《会计学原理》考试复习练习14章.docx

《会计学原理》考试复习练习14章.docx

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《会计学原理》考试复习练习14章

1.Accountingisaninformationsystemthat:

A. Identifiesbusinessactivities.

B. Recordsbusinessactivities.

C. Communicatesbusinessactivities.

D. Helpspeoplemakebetterdecisions.

E.Allofthese.

2.Creditors'claimsontheassetsofacompanyarecalled:

A. Netlosses.

B. Expenses.

C. Revenues.

D. Equity.

E.Liabilities.

3.Theexcessofexpensesoverrevenuesforaperiodis:

A. Netassets.

B. Equity.

C. Netloss.

D. Netincome.

E. Aliability.

4.OnJune30ofthecurrentyear,theassetsandliabilitiesofPhoenixPhildellareasfollows:

Cash$20,500;AccountsReceivable,$7,250;Supplies,$650;Equipment,$12,000;AccountsPayable,$9,300.Whatistheamountofowner'sequityasofJuly1ofthecurrentyear?

A. $8,300

B. $13,050

C. $20,500

D. $31,100

5.PhotometerCompanypaidoff$30,000ofitsaccountspayableincash.Whatwouldbetheeffectsofthistransactionontheaccountingequation?

A. Assets,$30,000increase;liabilities,noeffect;equity,$30,000increase.

B. Assets,$30,000decrease;liabilities,$30,000decrease;equity,noeffect.

C. Assets,$30,000decrease;liabilities,$30,000increase;equity,noeffect.

D. Assets,noeffect;liabilities,$30,000decrease;equity,$30,000increase.

E. Assets,$30,000decrease;liabilities,noeffect;equity$30,000decrease.

6.Thefinancialstatementthatreportswhetherthebusinessearnedaprofitandalsoliststhetypesandamountsoftherevenuesandexpensesiscalled:

A. ABalanceSheet.

B. AStatementofOwner'sEquity.

C. AStatementofCashFlows.

D. AnIncomeStatement.

E. AStatementofFinancialPosition.

7.Abalancesheetlists:

A. Thetypesandamountsoftherevenuesandexpensesofabusiness.

B. Onlytheinformationaboutwhathappenedtoequityduringatimeperiod.

C. Thetypesandamountsofassets,liabilities,andequityofabusinessasofaspecificdate.

D. Theinflowsandoutflowsofcashduringtheperiod.

E. Theassetsandliabilitiesofacompanybutnottheowner'sequity.

8.Thefinancialstatementthatshowsthebeginningbalanceofowner'sequity;thechangesinequitythatresultedfromnewinvestmentsbytheowner,netincome（ornetloss）;withdrawals;andtheendingbalance,isthe:

A. StatementofFinancialPosition.

B. StatementofCashFlows.

C. BalanceSheet.

D. IncomeStatement.

E. StatementofOwner'sEquity.

9.Accountspayableappearonwhichofthefollowingstatements?

A. BalanceSheet.

B. IncomeStatement.

C. StatementofOwner'sEquity.

D. StatementofCashFlows.

E. TransactionStatement.

10.Acompany'sbalancesheetshows:

cash$22,000,accountsreceivable$16,000,officeequipment$50,000,andaccountspayable$17,000.Whatistheamountofowner'sequity?

A. $17,000.

B. $29,000.

C. $71,000.

D. $88,000.

E. $105,000.

11.Theaccountingprocessbeginswith:

A. Analysisofbusinesstransactionsandsourcedocuments.

B. Preparingfinancialstatementsandotherreports.

C. Summarizingtherecordedeffectofbusinesstransactions.

D. Presentationoffinancialinformationtodecision-makers.

E. Preparationofthetrialbalance.

12.Theaccountusedtorecordthetransfersofassetsfromabusinesstoitsowneris:

A. Arevenueaccount.

B. Theowner'swithdrawalsaccount.

C. Theowner'scapitalaccount.

D. Anexpenseaccount.

E. Aliabilityaccount.

13.Awrittenpromisetopayadefinitesumofmoneyonaspecifiedfuturedateisa（n）:

A. Unearnedrevenue.

B. Prepaidexpense.

C. Creditaccount.

D. Notepayable.

E. Accountreceivable.

14.Aledgeris:

A. Arecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.

B. Ajournalinwhichtransactionsarefirstrecorded.

C. Acollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccountingprocess.

D. Alistofallaccountswiththeirdebitbalancesatapointintime.

E. Arecordcontainingallaccountsandtheirbalancesusedbyacompany.

15.Double-entryaccountingisanaccountingsystem:

A. Thatrecordseachtransactiontwice.

B. Thatrecordstheeffectsoftransactionsandothereventsinatleasttwoaccountswithequaldebitsandcredits.

C. Inwhicheachtransactionaffectsandisrecordedintwoormoreaccountsbutthatcouldincludetwodebitsandnocredits.

D. ThatmayonlybeusedifT-accountsareused.

E. Thatinsuresthaterrorsneveroccur.

16.RockyIndustriesreceiveditstelephonebillintheamountof$300,andimmediatelypaidit.Rocky'sgeneraljournalentrytorecordthistransactionwillincludea 

A. DebittoTelephoneExpensefor$300.

B. CredittoAccountsPayablefor$300.

C. DebittoCashfor$300.

D. CredittoTelephoneExpensefor$300.

E. DebittoAccountsPayablefor$300.

17.ManagementServices,Inc.providesservicestoclients.OnMay1,aclientprepaidManagementServices$60,000for6-monthsservicesinadvance.ManagementServices'generaljournalentrytorecordthistransactionwillincludea 

A. DebittoUnearnedManagementFeesfor$60,000.

B. CredittoManagementFeesEarnedfor$60,000.

C. CredittoCashfor$60,000.

D. CredittoUnearnedManagementFeesfor$60,000.

E. DebittoManagementFeesEarnedfor$60,000.

18.WisconsinRentalspurchasedofficesuppliesoncredit.ThegeneraljournalentrymadebyWisconsinRentalswillincludea:

A. DebittoAccountsPayable.

B. DebittoAccountsReceivable.

C. CredittoCash.

D. CredittoAccountsPayable.

E. CredittoWisconsinRentals,Capital.

19.OnSeptember30,theCashaccountofValueCompanyhadanormalbalanceof$5,000.DuringSeptember,theaccountwasdebitedforatotalof$12,200andcreditedforatotalof$11,500.WhatwasthebalanceintheCashaccountatthebeginningofSeptember?

A. A$0balance.

B. A$4,300debitbalance.

C. A$4,300creditbalance.

D. A$5,700debitbalance.

E. A$5,700creditbalance.

20.ThefollowingtransactionsoccurredduringJuly:

1.Received$900cashforservicesprovidedtoacustomerduringJuly.

2.Received$2,200cashinvestmentfromBarbaraHanson,theownerofthebusiness.

3.Received$750fromacustomerinpartialpaymentofhisaccountreceivablewhicharosefromsalesinJune.

4.Providedservicestoacustomeroncredit,$375.

5.Borrowed$6,000fromthebankbysigningapromissorynote.

6.Received$1,250cashfromacustomerforservicestoberenderednextyear.

WhatwastheamountofrevenueforJuly?

A. $900.

B. $1,275.

C. $2,525.

D. $3,275.

E. $11,100.

21.AtthebeginningofJanuaryofthecurrentyear,ThomasLawCenter'sledgerreflectedanormalbalanceof$52,000foraccountsreceivable.DuringJanuary,thecompanycollected$14,800fromcustomersonaccountandprovidedadditionalservicestocustomersonaccounttotaling$12,500.Additionally,duringJanuaryonecustomerpaidThomas$5,000forservicestobeprovidedinthefuture.AttheendofJanuary,thebalanceintheaccountsreceivableaccountshouldbe:

A. $54,700.

B. $49,700.

C. $2,300.

D. $54,300.

E. $49,300.

22.DuringthemonthofMarch,CooleyComputerServicesmadepurchasesonaccounttotaling$43,500.AlsoduringthemonthofMarch,Cooleywaspaid$8,000byacustomerforservicestobeprovidedinthefutureandpaid$36,900ofcashonitsaccountspayablebalance.IfthebalanceintheaccountspayableaccountatthebeginningofMarchwas$77,300,whatisthebalanceinaccountspayableattheendofMarch?

A. $83,900.

B. $91,900.

C. $6,600.

D. $75,900.

E. $4,900.

23.Thetimeperiodprincipleassumesthatanorganization'sactivitiescanbedividedintospecifictimeperiodsincluding:

A. Months.

B. Quarters.

C. Fiscalyears.

D. Calendaryears.

E. Allofthese.

24.Abroadprinciplethatrequiresidentifyingtheactivitiesofabusinesswithspecifictimeperiodssuchasmonths,quarters,oryearsisthe:

A. Operatingcycleofabusiness.

B. Timeperiodprinciple.

C. Going-concernprinciple.

D. Matchingprinciple.

E. Accrualbasisofaccounting.

25. Theaccountingprinciplethatrequiresrevenuetobereportedwhenearnedisthe:

A. Matchingprinciple.

B. Revenuerecognitionprinciple.

C. Timeperiodprinciple.

D. Accrualreportingprinciple.

E. Going-concernprinciple.

26.Adjustingentries:

A. Affectonlyincomestatementaccounts.

B. Affectonlybalancesheetaccounts.

C. Affectbothincomestatementandbalancesheetaccounts.

D. Affectonlycashflowstatementaccounts.

E. Affectonlyequityaccounts.

27.Thebroadprinciplethatrequiresexpensestobereportedinthesameperiodastherevenuesthatwereearnedasaresultoftheexpensesisthe:

A. Recognitionprinciple.

B. Costprinciple.

C. Cashbasisofaccounting.

D. Matchingprinciple.

E. Timeperiodprinciple.

28.Adjustingentriesarejournalentriesmadeattheendofanaccountingperiodforthepurposeof:

A. Updatingliabilityandassetaccountstotheirproperbalances.

B. Assigningrevenuestotheperiodsinwhichtheyareearned.

C. Assigningexpensestotheperiodsinwhichtheyareincurred.

D. Assuringthatfinancialstatementsreflecttherevenuesearnedandtheexpensesincurred.

E. Allofthese.

29.Theapproachtopreparingfinancialstatementsbasedonrecognizingrevenueswhentheyareearnedandmatchingexpensestothoserevenuesis:

A. Cashbasisaccounting.

B. Thematchingprinciple.

C. Thetimeperiodprinciple.

D. Accrualbasisaccounting.

E. Revenuebasisaccounting.

30.Prepaidexpenses,depreciation,accruedexpenses,unearnedrevenues,andaccruedrevenuesareallexamplesof:

A. Itemsthatrequirecontraaccounts.

B. Itemsthatrequireadjustingentries.

C. Assetandequity.

D. Assetaccounts.

E. Incomestatementaccounts.

.31.Theaccrualbasisofaccounting:

A. Isgenerallyacceptedforext