会计学原理快速测试英文版教学提纲Word下载.docx
《会计学原理快速测试英文版教学提纲Word下载.docx》由会员分享,可在线阅读,更多相关《会计学原理快速测试英文版教学提纲Word下载.docx(16页珍藏版)》请在冰豆网上搜索。
5)Inthepartnershipformofbusiness,theownersarecalledstockholders.
6)Thebusinessentityprinciplemeansthatabusinesswillcontinueoperatingforanindefiniteperiodoftime.
7)Asageneralrule,revenuesshouldnotberecognizedintheaccountingrecordsuntilitisreceivedincash.
8)Accruedexpensesattheendofoneaccountingperiodareexpectedtoresultincashpaymentsinafutureperiod.
9)Theideathatabusinesswillcontinuetooperateuntilitcansellitsassetstopayitscreditorsunderliesthegoing-concernassumption.
10)Themonetaryunitassumptionmeansthatallinternationaltransactionsmustbeexpressedindollars.
11)TheInternationalAccountingStandardsBoard(IASB)isthegovernmentgroupthatestablishesreportingrequirementsforcompaniesthatissuestocktothepublic.
12)Expensesdecreaseequityandarethecostsofassetsorservicesusedtoearnrevenues.
13)Acompanymightprovideaserviceorproductoncredit."
Oncredit"
impliesthatthecashpaymentwilloccuronalaterdate.
14)Eachadjustingentryaffectsonlyoneormoreincomestatementaccountandnevercash.
15)Thelegitimateclaimsofabusiness'
screditorstakeprecedenceovertheclaimsofthebusinessowner.
16)Underthecashbasisofaccounting,noadjustmentsaremadeforprepaid,unearned,andaccrueditems.
17)Fromanaccountingperspective,aneventisahappeningthataffectsanentity'
saccountingequation,butcannotbemeasured.
18)Theincomestatementisafinancialstatementthatshowsrevenuesearnedandexpensesincurredduringaspecifiedperiodoftime.
19)ChuckTaylorwithdrew$6,000incashfromFastForward.Thisamountshouldbeincludedasanexpenseontheincomestatement.
20)Sourcedocumentsprovideevidenceofbusinesstransactionsandarethebasisforaccountingentries.
21)Itemssuchassalestickets,bankstatements,checks,andpurchaseordersaresourcedocuments.
22)Itisnotnecessarytokeepseparateaccountsforallitemsofimportanceforbusinessdecisions.
23)Closingentriesarenecessarysothatowner'
scapitalwillbegineachperiodwithazerobalance.
24)Cashwithdrawnbytheownerofaproprietorshipshouldbetreatedasanexpenseofthebusiness.
25)Whenacompanyprovidesservicesforwhichcashwillnotbereceiveduntilsomefuturedate,thecompanyshouldrecordtheamountreceivedasunearnedrevenuefortheamountchargedtothecustomer.
26)Doubleentryaccountingrequiresthateachtransactionaffect,andberecordedin,atleasttwoaccounts.
27)Assetaccountsnormallyhavecreditbalancesandrevenueaccountsnormallyhavedebitbalances.
28)Atransactionthatdecreasesanassetaccountandincreasesaliabilityaccountmustalsoaffectoneormoreotheraccounts.
29)Adjustingentriesareusedtobringassetorliabilityaccountstotheirproperamountandupdatetherelatedexpenseorrevenueaccount.
30)Whenacompanybillsacustomerfor$600forservicesrendered,thejournalentrytorecordthistransactionwillincludea$600debittoServicesRevenue.
31)Thejournalisknownasthebookoffinalentrybecausefinancialstatementsarepreparedfromit.
32)Theclosingprocesstakesplaceafterfinancialstatementshavebeenprepared.
33)Atrialbalancethatbalancesisnotproofofcompleteaccuracyinrecordingtransactions.
34)Closingentriesaredesignedtotransfertheend-of-periodbalancesintherevenueaccounts,theexpenseaccounts,andthewithdrawalsaccounttoowner'
scapital.
35)Ifcashwasincorrectlydebitedfor$100insteadofcorrectlycreditedfor$100,thecashaccountisoutofbalanceby$100.
36)Adjustingentriesresultinabettermatchingofrevenuesandexpensesfortheperiod.
37)Thematchingprinciplerequiresthatexpensesgetrecordedinthesameaccountingperiodastherevenuesthatareearnedasaresultoftheexpenses,notwhencashispaid.
38)OnOctober15,acompanyreceived$15,000cashasadownpaymentonaconsultingcontract.TheamountwascreditedtoUnearnedConsultingRevenue.ByOctober31,10%oftheservicesrequiredbythecontractwerecompleted.Thecompanywillrecordconsultingrevenueof$1,500fromthiscontractforOctober.
39)Closingrevenueandexpenseaccountsattheendoftheaccountingperiodservestomaketherevenueandexpenseaccountsreadyforuseinthenextperiod.
40)Accruedexpensesreflecttransactionswherecashispaidbeforearelatedexpenseisrecognized.
41)Beforeanadjustingentryismadetorecognizethecostofexpiredinsurancefortheperiod,PrepaidInsuranceandInsuranceExpensearebothoverstated.
42)Acompanypurchased$6,000worthofsuppliesinAugustandrecordedthepurchaseintheSuppliesaccount.OnAugust31,thefiscalyear-end,thesuppliescountequaled$3,200.Theadjustingentrywouldincludea$2,800debittoSupplies.
43)Inpreparingstatementsfromtheadjustedtrialbalance,thebalancesheetmustbepreparedfirst.
44)Acompanyperforms20daysworkona30-daycontractbeforetheendoftheyear.Thetotalcontractisvaluedat$6,000andpaymentisnotdueuntilthecontractisfullycompleted.Theadjustingentryincludesa$4,000credittounearnedrevenue.
45)Anunadjustedtrialbalanceisalistofaccountsandbalancespreparedbeforeadjustmentsarerecordedandposted.
46)Financialstatementscanbeprepareddirectlyfromtheinformationintheadjustedtrialbalance.
47)IncomeSummaryisatemporaryaccountonlyusedfortheclosingprocess.
48)Revenueaccountsshouldbegineachaccountingperiodwithzerobalances.
49)Thelastfourstepsintheaccountingcycleincludepreparingtheadjustedtrialbalance,preparingfinancialstatementsandrecordingclosingandadjustingentries.
50)Whenexpensesexceedrevenues,thereisanetlossandtheIncomeSummaryaccountwouldhaveacreditbalance.
51)Apost-closingtrialbalanceisalistofpermanentaccountsandtheirbalancesfromtheledgerafterallclosingentriesarejournalizedandposted.
PARTIIMULTIPLE-CHOICE
1.Theprimaryobjectiveoffinancialaccountingis:
A.
Toservethedecision-makingneedsofinternalusers.
B.
Toprovidefinancialstatementstohelpexternalusersanalyzeanorganization'
sactivities.
C.
Tomonitorandcontrolcompanyactivities.
D.
Toprovideinformationonboththecostsandbenefitsoflookingafterproductsandservices.
E.
Toknowwhat,when,andhowmuchtoproduce.
2.Internalusersofaccountinginformationinclude:
Shareholders.B.
Managers.C.
Lenders.D.
Suppliers.E.
Customers.
3.Acorporation:
Isabusinesslegallyseparatefromitsowners.B.
IscontrolledbytheFASB.
Hasshareholderswhohaveunlimitedliabilityfortheactsofthecorporation.
Isthesameasalimitedliabilitypartnership.E.
Allofthese.
4.Theaccountingassumptionthatrequireseverybusinesstobeaccountedforseparatelyfromotherbusinessentities,includingitsownerorownersisknownasthe:
Objectivityprinciple.B.
Businessentityassumption.C.
Going-concernassumption.
Revenuerecognitionprinciple.E.
Costprinciple.
5.Therulethatrequiresfinancialstatementstoreflecttheassumptionthatthebusinesswillcontinueoperatinginsteadofbeingclosedorsold,unlessevidenceshowsthatitwillnotcontinue,isthe:
Going-concernprinciple.B.
Businessentityprinciple.C.
Objectivityprinciple.
CostPrinciple.E.
Monetaryunitprinciple.
6.Ifaparceloflandthatwasoriginallyacquiredfor$85,000isofferedforsaleat$150,000,isassessedfortaxpurposesat$95,000,isrecognizedbyitspurchasersaseasilybeingworth$140,000,andissoldfor$137,000,thelandshouldberecordedinthepurchaser'
sbooksat:
$95,000.B.
$137,000.C.
$138,500.D.
$140,000.E.
$150,000.
7.Toincludethepersonalassetsandtransactionsofabusiness'
sownerintherecordsandreportsofthebusinesswouldbeinconflictwiththe:
Realizationprinciple.C.
Businessentityprinciple.
Going-concernprinciple.E.
Revenuerecognitionprinciple.
8.Thequestionofwhenrevenueshouldberecognizedontheincomestatement(accordingtoGAAP)isaddressedbythe:
Revenuerecognitionprinciple.B.
Going-concernprinciple.C.
Businessentityprinciple.E.
9.OnDecember15,2007,MyersLegalServicessigneda$50,000contractwithaclienttoprovidelegalservicestotheclientin2008.WhichaccountingprinciplewouldrequireMyersLegalServicestorecordthelegalfeesrevenuein2008andnot2007?
MonetaryunitprincipleB.
Going-concernprincipleC.
Costprinciple
BusinessentityprincipleE.
Revenuerecognitionprinciple
10.Apartnership:
Isalsocalledasoleproprietorship.B.
Hasunlimitedliability.C.
Hasownerscalledshareholders.
Hastohaveawrittenagreementinordertobelegal.E.
Isalegalorganizationseparatefromitsowners.
11.Accordingtogenerallyacceptedaccountingprinciples,acompany'
sbalancesheetshouldshowthecompany'
sassetsat:
Thecash