FINANCIAL ACCOUNTING

ALumNO:esDrAs FIguerOA

CUESTA: 201820010024

Professor: José Enrique Mejía

Subject: Exercises Chapter 2

October 14, 2020

 Multiple choice

1. That the financial information is tailored to the needs of the different

users correspond to the characteristic of:

a) Reliability.

Provisionality.

c) Utility.

d) Comparability.

e) None of the above.

2. For financial information to be reliable, it is necessary that:

a) The process of integrating the financial statements has been objective.

b) The rules for generating the information should be stable.

There is a possibility of verification.

d) All of the above.

e) Only a and b.

3. If the educational expenses of the owner's children are included in a business dedicated to
the sale of computers, what basic postulate is being violated?

a) The one of sufficient revelation.

b) The one of consistency.

c) The going concern.

d) The one of realization.

e) The one of entity.

This precept implies that all costs and expenses must be faced in a period.
against the income that they have generated:

a) Valuation.

b) Accounting period.

c) Association of income and costs and expenses.

d) Business in progress.

Economic duality.

5. This postulate assumes that the degree of detail and multiplicity must be balanced.
data to meet the requirements of utility and purpose of the information
financial

a) Prudential criterion.

b) Relative importance.

c) Utility.

d) Sufficient revelation.

e) None of the above.

This concept represents what the business owes to other people or entities.
known as creditors:

a) Equity.

b) Expenses.

c) Passive.

d) Asset.

e) None of the above.

7. This financial statement aims to determine the amount for which the revenues
They exceed the accounting expenses, that is, the profit or loss:

a) Statement of changes in financial position.

b) Statement of financial position.

c) Statement of changes in equity.

d) Income statement.

e) None of the above.

8. It is the concept that is part of the structure of the balance sheet, which is
composed of the result of the normal operations of the economic entity
utilidades

a) Capital earned.

b) Share capital.

c) Contributed capital.

d) Retained earnings.

e) None of the above.

9. Financial statement aimed at showing changes in investment.

owners of the company:

a) Statement of changes in financial position.

b) Statement of changes in equity.

c) Income statement.

d) Statement of financial position.

10. Some of the elements that complement the financial statements are:

a) The financial report.

b) The notes to the financial statements.

c) The report of the independent auditors.

d) Relevant financial data.

e) All of the above.

 Exercises

1. For each of the following operations of Distribuciones Andros, S.A., indicate

which postulates are being respected or, if applicable, which ones are being violated:

a) Record in the business accounting the expenses of gasoline and travel for the wife and children
from the director general

Entity is violated

b) The manager informs the accountant that at the beginning of next year he will close a very important sale.
important, which has been promised verbally by the client, so it has been recorded
at once and has even been considered in the financial statements of the current year

Accounting Accrual is violated

c) The method for evaluating inventories was changed, as indicated in the notes of the statements.
financials that the new method provides greater benefits, as it updates the value of
inventory and, furthermore, modifies the financial statements of the previous year

Economic substance is violated

2. For each of the items listed, indicate in which financial statement it appears.
present: ER = Income statement, EVCC = Statement of changes in equity
accounting

Assets:ESF Cash increases: ESF

Income: ER Dividends: EVCC

Liabilities: ESF Expenses:ER

Operating Cash

Retained earnings: EVCC

3.- Using the analyzed information regarding the income statement, determine
the amounts that are missing to complete each of the following cases
independents:

Independent case

A 100,000 82,000 18,000

B 92,000 80,000 12,000

C 80,000 86,000 6,000

D 50,000 37,000 13,000

E 87,000 81,000 6,000

4.- From the financial information of the year 200X of Compuser, S.A., the following was obtained
information:

Ingresos $680 000

Rent 52,000

Salaries 220,000

Advertising 80,000

Public services 48,000

Net utility 280,000

It is requested:

Prepare the income statement of Compuser, S.A. for the year 200X.

Income 680,000

Expenses 400,000

Net income 280,000

5.- Relate each of the financial statements with each of the listed elements.
that are part of it. Note the letter of the corresponding financial statement.

a) Balance sheet

b) Income Statement

c) Statement of changes in equity

d) Statement of cash flows

b Expenses

d Cash flow from investment

a Assets

c Dividends

b Income

d Cash flow from operations

a Liabilities

d Cash flow from financing

6. For each of the accounts listed, indicate in the first column with an (A)
if it is an asset, with a (P) if it is a liability, with a (CC) if it is equity, with a
(I) if it is an income and with a (G) if it is an expense. In the second column, indicate with a
(ER) if it is part of the income statement and with (BG) if it is part of the balance sheet
general.

Count Account Type Financial Statement

Retained earnings CC ER

Accounts receivable A BG

Income from services I ER

Expenditure on salaries G ER
 Inventories A BG

Accounts payable P BG

Land A BG

Social Capital CC BG

Spending on public services G ER

Mortgage payable P BG

Cash and banks A BG

Rent expense G ER

Taxes payable P BG

Social capital CC BG

Suppliers P BG

7.- Hilma and Patricia Andrade recently started a business that they named
Evening Academic Reinforcements, S.A.
for children in the afternoons. Each of them made a contribution of $50,000 in cash
to start the business, equivalent to 4,000 shares of capital stock. On the 31st of
December 200X marked the first year of operations, and by that date, they had $48,900.
in cash, $26,000 in accounts receivable from customers, $48,000 in office equipment.
During the year, they spent $8,000 on teaching materials and requested a loan from
bank, which they owe as of December 31 $2,000 only (documents payable). For
In the first year of operations, no dividends were declared or paid to the
shareholders.
It is requested:

Complete the balance sheet as of December 31, 200X:

ASSETS LIABILITIES

Cash $ 48 900 Accounts payable $8,000

Clients $26,000 Documents payable $2,000

Office equipment $48,000 Interest payable $1,200

Total liabilities $11,200

Equity

Social capital $98,920

Retained earnings $12,780

Total equity capital $117,700

TOTAL LIABILITIES

TOTAL ASSETS $122,900 Y EQUITY $ 122 900

8.- La Surtidora de América, S.A. was created by five partners on January 1, 2007. To
On January 31 of that year, the following balances were recorded:

Total de ingresos $130 000

Total expenses (excluding taxes) 80,000

Tax expense for the month 10,000

Cash 30,000

Accounts receivable 15,000

Inventory 42,000

Accounts payable 21,000

Social capital 26,000

No dividends were declared in January 2007.

It is requested:

Complete the following financial statements:

 Tax treatment

THE DISTRIBUTOR OF AMERICA, S.A.

Income statement

For the month ending January 31, 2007

Total income $130,000

Less:

Total expenses $80,000

Profit before tax $50,000

Less:

Tax expenditure $10,000

Net utility $40,000

THE AMERICAS SUPPLY COMPANY, S.A. Statement of Financial Position

As of January 31, 2007

ASSETS LIABILITIES

Cash $30,000 Accounts Payable $21,000

Accounts receivable $ 15,000 Total Liabilities $

Inventory $42,000

Equity

Share capital $ 26 000

Retained Earnings $

Total equity capital $

TOTAL LIABILITIES AND

Shareholder's equity
TOTAL ASSETS $87,000 $