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Question
Define and describe an accounting system.
Answer
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Excess inventory results in all of the following except a. tied-up funds that could be used to improve operations b. lost sales c. increased storage expense d. increased risk of loss due to damage
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The weighted average inventory cost flow method is the least used of the inventory costing methods. a. True b. False
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When merchandise inventory is shown on the balance sheet, both the method of determining the cost of the inventory and the method of valuing the inventory should be shown. a. True b. False
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The choice of an inventory costing method has no significant impact on the financial statements. a. True b. False
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The following basic inventory data for April 30 are for a business that employs the lower-of-cost-or-market basis of inventory valuation to each item. TotalCommodityInventory QuantityCost per Unit Market Value per UnitCostMarketLCMA35 $ 52 $ 55 _____________________B20 155 150 _____________________C25 82 85 _____________________D40 58 55 _____________________a. Complete the table.b. Determine the amount of reduction in the inventory at April 30 attributable to market decline.
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The following data were taken from Castle, Inc.: Cost of merchandise sold$894,000Inventory, end of year 78,000Inventory, beginning of the year92,000 Determine the inventory turnover ratio and the days’ sales in inventory for Castle Inc. Round to two decimal places.
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a. Explain the effect of the following on the financial statements: Goods held on consignment were included in the ending inventory count. Goods purchased FOB shipping point were in transit on the last day of the year. These goods were not counted as part of ending inventory. Goods sold FOB shipping point were in transit on the last day of the year. These goods were not counted as part of ending inventory.b. What happens if inventory errors are not found and corrected?
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The amount for which a promissory note is written is called the a. realizable value b. maturity value c. face value d. proceeds
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Days' sales in receivables a. is an estimate of the length of time the receivables have been outstanding b. measures the number of times the receivables turn over each year c. is credit sales divided by average receivables d. is not meaningful and therefore is not used
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Selling receivables a. can shift some of the risk to the buyer b. delays the receipt of cash c. occurs when an account becomes uncollectible d. results in bad debt expense
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Receivables that are expected to be collected in cash in 18 months or less are reported in the Current Assets section of the balance sheet. a. True b. False
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The party promising to pay a note at maturity is the maker. a. True b. False
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Allowance for Doubtful Accounts is a liability account. a. True b. False
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. In computing the maturity date of a note, the date the note is issued is included but the due date is omitted. a. True b. False
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Garden Gate, Inc. reported the following data in its August 31 annual report:Cash and cash equivalents $ 485,625Cash flow from operations(630,000)a. What is the company’s “cash burn” per month?b. What is the company’s ratio of cash to monthly cash expenses?c. Interpret the ratio you computed in (b). What are the implications for Garden Gate, Inc.?
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. If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as "Other Income" on the income statement. a. True b. False
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Money orders are considered cash. a. True b. False
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A voucher is a written authorization to make a cash payment. a. True b. False
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An adjustment for a customer’s NSF check is included in a company’s bank reconciliation as a deduction from the cash balance according to the bank statement. a. True b. False
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Sarbanes-Oxley requires sole proprietorships to maintain strong and effective internal controls and thus deter fraud and prevent misleading financial statements. a. True b. False
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A petty cash fund is used to pay relatively large amounts. a. True b. False
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Which of the following is not an example of safeguarding inventory? a. storing inventory in restricted areas b. using physical devices such as two-way mirrors, cameras, and alarms c. matching receiving documents, purchase orders, and vendor’s invoice d. returning inventory that is defective or broken
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Match each of the following elements of internal control to a phrase (a–e) that applies to it.a. Provides reasonable assurance that business goals will be achievedb. Used by management for guiding operations and ensuring compliance with requirementsc. Overall attitude of management and employeesd. Used to locate weaknesses and improve controlse. Identifies, analyzes, and assesses likeliness of vulnerabilitiesInformation and communication
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Match each of the following activities to an element of internal control (a–c). Each letter may be used more than once.a. Risk assessmentb. Control proceduresc. MonitoringHiring and properly training competent personnel
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A bank reconciliation should be prepared a. whenever the bank refuses to lend the company money b. to explain any difference between the balance per company records with the balance per bank records c. by the company's bank d. by the person who is authorized to sign checks
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Journalize the entries for the following transactions:Mar. 1 Established a petty cash fund of $300. 31 The amount of cash in the petty cash fund is now $64. The fund is replenished based on the following receipts: office supplies, $137; selling expenses, $112.Journalize any discrepancy in the cash short and over account.
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Match each of the following items with how it would appear on the bank statement (a–d). Each letter may be used more than once. Some letters may not be used.a. With a debit memo entry that increases the account balanceb. With a debit memo entry that decreases the account balancec. With a credit memo entry that increases the account balanced. With a credit memo entry that decreases the account balanceCorrection of the bank’s error recording a $300 check as $30
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Match each of the following assets to its proper classification (a–d). Each classification may be used more than once.a. Fixed assetb. Intangible assetc. Natural resourced. None of theseGold mine
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a
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Journalize the following transactions (assume a 360-day year when computing interest): Mar. 1 Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on account.May 30 The note of March 1 was dishonored.