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financial accounting

Questions and Answers of Financial Accounting

Explain the difference between an accrued expense and a provision.
If an asset increases, list what else may have happened to the accounting equation.
Provide an example of a transaction where: 1. One asset increases and another asset decreases 2. An asset increases and a liability increases 3. An asset increases and shareholders’
What effect will the following transactions have on the accounting equation? (i). An invoice of $300 is paid for electricity used during the current period. (ii). Inventory costing $20 000
Which of the following is not possible? a. One liability increases and another liability increases. b. Shareholders’ equity increases and liabilities decrease. c. Assets increase and
Provide illustrations of the following transactions relating to a local retailer:1. One asset is exchanged for another. 2. An asset and a liability increase by the same amount. 3. An asset
Find the unknowns for Racer Ltd given the following information: Assets 1 July 2018 Liabilities 1 July 2018 Share capital 1 July 2018 Retained profits 1 July 2018 Revenues for the year Expenses for
Which accounts normally have a debit balance and which normally have a credit balance?
Explain how the balance sheet and the income statement relate to each other.
List some of the larger expenses you would expect to see in the income statements for the following organisations: a. Woolworths b. Commonwealth Bank c. Red Cross d. Royal
What would be the normal balance (DR or CR) for each of the following account titles? 1. Accounts receivable 2. Accounts payable 3. Inventory 4. Provision for employee
North Shore Manufacturing Ltd had this balance sheet: During July 2019, North Shore Manufacturing experienced the following transactions: a. An amount of $8000 of accounts payable was
Peanut Limited is an agricultural company. The following are accounts from a balance sheet for the year ended 30 June 2020 of Peanut Limited. 1. Property, plant and equipment 2.
A summarised balance sheet for Roche Ltd at 31 August 2019 was as follows: The following transactions occurred during September: a. Paid $100 000 of accounts payable. b. Received $300
The following transactions occurred for the month of November 2019 for Hoad Ltd: a. The company was incorporated, with shareholders investing $200 000 in cash. b. Purchased inventory for
BML Products Ltd manufactures and sells children’s toys. Here are the company’s balance sheet accounts as at 30 June 2019, in alphabetical order. Required: 1. Decide which accounts have
During the year ended 30 June 2019, the following information was recorded in the company’s accounts: 1. Credit sales, $200 000. 2. Cash sales, $6000. 3. Collections from customers,
Here are some account changes that have occurred to Rose Ltd. For each of the items, write in a few words what would have caused the changes and write a journal entry to account for them. 1.
The accounts for Australian RST Limited for 30 June 2019 included the following (in alphabetical order): Prepare a statement showing closing retained profits. Dividends declared & paid Income
The accounts for Katherine Ltd for last year included the following (in alphabetical order): Calculate net profit, and prepare a note to show the change in retained profits for the year.
Using the following information for David Tours, calculate: 1. The cash in bank as at the end of 2019 2. The 2019 accrual accounting profit. Owing from customers as at the end of 2018
Give three examples of an asset that could decrease when an expense is increased.
(i). What are the effects on the balance sheet of the following transaction? Whatzis Ltd received $20 000 cash from a shareholder in return for $5000 in newly issued shares and promised to pay the
Calculate the missing figure in each of the following situations: 1 2 3 4 5 6 Current Noncurrent Current assets assets liabilities 100 000 100 000 100 000 ? 100 000 100 000 400 000 400 000 400
What impact will each of the following have on profit for the period and total assets? (i). Purchase inventory on credit for $20 000. (ii). Sell goods on credit for $30 000 (cost of goods
Why does an increase in revenues result in an increase in shareholders’ equity? What other part of the accounting equation is likely to be affected?
Accounting information is demanded by a wide range of external users, including shareholders, bankers, suppliers, trade unions, the Australian Securities and Investments Commission (ASIC) and the
James Smith started a consulting business on 1 January 2019. During the period up to 30 June 2019, the following transactions occurred:1. James put $40 000 of his own money into the business. 2.
If the opening balance in retained profits is $100 000, net profit after tax is $60 000 and dividends declared and paid is $40 000, what is the balance of retained profits at year-end?
What is the difference between financial and management accounting?
For each of the following items state whether they are assets (A), liabilities (L), shareholders’ equity (SE) or not listed in the balance sheet:(i) Accounts receivable(ii) Accounts payable(iii)
List four important users of financial accounting and describe the use that each user would make of the information.
What is meant by credible periodic reporting? What prevents organizations from making financial statements increasingly credible?
Paul Jones set up his own catering business on 1 July 2018. During the 12 months up to 30 June 2019 the following transactions occurred:1. Paul put $30 000 of his own money into the business.2. He
Lock Limited made cash sales of $650 000 and credit sales of $270 000 ($150 000 of which had been collected by year-end). It paid $400 000 in expenses and owed $220 000 at year-end. What was the
Consider the following questions:(i) If the balances of total assets and shareholders’ equity are $100 000 and $40 000, respectively, what is the balance of total liabilities?(ii) If the balances
What are various people’s interests in financial accounting?Briefly describe what each of the following groups would like to know from the financial statements of the Swans Football Club.1. The
Raindrop Holdings Ltd is a public company. Below are items taken from its recent consolidated balance sheet and consolidated income statement. Note that different companies use slightly different
List five situations in which judgement is required by the preparers of financial information.
1. Given the following balances, prepare a balance sheet as at 30 June 2019 for Willow Tree Limited. 2. The company did not declare any dividends during the year. Its balance in retained profits
1. During the year ended 30 June 2019, French Horn Ltd made cash sales of $100 000, credit sales of $200 000 ($50 000 of which were still to be collected at year-end), and received $25 000 owing from
Match each item with the financial statement it would appear in by ticking the appropriate column. Item Wages expense Cash paid for equipment Cash at bank Equipment Cash flow from
List some similarities and differences between the need for financial information for shareholders and bankers.
Listed below are balances for 2019. 1. Classify each account as an asset, liability, revenue, expense or equity. 2. Prepare an income statement for the period ending 31 December 2019.
Match each item with the financial statement that it would appear in by ticking the appropriate column. Item Inventory Cleaning expenses Cash at bank Marketing expenses Buildings Income taxes
Kingsford Customs was founded on 1 July 2019. At the end of the first year’s operations, the following summary of its activities has been prepared by the owner.1. Borrowed cash of $60 000 from CAA
Describe what is meant by accrual accounting. How does it differ from cash accounting?
Consider the following accounts: accounts payable, accounts receivable, cash and inventory. Which of these terms would you see in financial statements prepared under (a) accrual accounting and (b)
Cardigan Ltd has total assets of $150 000 and liabilities that add up to $70 000 as at 30 June 2018.1. What is Cardigan’s shareholders’ equity as at 30 June 2018?2. During the year to 30 June
What are the three key financial statements, and what relevant information do they provide to users of accounting reports?
Use the accounting equation to answer the following questions.1. Pillow Ltd halved its liabilities during the year. At the beginning of the year, the amount of total assets was $80 000 and owners’
Explain, in simple terms, each of the following financial accounting terms:a. Accounting entityb. Accounting periodc. Monetary d historical coste. Going concern f materiality
Given the following information, prepare an income statement for PK Ltd for the year ended 30 June 2019. Sales Cost of goods sold Rent expense Wages Advertising Training expense $ 350 000 200 000 30
What are the fundamental qualitative characteristics of useful financial information and what are the enhancing characteristics?
Given the following balances, prepare an income statement for the year ended 30 June 2019 for Bush Traders. Sales Cost of goods sold Wages Electricity Travel Advertising $ 480 000 210 000 80
Provide an example of trade-offs among accounting principles.
GT Limited has the following assets and liabilities. 1. Classify each balance as an asset or a liability.2. Calculate shareholders’ equity Cash Loan Accounts payable Accounts
The Framework states that understandability is an enhancing qualitative characteristic. Is this consistent with the huge complexity in financial statements?
Given the following information relating to Stripes Ltd, what is the balance of shareholders’ equity? Land and buildings Accounts payable Cash and cash equivalents Inventory Bank loan Taxes
Assume you are the owner of Double Café, a coffee shop in Sydney’s CBD. At the end of June 2019, you find (for June only) this information:1. Sales, as per cash register records, of $47 000, plus
The following items were taken from a recent cash flow statement. Note that different companies use slightly different titles for the same item. Mark each item in the list as a cash flow from
Consider the following statements relating to how we might account for certain transactions or events. What accounting assumption or principle underlies each?1. Accounting financial statements are
Qualitative characteristics The Framework for the Preparation and Presentation of Financial Statements examines the characteristics of accounting information that make this information useful for
Identify the accounting concepts or principles that relate to each of the following sentences, and explain what effect the concepts or principles have on financial statements:1. Users of financial
Briefly discuss the differences between (a) adoption of IFRS by the U.S. Securities and Exchange Commission and (b) convergence of U.S. GAAP with IFRS.
Portions of the salaries expense account of a business follow:a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.b. Journalize the
Portions of the wages expense account of a business follow:a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered posting was made.b. Journalize the
Rodgers Industries Inc. has completed its fiscal year on December 31. The auditor, Josh McCoy, has approached the CFO, Aaron Mathews, regarding the year-end receivables and inventory levels of
The financial statements for Nike, Inc., are presented in Appendix C at the end of the text. The following additional information (in thousands) is available:Accounts receivable at May 31, 2010
Crosby Company has provided the following comparative information:You have been asked to evaluate the historical performance of the company over the last five years.Selected industry ratios have
Addai Company has provided the following comparative information:You have been asked to evaluate the historical performance of the company over the last five years.Selected industry ratios have
The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following:Income before income tax was $3,000,000, and income taxes were $1,200,000 for the current year. Cash
The following data were taken from the balance sheet of Gostkowski Company at the end of two recent fiscal years:a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the
A company reports the following:Sales
A company reports the following:Sales
The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is as follows:The income statement for the year ended December 31, 2016, is as follows:Additional data obtained from an
The financial statements for Nike, Inc., are provided in Appendix C at the end of the text.a. Determine the free cash flow for the most recent fiscal year. Assume that 90% of the additions to
If bonds issued by a corporation are sold at a discount, is the market rate of interest greater or less than the contract rate?
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialty Auto Racing Inc. on July 31, the end
On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $4. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, $55 par
The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.:Instructions1. Assuming that the payroll for the last week of the year is to be
Lowe Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $560,000 for January. In February, a customer received warranty
Nabors Company reported the following current assets and liabilities for December 31 for two recent years:a. Compute the quick ratio on December 31 of both years.b. Interpret the company’s quick
Using the data in Exercise 9-15, assume that during the second year of operations Mack’s Plumbing Supply Co. had sales of $4,100,000, wrote off $34,000 of accounts as uncollectible using the direct
Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise
A firm has consistently adjusted its allowance account at the end of the fiscal year by adding a fixed percent of the period’s sales on account. After seven years, the balance in Allowance for
The following items may appear on a bank statement:1. Bank correction of an error from posting another customer’s check (disbursement) to the company’s account2. EFT deposit3. Loan proceeds4. NSF
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10.Exhibit 10:
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.a. In each space that follows, place the correct sign [less than (<), greater than (>), or
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 10.Exhibit 10:
The following selected transactions were completed during April between Swan Company and Bird Company:Apr. 2. Swan Company sold merchandise on account to Bird Company, $32,000, terms FOB shipping
Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A.Instructions1. Prepare a single-step income statement in the format
The following selected transactions were completed during August between Summit Company and Beartooth Co.:Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB
The following selected transactions were completed by Capers Company during October of the current year:Oct. 1. Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30.3.
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200. Shore Co. paid freight of $1,800. Journalize the
The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 2016, balance of $625 consisting of an amount due from Aladdin Co. There were no
From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial balance is prepared.c.
Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by
Using the following data for Sentinel Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5B, prepare a balance sheet as of August 31, 2016:Accounts payable

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