东帝汶民主共和国-免疫力是什么意思
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TEST FOR CHAPTER 1-4
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PART I TRUE
OR FALSE
1) Accounting is an information and
measurement system that identifies, records, and
communicates relevant, reliable,
and
comparable formation about an organization's
business activities.
2) Managerial accounting
is the area of accounting that provides internal
reports to assist the decision making needs of
internal users.
3) The primary objective
of financial accounting is to provide general
purpose financial statements to help external
users
analyze and interpret an organization's
activities.
4) Internal users include
lenders, shareholders, brokers and managers.
5) In the partnership form of business, the
owners are called stockholders.
6) The
business entity principle means that a business
will continue operating for an indefinite period
of time.
7) As a general rule, revenues
should not be recognized in the accounting records
until it is received in cash.
8) Accrued
expenses at the end of one accounting period are
expected to result in cash payments in a future
period.
9) The idea that a business will
continue to operate until it can sell its assets
to pay its creditors underlies the
going-
concern assumption.
10) The
monetary unit assumption means that all
international transactions must be expressed in
dollars.
11) The International Accounting
Standards Board (IASB) is the government group
that establishes reporting requirements
for
companies that issue stock to the public.
12)
Expenses decrease equity and are the costs of
assets or services used to earn revenues.
13)
A company might provide a service or product on
credit.
later date.
14) Each adjusting
entry affects only one or more income statement
account and never cash.
15) The legitimate
claims of a business's creditors take precedence
over the claims of the business owner.
16)
Under the cash basis of accounting, no adjustments
are made for prepaid, unearned, and accrued items.
17) From an accounting perspective, an event
is a happening that affects an entity's accounting
equation, but cannot be
measured.
18) The
income statement is a financial statement that
shows revenues earned and expenses incurred during
a specified
period of time.
19) Chuck
Taylor withdrew $$6,000 in cash from FastForward.
This amount should be included as an expense on
the
income statement.
20) Source
documents provide evidence of business
transactions and are the basis for accounting
entries.
21) Items such as sales tickets,
bank statements, checks, and purchase orders are
source documents.
22) It is not necessary to
keep separate accounts for all items of importance
for business decisions.
23) Closing entries
are necessary so that owner's capital will begin
each period with a zero balance.
24) Cash
withdrawn by the owner of a proprietorship should
be treated as an expense of the business.
25)
When a company provides services for which cash
will not be received until some future date, the
company should
record the amount received as
unearned revenue for the amount charged to the
customer.
26) Double entry accounting
requires that each transaction affect, and be
recorded in, at least two accounts.
27) Asset
accounts normally have credit balances and revenue
accounts normally have debit balances.
28) A
transaction that decreases an asset account and
increases a liability account must also affect one
or more other
accounts.
29) Adjusting
entries are used to bring asset or liability
accounts to their proper amount and update the
related expense or
revenue account.
30)
When a company bills a customer for $$600 for
services rendered, the journal entry to record
this transaction will
include a $$600 debit to
Services Revenue.
31) The journal is known as
the book of final entry because financial
statements are prepared from it.
32) The
closing process takes place after financial
statements have been prepared.
33) A trial
balance that balances is not proof of complete
accuracy in recording transactions.
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34)
Closing entries are designed to transfer the end-
of-period balances in the revenue accounts, the
expense accounts, and
the withdrawals account
to owner's capital.
35) If cash was
incorrectly debited for $$100 instead of correctly
credited for $$100, the cash account is out of
balance by
$$100.
36) Adjusting entries
result in a better matching of revenues and
expenses for the period.
37) The matching
principle requires that expenses get recorded in
the same accounting period as the revenues that
are
earned as a result of the expenses, not
when cash is paid.
38) On October 15, a
company received $$15,000 cash as a down payment on
a consulting contract. The amount was
credited
to Unearned Consulting Revenue. By October 31, 10%
of the services required by the contract were
completed. The company will record consulting
revenue of $$1,500 from this contract for October.
39) Closing revenue and expense accounts at
the end of the accounting period serves to make
the revenue and expense
accounts ready for use
in the next period.
40) Accrued expenses
reflect transactions where cash is paid before a
related expense is recognized.
41) Before an
adjusting entry is made to recognize the cost of
expired insurance for the period, Prepaid
Insurance and
Insurance Expense are both
overstated.
42) A company purchased $$6,000
worth of supplies in August and recorded the
purchase in the Supplies account. On
August
31, the fiscal year-end, the supplies count
equaled $$3,200. The adjusting entry would include
a $$2,800 debit to
Supplies.
43) In
preparing statements from the adjusted trial
balance, the balance sheet must be prepared first.
44) A company performs 20 days work on a
30-day contract before the end of the year. The
total contract is valued at
$$6,000 and payment
is not due until the contract is fully completed.
The adjusting entry includes a $$4,000 credit to
unearned revenue.
45) An unadjusted trial
balance is a list of accounts and balances
prepared before adjustments are recorded and
posted.
46) Financial statements can be
prepared directly from the information in the
adjusted trial balance.
47) Income Summary is
a temporary account only used for the closing
process.
48) Revenue accounts should begin
each accounting period with zero balances.
49) The last four steps in the accounting
cycle include preparing the adjusted trial
balance, preparing financial statements
and
recording closing and adjusting entries.
50)
When expenses exceed revenues, there is a net loss
and the Income Summary account would have a credit
balance.
51) A post-closing trial balance is
a list of permanent accounts and their balances
from the ledger after all closing entries
are
journalized and posted.
PART II
MULTIPLE-CHOICE
1. The primary objective of
financial accounting is:
A. To serve the
decision-making needs of internal users.
B. To
provide financial statements to help external
users analyze an organization's activities.
C.
To monitor and control company activities.
D.
To provide information on both the costs and
benefits of looking after products and services.
E. To know what, when, and how much to
produce.
2. Internal users of accounting
information include:
A. Shareholders. B.
Managers. C. Lenders. D. Suppliers. E.
Customers.
3. A corporation:
A. Is a
business legally separate from its owners. B. Is
controlled by the FASB.
C. Has shareholders
who have unlimited liability for the acts of the
corporation.
D. Is the same as a limited
liability partnership. E. All of these.
4. The accounting assumption that requires
every business to be accounted for separately from
other
business entities, including its owner
or owners is known as the:
A. Objectivity
principle. B. Business entity assumption. C.
Going-concern assumption.
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D. Revenue recognition
principle. E. Cost principle.
5. The
rule that requires financial statements to reflect
the assumption that the business will continue
operating instead of being closed or sold,
unless evidence shows that it will not continue,
is the:
A. Going-concern principle. B.
Business entity principle. C. Objectivity
principle.
D. Cost Principle. E.
Monetary unit principle.
6. If a parcel
of land that was originally acquired for $$85,000
is offered for sale at $$150,000, is assessed for
tax purposes at $$95,000, is recognized by its
purchasers as easily being worth $$140,000, and is
sold for
$$137,000, the land should be recorded
in the purchaser's books at:
A. $$95,000. B.
$$137,000. C. $$138,500. D. $$140,000. E.
$$150,000.
7. To include the personal
assets and transactions of a business's owner in
the records and reports of the
business would
be in conflict with the:
A. Objectivity
principle. B. Realization principle. C.
Business entity principle.
D. Going-concern
principle. E. Revenue recognition principle.
8. The question of when revenue should be
recognized on the income statement (according to
GAAP) is
addressed by the:
A. Revenue
recognition principle. B. Going-concern
principle. C. Objectivity principle.
D.
Business entity principle. E. Cost
principle.
9. On December 15, 2007, Myers
Legal Services signed a $$50,000 contract with a
client to provide legal
services to the client
in 2008. Which accounting principle would require
Myers Legal Services to record the
legal fees
revenue in 2008 and not 2007?
A. Monetary
unit principle B. Going-concern principle
C. Cost principle
D. Business entity principle
E. Revenue recognition principle
10. A
partnership:
A. Is also called a sole
proprietorship. B. Has unlimited liability. C.
Has owners called shareholders.
D. Has to have
a written agreement in order to be legal. E.
Is a legal organization separate from its owners.
11. According to generally accepted
accounting principles, a company's balance sheet
should show the
company's assets at:
A.
The cash equivalent value of what was given up or
received.
B. The current market value of the
asset received in all cases.
C. The cash paid
only, even if something other than cash was given
in the exchange.
D. The best estimate of a
certified internal auditor. E. The objective
value to external users.
12. Revenue is
properly recognized:
A. When the customer's
order is received. B. Only if the transaction
creates an account receivable.
C. At the end
of the accounting period. D. When cash from a
sale is received.
E. Upon completion of the
sale or when services have been performed and the
business obtains the right to
collect the
sales price.
13. If a parcel of land that
was originally purchased for $$85,000 is offered
for sale at $$150,000, is assessed
for tax
purposes at $$95,000, is recognized by its
purchasers as easily being worth $$140,000, and is
sold for
$$137,000. What is the effect of the
sale on the accounting equation for the seller?
A. Assets increase $$52,000; owner's equity
increases $$52,000
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B. Assets increase $$85,000;
owner's equity increases $$85,000
C. Assets
increase $$137,000; owner's equity increases
$$137,000
D. Assets increase $$140,000; owner's
equity increases $$140,000
E. None of these
14. If a parcel of land that was
originally purchased for $$85,000 is offered for
sale at $$150,000, is assessed
for tax purposes
at $$95,000, is recognized by its purchasers as
easily being worth $$140,000, and is sold for
$$137,000. At the time of the sale, assume that
the seller still owed $$30,000 to TrustOne Bank on
the land
that was purchased for $$85,000.
Immediately after the sale, the seller paid off
the loan to TrustOne Bank.
What is the effect
of the sale and the payoff of the loan on the
accounting equation?
A. Assets increase
$$52,000; owner's equity increases $$22,000;
liabilities decrease $$30,000
B. Assets
increase $$52,000; owner's equity increases
$$30,000; liabilities decrease $$30,000
C.
Assets increase $$22,000; owner's equity increases
$$52,000; liabilities decrease $$30,000
D.
Assets decrease $$30,000; owner's equity decreases
$$30,000; liabilities decrease $$30,000
E.
Assets decrease $$55,000; owner's equity decreases
$$55,000; liabilities decrease $$30,000
15.
The difference between a company's assets and its
liabilities, or net assets is:
A. Net income.
B. Expense. C. Equity. D. Revenue. E. Net
loss.
16. Which of the following
statements is true about assets?
A. They are
economic resources owned or controlled by the
business.
B. They are expected to provide
future benefits to the business.
C. They
appear on the balance sheet. D. Claims on them
can be shared between creditors and owners.
E.
All of these.
17. On June 30 of the
current year, the assets and liabilities of
Phoenix Phildell are as follows: Cash
$$20,500;
Accounts Receivable, $$7,250; Supplies, $$650;
Equipment, $$12,000; Accounts Payable, $$9,300.
What is the amount of owner's equity as of
July 1 of the current year?
A. $$8,300 B.
$$13,050 C. $$20,500 D. $$31,100 E. $$40,400
18. Photometer Company paid off $$30,000
of its accounts payable in cash. What would be the
effects of this
transaction on the accounting
equation?
A. 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 increase.
E. Assets, $$30,000 decrease;
liabilities, no effect; equity $$30,000 decrease.
19. How would the accounting equation of
Boston Company be affected by the billing of a
client for
$$10,000 of consulting work
completed?
A. +$$10,000 accounts receivable,
-$$10,000 accounts payable. B. +$$10,000 accounts
receivable, +$$10,000
accounts payable.
C.
+$$10,000 accounts receivable, +$$10,000 cash.
D. +$$10,000 accounts receivable, +$$10,000 revenue.
E. +$$10,000 accounts receivable, -$$10,000
revenue.
20. Source documents include all
of the following except:
A. Sales tickets.
B. Ledgers. C. Checks. D. Purchase orders.
E. Bank statements.
21. Which of the
following statements is correct?
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A.
When a future expense is paid in advance, the
payment is normally recorded in a liability
account called
Prepaid Expense.
B.
Promises of future payment are called accounts
receivable.
C. Increases and decreases in cash
are always recorded in the owner's capital
account.
D. An account called Land is commonly
used to record increases and decreases in both the
land and
buildings owned by a business.
E.
Accrued liabilities include accounts receivable.
22. A written promise to pay a definite
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.
23. A collection of
all accounts and their balances used by a business
is called a:
A. Journal. B. Book of
original entry. C. General Journal. D.
Balance column journal. E. Ledger.
24.
A list of all accounts and the identification
number assigned to each account used by a company
is
called a:
A. Source document. B.
Journal. C. Trial balance. D. Chart of
accounts. E. General Journal.
25.
Which of the following statements is incorrect?
A. The normal balance of accounts receivable
is a debit.
B. The normal balance of owner's
withdrawals is a debit.
C. The normal balance
of unearned revenues is a credit.
D. The
normal balance of an expense account is a credit.
E. The normal balance of the owner's capital
account is a credit.
26. A simple account
form widely used in accounting as a tool to
understand how debits and credits affect
an
account balance is called a:
A. Withdrawals
account. B. Capital account. C. Drawing
account. D. T-account. E. Balance column
sheet.
27. Double-entry accounting 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 no credits.
D. That may only be
used if T-accounts are used. E. That insures
that errors never occur.
28. Management
Services, Inc. provides services to clients. On
May 1, a client prepaid Management
Services
$$60,000 for 6-months services in advance.
Management Services' general journal entry to
record
this transaction will include a
A.
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
$$60,000.
29. On September 30, the Cash
account of Value Company had a normal balance of
$$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 $$4,300 credit balance.
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D. A
$$5,700 debit balance. E. A $$5,700 credit
balance.
30. On April 30, Holden Company
had an Accounts Receivable balance of $$18,000.
During the month of
May, total credits to
Accounts Receivable were $$52,000 from customer
payments. The May 31 Accounts
Receivable
balance was $$13,000. What was the amount of credit
sales during May?
A. $$ 5,000. B. $$47,000.
C. $$52,000. D. $$57,000. E. $$32,000.
31. The following transactions occurred during
July:
1. Received $$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 in 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 $$1,250 cash from a customer for
services to be rendered next year.
What
was the amount of revenue for July?
A. $$
900. B. $$ 1,275. C. $$ 2,525. D. $$
3,275. E. $$11,100.
32. During the
month 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 to be provided in the
future and paid $$36,900 of cash on its
accounts payable balance. If the balance in the
accounts payable
account at the beginning of
March was $$77,300, what is the balance in accounts
payable at the end of
March?
A. $$83,900.
B. $$91,900. C. $$6,600. D. $$75,900. E.
$$4,900.
33. On January 1 of the current
year, Bob's Lawn Care Service reported owner's
capital totaling $$122,500.
During the current
year, total revenues were $$96,000 while total
expenses were $$85,500. Also, during the
current year Bob withdrew $$20,000 from the
company. No other changes in equity occurred
during the year.
If, on December 31 of the
current year, total assets are $$196,000, the
change in owner's capital during the
year was:
A. A decrease of $$9,500. B. An increase of
$$9,500. C. An increase of $$30,500.
D. A
decrease of $$30,500 E. Impossible to determine
from the information provided.
34. A
balance column ledger account is:
A. An
account entered on the balance sheet.
B. An
account with debit and credit columns for posting
entries and another column for showing the balance
of the account after each entry is posted.
C. Another name for the withdrawals account.
D. An account used to record the transfers of
assets from a business to its owner.
E. A
simple form of account that is widely used in
accounting to illustrate the debits and credits
required in
recording a transaction.
35. A general journal is:
A. A ledger in
which amounts are posted from a balance column
account.
B. Not required if T-accounts are
used.
C. A complete record of any transaction
and the place from which transaction amounts are
posted to the
ledger accounts.
D. Not
necessary in electronic accounting systems.
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E. A
book of final entry because financial statements
are prepared from it.
36. Which of the
following statements is true?
A. If the trial
balance is in balance, it proves that no errors
have been made in recording and posting
transactions.
B. The trial balance is a
book of original entry.
C. Another name for
the trial balance is the chart of accounts.
D.
The trial balance is a list of all accounts from
the ledger with their balances at a point in time.
E. The trial balance is another name for the
balance sheet as long as debits balance with
credits.
37. A trial balance taken at
year-end showed total credits exceed total debits
by $$4,950. This discrepancy
could have been
caused by:
A. An error in the general journal
where a $$4,950 increase in Accounts Receivable was
recorded as an
increase in Cash.
B. A net
income of $$4,950.
C. The balance of $$49,500 in
Accounts Payable being entered in the trial
balance as $$4,950.
D. The balance of $$5,500 in
the Office Equipment account being entered on the
trial balance as a debit of
$$550.
E. An
error in the general journal where a $$4,950
increase in Accounts Payable was recorded as a
decrease
in Accounts Payable.
38. In
which of the following situations would the trial
balance not balance?
A. A $$1,000 collection
of an account receivable was erroneously posted as
a debit to Accounts Receivable
and a credit to
Cash.
B. The purchase of office supplies on
account for $$3,250 was erroneously recorded in the
journal as $$2,350
debit to Office Supplies and
credit to Accounts Payable.
C. A $$50 cash
receipt for the performance of a service was not
recorded at all.
D. The purchase of office
equipment for $$1,200 was posted as a debit to
Office Supplies and a credit to
Cash for
$$1,200.
E. The cash payment of a $$750 account
payable was posted as a debit to Accounts Payable
and a debit to
Cash for $$750.
39.
Interim financial statements refer to financial
reports:
A. That cover less than one year,
usually spanning one, three, or six-month periods.
B. That are prepared before any adjustments
have been recorded.
C. That show the assets
above the liabilities and the liabilities above
the equity.
D. Where revenues are reported on
the income statement when cash is received and
expenses are reported
when cash is paid.
E. Where the adjustment process is used to
assign revenues to the periods in which they are
earned and to
match expenses with revenues.
40. The length of time covered by a set
of periodic financial statements is referred to as
the:
A. Fiscal cycle. B. Natural business
year. C. Accounting period. D. Business
cycle. E. Operating
cycle.
41.
Adjusting entries:
A. Affect only income
statement accounts. B. Affect
only balance sheet accounts.
C. Affect both
income statement and balance sheet accounts.
D. Affect only cash flow statement
accounts.
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E.
Affect only equity accounts.
42. The main
purpose of adjusting entries is to:
A. Record
external transactions and events. B. Record
internal transactions and events.
C. Recognize
assets purchased during the period. D.
Recognize debts paid during the period. E.
Correct
errors.
43. Which of the
following statements is incorrect?
A.
Adjustments to prepaid expenses, depreciation, and
unearned revenues involve previously recorded
assets and liabilities.
B. Accrued
expenses and accrued revenues involve assets and
liabilities that had not previously been
recorded.
C. Adjusting entries can be used
to record both accrued expenses and accrued
revenues.
D. Prepaid expenses, depreciation,
and unearned revenues often require adjusting
entries to record the
effects of the passage
of time.
E. Adjusting entries affect the cash
account.
44. An adjusting entry could be
made for each of the following except:
A.
Prepaid expenses. B. Depreciation. C. Owner
withdrawals. D. Unearned revenues. E. Accrued
revenues.
45. A company made no
adjusting entry for accrued and unpaid employee
wages of $$28,000 on December
31. This
oversight would:
A. Understate net income by
$$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.
46. If a company
mistakenly forgot to record depreciation on office
equipment at the end of an accounting
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,
net income, and equity understated. E.
Assets, net income, and equity overstated.
47. If a company failed to make the end-of-
period adjustment to remove from the Unearned
Management
Fees account the amount of
management fees that were earned, this omission
would cause:
A. An overstatement of net
income. B. An overstatement of assets.
C. An overstatement of liabilities.
D. An
overstatement of equity. E. An
understatement of liabilities.
48. When
closing entries are made:
A. All ledger
accounts are 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. Which of the
following statements is incorrect?
A.
Permanent accounts is another name for nominal
accounts.
B. Temporary accounts carry a zero
balance at the beginning of each accounting
period.
C. The Income Summary account is a
temporary account.
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D. Real accounts remain open
as long as the asset, liability, or equity items
recorded in the accounts
continue in
existence.
E. The closing process applies only
to temporary accounts.
50. Journal
entries recorded at the end of each accounting
period to prepare the revenue, expense, and
withdrawals accounts for the upcoming period
and to update the owner's capital account for the
events of
the period just finished are
referred to as:
A. Adjusting entries. B.
Closing entries. C. Final entries. D. Work
sheet entries. E. Updating entries.
51. The recurring steps performed each
reporting period, starting with analyzing and
recording transactions
in the journal and
continuing through the post-closing trial balance,
is referred to as the:
A. Accounting period.
B. Operating cycle. C. Accounting cycle. D.
Closing cycle. E. Natural business
year.
52. Which of the following is the usual
final step in the accounting cycle?
A.
Journalizing transactions. B. Preparing an
adjusted trial balance. C. Preparing a post-
closing trial
balance.
D. Preparing the
financial statements. E. Preparing a work
sheet.
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