中级会计1考试1题库.docx

中级会计1考试1题库.docx

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中级会计1考试1题库

会计考试2

Anadjustedtrialbalance

a.ispreparedafterthefinancialstatementsarecompleted.

b.provestheequalityofthetotaldebitbalancesandtotalcreditbalancesofledgeraccountsafteralladjustmentshavebeenmade.

c.isarequiredfinancialstatementundergenerallyacceptedaccountingprinciples.

d.cannotbeusedtopreparefinancialstatements.

Adjustingentriesarenecessaryto

1

obtainapropermatchingofrevenueandexpense.

2

achieveanaccuratestatementofassetsandequities.

3

adjustassetsandliabilitiestotheirfairmarketvalue.

a.1

b.2

c.3

d.1and2

Arevenuecollected,butnotearned.

a.Prepaidexpense

b.Unearnedrevenue

c.Accruedexpense

d.Accruedrevenue

accruedexpensecanbestbedescribedasanamount

a.paidandcurrentlymatchedwithearnings.

b.paidandnotcurrentlymatchedwithearnings.

c.notpaidandnotcurrentlymatchedwithearnings.

d.notpaidandcurrentlymatchedwithearnings.

Thedouble-entryaccountingsystemmeans

a.Eachtransactionisrecordedwithtwojournalentries.

b.Eachitemisrecordedinajournalentry,theninageneralledgeraccount.

c.Thedualeffectofeachtransactionisrecordedwithadebitandacredit.

d.Morethanoneoftheabove.

whichofthefollowingisarecordableeventoritem

a.Changesinmanagerialpolicy

b.Thevalueofhumanresources

c.Changesinpersonnel

d.Noneofthese

Ajournalentrytorecordareceiptofrentrevenueinadvancewillincludea

a.debittorentrevenue.

b.credittorentrevenue.

c.credittocash.

d.credittounearnedrent.

Anexpenseincurred,butnotpaid.

a.Prepaidexpense

b.Unearnedrevenue

c.Accruedexpense

d.Accruedrevenue

Factorsthatshapeanaccountinginformationsystemincludethe

a.natureofthebusiness.

b.sizeofthefirm.

c.volumeofdatatobehandled.

d.allofthese.

Thedebitandcreditanalysisofatransactionnormallytakesplace

a.beforeanentryisrecordedinajournal.

b.whentheentryispostedtotheledger.

c.whenthetrialbalanceisprepared.

d.atsomeotherpointintheaccountingcycle

Amaterialitemwhichisunusualinnatureorinfrequentinoccurrence,butnotbothshouldbeshownintheincomestatement

Disclosed

NetofTax

Separately

1.

No

No

2.

Yes

Yes

3.

No

Yes

4.

Yes

No

a.1

b.2

c.3

d.4

Comprehensiveincomeincludesallofthefollowingexcept

a.dividendrevenue.

b.lossesondisposalofassets.

c.investmentsbyowners.

d.unrealizedholdinggains.

DiscontinuanceofallproductionintheUnitedStates.ThemanufacturingoperationswererelocatedinMexico.Indicatehowthisshouldbetreatedinthefinancialstatements.

a.Ordinaryorunusual（butnotextraordinary）itemontheincomestatement

b.Discontinuedoperations

c.Extraordinaryitemontheincomestatement

d.Priorperiodadjustment

Theprimaryadvantageofthemultiple-stepformatliesinthesimplicityofpresentationandtheabsenceofanyimplicationthatonetypeofrevenueorexpenseitemhaspriorityoveranother.

F

Companiesreporttheresultsofoperationsofacomponentofabusinessthatwillbedisposedofseparatelyfromcontinuingoperations.

T

Whichofthefollowingisneverclassifiedasanextraordinaryitem

a.Lossesfromamajorcasualty.

b.Lossesfromanexpropriationofassets.

c.Gainonasaleoftheonlysecurityinvestmentacompanyhaseverowned.

d.Lossesfromexchangeortranslationofforeigncurrencies.

Earningsmanagementgenerallymakesincomestatementinformationmoreusefulforpredictingfutureearningsandcashflows.

F

TheaccountantfortheOrionSalesCompanyispreparingtheincomestatementfor2007andthebalancesheetatDecember31,2007.TheJanuary1,2007merchandiseinventorybalancewillappear

a.onlyasanassetonthebalancesheet.

b.onlyinthecostofgoodssoldsectionoftheincomestatement.

c.asadeductioninthecostofgoodssoldsectionoftheincomestatementandasacurrentassetonthebalancesheet.

d.asanadditioninthecostofgoodssoldsectionoftheincomestatementandasacurrentassetonthebalancesheet.

Whichofthefollowingisnotasellingexpense

a.Advertisingexpense

b.Officesalariesexpense

c.Freight-out

d.Storesuppliesconsumed

Whenacompanydiscontinuesanoperationanddisposesofthediscontinuedoperation（component）,thetransactionshouldbeincludedintheincomestatementasagainorlossondisposalreportedas

a.apriorperiodadjustment.

b.anextraordinaryitem.

c.anamountaftercontinuingoperationsandbeforeextraordinaryitems.

d.abulksaleofplantassetsincludedinincomefromcontinuingoperations.

ThetrialbalancefortheStarshipEnterpriseInc.ispresentedbelow:

Enterprise,Inc.

TrialBalance

Dec.31,2011

Cash

22,000

PrepaidInsurance

6,000

Supplies

12,000

Equipment

120,000

AccountsPayable

10,000

NotesPayable

80,000

RetainedEarnings

57,000

Dividends

15,000

RentRevenue

60,000

SalariesExpense

15,000

InsuranceExpense

9,000

OtherExpense

8,000

207,000

207,000

Assumingthatnoyearendadjustmentsarenecessary,thenetincomefortheyearendedDecember31,2011wouldbe:

a.$60,000

b.$28,000

c.$13,000

d.$70,000

SloppySecondsCorporationreceivedcashof$60,750onSeptember1,2010foroneyear’srentinadvanceandrecordedthetransactionwithacredittoRentRevenue.TheDecember31,2010adjustingentryis

a.debitRentRevenueandcreditUnearnedRent,$20,250.

b.debitRentRevenueandcreditUnearnedRent,$40,500.

c.debitUnearnedRentandcreditRentRevenue,$20,250.

d.debitCashandcreditUnearnedRent,$40,500.

ySecondsCorporationreceivedcashof$60,750onSeptember1,2010foroneyear’srentinadvanceandrecordedthetransactionwithacredittoUnearnedRent.TheDecember31,2010adjustingentryis

a.debitRentRevenueandcreditUnearnedRent,$20,250.

b.debitRentRevenueandcreditUnearnedRent,$40,500.

c.debitUnearnedRentandcreditRentRevenue,$20,250.

d.debitCashandcreditUnearnedRent,$40,500.

Snead,Inc.incurredthefollowinginfrequentlossesduring2007:

A$70,000write-downofequipmentleasedtoothers.

A$40,000adjustmentofaccrualsonlong-termcontracts.

A$60,000write-offofobsoleteinventory.

Inits2007incomestatement,whatamountshouldSneadreportastotalinfrequentlossesthatarenotconsideredextraordinary

a.$170,000.

b.$130,000.

c.$110,000.

d.$100,000.

DanNicholsonCorporationhasanextraordinarylossof$50,000,anunusualgainof$35,000,andataxrateof40%.AtwhatamountshouldDanNicholsonreporteachitem

a.Extraordinarylossof$（50,000）andUnusualgainof$35,000

b.Extraordinarylossof$（50,000）andUnusualgainof$21,000

c.Extraordinarylossof$（30,000）andUnusualgainof$35,000

d.Extraordinarylossof$（30,000）andUnusualgainof$21,000

AtHallCompany,eventsandtransactionsduring2007includedthefollowing.Thetaxrateforallitemsis30%.

1）

Depreciationfor2005wasfoundtobeunderstatedby$30,000.

2）

Astrikebytheemployeesofasupplierresultedinalossof$25,000.

3）

TheinventoryatDecember31,2005wasoverstatedby$40,000.

4）

Aflooddestroyedabuildingthathadabookvalueof$500,000.Floodsareveryuncommoninthatarea.

Theeffectoftheseeventsandtransactionson2007netincomenetoftaxwouldbe

a.$17,500.

b.$367,500.

c.$388,500.

d.$416,500.

AreviewoftheDecember31,2007,financialstatementsofBadenCorporationrevealedthatunderthecaption"extraordinarylosses,"Badenreportedatotalof$515,000.Furtheranalysisrevealedthatthe$515,000inlosseswascomprisedofthefollowingitems:

1）

Badenrecordedalossof$150,000incurredintheabandonmentofequipmentformerlyusedinthebusiness.

2）

Inanunusualandinfrequentoccurrence,alossof$250,000wassustainedasaresultofhurricanedamagetoawarehouse.

3）

During2007,severalfactorieswereshutdownduringamajorstrikebyemployees,resultinginalossof$85,000.

4）

Uncollectibleaccountsreceivableof$30,000werewrittenoffasuncollectible.

Ignoringincometaxes,whatamountoflossshouldBadenreportasextraordinaryonits2007incomestatement

a.$150,000.

b.$250,000.

c.$400,000.

d.$515,000.

ColeCompany,withanapplicableincometaxrateof30%,reportednetincomeof$210,000.Includedinincomefortheperiodwasanextraordinarylossfromflooddamageof$30,000beforedeductingtherelatedtaxeffect.Thecompany'sincomebeforeincometaxesandextraordinaryitemswas

a.$240,000

b.$300,000

c.$330,000

d.$231,000

Nominalaccountsarealsocalled

a.temporaryaccounts.

b.permanentaccounts.

c.realaccounts.

d.noneofthese.

Theendingretainedearningsbalanceisreportedonboththeretainedearningsstatementandthebalancesheet.

True

Ageneraljournal

a.chronologicallyliststransactionsandotherevents,expressedintermsofdebitsandcredits.

b.containsonerecordforeachoftheasset,liability,stockholders’equity,revenue,andexpenseaccounts.

c.listsalltheincreasesanddecreasesineachaccountinoneplace.

d.containsonlyadjustingentries.

Unearnedrevenueonthebooksofonecompanyislikelytobe

a.aprepaidexpenseonthebooksofthecompanythatmadetheadvancepayment.

b.anunearnedrevenueonthebooksofthecompanythatmadetheadvancepayment.

c.anaccruedexpenseonthebooksofthecompanythatmadetheadvancepayment.

d.anaccr