- 1 financial accounting questions
- 1.1 Financial Accounting Questions
- 1.2 You May Also Find These Documents Helpful
- 18.104.22.168.0.1 Essay about Financial Performance Reporting
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- 184.108.40.206.0.5 International Financial Reporting Standards Essay
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- 1.3 WAEC Financial Accounting Questions 2017 [Theory and Objective] | Check Financial Accounting Random Repeated Questions Here
- 1.4 financial accounting questions
financial accounting questions
Financial Accounting Questions
TOPIC TO BE TESTED : • Application of “Rules of debit and credit” LEARNING OBJECTIVES: • To develop an understanding for applying the rules of debit and credit
On 1st March 2013, Mr. Adnan organized a business called A.R Rentals. Mr. Adnan’s new business was able to begin operations immediately by purchasing the assets and taking over the location of Ammar Rentals, an equipment rental business. Below are the transactions for the month of March 2013: Date 2013 March 01 Transactions Mr. Adnan deposited Rs. 900,000 cash in the name of his business - A. R Rentals in the bank.
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Essay about Financial Performance Reporting
. ￼DAVID F. HAWKINS Financial Performance Reporting1 The Financial Accounting Standards Board’s (FASB) Financial Performance Reporting by Business Enterprises project may change the form and content, classifications and aggregations, and display of specified items and summarized amounts on the face of all basic financial statements. An important result of this project may be that net income would be eliminated as an income statement item. It would be replaced by comprehensive income. Currently, comprehensive income plays little, if any, role in equity valuations. The project’s goal is to ! Improve the quality of information displayed in financial statements so that statement users can better evaluate an enterprise’s performance. ! Ensure that sufficient information is contained in financial statements to permit calculation of key financial measures used by investors and creditors. In the interest of global convergence of accounting principles, the FASB is working closely on this project with the International Accounting Standards Board (IASB) which has a similar project underway with the United Kingdom’s Accounting Standards Board. The FASB and IASB have tentatively decided on a similar objective for the new statement—to enhance the predictive feedback value of the information that is presented in a statement of.
Opposition to Global Accounting convergence Essay
. the need for a universal language of accounting. Doubtless, this endeavor would prove helpful for many affected. In the United States, the Securities and Exchange Commission (SEC) and the Financial Accounting Standards Board (FASB) have worked tirelessly to create a system that works; our Generally Accepted Accounting Principles (GAAP) provide guidelines that we can trust. The International Accounting Standards Board (IASB) seeks to accomplish the same mission on a global scale through the International Financial Reporting Standards (IFRS). The goal of IFRS and US GAAP convergence is “to create a common set of high quality standards” that will “improve the quality, consistency, and comparability of financial information for investors” all over the world (Fischer, 2012, p. 1). However, major differences between US GAAP and IFRS, and in culture and ethics justifiably hinder hopes of convergence Differences between rule-based and principle-based accounting are found throughout the accounting profession. Rule-based accounting provides more detail and structured analysis of accounting standards however the final goal of the outcome is not stated. Principle-based accounting provides little guidance. It focuses mainly on the final outcome and leaves the burden of interpretation on up the accountant. The.
Essay on Assignment: Generally Accepted Accounting Principles and Rs.
. Master of Business Administration- MBA Semester 1 MB0041 –Financial and Management Accounting- 4 Credits (Book ID: B1624) Assignment Set- 2 (60 Marks) Note: Answer all questions (with 300 to 400 words each) must be written within 6-8 pages. Each Question carries 10 marks 6 X 10=60 Q1. An accountant finds that the trial balance of his client did not tally and it showed an excess credit of Rs. 69.74. He transferred it to a suspense account and later discovered the following errors. a) Rs. 44.37 paid to Anand has been credited to his account as Rs. 34.37. b) A purchase of Rs. 145.50 has been posted as Rs. 154.50 to the purchases account. c) An expenditure of Rs. 158 on repairs has been debited to the buildings account. d) Rs. 80 was allowed by B as discount which has not been entered in the books. e) A sum of Rs. 125.05 realised on the sale of old furniture has been posted to the sales account. Give journal entries to rectify the errors and show the suspense account as it would appear after adjustments Hint: Total of suspense a/c = 78.74 Q2. Distinguish between management accounting and financial accounting. Q3. Draw the Balance Sheet for the following information provided by Sarawath Ltd.. a. Current Ratio : 2.50 b. Liquidity Ratio : 1.50 c. Net Working Capital : Rs.300000 d. Stock Turnover Ratio : 6 times.
. things: sufficient cash or credit, an accounting system that can tell him how he¡¯s doing, and good bookkeeper to operate it. His accounting system consisted of journals and ledgers. It rested on the invention of double-entry bookkeeping. Debits were on the left side because that¡¯s what ¡°debit¡± meant, ¡°the left¡±. The numbers on the right were named ¡°credits¡±. If everything was done right, then the bookkeeper could do a trial balance (¡°summa summarium¡±). Add up all the debits and then add up all the credits, he said. If everything had been done right, the totals should match. If not, ¡°that would indicate a mistake in your Ledger, which mistake you will have to look for diligently with the industry and intelligence God gave you.¡± He wrote. Experience Before computers came along Jack had never got a trial balance right the first time. Many hours were spent looking for the mistakes, though not necessarily with the reverent attitude that Father Pacioli advised! Double-entry bookkeeping was so simple and met the needs of business so well that it caught on immediately. In 1850 14 accountants offered services to the public in New York City, 4 in Philadelphia, and 1 in Chicago. The British Isles was the superpower of world commerce. Many enterprises and individuals employed the services of public accountants. Citing the needs of courts to employ public accountants ¡°to aid those Courts in their investigation of matters of.
. stfx university | Accounting For Leases | Capital Vs. Operating Leases | | 200906027 | 11/16/2010 | This paper will outline the differences in accounting treatment of and criteria for determining whether leases should be accounted for as either a capital lease or an operating lease. I will be limiting my discussion to the accounting treatment of leases by the lessee. This paper will discuss the current accounting treatment for the two types of leases according to Canadian GAAP and will tie in elements of the conceptual framework to the treatment of leases from CICA handbook section 1000, followed by a discussion on accounting theories related to lease treatment, and finally current issues outlined in academic research concerning lease treatment by the lessee. There are two major classifications of leases. Capital leases and operational leases. A Capital lease is defined in the CICA handbook as “a lease that, from the point of view of the lessee, transfers substantially all the benefits and risks incident to ownership of property to the lessee” (CICA, 2010, Section 3065, ¶3). In order for a lease to be classified as a capital lease, the life of the lease must exceed 75% of the life of the leased item, there must be a transfer of ownership at the end of the lease or a bargain purchase option, and the present value of the lease payments must exceed 90% of the fair market value of the.
A Sound Financial Reporting System, Supported by High Quality Accounting Standards and Backed by a Solid Regulatory, Governance and Ethical.
. “A sound financial reporting system, supported by high quality accounting standards and backed by a solid regulatory, governance and ethical framework, is a pre-requisite for economic development”. Accounting has been around since the beginning of civilization and played an important role in the development of cities, trade and the concepts of wealth. Nowadays, business is very complex and therefore there is an increased need for providing accurate and reliable financial information. Moreover, according to ACCA’s beliefs, the importance of financial reporting and accounting standards is significant not only for the accountancy profession, but also for the world economy.  Dr Joe Sumners, Auburn University, defines economic development as “the process by which a community creates, retains, and reinvests wealth and improves the quality of life”. Economic development encompasses diverse disciplines, including economics, business, political science, public administration, marketing and communications, sociology, community planning, education. In that case, it can be questioned whether good financial reporting system, supported by accounting standards, regulatory framework, good corporate governance and ethical standards, plays also an important role for further economic development. The purpose of this report is to critically evaluate the.
International Financial Reporting Standards Essay
. International Accounting Standards Introduction: Accounting is the means of providing the financial information of any given organization. It summarizes all the company’s transactions and provides a clear image of the business. Accounting keeps the record of all financial reports which is very important for all the managers and stake holders like share holders, creditors or owners. Every country has its own set rules and follows their own accounting standards. (Duquesne University, 2006). As the economy is becoming globalized, there is a need of following one standardized accounting system. Businesses are expanding worldwide and becoming international and the information of the companies is being analyzed by different investors worldwide; thus there is a need for a change in accounting standards. Comparison between the companies becomes very difficult if we have different accounting standards. However making one standardized accounting system throughout the world can be difficult as every country has a different tax rule, and different laws. Every country thinks differently and has different tax rules, laws, business plans and that is the reason different countries use different accounting standards. International Financial Reporting Standards are being used by nearly 100 countries including European.
Essay on The significance of conceptual-primacy to the process of developing a conceptual-framework for financial reporting
. This short paper shall assess the significance of conceptual-primacy to the process of developing a conceptual-framework for financial reporting. Furthermore, we shall explore how conceptual-framework producers, such as the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), have treated conceptual-primacy, and seek to determine whether or not they have made the correct choice in their treatment. ‘Conceptual-primacy are concepts that are used to define other concepts, and in doing so provide unity and prevent the set of concepts from being internally inconsistent’ (Johnson, 2004). With this definition we can affirm that conceptual-primacy is pivotal to the development of a conceptual-framework. This is because, if conceptual-frameworks are intended to ensure a consistent basis in setting standards; uniformity in reporting and reducing the need for fundamental debate each time a standard is issued; then this would not be possible if there are disputes regarding the interpretation of the framework itself. Thus conceptual-primacy narrows the scope for deviation in interpreting standards and such is absolutely fundamental to the development of a conceptual-framework. With conceptual primacy, there is only one economic reality but it may be reflected in the accounts in one of two ways, from either the Balance Sheet (B/S) (Asset and Liability view) or Profit & Loss.
WAEC Financial Accounting Questions 2017 [Theory and Objective] | Check Financial Accounting Random Repeated Questions Here
WAEC Financial Accounting Questions 2017 [Theory and Objective] | Check Financial Accounting
Random Repeated Questions Here.
Financial Accounting, WAEC Financial Accounting, Financial Accounting WAEC Questions 2017 | In this article, I will be showing you past WAEC Financial Accounting objective and theory random repeated questions for free. You will also understand how WAEC Financial Accounting questions are set and many more examination details. All you need to do is to stay focus and follow this guide…
The West African Examinations Council (WAEC) is an examination board that conducts the West African Senior School Certificate Examination, for University and Jamb entry examination in West Africa countries. … In a year, over three million candidates registered for the exams coordinated by WAEC.
There will be two papers – Paper 1 and Paper 2, both of which will constitute a composite paper to be taken at one sitting.
PAPER 1: Will comprise fifty multiple choice questions to be taken in 1 hour for 50 marks.
PAPER 2: Will be made up of two sections: Sections A and B and will last 2½ hours.
Section A: Will contain five essay questions on theory of financial accounting. Candidates will be required to answer two out of the four questions for 15 marks each.
Section B: Will contain five essay questions on financial accounting practice. Candidates will be required to answer three out of the questions for 15 marks each.
1. The double entry for a cheque returned by a bank to a customer marked “refer to drawer” is debit
A. bank, credit debtor.
B. bank, credit bad debt expenses.
C. bad debt expenses, credit bank.
D. debtor, credit bank.
2. Which of the following is a characteristic of joint venture?
A. The activities are of short term duration.
B. Individual maintains separate account.
C. There is perpetual succession.
D. There is limitation to membership
3. The person who retains ownership of goods on consignment is
A. commission agent.
B. del-credere agent.
WAEC Financial Accounting Questions 2017 [Theory and Objective] | Check Financial Accounting Random Repeated Questions Here.
4. The computer program instructions are read into the
D. central processing unit.
5. In Contract Accounts, retention money refers to the
A. amount due to the contractor but held back by the customer.
B. progressive payments made by the customer to the contractor.
C. contractor’s profit on the contract.
D. amount overpaid by the customer to the contractors.
1. (a) Distinguish between reserves and provisions
(b) Explain the following giving one example in each case:
2. (a) What is value added tax?
(b) Distinguish between input vat and output vat.
(c) State four features of Value Added Tax.
3. Explain the following terms as they are used in contract accounts:
(a) Notional profit;
(b) Retention money;
(c) Progress payments;
(d) Work certified;
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The income statement displays all revenues and expenses recorded in a period in a single report.
The balance sheet displays assets, liabilities, and owner’s equity.
The cash flow statement shows the changes in cash during a period.
The statement of stockholder’s equity shows the changes in equity during a period.
The purpose of financial accounting is to provide useful information for outside investors, creditors, and others.
Although this is a byproduct of financial accounting, it is not the primary purpose.
Minimizing taxes is not a part of financial accounting. Taxes fall under financial management.
Assets = Liabilities + Owner’s Equity.
Revenues are not included in the basic accounting equation.
Assets = Liabilities + Owner’s Equity.
The balance sheet uses the expanded accounting equation to list assets, liabilities, and equity in a report format.
The income statement summarizes revenues and expenses for a period. The balance sheet uses the expanded accounting equation to list assets, liabilities, and equity in a report format.
The cash flows statement summarizes cash activites for a period. The balance sheet uses the expanded accounting equation to list assets, liabilities, and equity in a report format.
The statement of stockholder’s equity summarizies changes in equity during a period.The balance sheet uses the expanded accounting equation to list assets, liabilities, and equity in a report format.
The accrual basis of accounting only records income when it is earned.
The accrual basis of accounting only records income when it is earned. The cash basis of accounting records income when collected. Contracts and availability are not used as revenue recognition principles for accrual accounting.
A T-account is a way to format accounting transactions that displays debits on the left and credits on the right.
The general journal is a record of business transactions– not an account format.
The general ledger is a list of accounts for business transactions– not an account format.
The ledger account is a record of business transactions for a specific account– not an account format.
financial accounting questions
Dan Lutz owns and operates an interior design studio called Lutz Design Studio. The following amounts summarize the financial position of his business on April 30, 19X5:
Assets =Liabilities + Owner's Equity
2,240 (Accounts Receivable)
5,400 (Accounts payable)
22,660 (Dan Lutz Capital)
Lutz received $12,000 as a gift and deposited the cash in the business bank account.
Paid off the beginning balance of accounts payable.
Performed services for a client and received cash cash of $1,100.
Collected cash from a customer on account, $750.
Purchased supplies on account, $720.
Consulted on the interior design of a major office building and billed the client for services rendered, $5,000.
Invested personal cash of $1,700 in the business.
Recorded the following business expenses for the month:
Paid office rent - $1200
Sold supplies to another interior designer for $80 cash, which was the cost of the supplies.
Withdrew cash of $1400 for personal use.
Analyze the effects of the preceding transactions on the accounting equation of Lutz Design Studio by adapting the format Assets =Liabilities + Owner's Equity (see format above).
Prepare the income statement of Lutz Design Studio for the month ended May 31, 19X5. List expenses in decreasing order by amount.
Prepare the statement of owner's equity of Lutz Design Studio for the month ended May 31, 19X5.
Prepare the balance sheet of Lutz Design Studio at May 31, 19X5.
-Participating preferred stock
Union Shipping Company has outstanding an issue of 3,000 shares of participating preferred stock that has a $100 par value and an 8 percent annual dividend. The preferred stockholders participate fully (on an equal per-share basis) with common stockholders in annual dividends of more than $9 per share for common stock. The firm has 5,000 shares of common stock outstanding.
1. If Union Shipping Company pays preferred stockholders their dividends and then declares an additional $100,000 in dividends, what is the total dividend per share for preferred and common stock?
2. If Union Shipping Company pays preferred stockholders their dividends and then declares an additional $40,000 in dividends, what is the total dividend per share for each type of stockholder?
3. If Union Shipping Company's preferred stock is cumulative and the past 2 years' dividends have been passed, what dividends will be received by each type of stockholder if the firm declares a total dividend of $30,000?
4. Rework #3 assuming that the total dividend payment is $20,000.
5. Rework #1 and #2 assuming that the preferred stock is non-particpating.
This problem involves the fundamentals of accounting
Bank balance: $8,000
Checks outstanding: $5,800
Note collected by the bank: $1,500
Deposits outstanding: $4,000
NSF check (bad check) returned for $300
What is the correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of 2012?
checks outstanding $2250
deposits outstanding $1900
service fees $ 40
error: money corp wrote a check for $30 but recorded it incorredtly for $300
What is the amount of cash that should be reported in the company's balance sheet as of May 31?
a Debit Postage Expense, $100.
b Debit Supplies, $25.
c Credit Petty Cash, $350.
d Debit Petty Cash, $350.
Bank service charges = $20
Deposit outstanding = $150
Interest earned on the bank account = $10
Checks outstanding = $400
Which items should be deducted from and added to the bank balance in completing the reconciliation?
a Deduct checks outstanding; add service charges and deposit outstanding.
b Deduct interest earned; add deposit outstanding.
c Deduct checks outstanding; add deposit outstanding.
d Deduct deposit outstanding; add checks outstanding.