A corporation is: A. owned by stockholders who enjoy the privilege of limited liability. What are the general principles for measuring the quality of accounting information? b. communicates the results to decision makers. The Attributes of Accounting Recording : It is concerned with the recording of financial transactions in an orderly manner, soon after their occurrence In the proper books of accounts. Calculate: (a) The sale of the season tickets bef... James Corporation is planning to issue $508,000 worth of 8 percent bonds that mature in 4 years. It declares a 11% stock dividend on December 1 when the market price per share is $18. The stockholders' equity section of Grouper Corp.'s balance sheet consists of common stock ($7 par) $840,000 and retained earnings $460,000. Identity at... How can you use accounting to manage your personal finances? It helps keep track of income and expenditures, statutory compliance, and provides investors, management, and governments with quantitative financial information to help make business decisions. Explain. Fixed costs are equal to $4,200 and the variable cost of producing 4... AASB138 now requires research costs to be expensed, whereas previously, they could be capitalized. The market's required yield to maturity on a comparable-risk bond is 9 percent. Briefly explain each certification. 20.5%. If you don't see the question you're looking for, you can always ask our experts! The market price of Sandals common stock is $28 on June 30. What is the ongoing principle? What problems are likely to arise, and how can these problems be a... What role does accounting play in business operations? The market price per share were $9 on the declaration date. The dividend s... Why is capital budgeting important? The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. But for many candidates it can be tricky—either they're too modest in their response or they don't highlight those strengths that most closely match the job requirements. If $1,000,000 of 8% bonds are issued at 105, the amount of cash received from the sale is a. Assume interest is paid semi-annually. Definition of Accountant Accountants are employed by businesses and other organizations to report their financial results according to generally accepted accounting principles (GAAP) and … The market price of the common stock is $30 on this date. 2. Presented below are a number of operational guidelines and practices that have developed over time. It was estimated to have a service life of 20 years and a salvage value of $73,800. Get help with your accounting homework! What is the adjusting entry for recording advance payments for memberships that have been earned during a period? What if the advance payments for membership... Curley's Company's bonds have 10 years remaining to maturity. The bonds mature on December 31, 2046. The bonds pay semiannual interest each June 30 and December 31... Wildhorse Co. issued $505,000, 15-year, 4% bonds at 96. Presented below is information related to copyrights owned by Walter de la Mare Company at December 31, 2014. Assume that you own 146 shares of $16 par value common stock of a company and the company has a 2-for-1 stock split when the market price per share is $48. Is it corporate earnings or geopolitical risk (trade wars) now controlling the US stock market? d. All of the above. A. What are the benefits of management accounting? B) gathering, recording, and reporting financial information. Harrison Company owns 20,000 of the 50,000 outstanding shares of Taylor, Inc. common stock. Callison Company performs the following accounting tasks during the year. What should a company look for when trying to determine whether they should adop... 1. Describe weaknesses and inconsistencies in accounting for noncurrent security investments. © copyright 2003-2021 Study.com. What are the roles of accountants, their professional accountancy bodies and practical experiences? The information that allows management to isolate significant departures from plans for further investigation and possible remedial action is called _____. The owners' equity accounts for Alexander International are as follows. b. Controller b. The Bradford Company issued 12% bonds, dated January 1, with a face amount of $83 million on January 1, 2016. 1. Prior to the split, its stock price was $70 per share. What are some of the techniques and reports that managerial accountants produce for managers and internal decision makers? True b. Functions list : 1. Customer service skills are invaluable in an accounting role. c) The par value p... Is accounting discipline a science or an art? Answer: Accounting refers to the systematic and detailed recording of financial transactions of a business. What is the direct impact on accounting firms who provide financial planning and/or mortgage broking advice and what is the indirect impact on all accountants? C. a separate legal entity with perpetual life. The market price of Sandals common stock is $35 on June 30. How do you think Generation AO ("Always on") will impact accounting and the accounting profession? In what ways are accountants involved with systems development? Does a chartered accountant needed to prepare taxes canada? 1. Is this a capital expenditure or a revenue expenditure? Are there any examples... Management accounting information includes all of the following except: A. tabulated results of customer satisfaction surveys. The advent of technology has facilitated automation and recordkeeping. $62,482.) Browse through all study tools. Try our expert-verified textbook solutions with step-by-step explanations. Thanks. It will cost $460 more to immunize 20 more children. Jan. 1 Purchased a small company and recorded goodwill of $150,000. Intra company profits: (a) must be eliminated as part of the company financial consolidation. 2. Tillman Company owns a machine that was bought on January. Users of Accounting Information. Requirements: 1. Today we’ll learn “35 Short Questions and Answers-Accounting Principles.” Which group requires CPAs to follow a professional code of ethics and standards? Common stock, $6 par value $487,200 Paid-in capital in excess of par-common stock 28,220 Retained earnings 154,250 Tota... On December 12, 2016, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2017. Relates only to the income statement and not the balance sheet. A. as users B. as development team members C. as auditors D. all of the above E. A and C only. On Ju... Ralph's Bank buys and sells securities, expecting to earn profits on short-term differences in price. The Geurtz Company uses standard costing. "What is your greatest strength?" Answer: Assets have the following characteristics: First, assets can bring economic benefits. The basic accounting equation is Asset = Equities. affirm and the basis of measurement. Explain how security deposits are accounted for both the landlord and the tenant. Interest is payable annually on January 1. Is it possible for a CA to enter a private equity firm as a fresher? (a) $12 million, 12-year, 13% unsecured bonds, interest payable quarterly. a) A privately-held corporation with 1,500 shareholders. Prepare the journal entrie... 1. a. CSR is a concept whereby organizations consider the needs of all stakeholders when making decisi... Access the FASB website: http://www.fasb.org. May 1 Purchased for $75,000 a... What is the present value of a bond that pays $121.00 one year from today if the interest rate is 10% per year? Accounting and bookkeeping have been around for just about as long as humans have engaged in trade and commerce but what exactly is it? The company makes and sells a single product called a Roff. Each bond matures in 4 years, has a face value of $1,000, and has a yield to maturity equal to 8.5%. Discuss how errors and misstatements may occur when... What are the two certifications available for accountants? As you can see, accounting interview questions are generally a mix of questions about accounting issues and your own accounting skills, plus behavioral questions regarding soft skills, character, and work habits. Determine the response that best completes the following statements or questions. The market value of a share of common stock was $32 immediately pri... Eric Johnson is depreciating a kitchen oven range purchased for $1720. Required: a. Revenue is accounted for when it is earned. Accounting Questions and Answers 1. What information or ideas did you find that will help with career development? Accounting is all about measuring the assets, capital, and liabilities of a business. If a company's retained earnings account has a credit (right hand) balance, then the firm must have generated profit during the period. Over the three years th... On July 1st, 2016, Alpha Company purchased for $78,000, equipment having a service life of eight years and an estimated residual value of $6,000. Describe the cost-benefit factors that should be considered when new accounting standards are being proposed. Which of the following is not a "product cost" under absorption costing? Which of the following items should be amortized? b. objectivity principle (verifiability). Immediately after a used truck is acquired, a new motor is installed at a total cost of $4,500. True or False: Depreciation expense on existing factory equipment is usually relevant to a decision of whether to accept or reject a special order for a company's product. What is the current price of this b... Brenda Baines sells land to Carla Chandler for $15,000 cash and a piece of equipment with an adjusted basis of 43. The truck is expected to have a salvage value of $3,000 at the end of its 5-year useful life. Which of the following is LEAST... Why must criminalists and forensic accountants work together at some crime scenes? Play the role of an entrepreneur. Wha... Whitmore Company issued $505,500 of 5-year, 6% bonds at 97 on January 1, 2017. In accounting, are profit and loss derived from the difference of revenues (sales) and expenses, or does it involve assets, liabilities? Rochelle uses t... Sammy's Sportshops has been very profitable in recent years and has seen its stock price steadily increase to over $100 per share. Recording an accrued expense would require crediting a liability account. Budgeted production is... You and several classmates are studying for the next accounting examination. A) What is cost accountancy? B. Lights, Camera, and More sell filmmaking equipment. What are the social and environmental implications of this change? C) underpricing their p... Maria was recently hired as an accountant with a large marketing firm. Donnelly Company is thinking of dropping Product R2D2 because it is reporting a loss. Assets are things of value that provide future economic benefits. Why do you think they might do this and, if they do, what are... What is the role of accountants in an office environment? Sometimes a criminal may arson a building t... Mike Ford is a senior accountant at Coleman and Co, which is a financial management company. Assuming the declining-balance deprecia... Jasper's unadjusted trial balance reports Unearned Client Revenue of $4,000 and Client Reverse Earned of $30,000. Discuss what you believe to be the appropriate level of involvement of an accountant in evaluating and selecting an AIS vendor and the AIS itself. On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 23,000, $1 par, common shares. Tax accounting focuses on compliance with the tax code and presenting the profit and loss story of a business to minimize its tax liability. Fill in the blank.   Privacy Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 4%. Typically, revenue is recorded before any money changes hands. Cost management techniques 2. Direct materials B. All other trademarks and copyrights are the property of their respective owners. What are the general principles of confirmation and measurement? How do you think the efficient-markets hypothesis should impact upon the drafting of accounting standards? D) Cost of Goods sold the accoun... What to do to be successful in Accounting Profession? 1. Abdullah completed a cost-volume-profit analysis for Al Tawfiq Company for the next year. You purchased 200 shares of Smiley Incorporated, a small but growing company. The bonds pay interest on an annual basis on May 31 each year. Assuming Berry Co. uses the straight-line method, what... Smith Company acquired patent rights on January 6, 2013, for $918,000. The company also... On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 32,000, $6 par, common shares. He was recently quoted as saying, "since management reports aren't subject to generally accepted accounting principles, and they aren't dire... Find and post one job advertisement for a controller position in Ohio. How do corporations justify shipping their jobs from America to countries where the economic model is rigged in their favor? Controlling c. Managerial accounting d. Directing. The following information is presented for the Marathon Manufacturing Company. b. a di... Research the treatment of revenues for a for-profit versus not-for-profit entity. Assume you have just been hired as the management accountant in charge of providing your firm's managers with product cost information. D. 1.2%. Consider the following scenario: Your friend (who is also in school) just emailed you to express frustration with his accounting class. Answer: include principle of objectivity, principle of relevance, principle of comparability. Cost Accounting Goldberg Company is a retail sporting goods store that uses an accrual accounting system. Monetary unit assumption 4. He will use double-declining-balance and depreciate over 30 years. Each product may be sold at the split-off point or processQuestion Marin Products produces three prod... 2. How would you increase a business' Land account, debit or credit? b. balances in a payroll checking account. D) Comparability and lower preparation... Critical accounting research assumes a sharp separation between the researcher and his or her field of investigation. 2. A) Agreement. B. What is the depreciation expense in year 3 given the following MACRS depreciation allowances, starting with year one:... Kara Buchanan has decided to start Kara Cleaning, a residential house cleaning service company. You’ll find yourself working with these tools every single day, so recruiters want to see that you’re knowledgeable and up-to-date on the latest emerging technologies of the profession. How is it calculated? Also, please state the most importan... Mumford Corporation invested $30,000 in marketable securities on December 4. Accountants that provide their services to many companies are called: (a) Private accountants (b) Internal accountants (c) Managerial accountants (d) Public accountants. 2. The concept of materiality: a. Direct labor C. Variable manufacturing overhead D. Fixed manufacturing overhead E. None of these. On January 1, 20X5, Frazer received $245,000 from Minnow for a truck Frazer had purchased on... McWherter Instruments sold $540 million of 10% bonds, dated January 1, on January 1, 2016. An old warehouse on the property was demolished at a cos... Managers use management by exception for control purposes. What is the annual dollar amount of interest you will receive each year? On December 31, 20... On October 15, 2016, a 5% stock dividend was declared and distributed. and what does the 'magic' of accounting imply? The stockholders' equity section of Maley Corporation's balance sheet consists of common stock ($8 par) $1,064,000 and retained earnings $464,000. Gambino Cosmetics acquired 10% of the 120,000 shares of common stock of Nevins Fashion at a total cost of $11 per share on March 18, 2017. The bonds mature on June 30, 2033 (20 years). Prepare a tab... On June 30, the board of directors of Sandals, Inc., declares a 100% stock dividend on its 16,000, $1 par, common shares. Economic events may or may not affect the. Cash flows from financing activities: a. includes all cash inflows and outflows associated with a company's lending... 2. Match each function with its representative cost driver. Jon holds an investment in Voight Limited that gives him a significant influence over the company. How a practicing chartered accounted benefit from loan staff agreement? Assuming that the company has retained ea... On July 1, 2017, Monty Corporation purchased Young Company by paying $253,100 cash and issuing a $130,000 note payable to Steve Young. The Frederick Company has 100,000 shares of $5 par common stock outstanding. Management PAYS (not declares) a 10% stock dividend. a. Cor1. The outstanding capital stock of Pronghorn Corporation consists of 1,900 shares of $100 par value, 7% preferred, and 4,500 shares of $50 par value common. ... " responded my previous money owed nevertheless open question and insulted me on an identical time as getting perfect answer! Create an account to browse all assets today, Biological and Biomedical Are Any Steps Optional? Required: Prepare the journal entry to record the issuance of the bonds, assuming t... Answer each of the following questions: 1. Define off-balance-sheet financing and provide three examples. What are the general principles of correction? In July, one of the processing departments at Wrightsel Corporation had beginning work-in-process inventory of $25,000 and ending work-in-process inventory of $15,000. How assumptions and qualitative characteristics of accounting guide the choice Revenue Recognition and Accounting for bad Debts? Cash flows from financing activities: a. includes all cash inflows and outflows associated with a company's lending activities. Question Marin Products produces three products � DBB-1, DBB-2, and DBB-3 from a joint process. Arnold inc. declares and distributes a 10% common stock dividend when it has 20,000 shares of $10 par value common stock outstanding. Jon's daughter, Angelina, also has a significant influence over another entity, Jolie Limited. What does forecasting involve? Why might accountants be construed as powerful individuals? Revamping Accounts The accounting department at2. The core benefits of XBRL adoption include all of the following except: a. Example: ‘PP&E, or property, plant and equipment is a company asset that plays a major role in generating company revenue and cash flow. A) natural resources B) goodwill C) tangible property, plant, and equipment, other than land D) patents, copyrights, trademarks. Suggest one (1) key way in which the role of ethics in managerial accounting differs from the role of ethics in financial accounting. 3... Stellar Company purchases equipment on January 1, Year 1, at a cost of $544, 040. True or False? FAR 52.230-2 Cost Accounting Standards B. Does an accounting information system apply only to a manual system? Reporting. There are two choices. (Consider careers in management, sales, business operations, finance, and business ownership.). Interest payments are made each June 30 and December 31. c) 6%? What journal entries should Pace record on Dece... Corales Company acquires a delivery truck at a cost of 56,000. Course Hero, Inc. You’ll spend a lot of time with the numbers and making sense of them, but ultimately, they are connected to people who need to be coached and educated on how best to manage their books. Assuming the declining-balance deprecia. C) determining the most appropr... Identify at least two situations in which application of different accounting methods or accounting estimates results in problems comparing companies' financial information. A) True B) False 16. On October 1, Little Bobby Corporation's stockholders' equity is as follows. A corporation began operations on October 1, 2014, with 3,000 shares of $2 par common stock authorized. The Managerial Grid lists 9,9 as what style of management? Based on your research on the Internet and your personal observation, what skills do you think the CPA of the future should possess to be successful? The manager requ... Data concerning the direct labor costs for March of Boler Corporation appear below: Standard wage rate $10.30 per DLH Standard hours 3.1 DLHs per unit Actual wage rate $10.10 per DLH Actual hours... On October 1, Little Bobby Corporation's stockholders' equity is as follows. True b. Vice President c. Treasurer d. President. In Part 2 of the book, you complete monthly accounting for which type of business? Question-1: What is the accounting cycle? This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. Why? 14. B. easily divisible between owners. A) corporate B) business C) functional D) operational. c. accounts that are subject to bank service charges. Recruiting 3. Requ... On January 1, 2017, Sarasota Corporation purchased 331 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. If cash is borrowed... On September 1, the board of directors of Colorado Outfitters, Inc., declares a dividend on its 10,000. If Alexander declares a three-for-one stock split, 1) How many shares are outstanding now? At September 30, the end of Beijing Company's third quarter, the following stockholder's equity accounts are reported. Alpha has recorded depreciation of the equipment us... Yan Yan Corp. has a $5,000 par value bond outstanding with a coupon rate of 5.8 percent paid semiannually and 14 years to maturity. Par value of each bond is $1,000. An examination of client records reveals that $2,500 of previously unearned revenue... On October 1, Little Bobby Corporation's stockholders' equity is as follows. Inc. purchased new cloaking machinery five years ago for $5 million. Positive Accounting Theory (PAT) assumes that principals are aware that agents will act opportunistically, so principals stipulate in any bonus contract the accounting methods to be applied. When an interest-bearing note comes due and is uncollectible, the journal entry includes debiting A. The bonds mature in 2020 (5 years). Suppose a $1000 bond pays annual "coupon interest" equal to 10% and matures in two years time. Please share and discuss these ideas with the class. Appreciate the impact on accounting analysis of (a) cross-country variation in accounting measurement, disclosure, and auditing quality and (b) the difficulty in obtaining necessary information. 1. The market value of Dylan Corporation's common stock had become excessively high. The accounting equation helps to keep an accurate record of all the accounting transactions. Next, analyze at least two (2) accounting treatments for revenues for profit and a not-for-profit entity. False. Data related to labor are: Standard hours allowed 2 hours per unit Standard wages... A $1,000 face value bond currently has a yield to maturity of 6.69 percent. C. 80.0%. The company issued 79,000 shares at $5 per share. to the enterprise; Second, the assets are owned by the firm, or if not owned by the firm, controlled by the firm; Third, assets are acquired by enterprises in the past transactions and, Answer: Liability is to point to the present obligation that past transaction, item forms, fulfills. The fraudsters are becoming smarter. Limited liability corporations. Pool Company purchased 90% of the outstanding common stock of Spruce Company on December 31, 2014, for cash. A 10-year, 8 percent bond issue; the market interest rate i... On December 31, 2011, Coffey Company issued $450,000 of 15-year, 10% bonds payable for $500, 780, yielding an effective interest rate of 8%. Tax accounting information includes financial accounting information, written and presented in the tax code of the government—namely the Internal Revenue Code. The book values and market values of Red Rock's assets and liabilities we... Berry Co. purchases a patent on January 1, 2018, for $37,000 and the patent has an expected useful life of five years with no residual value. IFRS / US GAAP Accounting community forum - ask IFRS & US GAAP Accounting questions and receive answers from other members of the community. Jim's good friend, Mike Kotowski, has been operating a retail sporting goods store for about a year. Which of the following would be more typically the responsibility of a controller rather than a treasurer? How many shares of common st... ABC Communications recently completed a 5-for-3 stock split. 2.Buying benefits in bulk is cheape... Manufacturing needs to purchase a new central air-conditioning system for a plant. It declares a 14% stock dividend on December 1 when the market price per share is $17. Data processing... Raedy Corporation reported the following equity section on its current balance sheet. IT provides the current status of the business, where the business is going in the short term, and how it has done in the past year. Eighty percent relates to the firm's production facilities, and 20% relates to sales and administrative offices. Consider the following actions and state which goal is being achieved by the action a. a. How can information you learned accounting classes be applied to your life and/or work to increase your future success? B) Team management. After watching the accountant, I started wondering who does the accounting for drug cartels, smugglers, corrupt people, black market organizations? Differentiate between the balance sheet and the profit and loss statements. Carrying costs average $4,000 per day. What are the characteristics of liabilities? Fractional share rights represented 100,000 shares. Summarize the major types of colleges and universities. What does it … Which of the following statements is wrong? True False -----------... ratios that test liquidity include all except: A. inventory turnover B. acid-test ratio C. return on assets D. current ratio If stock is issued for an asset other than cash, the asset should b... A project requires $410,808 of equipment that is classified as 7-year property. Answer: the general principle of accounting is the guiding ideology that has accounting, accounting and the standard that measures accounting work success or failure. Discuss the most important aspect of managerial accounting. Professional corporations. When managers... Ms. Glantz owns all 100 shares of Remsen Company. The first system costs $70,000 and is expected to last 6 years, and the second system costs... One major change in investigating financial frauds in the last 15 years is: a. Bond Par Value Coupon interest rate Years to maturity Required stated annual return A... Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures: Direct materials (16 lbs. Answer: include principle of cautious principle, importance, essence weighs heavily at formal. Are there any online CA (Chartered Accountants) service websites in India? 5. What are the basic premises of accounting? Mention some of the globalization aspects related to managerial accounting practices. What Is The First Step? Serve Company expects to operate at 82% of productive capacity during April.
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