财务会计复习题.docx

财务会计复习题.docx

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财务会计复习题

财务会计复习题

《财务会计》复习题

Circletheletterofthebestresponse.

1．Whichofthefollowingstatementsisfalse?

A．Accountingistheinformationsystemthatmeasuresbusinessactivities,processesthatinformationintoreports,andcommunicatestheresultstodecisionmakers.

B．Financialstatementsreportfinancialinformationaboutabusinessentitytodecisionmakers.

C．Ownersofacorporationarepersonallyliableforthedebtsofthecorporation.

D．Thepurposeoffinancialaccountingistoprovideinformationtopeopleoutsideoftheentity,suchasinvestorsandcreditors.

2．Wilburownsandoperatesafishingtackleshop.Wilburneedstoborrowmoneytoexpand;therefore,hepreparedfinancialstatementstopresenttohisbanker.Wilburobtainedappraisalsofalltheassetsofthebusinesstoensurethatthebalancesheetwouldreflectthemostcurrentvalueoftheassets.Wilburhasviolatedwhichofthefollowingprinciplesorconcepts?

A．Reliabilityprinciple

B．Costprinciple

C．Going-concernprinciple

D．Stable-monetary-unitconcept

3．Whichofthefollowingistrue?

A．Owners'Equity－Assets＝Liabilities

B．Assets－Owners'Equity＝Liabilities

C．Assets＋Liabilities＝Owners'Equity

D．Liabilities＝Owners'Equity＋Assets

4．G.HarrisonIncexperiencedadecreaseintotalassetsof$2,000duringthecurrentyear.Duringthesameyear,totalliabilitiesdecreased$6,000.Ifdividendsfortheyearwere$10,000andtheownersmadenoadditionalinvestment,howmuchwasnetincome?

A．$14,000

B．$6,000

C．$18,000

D．$2,000

5．Whichofthefollowingstatementsistrue?

A．Theincomestatementreportsallchangesinassets,liabilities,andstockholders'equityofthebusinessduringtheperiod.

B．Revenuesandexpensesarereportedonlyonthebalancesheet.

C．Thestatementofcashflowsreportscashflowsfromthreetypesofbusinessactivities——cashreceipts,cashpayments,andinvesting.

D．Onthestatementofretainedearnings,thenetincomefortheperiodisaddedtothebeginningbalanceofretainedearnings.

6．Whichofthefollowingstatementsisnottrue?

A．Investingactivitiesrelatetotheinvestmentbyownersintothebusiness.

B．Payingdividendsisanexampleofafinancingactivity.

C．Operatingactivitiesarethemostimportanttypeofbusinessactivity.

D．Managersmustmakedecisionsaboutoperating,investing,andfinancingactivities.

7．Onwhichfinancialstatementcantheendingbalanceinretainedearningsbefound?

A．Balancesheet

B．Incomestatement

C．Statementofretainedearnings

D．BothAandC

8．Whichoftheseisanexampleofanassetaccount?

A．ServiceRevenue

B．Dividends

C．Supplies

D．Alloftheaboveareassets

9．DobsonCompanypaid$1,200onaccount.TheeffectofthistransactiononDobson'saccountingequationisto：

A．decreaseliabilitiesandincreasestockholders’equity.

B．decreaseassetsanddecreaseliabilities.

C．havenoeffectontotalassets.

D．decreaseassetsanddecreasestockholders'equity.

10．Whichofthesestatementsisfalse?

A．Decreasesinliabilitiesandincreasesinrevenuesarerecordedwithacredit.

B．Decreasesinassetsandincreasesinstockholders'equityarerecordedwithacredit.

C．Increasesinbothassetsandexpensesarerecordedwithadebit.

D．Increasesinassetsanddecreasesinliabilitiesarerecordedwithadebit.

11．NotePayablehasanormalbeginningbalanceof$40,200.Duringtheperiod,newborrowingstotal$100,000andpaymentsonloanstotal$20,600.DeterminethecorrectendingbalanceinNotePayable.

A．$39,200,debit

B．$119,600,credit

C．$39,200,credit

D．$160,800,credit

12．Whichofthesestatementsiscorrect?

A．Theaccountisabasicsummarydeviceusedinaccounting.

B．Abusinesstransactionisrecordedfirstinthejournalandthenpostedtotheledger.

C．Inthejournalentry,allaccountsthatareincreasedarelistedfirstandthenallaccountsthataredecreasedarelistednext.

D．BothAandBarecorrect.

13．Whichoftheseaccountshasanormaldebitbalance?

A．SalaryExpense

B．AccountsPayable

C．ServiceRevenue

D．BothAandB

14．TheMay31trialbalancereportsacreditbalanceof$5,000forServiceRevenue.Duringthemonth,oneentryfor$10hadbeenpostedinerrorasadebittoServiceRevenue.WhatisthecorrectbalanceofServiceRevenueatMay31?

A．$4,980

B．$4,990

C．$5,020

D．$5,010

15．ThebeginningCashaccountbalanceis$38,700.Duringtheperiod,cashdisbursementstotaled$144,600.IfendingCashis$51,200,thencashreceiptsmusthavebeen：

A．$105,900

B．$234,500

C．$132,100

D．$157,100

16．UsethefollowingselectedinformationforthePerrimanCompanytocalculatethecorrectcreditcolumntotalforatrialbalance：

Accountsreceivable$27,200

Accountspayable15,900

Building359,600

Cash55,600

Commonstock155,000

Dividends4,800

Insuranceexpense1,800