財(cái)務(wù)會(huì)計(jì)復(fù)習(xí)題

1、文檔編碼 : CX5E9Y7W9A1 HH2L4F3C2L1 ZB3G5C3X9A6|精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. 財(cái) 務(wù) 會(huì) 計(jì) 復(fù) 習(xí) 題第 1 頁(yè),共 15 頁(yè)精品文檔財(cái)務(wù)會(huì)計(jì)復(fù)習(xí)題Circle the letter of the best response. 1Which of the following statements is false. AAccounting is the information system that measures business activiti

2、es, processes that information into reports, and communicates the results to decision makers. BFinancial statements report financial information about a business entity to decision makers. |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. COwners of a corporation are personally lia

3、ble for the debts of the corporation. DThe purpose of financial accounting is to provide information to people outside of the entity, such as investors and creditors. 2Wilbur owns and operates a fishing tackle shop. Wilbur needs to borrow money to expand; therefore, he prepared financial statements

4、to present to his banker. Wilbur obtained appraisals of all the assets of the business to ensure that the balance sheet would reflect the most current value of the assets. Wilbur has violated which of the following principles or concepts. AReliability principle BCost principle CGoing-concern princip

5、le DStable-monetary-unit concept 3Which of the following is true. AOwners Equity Assets Liabilities BAssets Owners Equity Liabilities CAssets Liabilities Owners Equity DLiabilities Owners Equity Assets 4G. Harrison Inc experienced a decrease in total assets of $2,000 during the current year. During

6、the same year, total liabilities decreased $6,000. If dividends for the year were $10,000 and the owners made no additional investment, how much was net income. A$14,000 B$ 6,000 C$18,000 D$ 2,000 5Which of the following statements is true. AThe income statement reports all changes in assets, liabil

7、ities, and stockholders equity of the business during the period. BRevenues and expenses are reported only on the balance sheet. 收集于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 2 頁(yè),共 15 頁(yè)精品文檔CThe statement of cash flows reports cash flows from three types of business activities cash receipts, cash payments, and investing. DOn

8、the statement of retained earnings, the net income for the period is added to the beginning balance of retained earnings. 6Which of the following statements is not true. |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. AInvesting activities relate to the investment by owners into

9、the business. BPaying dividends is an example of a financing activity. COperating activities are the most important type of business activity. DManagers must make decisions about operating, investing, and financing activities. 7On which financial statement can the ending balance in retained earnings

10、 be found. ABalance sheet BIncome statement CStatement of retained earnings DBoth A and C 8Which of these is an example of an asset account. AService Revenue BDividends CSupplies DAll of the above are assets 9Dobson Company paid $1,200 on account. The effect of this transaction on Dobsons accounting

11、 equation is to：Adecrease liabilities and increase stockholders equity. Bdecrease assets and decrease liabilities. Chave no effect on total assets. Ddecrease assets and decrease stockholders equity. 10Which of these statements is false. ADecreases in liabilities and increases in revenues are recorde

12、d with a credit. BDecreases in assets and increases in stockholders equity are recorded with a credit. CIncreases in both assets and expenses are recorded with a debit. DIncreases in assets and decreases in liabilities are recorded with a debit. 11Note Payable has a normal beginning balance of $40,2

13、00. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable. A$39,200, debit B$119,600, credit C$39,200, credit D$160,800, credit 12Which of these statements is correct. AThe account is a basic summary device used in

14、accounting. 收集于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 3 頁(yè),共 15 頁(yè)精品文檔BA business transaction is recorded first in the journal and then posted to the ledger. CIn the journal entry, all accounts that are increased are listed first and then all accounts that are decreased are listed next. |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料.

15、* | * | * | * | |歡. |迎. |下. |載. DBoth A and B are correct. 13Which of these accounts has a normal debit balance. ASalary Expense BAccounts Payable CService Revenue DBoth A and B 14The May 31 trial balance reports a credit balance of $5,000 for Service Revenue. During the month, one entry for $10 had

16、 been posted in error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 . A$4,980 B$4,990 C$5,020 D$5,010 15The beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, then cash receipts must

17、have been：A$105,900 B$234,500 C$132,100 D$157,100 16Use the following selected information for the Perriman Company to calculate the correct credit column total for a trial balance：Accounts receivable $ 27,200 Accounts payable 15,900 Building 359,600 Cash 55,600 Common stock 155,000 Dividends 4,800

18、Insurance expense 1,800 Retained earnings 133,800 Salary expense 52,500 Salary payable 3,600 Service revenue 193,200 ABCD$365,600 $304,700 $501,500 $506,300 收集于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 4 頁(yè),共 15 頁(yè)精品文檔17The journal entry to record the performance of services on account for $1,200 is：ABCAccounts Payable 1,200

19、Service Revenue 1,200 Accounts Receivable 1,200 Service Revenue 1,200 Cash 1,200 Service Revenue 1,200 |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. DService Revenue 1,200 Accounts Payable 1,20018The Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallw

20、ood collected $92,000 for management services. $12,000 of the amount collected was from a contract to provide management services for one year beginning November 1,20X8. An additional $20,000 of management services had been earned but not collected by year end. The amount of revenue that should be r

21、eported for 20X8 under the cash-basis and accrual-basis isCash-Basis Accrual-Basis A $92,000 $80,000 B $80,000 $100,000 C $100,000 $112,000 D $92,000 $102,000 19Which of the following statements is false. AThe time-period concept requires companies to prepare financial statements at least quarterly.

22、 BAccording to the revenue principle, revenue should be recorded when a product or service has been delivered to the customer. CWhen possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded. DThe time-period concept,

23、the revenue principle, and the matching principle all support the practice of preparing adjusting entries. 20The Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be considered Aan unearned revenue. Ba prepaid expense. Can

24、accrued revenue. Dan accrued expense. 21On November 1 , 20X8 , the Jemigan Company paid $4,800 for a one-year insurance policy. On December 31 , 20X8, the adjusting entry would include Aa debit to insurance Expense$4,800. Ba credit to insurance Payable, $800. Ca credit to Prepaid insurance, $800. 收集

25、于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 5 頁(yè),共 15 頁(yè)精品文檔Da debit to Insurance Expense, $4,000. 22Which of these could not be a closing entry. ASalary Expense XX Retained Earnings XX BRetained Earnings XX Dividends XX CDService Revenue XX Retained Earnings XX Retained Earnings XX Rent Expense XX |精. |品. |可. |編. |輯. |學(xué). |習(xí).

26、|資. |料. * | * | * | * | |歡. |迎. |下. |載. 23What type of account is Unearned Revenue asset, liability, stockholders equity, revenue, or expense and what is its normal balance, respectively. Aasset, debit Bexpense, debit Cliability, credit Drevenue, credit 24Which of the following transactions is consi

27、dered an accrued expense. Salaries that employees have earned but not received IIManagement fees received in advance Newspaper advertising that has been purchased but has not yet appeared in the newspaper AI only BII only C only DBoth I and II 25Which of the following accounts is not considered a cu

28、rrent asset. AAccounts Receivable BEquipment CInventory DPrepaid Rent 26The balance sheet for Arnolds Cleaners appears belowArnolds Cleaners Balance sheet December 31, 20X8 Assets LiabilitiesCash $400 Accounts payable $300 Accounts receivable 460 Salary payable 20 Supplies 10 Unearned revenue 120 Pr

29、epaid insurance 60 Note payable due in 5 years 400 收集于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 6 頁(yè),共 15 頁(yè)精品文檔Equipment $400 Total liabilities 840 Less: Acc. depr. 40 360 Stockholders Equity Land 400 Common stock 370 Retained earnings 480 Total stockholders equity 850 Total assets $1,690 Total liabilities and stockholders E

30、quity $1,690 Arnolds current ratio for 20X8 is |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. A2.11 B2.09 C2 D1.52 27An investment in debt securities may be classified as any of the following categories except：Atrading securities Bavailable-for-sale Cheld-to-maturity DAll of the

31、 above are categories for Debt securities 28The Boulder Co. purchased the following securities in 20X8.The year-end balances of their trading and available-for-sale portfolios are given below：Trading portfolio: Cost Market Value Security A $10,000 $12,000 Security B 3,000 3,500 Total $13,000 $15,500

32、 Available-for-sale portfolio: Security D $5,500 $3,000 Security E 16,000 17,000 Total $21,500 $20,000 At what value should the trading securities and the available-for-sale securities be reported on the balance sheet. Trading Securities Available-for-Sale Securities A $13,000 $21,500 B $13,000 $20,

33、000 C $15,500 $21,500 D $15,500 $20,000 29Net accounts receivable is calculated as：ASales less sales discounts. BAccounts receivable plus the allowance for uncollectible accounts. CAccounts receivable less the allowance for uncollectible accounts. DAccounts receivable less the bad debts expense. 收集于

34、網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 7 頁(yè),共 15 頁(yè)精品文檔30When the allowance method is used, the entry to write off a customer s account Aincreases bad debts expense. Bhas no effect on net accounts receivable. Cdecreases net accounts receivable. DIncreases the balance of the allowance for uncollectible accounts. 31Which of

35、the following statements about the statement of cash flows is true. AThe purchase of a held-to-maturity security is considered an investing activity. |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. BCollection of interest is an investing activity. CSales on account is the largest

36、 cash flow from operating activities. DLoaning money to others is a financing activity. Table 1 On December 31, 20X8, Troy Inc., had the following accounts and balances（before adjustment）on its books：Accounts Receivable $80,000 Allowance for Uncollectible Accounts 2,000 （credit balance）Net Sales 500

37、,000 32Refer to Table 1. Troy estimates that its Bad Debts Expense is 2% of Net Sales. The Bad Debts Expense for 20X8 should be: A$10,000 B$12,000 C$8,000 D$1,600 33Refer to Table 1. Troy uses an aging schedule to estimate its uncollectible accounts. The aging schedule and the percentage of each cat

38、egory that is estimated to be uncollectible is given below：Current $40,000 2% 1-30 days past due 30,000 10% Over 30 days past due 10,000 40% The balance in the Allowance for Uncollectible Accounts after adjusting should be：A$2,000 B$5,800 C$7,800 D$9,800 34Martinez Co. paid Acme Co. for merchandise

39、with a $2,000, 90-day, 8% note dated April 1. If Martinez pays off the note at maturity, what entry should Acme make on its books at that time. ACash 2,160 收集于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 8 頁(yè),共 15 頁(yè)精品文檔 Notes Receivable 2,160 BNotes Payable 2,000 Interest Expense 160 Cash 2,160 CCash 2,040 Notes Receivable 2,00

40、0 Interest Revenue 40 DCash 2,160 |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. Notes Receivable 2,000 Interest Revenue 160 35Which accounts would be debited and credited in the entry to record accrued interest on a note receivable. DebitCredit AInterest Revenue Interest Receiv

41、able BInterest Receivable Interest Revenue CCash Interest Revenue DInterest Receivable Cash 36Given the following information, compute the quick ratio. Salary Payable $4,000 Trading investments $10,000 Inventory 100,000 Equipment 96,000 Accounts Receivable 42,000 Cash 14,000 Supplies 8,000 Accounts

42、Payable 62,000 A1 B2.5 C1.2 D2.45 37Teresa Company began the period with 10 units in inventory, costing $5 each. During the period the company purchased 100 units at a cost of $5 each. At the end of the period there were 13 units left on hand. What is the correct amount that should appear on the inc

43、ome statement for the period and on the balance sheet at the end of the period. Income Statement Balance Sheet ABCD Cost of goods sold, $500 Inventory, $550 Inventory, $485 Cost of goods sold, $550 Cost of goods sold, $65 Inventory, $485 Cost of goods sold, $485 Inventory, $65 收集于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 9

44、頁(yè),共 15 頁(yè)精品文檔38Sheridan Corp. has $10,000 of goods on hand at August 31, 20X8. Cost of goods sold averages 40% of sale revenue. Sales for the month of September are budgeted to be $143,000. If ending inventory at the end of September is budgeted to be $10,500, what amount of inventory will Sheridans

45、managers need to purchase during September in order to meet this goal. ABCD$57,700 $86,300 $56,700 Cannot be determined from the information given. Table 2|精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. Consider the following data for Reed Company for the current year: Units Unit

46、 Cost Total Beginning inventory 55 $10 $550 Purchase February 4 22 12 264 Purchase May 15 20 13 260 Purchase October 20 48 15 720 Sales during the year, 84 units $30 each. 39Refer to Table 2. What is the weighted-average cost per unit. A$12.33 B$12.37 C$12.50 D$12.48 40Refer to Table 2. What is the

47、cost of ending inventory, assuming the LIFO method is used. A$889 B$905 C$622 D$1,172 41Refer to Table 2. What is the cost of goods sold, assuming the FIFO method is used. A$889 B$905 C$622 D$1,172 42Refer to Table 2. What is Reed Company s gross profit percentage rounded for the year, assuming that

48、 ending inventory totaled $685. A56% B27% C40% D44% 43During a period of rising prices, the inventory method that yields the highest net income and the lowest inventory value, respectively, will be: ALIFO and FIFO. BWeighted-average and LIFO. 收集于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 10 頁(yè),共 15 頁(yè)精品文檔CLIFO and LIFO. DFIFO

49、and LIFO. 44Pittman Company management omitted $65,000 of inventory when calculating their 20X8 ending inventory. As a result of this error, |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. A20X9 total assets will be overstated. B20X9 cost of goods sold will be understated. C20X8

50、stockholders equity will be overstated. D20X9 net income will be understated. 45Which of these statements regarding GAAP as applied to inventories is true. AThe disclosure principle requires that a company disclose the inventories methods used. BAccording to the consistency principle, the inventory

51、method can never be changed. CThe lower-of-cost-or-market rule states that, in order to be conservative, declines in inventory prices should be recognized in the period in which the goods are actually sold. DThe materiality principle allows GAAP to be ignored when the result is material in amount. 4

52、6The items below represent expenditures related to the construction of a new office building: Cost of land $210,00 Legal fees relating to land purchase $2,000 0 Cost of removing old 1,000 Payment of delinquent property 4,500 building taxes Grading the site 5,000 Payment to contractor 1,000,000 Cost

53、of building permits 4,500 Interest cost incurred during 40,000 construction Cost of paving parking lot 20,000 Cost of fencing 5,000 The proper balances for the Land account and the Building account should be: Land Building A. $217,000 $1,000,000 B. $213,500 $1,001,000 C $222,500 $1,044,500 D. $220,5

54、00 $1,041,000 47Which of the following statements is false. A. Accelerated depreciation methods record more depreciation expense over the life of an asset than either the straight-line method or the units-of-production method. B. The cost of an asset, its residual value, and its estimated useful lif

55、e are all used in computing depreciation. C. The units-of-production method is most appropriate for an asset that wears out due to physical use. D. Land is never depreciated. 收集于網(wǎng)絡(luò),如有侵權(quán)請(qǐng)聯(lián)系治理員刪除第 11 頁(yè),共 15 頁(yè)精品文檔Table 3 On January 1, 20X8, Guard Security Service purchased an alarm monitoring system fo

56、r $80,000. The system is expected to be used for 4 years, after which it can be sold for $16,000. 48Refer to Table 3. What is the book value of the equipment of December 31, 20X9, if Guard uses the straight-line method of depreciation. A. $64,000 B. $60,000 C. $40,000 D. $48,000 49Refer to Table 3.

57、If guard uses the double-declining-balance method of depreciation, what is depreciation expense for 20X9. A. $40,000 B. $32,000 C. $20,000 D. $16,000 |精. |品. |可. |編. |輯. |學(xué). |習(xí). |資. |料. * | * | * | * | |歡. |迎. |下. |載. 50Refer to Table 3. If Guard sells the equipment for $20,000 at the end of the fou

58、r years, the journal entry to record the sale will include all of the following except a A$20,000 debit to Cash. B$4,000 credit to Gain on Sale of Equipment. C$20,000 credit to Equipment. D$64,000 debit to Accumulated Depreciation. 51Which of the following statements is false. AStraight-line depreci

59、ation can be used for financial reporting or for income tax purposes. BDouble-declining-balance depreciation is the most commonly used method of depreciation in financial reporting. CThe units-of-production method results in higher depreciation in the years when an asset is more productive and lower

60、 depreciation in the years when an asset is less productive. DAccelerated depreciation creates a cash advantage over straight-line because higher amounts of depreciation are deducted on the tax return in the earlier years of an asset s life resulting in lower taxes paid. 52Which of the following is