会原期中复习题题选.docx

会原期中复习题题选.docx

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会原期中复习题题选

会原期中复习题

PartI.MultipleChoice

1.Externalusersoffinancialaccountinginformationincludeallofthefollowingexcept:

A.Investors

B.Laborunions

C.Linemanagers

D.Generalpublic

2.Atrialbalancehastotaldebitsof$20,000andtotalcreditsof$24,500.Whichoneofthefollowingerrorswouldcreatethisimbalance?

A.A$2,250debittoRentExpenseinajournalentryisincorrectlypostedtotheledgerasa$2,250credit,leavingtheRentExpenseaccountwitha$3,000debitbalance.

B.A$4,500debittoSalariesExpenseinajournalentryisincorrectlypostedtotheledgerasa$4,500credit,leavingtheSalariesExpenseaccountwitha$750debitbalance.

C.A$2,250credittoConsultingFeesEarnedinajournalentryisincorrectlypostedtotheledgerasa$2,250debit,leavingtheConsultingFeesEarnedaccountwitha$6,300creditbalance.

3.AmaliaCompanyreceiveditsutilitybillforthecurrentperiodof$700andimmediatelypaidit.Itsjournalentrytorecordthistransactionincludesa

a.CredittoUtilityExpensefor$700.b.DebittoUtilityExpensefor$700.

c.DebittoAccountsPayablefor$700.

d.DebittoCashfor$700.

e.CredittoCapitalfor$700.

4.Overlandpurchased$3,000ofmerchandisefromOverseas.Thecredittermswere2/10,n/30.ThefreighttermswereFOBshippingpoint.Freightcostsof$60wereincludedintheinvoice.WhatjournalentryshouldOverlandrecord,assumingOverlandusesaperpetualinventorysystem?

A.MerchandiseInventory,debit,$3,000;deliveryexpense,debit,$60;AccountsPayable,credit,$3,060

B.MerchandiseInventory,debit,$3,000;AccountsPayable,credit,$3,000

C.MerchandiseInventory,debit,$2,940;AccountsPayable,credit,$2,940

D.MerchandiseInventory,debit,$3,060;andAccountsPayable,credit,$3,060.

5.Acompany’sendinginventoryincludesthefollowingitems:

Product

UnitsonHand

UnitCost

Marketvalueperunit

A

20

$6

$3

B

50

$5

$8

C

10

$10

$15

Appliedseparatelytoeachproduct,theinventory

’slowerofcostormarketamountis:

A.$520B.$410

C.$670

D.$600E.Noneoftheabove

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6．Ifthepettycashfundisnotreplenishedattheendoftheaccountingperiod,whichwillnotbetrue?

A.Netincomewillbeoverstatedornetlosswillbeunderstated

B.Liabilitieswillbeoverstatedonthebalancesheet

C.Thecashforthefirmwillbeoverstated

D.Theexpenseswillbeunderstated

E.Theincomestatementandthebalancesheetwillnotbecorrect

7.Acompanyneedstoreplenishits$500pettycashfund.Itspettycashboxhas$75cashandpettycashreceiptsof$420.Thejournalentrytoreplenishthefundincludes

a.AdebittoCashfor$75.b.AcredittoCashfor$75.

c.AcredittoPettyCashfor$420.

d.AcredittoCashOverandShortfor$5.e.AdebittoCashOverandShortfor$5

8.Accordingtotherulesofdebitandcreditforbalancesheetaccounts:

A.Increasesinasset,liabilityandowners’equityaccountsarerecordedbydebits

B.Decreaseinassetandliabilityaccountsarerecordedbycredits.

C.Increasesinassetandowners’equityaccountsarerecordedbydebits.

D.Decreaseinliabilityandowners’equityaccountsarerecordedbydebits.

9.Whichofthefollowingisprovidedbyatrialbalanceinwhichtotaldebitsequaltotalcredits:

A.Proofthatnotransactionwascompletelyomittedfromtheledgerduringthepostingprocess.

B.Proofthatthecorrectdebitorcreditbalancehasbeencomputedforeachaccount

C.Proofthattheledgerisinbalance

D.Proofthattransactionshavebeencorrectlyanalyzedandrecordedintheproperaccount.

10.TheCPAfirmauditingMasonStreetRecordingStudiosfoundthattotalstockholders’equityw

understatedandliabilitieswereoverstated.Whichofthefollowingerrorscouldhavebeenthecause:

A.Failuretorecordtheearnedportionoffeesreceivedinadvance.

B.Makingtheadjustmententryfordepreciationexpensetwice.

C.Failuretorecordinterestaccruedonanotepayable.

D.Failuretomaketheadjustingentrytorecordrevenuethathadbeenearnedbutnotyetbilledtoclients

11.Whichofthefollowingtypesofinformationisn’foundtinsubsidiaryledger,butinthegeneralledger?

A.Totalcostofgoodssoldfortheperiod

B.Thequantityofaparticularproductsoldduringtheperiod

C.Thedollaramountowedtoaparticularcreditor

D.Thedollaramountpayabletoavendor

12.FashionHouseusesaperpetualinventorysystem.Atthebeginningoftheyear,inventoryamounted

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to$50,000.Duringtheyear,thecompanypurchasedmerchandisefor$230,000,andsoldmerchandisecosting$245,000.Aphysicalinventorytakenatyear-endindicatedshrinkagelossesof$4,000.Priorto

recordingtheseshrinkagelosses,theyear-endbalanceinthecompany’sInventoryaccountwas:

A.$31,000B.$35,000C.$50,000D.Someotheramount

13.T-Shir