Financial Accounting: Assets FA 2 Module 6. Handouts. Current financial assets And current liabilities. Presented by: Laura Dallas, CGA

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1 Accounting: Assets FA 2 Module 6 Handouts Current financial assets And current liabilities Presented by: Laura Dallas, CGA Note: this information is prepared from the best information I have available to me. Also, please note, that I am human, and I have checked over all details for accuracy as much as possible. If there are any discrepancies between the handout documents and the module notes or textbook, the module notes & textbook are to be considered correct. 2007/2008 FA2 Handouts Module 6 Page 1

2 Module 6 What is included with this module s handouts?? I have included: 1. The usual past exam analysis 2. Template of a Bank reconciliation 3. June 2006 exam questions for module 6 4. A T-Account explanation of Audio Lecture Slide OLD exams multiple choice question (from no longer available on-line) 6. A comparison of what is covered in FA1, FA2, & FA3 from the course syllabus. **NOTE: Information taken from the Course syllabus, as at the time of recording & preparing this lecture this is the latest syllabus available. (Sept 2007) 7. Table of contents for all FA1 & FA2 courses, so you can have it as a quick reference I don t think all students will want to use all items, but please pick and find the items that help you with your learning process. FA2 Past Exams Module 6 questions Exam Question Marks Topic Subject Jun Accounting for bad debt expenses Mar Accounting for bad debt expense Dec A/R Allowance for doubtful Jun Multiple-choice questions Dec Current monetary balances Jun Accounting for payroll Jun Notes receivable & payable Dec Accounts receivable Mar Accounts receivable 2007/2008 FA2 Handouts Module 6 Page 2

3 Template of Bank Reconciliation ANY COMPANY Bank Reconciliation December 31, 2006 Bank statement balance... $, Book balance... $, ADD: ADD: Outstanding deposit... Bank error... $, EFT - Deposit... Bookkeeping error... DEDUCT: Bank error... Outstanding cheques: #14: $ DEDUCT: NSF ABC Company... Service Charges... EFT Auto withdrawal... #54:... Bookkeeping error... Adjusted bank balance... $, Adjusted book balance... $, *Outstanding Deposit, or Deposit-in-transit (Either description is fine.) NOTE: Bank error can NOT be on the book balance side. NOTE: Bookkeeping error can NOT be on the bank statement side. Journal entries (for the BOOK balance entries only!) DR Cash... Fees Earned (for auto deposit amount)... Specific Account (amount of error)... To record journal entries for Bank Reconciliation (ADD items) A/R ABC Company (for NSF cheque)... Bank service charge expense... Hydro (or other) Expense (for auto withdrawal amount)... Specific Account (amount of error)... CR Cash... To record journal entries for Bank Reconciliation (DEDUCT items) 2007/2008 FA2 Handouts Module 6 Page 3

4 June 2006 Exam Questions d) Dwight Limited began the year with a debit balance of $1,312,000 in accounts receivable and a credit balance of $37,000 in allowance for doubtful accounts. During the year, sales on account totaled $551,000, collections of accounts receivable were $589,000, and the bad debt expense was $33,000. At the end of the year, Dwight had a debit balance of $1,247,000 in accounts receivable and a credit balance of $43,000 in allowance for doubtful accounts. What was the amount of accounts receivable written off during the year? 1) $ 6,000 2) $27,000 3) $33,000 4) $43,000 f) The bank reconciliation for Shilly Limited includes the following: Balance per bank $ 147,300 Balance per accounting records 142,100 Unrecorded services charges 200 Unrecorded NSF cheque 100 Outstanding cheques 13,700 What would outstanding deposits be? 1) $7,800 2) $8,000 3) $8,200 4) $8,800 Question 5 Answer the following unrelated questions. Required 2 b. When Luis Corporation prepared its bank reconciliation at the end of the month, there was an adjustment for an NSF cheque for $ Prepare the journal entry required to record the NSF cheque. Solutions d. 2) Topic 6.3 (Level 1) 37, ,000 43,000 = $27,000 f. 3) Source: Topic 6.2 (Level 1) (142, ) (147,300 13,700) = $8,200 Question 5 b. Source: Topic 6.2 (Level 1) Accounts receivable Cash /2008 FA2 Handouts Module 6 Page 4

5 T-account representation of slide 52 & 53 Accounts Receivable Beginning Balance 1,312,000 Sales on Account 551, ,000 Collection of Accounts Receivable Subtotal 1,863, ,000 Subtotal Balance (1, ) 1,274,000 Ending balance (given) 1,247,000 Amount written off during the year Allowance for Doubtful 37,000 Beginning Balance 33,000 Bad Debt Expense 70,000 Subtotal Amount written off during the year 43,000 Ending balance, given Accounts Receivable Beginning Balance 1,312,000 Sales on Account 551, ,000 Collection of Accounts Receivable 27,000 Amount written off during the year Subtotal 1,863, ,000 Subtotal Ending balance (given) 1,247,000 Allowance for Doubtful 37,000 Beginning Balance 33,000 Bad Debt Expense 70,000 Subtotal Amount written off during the year 27,000 43,000 Ending balance, given 2007/2008 FA2 Handouts Module 6 Page 5

6 On the following pages, please find numerous past exam questions that I had available, which you may find helpful. These OLD exams are no longer available on the web site. June 99 n. A company reported the following items for 1998: Accounts receivable balance, January 1, 1998 $ 80,000 Allowance for doubtful accounts balance, January 1, 1998 (credit) 11,000 Total credit sales during ,000 Total collections on accounts receivable during ,000 Uncollectible accounts written off during ,000 Experience indicates that 4% of the uncollected accounts receivable at the end of each year ultimately will be uncollectible. What should be the adjusting entry amount for doubtful accounts at December 31, 1998? 1) $ 4,000 2) $ 4,800 3) $ 7,000 4) $13,000 o. A company had accounts receivable of $3,000 and an allowance for doubtful accounts of $125, just prior to writing off as uncollectible an account receivable of $30. What were the net realizable values of the accounts receivable as shown by the accounting records before and after the write-off? Before After 1) $2,875 $2,875 2) $2,875 $2,975 3) $3,000 $2,970 4) $3,000 $3,095 p. A company is preparing its May bank reconciliation. The ending balance on the May bank statement is shown as $4,225. At the end of the month, the following information was provided by company records and the monthly bank statement: Bank service charges shown on the bank statement $15 NSF cheques from customers shown on the bank statement 48 Deposits in transit at the end of the month determined by the company s bookkeeper 63 A cheque for $43 (the correct amount) written by the company was recorded in the books at 34 What is the correct cash balance shown on the bank reconciliation? 1) $4,279 2) $4,288 3) $4,312 4) $4, /2008 FA2 Handouts Module 6 Page 6

7 March 99 e. An analysis of the cash account for Swiss Company at December 31, 1998 revealed the following details: Balance in bank account $15,095 Term deposit which cannot be withdrawn until May 31, ,000 Customer cheques dated December 31, 1998, on hand but not yet deposited 6,500 What amount should be reported as cash in the current asset section of Swiss Company s balance sheet at December 31, 1998? 1) $15,095 2) $21,595 3) $25,095 4) $31,595 Dec 98 c. An analysis of the petty cash fund reveals the following: Actual cash of $73 IOU s from employees of $24 Receipts of $28 supporting expenses paid out of the fund Assuming all amounts are material, what amount should be reported in the cash account in the current asset section of the balance sheet? 1) $73 2) $97 3) $101 4) $125 m. During May, a company received a cheque from a customer in payment of the related account receivable. The cheque was written for the correct amount of $152, and it was deposited on May 18. The May bank statement listed the deposit at $512. How should this error be corrected on the May bank reconciliation? 1) Add $360 to the bank balance. 2) Add $360 to the book balance. 3) Subtract $360 from the bank balance. 4) Subtract $360 from the book balance. n. A company estimated the needed balance in its account allowance for doubtful accounts by aging the accounts receivable. At the end of 1998, the balance of the allowance account was $5,000. During 1999, the company wrote off $500 and collected a $300 receivable that had been previously written off as uncollectible. At the end of 1999, the aging schedule indicated that the balance of the allowance account should be $6,400. What is bad debt expense for 1999? 1) $1,600 2) $1,900 3) $6,600 4) $6,900 June 98 i. What is the effect of computing a bad debt expense by estimating the net realizable value of accounts receivable? 1) It causes an adjustment to the allowance account that produces a balance in the allowance account equal to the total estimated uncollectible amount. 2) It emphasizes the income statement rather than the balance sheet. 3) It produces a bad debt expense amount that is close to uncollectible current credit sales. 4) It is based primarily on the revenue recognition principle. 2007/2008 FA2 Handouts Module 6 Page 7

8 March 98 n. WIN Corporation (WIN) has $18,000 on deposit with Bank A and is overdrawn $8,000 with Bank C. Theoretically, what cash balance should WIN report on their balance sheet? 1) $8,000 2) $10,000 3) $18,000 4) $26,000 o. During April 1997, Good Inc. wrote a cheque to pay for inventory purchases in the correct amount of $4,800. The cheque, which cleared the bank during April, appeared on the bank statement as $4,080. On the April bank reconciliation (correct cash balance approach), what should the accounting clerk do? 1) Add $720 to the book balance. 2) Add $720 to the bank balance. 3) Subtract $720 from the book balance. 4) Subtract $720 from the bank balance. p. On July 3, 1997, MET Company (MET) sold goods for $1,000, subject to terms of 2/10, n/30. The customer returned $200 of defective goods on July 5, and paid the amount due on July 12. Which of the following would be included in MET s entry on July 12 (assuming the gross method) to record the cash receipt? 1) Credit to accounts receivable for $784. 2) Credit to accounts receivable for $800. 3) Credit to accounts receivable for $980. 4) Credit to accounts receivable for $1,000. q. PRES Ltd. (PRES) estimates its bad debt expense by using a percentage of credit sales. In 1997, the bad debt estimate was $3,800. In 1996, the estimate was $3,500. During 1997, PRES wrote off $3,000 of specific accounts and recovered $160 of accounts that had been previously written off as uncollectible. At the end of 1997, the balance in the "allowance for doubtful accounts" account was $2,500. What was the balance in the "allowance for doubtful accounts" account at the beginning of 1997? 1) $1,540 2) $1,700 3) $3,460 4) $3,500 June 97 i. The following information pertains to Apricot Ltd., a fruit wholesaler, at December 31, 1996: Bank statement balance $ 40,000 Chequebook balance 56,000 Deposits in transit 20,000 Outstanding cheques 4,000 On Apricot's December 31, 1996 balance sheet, at what amount should cash be reported? 1) $36,000 2) $40,000 3) $56,000 4) $60,000 5) None of the above. k. During the year, Kabuki Company made an entry to write off a $3,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $40,000 and the balance in the allowance account was $3,400. The net realizable value of accounts receivable after the write-off entry was: 1) $40,000 2) $39,600 3) $33,600 4) $36,600 5) None of the above. 2007/2008 FA2 Handouts Module 6 Page 8

9 Solutions June 99 n. 4) $11,000 $20,000 +? = 4% ($80,000 + $400,000 $360,000 $20,000) o. 1) $3,000 $125; $2,970 $95 p. 2) $4,225 + $63 Mar 99 e. 2) $15,095 + $6,500 Dec 98 c. 1) m. 3) n. 1) $6,400 ($5,000 $500 + $300) June 98 i. 1) March 98 n. 3) o. 4) p. 2) $1,000 $200 q. 1) $2,500 $3,800 $160 + $3,000 June 97 i. 3) k. 4) ($40,000 $3,000) ($3,400 $3,000) = $36, /2008 FA2 Handouts Module 6 Page 9

10 CERTIFIED GENERAL ACCOUNTANTS ASSOCIATION OF CANADA FINANCIAL ACCOUNTING COURSES Topic Accounting for income taxes Accounting 1 Accounting 2 Accounting 3 Accounting 4 Accounting Theory 1 Public Sector Management 1 Accruals and deferrals Amortization Bad debt expense Balan ce sh eet c o n c e p t s, classifications, and preparation Business combinations: Consolid at ion Foreign operation Non-wholly owned subsidiaries Wholly-owned subsidiaries Purchase Capital assets Capital market theory Cash Conceptual framework: Alt ern at ive to current structure Current structure Contingencies Corporate equity Cost of goods sold Costing issues Decision-usefulness approach to financial reporting Information perspective Measurement perspective Double-entry system Earnings per share Efficient market theory Error corrections Ethics Extraordinary items 2007/2008 FA2 Handouts Module 6 Page 10

11 Topic accounting & reporting standards Accounting 1 Accounting 2 Accounting 3 Accounting 4 Accounting Theory 1 Public Sector Management 1 instruments statement analysis Foreign currency translation, transactions Fund accounting Future taxes Game theory/agency theory Goods and Services Tax (GST) Goodwill Income statement concepts, classifications, preparation Information needs of financial statement users Intangibles (excluding goodwill) International accounting standards Inventories Investments in securities: Debt & equity Leases Liabilities: Long-term Short-term Natural resources Non-controlling interest Nonprofit and government organizations Partnership financial statements Pensions 2007/2008 FA2 Handouts Module 6 Page 11

12 Topic Performance management Present value & future value concepts Price-level adjusted financial statements Public service Accounting 1 Accounting 2 Accounting 3 Accounting 4 Accounting Theory 1 Receivables Public Sector Management 1 Regulatory influences Reporting: Interim Segment disclosures Research & development costs Revenue and expense recognition Risk management SEC reporting Single-person decision theory Small business: Characteristics Information needs Reporting requirements Standard setting Can adian environment International environment Political issues Theoretical issues Cash flow statement Transaction analysis Treasury stock 2007/2008 FA2 Handouts Module 6 Page 12

13 Accounting 1 [FA1] Calendar Description This introductory course in financial accounting reviews the accounting cycle and the preparation of financial statements. Topics include accounting for merchandising activities, accounting for cash, temporary investments and accounts receivable, inventories and cost of goods sold, capital assets, current and long-term liabilities, partnership accounting and accounting for corporations, as well as the cash flow statement. 1. INTRODUCTION TO ACCOUNTING CONCEPTS 1.1 What is accounting? Forms of organization Ethics in accounting Types of accountants and fields of accounting statements Generally accepted accounting principles The accounting equation 1 2. RECORDING TRANSACTIONS 2.1 Economic events and source documents Accounts Analyzing transactions Journalizing and posting transactions Preparing a trial balance 1 3. ADJUSTING THE ACCOUNTS, PREPARING THE STATEMENTS, AND COMPLETING THE ACCOUNTING CYCLE 3.1 Time period principle and the need for adjustments Adjusting the accounts Adjusted trial balance and preparation of financial statements The work sheet Closing entries Post-closing trial balance The accounting cycle Classification of balance sheet items Using the information Current ratio 2 Level of Competence 4. ACCOUNTING FOR MERCHANDISING ACTIVITIES 4.1 Merchandising companies Merchandise purchases Perpetual inventory system An ethics application Revenue from sales and cost of goods sold Perpetual inventory system Additional merchandising issues 1, Alternative income statements, worksheet, and closing entries 1, Periodic and perpetual inventory systems Using the information Gross margin ratio /2008 FA2 Handouts Module 6 Page 13

14 5. INVENTORIES ADDITIONAL CONSIDERATIONS 5.1 Assigning costs to inventory items Lower of cost or market Inventory errors Estimating inventories Inventory costing methods Periodic inventory system Using the information Merchandise turnover and days sales in inventory Testing the accuracy of ledgers 2 6. INTERNAL CONTROL AND ACCOUNTING FOR CASH, INVESTMENTS HELD FOR THE SHORT TERM, AND RECEIVABLES 6.1 Internal control Cash defined and internal control for cash The petty cash fund An ethical issue Reconciling the bank balance Using the information Acid-test ratio Investments held for the short term Classification of debt and equity investments Accounting for trading investments Credit customers and bad debts Promissory notes Converting receivables into cash Using the information Accounts receivable turnover and days sales outstanding 2 7. CAPITAL ASSETS: PROPERTY, PLANT AND EQUIPMENT, NATURAL RESOURCES, AND INTANGIBLES 7.1 Capital assets: Property, plant and equipment Costs subsequent to acquisition of property, plant and equipment Amortization An ethics application Property, plant and equipment disposals Natural resources Intangible assets Using the information Total asset turnover and return on total assets 2 8. CURRENT AND LONG-TERM LIABILITIES 8.1 Liabilities Known (determinable) liabilities Short-term notes payable 1, Estimated and contingent liabilities Bonds payable and other long-term liabilities 2, Time value of money Issuing bonds at par Issuing bonds at discount and premium 1, Retiring bonds /2008 FA2 Handouts Module 6 Page 14

15 9. ACCOUNTING FOR PARTNERSHIPS AND CORPORATIONS 9.1 Characteristics of proprietorships and partnerships Division of partnership earnings Corporate organization Corporate financial statements Issuance of shares Classes of shares and special features of preferred shares Cash dividends and closing entries for a corporation Book value per share Reporting income Additional share transactions Earnings per share Retained earnings Ethics Insider trading CASH FLOW STATEMENT AND THE CONCEPTUAL FRAMEWORK OF ACCOUNTING 10.1 Cash flows and the cash flow statement Preparing cash flow statements Interpreting financial statements using ratio analysis The conceptual framework of accounting Essential characteristics of accounting information Tradeoff of qualitative characteristics Fundamental concepts of accounting Assumptions Fundamental concepts of accounting Basic principles Fundamental concepts of accounting Elements of financial statements An illustration of accounting characteristics and principles /2008 FA2 Handouts Module 6 Page 15

16 Accounting 2 [FA2] Calendar Description This intermediate financial accounting course focuses on the asset side of the balance sheet. The first part of the course covers financial reporting and accounting concepts, income statement and balance sheet presentation, the cash flow statement, and revenue and expense recognition. The valuation of notes receivable, investment in debt securities, and leases are studied. The second half of the course covers current monetary balances, inventory and cost of goods sold, temporary and long-term investments, and capital assets. Computer software is used to demonstrate accounting concepts and procedures and to provide hands-on experience. 1. FINANCIAL REPORTING AND ACCOUNTING CONCEPTS 1.1 Objectives of financial reporting Ethics in accounting Accounting assumptions and qualitative characteristics Recognition criteria and elements of financial statements Measurement methods Professional judgment in financial reporting Accounting information processing system Computer illustration 1-1: Review of the accounting cycle 1 2. INCOME STATEMENT AND BALANCE SHEET PRESENTATION 2.1 Nature of income 1, Presentation of the income statement 1, Discontinued operations Extraordinary items and unusual gains and losses Earnings per share Comprehensive income Statement of retained earnings Restatements Balance sheet presentation Disclosure Goods and Services Tax Computer illustration 2-1: Trial balance 1 3. CASH FLOW STATEMENT 3.1 Theoretical foundation Classification of cash flows Preparation of the cash flow statement Disclosure and special issues Interpretation of the cash flow statement Computer illustration 3-1: Spreadsheet approach 1 Level of Competence 2007/2008 FA2 Handouts Module 6 Page 16

17 4. REVENUE AND EPENSE RECOGNITION 4.1 Revenue recognition concepts Revenue recognition at delivery Revenue recognition before and after delivery Revenue recognition effort expended Recognition of gains and losses Expense recognition Ethical considerations 2 5. INTEREST CONCEPTS OF FUTURE AND PRESENT VALUE 5.1 Time value of money Basic interest concepts Computing present value Computer illustration 5-1: Value of equipment 1 6. CURRENT FINANCIAL ASSETS AND CURRENT LIABILITIES 6.1 Nature of current financial assets Cash Receivables Accounting for bad debt expense Notes receivable and payable 1, Current liabilities Computer illustration 6-1: Aging of accounts receivable 1 7. INVENTORY MEASUREMENT, INVENTORY VALUATION, AND COST OF GOODS SOLD 7.1 Nature of inventory Perpetual and periodic inventory systems Cost flow assumptions 1, Computer illustration 7-1: Specific cost identification method Effect of inventory errors Valuation at lower of cost or market Inventory estimation methods Internal controls for inventory 2 8. INVESTMENTS AND FINANCIAL INSTRUMENTS 8.1 Classification of investments Accounting for held to maturity investments Accounting for available for sale investments Accounting for held for trading investments The equity method Reclassification of investments Classification and disclosure issues /2008 FA2 Handouts Module 6 Page 17

18 9. TANGIBLE AND INTANGIBLE CAPITAL ASSETS 9.1 Definition and valuation of capital assets Determining the cost of capital assets 1, Intangible assets Goodwill Disposal and exchange of capital assets Post-acquisition expenditures Disclosure and cash flow reporting CAPITAL ASSETS: AMORTIZATION AND IMPAIRMENT 10.1 Nature of amortization Amortization methods Computer illustration 10-1: Amortization methods Additional amortization issues Impairment of capital assets and goodwill Capital cost allowance Amortization of natural resources Disclosure requirements Ethical considerations /2008 FA2 Handouts Module 6 Page 18

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