Financial Accounting

You are the newly appointed assistant administrator at a local hospital, and you

You are the newly appointed assistant administrator at a local hospital, and your first project is to investigate the quality of the patient meals put out by the food-service depa…

You are the operations manager for an OEM manufacturing plant that produces YBOX

You are the operations manager for an OEM manufacturing plant that produces YBOX game consoles. Based on the sales record from 2010, the marketing manager forecasts the demand for…

You are the owner of a small business and manage its accounting. Your company ju

You are the owner of a small business and manage its accounting. Your company just finished a year in which a large amount of borrowed funds was invested in a new building additio…

You are the owner of a successful fanny-pack company. your fanny-packs are selli

You are the owner of a successful fanny-pack company. your fanny-packs are selling well. So well that you are considering adding a premium fanny-pack to your line-up of goods. You…

You are the owner of a very small business that sells gourmet coffee. You sell o

You are the owner of a very small business that sells gourmet coffee. You sell only one product, a 12-ounce bag of whole-bean French roast coffee. You sell each bag of coffee for …

You are the owner of four Taco Bell restaurant locations. You have a business lo

You are the owner of four Taco Bell restaurant locations. You have a business loan with Citizens Bank taken out 60 days ago that is due in 90 days. The amount of the loan is $40,0…

You are the owner/manager of a pottery studio and are considering offering a beg

You are the owner/manager of a pottery studio and are considering offering a beginner’s pottery class for a reduced rate. You believe that once your students start sculpting, they…

You are the partner-in-charge of a large metropolitan office of a regional publi

You are the partner-in-charge of a large metropolitan office of a regional public accounting firm. Two members of your professional staff have come to you to discuss problems that…

You are the payables accountant for a medium sized electrical contracting compan

You are the payables accountant for a medium sized electrical contracting company. You are paying bills with purchase discounts but can't take advantage of them because the cash b…

You are the recruiting manager for a new organization that is working on recruit

You are the recruiting manager for a new organization that is working on recruiting a manager for the services division. The vice president of the services division stresses to yo…

You are the revenue cycle manager for Joplin Hospice in Joplin, Missouri. You ha

You are the revenue cycle manager for Joplin Hospice in Joplin, Missouri. You have been in the position for only four months. One of the things you have learned is that there is n…

You are the senior accountant for an international manufacturing company and the

You are the senior accountant for an international manufacturing company and they have asked you to do some research on International accounting standards. Which of the following …

You are the senior auditor in charge of the audit of Potholders Ltd, a retailler

You are the senior auditor in charge of the audit of Potholders Ltd, a retailler of garden pots. Your audit firm has been the auditor for the last four years. Historically, the fi…

You are the senior auditor on the audit of Unique Furniture Manufacturers Pty Lt

You are the senior auditor on the audit of Unique Furniture Manufacturers Pty Ltd (Unique). Your firm has recently been appointed as the first auditors of the company. You intervi…

You are the senior auditor-in-charge of the July 31, 20X0, audit of Reliable Aut

You are the senior auditor-in-charge of the July 31, 20X0, audit of Reliable Auto Parts, Inc. Your newly hired staff assistant reports to you that she is unable to complete the fo…

You are the tax accountant for Mr. Edwards who owns an S Corporation. He wants t

You are the tax accountant for Mr. Edwards who owns an S Corporation. He wants to reduce his salary by one-third in order to “save on taxes” and have more money to reinvest in his…

You are the treasurer of Arizona Corporation and planning to use call options to

You are the treasurer of Arizona Corporation and planning to use call options to hedge future payables of 350,000 Australian dollars (A$) 180 days from now. Call options are avail…

You are the vice president of International InfoXchange, headquartered in Chicag

You are the vice president of International InfoXchange, headquartered in Chicago, Illinois. All shareholders of the firm live in the United States. Earlier this month you obtaine…

You are the vice president of finance of Sandy Alomar Corporation, a retail comp

You are the vice president of finance of Sandy Alomar Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 201…

You are thinking about renting a room in a house next year with three of your fr

You are thinking about renting a room in a house next year with three of your friends. For each month’s rent, you are willing to pay $480, your first friend is willing to pay $450…

You are thinking of investing in a field that may have commercial amounts of oil

You are thinking of investing in a field that may have commercial amounts of oil. Based on the existing data of the field you believe there is a 15% chance that if you drilled imm…

You are thinking of investing in a field that may have commercial amounts of oil

You are thinking of investing in a field that may have commercial amounts of oil. Based on the existing data of the field you believe there is a 15% chance that if you drilled imm…

You are to design a taxation system for the UAE. a. Explain the different tax ra

You are to design a taxation system for the UAE. a. Explain the different tax rate structures the government can possibly use. b. How should the burden of government finance be di…

You are to enter up the necessary account for the month of January 2016 from the

You are to enter up the necessary account for the month of January 2016 from the following information relating to Koddi Firm. Balanc off the account and extract a trial balance a…

You are told the column totals in a trial balance are not equal. After careful a

You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an a…

You are trying to decide how much to save for retirement. Assume you plan to sav

You are trying to decide how much to save for retirement. Assume you plan to save $4,500 per year with the first investment made one year from now. You think you can earn 7.5% you…

You are trying to decide how much to save for retirement. Assume you plan to sav

You are trying to decide how much to save for retirement. Assume you plan to save $4,500 per year with the Est investment made one year from now You think you can earn 7.5% per ye…

You are trying to decide how to allocate your money over the next year between o

You are trying to decide how to allocate your money over the next year between one-year T-Bills and a stock index. Suppose that T-Bills are going to return 2.5% for sure over the …

You are trying to decide whether to trade in your inkjet printer for a more rece

You are trying to decide whether to trade in your inkjet printer for a more recent model. Your usage pattern will remain unchanged, but the old and new printers use different ink …

You are two individuals who just graduated from the college, living together, an

You are two individuals who just graduated from the college, living together, and have an income of $60,000 with a tax rate of 20%. The goal is to create a financial plan that wil…

You are very short on time and another audit staff accountant states that both v

You are very short on time and another audit staff accountant states that both vouching and tracing tests are not necessary because in both types of tests you will be testing the …

You are working as a consultant for a local landscape supply company. One of the

You are working as a consultant for a local landscape supply company. One of the possibilities that has consistently come up in conversation with the owners is making your own mul…

You are working as a loan officer at TransPacific Bank and are analyzing a loan

You are working as a loan officer at TransPacific Bank and are analyzing a loan request for a client when you come across the following footnote in the client's report: "Inventori…

You are working as a summer intern for AAA Auditing. You have been asked to help

You are working as a summer intern for AAA Auditing. You have been asked to help resolve discrepancies noted in the audit for Dolfin Company, a retailer of specialty aquarium supp…

You are working as a tax consultant in Mayfield, NSW. Your client is an investor

You are working as a tax consultant in Mayfield, NSW. Your client is an investor and antique collector. You have ascertained that she is not carrying on a business. Your client pr…

You are working for The Wellington Company on temporary assignment while one of

You are working for The Wellington Company on temporary assignment while one of the accountants is on family leave. You have been asked to review the company’s investment The bala…

You are working for The Wellington Company on temporary assignment while one of

You are working for The Wellington Company on temporary assignment while one of the accountants is on family leave. You have been asked to review the company’s investment The bala…

You are working for The Wellington Company on temporary assignment while one of

You are working for The Wellington Company on temporary assignment while one of the accountants is on family leave. You have been asked to review the company’s investment journal …

You are working in accounting department of Frank Compagny. You will allocate th

You are working in accounting department of Frank Compagny. You will allocate the support department costs to operating departments using Direct Method. You have also to explain t…

You are working in the office of the vice president of administration at Interna

You are working in the office of the vice president of administration at International Telecon (IT) as a senior financial planner. IT is a Fortune 500 firm with sales approaching …

You are working with TAX consultant group, new client; Leduc Corporation asks yo

You are working with TAX consultant group, new client; Leduc Corporation asks you to help them to identify their taxable Income, and they provide you with the following informatio…

You ate considering introducing a new Tex-Mex-That fusion restaurant The initial

You ate considering introducing a new Tex-Mex-That fusion restaurant The initial outlay on this new restaurant is $6 6 million and the present value of the free cash flows (exclud…

You begin an investment plan by putting $10,000 in an account that you assume wi

You begin an investment plan by putting $10,000 in an account that you assume will earn 8% annually.For the next 25 years, you add $5000/yr.In anticipation of buying a house with …

You believe that Rose, Inc., stock is going to fall and you’ve decided to sell 1

You believe that Rose, Inc., stock is going to fall and you’ve decided to sell 1,100 shares short. If the current share price is $49, construct the equity account balance sheet fo…

You believe that Rose, Inc., stock is going to fall and you’ve decided to sell 3

You believe that Rose, Inc., stock is going to fall and you’ve decided to sell 300 shares short. If the current share price is $89, construct the equity account balance sheet for …

You believe that Rose, Inc., stock is going to fall and you’ve decided to sell 4

You believe that Rose, Inc., stock is going to fall and you’ve decided to sell 400 shares short. If the current share price is $78, construct the equity account balance sheet for …

You borrow $125,000 to buy a house. Your mortgage rate is 6% per year (0.5% per

You borrow $125,000 to buy a house. Your mortgage rate is 6% per year (0.5% per month). The term of the mortgage is 30 years and you will have the same required payment every mont…

You borrowed $20,000 to purchase a new car. The loan was for 4 years at a nomina

You borrowed $20,000 to purchase a new car. The loan was for 4 years at a nominal rate of 6% per year compunded monthly. You have been making equal monthly payments on the loan. Y…

You borrowed S50,000 which yo deposits at the beginning of each the next 9 years

You borrowed S50,000 which yo deposits at the beginning of each the next 9 years, but with the d 5% enable you to reach your $50,000 target? 4 points Save A u must repay in 10 yea…

You bought a duplex exactly 9 years ago. You paid $56,000 for the duplex. The la

You bought a duplex exactly 9 years ago. You paid $56,000 for the duplex. The land was worth $6,000 when you bought the duplex. You made a 20% down payment and financed the balanc…