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financial accounting

Questions and Answers of Financial Accounting

Enumerate main objectives of accounting.
State the nature of accounting information required by long-term lenders.
Enumerate information needs of management.
Distinguish between debtors and creditors; profit and gain
Accounting information should be comparable’. Do you agree with this statement. Give two reasons.
What is the primiary reason for the business students and others to familiarise themselves with the accounting discipline?
Explain the factors which necessitated systematic accounting.
What do you mean by an asset and what are different types of assets?
Ruchica’s father is the sole proprietor of ‘Friends Gifts’, a firm engaged in the sale of gift items. In the process of preparing financial statements, the accountant of the firm Mr. Goyal fell
Why is it necessary for accountants to assume that business entity will remain a going concern?
A customer has filed a suit against a trader who has supplied poor quality goods to him. It is known that the court judgment will be in favour of the customer and the trader will be required to pay
The realisation concept determines when goods sent on credit to customers are to be included in the sales figure for the purpose of computing the profit or loss for the accounting period. Which of
Complete the following worksheet:(i) If a firm believes that some of its debtors may ‘default’, it should act on this by making sure that all possible losses are recorded in the books. This is an
Why is it important to adopt a consistent basis for the preparation of financial statements? Explain.
Discuss the concept-based on the premise ‘do not anticipate profits but provide for all losses’.
What is matching concept? Why should a business concern follow this concept? Discuss.
What is the money measurement concept? Which one factor can make it difficult to compare the monetary values of one year with the monetary values of another year?
What entry (debit or credit) would you make to:(a) Increase revenue(b) Decrease in expense,(c) Record drawings(d) Record the fresh capital introduced by the owner.
Bobby opened a consulting firm and completed these transactions during November, 2017:(a) Invested ₹ 4,00,000 cash and office equipment with ₹ 1,50,000 in a business called Bobbie Consulting.(b)
Journalise the following transactions in the books of Himanshu: 2017 Dec.01 Dec.07 Dec.09 Dec. 12 Dec. 18 Dec. 25 Dec. 30 Business started with cash Purchased goods for cash Sold goods to
Enter the following Transactions in the Journal of Mudit : 2017 Jan. 01 Jan. 01 Jan. 02 Jan. 03 Jan. 04 Jan. 06 Jan. 10 Jan. 12 Jan. 14 Jan. 18 Jan. 20 Jan.22 Jan. 25 Commenced business with
Jouranlise the following transactions in the books of Harpreet Bros.:(a) ₹ 1,000 due from Rohit are now bad debts.(b) Goods worth ₹ 2,000 were used by the proprietor.(c) Charge depreciation @ 10%
Differentiate between source documents and vouchers.
Prepare Journal from the transactions given below : (a) Cash paid for installation of machine (b) Goods given as charity *500 *2,000 *70,000 (c) Interest charge on capital @7% p.a. when total capital
Journalise the following transactions, post to the ledger: 2017 Nov. 01 Nov. 03 Nov. 05 Nov. 08 Nov. 10 Nov. 13 Nov. 15 Nov. 18 Nov. 20 Nov. 22 Nov. 25 Nov. 26 Nov. 27 Nov. 29 Business started with
Journalise the following transactions is the journal of M/s Goel Brothers and post them to the ledger. 2017 Jan. 01 Jan. 02 Jan. 04 Jan. 05 Jan. 08 Jan. 10 Jan. 15 Jan. 16 Jan. 18 Jan. 20 Jan.
Explain the double entry mechanism with an illustrative example.
Give journal entries of M/s Mohit traders, Post them to the Ledger from the following transactions : August 2017 1. Commenced business with cash 2. 3. 7. 8. 10. 14. 16. 18. 20. 22. 23. 25. 30. Opened
Journalise the following transaction in the Books of the M/s Bhanu Traders and Post them into the Ledger. December, 2017 1. Started business with cash 2. Deposited into bank 4. Bought goods on credit
Journalise the following transaction in the Book of M/s Beauti traders. Also post them in the ledger. Dec. 2017 1. Started business with cash 2. Bought office furniture 3. Paid into bank to open an
Journalise the following transaction in the books of Sanjana and post them into the ledger : January, 2017 1. Cash in hand Cash at bank Stock of goods Due to Rohan Due from Tarun 3. Sold goods to
Record journal entries for the following transactions in the books of Anudeep of Delhi:(a) Bought goods ₹ 2,00,000 from Kanta of Delhi (CGST @ 9%, SGST @ 9%)(b) Bought goods ₹ 1,00,000 for cash
Explain the meaning of posting of journal entries?
Define the purpose of maintaining subsidiary journal.
The following balances of ledger of M/s Marble Traders on April 01, 2017Journlise the above transactions and post them to the ledger. 2017 April Cash in hand Cash at bank Bills receivable Ramesh
Write the difference between return Inwards and return ouwards.
What do you understand by ledger folio?
What is contra entry? How can you deal this entry while preparing double column cash book?
Describe the advantages of sub-dividing the Journal.
Briefly explain the statement ‘wrongly debited by the bank’ with the help of an example.
What do you understand by balancing of account?
State the causes of difference occurred due to time lag.
Briefly explain the term ‘favourable balance as per cash book’.
Enumerate the steps to ascertain the correct cash book balance.
The passbook of Mr. Randhir showed an overdraft of ₹ 40,950 on March 31, 2017.Prepare bank reconciliation statement on March 31, 2017.(i) Out of cheques amounting to ₹ 8,000 drawn by Mr. Randhir
Prepare a bank reconciliation statement from the following particulars and show the balance as per cash book.(i) Balance as per passbook on March 31, 2017 overdrawn ₹ 20,000.(ii) Interest on bank
Raghav & Co. have two bank accounts. Account No. I and Account No. II. From the following particulars relating to Account No. I, find out the balance on that account of March 31, 2017 according
Explain the reasons where the balance shown by the bank passbook does not agree with the balance as shown by the bank column of the cash book.
Give two examples of errors of principle?
Give two examples of errors of commission?
What is a suspense account? Is it necessary that is suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still
What are the two main things that financial accounting measures?
What is the basic purpose of financial accounting?
Briefly describe what each of the following people would likely want to learn from the financial statements of BrandX Ltd, and how each might be affected if the statements showed good or bad
In June, a company makes cash sales of $100 000 and credit sales of $200 000 (all to be collected in July). It pays wages of $60 000 and owes $10 000 for June expenses (to be paid in July).(i) What
Distinguish between financial performance and financial position.
Do all users of financial accounting have the same information needs? Why or why not?
Which of the following items would be classified an asset in the balance sheet:Cash at bank Accounts receivableAccounts payableBuildings Retained profits?
Below are some of the accounts of MM Ltd:1. Share capital 2. Accounts payable 3. Cash and cash equivalents 4. Inventory 5. Borrowings 6. Provision for employee entitlements
Newspaper articles often refer to balance sheets with terms such as ‘the importance of a strong balance sheet’, and ‘not wanting to weaken a strong balance sheet or adversely affecting the debt
Which of the following would not be included as assets in the balance sheet: accounts receivable, equipment, share capital, inventory and employees?
1. The company is in a position to utilise a strong balance sheet to make acquisitions that should boost its earnings per share.2. The company has maintained a strong balance sheet and had ample
Based on the following information, prepare an appropriately classified balance sheet as at 30 June 2019 for JKL Limited. Share capital Cash Accounts payable Retained profits Accounts
Consider the following questions:(i) Which of the following are liabilities: accounts receivable, inventory, accounts payable, wages payable and taxes payable?(ii) Would an agreement to borrow money
From the following information, prepare a balance sheet, appropriately classified, as at 30 June 2019 for Cobin Ltd. Share capital Property, plant and equipment, at cost Accounts payable Accounts
If assets are resources, what are the possible sources for these assets?
Do liabilities always involve future payments of cash?
Given the following information for Northern Ltd: Share capital $1000 Accounts receivable $1100Accounts payable $2100Inventory $1700 Retained profits $2200 Cash $500Equipment
Suggest two ways retained profits may decrease.
You are the executive assistant to Stephane Solden, a particularly hard-driving and successful owner of a chain of restaurants. Not long ago, Solden and you were flying to another city, and the
Account balances for Mike’s Tyre Repair (company) are: long-term loan, $250; accounts receivable, $640; inventory of supplies, $210; equipment cost, $890; accumulated depreciation on equipment,
How can a balance sheet answer the following questions: a. Is a company financially sound? b. Can a company pay its bills on time? c. Should the board of directors declare a
From the following information, prepare an appropriately classified balance sheet as at 30 June 2019 for SPOM Limited. Share capital Cash Accounts payable Retained profits Receivables ($1 549 000 due
(i) What is the effect of each of the following transactions on total assets?(a) Purchased equipment for $200 000 cash.(b) Purchased inventory for $30 000 on credit.(c) Received a loan of $50 000
Explain the main differences between the alternative methods of setting out a balance sheet: the sideby-side style and the vertical style.
Assume a balance of $12 220 for retained profit at 30 June 2019. 1. Explain what ‘retained profits’ represents.2. For the year ended 30 June 2019, the company’s revenues were $101 160 and
During the year a retailer buys 800 televisions at $400 each and sells 600 of them for $1000 each. Calculate the following:(i) Sales revenue for the year(ii) Cost of goods sold for the year(iii) The
The following account balances are taken from the books of Century Cinemas on 31 December 2019.Revenues and expenses are for the year ended 31 December 2019. The retained profits balance is as at 1
List three liabilities that can be either current or noncurrent liabilities. What determines their categorisation?
Provide one example each of investments, intangibles, prepayments and accrued expenses.
Suppose Bratwurst Ltd’s accounting records showed the following for the next year, 2020: revenues earned $14 200, cash collected from customers $13 800, expenses incurred $12 900, dividends
Why are inventory and accounts receivable normally current rather than noncurrent assets? When would they be noncurrent assets?
(i) Incurred $2900 in interest expense to be paid at the beginning of next year(i) What was revenue for the year?(ii) What are expenses for the year?(iii) What is the net profit?(iv) If the opening
What is the effect on assets, liabilities and shareholders’ equity of each of the following transactions?1. Contribute cash to the company in return for shares.2. Borrow money from the bank.3.
Explain the following in non-technical language that a business person who has not read this text would understand: a. Why is net profit part of shareholders’ equity? b. Why are dividends
The following transactions occurred during 2019: (a). Issued shares to investors for $100,000 cash (b). Borrowed $61 000 from the bank(c). Purchased equipment for $17 000 cash.(d) Purchased $723 000
With respect to the current accounting period, show the effect of the following transactions on net profit and cash for the period. 1. Purchase inventory on cash for $40 000.2. Recording
The CEO of a large Australian company announced at a recent shareholders’ meeting: ‘Our people are our greatest assets.’ If this is the case, why are they not included in the balance sheet?
Calculate the total revenue and expenses for the month of June 2019, given the following:(i) Credit sales of $200 000 made in June; 50 per cent to be collected in June.(ii) Cash sales of $300
State whether or not each of the following events would result in a liability being recognised in the accounts at 30 June. 1. Taxes for the year ended 30 June, which are not payable until
If the opening balance of retained profits is $850, 000, net profit before tax $150 000, net profit after tax $120 000, and $70 000 of dividends were declared, what is the closing balance of retained
Consider any company you are familiar with or interested in and make a list of all the people who might be interested in its balance sheet. Make your list using the following headings:Try to think
Provide an indicator of whether a company can pay its bills on time.
Provide an indicator of whether a company is financially sound.
Is revenue earned from the following transactions? Give reasons for your answers.1. Goods costing $7000 are sold for $9500. 2. Goods costing $7000 are sold for $7000. 3. Goods costing $7000
Financial reports are no longer timely today.’ Discuss.
Calculate the total expenses for the month of February 2019, given the following transactions.1. Paid salaries of $20 000; $5000 related to work carried out in January and $15 000 related to February
Can a single balance sheet ever satisfy all the users of a company’s financial statements, or should there be different balance sheets prepared to meet the differing needs of users? Write a
Calculate the total expenses for the month of June 2019, given the following transactions. 1. Paid salaries of $60 000; $50 000 related to work carried out in May 2019 and $10 000 related to
You can have a perfectly accurate balance sheet 50 years after year-end.’ Discuss.

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