Questions from General Accounting


Q: Answer each of the following related to international accounting standards.

Answer each of the following related to international accounting standards. a. Explain how the purposes and principles of internal controls are different between accounting systems reporting under IFR...

See Answer

Q: 1. The petty cash fund of the Brooks Agency is established

1. The petty cash fund of the Brooks Agency is established at $150. At the end of the current period, the fund contained $28 and had the following receipts: film rentals, $24; refreshments for meeting...

See Answer

Q: For each of the following items a through g, indicate whether

For each of the following items a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) represents an addition or a subtraction in a bank reconciliat...

See Answer

Q: An entrepreneur commented that a bank reconciliation may not be necessary as

An entrepreneur commented that a bank reconciliation may not be necessary as she regularly reviews her online bank statement for any unusual items and errors. a. Describe how a bank reconciliation and...

See Answer

Q: Credits to customer accounts and credits to Other Accounts are individually posted

Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit 7.7. Why not put both types of credits in the same column and...

See Answer

Q: The following annual account balances are taken from Armour Sports at December

The following annual account balances are taken from Armour Sports at December 31. What is the change in the number of days’ sales uncollected between years 2014 and 2015? (Round t...

See Answer

Q: The following data are taken from the comparative balance sheets of Ruggers

The following data are taken from the comparative balance sheets of Ruggers Company. Compute and interpret its accounts receivable turnover for year 2015 (competitors average a turnover of 7.5).

See Answer

Q: Answer each of the following related to international accounting standards.

Answer each of the following related to international accounting standards. a. Explain (in general terms) how the accounting for recognition of receivables is different between IFRS and U.S. GAAP. b....

See Answer

Q: Gomez Corp. uses the allowance method to account for uncollectibles.

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer, C. Green. On March 9, it receives a $300 payment from Green. 1. Prepare...

See Answer

Q: Warner Company’s year-end unadjusted trial balance shows accounts receivable of

Warner Company’s year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $280,000. Uncollectibles are estimated to be 1.5...

See Answer