财务会计题库 Transaction Analysis.docx
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财务会计题库TransactionAnalysis
FinancialAccounting,7e
Harrison/Horngren
TestItemFile
Chapter2:
TransactionAnalysis
2.1-1Ajournalentryisaneventthathasafinancialimpactonthebusinessthatcanbereliablymeasured.
Answer:
FalseLO:
2-1Diff:
2EOC:
S2-5
2.1-2ThetrialbalanceisaNOTaformalaccountingstatement.
Answer:
TrueLO:
2-1Diff:
1EOC:
S2-25
2.1-3AccruedLiabilitiesisaliabilityaccount.
Answer:
TrueLO:
2-1Diff:
1EOC:
E2-28
2.1-4Theretainedearningsaccountrepresentstheexcessofnetincomeoverdividendsretainedinthebusinesssinceitsinception.
Answer:
TrueLO:
2-1Diff:
1EOC:
P2-50A
2.1-5Expenseaccountsalwaysrepresentexpiredassets.
Answer:
FalseLO:
2-1Diff:
2EOC:
E2-11
2.1-6Thedividendsaccountindicatesanincreaseincommonstock.
Answer:
FalseLO:
2-1Diff:
2EOC:
E2-15
2.1-7Double-entryaccountingrecordsonlythosetransactionsaffectingtheincomestatement.
Answer:
FalseLO:
2-1Diff:
2EOC:
QC8
2.1-8Thepurchaseofofficeequipmentforcashwouldincreasebothanassetandaliabilityaccount.
Answer:
FalseLO:
2-1Diff:
2EOC:
P2-49A
2.1-9WhichofthefollowingisNOTanassetaccount?
A.AccountsReceivable
B.PrepaidRent
C.CommonStock
D.Alloftheseareassetaccounts.
Answer:
CLO:
2-1Diff:
2EOC:
P2-49A
2.1-10Prepaidexpenseaccountsappearon:
A.theincomestatement.
B.thebalancesheet.
C.thestatementofretainedearningsandontheincomestatement.
D.boththeincomestatementandbalancesheet.
Answer:
BLO:
2-1Diff:
2EOC:
P2-56A
2.1-11Theterm"double-entryaccounting"indicatesthattheaccountant:
A.recordsbothsidesofeachtransactionintheaccountsaffected.
B.computestheincomestatementandbalancesheeteffectofeachtransaction.
C.identifiesboththecashinflowsandthecashoutflows.
D.usesboththegeneraljournalandthegeneralledgerwhenrecordingtransactions.
Answer:
ALO:
2-1Diff:
2EOC:
QC8
2.1-12Acompanyreceivedcashinexchangeforissuingstock.Thistransactionincreasedassetsand:
a.increasedexpenses.
b.increasedrevenues.
c.increasedliabilities.
d.increasedequity.
Answer:
DLO:
2-1Diff:
1EOC:
E2-16
2.1-13Acompanypurchasedofficesuppliesforcash.Thistransactionincreasedassetsand:
A.increasedequity.
B.increasedliabilities.
C.increasedrevenues.
D.decreasedassets.
Answer:
DLO:
2-1Diff:
1EOC:
QC10
2.1-14Acompanyperformedservicesforacustomeronaccount.Thistransactionincreasedassetsand:
A.decreasedequity.
B.increasedliabilities.
C.increasedexpenses.
D.increasedrevenues.
Answer:
DLO:
2-1Diff:
1EOC:
QC3
2.1-15Acompanypaidcashforemployeewages.Thistransaction:
A.increasedcashandincreasedexpenses.
B.increasedcashanddecreasedexpenses.
C.decreasedcashandincreasedexpenses.
D.decreasedcashanddecreasedrevenues.
Answer:
CLO:
2-1Diff:
1EOC:
S2-5
2.1-16Acompanypaidcashforanamountowedtoacreditor.Thistransactiondecreasedcashand:
A.decreasedrevenues.
B.decreasedliabilities.
C.decreasedexpenses.
D.increasedexpenses.
Answer:
BLO:
2-1Diff:
1EOC:
E2-16
2.1-17Theownerofabusinesspaidcashfromhispersonalcheckingaccounttopurchaseanautomobileforhispersonaluse.Thistransaction:
A.increasedaliabilityaccountandincreasedliabilities.
B.decreasedcashandincreasedexpenses.
C.increasedassetsandincreasedowners’equity.
D.isnotatransactionrecognizedbythebusiness.
Answer:
DLO:
2-1Diff:
2EOC:
E2-15
2.1-18Whichtypeofaccountisincreasedwhenacompanyrecordsadebt?
A.Expense
B.Retainedearnings
C.Liability
D.Noneoftheabovearecorrect.
Answer:
CLO:
2-1Diff:
2EOC:
QC1
2.1-19AllofthefollowingaccountswouldbeconsideredassetsEXCEPTfor:
A.cash.
B.retainedearnings.
C.prepaidexpenses.
D.notesreceivable.
Answer:
BLO:
2-1Diff:
1EOC:
S2-9
2.1-20Whattypeofaccountisprepaidinsurance?
A.Aliability
B.Anexpense
C.Stockholders’equity
D.Anasset
Answer:
DLO:
2-1Diff:
2EOC:
P2-49A
2.1-21Whichofthefollowingaccountsareastandardcomponentofstockholders’equity?
A.PrepaidExpenses
B.Dividends
C.AdditionalPaidInStock
D.UnearnedIncome
Answer:
BLO:
2-1Diff:
2EOC:
P2-50A
2.1-22Notespayable,accountspayable,taxespayableandsalariespayableareallexamplesof:
A.liabilities.
B.revenues.
C.expenses.
D.assets.
Answer:
ALO:
2-1Diff:
1EOC:
S2-9
2.1-23Whichtypeofaccountisdecreasedwhenacompanypaysitsemployeeswithcash?
A.Aliability
B.Aprepaidasset
C.Anasset
D.Owners’equity
Answer:
CLO:
2-1Diff:
2EOC:
S2-5
2.1-24WhichofthefollowingbusinesseventswouldNOTberecordedinacompany’saccountingrecords?
A.Thecompanypaidamonthlyutilitybillof$1,000.
B.Thecompanyissued100sharesofcommonstockfor$75,000.
C.Thecompanypurchasedtwoacresoflandforfutureplantexpansionfor$600,000.
D.Thecompanysignedacontracttoprovideservicesinthenextaccountingperiodfor$125,000.
Answer:
DLO:
2-1Diff:
2EOC:
P2-52A
2.1-25Whichofthefollowingtransactionswouldincreasetotalassets?
I.Borrowedcashonanotepayable,$80,000
II.Providedservicesonaccount,$10,000
III.Receivedcashfromacustomeraspaymentonaccount,$8,000
IV.Receivedautilitybill,$1,200
A.IandII
B.IandIII
C.I,II,andIII
D.Alloftheseanswersarecorrect.
Answer:
ALO:
2-1Diff:
3EOC:
E2-16
2.1-26Considerthefollowingtransactions:
I.Borrowedcashonanotepayable,$80,000
II.Providedservicesonaccount,$10,000
III.Receivedcashfromacustomeraspaymentonaccount,$8,000
IV.Receivedautilitybill,$1,200
Totalassetswouldbe:
A.$96,800.
B.$88,000.
C.$90,000.
D.$98,000.
Answer:
CLO:
2-1Diff:
3EOC:
E2-16
2.1-27Thepaymentofanamountowedtoacreditorwould:
A.decreaseassets.
B.increasenetincome.
C.decreaseliabilities.
D.bothdecreaseassetsanddecreaseliabilities.
Answer:
DLO:
2-1Diff:
2EOC:
E2-15
2.1-28Thepaymentofsalariestoemployeeswould:
A.increaseassetsandincreaseliabilities.
B.decreasenetincomeanddecreaseassets.
C.increaseliabilitiesandincreasenetincome.
D.decreaseassetsanddecreaseliabilities.
Answer:
BLO:
2-1Diff:
2EOC:
S2-5
2.1-29Whenacompanyperformsaserviceandimmediatelycollectsthecashfromthecustomer,whichofthefollowingwouldoccur?
A.Stockholders’equitywoulddecrease.
B.Assetswoulddecrease.
C.Expenseswoulddecrease.
D.Netincomewouldincrease.
Answer:
DLO:
2-1Diff:
2EOC:
QC3
2.1-30Purchasingsuppliesonaccountwould:
A.increasetotalassetsanddecreasetotalliabilities.
B.increasetotalliabilitiesanddecreasetotalassets.
C.increasetotalassetsandincreasetotalliabilities.
D.increasetotalliabilitiesandincreasestockholders’equity.
Answer:
CLO:
2-1Diff:
2EOC:
E2-14
2.1-31Payingautilitybillassoonasitwasreceivedwould:
A.increaseexpenses.
B.increaseliabilities.
C.increaseowners’equity.
D.decreaserevenues.
Answer:
ALO:
2-1Diff:
2EOC:
E2-16
2.1-32Borrowingmoneyfromthebankbysigninganotepayablewould:
A.increasestockholders’equity.
B.havenoeffectonstockholders’equity.
C.decreaseliabilities.
D.increasenetincome.
Answer:
BLO:
2-1Diff:
2EOC:
E2-15
2.1-33Receivingapaymentfromacustomeronaccountwould:
A.increasestockholders’equity.
B.havenoeffectontotalassets.
C.increasestockholders’equity.
D.decreaseliabilities.
Answer:
BLO:
2-1Diff:
2EOC:
E2-15
2.1-34Thepurchaseoflandforcashwould:
A.increasetotalassets.
B.decreasestockholders’equity.
C.increasethetotaldebitsonthetrialbalance.
D.havenoeffectontotalassets.
Answer:
DLO:
2-1Diff:
3EOC:
E2-15
2.1-35Ifapersonstartingabusinesshadaninvestmentofabuilding,valuedat$300,000withan$180,000outstandingmortgage,theeffectwouldbeto:
A.increaseassetsby$120,000.
B.increaseassetsby$180,000.
C.increasestockholders’equityby$120,000.
D.increasestockholders’equityby$300,000.
Answer:
CLO:
2-1Diff:
3EOC:
E2-14
2.1-36Performingservicesonaccountwould:
A.decreasebothassetsandliabilities.
B.increaseassetsanddecreasestockholders’equity.
C.decreaserevenueanddecreasestockholders’equity.
D.increasenetincomeandstockholders’equity.
Answer:
DLO:
2-1Diff:
3EOC:
E2-16
2.1-37Thecollectionofcashfromacashsalewould:
A.increaseassetsandstockholders’equity.
B.increaseassetsanddecreaseliabilities.
C.decreaseassetsandincreasenetincome.
D.havenoeffectonnetincomeorstockholders’equity.
Answer:
ALO:
2-1Diff:
3EOC:
E2-16
2.1-38Cashdividendspaidtothestockholderswill:
A.increaseassetsanddecreaseliabilities.
B.increaseassetsandincreaseliabilities.
C.havenoeffectonstockholders’equityorrevenue.
D.decreaseassetsanddecreasestockholders’equity.
Answer:
DLO:
2-1Diff:
3EOC:
E2-15
2.1-39Considerthefollowingtransactions:
I.Borrowedcashonanotepayable,$80,000
II.Providedservicesonaccount,$10,000
III.Receivedcashfromacustomeraspaymentonaccount,$8,000
IV.Receivedautilitybill,$1,200
Totalliabilitieswouldbe:
A.$1,200.
B.$81,200.
C.$98,000.
D.$80,000.
Answer:
BLO:
2-1Diff:
3EOC:
S2-2
2.1-40Considerthefollowingtransactions:
I.Ownersinvested$8,000cashtobeginthebusiness
II.Providedservicesforcash,$6,000
III.Providedservicesonaccount,$4,000
IV.Paidcashforexpenses,$7,500
Howmuchcashdoesthebusinesshave?