Questions from General Accounting

Q: Explain what is meant by “balanced” in the balanced scorecard

Explain what is meant by “balanced” in the balanced scorecard approach.

Q: What is activity-based costing, and what are its potential

What is activity-based costing, and what are its potential benefits?

Q: Identify the liabilities classified by Tootsie Roll as current.

Identify the liabilities classified by Tootsie Roll as current.

Q: Assume that Ziegler Inc. sold bonds with a face value of

Assume that Ziegler Inc. sold bonds with a face value of $100,000 for $104,000. Was the market interest rate equal to, less than, or greater than the bonds’ contractual interest rate? Explain.

Q: Jack and Lance are discussing how the market price of a bond

Jack and Lance are discussing how the market price of a bond is determined. Jack believes that the market price of a bond is solely a function of the amount of the principal payment at the end of the...

Q: Peggy Jantzen believes a current liability is a debt that can be

Peggy Jantzen believes a current liability is a debt that can be expected to be paid in one year. Is Peggy correct? Explain.

Q: Samuel Engels says that liquidity and solvency are the same thing.

Samuel Engels says that liquidity and solvency are the same thing. Is he correct? If not, how do they differ?

Q: Trayer Company obtains $20,000 in cash by signing a

Trayer Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. Trayer’s fiscal year ends on September 30. What information should be reported for the no...

Q: Linton Company has these obligations at December 31: (a

Linton Company has these obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $200,000 payable in ten $20,000 annual payments, (c) interest...

Q: The following accounts appear in the ledger of Polzin Inc. after

The following accounts appear in the ledger of Polzin Inc. after the books are closed at December 31, 2014. Common Stock (no-par, $1 stated value, 400,000 shares authorized, 250,000 shares issued) …...