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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Which of the following represents the components of the income statement for a merchandising business?A. Sales Revenue – Cost of Goods Sold = gross profitB. Service Revenue – Operating Expenses =
The cost data for Evencoat Paint for the year 2019 is as follows:A. Using the high-low method, express the company’s maintenance costs as an equation where xrepresents the gallons of paint
Conversion costs include all of the following except:A. Wages of production workersB. Depreciation on factory equipmentC. Factory utilitiesD. Direct materials purchased
Explain the concept of relevant range and how it affects total fixed costs.
Western Trucking operates a fleet of delivery trucks. The fixed expenses to operate the fleet are $79,900 in March and rose to $93,120 in April. It costs Western Trucking $0.15 per mile in variable
Case Airlines provides charter airline services. The fixed expenses to operate the company’s aircraft are $377,300 in January and $378,880 in February. It costs Case Airlines $0.45 per mile in
Which of the following is not considered a product cost?A. Direct materialsB. Direct laborC. Indirect materialsD. Selling expense
Suppose that a company has fixed costs of $18 per unit and variable costs $9 per unit when 15,000 units are produced. What are the fixed costs per unit when 12,000 units are produced?
Suppose that a company has fixed costs of $11 per unit and variable costs $6 per unit when 11,000 units are produced. What are the fixed costs per unit when 20,000 units are produced?
Fixed costs are expenses that ________.A. Vary in response to changes in activity levelB. Remain constant on a per-unit basisC. Increase on a per-unit basis as activity increasesD. Remain constant as
Explain how a scatter graph is used to identify and measure cost behavior.
This cost data from Hickory Furniture is for the year 2017.A. Using the high-low method, express the company’s utility costs as an equation where X representsnumber of tables produced.B. Predict
The managers of an organization are responsible for performing several broad functions. They are ________.A. Planning, controlling, and sellingB. Directing, controlling, and evaluatingC. Planning,
Carlita believes an important part of the planning process for managers is being sure to position the company to achieve its goals. She thinks that positioning is an extensive concept and can depend
Match the term with the description. A. Chief Executive Officer B. Chief Financial Officer C. Enrolled Agent D. Cash Management Accountant E. Controller F. Financial Analyst i. has responsibilities
Indicate whether each statement describes financial accounting or managerial accounting.A. The information is directed at external users who are making decisions pertaining to investing, extending
Indicate whether the statement describes reporting by the financial accounting function or the managerial accounting function of an organization.A. The users of the report are managers who need a
Which of the following is a primary aspect of the evaluating function within an organization?A. Comparing actual results against expected results for products, departments, divisions, or the company
Management accountants help the management of an organization in their planning function through ________.A. Monitoring anti-theft systemsB. Strategic planningC. Evaluating costsD. Analyzing profits
Identify the following as True or False:A. Managerial accounting reports must comply with the rules set in place by the FASB.B. Financial accounting reports are typically general-purpose reports.C.
Identify the following as true or false:A. Financial accounting reports are not released to external users.B. Managerial accounting reports are not used by employees inside the organization.C.
What are some activities and tasks a manager might perform when engaging in the controlling function of management responsibilities?
Match the term with the description: A. Certified Public Accountant B. Certified Financial Analyst C. Certified Management Accountant D. Certified Internal Auditor E. Certified Fraud Examiner F.
If there are deviations from the stated goals and objectives, what steps can managers take to get back on track? Provide at least two specific examples.
Match each lean business method to the best description: A. Just-in-time manufacturing B. Continuous improvements C. Total quality management D. Lean Six Sigma i. The focus is on quality throughout
Define each of these users of accounting information as an internal user of external user:A. ManagementB. EmployeesC. InvestorsD. CreditorsE. CustomersF. Tax authorities
Companies need to report both monetary and nonmonetary data and information.A. Define these two terms and provide examples of each.B. Discuss what sources are available that provide companies with
During the control function, the measurements taken of the performance must be accurate enough to see ________.A. Only positive resultsB. Deviations and variancesC. The primary focusD. Only the
Explain how managerial accountants help managers plan, control, and evaluate.
Discuss what information would be most useful for these users of accounting information:A. ManagementB. EmployeesC. InvestorsD. CreditorsE. CustomersF. Tax authorities
Which of the following is false regarding strategic planning?A. It is the sole responsibility of supervisors.B. It will span many years.C. It should include both short-term and long-term goals.D.
How do the subject matter of reports and the verification of reports differ between financial accounting and managerial accounting?
Managerial accounting produces information:A. To meet the needs of external usersB. That is often focused on the futureC. To meet the needs of investorsD. That follows the rules of GAAP
What is the purpose of management accounting?
The Foreign Corrupt Practices Act (FCPA) was implemented in 1977. Why was it enacted, and what are its major provisions?
Management accounting:A. Emphasizes special-purpose informationB. Relates to the company as a wholeC. Is limited to strictly cost figuresD. Is controlled by GAAP
After the passage of the Sarbanes-Oxley Act in 2002, many new responsibilities were put into place for organizations and their management. What are the four significant issues that were addressed by
Indicate whether each of the following statements is true or false.A. Section 302 of Sarbanes-Oxley requires the CEO and CFO to review all financial reports and sign the reports.B. One of the three
Indicate whether each of the following statements is true or false.A. Bribery in the world of business typically happens when an organization or representative of an organization gives financial
Other than accounting skills, what six qualities must be prevalent in a managerial accountant?
Which of the following statements is incorrect?A. The practice of management accounting is fairly flexible.B. The information gathered from management accounting is not required by law.C. Management
Explain how having more than one of the accounting credentials would be beneficial to an accounting career.
For each of the activities listed, choose the manufacturing concept that applies: (i) just-in-time inventory, (ii) continuous improvement, or (iii) total quality management.A. A company receives
The stockholders of a company are:A. The ownersB. Policy settersC. Responsible and liable for the financial well-being of the companyD. Operating within the company as independent shareholders
Briefly discuss the chain of command for someone being hired into an organization as a staff managerial accountant.
Look up the definitions for the following terms:A. Budget (Budgeting)B. Capital budget (Capital Budgeting Decisions)C. Balanced scorecard (Balanced Scorecard and Other Performance Measures)D.
The controller of a corporation:A. Reports to the CFO and is in charge of the finance side of the businessB. Reports to the CFO and is in charge of the accounting side of the businessC. Reports to
According to the information available at http://www.accounting.com/careers/, what are six different areas of accounting on which you can focus your career?
The Certified Financial Analyst (CFA) certification:A. Only requires a high school diplomaB. Is administered by the AICPAC. Consists of three separate exams that must be taken in successionD. Is the
According to the information on management accounting available at http://www.accounting.com/ careers/, what are some areas of specialization?
The Certified Management Accountant (CMA) certification:A. Signifies someone specializing in tax accountingB. Requires an associate’s degree and four years of work experienceC. Includes a two-part
Go to http://www.accounting.com/careers/ and look up your state to find projected job growth and projected salaries.
Which of the following terms means the ability to work in cross-functional teams in order to complete a task?A. Supervisory skillsB. ConceptualizationC. CollaborationD. Resource planning
What other professional business organizations have a code of ethics?
Which of the following terms means knowing how a business is run and how it is influenced by external forces, and knowing and understanding the overall industry?A. Commercial awarenessB.
How can having a bonus system based purely on sales goals create an environment that encourages unethical behavior?
What is the law that protects investors from fraudulent financial accounting activity?A. FASBB. SACSC. SOXD. CPAS
What led to the United States Congress passing the public accounting reform act called Sarbanes- Oxley?
What year was the Sarbanes-Oxley Act enacted?A. 2007B. 1992C. 1997D. 2002
What is an enterprise resource planning (ERP) system? What are the principal benefits of such a system?
When a representative of an organization gives money to another business official in order to gain favor and/or manipulate a business decision, this is known as ________.A. WhistleblowingB. BriberyC.
Describe what is meant by the term “balanced” in the term balanced scorecard method.
Discuss the bias, objectives, and potential conflicts that may exist between the following users/groups:1. Bank with a current ratio debt covenant and management of a public company with a
Graphs for two companies, Ming Ltd. and Tom Ltd., are provided below, showing comparisons of net earnings and cash flows over a period of time.Required:Interpret the graphs and conclude, with an
Play Cloth Company, a retailer of children’s clothing, decided to dispose of its European division. The company announced the plan to sell the division on 20 March 20X1. Once the announcement
Abateer company provides interior design services for residential and commercial customers. Assume Abateer entered into the following contracts during the year:1. A contract with a family renovating
Basile Corporation (Basile) manufactures and sells pre-made custom doors and related accessories. Basile is a private corporation owned by two non-related individuals. In May 20X6, sold some of their
Winnipeg Development Corp. (WDC) was contracted to construct a new hospital for $1.82 billion. The hospital is located on government land and therefore owned by the customer throughout the contract
Narayna Construction Corporation was contracted to build a new retail complex in a small town in northern Saskatchewan for $6,375,000. Construction activities are summarized below by year:Required:1.
Each of the following situations is independent of the others:1. Jefferson Contracting enters into a contract with a customer to build a new café. The café is conveniently located on a long stretch
The following is a list of independent scenarios. Assume that each corporation adopts ASPE.a. A company holds cryptocurrencies, which are held for sale in the ordinary course of operations.b. A
The following is a list of independent scenarios. Assume that each corporation adopts IFRS.1. Raja Inc. purchases eight percent of the outstanding shares of Yajoo Inc.2. Ding Inc. purchases preferred
Graphs for two competitor companies, Tera Inc. and Tulum Inc., are provided below, showing comparisons of the percentage of accounts receivable that are uncollectible by age and by customer
Maria Kay works at a private corporation, Mita Corporation, as a sales manager. Due to a bad flu season, several accounting personnel have been away for extended periods of time and Maria has been
Primary Incorporated (PI) sells merchandise across North America. PI is a growing company and has doubled its customer base over the past few years, owing largely to its generous and flexible credit
The following are independent transactions related to accounts receivable and notes receivable.a. Breanna Corporation, a manufacturer of pet toys, sold equipment for $500,000 on the last day of the
The graph below shows the trend in percentage of uncollectible accounts receivables over a five-year period at Luna Incorporated.Luna Incorporated Percentage of Uncollectible Receivable, Five-Year
You are the controller at ABC Corp. You have hired an intern to work with you over the summer. The intern is very ambitious and curious, and plans to obtain her CPA designation. When you arrive at
Halicon Ltd. applies the lower of cost or NRV valuation to inventory. The company’s inventory at the end of the year is as follows:Required:Determine the amount of any adjustment that is required
Consider the following two independent errors that were discovered in 20X1 after the 20X0 financial statements were issued.Scenario A Inventory of $123,000 was missed in an inventory
Tillie Corp. had the following accounts relating to property, plant, and equipment on its 31 December 20X2 balance sheet:Land ...................................................
Ted Khan owns Khan Development Inc. During 20X7, the following transactions took place:1. Transaction A Khan acquired a parcel of land for $10,500,000 (plus 3% in real estate commissions). On
CC Recyclo Inc (CCRI) is a recycling manufacturer that melts down used plastic and repurposes them into new materials. CCRI has a factory (and land) located just outside of London, Ontario. On 5
On 13 February 20X5, Reekwa Company purchased an office tower for $30 million. The office is a mixed-use property: it is owner-occupied and includes rental units. The fair value of the building on 31
What is the effect on cash when current liabilities increase?A. Cash increases by the same amount.B. Cash decreases by the same amount.C. Cash decreases by twice as much.D. Cash does not change.
Use the following information from Coconut Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018.
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O),
Use the following information from Isthmus Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018.
Use the following information from Grenada Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. Sales Cost
Use a spreadsheet and the following financial information from Mineola Company’s financial statements to build a template that automatically calculates the net operating cash flow. It should be
Is it possible for a company to have significant net income in the same time period that net cash flows are negative? Explain.
Use the following information from Berlin Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018.
Use the following information from Honolulu Company’s financial statements to prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018.
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O),
What categories of activities are reported on the statement of cash flows? Does it matter in what order these sections are presented?
In which section of the statement of cash flows would each of the following transactions be included? For each, identify the appropriate section of the statement of cash flows as operating (O),
Provide journal entries to record each of the following transactions. For each, also identify the appropriate section of the statement of cash flows, and whether the transaction represents a source
Provide journal entries to record each of the following transactions. For each, also identify: the appropriate section of the statement of cash flows, and whether the transaction represents a source
Use the following information from Acorn Company’s financial statements to determine operating net cash flows (indirect method). Sales Cost of Goods Sold Operating Expenses, other than depreciation
Which of the following statements is false?A. Noncash activities should be reported in accrual basis financial statements.B. Net cash flow from operating activities relates to normal business

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