Introduccin a la Contabilidad I ACCO 111 Universidad Metropolitana

Taller 1

Self- Test Questions

1- Which of the following is not a step in the accounting process?

Verification

2- Which of the following statements about users of accounting is incorrect?

Regulatory authorities are internal users.

3- The cost of principle state that:

Assets should be recorded at their cost.

4- Which of the following statements about basic assumptions is correct?

The economic entity assumption states that there should be a particular unit of accountability.

5- The three types of business entities are:

Proprietorships, partnerships, and corporations.

6- Net income will result during a time period when:

Revenues exceed expenses.

7- Performing services on account will have the following effects on the components of the basic accounting equation:

Increased assets and increased owners equity.

8- As of December 31, 2012, Stoneland Company has assets of $3,500 and owners equity of $2,000. What are the liabilities for Stoneland Company as of December 31, 2012?

$3,500 - $2,000= $1,500.

9- Which of the following events is not recorded in the accounting records?

An employed is terminated.

10-During 2012, Gibson Companys assets decreased $50,000 and its liability decreased 90,000. Its owners equity therefore:

$90,000- $50,000= increased $40,000.

11-Payment of an account payable affects the components of the accounting equation in the following way.

Decreased assets and decreased liabilities.

12-Which of the following statements is false?

An income statement presents the revenues, expenses, changes in owners equity, and resulting net income or net loss for a specific period of time.

13-On the last day of the period, Jim Otto Company buys a $900 machine on credit. This transaction will affect the:

Balance sheet only.

14-The financial statement that reports assets, liabilities, and owners equity is the:

Balance sheet.

15-Services provide by a public accountant include:

Auditing, taxation, and management consulting.

Questions

1- Accounting is ingrained in our society and it is vital to our economic system. Do you agree? Explain

S. Porque de esa manera el gobierno puede saber lo que se est generando y cunto se est gastando para entnces poder ajustar en las reas de mayor gasto. Adems, la economa carecera de personas que invirtieran en ella si la contabilidad no fuera parte de nuetro sistema econmico.

2- Identify and describe the steps in the accounting process.

a) Identificar- Aqu se identifican los eventos econmicos relevantes del negocio. b) Registrar- Una vez se identifican los eventos econmicos se registran para poder tener un historial de las actividades financieras. c) Comunicar- Luego de haber realizado los pasos anteriores se procede a comunicar los resultados encontrados a travs de lo que se conoce como estados financieros.

3- (a) Who are internal users of accounting data? (b) How does accounting provide relevant data to the users? Los usuarios internos son: los gerentes de produccin, supervisors de produccin, directores de finanzas y los oficiales de las compaas. La contabilidad les provee reports para que ellos puedan tomar decisions dentro de su compaa.

4- What uses of financial accounting information are made by (a) investors (b) creditors?

Los inversionistas utilizan la informacin para tomar decisions de compra, retener o vender las acciones de una compaa. Los acreedores utilizan la informacin para evaluar los riesgos de autorizar crdito prestar dinero.

5- Bookkeeping and accounting are the same. Do you agree? Explain.

No. Bookkeeping es solo una parte del proceso de la contabilidad.

6- Eve Myles Travel Agency purchase land for $90,000 cash on December 10, 2012. At December 31, 2012, the lands value increased to $93,000. What amount should be reported for land on Eve Myles balance sheet at December 31, 2012? Explain.

La cantidad que se debe reporter en la hoja de balance es

7- What is the monetary unit assumption?

Esto es que la compaa debe incluir en sus records de transacciones solo la data de que se pueda expresar en trminos monetarios.

8- What is the economic entity assumption?

Esto lo que require es que las actividades de la compaa se mantegan separadas de las actividades del dueo y de otras entidades econmicas.

9- What are the three basic forms of business organizations for profitoriented enterprises?

a) Propietario b) Asociacin c) Corporacin

10-Mari Contreras is the owner of a successful printing shop. Recently, her business has been increasing, and Maria has been thinking about changing the organization of her business from a proprietorship to a corporation. Discuss some of the advantages Maria would enjoy if she were to incorporate her business.

Si Mari incorpora el negocio, en caso de una demanda ella no puede ser demandada personalmente, mientras que en el caso de propietaria, s puede ser demandada personalmente. Tambin si se est incorporado hay una facilidad para cambiar la forma de invertir en el negocio, mientras que si es propietario no es as de fcil.

11-What is the basic accounting equation?

Assets = Liabilities + Owners Equity

12-(a) Define the terms assets, liabilities, and owners equity. (b) What items affect owners equity?

a) Assets Activos- Estos son los recursos que una compaa negocio posee. b) Liabilities Pasivos- Estos son reclamos que se hacen en contra de los activos como deudas existentes u obligaciones.

c) Owners Equity capital del dueo- Esto es el total de todos los activos.

Lo que afecta el total de los activos del dueo son las obligaciones que tenga con los acreedores.

13-Which of the following items are liabilities of Karl Jewelry Stores?

a) Cash b) Accounts payable- Esto c) Owners drawings d) Accounts receivable- Esto e) Supplies f) Equipment- Esto

14-Can a business enter into a transaction in which only the left side of the basic accounting equation is affected? If so, give an example.

Entiendo que no.

15-Are the following events recorded in the accounting records? Explain your answer in each case.

a) The owner of the company dies. b) Supplies are purchase on account. c) An employee is fired.

d) The owner of the business withdraws cash from the business for personal use.

En la todas s, porque son eventos econmicos que afectan de una manera u otra a la compaa.

16-Indicate how the following business transactions affect the basic accounting equation.

a) Paid cash for janitorial services. b) Purchase equipment for cash. c) Invested cash in the business. d) Paid accounts payable in full.

En la primera afecta porque ests perdiendo activos. En la segunda te afecta en los activos, pero a la misms vez te aumenta en los activos ya que es equipo. En la tercera te afecta porque ests perdiendo activos, pero a la misma vez ests tambin aumentando los activos porque ests invirtiendo en el negocio. En la cuarta afecta tambin porque ests perdiendo activos en la parte de efectivo y a la misma vez pierdes capital.

17-Listed below are some items found in the financial statements of Dave Ramsey Co. Indicate in which financial statement (s) the following items would appear.

a) Service Revenue.- Income statement. b) Equipment.- Balance sheet. c) Advertising expense.- Income statement.

d) Accounts receivable.- Balance sheet. e) Owners capital.- Owners equity statement. f) Salaries and wages payable- Income statement.

18-In February 2012, Betty King invested an additional $10,000 in her business, Kings Pharmacy, which is organized as a proprietorship. Kings accountant, Leroy James, recorded this receipt as an increase in cash and revenues. Is this treatment appropriate? Why or why not?

Entiendo que no. Porque al invertir $10,000 redujo el flujo de efectivo a pesar de que aument los activos dentro de su negocio propio.

19-A companys net income appears directly on the income statement and the owners equity statement, and it is included indirectly in the companys balance sheet. Do you agree? Explain.

Entiendo que s, porque el balance sheet lo que hace es un resumen de todos los activos, pasivos, y capital del dueo.

20-Torchwood Enterprises had a capital balance of $168,000 at the beginning of the period. At the end of the accounting period, the capital balance was $198,000. (a) Assuming no additional investments or withdrawals during the period, what is the net income for the period?

El net income o ingreso neto durante ese perodo es de $198,000.

(b) Assuming an additional investment of $13,000 but no withdrawals during the period, what is the net income for the period?

El net income o ingreso neto de ese perodo es de $181,000.

21-Summarized operations for J.R. Ewing Co. for the month of July are the follows. Revenue earned: for cash $20,000; on account $70,000. Expenses incurred: for cash $26,000; on account $40,000. Indicate for J.R. Ewing Co. (a) the total revenues, (b) the total expenses, and (c) net income for the month of July.

Total revenues o ingresos para el mes de Julio= $20,000 + $70,000= $90,000. Total de expenses o gastos para el mes de Julio= $26,000 + $40,000= $66,000. Net income o ingreso neto para el mes de Julio= $24,000.

22-The basic accounting equation is: Assets= liabilities + Owners equity. Replacing the word in that equation with dollar amounts, what is Coca Colas accounting equation at December 31, 2009? (Hint: The Owners equity is equivalent to shareowners equity.)

Brief Exercises

1- Presented below is the basic accounting equation. Determine the missing amounts.

Assets=

Liabilities

Owners Equity

a) $90,000 b) ?

$50,000 $40,000 ?

? $70,000 $53,000

c) $94,000

Contestacin:

a) $40,000. b) $110,000. c) $41,000.

2- Given the accounting equation, answer each of the following questions. (a) The liabilities of Buerhle Company are $120,000 and the owners equity is $232,000. What is the amount of Buerhle Companys assets

(b) The total assets of Buerhle Company are $190,000 and its owner equity is $91,000. What is the amount of its total liabilities? (c) The total assets of Buerhle Companys are $800,000 and its liability are equal to one half of its total assets. What is the amount of Buerhle Companys owners equity?

Contestacin:

a) $352,000. b) $99,000. c) $400,000.

3- At the beginning of the year, Danks Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions. a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of owners equity at the end of the year? b) During the year, total liabilities increased $100,000 and owners equity decreased $70,000. What is the amount of total assets at the end of the year? c) If total assets decreased $80,000 and owners equity increased $120,000 during the year, what is the amount of total liabilities at the end of the year?

Contestacin:

a) $ 730,000. b) $ 830,000. c) $ 600,000.

4- Use the expanded accounting equation to answer each of the following questions. a) The liabilities of Falk Company are $90,000. Owners capital account is $150,000; drawings are $40,000; revenues, $450,000; and expenses, $320,000. What is the amount of Falk Companys total assets? b) The total assets of Pierogi Company are $75,000. Owners capital account is $25,000; drawings are $7,000; revenues, $52,000; and expenses, $35,000. What is the amount of the companys total liabilities? c) The total assets of Yanko Co. are $600,000 and its liabilities are equal to two-third of its total assets. What is the amount of Yankos Cos owner equity?

Contestacin:

a) $90,000 + $150,000 - $40,000 + $450,000 - $320,000 = $330,000 b) $75,000 = $35,000 + $25,000 - $7,000 + $52,000 - $35,000

c) $600,000 = $400,000 = $200,000

5- Indicate whether each of the following items is an asset (A), liability (B), or part of owners equity (OE).

A (a) Accounts receivable B (b) Salaries and wages payable A (c) Equipment

A (d) Supplies OE (e) Owners capital B (f) Notes payable