《财务会计》相关复习题英文版doc 12页.docx

1、财务会计相关复习题英文版doc 12页财务会计相关复习题(英文版)(doc 12页)1 2 would reflect the most current value of the assets. Wilbur has violated which of the following principles or concepts?A Reliability principleB Cost principleC Going-concern principleD Stable-monetary-unit concept3 Which of the following is true?A Owners

2、Equity Assets LiabilitiesB Assets Owners Equity LiabilitiesC Assets Liabilities Owners EquityD Liabilities Owners Equity Assets4 G. Harrison Inc experienced a decrease in total assets of $2,000 during the current year. During the same year, total liabilities decreased $6,000. If dividends for the ye

3、ar were $10,000 and the owners made no additional investment, how much was net income?A $14,000B $ 6,000C $18,000D $ 2,0005 Which of the following statements is true?A The income statement reports all changes in assets, liabilities, and stockholders equity of the business during the period.B Revenue

4、s and expenses are reported only on the balance sheet.C The statement of cash flows reports cash flows from three types of business activitiescash receipts, cash payments, and investing.D On the statement of retained earnings, the net income for the period is added to the beginning balance of retain

5、ed earnings.6 Which of the following statements is not true?A Investing activities relate to the investment by owners into the business.B Paying dividends is an example of a financing activity.C Operating activities are the most important type of business activity.D Managers must make decisions abou

6、t operating, investing, and financing activities.7 On which financial statement can the ending balance in retained earnings be found?A Balance sheetB Income statementC Statement of retained earningsD Both A and C8 Which of these is an example of an asset account?A Service RevenueB DividendsC Supplie

7、sD All of the above are assets9 Dobson Company paid $1,200 on account. The effect of this transaction on Dobsons accounting equation is to：A decrease liabilities and increase stockholders equity.B decrease assets and decrease liabilities.C have no effect on total assets.D decrease assets and decreas

8、e stockholders equity.10 Which of these statements is false?A Decreases in liabilities and increases in revenues are recorded with a credit.B Decreases in assets and increases in stockholders equity are recorded with a credit.C Increases in both assets and expenses are recorded with a debit.D Increa

9、ses in assets and decreases in liabilities are recorded with a debit.11 Note Payable has a normal beginning balance of $40,200. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable.A $39,200, debitB $119,600, credi

10、tC $39,200, creditD $160,800, credit12 Which of these statements is correct?A The account is a basic summary device used in accounting.B A business transaction is recorded first in the journal and then posted to the ledger.C In the journal entry, all accounts that are increased are listed first and

11、then all accounts that are decreased are listed next.D Both A and B are correct.13 Which of these accounts has a normal debit balance?A Salary ExpenseB Accounts PayableC Service RevenueD Both A and B14 The May 31 trial balance reports a credit balance of $5,000 for Service Revenue. During the month,

12、 one entry for $10 had been posted in error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 ?A $4,980B $4,990C $5,020D $5,01015 The beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, th

13、en cash receipts must have been：A $105,900B $234,500C $132,100D $157,10016 Use the following selected information for the Perriman Company to calculate the correct credit column total for a trial balance：Accounts receivable $ 27,200Accounts payable 15,900Building 359,600Cash 55,600Common stock 155,0

14、00Dividends 4,800Insurance expense 1,800Retained earnings 133,800Salary expense 52,500Salary payable 3,600Service revenue 193,200A $365,600B $304,700C $501,500D $506,30017 The journal entry to record the performance of services on account for $1,200 is：A Accounts Payable 1,200Service Revenue 1,200B

15、Accounts Receivable 1,200Service Revenue 1,200C Cash 1,200 Service Revenue 1,200D Service Revenue 1,200Accounts Payable 1,20018 The Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallwood collected $92,000 for management services. $12,000 of the amount collected was from a

16、contract to provide management services for one year beginning November 1,20X8. An additional $20,000 of management services had been earned but not collected by year end. The amount of revenue that should be reported for 20X8 under the cash-basis and accrual-basis is：Cash-Basis Accrual-BasisA $92,0

17、00 $80,000B $80,000 $100,000C $100,000 $112,000D $92,000 $102,00019 Which of the following statements is false? A The time-period concept requires companies to prepare financial statements at least quarterly.B According to the revenue principle, revenue should be recorded when a product or service h

18、as been delivered to the customer.C When possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded.D The time-period concept, the revenue principle, and the matching principle all support the practice of preparing adju

19、sting entries.20 The Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be consideredA an unearned revenue.B a prepaid expense. C an accrued revenue.D an accrued expense.21 On November 1 , 20X8 , the Jemigan Company paid $4,

20、800 for a one-year insurance policy. On December 31 , 20X8, the adjusting entry would includeA a debit to insurance Expense$4,800.B a credit to insurance Payable, $800.C a credit to Prepaid insurance, $800.D a debit to Insurance Expense, $4,000.22 Which of these could not be a closing entry?A Salary

21、 Expense XXRetained Earnings XXB Retained Earnings XXDividends XXC Service Revenue XXRetained Earnings XXD Retained Earnings XXRent Expense XX23 What type of account is Unearned Revenue (asset, liability, stockholders equity, revenue, or expense) and what is its normal balance, respectively?A asset,

22、 debitB expense, debitC liability, creditD revenue, credit24 Which of the following transactions is considered an accrued expense?Salaries that employees have earned but not receivedIIManagement fees received in advanceNewspaper advertising that has been purchased but has not yet appeared in the new

23、spaperA I only B II only C onlyD Both I and II25 Which of the following accounts is not considered a current asset?A Accounts Receivable B Equipment C Inventory D Prepaid Rent26 The balance sheet for Arnolds Cleaners appears below：Arnolds Cleaners Balance sheetDecember 31, 20X8Assets LiabilitiesCash

24、 $400 Accounts payable $300Accounts receivable 460 Salary payable 20Supplies 10 Unearned revenue 120Prepaid insurance 60 Note payable (due in 5 years) 400Equipment $400 Total liabilities 840Less: Acc. depr. 40 360 Stockholders EquityLand 400 Common stock 370Retained earnings 480Total stockholders eq

25、uity 850Total assets $1,690 Total liabilities and stockholders Equity $1,690Arnolds current ratio for 20X8 isA 2.11B 2.09C 2D 1.5227 An investment in debt securities may be classified as any of the following categories except：A trading securitiesB available-for-saleC held-to-maturityD All of the abo

26、ve are categories for Debt securities28 The Boulder Co. purchased the following securities in 20X8.The year-end balances of their trading and available-for-sale portfolios are given below：Trading portfolio: Cost Market ValueSecurity A $10,000 $12,000Security B 3,000 3,500 Total $13,000 $15,500Availa

27、ble-for-sale portfolio:Security D $5,500 $3,000Security E 16,000 17,000 Total $21,500 $20,000At what value should the trading securities and the available-for-sale securities be reported on the balance sheet? Trading Securities Available-for-Sale SecuritiesA $13,000 $21,500B $13,000 $20,000C $15,500

28、 $21,500D $15,500 $20,00029 Net accounts receivable is calculated as：A Sales less sales discounts.B Accounts receivable plus the allowance for uncollectible accounts.C Accounts receivable less the allowance for uncollectible accounts.D Accounts receivable less the bad debts expense.30 When the allow

29、ance method is used, the entry to write off a customers accountA increases bad debts expense.B has no effect on net accounts receivable. C decreases net accounts receivable.D Increases the balance of the allowance for uncollectible accounts.31 Which of the following statements about the statement of

30、 cash flows is true?A The purchase of a held-to-maturity security is considered an investing activity.B Collection of interest is an investing activity.C Sales on account is the largest cash flow from operating activities.D Loaning money to others is a financing activity.Table 1On December 31, 20X8,

31、 Troy Inc., had the following accounts and balances（before adjustment）on its books：Accounts Receivable $80,000Allowance for Uncollectible Accounts 2,000 （credit balance）Net Sales 500,00032 Refer to Table 1. Troy estimates that its Bad Debts Expense is 2% of Net Sales. The Bad Debts Expense for 20X8 should be:A $10,000B $12,000C $8,000D $1,60033 Refer to Table 1