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business
intermediate accounting

Questions and Answers of Intermediate Accounting

The Claremont Cricket Club collects membership fees of $100 in advance from its members at the beginning of October each year for the summer season, which ends in April. This entitles members to free
On 31 March, Padbury Publishers received a subscription of $240 for the supply of twelve monthly magazines, beginning in April. At the end of the reporting period, 30 June, the accountant suggested
The owner of a business reviews the income statement prepared by you and asks, ‘Why do you report a profit of only $30 000 when cash collections of $100 000 were received and cash payments for the
‘If adjusting entries are not recorded in the accounts at the end of each month but are included on a worksheet for interim financial statements, why do we need to record them in the accounts for
‘Why are adjusting entries necessary? Surely they cause too much delay in preparing financial statements, and the financial effect of any entries made is immaterial in the long run.’ Respond to
During the year, the publishers of Fishing for the Family, a monthly magazine, received cash for a 3-year magazine subscription. A credit was made to the Unearned Subscriptions Revenue account.(a).
Explain why the purchase of supplies is usually recorded in an asset account rather than in an expense account. If supplies were expensed when purchased, which accounts should be debited and which
How is profit determined under(a) The cash basis of accounting (b) The accrual basis of accounting?
Refer to the consolidated financial statements in the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions:Required1. What is the
Big Business Tobacco (BBT) is a large Australian producer of tobacco products including a market-leader brand of cigarettes. With the continuing development of Asian countries such as China and its
A. Decide which general journal entries are correct and which ones are incorrect.B. For each general journal entry that is incorrect, prepare the correcting journal entry.C. Which of the incorrect
Your first assignment on your new job was to determine why the 31 December 2015 trial balance did not balance. In your review of the records you uncovered a number of errors described below:1.
In September 2016, Niem Duong opened a car hire business. The following transactions occurred during the first month of the business (ignore GST).Sep.134515181924272930Niem opened a bank account to
Using the data in problem 3.11, complete requirements A to F assuming the addition of GST of 10% where appropriate. Round your answers to the nearest dollar.A. Prepare general journal entries to
In December 2016, Mike Mills opened a miniature golf course to cater for the summer holiday tourists and completed the transactions below during its first month of operations. For the sake of
Peter’s Personal Training Service had been in business for several years. In June 2016, as a result of a dispute with the owner, the accountant of the business disappeared and took all the records
On 1 April 2015, Kenny’s Equipment Hire opened for operations. Kenny Kowslowski contributed the capital of the business of $720000 cash. He has asked you to be record-keeper for the business on a
Lewis Edwards decides to branch out on his own and set up his own private practice as an accountant. Events occurring in March 2016 are as follows. Ignore GST.March1234781214192431Deposited $500000
On 1 March 2014, James Taylor decided to open Taylor’s Tailormade that makes suits, trousers and jackets and repairs and alters clothes. He contributed for this purpose sewing equipment $46000 and
Roger’s Repair Services had the following transactions during April and May 2016:April17811Cash is received from a customer, D. Lloyd, $8200.Repair services are provided on credit to J. Turner for
The 31 May 2017 trial balance of Amy Wait, Physiotherapist, is shown below. Ignore GST.AMY WAIT, PHYSIOTHERAPISTTrial Balanceas at 31 May 2017AccountDebitCreditCash at bankAccounts
The Arid Sands Golf Club was opened for business on 1 July by Todd Simpson. The following selected events and transactions occurred during the first month of operations:July1361018192527293031The
Carrying Your Load provides heavy freight services with large trucks. The following transactions were Carrying Your Load. Ignore GST.July124591012121314Craig Dienhoff invested $620000 into Carrying
On 1 July 2015 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST):July22346162023Andreou invested $120000 in the business by
Tsz Yeung Printers ledger accounts are listed below: 1. Accounts Payable 2. Accounts Receivable 3. Buildings 4. Cash at
A. For each of the following errors:(a) indicate whether the error would cause the trial balance to have unequal totals(b) determine the amount by which the trial balance totals would differ(c)
Nigel’s Gardening Services trial balance presented below does not balance. In examining the general journal and the general ledger you discover the following information. Ignore GST.1. The balance
When processing the accounts for Ellise’s Electrical Contractors, the following errors were made:(a) Electrical equipment purchased for $7800 cash was debited to Equipment and credited to Accounts
Kelly’s Cleaning Services T accounts for 30 April 2017 were as follows:Cash at BankCleaning Equipment2/4800005/417 0005/4170009/48 00010/412 000Loan Payable10/448 000Vehicle10/460000Chris
In December 2016, the following transactions occurred in Macchiato’s Coffee Roasters business that supplies cafés and also sells direct to the public:Dec.2Michael Macchiato invested $2 650 000
The following information relates to the business of Man Ting’s Travel Agency for the month of June 2016:June 1 Man Ting Lau invested $120 000 cash into the new
The following accounts appear in the ledger of the Henrietta’s Huge Hair Hairdressers: Cash at Bank; Accounts Receivable; Hairdressing Equipment; Accounts Payable; Henrietta Bouffant, Drawings;
The general journal of Lenore Grunweld, Property Adviser, contained the entries below for the month of July 2016. GST is ignored.General JournalDateParticularsPost RefDebitCredit2016July
Each of the following items describes aspects of the business of Lenny Linnehan, lawyer:1. cash which Lenny Linnehan has withdrawn from the business for personal use2.
The chart of accounts of Pellham Poster Printers contained the following accounts: Cash at Bank; Accounts Receivable; Equipment; Accounts Payable; K. Pellham, Drawings; Printing Fees; Salaries
The accounts below appear in the chart of accounts of Brightspark Electrical Services. Show whether the normal balance is a debit or a credit. Indicate whether the account would appear in the balance
The following transactions were undertaken by Massenburg Personnel Services during the month of February 2016. Ignore GST.1. Invoiced a client for providing advice on current employment
For each of the following transactions, indicate whether the accounts affected are an asset, a liability, an equity, an income or an expense. Also indicate whether the accounts are being increased or
The following is a list of ledger account titles extracted from the general ledger of J. Wendall, marketing consultant:Wages and SalariesInterestCash at BankJ. Wendall, CapitalAccounts PayableLand
The accountant of a goldmining company in Western Australia has to make a decision about whether to record an accounting transaction or not. The goldmining company discovered an extremely rich seam
Explain why when a business pays GST on the purchase of goods or services it records this as GST Receivable and an asset. When a business provides goods or services which are taxable it records the
Explain the fact that errors can exist even though the sum of the debit account balances may equal the sum of the credit account balances in the trial balance.
Recently, a new student of accounting was overheard making the following remarks: ‘Why are we learning how to use the double-entry system of recording in the accounting cycle? Surely there are good
Give an example of a transaction that results in:(a) An increase in one asset and an increase in a liability(b) A decrease in one asset but no change in the total assets(c) An increase in one asset
Why are journals required as part of the recording process? Would not a set of ledger accounts be sufficient?
Your friend is having difficulty grasping the rules of debits and credits. Using the idea that in some countries vehicles must travel on the left hand side of the road while in others they must
One often hears the statement: ‘Debits are bad and credits are good for the business.’ Do you agree? Why or why not?
The owner of a very small, part-time business is very disorganised and doesn’t like filing invoices, accounts and receipts. ‘What is the point of keeping all that paper work?’, he asks. ‘Once
Indicate whether each of the following events is an internal transaction, an external transaction, or a non-transaction event. Explain your answer in each case:(a) Receipt of money from a customer in
Refer to the latest financial report of Apple on its website, http://investor.apple.com. Answer the following questions using the consolidated balance sheet and notes to the consolidated financial
Read the following article and answer the questions.A BHP Billiton mining deal being investigated for alleged corruption was personally overseen by Cambodian strong man Hun Sen, diplomatic cables
The ownership structure of professional service firms, such as accounting firms, can vary. In an exploratory study, Pickering (2012) compares the performance of accounting firms with different
Read the following article from Australian CPA.While rugby stars are heroes to many, when checking the books they become a complex intangible. Rosalind Whiting and Kyla Chapman investigate the merits
Toby and Talea McKellar are the joint owners of Beaut Beach Caravan Park, which is near a swimming beach popular during the summer months. The park provides not only camping facilities for caravans
Jones’ Mower Repairs began operations on 1 August 2016 and completed the following transactions during the first month.1. Darren Jones deposited $35 000 of his personal funds in a
The following schedule shows the effect of several transactions on the accounting equation of Preya Palit and the balance of each item in the equation after each transaction. Write a sentence to
Month-end balance sheet amounts for the legal practice of Adam Booth, a local lawyer, for 3consecutive months of 2016 are shown below. The information is complete except for the balance in the
For each of the following, describe a transaction that would have the stated effect on the accounting equation:1. Increase an asset and increase a liability2. Decrease one
Identify by letter the assumption or characteristic of information which best represents the situations given.A. Accounting entity assumptionB. Accrual basis assumptionC. Going concern assumptionD.
A friend who has established a new dance studio, Hip and Hop, has asked you to give some advice as to the contents of financial statements. Transactions of Hip Hop include:(a) contribution of
Classify each of the following activities as being either operating, investing or financing for the purpose of preparing a statement of cash flows. Indicate whether there is an inflow (I) or outflow
Equity balances for Sen Widyaya appearing in the balance sheets of Widyaya’s Window Washing Services as at 30 June 2016, 2015 and 2014 are set out below:30 June 201630 June 201530 June
Sarah Hodge is a self-employed piano teacher operating her business from home. She keeps her accounting records for business activities completely separate from her records for personal activities.
During the year ended 30 June 2016, Skilled Services, a provider of temporary secretary personnel, had collected receipts from clients for a total value of $250 000. Wages of $136 000 had been paid
Financial items for George Karatsis IT Services on 31 May 2016 are presented below in alphabetical order.Accounts payableAccounts receivableBuildingCash at bank$640007000052000061000LandMortgage
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,
Toby and Talea McKellar are the joint owners of Beaut Beach Caravan Park, which is near a swimming beach popular during the summer months. The park provides not only camping facilities for caravans
Jones’ Mower Repairs began operations on 1 August 2016 and completed the following transactions during the first month.1. Darren Jones deposited $35 000 of his personal funds in a
The following schedule shows the effect of several transactions on the accounting equation of Preya Palit and the balance of each item in the equation after each transaction. Write a sentence to
Month-end balance sheet amounts for the legal practice of Adam Booth, a local lawyer, for 3consecutive months of 2016 are shown below. The information is complete except for the balance in the
For each of the following, describe a transaction that would have the stated effect on the accounting equation:1. Increase an asset and increase a liability2. Decrease one
Identify by letter the assumption or characteristic of information which best represents the situations given.A. Accounting entity assumptionB. Accrual basis assumptionC. Going concern assumptionD.
A friend who has established a new dance studio, Hip and Hop, has asked you to give some advice as to the contents of financial statements. Transactions of Hip Hop include:(a) contribution of
Classify each of the following activities as being either operating, investing or financing for the purpose of preparing a statement of cash flows. Indicate whether there is an inflow (I) or outflow
Equity balances for Sen Widyaya appearing in the balance sheets of Widyaya’s Window Washing Services as at 30 June 2016, 2015 and 2014 are set out below:30 June 201630 June 201530 June
Sarah Hodge is a self-employed piano teacher operating her business from home. She keeps her accounting records for business activities completely separate from her records for personal activities.
During the year ended 30 June 2016, Skilled Services, a provider of temporary secretary personnel, had collected receipts from clients for a total value of $250 000. Wages of $136 000 had been paid
Financial items for George Karatsis IT Services on 31 May 2016 are presented below in alphabetical order.Accounts payableAccounts receivableBuildingCash at bank$640007000052000061000LandMortgage
‘Faithful representation’ is a fundamental characteristic of financial information. This term replaced ‘reliable’ in the 2010 revisions to the Conceptual Framework. Discuss the rationale for
Management expert Professor Henry Mintzberg has argued that a manager’s work can be characterised by ten common roles falling into three categories: informational (managing by information),
Your doctor knows that you are studying accounting. He has recently received the annual report for a company in which he is a shareholder. The financial report within the annual report is lengthy and
Distinguish between the concepts of consistency and comparability and discuss if the same accounting method should always be applied consistently in financial statements.
List and define the fundamental and enhancing characteristics of financial information.
Discuss the significance of the following assumptions in the preparation of an entity’s financial statements:(a) Entity assumption(b) Accrual basis assumption(c) Going concern assumption(d) Period
Moonshine Enterprises hired an accountant at the rate of $1000 per week. The person is to commence duty on 1 February. Explain if the business has a liability in respect of the accountant’s salary
As the accountant at a local council, explain to the Chief Executive Officer if the land under roads is an asset that should be recorded on the Council’s balance sheet.
A local football club has won the premiership for the past four years. Accordingly, the club has a very strong supporter base. Rationalise if the players would be regarded as an asset of the business
Discuss whether an asset needs to be legally owned to be recorded as an asset on the balance sheet.
Analyse why the cash received from the sale of a good is income yet the cash contributed by the owner is not income.
The coach of the local football team was trying to motivate the team before a big match. He said: ‘Our team is like any organisation. We must have goals, we must practise the usual management
Entities are expected to perform in the spheres of profit, people and the planet. List some key performance indicators applicable to each sphere.
Oxfam is a ‘not-for-profit’ entity. Discuss what it means to be a ‘not-for-profit’ entity.
Explain the basic differences between a sole trader (or single proprietorship), a partnership and a company. Discuss the factors that need to be considered in selecting an appropriate structure for
Refer to the latest financial statements of David Jones Limited on its website, www.davidjones.com.au. Browse through the chairman’s and chief executive officer’s reports, and the notes to the
Two friends, Becks and Vicky, had just started university studies. Both intended to major in accounting. During the first week of lectures, Vicky, who had to go home for family reasons, asked Becks
Within your tutorial group, organise yourselves into groups. Where possible, organise the groups according to the professional majors that students are studying, such as groups of accounting,
One of the most common — and riskiest — reactions by company directors and executives to tough economic times is to slash the marketing budget. Some companies take the knife to their marketing
After reading the following extract on the winner of the 2012 Best StartupSmart Awards for a service company, list the factors that would be important for someone like the owners of Explore Engage in

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