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financial accounting

Questions and Answers of Financial Accounting

From the following balance sheets and additional information, prepare cash flow statement:Additional Information:(i) During the year depreciation charged to Profit and Loss account was
Analyse the following cash flow statement and comment on the liquidity position and financial planning of the company: Cash Flow Statement Particulars (A) Cash Flow from Operating Activities Change
From the following summary cash account of Y Limited, prepare cash flow statement for the year ended March 31, 2010 in accordance with AS-3: Particulars To Balance as on 1-04-2008 To Issue of equity
In the best cash flow statement, majority of the cash should be generated from(a) Operating activities(b) Financing activities(c) Investing activities(d) All of these
Redraft the following cash flow statement as per the provisions of accounting standard (AS-3) applicable in India: Particulars Net profit (before interest, tax and dividend) Add: Sales of
Analyse the following cash flow statement and comment on the liquidity position and financial planning of the company. Cash Flow Statement Particulars (A) Cash Flow from Operating Activities Change
Which of the following has not been provided in IAS-7 but has been provided in AS-3?(a) Cash flow from operating activities(b) Cash flow from financing activities(c) Cash flow from investing
To verify the cash flow from operating activities as calculated under direct and indirect method, which statement is prepared?(a) Fixed asset account(b) Cash account(c) Reconciliation
Prepare cash flow statement in accordance with AS-3.Additional Information:(i) Investments costing ₹ 8,000 were sold during the year 2009–10 for ₹ 8,500.(ii) Provision for tax made during the
From the following details, prepare cash flow statement: From the following details, prepare a statement showing cash flow from operating activities for the year ending March 2010. (i) Preliminary
Prepare cash flow statement in accordance with AS-3. Income Statement for the year ending March 31, 2011 Particulars Sales Less: Cost of goods sold Less: Selling, general and administrative
From the following details, prepare cash flow statement: A. Sources of Funds Capital Creditors Loan from B Loan from PNB B. Application of Funds Cash Debtors Inventory Plant and
Capital structure of a company includes the following:(i) Equity share capital: 6,00,000 shares of face value ₹10 each (ii) Preference shares capital: 20,000, 14% shares of face value ₹100
Which out of the following is true about legal entity concept with regard to a sole enterprise?(a) Entity of owner is separate from the business enterprises.(b) Entity of owner and of the business
Which of the following is not true about a partnership firm?(a) It enjoys the benefit of perpetual succession.(b) The legal entity of partners and of the partnership firm is same.(c) From
In a limited liability company, which of the following is not applicable?(a) Perpetual succession(b) Legal separate entity(c) Registration is must(d) Agreement between the shareholders
Which of the following methods is used by a private limited company for issuing shares?(a) Public issue(b) Private placement(c) Public issue through book building(d) Buyout deals
Which of the following is true about the link between authorized share capital and issued share capital?(a) Issued share capital can exceed the authorized share capital.(b) Issued share capital can
Inventory/stock is to be shown in the financial statement at(a) Cost or market price, whichever is less(b) Cost or market price, whichever is higher(c) Only at cost(d) Only at market value
Fixed assets are always shown in the financial statement at(a) Cost only(b) Realizable value(c) Cost less depreciation(d) Fair value
Capital contributed by owner is liability for the business organization. This follows from(a) Going concern concept(b) Separate accounting entity concept(c) Accounting prudence(d) All of these
Equity shareholders are the real owners of a limited liability company but they have(a) Residual claim on the earning and assets(b) First and assured claim on the earning and assets(c) Claim
Which of the following is not entitled for preference shareholders?(a) Voting right(b) Fixed percentage of dividend(c) Preference over equity shareholders(d) None of these
Which of the following statements is true about depreciation?(a) It is provided on fixed assets on account of their use in the business.(b) It is a non-cash expense.(c) Both of these.(d) Neither
Due to which of the following concepts, the capital contribution by an owner is a liability for business enterprise?(a) Going concern concept(b) Separate entity concept(c) Accrual concept(d) None
Which of the following concepts makes is binding for a business enterprise to record different monetary transactions at the historical cost only?(a) Cost concept(b) Convention of
Accrual concept implies(a) Showing only such income and expense which have been paid in cash.(b) Showing all the income and expenses that relate to the current accounting year, whether dealt in
On account of which of the following conventions, stock is shown in the balance sheet at cost or market price, whichever is less?(a) Convention of conservatism(b) Convention of
Physical capital is calculated by considering(a) Historical cost of assets and liabilities(b) Average cost of assets and liabilities(c) Current specific cost of assets and liabilities(d) None of
Current assets include the assets that are(a) Cash only(b) In cash and the assets likely to be converted into cash within twelve months(c) In cash, intangible assets and the assets likely to be
Which of the following is a non-quick asset?(a) Plant, property, inventory and equipment(b) Goodwill, patents and inventory(c) Inventory and pre-paid expenses(d) Inventory and preliminary expenses
Current liabilities are(a) To be paid off in twelve months including the liabilities that are due for roll over also(b) To be paid off in twelve months including those that was non-current in the
Non-current assets are(a) Assets other than current assets(b) Monetary current assets(c) Financial instruments held as short-term investment(d) None of these
Which of the following statements is true about contingent liabilities?(a) These are shown in the balance sheet at monetary value.(b) These are shown outside the balance sheet the provision for
Which of the following statements is not true about provisions?(a) The amount of these is known with certainty.(b) Timing and amount both are uncertain.(c) Both of these.(d) Neither of these.
A loan taken from a bank to be repaid after three years will result into(a) Increase in non-current liabilities and increase in current assets(b) Increase in current liabilities and current
Which of the following will be the impact of the purchase of building for which consideration was discharged by the issue of equity shares?(a) Increase in non-current assets and increase in
Which of the following is affected by payment of dividend?(a) Direct decrease in the equity.(b) Direct decrease in current assets.(c) Decrease in distributable equity and decrease in current
Which of the following statements is true about deferred revenue expenses?(a) The economic benefits from these are expected in the long-term period beyond the immediate next twelve months.(b) The
Which of the following statements is not true about capital account?(a) It is a representative personal account.(b) It is a liability for business enterprise.(c) It is a real account.(d) None of
Which of the following statements is true about drawings account?(a) It is a representative personal account.(b) It is a liability for business enterprise.(c) It is an expense account.(d) It is
Trade discount is provided by seller. Which of the following statements is true about it?(a) It is not recorded in the books of accounts.(b) It is given if payment is made in time.(c) It is shown
Cash discount is provided by seller. Which of the following statements is true about it?(a) It is not recorded in the books of accounts.(b) It is given if payment is made in time.(c) it is shown
In a transaction, ‘Purchased furniture on credit’, which of the following accounts will be affected?(a) Purchase a/c and suppliers’ a/c(b) Furniture a/c and suppliers’ a/c(c) Purchase a/c
In a transaction, ‘Purchased goods on credit’, which of the following accounts will be affected?(a) Purchase a/c and suppliers’ a/c(b) Furniture a/c and suppliers’ a/c(c) Purchase a/c and
In a transaction, ‘Sold goods to Mohit’ and ‘Received cheque’, which of the following accounts will be affected?(a) Sales a/c and customer’s a/c(b) Sales a/c and suppliers’
In a transaction, ‘Sold goods to Mukesh’, which of the following accounts will be affected?(a) Sales a/c and Mukesh’s a/c(b) Sales a/c and Cash a/c(c) Sales a/c and Bank a/c(d) None of these
In a three-column cash book, which of the following transactions will be recorded?(a) Credit purchase of goods(b) Issue of cheque to supplier(c) Credit sales of goods(d) All of these
In a two-column cash book, which of the following transactions will be recorded?(a) Credit purchase of goods(b) Issue of cheque to supplier(c) Credit sales of goods(d) Cash payment to supplier
In a purchase day book, which of the following transactions will be recorded?(a) Credit purchase of goods(b) Issue of cheque to supplier(c) Credit sales of goods(d) Cash payment to supplier
In a sales day book, which of the following transactions will be recorded?(a) Credit purchase of goodsb) Issue of cheque to the supplier(c) Credit sales of goods(d) Cash payment to the supplier
In a journal proper, which of the following transactions will be recorded?(a) Credit purchase of goods(b) Credit purchase of assets(c) Credit sales of goods(d) Cash payment to supplier
Which of the following is not applicable for discount column of two-column cash book?(a) At the end of the period, its balance is calculated.(b) Debit discount column is discount
Agreeing of trial balance implies(a) Final proof of accuracy of books of accounts(b) Elementary proof of accuracy of books of accounts(c) Both of these(d) Neither of these
As assistant controller of Midwest Construction Company, you are reviewing with your boss, the controller, Dave Jackson, the financial statements for the year just ended. During the review, Jackson
The president of Blue Moon Corp. and her department managers are reviewing the operating results of the year just completed. Sales increased by 12% from the previous year to $750,000. Average total
Cass Corp.’s December 31, 2016, balance sheet reported current assets of $120,000 and current liabilities of $100,000. The current ratio increased by 25% one year later, on December 31, 2017.
Cass Corp.’s December 31, 2016, balance sheet reported current assets of $120,000 and current liabilities of $100,000. The current ratio increased by 25% one year later, on December 31, 2017.
Refer to Walgreens Boots Alliance’s statement of cash flows shown in the chapter opener on page 555 and answer the following questions for the most recent year.Required1. Which method, direct or
For each of the following transactions reported on a statement of cash flows, indicate whether it would appear in the Operating Activities section (O), in the Investing Activities section (I), or in
Divac Company has developed a statement of stockholders’ equity for the year 2017 as follows:Divac’s preferred stock is $100 par, 8% stock. If the stock is liquidated or redeemed, stockholders
Armstrong Aero Ace, a flight training school, issued $100,000 of 20-year bonds at face value when the market rate was 10%. The bonds have been outstanding for ten years. The company pays annual
Refer to the financial information at the back of the book for Panera Bread and Chipotle.RequiredPart A. The Ratio Analysis ModelFor each company, determine:The debt-to-equity ratioIs the
Classify each of the following items as a cash equivalent (CE), a short-term investment (STI), or a long-term investment (LTI).1. A 120-day certificate of deposit.2. Three hundred shares of MG common
Refer to the financial information for Chipotle and Panera Bread reproduced at the back of this book.Required1. What is the balance in Cash and cash equivalents on the balance sheet of each company
The following information is available to assist you in preparing a bank reconciliation for Karen’s Catering on March 31:a. The balance on the March 31 bank statement is $6,506.10.b. Not included
The following information is available to assist you in preparing a bank reconciliation for Calico Corners on May 31:a. The balance on the May 31 bank statement is $8,432.11.b. Not included on the
Dexter Company’s bank reconciliation shows an adjusted cash balance of $3,254.33. The following items also appear on the reconciliation:Required1. Determine the balance on the bank statement prior
Refer to the financial information for Chipotle and Panera Bread reproduced at the end of this book and answer the following questions:Required1. What is the dollar amount of inventories that each
Repeat Problem 5-10A using the perpetual system.Data From Problem 5-10A:Stellar Inc.’s inventory records show 300 units on hand on November 1 with a unit cost of $4 each. The following transactions
Bitten Company’s inventory records show 600 units on hand on October 1 with a unit cost of $5 each. The following transactions occurred during the month of October:All expenses other than cost of
For each of the following independent situations, fill in the blanks to indicate the effect of the error on each of the various financial statement items. Indicate an understatement (U), an
On July 1, Paxson Corporation takes out a 12%, two-month, $50,000 loan at Friendly National Bank. Principal and interest are to be repaid on August 31.Required1. Identify and analyze the transactions
As assistant controller for a small consulting firm, you are responsible for recording and posting the daily cash receipts and disbursements to the ledger accounts. After you have posted the entries,
As assistant controller for a small consulting firm, you are responsible for recording and posting the daily cash receipts and disbursements to the ledger accounts. After you have posted the entries,
Refer to the income statements for Chipotle and Panera Bread reproduced at the back of the book.Required1. Which is the largest expense for each company in the most recent year? What is its dollar
Refer to the transactions for Krittersbegone in Problem 3-7A.Required1. Prepare journal entries on the books of Krittersbegone to record the transactions entered into during the month. Ignore
Refer to the transactions for Overnight Delivery Inc. in Problem 3-6A.Required1. Prepare journal entries on the books of Overnight to record the transactions entered into during February.2. Explain
Russell Company was incorporated on January 1 with the issuance of capital stock in return for $120,000 of cash contributed by the owners. The only other transaction entered into prior to beginning
Refer to the transactions for Castle Consulting Agency in Problem 3-11A.Required1. Record each transaction directly in T accounts using the letters preceding the transactions to identify them in the
Castle Consulting Agency began business in February. The transactions entered into by Castle during its first month of operations are as follows:a. Acquired articles of incorporation from the state
Refer to the table for Rapid City Roller Rink in part (1) of Problem 3-9A.Required1. Prepare a trial balance at October 31.2. Prepare an income statement for the month of October.3. Prepare a
Three friends organized Rapid City Roller Rink on October 1. The following transactions occurred during the first month of operations:October 1: Received contribution of $22,000 from each of the
Krittersbegone Inc. was organized on July 1 by a group of technicians to provide termite inspections and treatment to homeowners and small businesses. The following transactions occurred during the
Overnight Delivery Inc. is incorporated on February 1 and enters into the following transactions during its first month of operations:February 15: Received $8,000 cash from customer accounts.February
The following financial statements are available for Oak Corporation for its first month of operations:RequiredDescribe as many transactions as you can that were entered into by Oak Corporation
Dynamic Services Inc. was organized on March 1 by two former college roommates. The corporation will provide computer tax services to small businesses. The following transactions occurred during the
Beachway Enterprises was organized on June 1 by two college students who recognized an opportunity to make money while spending their days at a beach in Florida. The two entrepreneurs plan to rent
Refer to the transactions for Neveranerror Inc. in Problem 3-7.Required1. Prepare journal entries on the books of Neveranerror to record the transactions entered into during the month. Ignore
Refer to the transactions for Blue Jay Delivery Service in Problem 3-6.Required1. Prepare journal entries on the books of Blue Jay to record the transactions entered into during the month. Ignore
Malcolm Inc. was incorporated on January 1 with the issuance of capital stock in return for $90,000 of cash contributed by the owners. The only other transaction entered into prior to beginning
Refer to the transactions for Atkins Advertising Agency in Problem 3-11.Required1. Record each transaction directly in T accounts using the letters preceding the transactions to identify them in the
Atkins Advertising Agency began business on January 2. The transactions entered into by Atkins during its first month of operations are as follows:a. Acquired its articles of incorporation from the
Refer to the table for Beverly Entertainment Enterprises in part (1) of Problem 3-9.Required1. Prepare a trial balance at October 31.2. Prepare an income statement for the month of October.3. Prepare
Four brothers organized Beverly Entertainment Enterprises on October 1. The following transactions occurred during the first month of operations:October 1: Received contributions of $10,000 from each
Neveranerror Inc. was organized on June 2 by a group of accountants to provide accounting and tax services to small businesses. The following transactions occurred during the first month of
Blue Jay Delivery Service is incorporated on January 2 and enters into the following transactions during its first month of operations:January 2: Filed articles of incorporation with the state and
The following financial statements are available for Elm Corporation for its first month of operations:RequiredUsing the format illustrated in Exhibit 3-1, prepare a table to summarize the
Expert Consulting Services Inc. was organized on March 1 by two former college roommates. The corporation provides computer consulting services to small businesses. The following transactions
Just Rolling Along Inc. was organized on May 1 by two college students who recognized an opportunity to make money while spending their days at a beach along Lake Michigan. The two entrepreneurs plan

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