部分习题.docx

部分习题.docx

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部分习题

Chapter1Introduction

Choices

（1）WhichofthefollowingisNOTconsideredacurrentasset?

A.Cash.B.Inventory.

C.PatentsD.Accountsreceivable.

（2）Currentassetsandliabilitiesaregenerallyexpectedtobeusedorpaidwithinthenext:

A.quarter.B.sixmonths.

C.twelvemonths.D.month.

（3）Thematchingprinciplerequiresthat

A.assetsandliabilitiesarematchedwitheachother.

B.revenuesandexpensesarematchedwitheachother.

C.incomeandcashflowarematchedwitheachother.

D.theincomestatementandbalancesheetarematchedwitheachother.

（4）Whichofthefollowingisdeductedincomputingincomeoperatingincome?

A.Interestincome.B.Incometaxes.

C.Unusualorinfrequentitems.

D.Extraordinaryitems.

（5）OperatingexpensesdoNOTinclude:

A.interestexpense.B.insuranceexpense.

C.rentexpense.D.thecostofgoodssold.

（6）Afiscalyearis:

A.anytwelve-monthperiod.

B.January1throughDecember31.

C.anytwelvemonthperiodbeginningnolaterthanJanuary31.

D.onlyusedforinternalaccounting,sinceitcannotbeusedfortaxpurposes.

（7）Whichofthefollowingstatementsaboutstockholders’equityisFALSE?

A.Thestatementofstockholders’equitylistsownershipinterestinorderofpaymentpreferenceuponliquidationofthefirm.

B.Retainedearningsarethetotalearningssinceinceptionlessallthedividendseverpaidout.

C.Commonstockislistedatitssaleprice.

D.Preferredstockreceivesdividendsbeforecommonshareholders.

（8）Whichofthefollowingisacharacteristicofinformationprovidedbyexternalfinancialreports?

A.Theinformationisexactandnotsubjecttochange.

B.Theinformationisfrequentlytheresultofreasonableestimates.

C.Theinformationpertainstotheeconomyasawhole.

D.Theinformationisprovidedattheleastpossiblecost.

（9）Thebalancesheetequationcanbedefinedaswhichofthefollowing?

A.Assets=Liabilities+Stockholders’Equity

B.Assets+Liabilities=Stockholders’Equity

C.Assets=Liabilities–Stockholders’Equity

D.Assets–Liabilities=Stockholders’Equity

（10）Ifassetsare$100,000andliabilitiesare$40,000,howmuchisstockholders’equity?

A.$140,000B.$50,000

C.$60,000D.$30,000

（11）TheForm10-Kissubmittedtothe:

A.AmericanInstituteofCertifiedPublicAccountants

B.SecuritiesandExchangeCommission

C.InternalRevenueService

D.AmericanAccountingAssociation

（12）Abuildingwasconstructedatacostof$50000,forwhichalocalcontractorhadsubmittedabillof$60000.Nowthebuildinghasafairvalueof$135000.Atwhatamountshouldthebuildingberecorded?

A.$5000B.$60000

C.$135000D.Noneoftheabove.

Answerstochoices

（1）C

（2）C（3）B（4）C（5）A（6）A（7）C（8）B（9）A（10）C

（11）B（12）A

P1-1Listthestatementonwhicheachofthefollowingitemsmayappear.Placetheappropriatedlettersontheblankline.

（1）incomestatement

（2）balancesheet

（3）neither

a.Salesb.Costofgoodssold

c.Grossprofitd.Retainedearnings

e.CommonStockf.Netincome

g.Prepaidexpenseh.Discontinuedoperations

i.Operatingincomej.Inventory

k.Preferredstockl.Wagespayable

m.Lossfromfloodn.Property,plantandequipment

o.Treasurystockp.Interestincome

q.Gainonsaleofpropertyr.Dividendspayable

s.AccumulatedDepreciationt.Accountsreceivable

u.Netincomepercommonsharev.Cashprovidedbyoperatingactivities

P1-4ThefollowinginformationwasobtainedfromtheaccountsofLuky,Inc.,asofDecember31,2010.Itispresentedinscrambledorder.

Commonstock,noparvalue,10,000sharesauthorized,5,724sharesissued

$3,180

Retainedearnings

129,950

Deferredincometaxliability（longterm）

24,000

Long-termdebt

99,870

Accountspayable

35,000

Buildings

75,000

Machineryandequipment

300,000

Land

11,000

Accumulateddepreciation

200,000

Cash

3,000

Receivables,lessallowanceof$3,000

58,000

Accruedincometaxes

3,000

Inventory

54,000

Otheraccruedexpenses

8,000

Currentportionoflong-termdebt

7,000

Prepaidexpenses

2,000

Otherassets（longterm）

7,000

Required

Prepareaclassifiedbalancesheetinreportform.Forassets,usetheclassificationsofcurrentassets,plantandequipment,andotherassets.Forliabilities,usetheclassificationsofcurrentliabilitiesandlong-termliabilities.

P1-5SAFFNYCORPORATION

IncomeStatement

FortheYearEndedDecember31,2010

Revenue:

Revenuesfromsales

$450,000

Other

5,000

Totalrevenue

455,000

Expenses:

Costofproductssold

$280,000

Sellingexpenses

50,000

Administrativeandgeneralexpenses

20,000

Federalandstateincometaxes

30,000

Totalexpenses

380,000

Netincome

75,000

Othercomprehensiveincome

Available-for-salesecuritiesadjustment,netof$5,000incometax

$7,000

Foreigncurrencytranslationadjustment,netof$3,000incometax

8,000

Othercomprehensiveincome

15,000

Comprehensiveincome

$90,000

Required

Fromtheinformationgiven,reconstructamultiple-stepincomestatementfortheyear.

Chapter2LiquidityandShort-termDebt-payingAbility

True（T）orFalse（F）

（1）CurrentRatiobelow2.00isnotadequate.

（2）Averyhighdegreeofliquidityisgoodforthefirmasitdoesnotexperienceanydifficultyinmakingpayments.

（3）Afirmshouldensureneitherexcessliquiditynorinadequateliquidity.

（4）Quickratioestablishesarelationshipbetweenliquidassetsandcurrentliabilities.

（5）Adecreasedinventoryturnoverratiousuallyindicatesexpandingbusiness.

（6）Currentratioisacrudeandquickmeasureoffirm’sliquidity.

（7）Generally,aquickratioisnotbetterthancurrentratioinatestofliquidity.

（8）Inventoryispartofliquidassets.

Choices

（1）Acompany’scurrentratiois1.9times.Ifsomeoftheaccountspayablearepaidofffromthecashaccount,the:

A.currentratiowouldremainunchanged

B.numeratorwoulddecreasemorethanthedenominator,resultinginalowercurrentratio

C.denominatorwoulddecreasemorethanthenumerator,resultinginahighercurrentratio

D.numeratoranddenominatorwoulddecreasebythesameamount,leavingthecurrentratioincreased

（2）Acompany’squickratiois1.2times.Ifinventorieswerepurchasedoncredit,the:

A.quickratiowouldremainunchanged

B.numeratorwouldincreasemorethanthedenominator,resultinginahigherquickratio

C.denominatorwouldincreasemorethanthenumerator,resultinginalowerquickcurrentratio

D.numeratoranddenominatorwouldincreasebythesameamount,leavingthecurrentratiodecreased

（3）Allotherthingsheldconstant,whichofthefollowingtransactionswillincreaseafirm’scurrentratioiftheratioisgreaterthanone?

A.Accountsreceivablearecollectedandthefundsreceivedaredepositedinthebank

B.Equipmentsarepurchasedfromthecashaccount

C.Accountspayablearepaidwithcash.

D.Inventoryispurchasedonaccount

（4）IncomestatementindicatesCOGSof$100,000.Thebalancesheetshowsanaverageinventorybalanceof$12,000.Whatistheaverageinventoryturnoverperiod?

A.28daysB.37days

C.44daysD.52days

（5）ABCcompanyhasagrossprofitmarginof$45,000onsalesof$150,000.Thebalancesheetshowsaveragetotalassetsof$75,000withanaverageinventorybalanceof$15,000.Whatarethetotalassetturnoverandinventoryturnover,respectively?

A.0.50times,0.33times

B.2.00times,7.00times

C.7.00times,2.00times

D.2.00times,3.00times

（7）Theearlyliquidationofalong-termnotewithcashwould:

A.Affectthecurrentratiotoagreaterdegreethantheacid-testratio

B.Affecttheacid-testratiotoagreaterdegreethanthecurrentratio

C.Affectthecurrentandacid-testratiostothesamedegree

D.Affectthecurrentratio,butnottheacid-testratio

（8）Findoutthemissingfigureifcurrentratiois2︰1.

Rawmaterials:

10,000

Workinprogress:

20,000

Bankcashcredit:

5,000

Creditors:

4,000

Notespayable?

A.10,000B.9,000C.12,000D.6,000

（10）Acompanycanmeetitsfinancialobligationsasandwhentheyfalldueif

A.CurrentRatiois2:

1

B.CurrentRatioislessthan2:

1

C.Moredependsoncompositionofcurrentassetsratherthancurrentratioalone

D.Currentassetsjustcovercurrentliabilities

（11）Giventhefollowingdata,theinventoryturnoverindayswouldbe:

Openingstock:

10,000

Closingstock:

20,000

Sales:

40,000

GrossProfit:

10%

A.152B.30C.60D.120

（12）TheDepontCompanymanufacturesindustrialproductsandemploysacalendaryearforfinancialreportingpurposes.Items

（1）through（4）presentseveralofitstransactionsduring20×7.Thetotalofcashandcashequivalents,marketablesecurities,andnetreceivablesexceededtotalcurrentliabilitiesbothbeforeandaftereachtransactiondescribed.Deponthaspositiveprofitsin20×7andacreditbalancethroughout20×7initsretainedearningsaccount.Answerthefollowingmultiple-choicequestions.

a.Paymentofatradeaccountpayableof$6,500would:

A.Increasethecurrentratio,buttheacid-testratiowouldnotbeaffected

B.Increasetheacid-testratio,butthecurrentratiowouldnotbeaffected

C.Increaseboththecurrentandacid-testratios

D.Decreaseboththecurrentandacid-testratios

b.Thepurchaseofrawmaterialsfor$35,000onopenaccountwould:

A.Increaseboththecurrentratioandnetworkingcapital

B.Decreaseboththecurrentratioandnetworkingcapital

C.Increasethecurrentratiobutnetworkingcapitalremainsunchanged

D.Decreasethecurrentratiobutnetworkingcapitalremainsunchanged

c.Thecollectionofacurrentaccountsreceivableof$9,000w