会计学原理练习题文档格式.docx

会计学原理练习题文档格式.docx

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Sourcedocumentsprovideevidenceofbusinesstransactionsandarethebasisforaccountingentries.?

5.?

Itemssuchassalestickets,bankstatements,checks,andpurchaseordersaresourcedocuments.?

6.?

Anaccountisarecordofincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.?

7.?

Acustomer'

spromisetopayiscalledanaccountpayabletotheseller.?

9.?

Asprepaidexpensesareused,theexpiredcostsoftheassetsbecomeexpenses.?

10.?

Landandbuildingsaregenerallyrecordedinthesameledgeraccount.?

FALSe

13.?

Cashwithdrawnbytheownerofaproprietorshipshouldbetreatedasanexpenseofthebusiness.?

15.?

Thechartofaccountsisalistofalltheaccountsusedbyacompanyandincludesanidentificationnumberassignedtoeachaccount.?

16.?

Anaccountbalanceisthedifferencebetweenthedebitsandcreditsforanaccountincludinganybeginningbalance.?

18.?

Inadouble-entryaccountingsystem,thetotalamountdebitedmustalwaysequalthetotalamountcredited.?

19.?

Increasesinliabilityaccountsarerecordedasdebits.?

20.?

Debitsincreaseassetandexpenseaccounts.?

21.?

Creditsalwaysincreaseaccountbalances.?

FALS

23.?

Doubleentryaccountingrequiresthateachtransactionaffect,andberecordedin,atleasttwoaccounts.?

24.?

Arevenueaccountnormallyhasadebitbalance.?

25.?

Accountsarenormallydecreasedbydebits.?

26.?

Theowner'

swithdrawalaccountnormallyhasacreditbalancesinceitisanequity

28.?

Anowner'

scapitalaccountnormallyhasadebitbalance.?

29.?

Adebitentryisalwaysfavorable.?

30.?

Atransactionthatdecreasesanassetaccountandincreasesaliabilityaccountmustalsoaffectoneormoreotheraccounts.?

31.?

Atransactionthatincreasesanassetanddecreasesaliabilitymustalsoaffectoneormoreotheraccounts.?

34.?

Ifacompanypurchaseslandpayingcash,thejournalentrytorecordthistransactionwillincludeadebittoCash.?

IfacompanyprovidesservicestoacustomeroncreditthesellingcompanyshouldcreditAccountsReceivable.?

Whenacompanybillsacustomerfor$600forservicesrendered,thejournalentrytorecordthistransactionwillincludea$600debittoServicesRevenue.?

37.?

Thedebtratiohelpstoassesstheriskacompanyhasoffailingtopayitsdebtsandishelpfultobothitsownersandcreditors.?

38.38.?

Thehigheracompany'

sdebtratiois,thehighertheriskofacompanynotbeingabletomeetitsobligations.?

39.TRUE

Thedebtratioiscalculatedbydividingtotalassetsbytotalliabilities.?

FALSE40.?

Acompanythatfinancesarelativelylargeportionofitsassetswithliabilitiesissaidtohaveahighdegreeoffinancialleverage.?

41.?

Ifacompanyishighlyleveraged,thismeansthatithasrelativelylowriskofnotbeingabletorepayitsdebt.?

42.?

HamiltonIndustrieshasliabilitiesof$105millionandtotalassetsof$350million.Itsdebtratiois%.?

FALSE$105million/$350million=%

43.?

Highfinancialleverageisalwaysbadforacompany'

sowners.?

44.?

Acompoundjournalentryaffectsnomorethantwoaccounts.?

45.?

Postingisthetransferofjournalentryinformationtotheledger.?

46.?

Transactionsarefirstrecordedintheledger.?

47.?

Thejournalisknownasabookoforiginalentry.?

48.?

Ajournalgivesacompleterecordofeachtransactioninoneplace,andshowsthedebitsandcreditsforeachtransaction.?

AICPAFN:

DecisionMaking

Difficulty:

Easy

LearningObjective:

C1

49.?

Thejournalisknownasthebookoffinalentrybecausefinancialstatementsarepreparedfromit.?

Hard

50.?

Atrialbalancethatbalancesisnotproofofcompleteaccuracyinrecordingtransactions.?

P2

51.?

Thetrialbalanceisalistofallaccountsandtheirbalancesatapointintimetakenfromtheledger.?

52.?

Generally,theorderingofaccountsinatrialbalancetypicallyfollowstheiridentificationnumberfromthechartofaccounts,thatis,assetsfirst,thenliabilities,thenowner'

scapitalandwithdrawals,followedbyrevenuesandexpenses.?

AACSB:

Analytic

Medium

53.?

Thetrialbalancecanserveasareplacementforthebalancesheet,sincedebitsmustequalwithcredits.?