Knowledge Check 01 Why is accounting important? Accounting information impacts all of us. O Accounting information impacts businesses only. O Accounting is important only to those who are majoring in accounting.
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition means total expenses incurred by entity to acquire new business or assets. cost ...
Q: The accounts of the partnership of A, B and C at the end of its fiscal year on October 31, 2018 are ...
A: The participants have the authority to determine how long the partnership will continue. Thus, if a ...
Q: Required information [The following information applies to the questions displayed below.] The follo...
A: The closing entries are prepared at year end to close the temporary accounts of the business includi...
Q: If you receive your full bonus at the end of the year, what is your total (gross or before tax) pay ...
A: Taxable income refers to the amount to which tax is imposed. It is arrived at after allowing certain...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: Current Assets of Combined Entity = Current Assets of ABC + Current Assets of XYZ (Fair Value) Not...
Q: S11-1 Accounting for a note payable On 30 June 2016, Cameron Clothing purchased $10000 of inventory ...
A: Note payable is a debt-instrument by which companies borrow for a short duration of time (less than ...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: Consolidation is the process of combination of one entity into another company and then these entiti...
Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...
A: SOLUTION GOODWILL IS AN INTANGIBLE ASSETS THAT IS ASSOCIATED WITH THE PURCHASE OF ONE COMPANY BY ANO...
Q: In 2014 Janice Martin fulfilled a life-long dream and moved her home-based cottage baking business t...
A: The contribution margin is excess of selling price over variable cost. While analyzing the decision ...
Q: Problem 1 East Company reported the following current assets at year end: Cash 3,200,000.00 Acccount...
A: Current assets are those form of assets which are either in cash or can be converted into cash into ...
Q: On January 1, Manning Co. purchases and installs a new machine costing $324,000 with a five-year lif...
A: Depreciation is considered an expense and it is charged against the value of the asset. It can be ca...
Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Acco...
A: Closing entries: All revenues are closed by crediting the income summary account and expenses are cl...
Q: Explain: Understanding the intentions of accounting students to pursue career as a professional acco...
A: Answer: There are wide variety of scope for accounting field. Accounting field students have career...
Q: At the beginning of November, Yoshi Inc.'s inventory consists of 63 units with a cost per unit of $9...
A: Inventory cost refers to the price paid for the inventory in addition to any other costs that are in...
Q: The following information is provided for the current year: Revenue - 1,200,000; Income from continu...
A: In order to determine the net income, all the expenses are required to be deducted from the sales re...
Q: Treno Ltd panning to establish an additional plant for expanding its operations in the country for t...
A: To find profitability of location :- Take sales of all the region. To find contribution Deduct varia...
Q: Euphoria Company had a balance of P820,000 in the professional fees expense account on December 31,...
A: Professional Charges is a money-making account. It is listed under revenues in the first segment of ...
Q: 6. ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On Janua...
A: Solution Requirements how much is the Goodwill arising from this Business Combination how much is th...
Q: Other accrued liabilities—real estate taxes Glennelle’s Boutique Inc. operates in a city in which r...
A: The real estate tax bills for 2019 are received only in May 2020. However, the firm has already incu...
Q: what is the difference between imprest fund system and fluctuating fund system?
A: Petty cash funds are funds established for the purpose of small petty expenses in the business. Pett...
Q: What is Declan's Designs' 2020 Cash Flows from Investing Activities? Question 26 options: ...
A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Acti...
Q: Vilo Company has estimated that total depreciation expense for 2014 will amount to P600,000 and that...
A: The expenses and revenue are recognised and recorded in the period they are actually incurred.
Q: Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions involving th...
A: Depreciation is the charge applied to assets at the end of the period that reduces the total value o...
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...
A: Adjusting Entry – These entries make the cash transaction the accrual one. Adjusting entries do not ...
Q: Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000 ...
A: Answer: The final tax due is calculated on the net income of the person. The deductions is allowed f...
Q: Statement of Earnings, Statement of Retained Earnings, and Statement of Financial Position McDonald...
A: An income statements statement that shows the income and expenses of a company. It also indicates th...
Q: The earbuds are sold in cases, with each case containing a pair of earbuds. The last quarter (Octo...
A: Income statement refers to the one of the financial statement which is prepared in determining the c...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition is a concept that includes all the costs at the time of purchase. It is net pric...
Q: BC and XYZ Inc hahow much is the Goodwill arising from this Business Combination? *d the following b...
A: solution given Purchase price 40000 Fair value of current assets of XYZ 26000 Fair v...
Q: Davao Company prepares quarterly interim financial reports. The entity sells electrical goods and no...
A: Given data: Sales in the first quarter = P10,000,000 Sales in the second quarter = P15,000,000 Provi...
Q: A for-profit hospital opened a new ER Clinic and the clinic completed the following transactions dur...
A: Cash is one of the current asset of the business, which is used for payment of various expenses and ...
Q: MARCH 1 Caleb invested ₱50,000 cash and ₱20,000 equipment to his Kaizen Consultancy Services. 3 Boug...
A: Ledger is a prime book that includes all the accounts such as Assets Account, liabilities Account, C...
Q: Statement of Earnings and Statement of Financial Position Relationships Each column presents financ...
A: Relationship: Net Income/(loss)= Total revenue - Total expense Total Assets= Total liabilities + Tot...
Q: Treno Ltd panning to establish an additional plant for expanding its operations in the country for t...
A: Mumbai Delhi Sales (11,000 units X 800 per unit) 88,00,000 88,00,000 Less: ...
Q: Declan's Designs Balance Sheet Declan's Designs Income Statement ASSETS Current Assets For the Year ...
A: The dividend is declared to the shareholders from the retained earnings of the business.
Q: What is Declan's Designs' 2022 Cash Flows from Financing Activities? Question 31 options: Incr...
A: Correct option: Increase of $135,000 Incorrect options: Decrease of $135,000 Decrease of $73,000 ...
Q: On December 1, 2021, ABC Company acquired all the assets and liabilities of XYZ Inc. issuing 100,000...
A:
Q: 2017 Feb 3 Purchased equipment for $20000, signing a six-month, 9% note payable. Recorded the week's...
A: Journal is a book in which all business transactions are recorded in this book first, therefore this...
Q: 1. How much is the raw materials used in production? 2. How much is the total manufacturing cost? 3....
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: Consolidated financial statements are those statements which are prepared by the parent company in c...
Q: Can you recheck the transaction on Feb. 12? It was said that the owner received P50,000 from custome...
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.
Q: if we produce goods over the capacity, should we consider the fixed marketing cost and variable mark...
A: Fixed marketing costs is fixed costs related with the marketing of the product and this will not be ...
Q: 5. On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabil...
A: Fair value of net identifiable assets = Fair value of identifiable assets - Fair value of identifiab...
Q: BC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January 1...
A: solution given Purchase price 40000 Fair value of current assets of XYZ 26000 Fair v...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition is the sum of purchase consideration and transaction costs incurred.
Q: Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory ...
A: The perpetual inventory system updates the sales and purchase of inventory with every transaction ma...
Q: ,420 ₹ 25,097 136% 3.51% Vendor C ₹ 41,270 ₹ 94,000 ₹ 77,720 ₹ 23,937
A: The vendor is given as,
Q: S11-3 Accounting for warranty expense and warranty payable Toyota, the car manufacturer, guarantees ...
A: Given information Sales = $500,000 Percentage of cash sales = 30% Remaining sales are credit sales...
Q: Question: 1. How many ordinary shares are available for subscription? 2. How many preference shares ...
A: Shares refers to the equity ownership within the company or of the financial assets that are owned t...
Q: How does Merchandise Inventory impact Declan's Designs' 2022 Statement of Cash Flows? Question 20...
A: The cash flow statement is one of the financial statements of the business which is prepared to reco...
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- Ma1. 9. If the person (working in GEMADEPT LOGISTIC (HOSE)) you are interviewing were back in school taking a management accounting class, what do they wish they learned that would be helpful in their job now?1. Identify the differences of Full PFRS from SMEs PFRS. Explain 2. Give at least 10 business transaction using full PFRS and SMEs PFRS and identifiable nature of business why you considered them to be using SMEs PFRS? 3. In cases of change in accounting policies on reporting, what would be your steps on the issue? 4. Using Full PFRS instead of SME’s PFRS in a business supposed to used SME’s PFRS was there a material effect on the presentations of financial position and financial operation? How? 5. Explain how many entities at present, outside the financial statements, reports and statements such as environmental reports and value-added statements, particularly in industries in which environmental factors are significant and when employees are regarded as an important user group where these reports and statements presented outside financial statements should be accounted for using applicable PFRS?B. Respond to the following statements and questions in thediscussion forum. Try to do this without looking back at the text.True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results. 4. Management accounting is future oriented. 5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historicalinformation
- Q19 Ms. Sabiha submitted the financial reports of the company in a theoretical form, whereas she needs to draft in to a tabular form showing proper statistics so that the report is immediately understood by the users. Which feature of useful financial information is neglected by Ms. Sabiha? a. Timeliness b. Relevance c. Comparability d. Understandability1. What are the three functions of an accounting system? 2. What are the essential elements in decision making, and how does accounting fit into the process? 3. What types of personal decisions have required you to use accounting information? 4. What does the term "business" mean to you? 5. Why is accounting often referred to as the "language of business"? 6. In what ways are the needs of internal and external users of accounting information the same? In what ways are they different? 7. What does IFRS stand for? Who sets up the IFRS and are there many countries adopting IFRS? What is the advantage to adopt IFRS? 8. What are generally accepted accounting principles (GAAP)? What is the purpose of GAAP? Who currently develops and issues the U.S. GAAP? 9. Why is it important for financial statements and other external reports to be based on generally accepted accounting principles? 10. What are the respective roles of the Securities and Exchange Commission (SEC) and the Internal…1ACCT1002 – Introduction to Financial AccountingUWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1 Tutorial Worksheet # 1Accounting and the BusinessEnvironment1. The primary objective of financial reporting is to provide information useful formaking investment and lending decisions. To be useful, financial information mustpossess certain characteristics. State these characteristics and discuss each.2. Accountants often refer to GAAP. What does the acronym GAAP means and why isit important in accounting?3. What does the acronym FASB represent and what role does it play in financialaccounting?4. Suppose you are the sole owner of a bicycle sales and repair shop for many years.Which business type would best protect your personal assets from product liabilityexposure and why.5. Suppose you and a friend developed a new technology for home computer systems.However, you both need to raise a large amount of capital to build the productionand support facilities to market the…
- MULTIPLE CHOICE: 1. These users need accounting information in evaluating the stability of the business in so far as their job security, future remuneration, and career growth and opportunities are concerned. A. Employees B. Creditors C. Auditors D. Regulatory authorities 2. All of the following describe accounting describe accounting, except A. A service activity B. An information system C. A universal language of business D. An exact science rather than an art.Final Exam Review for ACC100 1) know the difference between a service business and a manufacturing business. 2) What does journalizing mean? 3) Know what Accounts Payable is 4) What is a T account 5) How many accounts are affected by each transaction 6) What is posting 7) Do adjusting entries have to be posted? 8) What is in the Income Statement column on the 10-column worksheet 9) How do you close an expense account 10) What is a sole proprietorship, a partnership, and a corporation 11)What is net income 12) What entry is made when a sale on account is made 13) What is a trial balance 14) What does it mean when a transaction is in balance 15) What are source documents 16)What is the journal used for? 17) How many accounts will a journal entry have an effect on? 18) Adjusting entries never affect which account 19) What is the basic equation 20) What does summarizing mean? 21) What does net loss mean? 22) Understand WIRE 23) Which financial statement will you find liabilities? 24) If…1UWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1Unit # 2 WorksheetFinancial Accounting Cycle- Part I1. The accounting equation is often described as being very important inaccounting. Explain the purpose of the accounting equation and state twodifferent forms or ways in which it can be written.2. Distinguish between assets and liabilities and provide three (3) examples ofeach to support your arguments.3. Distinguish between income and expenses and provide three (3) examples ofeach to support your arguments.4. Suppose a business receives a bill for services rendered from one of itssuppliers. The business will pay the supplier next month. When the businessreceives the bill from its supplier, explain how this affect the accounting equationin terms of increasing or decreasing assets, liabilities, or owner’s equity?5. Suppose equipment is sold for cash in an amount equal to the cost of theequipment recorded on the books. How does this sale affect the…
- 2) The purpose of financial accounting is: a. Future oriented b. Communicating company position to external users c. Helping managers to make decisions d. Providing accounting information to internal usersQUESTION 5 Shortly discuss the accounting cycles in business. QUESTION 6 Financial accounting must rely on several underlying concepts to give impact on the accounting practice. List TEN accounting concepts in accounting practice. QUESTION 7 There are many users which have an interest in the financial statements of a business. List two (2) of these users of accounting information and briefly explain their reasons for using the accounting information. QUESTION 8 Classify the following items into assets, liabilities, or owner’s equity.True (T) or False (F): T F1. Management accounting provides economicand financial information for external userssuch as shareholders, creditors and banks. 2. Financial accounting provides information formanagers and other internal users. 3. Financial accounting reports past results. 4. Management accounting is future oriented. 5. Management accounting is required to followgenerally accepted accounting principles. 6. Financial accounting examines monetary andnon-monetary events. 7. Cost accounting is used as a means of fixinga selling price. 8. Cost accounting looks at the company as awhole and not at the various units, jobs orprocesses. 9. Financial accounting is concerned with howand why profits arise. 10. Cost accounting depends entirely on historical