadian) for $1 (U.S.)prior to collection, would you
If you have the choice of denominating a transaction with a French customer in U.S. dollars or in euros, which choice would eliminate the risk of exchange loss on the transaction? Explain why.
Why do companies become involved in transactions denominated in foreign currencies?
How are exchange gains and losses on receivables and payables denominated in foreign currencies reported?
When you are holding a receivable denominated in Japanese yen and the dollar weakens (it takes more dollars to buy yen), will you have an exchange gain or loss?
If you suspect that a country might devalue its currency, would you be better paying off loans denominated in that currency now or after the devaluation? Why?
Explain the statement, “Acme uses foreign currency exchange contracts to hedge underlying exposures such as nonfunctional currency receivables and payables. Company policy prohibits speculation in
The spot rate is a term used to identify the current rate of exchange between two currencies. What term is used to identify the rate of exchange at some date in the future?How are contracts for
What kind of transactions or what set of business decisions would lead to an exposed liability position in a foreign currency?
How are gains and losses from holding foreign currencies and from agreements for future exchanges of foreign currencies recognized?
What is a functional currency? When will a company choose U.S. dollars as its functional currency?
What is meant by financial statement translation?In very general terms, how is this process accomplished?
Explain how using the current rate method of currency translation can result in a gain or loss. How is this gain or loss reported?
If a company is based in Germany, but manufactures and sells products in the United States, would you expect its primary financial statements to be prepared in dollars or in euros? Explain.
What is a cumulative translation adjustment, and how is it reported in the financial statements?
How can you tell whether a company had a foreign currency translation gain or loss in the current year?
If a company discloses in its financial statements that it has an exposed asset position, what does this tell you about its foreign currency risks?
Why might a company use different depreciation methods in different countries?
What role does the International Accounting Standards Committee play in setting international accounting standards? What is I[ASC’s goal?
Why is a single set of accounting standards not adopted by all countries?
How could management’s decisions benefit from information about the net income margin earned in each country or region in which the company operates?

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