会计英语课后题.docx

会计英语课后题.docx

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会计英语课后题

 Unlimitedliabilityisanadvantageofasoleproprietorship.×

Asoleproprietorshipisabusinessownedbyoneormorepersons.×

Asageneralrule,revenuesshouldnotberecognizedintheaccountingrecordsuntilitisreceivedincash.×

Inthepartnershipformofbusiness,theownersarecalledstockholders.×

Theareaofaccountingaimedatservingthedecisionmakingneedsofinternalusersis:

AFinancialaccounting.

BManagerialaccounting.

CExternalauditing.

DSECreporting.

EBookkeeping.

Theaccountingconceptthatrequiresfinancialstatementinformationtobesupportedbyindependent,unbiasedevidenceotherthansomeone'sbelieforopinionis:

ABusinessentityassumption.

BMonetaryunitassumption.

CGoing-concernassumption.

DTime-periodassumption.

EObjectivity

Externalusersofaccountinginformationincludeallofthefollowingexcept:

AShareholders.

BCustomers.

CPurchasingmanagers.

DGovernmentregulators.

ECreditors.

Theaccountingassumptionthatrequireseverybusinesstobeaccountedforseparatelyfromotherbusinessentities,includingitsownerorownersisknownasthe:

ATime-periodassumption.

BBusinessentityassumption.

CGoing-concernassumption.

DRevenuerecognitionprinciple.

ECostprinciple.

Ifaparceloflandthatwasoriginallyacquiredfor$85,000isofferedforsaleat$150,000,isassessedfortaxpurposesat$95,000,isrecognizedbyitspurchasersaseasilybeingworth$140,000,andissoldfor$137,000,thelandshouldberecordedinthepurchaser'sbooksat:

A$95,000.

B$137,000.

C$138,500.

D$140,000.

E$150,000.

TheMaximCompanyacquiredabuildingfor$500,000.Maximhadthebuildingappraised,andfoundthatthebuildingwaseasilyworth$575,000.Thesellerhadpaid$300,000forthebuilding6yearsago.WhichaccountingprinciplewouldrequireMaximtorecordthebuildingonitsrecordsat$500,000

AMonetaryunitassumption.BGoing-concernassumption.

CCostprinciple.DBusinessentityassumption.

ERevenuerecognitionprinciple.

Iftheliabilitiesofabusinessincreased$75,000duringaperiodoftimeandtheowner'sequityinthebusinessdecreased$30,000duringthesameperiod,theassetsofthebusinessmusthave:

ADecreased$105,000.BDecreased$45,000.

CIncreased$30,000.DIncreased$45,000.EIncreased$105,000.

Iftheassetsofabusinessincreased$89,000duringaperiodoftimeanditsliabilitiesincreased$67,000duringthesameperiod,equityinthebusinessmusthave:

AIncreased$22,000.BDecreased$22,000.

CIncreased$89,000.DDecreased$156,000.EIncreased$156,000.

Ifacompanypaid$38,000ofitsaccountspayableincash,whatwastheeffectontheassets,liabilities,andequity

AAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywoulddecrease$38,000.

BAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywouldincrease$38,000.

CAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywouldnotchange.

DTherewouldbenoeffectontheaccountsbecausetheaccountsareaffectedbythesameamount.

ENoneofthese.

HowwouldtheaccountingequationofBostonCompanybeaffectedbythebillingofaclientfor$10,000ofconsultingworkcompleted

A+$10,000accountsreceivable,-$10,000accountspayable.

B+$10,000accountsreceivable,+$10,000accountspayable.

C+$10,000accountsreceivable,+$10,000cash.

D+$10,000accountsreceivable,+$10,000revenue.

E+$10,000accountsreceivable,-$10,000revenue

Assetscreatedbysellinggoodsandservicesoncreditare:

AAccountspayable.BAccountsreceivable.

CLiabilities.DExpenses.EEquity.

OnJune30ofthecurrentyear,theassetsandliabilitiesofPhoenix,Inc.areasfollows:

Cash$20,500;AccountsReceivable,$7,250;Supplies,$650;Equipment,$12,000;AccountsPayable,$9,300.Whatistheamountofowner'sequityasofJune30ofthecurrentyear

A$8,300B$13,050

C$20,500D$31,100

E$40,400

Theexcessofexpensesoverrevenuesforaperiodis:

ANetassets.BEquity.CNetloss.

DNetincome.EAliability.

Theaccountingequationimpliesthat:

Assets+Liabilities=Equity. ×

 owner'sequityaretheowner'sclaimonassets. √

Increasesinliabilityaccountsarerecordedasdebits. ×

 Creditinganexpenseaccountdecreasesit. √

 Ifinsurancecoverageforthenextthreeyearsispaidforinadvance,theamountofthepaymentisdebitedtoanassetaccountcalledPrepaidInsurance. √

ThepurchaseofsuppliesoncreditshouldberecordedwithadebittoSuppliesandacredittoAccountsPayable. √

IfacompanyprovidesservicestoacustomeroncreditthesellingcompanyshouldcreditAccountsReceivable. ×

Arecordoftheincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseisa（n）:

AJournal.BPosting.CTrialbalance.DAccount.EChartofaccounts.

Whichofthefollowingstatementsiscorrect

AWhenafutureexpenseispaidinadvance,thepaymentisnormallyrecordedinaliabilityaccountcalledPrepaidExpense.

BPromisesoffuturepaymentbythebuyerarecalledaccountsreceivable.

CIncreasesanddecreasesincasharealwaysrecordedintheowner'scapitalaccount.

DAnaccountcalledLandiscommonlyusedtorecordincreasesanddecreasesinboththelandandbuildingsownedbyabusiness.

EAccruedliabilitiesincludeaccountsreceivable.

Prepaidexpensesare:

APaymentsmadeforproductsandservicesthatdonoteverexpire.

BClassifiedasliabilitiesonthebalancesheet.

CDecreasesinequity.

DAssetsthatrepresentprepaymentsoffutureexpenses.

EPromisesofpaymentsbycustomers.

Adebit:

AAlwaysincreasesanaccount.BIstheright-handsideofaT-account.

CAlwaysdecreasesanaccount.DIstheleft-handsideofaT-account.

EIsnotneedtorecordatransaction.

Whichofthefollowingstatementsisincorrect

AThenormalbalanceofaccountsreceivableisadebit.

BThenormalbalanceofowner'swithdrawalsisadebit.

CThenormalbalanceofunearnedrevenuesisacredit.

DThenormalbalanceofanexpenseaccountisacredit.

EThenormalbalanceoftheowner'scapitalaccountisacredit.

Thefirststepintheprocessingofatransactionistoanalyzethetransactionandsourcedocuments. √

Preparationofatrialbalanceisthefirststepintheanalyzingandrecordingprocess. ×

Sourcedocumentsprovideevidenceofbusinesstransactionsandarethebasisforaccountingentries. √

Arevenueaccountnormallyhasadebitbalance. ×

Accountsarenormallydecreasedbydebits. ×

Allofthefollowingstatementsregardingasalesinvoicearetrueexcept:

AAsalesinvoiceisatypeofsourcedocument.

BAsalesinvoiceisusedbysellerstorecordthesale.

CAsalesinvoiceisusedbybuyerstorecordpurchases.

DAsalesinvoicegivesrisetoanentryintheaccountingprocess.

EAsalesinvoicedoesnotprovideobjectiveevidenceaboutatransaction.

Theaccountingprocessbeginswith:

AAnalysisofbusinesstransactionsandsourcedocuments.

BPreparingfinancialstatementsandotherreports.

CSummarizingtherecordedeffectofbusinesstransactions.

DPresentationoffinancialinformationtodecision-makers.

EPreparationofthetrialbalance.

Sourcedocumentsincludeallofthefollowingexcept:

ASalestickets.BLedgers.CChecks.DPurchaseorders.

Aledgeris:

AArecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.

BAjournalinwhichtransactionsarefirstrecorded.

CAcollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccountingprocess.

DAlistofallaccountswiththeirdebitbalancesatapointintime.

EArecordcontainingallaccountsandtheirbalancesusedbyacompany.

RobertHaddoncontributed$70,000incashandlandworth$130,000toopenanewbusiness,RHConsulting.WhichofthefollowinggeneraljournalentrieswillRHConsultingmaketorecordthistransaction

ADebitAssets$200,000;creditHaddon,Capital,$200,000.

BDebitCashandLand,$200,000;creditHaddon,Capital,$200,000.

CDebitCash$70,000;debitLand$130,000;creditHaddon,Capital,$200,000.

DDebitHaddon,Capital,$200,000;creditCash$70,000,creditLand,$130,000.

OnJanuary1acompanypurchasedafive-yearinsurancepolicyfor$1,800withcoveragestartingimmediately.IfthepurchasewasrecordedinthePrepaidInsuranceaccount,andthecompanyrecordsadjustmentsonlyatyear-end,theadjustingentryattheendofthefirstyearis:

ADebitPrepaidInsurance,$1,800;creditCash,$1,800.

BDebitPrepaidInsurance,$1,440;creditInsuranceExpense,$1,440.

CDebitPrepaidInsurance,$360;creditInsuranceExpense,$360.

DDebitInsuranceExpense,$360;creditPrepaidInsurance,$360.

EDebitInsuranceExpense,$360;creditPrepaidInsurance,$1,440. 

Acompanyhadnoofficesuppliesavailableatthebeginningoftheyear.Duringtheyear,thecompanypurchased$250worthofofficesupplies.OnDecember31,$75worthofofficesuppliesremained.Howmuchshouldthecompanyreportasofficesuppliesexpensefortheyear

A$75.B$125.C$175.D$250

OnApril1,acompanypaidthe$1,350premiumonathree-yearinsurancepolicywithbenefitsbeginningonthatdate.WhatwillbetheinsuranceexpenseontheannualincomestatementfortheyearendedDecember31

A$1,.B$.C$1,.D$.

IfthroughoutanaccountingperiodthefeesforlegalservicespaidinadvancebyclientsarerecordedinanaccountcalledUnearnedLegalFees,theend-of-periodadjustingentrytorecordtheportionofthosefeesthathasbeenearnedis:

ADebitCashandcreditLegalFeesEarned.

BDebitCashandcreditUnearnedLegalFees.

CDebitUnearnedLegalFeesandcreditLegalFeesEarned.

DDebit