中级财务会计习题英文.docx
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中级财务会计习题英文
Chapter1
TrueorFalse
A.Anexampleofabusinessstakeholderisthefederalgovernment.
B.Acorporationisabusinessthatislegallyseparateanddistinctfromitsowners.
C.Accountingisaservicethatprovidesmanydifferentuserswithfinancialinformationtomakeeconomicdecisions.
D.Smallethicallapsesareharmlessinandofthemselves.
E.Managerialaccountingisprimarilyconcernedwiththerecordingandreportingofeconomicdataandactivitiesofanentityforusebyowners,creditors,governmentalagencies,andthepublic.
F.Theunitofmeasurementconceptrequiresthateconomicdataberecordedinacommonunitofmeasurement.
G.Ifabuildingisappraisedfor$90,000,offeredforsaleat$95,000,andthebuyerpays$85,000cashforit,thebuyerwouldrecordthebuildingat$90,000.
H.Theowner'srightstotheassetsrankaheadofthecreditors'rightstotheassets.
I.Businesstransactionsareeconomiceventsthatdirectlyorindirectlychangeanentity'sfinancialconditionorresultsfromoperations.
J.Ifnetincomeforaproprietorshipwas$25,000,theownerwithdrew$10,000incashandtheownerinvested$5,000incash,thecapitaloftheownerincreasedby$20,000.
K.Theownerisonlyallowedtowithdrawcashfromthebusiness.
L.Receivingabillorotherwisebeingnotifiedthatanamountisowedisnotrecordeduntiltheamountispaid.
M.Theprincipalfinancialstatementsofaproprietorshiparetheincomestatement,statementofowner'sequity,andthebalaneesheet.
N.Anincomestatementisasummaryoftherevenuesandexpensesofabusinessasofaspecificdate.
O.Alowratioofliabilitiestoowner'sequityindicatesthatabusinessisnearbankruptcy.
Multiplechoice
1.Profitisthediffereneebetween
a.assetsandliabilities
b.theincomingcashandoutgoingcash
c.theassetspurchasedwithcashcontributedbytheownerandthecashspenttooperatethebusiness
d.theassetsreceivedforgoodsandservicesandtheamountsusedtoprovidethegoodsandservices
2.Whichoftheitemsbelowisnotabusinessorganizationform?
a.entrepreneurshipb.proprietorship
c.partnershipd.corporation
3.Whichofthefollowingisnotastepinprovidingaccountinginformationtostakeholders?
a.designtheaccountinginformationsystem
b.prepareaccountingsurveys
c.identifystakeholdersd.recordeconomicdata
4.Foraccountingpurposes,thebusinessentityshouldbeconsideredseparatefromitsownersiftheentityis
a.acorporationb.aproprietorship
c.apartnershipd.alloftheabove
5.Whichofthefollowingisnotabusinesstransaction?
a.makeasalesofferb.sellgoodsforcash
c.receivecashforservicestoberenderedlater
d.payforsupplies
6.TheReynoIdsCompanyestimatedthatthevalueofitslandhadincreasedfrom$10,000to$16,000andthereforewroteupthelandaccountto$16,000.Whichaccountingconcept(s)was(were)violated?
a.costconceptb.objectivityconcept
c.alloftheaboved.noneoftheabove
7.Goodspurchasedonaccountforfutureuseinthebusiness,suchassupplies,arecalled
a.prepaidliabilitiesb.revenues
c.prepaidexpensesd.liabilities
8.Allofthefollowingarefinancialstatement(s)ofaproprietorshipexceptthe
a.statementofretainedearningsb.statementofowner'sequity
c.incomestatementd.statementofcashflows
Chapter2
TrueorFalse
A.Achartofaccountsisalistingofaccountsthatmakeupthejournal.
B.Drawingsareanexampleofanexpense.
C.Todeterminethebalanceinanaccount,alwayssubtractcreditsfromdebits.
D.Thedouble-entryaccountingsystemrecordseachtransactiontwice.
E.Theincreasesideofallaccountsisthenormalbalance.
F.Thejournalisthebookoforiginalentry.
G.Journalizingtransactionsusingthedouble-entrybookkeepingsystemwilleliminatefraud.
H.Theprocessoftransferringthedatafromthejournaltotheledgeraccountsisposting.
I.Thepostreferencenotationusedinthejournalisthepagenumber.
J.Whenabusinessreceivesabillfromtheutilitycompany,noentryshouldbemadeuntiltheinvoiceispaid.
K.Aproofoftheequalityofdebitsandcreditsintheledgerattheendofanaccountingperiodiscalledabalancesheet.
L.Evenwhenatrialbalanceisinbalance,theremaybeerrorsintheindividualaccounts.
M.Postingapartofatransactiontothewrongaccountwillcausethetrialbalancetotalstobeunequal.
N.Horizontalanalysisisusedtocomparethefinancialstatementsofthesamecompanyfordifferentperiods.
Multiplechoice
1.Agroupofrelatedaccountsthatcompriseacompleteunitiscalleda
a.Journalb.liability
c.ledgerd.transaction
2.Whichstatement(s)concerningcashis(are)true?
a.cashwillalwayshavemoredebitsthancredits
b.cashwillneverhaveacreditbalanee
c.cashisincreasedbydebiting
d.alloftheabove
3.Whichofthefollowingtypesofaccountshaveanormalcreditbalanee?
a.assetsandliabilities
b.liabilitiesandexpenses
c.revenuesandliabilities
d.capitalanddrawing
4.Whichofthefollowingentriesrecordsthereceiptofcashfrompatientsonaccount?
a.AccountsPayable,debit;FeesEarned,credit
b.AccountsReceivable,debit;FeesEarned,credit
c.AccountsReceivable,debit;Cash,credit
d.Cash,debit;AccountsReceivable,credit
5.Ifthetwototalsofatrialbalancearenotequal,itcouldbedueto
a.failuretorecordatransaction
b.recordingthesameerroneousamountforboththedebitandthecreditpartsofatransaction
c.anerrorindeterminingtheaccountbalances,suchasabalancebeingincorrectlycomputed
d.recordingthesametransactionmorethanonce
6.Whichofthefollowingerrors,eachconsideredindividually,wouldcausethetrialbalancetotalstobeunequal?
a.atransactionwasnotposted
b.apaymentof$96forinsurancewaspostedasadebitof$46toPrepaidInsuranceandacreditof$46toCash
c.apaymentof$311toacreditorwaspostedasadebitof$3,111toAccountsPayableandadebitof$311toAccountsReceivable
d.
cashreceivedfromcustomersonaccountwaspostedasadebitof$140toCashandacreditof$140toAccountsPayable
Chapter3
TrueorFalse
1.Theaccrualbasisofaccountingrequiresrevenueberecordedwhencashisreceivedfromcustomers.
2.Thematchingconceptrequiresexpensesberecordedinthesameperiodthattherelatedrevenueisrecorded.
3.Adjustingentriesaremadeattheendofanaccountingperiodtoadjustaccountsonthebalancesheet.
4.Thedifferencebetweendeferredrevenueandaccruedrevenueisthataccruedrevenuehasbeenrecordedandneedsadjustinganddeferredrevenuehasneverbeenrecorded.
5.ThesystematicallocationofIand'scosttoexpenseiscalleddepreciation.
6.Thedifferencebetweenthebalanceofafixedassetaccountandthebalanceofitsrelatedaccumulateddepreciationaccountistermedthebookvalueoftheasset.
7.Iftheadjustmentforaccruedsalariesattheendoftheperiodisinadvertentlyomitted,bothliabilitiesandowner'sequitywillbeoverstatedfortheperiod.
8.Thefinancialstatementsarepreparedfromtheunadjustedtrialbalance.
9.Verticalanalysiscompareseachiteminastatementwithanotheriteminthesamestatement.
Thecorrect:
2,6,9
Multiplechoice
1.Whichaccountwouldnormallynotrequireanadjustingentry?
a.WagesExpenseb.AccountsReceivable
c.AccumulatedDepreciationd.Smith,Capital
2.WhatistheproperadjustingentryatJune30,theendofthefiscalyear,basedonaprepaid
insuranceaccountbalancebeforeadjustment,$15,500,andunexpiredamountsperanalysisofpolicies,$4,500?
a.debitInsuranceExpense,$4,500;creditPrepaidInsurance,$4,500
b.debitInsuranceExpense,$15,500;creditPrepaidInsurance,$15,500
c.debitPrepaidInsurance,$11,500;creditInsuranceExpense,$11,500
d.debitInsuranceExpense,$11,000;creditPrepaidInsurance,$11,000
3.DepreciationExpenseandAccumulatedDepreciationareclassified,respectively,as
a.expense,contraassetb.asset,contraliability
c.revenue,assetd.contraasset,expense
4.Ifthereisabalanceintheunearnedsubscriptionsaccountafteradjustingentriesaremade,itrepresentsa(n)
a.deferralb.accrualc.drawingd.revenue
5.WhatistheproperadjustingentryatJune30,theendofthefiscalyear,basedonaprepaid
insuranceaccountbalancebeforeadjustment,$15,500,andunexpiredamountsperanalysisofpolicies,$4,500?
a.debitInsuranceExpense,$4,500;creditPrepaidInsurance,$4,500
b.debitInsuranceExpense,$15,500;creditPrepaidInsurance,$15,500
c.debitPrepaidInsurance,$11,500;creditInsuranceExpense,$11,500
d.debitInsuraneeExpense,$11,000;creditPrepaidInsuranee,$11,000
6.DepreeiationExpenseandAccumulatedDepreeiationareclassified,respectively,as
a.expense,contraassetb.asset,contraliability
c.revenue,assetd.contraasset,expense
7.Ifthereisabalanceintheunearnedsubscriptionsaccountafteradjustingentriesaremade,itrepresentsa(n)
a.deferralb.accrualc.drawingd.revenue
Multiplechoice:
ddaa
Chapter4
Trueorfalse
1.Themostimportantoutputoftheaccountingcycleisthefinancialstatements.
2.AnetlossisshownontheworksheetinthecreditcolumnsofboththeIncomeStatementcolumnsandtheBalanceSheetcolumns.
3.Thedifferencebetweenaclassifiedbalancesheetandonethatisnotclassifiedisthattheclassifiedonehassubheadings.
4.Sincetheadju