财务会计练习英语.docx

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.