会计学原理英文版 考试复习练习1 4章.docx

会计学原理英文版 考试复习练习1 4章.docx

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会计学原理英文版考试复习练习14章

1.Accountingisaninformationsystemthat:

A.Identifiesbusinessactivities.

B.Recordsbusinessactivities.

C.Communicatesbusinessactivities.

D.Helpspeoplemakebetterdecisions.

E.Allofthese.

2.Creditors'claimsontheassetsofacompanyarecalled:

A.Netlosses.

B.Expenses.

C.Revenues.

D.Equity.

E.Liabilities.

3.Theexcessofexpensesoverrevenuesforaperiodis:

A.Netassets.

B.Equity.

C.Netloss.

D.Netincome.

E.Aliability.

4.OnJune30ofthecurrentyear,theassetsandliabilitiesofPhoenixPhildellareasfollows:

Cash$20,500;AccountsReceivable,$7,250;Supplies,$650;Equipment,$12,000;Accounts

Payable,$9,300.Whatistheamountofowner'sequityasofJuly1ofthecurrentyear?

A.$8,300

B.$13,050

C.$20,500

D.$31,100

5.PhotometerCompanypaidoff$30,000ofitsaccountspayableincash.Whatwouldbethe

effectsofthistransactionontheaccountingequation?

A.Assets,$30,000increase;liabilities,noeffect;equity,$30,000increase.

B.Assets,$30,000decrease;liabilities,$30,000decrease;equity,noeffect.

C.Assets,$30,000decrease;liabilities,$30,000increase;equity,noeffect.

D.Assets,noeffect;liabilities,$30,000decrease;equity,$30,000increase.

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E.Assets,$30,000decrease;liabilities,noeffect;equity$30,000decrease.

6.Thefinancialstatementthatreportswhetherthebusinessearnedaprofitandalsoliststhe

typesandamountsoftherevenuesandexpensesiscalled:

A.ABalanceSheet.

B.AStatementofOwner'sEquity.

C.AStatementofCashFlows.

D.AnIncomeStatement.

E.AStatementofFinancialPosition.

7.Abalancesheetlists:

A.Thetypesandamountsoftherevenuesandexpensesofabusiness.

B.Onlytheinformationaboutwhathappenedtoequityduringatimeperiod.

C.Thetypesandamountsofassets,liabilities,andequityofabusinessasofaspecificdate.

D.Theinflowsandoutflowsofcashduringtheperiod.

E.Theassetsandliabilitiesofacompanybutnottheowner'sequity.

8.Thefinancialstatementthatshowsthebeginningbalanceofowner'sequity;thechangesin

equitythatresultedfromnewinvestmentsbytheowner,netincome（ornetloss）;withdrawals;

andtheendingbalance,isthe:

A.StatementofFinancialPosition.

B.StatementofCashFlows.

C.BalanceSheet.

D.IncomeStatement.

E.StatementofOwner'sEquity.

9.Accountspayableappearonwhichofthefollowingstatements?

A.BalanceSheet.

B.IncomeStatement.

C.StatementofOwner'sEquity.

D.StatementofCashFlows.

E.TransactionStatement.

10.Acompany'sbalancesheetshows:

cash$22,000,accountsreceivable$16,000,office

equipment$50,000,andaccountspayable$17,000.Whatistheamountofowner'sequity?

A.$17,000.

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B.$29,000.

C.$71,000.

D.$88,000.

E.$105,000.

11.Theaccountingprocessbeginswith:

A.Analysisofbusinesstransactionsandsourcedocuments.

B.Preparingfinancialstatementsandotherreports.

C.Summarizingtherecordedeffectofbusinesstransactions.

D.Presentationoffinancialinformationtodecision-makers.

E.Preparationofthetrialbalance.

12.Theaccountusedtorecordthetransfersofassetsfromabusinesstoitsowneris:

A.Arevenueaccount.

B.Theowner'swithdrawalsaccount.

C.Theowner'scapitalaccount.

D.Anexpenseaccount.

E.Aliabilityaccount.

13.Awrittenpromisetopayadefinitesumofmoneyonaspecifiedfuturedateisa（n）:

A.Unearnedrevenue.

B.Prepaidexpense.

C.Creditaccount.

D.Notepayable.

E.Accountreceivable.

14.Aledgeris:

A.Arecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,or

expenseitem.

B.Ajournalinwhichtransactionsarefirstrecorded.

C.Acollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccounting

process.

D.Alistofallaccountswiththeirdebitbalancesatapointintime.

E.Arecordcontainingallaccountsandtheirbalancesusedbyacompany.

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15.Double-entryaccountingisanaccountingsystem:

A.Thatrecordseachtransactiontwice.

B.Thatrecordstheeffectsoftransactionsandothereventsinatleasttwoaccountswithequal

debitsandcredits.

C.Inwhicheachtransactionaffectsandisrecordedintwoormoreaccountsbutthatcould

includetwodebitsandnocredits.

D.ThatmayonlybeusedifT-accountsareused.

E.Thatinsuresthaterrorsneveroccur.

16.RockyIndustriesreceiveditstelephonebillintheamountof$300,andimmediatelypaidit.

Rocky'sgeneraljournalentrytorecordthistransactionwillincludea

A.DebittoTelephoneExpensefor$300.

B.CredittoAccountsPayablefor$300.

C.DebittoCashfor$300.

D.CredittoTelephoneExpensefor$300.

E.DebittoAccountsPayablefor$300.

17.ManagementServices,Inc.providesservicestoclients.OnMay1,aclientprepaid

ManagementServices$60,000for6-monthsservicesinadvance.ManagementServices'general

journalentrytorecordthistransactionwillincludea

A.DebittoUnearnedManagementFeesfor$60,000.

B.CredittoManagementFeesEarnedfor$60,000.

C.CredittoCashfor$60,000.

D.CredittoUnearnedManagementFeesfor$60,000.

E.DebittoManagementFeesEarnedfor$60,000.

18.WisconsinRentalspurchasedofficesuppliesoncredit.Thegeneraljournalentrymadeby

WisconsinRentalswillincludea:

A.DebittoAccountsPayable.

B.DebittoAccountsReceivable.

C.CredittoCash.

D.CredittoAccountsPayable.

E.CredittoWisconsinRentals,Capital.

19.OnSeptember30,theCashaccountofValueCompanyhadanormalbalanceof$5,000.

DuringSeptember,theaccountwasdebitedforatotalof$12,200andcreditedforatotalof

$11,500.WhatwasthebalanceintheCashaccountatthebeginningofSeptember?

A.A$0balance.

B.A$4,300debitbalance.

C.A$4,300creditbalance.

D.A$5,700debitbalance.

E.A$5,700creditbalance.

4/11

20.ThefollowingtransactionsoccurredduringJuly:

1.Received$900cashforservicesprovidedtoacustomerduringJuly.

2.Received$2,200cashinvestmentfromBarbaraHanson,theownerofthebusiness.

3.Received$750fromacustomerinpartialpaymentofhisaccountreceivablewhicharose

fromsalesinJune.

4.Providedservicestoacustomeroncredit,$375.

5.Borrowed$6,000fromthebankbysigningapromissorynote.

6.Received$1,250cashfromacustomerforservicestoberenderednextyear.

WhatwastheamountofrevenueforJuly?

A.$900.

B.$1,275.

C.$2,525.

D.$3,275.

E.$11,100.

21.AtthebeginningofJanuaryofthecurrentyear,ThomasLawCenter'sledgerreflecteda

normalbalanceof$52,000foraccountsreceivable.DuringJanuary,thecompanycollected

$14,800fromcustomersonaccountandprovidedadditionalservicestocustomersonaccount

totaling$12,500.Additionally,duringJanuaryonecustomerpaidThomas$5,000forservicesto

beprovidedinthefuture.AttheendofJanuary,thebalanceintheaccountsreceivableaccount

shouldbe:

A.$54,700.

B.$49,700.

C.$2,300.

D.$54,300.

E.$49,300.

22.DuringthemonthofMarch,CooleyComputerServicesmadepurchasesonaccounttotaling

$43,500.AlsoduringthemonthofMarch,Cooleywaspaid$8,000byacustomerforservicesto

beprovidedinthefutureandpaid$36,900ofcashonitsaccountspayablebalance.Ifthebalance

intheaccountspayableaccountatthebeginningofMarchwas$77,300,whatisthebalancein

accountspayableattheendofMarch?

A.$83,900.

B.$91,900.

C.$6,600.

D.$75,900.

E.$4,900.

23.Thetimeperiodprincipleassumesthatanorganization'sactivitiescanbedividedinto

specifictimeperiodsincluding:

A.Months.

B.Quarters.

C.Fiscalyears.

D.Calendaryears.

E.Allofthese.

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24.Abroadprinciplethatrequiresidentifyingtheactivitiesofabusinesswithspecifictime

periodssuchasmonths,quarters,oryearsisthe:

A.Operatingcycleofabusiness.

B.Timeperiodprinciple.

C.Going-concernprinciple.

D.Matchingprinciple.

E.Accrualbasisofaccounting.

25.Theaccountingprinciplethatrequiresrevenuetobereportedwhenearnedisthe:

A.Matchingprinciple.

B.Revenuerecognitionprinciple.

C.Timeperiodprinciple.

D.Accrualreportingprinciple.

E.Going-concernprinciple.

26.Adjustingentries:

A.Affectonlyincomestatementaccounts.

B.Affectonlybalancesheetaccounts.

C.Affectbothincomestatementandbalancesheetaccounts.

D.Affectonlycashflowstatementaccounts.

E.Affectonlyequityaccounts.

27.Thebroadprinciplethatrequiresexpensestobereportedinthesameperiodastherevenues

thatwereearnedasaresultoftheexpensesisthe:

A.Recognitionprinciple.

B.Costprinciple.

C.Cashbasisofaccounting.

D.Matchingprinciple.

E.Timeperiodprinciple.

28.Adjustingentriesarejournalentriesmadeattheendofanaccountingperiodforthepurpose

of:

A.Updatingliabilityandassetaccountstotheirproperbalances.

B.Assigningrevenuestotheperiodsinwhichtheyareearned.

C.Assigningexpensestotheperiodsinwhichtheyareincurred.

D.Assuringthatfinancialstatementsreflecttherevenuesearnedandtheexpensesincurred.

E.Allofthese.

29.Theapproachtopreparingfinancialstatementsbasedonrecognizingrevenueswhentheyare

earnedandmatchingexpensestothoserevenuesis:

A.Cashbasisaccounting.

B.Thematchingprinciple.

C.Thetimeperiodprinciple.

D.Accrualbasisaccounting.

E.Revenuebasisaccounting.

6/11

30.Prepaidexpenses,depreciation,accruedexpenses,unearnedrevenues,andaccrued