《会计学原理》考试复习练习14章Word下载.docx

《会计学原理》考试复习练习14章Word下载.docx

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Cash$20,500;

AccountsReceivable,$7,250;

Supplies,$650;

Equipment,$12,000;

AccountsPayable,$9,300.Whatistheamountofowner'

sequityasofJuly1ofthecurrentyear?

A.$8,300B.$13,050C.$20,500D.$31,1005.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;

equity,$30,000increase.

E.Assets,$30,000decrease;

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'

sgeneraljournalentrytorecordthistransactionwillincludeaA.DebittoTelephoneExpensefor$300.B.CredittoAccountsPayablefor$300.C.DebittoCashfor$300.D.CredittoTelephoneExpensefor$300.E.DebittoAccountsPayablefor$300.17.ManagementServices,Inc.providesservicestoclients.OnMay1,aclientprepaidManagementServices$60,000for6-monthsservicesinadvance.ManagementServices'

generaljournalentrytorecordthistransactionwillincludeaA.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.Isgenerallyacceptedforexternalreportingbecauseitismoreusefulthancashbasisformostbusinessdecisions.B.Isflawedbecauseitgivescompleteinformationaboutcashflows.C.Recognizesrevenueswhenreceivedincash.D.Recognizes