會(huì)計(jì)學(xué)原理英文版考試復(fù)習(xí)練習(xí)14章資料

1、精品文檔1. Accounting is an information system that:A. Identifies business activities.B. Records business activities.C. Communicates business activities.D. Helps people make better decisions.E. All of these.2. Creditors claims on the assets of a company are called:A. Net losses.B. Expenses.C. Revenues.D

2、. Equity.E. Liabilities.3. The excess of expenses over revenues for a period is:A. Net assets.B. Equity.C. Net loss.D. Net income.E. A liability.4. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows:Cash $20,500; Accounts Receivable, $7,250; Supplies, $650;

3、 Equipment, $12,000; AccountsPayable, $9,300. What is the amount of owners equity as of July 1 of the current year?A. $8,300B. $13,050C. $20,500D. $31,1005. Photometer Company paid off $30,000 of its accounts payable in cash. What would be theeffects of this transaction on the accounting equation?A.

4、 Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.B. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.C. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.D. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000

5、 increase. 精品文檔精品文檔E. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.6. The financial statement that reports whether the business earned a profit and also lists thetypes and amounts of the revenues and expenses is called:A. A Balance Sheet.B. A Statement of Owners Equity.C

6、. A Statement of Cash Flows.D. An Income Statement.E. A Statement of Financial Position.7. A balance sheet lists:A. The types and amounts of the revenues and expenses of a business.B. Only the information about what happened to equity during a time period.C. The types and amounts of assets, liabilit

7、ies, and equity of a business as of a specific date.D. The inflows and outflows of cash during the period.E. The assets and liabilities of a company but not the owners equity.8. The financial statement that shows the beginning balance of owners equity; the changes inequity that resulted from new inv

8、estments by the owner, net income (or net loss); withdrawals;and the ending balance, is the:A. Statement of Financial Position.B. Statement of Cash Flows.C. Balance Sheet.D. Income Statement.E. Statement of Owners Equity.9. Accounts payable appear on which of the following statements?A. Balance Shee

9、t.B. Income Statement.C. Statement of Owners Equity.D. Statement of Cash Flows.E. Transaction Statement.10. A companys balance sheet shows: cash $22,000, accounts receivable $16,000, officeequipment $50,000, and accounts payable $17,000. What is the amount of owners equity?A. $17,000. 精品文檔精品文檔B. $29

10、,000.C. $71,000.D. $88,000.E. $105,000.11. The accounting process begins with:A. Analysis of business transactions and source documents.B. Preparing financial statements and other reports.C. Summarizing the recorded effect of business transactions.D. Presentation of financial information to decision

11、-makers.E. Preparation of the trial balance.12. The account used to record the transfers of assets from a business to its owner is:A. A revenue account.B. The owners withdrawals account.C. The owners capital account.D. An expense account.E. A liability account.13. A written promise to pay a definite

12、 sum of money on a specified future date is a(n):A. Unearned revenue.B. Prepaid expense.C. Credit account.D. Note payable.E. Account receivable.14. A ledger is:A. A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.B. A journal in which transa

13、ctions are first recorded.C. A collection of documents that describe transactions and events entering the accounting process.D. A list of all accounts with their debit balances at a point in time.E. A record containing all accounts and their balances used by a company. 精品文檔精品文檔15. Double-entry accou

14、nting is an accounting system:A. That records each transaction twice.B. That records the effects of transactions and other events in at least two accounts with equal debits and credits.C. In which each transaction affects and is recorded in two or more accounts but that could include two debits and

15、no credits.D. That may only be used if T-accounts are used.E. That insures that errors never occur.16. Rocky Industries received its telephone bill in the amount of $300, and immediately paid it.Rockys general journal entry to record this transaction will include aA. Debit to Telephone Expense for $

16、300.B. Credit to Accounts Payable for $300.C. Debit to Cash for $300.D. Credit to Telephone Expense for $300.E. Debit to Accounts Payable for $300.17. Management Services, Inc. provides services to clients. On May 1, a clientprepaidManagement Services $60,000 for -6months services in advance. Manage

17、ment Services generaljournal entry to record this transaction will include aA. Debit to Unearned Management Fees for $60,000.B. Credit to Management Fees Earned for $60,000.C. Credit to Cash for $60,000.D. Credit to Unearned Management Fees for $60,000.E. Debit to Management Fees Earned for $60,000.

18、18. Wisconsin Rentals purchased office supplies on credit. The general journal entry made byWisconsin Rentals will include a:A. Debit to Accounts Payable.B. Debit to Accounts Receivable.C. Credit to Cash.D. Credit to Accounts Payable.E. Credit to Wisconsin Rentals, Capital.19. On September 30, the C

19、ash account of Value Company had a normal balance of $5,000.During September, the account was debited for a total of $12,200 and credited for a total of$11,500. What was the balance in the Cash account at the beginning of September?A. A $0 balance.B. A $4,300 debit balance.C. A $4,300 credit balance

20、.D. A $5,700 debit balance.E. A $5,700 credit balance.精品文檔精品文檔20. The following transactions occurred during July:1. Received $900 cash for services provided to a customer during July.2. Received $2,200 cash investment from Barbara Hanson, the owner of the business.3. Received $750 from a customer i

21、n partial payment of his account receivable which arose from sales in June.4. Provided services to a customer on credit, $375.5. Borrowed $6,000 from the bank by signing a promissory note.6. Received $1,250 cash from a customer for services to be rendered next year. What was the amount of revenue fo

22、r July?A. $ 900.B. $ 1,275.C. $ 2,525.D. $ 3,275.E. $11,100.21. At the beginning of January of the current year, Thomas Law Centers ledger reflected anormal balance of $52,000 for accounts receivable. During January, the company collected$14,800 from customers on account and provided additional serv

23、ices to customers on accounttotaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services tobe provided in the future. At the end of January, the balance in the accounts receivable account should be:A. $54,700.B. $49,700.C. $2,300.D. $54,300.E. $49,300.22. During the mo

24、nth of March, Cooley Computer Services made purchases on account totaling$43,500. Also during the month of March, Cooley was paid $8,000 by a customer for services tobe provided in the future and paid $36,900 of cash on its accounts payable balance. If the balancein the accounts payable account at t

25、he beginning of March was $77,300, what is the balance inaccounts payable at the end of March?A. $83,900.B. $91,900.C. $6,600.D. $75,900.E. $4,900.23. The time period principle assumes that an organizations activities can be divided intospecific time periods including:A. Months.B. Quarters.C. Fiscal

26、 years.D. Calendar years.E. All of these.精品文檔精品文檔24. A broad principle that requires identifying the activities of a business with specific timeperiods such as months, quarters, or years is the:A. Operating cycle of a business.B. Time period principle.C. Going-concern principle.D. Matching principle

27、.E. Accrual basis of accounting.25. The accounting principle that requires revenue to be reported when earned is the:A. Matching principle.B. Revenue recognition principle.C. Time period principle.D. Accrual reporting principle.E. Going-concern principle.26. Adjusting entries:A. Affect only income s

28、tatement accounts.B. Affect only balance sheet accounts.C. Affect both income statement and balance sheet accounts.D. Affect only cash flow statement accounts.E. Affect only equity accounts.27. The broad principle that requires expenses to be reported in the same period as the revenuesthat were earn

29、ed as a result of the expenses is the:A. Recognition principle.B. Cost principle.C. Cash basis of accounting.D. Matching principle.E. Time period principle.28. Adjusting entries are journal entries made at the end of an accounting period for the purposeof:A. Updating liability and asset accounts to

30、their proper balances.B. Assigning revenues to the periods in which they are earned.C. Assigning expenses to the periods in which they are incurred.D. Assuring that financial statements reflect the revenues earned and the expenses incurred.E. All of these.29. The approach to preparing financial stat

31、ements based on recognizing revenues when they areearned and matching expenses to those revenues is:A. Cash basis accounting.B. The matching principle.C. The time period principle.D. Accrual basis accounting.E. Revenue basis accounting. 精品文檔精品文檔30. Prepaid expenses, depreciation, accrued expenses, u

32、nearned revenues, and accrued revenuesare all examples of:A. Items that require contra accounts.B. Items that require adjusting entries.C. Asset and equity.D. Asset accounts.E. Income statement accounts.31. The accrual basis of accounting:A. Is generally accepted for external reporting because it is

33、 more useful than cash basis for most business decisions.B. Is flawed because it gives complete information about cash flows.C. Recognizes revenues when received in cash.D. Recognizes expenses when paid in cash.E. Eliminates the need for adjusting entries at the end of each period32. A company made

34、no adjusting entry for accrued and unpaid employee wages of $28,000 onDecember 31. This oversight would:A. Understate net income by $28,000.B. Overstate net income by $28,000.C. Have no effect on net income.D. Overstate assets by $28,000.E. Understate assets by $28,000.33. If a company mistakenly fo

35、rgot to record depreciation on office equipment at the end of anaccounting period, the financial statements prepared at that time would show:A. Assets overstated and equity understated.B. Assets and equity both understated.C. Assets overstated, net income understated, and equity overstated.D. Assets

36、, net income, and equity understated.E. Assets, net income, and equity overstated.34. If a company failed to make the end-of-period adjustment to remove from the UnearnedManagement Fees account the amount of management fees that were earned, this omission would cause:A. An overstatement of net incom

37、e.B. An overstatement of assets.C. An overstatement of liabilities.D. An overstatement of equity.E. An understatement of liabilities. 精品文檔精品文檔35. Accrued revenues:A. At the end of one accounting period often result in cashreceipts from customers in the next period.B. At the end of one accounting per

38、iod often result in cashpaymentsin the next period.C. Are also called unearned revenues.D. Are listed on the balance sheet as liabilities.E. Are recorded at the end of an accounting period because cash has already been received for revenues earned.36. An account linked with another account that has

39、an opposite normal balance and that issubtracted from the balance of the related account is a(n):A. Accrued expense.B. Contra account.C. Accrued revenue.D. Intangible asset.E. Adjunct account.37. Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. Aphysical co

40、unt of the supplies showed $105 of unused supplies available. The required adjustingentry is:A. Debit Office Supplies $105 and credit Office Supplies Expense $105.B. Debit Office Supplies Expense $105 and credit Office Supplies $105.C. Debit Office Supplies Expense $254 and credit Office Supplies $2

41、54.D. Debit Office Supplies $254 and credit Office Supplies Expense $254.E. Debit Office Supplies $105 and credit Supplies Expense $254.38. On April 1, 2009, a company paid the $1,350 premium on a thre-eyear insurance policy withbenefits beginning on that date. What will be the insurance expense on

42、the annual incomestatement for the year ended December 31, 2009?A. $1,350.B. $450.C. $1,012.50.D. $337.50.E. $37.50.精品文檔精品文檔39. On January 1 a company purchased a fiv-eyear insurance policy for $1,800 with coveragestarting immediately. If the purchase was recorded in the Prepaid Insurance account, a

43、nd thecompany records adjustments only at yea-er nd, the adjusting entry at the end of the first year is:A. Debit Prepaid Insurance, $1,800; credit Cash, $1,800.B. Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440.C. Debit Prepaid Insurance, $360; credit Insurance Expense, $360.D. De

44、bit Insurance Expense, $360; credit Prepaid Insurance, $360.E. Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440.40. PPW Co. leased a portion of its store to another company for eight months beginning onOctober 1, 2009, at a monthly rate of $800. This other company paid the entire $6,4

45、00 cash onOctober 1, which PPW Co. recorded as unearned revenue. The journal entry made by PPW Co.at year- end on December 31, 2009 would include:A. A debit to Rent Earned for $2,400.B. A credit to Unearned Rent for $2,400.C. A debit to Cash for $6,400.D. A credit to Rent Earned for $2,400.E. A debi

46、t to Unearned Rent for $4,000.41. A company pays each of its two office employees each Friday at the rate of $100 per day fora five-day week that begins on Monday. If the monthly accounting period ends on Tuesday andthe employees worked on both Monday and Tuesday, the mon-tehnd adjusting entry to re

47、cordthe salaries earned but unpaid is:A. Debit Unpaid Salaries $600 and credit Salaries Payable $600.B. Debit Salaries Expense $400 and credit Salaries Payable $400.C. Debit Salaries Expense $600 and credit Salaries Payable $600.D. Debit Salaries Payable $400 and credit Salaries Expense $400.E. Debi

48、t Salaries Expense $400 and credit Cash $400.42. The difference between the cost of an asset and the accumulated depreciation for that asset is calledA. Depreciation Expense.B. Unearned Depreciation.C. Prepaid Depreciation.D. Depreciation Value.E. Book Value.精品文檔精品文檔43. A company purchased a new tru

49、ck at a cost of $42,000 on July 1, 2009. The truck isestimated to have a useful life of 6 years and a salvage value of $3,000. The company uses thestraight-line method of depreciation. How much depreciation expense will be recorded for thetruck for the year ended December 31, 2009?A. $3,250.B. $3,50

50、0.C. $4,000.D. $6,500.E. $7,000.44. If a company records prepayment of expenses in an asset account, the adjusting entry would:A. Result in a debit to an expense and a credit to an asset account.B. Cause an adjustment to prior expense to be overstated and assets to be understated.C. Cause an accrued

51、 liability account to exist.D. Result in a debit to a liability and a credit to an asset account.E. Decrease cash.45. If accrued salaries were recorded on December 31 with a credit to Salaries Payable, the entryto record payment of these wages on the following January 5 would include:A. A debit to C

52、ash and a credit to Salaries Payable.B. A debit to Cash and a credit to Prepaid Salaries.C. A debit to Salaries Payable and a credit to Cash.D. A debit to Salaries Payable and a credit to Salaries Expense.E. No entry would be necessary on January 5.46. A company purchased new computers at a cost of

53、$14,000 on September 30, 2010. Thecomputers are estimated to have a useful life of 4 years and a salvage value of $2,000. Thecompany uses the straigh-tline method of depreciation. How much depreciation expense will berecorded for the computers for the year ended December 31, 2010?A. $250B. $750C. $8

54、75D. $1,000E. $3,00047. A trial balance prepared after adjustments have been recorded is called a(n) :A. Balance sheet.B. Adjusted trial balance.C. Unadjusted trial balance.D. Classified balance sheet.E. Unclassified balance sheet.精品文檔精品文檔48. When closing entries are made:A. All ledger accounts are

55、closed to start the new accounting period.B. All temporary accounts are closed but not the permanent accounts.C. All real accounts are closed but not the nominal accounts.D. All permanent accounts are closed but not the nominal accounts.E. All balance sheet accounts are closed.49. Assets, liabilities, and equity accounts are not closed; these accounts are called:A. Nominal accounts.B. Temporary accounts.C. Permanent accounts.D. Contra accounts.E. Accrued accounts50. Which of the following is the usual final step