财务会计练习英语.docx
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财务会计练习英语
practic
1.CHOICEQUESTIONS
38.Preparingaworksheetinvolves
a.twosteps.
b.threesteps.
c.foursteps.
d.fivesteps.
39.Theadjustmentsenteredintheadjustmentscolumnsofaworksheetare
a.notjournalized.
b.postedtotheledgerbutnotjournalized.
c.notjournalizeduntilafterthefinancialstatementsareprepared.
d.journalizedbeforetheworksheetiscompleted.
40.Theinformationforpreparingatrialbalanceonaworksheetisobtainedfrom
a.financialstatements.
b.generalledgeraccounts.
c.generaljournalentries.
d.businessdocuments.
41.Anadjustedtrialbalance
a.ispreparedafterthefinancialstatementshavebeenprepared.
b.provestheequalityofthedebitsandthecreditsoftheledgeraccounts.
c.isrequiredbyGAAP.
d.ispreparedafterthepost-closingtrialbalance.
42.TheincomestatementcolumnsoftheDelMonicoCompany’sworksheetreportstotaldebitsof$50,000andtotalcreditsof$35,000.Thismeansthat
a.thecompanyearnednetincomeof$15,000fortheperiod.
b.theworksheethasanerrorbecausedebitsdonotequalcredits.
c.thecompanyhasanetlossof$15,000
d.distributionstoownersfortheperiodtotalled$15,000.
43.Aworksheetisamultiplecolumnformthatfacilitatesthe
a.identificationofevents.
b.measurementprocess.
c.preparationoffinancialstatements.
d.analysisprocess.
44.Whichofthefollowingcompanieswouldbeleastlikelytouseaworksheettofacilitatetheadjustmentprocess?
a.Largecompanywithnumerousaccounts
b.Smallcompanywithnumerousaccounts
c.Allcompanies,sinceworksheetsarerequiredundergenerallyacceptedaccountingprinciples
d.Smallcompanywithfewaccounts
45.Aworksheetcanbethoughtofasa(n)
a.permanentaccountingrecord.
b.optionaldeviceusedbyaccountants.
c.partofthegeneralledger.
d.partofthejournal.
46.Theaccount,Supplies,willappearinthefollowingdebitcolumnsoftheworksheet.
a.Trialbalance
b.Adjustedtrialbalance
c.Balancesheet
d.Allofthese
47.Whenconstructingaworksheet,accountsareoftenneededthatarenotlistedinthetrialbalancealreadyenteredontheworksheetfromtheledger.Whereshouldtheseadditionalaccountsbeshownontheworksheet?
a.Theyshouldbeinsertedinalphabeticalorderintothetrialbalanceaccountsalreadygiven.
b.Theyshouldbeinsertedinchartofaccountorderintothetrialbalancealreadygiven.
c.Theyshouldbeinsertedonthelinesimmediatelybelowthetrialbalancetotals.
d.Theyshouldnotbeinsertedonthetrialbalanceuntilthenextaccountingperiod.
48.Whenusingaworksheet,adjustingentriesarejournalized
a.aftertheworksheetiscompletedandbeforefinancialstatementsareprepared.
b.beforetheadjustmentsareenteredontotheworksheet.
c.aftertheworksheetiscompletedandafterfinancialstatementshavebeenprepared.
d.beforetheadjustedtrialbalanceisextendedtotheproperfinancialstatementcolumns.
49.Closingentriesaremadeforallaccountsexcept
a.Revenues
b.Expenses
c.Dividends
d.CommonStock
50.Adjustingjournalentriesarepreparedfrom
a.sourcedocuments.
b.theadjustmentcolumnsoftheworksheet.
c.thegeneralledger.
d.lastyear'sworksheet.
51.Thenetincome(orloss)fortheperiod
a.isfoundbycomputingthedifferencebetweentheincomestatementcreditcolumnandthebalancesheetcreditcolumnontheworksheet.
b.cannotbefoundontheworksheet.
c.isfoundbycomputingthedifferencebetweentheincomestatementcolumnsoftheworksheet.
d.isfoundbycomputingthedifferencebetweenthetrialbalancetotalsandtheadjustedtrialbalancetotals.
52.Theworksheetdoesnotshow
a.netincomeorlossfortheperiod.
b.revenueandexpenseaccountbalances.
c.theendingbalanceintheretainedearningsaccount.
d.thetrialbalancebeforeadjustments.
53.Ifthetotaldebitsexceedtotalcreditsinthebalancesheetcolumnsoftheworksheet,retainedearnings
a.willincreasebecausenetincomehasoccurred.
b.willdecreasebecauseanetlosshasoccurred.
c.isinerrorbecauseamistakehasoccurred.
d.willnotbeaffected.
Usethefollowinginformationforquestions54–55.
TheincomestatementandbalancesheetcolumnsofPineCompany'sworksheetreflectsthefollowingtotals:
IncomeStatementBalanceSheet
Dr.Cr.Dr.Cr.
Totals$58,000$45,000$34,000$47,000
54.Thenetincome(orloss)fortheperiodis
a.$45,000income.
b.$13,000income.
c.$13,000loss.
d.notdeterminable.
55.Toenterthenetincome(orloss)fortheperiodintotheaboveworksheetrequiresanentrytothe
a.incomestatementdebitcolumnandthebalancesheetcreditcolumn.
b.incomestatementcreditcolumnandtothebalancesheetdebitcolumn.
c.incomestatementdebitcolumnandtheincomestatementcreditcolumn.
d.balancesheetdebitcolumnandtothebalancesheetcreditcolumn.
56.Closingentriesarenecessaryfor
a.permanentaccountsonly.
b.temporaryaccountsonly.
c.bothpermanentandtemporaryaccounts.
d.permanentorrealaccountsonly.
57.EachofthefollowingaccountsisclosedtoIncomeSummaryexcept
a.Expenses.
b.Dividends.
c.Revenues.
d.AlloftheseareclosedtoIncomeSummary.
58.Closingentriesaremade
a.inordertoterminatethebusinessasanoperatingentity.
b.sothatallassets,liabilities,andstockholders’equityaccountswillhavezerobalanceswhenthenextaccountingperiodstarts.
c.inordertotransfernetincome(orloss)anddividendtoretainedearnings.
d.sothatfinancialstatementscanbeprepared.
UsethefollowinginformationfromtheIncomeStatementforthemonthofJune,2006ofDelgadoEnterprisestoanswerquestions59–63.
Revenues$7,000
Expenses:
WagesExpense$2,000
AdvertisingExpense200
RentExpense1,000
SuppliesExpense300
InsuranceExpense100
Totalexpenses3,600
Netincome$3,400
59.Theentrytoclosetherevenueaccountincludes
a.adebittoIncomeSummaryfor$3,400.
b.acredittoIncomeSummaryfor$3,400.
c.adebittoIncomeSummaryfor$7,000.
d.acredittoIncomeSummaryfor$7,000.
60.Theentrytoclosetheexpenseaccountsincludes
a.adebittoIncomeSummaryfor$3,400.
b.acredittoRentExpensefor$1,000,
c.acredittoIncomeSummaryfor$3,600.
d.adebittoWagesExpensefor$2,000.
61.Aftertherevenueandexpenseaccountshavebeenclosed,thebalanceinIncomeSummarywillbe
a.$0.
b.adebitbalanceof$3,400.
c.acreditbalanceof$3,400.
d.acreditbalanceof$7,000.
62.TheentrytocloseIncomeSummarytoRetainedEarningsincludes
a.adebittoRevenuefor$7,000.
b.creditstoExpensestotalling$3,600.
c.acredittoIncomeSummaryfor$3,400
d.acredittoRetainedEarningsfor$3,400.
63.AtJune1,2006,DelgadoreportedRetainedEarningsof$35,000.ThecompanypaidnodividendsduringJune.AtJune30,2006,thecompanywillreportaRetainedEarningsbalanceof
a.$35,000credit.
b.$42,000credit.
c.$38,400credit.
d.$31,600credit.
64.Whichofthefollowingisatruestatementaboutclosingthebooksofacorporation?
a.ExpensesareclosedtotheExpenseSummaryaccount.
b.OnlyrevenuesareclosedtotheIncomeSummaryaccount.
c.RevenuesandexpensesareclosedtotheIncomeSummaryaccount.
d.Revenues,expenses,andtheDividendaccountareclosedtotheIncomeSummaryaccount.
UsethefollowinginformationfromtheIncomeStatementfortheyear2006ofNOLAInc.toanswerquestions65–71.
Revenues$70,000
Expenses:
WagesExpense$45,000
AdvertisingExpense6,000
RentExpense12,000
SuppliesExpense6,000
UtilitiesExpense2,500
InsuranceExpense2,000
Totalexpenses73,500
Netincome(loss)$(3,500)
65.Theentrytoclosetherevenueaccountincludes
a.adebittoIncomeSummaryfor$3,500.
b.acredittoIncomeSummaryfor$3,500.
c.adebittoRevenuesfor$70,000.
d.acredittoRevenuesfor$70,000.
66.Theentrytoclosetheexpenseaccountsincludes
a.adebittoIncomeSummaryfor$3,500.
b.acredittoIncomeSummary$3,500,
c.adebittoIncomeSummaryfor$73,500.
d.adebittoWagesExpensefor$2,500.
67.Aftertherevenueandexpenseaccountshavebeenclosed,thebalanceinIncomeSummarywillbe
a.$0.
b.adebitbalanceof$3,500.
c.acreditbalanceof$3,500.
d.acreditbalanceof$70,000.
68.TheentrytocloseIncomeSummarytoRetainedEarningsincludes
a.adebittoRevenuefor$70,000.
b.creditstoExpensestotalling$73,500.
c.acredittoIncomeSummaryfor$3,500
d.acredittoRetainedEarningsfor$3,500.
69.AtJanuary1,2006,NOLAreportedRetainedEarningsof$50,000.Dividendsfortheyeartotalled$10,000.AtDecember31,2006,thecompanywillreportaRetainedEarningsbalanceof
a.$13,500debit.
b.$36,500credit.
c.$40,000credit.
d.$43,500credit.
70.Afterallclosingentrieshavebeenposted,theIncomeSummaryaccountwillhaveabalanceof
a.$0.
b.$3,500debit.
c.$3,500credit.
d.$36,500credit.
71.AfterallclosingentrieshavebeenpostedtheRevenueaccountwillhaveabalanceof
a.$0.
b.$70,000credit.
c.$70,000debit.
d.$3,500credit.
72.TheIncomeSummaryaccountisanimportantaccountthatisused
a.duringinterimperiods.
b.inpreparingadjustingentries.
c.annuallyinpreparingclosingentries.