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business
intermediate accounting

Questions and Answers of Intermediate Accounting

Different equity accounts are used depending on the type of organisational structure of the business. Illustrate and explain.
A. Using the information, provide an income statement and a balance sheet in narrative form for Schutz Building Services for the current period.B. How would the financial statements you produce
Eric Lu began a small business on 1 July 2015 by depositing $250000 into a business bank account. On 30 June for the next 3 years, the assets and liabilities of the business were as follows:30
List the effect of each of the following transactions upon any or all of the four financial statements of a business. Apart from indicating the financial statement(s) involved, use appropriate
The following events occurred during the month of September 2016 for the business of Eliza’s Webdesign Service:Sept.124678Eliza deposited $40000 cash into the business bank account.A computer,
Read the following article from Business Review Weekly by Anthony Bell the owner of Bell Partners, an accountancy firm, and answer the questions that follow.Innovation and trustRight from the start
Read the following prelude to NIKE’s Code of Ethics by the President of NIKE, Inc. and discuss the points that follow.Inside the Lines: The NIKE Code of EthicsAt Nike, we are on the offense,
Read the article from InTheBlack below and answer the questions below. New pathways to business successAs you may know, our 2009–2011 corporate plan established the importance of
Luigi and Gina Cicello have decided to lease some newly built premises for the purpose of opening a seafood outlet. They intend to provide a wide range of different products, including a variety of
List examples of economic decisions that the following people would need to make with the use of accounting information:• A marketing manager• A production manager• The Chief Executive Officer
Consult a local newspaper, the The Australian Financial Review, or a business journal, such as BRW, and find an appropriate article detailing an important federal government decision in the last
Consult the business section of a local newspaper, or the The Australian Financial Review, or a business journal, such as BRW (Business Review Weekly), and find an appropriate article detailing an
You have decided that now is the time to buy a new laptop. List the factors that are important in choosing a new laptop and gather relevant information from various sources about different models on
You have just enrolled in a course in business at the Western University in Perth. There are several specialty areas, one of which you must choose — accounting, business law, economics, finance,
Renee Carter has decided to study medicine at a university in Melbourne. She has arranged to stay with a family on the north side of the city. In order to get to and from the university, she decides
Tran Qu’s family lives in Beijing, China. She has been accepted into a university course in Sydney, and has to find accommodation in the city within walking distance of the university, or at least
Ian Boardman has been appointed as the loans officer for the local community bank. One day, a person walks into the bank looking for a loan to buy a new car. List six items about that individual that
With the growing importance of computerised accounting systems, which inventory system (perpetual or periodic) has become more popular? Explain why. Is this desirable. Why?
The perpetual inventory system is superior to the periodic system. Discuss.
’Accounting is all about numbers’. Evaluate.
Describe what it means to behave ethically.
‘When one examines the distinctive and different functions of financial and management accounting, it is obvious that to maximise the usefulness of the information derived, two systems of
Discuss the actions taken by regulators in Australia, the United States and China to address auditor independence concerns.
Regulators are concerned with external auditors providing advisory services to a client at the same time as providing auditing services to that client. Explain why this is a concern.
List some of the fields (other than financial reporting) that have opened up to accountants in recent years.
Distinguish between the work performed by public accountants and the work performed by accountants in commerce and industry and in not-for-profit organisations.
Users of accounting information can be identified as internal and external users. List examples of users in each category and the type of information they require.
Describe how you would identify if a financial statement is a special purpose financial statement or a general purpose financial statement.
‘Accounting is irrelevant in decision making because the information it provides relates only to the past.’ Evaluate this remark.
What is the meaning of the terms DPP and EXW? Discuss the impact of such terms on the buyer’s and seller’s accounting system. Provide an example to illustrate.
What is a cash discount? What are the benefits to the seller of allowing cash discounts?
Discuss how gross profit on sales in calculated for a retail entity. Why are sales returns and allowances and purchase returns and allowances recorded in contra accounts to sales and purchases
Discuss the purpose and content of source documents which are used by a business registered for GST to record the purchase and sale of inventory. How would your answer differ if the business was not
Describe the differences between accounting information and other information.
Accounting is described as the language of business, and everyone is affected by the business world. Discuss if everyone should be required to study accounting.
Simone Taylor is involved in helping to make many different types of decisions as part of her employment. List examples of the types of consumption, investment and financing decisions that she would
You are considering buying an apartment. Outline the information you would like to assist you to make this decision. Identify how much of this information is accounting information?
Define the term ‘inventory‘ as used in the accounting standard AASB 102/IAS 2 Inventories. Are office supplies included in inventory? Why or why not?
Refer to the consolidated financial statements in the latest financial report of JB Hi–Fi Limited and answer the following questions:1. What are the different types of revenues generated by the
Form into groups of three or four. Half of the groups are to prepare a report on the advantages of not reversing adjusting entries at the beginning of the next financial year and the disadvantages of
Aid and development organisations, such as World Vision, have many different programs and campaigns to raise money for the purpose of emergency relief work in specific countries, and for large
Should Lucy retain the business or sell it, given her requirement that the profit margin must be 10%? Explain the reason for your conclusion, showing calculations.Retain or sell a business Lucy Chan
Lara Knoffs, a qualified commercial artist, had worked as an employee of a large advertising agency for a number of years. She decided to resign her position and set up her own business which would
Browne Cleaning and Gardening Services commenced on 1 June 2017 when Lorne Browne contributed $120 000 into a business bank account. Perhaps more thought could have been given to the business name.
The post-closing trial balance at 30 June 2017 of Payneham Professional Services is shown below.Transactions completed during the year ended 30 June 2018 are summarised below: 1.
Andy Harris owns Piano Tuning Service. The post-closing trial balance at 30 June 2016 is shown below. Ignore GST.AccountAccount numberDebitCreditCash at bankAccounts receivablePrepaid
The trial balance shown below summarises the year’s activities for Nova Caine’s dental surgery.NOVA CAINE, DENTISTUnadjusted Trial Balanceas at 30 June 2016AccountDebitCreditCash at bankFees
The following information concerning Tsang & Family is available at 30 June, the end of the financial year:1. Interest earned but not received totals $3105.2. Tsang & Family received $3948
The records of Townsville Ltd contain the following information at 31 December, the end of the year. Ignore GST.1. Wages earned but not paid total $2050.2. Depreciation on the office equipment is $13
Selected accounts taken from the general ledger of Hampsteads showed the following balances at 31 December.RequiredA. Prepare adjusting entries for the accounts based on the following data that are
There is a travel agency operating in a suburban shopping centre in Broome called Top End Tours. Two trial balances prepared at different stages of the accounting cycle are presented below (account
The adjusted trial balance of Brompton Bowling Alley at 30 June 2017, the end of the entity’s accounting year, follows:BROMPTON BOWLING ALLEYAdjusted Trial Balanceas at 30 June
The ledger of P. Oodle, Veterinary Surgeon, contains the accounts and account balances shown below on 30 June 2016:AccountDebitCreditCash at BankAccounts ReceivablePrepaid
The ledger of Catherine Delaney, Financial Consultant, contains the following account balances on 30 June 2017.AccountDebitCreditCash at BankAccounts ReceivableGST ReceivableOffice
Jack Thomas owns a men’s hairdressing salon which conducts business in a large shopping complex in Melbourne. Presented below are selected (incomplete) data from the three trial balances at the end
Gemma Jones owns Australia Works, which provides employment placement services. The unadjusted trial balance on 30 June 2016 below was prepared by her accountant.The following additional information
The unadjusted trial balance of Secretarial Services is as follows:SECRETARIAL SERVICESUnadjusted Trial Balanceas at 31 December 2017AccountDebitCreditCash at bankOffice suppliesPrepaid
During 2016, Mount Remarkable Golf Club received $180 000 for membership fees. The accountant credits Unearned Membership Fees, a liability account, for the full amount when cash is received. At 30
Clean Sweep Services runs a professional office cleaning service. Its clients are charged $1200 a month plus $120 GST for the service and tax invoices are prepared four times a year on 31 January, 30
At the end of the preceding period, a company recorded accrued salaries payable of $3 500. On 2 July, the second day of the new period, the company debited Salaries Expense and credited Cash at Bank
You have been approached by a neighbour who is studying first-year accounting at university. He is very worried about reversing entries and can see no purpose for them. He also finds it very
So far, we have heard of the existence of three trial balances – the unadjusted trial balance, the adjusted trial balance and the post-closing trial balance. Explain the purpose of each, and
For a sole trader, which accounts generally are involved in closing entries? Why are these accounts closed?
Compare and contrast the purposes of adjusting entries, closing entries and reversing entries.
In figure 5.1 (p.184), the accounting cycle is illustrated. Explain the purpose and importance of each step in the cycle.
Refer to the income (revenues) and expenses as shown in the notes in the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:1. Which of
Lucia works as an accountant for a motor vehicle engine parts manufacturer called Vroom Ltd, owned by an international car firm. Her manager, Freda Chuse, is paid a bonus depending on the
A. Prepare an income statement for the year ended 30 June 2017 using accrual accounting.B. Prepare an income statement for the year ended 30 June 2017 using cash accounting.C. Lana was not sure
The unadjusted trial balance of Helena’s Hire Cars is shown below:HELENA’S HIRE CARSUnadjusted Trial Balanceas at 30 June 2016AccountDebitCreditCash at bankAccounts receivableGST receivableOffice
Gavin’s Gardening Equipment Hire’s unadjusted trial balance of the business appears as shown below.GAVIN’S GARDENING EQUIPMENT HIREUnadjusted Trial Balanceas at 30 June
Trang Nguyen operates a roofing business that specialises in replacing broken tiles and cleaning and repairing roofs and gutters. He began business in April 2016 but has not yet established a formal
The unadjusted trial balance of the general ledger of Antonio’s Small Appliance Repair Service on 30 June 2016 is presented below:ANTONIO’S SMALL APPLIANCE REPAIR SERVICETrial Balanceas at 30
Miranda’s Motor Mechanics analysed the accounting records and other data for the business. The following information is made available for the year ended 30 June 2016: 1. Salaries
Tania Angus established Angus’ Phone App Productions in 2015 and kept her accounting records on a cash basis. During 2017, Tania decided to switch her accounting to the accrual basis and has asked
The financial year for Bankstown Rental Services ends on 30 June.RequiredA. Using the following information, make the necessary adjusting entries.1. The $765 telephone expense is unpaid and
The adjusted trial balance columns of the worksheet for Chris’ Cleaning Services are as shown on the next page.CHRIS’ CLEANING ServicesWorksheet (Partial)for the month ended 28 February
JetSki Hire runs a business on the Murray River hiring out jet skis to holiday makers, tour operators and for corporate training sessions. The unadjusted trial balance of JetSki Hire is shown
The trial balance of Chelsea Elliott, marketing services provider, at 30 June 2015 was as follows:CHELSEA ELLIOTT, MARKETING SERVICESUnadjusted Trial Balanceas at 30 June 2015AccountDebitCreditCash
Instant Clothing Alterations is run by Marc Giannopolous in the local shopping centre. The business prepared the following unadjusted and adjusted trial balances at 30 June 2016:INSTANT CLOTHING
The draft accounts for the year ended 30 June 2016 and a balance sheet as at that date for S. Steiner are submitted to you. Towards the end of the financial year her accountant resigned and she had
Monthly Foodies’ Magazine’s ledger includes the following accounts: Subscription Revenue, Unearned Subscriptions Revenue, Prepaid Insurance, Insurance Expense, Prepaid Rent and Rent Expense.The
A. The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST.1. On 15
Hui Yu, lawyer, had the following transactions related to the business during June. Ignore GST.June11211151828Purchased office furniture for $36 000. The furniture will be depreciated over a useful
In the first column of the schedule presented below are the condensed financial statements for Melvin Motorvehicle Rentals before adjusting entries were made. The following items were not reflected
Investment Guru provides investment advice to customers for fees. On 30 June 2016, it completed its first year of operations. Some of the ledger account balances of the business, before any year-end
Selected T accounts for Trewhella Traders are shown below. Adjusting entries for the period have been posted.RequiredA. Supplies of $390 were purchased during the year. Calculate the 1 July balance
Selected accounts of Amanda’s Art Supplies are shown below at 30 June of the current year before any adjusting entries have been made.DebitCreditPrepaid InsuranceSuppliesShop ShelvingUnearned
Trev’s Gardening Services purchased a trailer on 1 July 2016 for $26 200. It was estimated to have a useful life of 5 years and a residual value at the end of that time of $2800.RequiredA. What is
Complete the tabulation by entering a tick in the proper worksheet column in which the amount in each account would be extended in completing the worksheet.Income StatementBalance
Easy Rentals Ltd received 4 months’ rent in advance from tenants on 1 April 2015. The entire amount of $6400 was credited to the Unearned Revenue account at this date. Ignore GST.RequiredA. Give
Kreative Kitchens purchased a 1-year insurance policy on 1 March 2017. The entire premium of $9000 was recorded by debiting Prepaid Insurance. Ignore GST.RequiredA. Give the adjusting entry at 30
The following information was extracted from the accounting records of the business of Wendy’s Lawnmowing Services:Account balances at 1 July 2015:Rent accruedRates prepaidInsurance
The income statement of Peter’s Pest Control for the month of August 2016 shows a profit of $6800 based on:Services revenue
Calvin’s Cleaning has employed you to investigate whether any accrual entries are needed in the business. On completion of your investigation on 30 June, you have discovered that the following
Victoria Holmes registered as a financial adviser several years ago. An income statement for the current period, prepared using cash accounting, is presented below. GST is ignored.HOLMES’ FINANCIAL
1. During March, Thuy Bui’s business performed services for a specific customer for which the fee was $9000. Payment was received in the following April.(a) Was the revenue earned in March or
At the end of the first year of operations, Arch Etec, owner of Architect Designs, engaged you to prepare yearly financial statements for the year ended 30 June 2016, on both the cash basis and the
Match the end-of-financial-year adjustments (for each independent situation) to the appropriate journal entry.Adjustments1. Portion of prepaid insurance which has now expired (been used
Describe the operating cycle. Is the operating cycle definition related in any way to the definitions of current and non-current assets? Explain.
‘Why would we bother classifying assets in order of their liquidity on a statement of financial position? After all, the value placed on assets is not a true reflection of how much we could sell

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