西方会计练习题Word文件下载.doc

1、b.be verifiable.c. help predict future events.d.be a faithful representation._3.The cost of intangible assets should bea.amortized over the assets estimated useful life, or 20 years, whichever is shorter.b.amortized over a period not exceeding 5 years.c. amortized over the assets estimated useful li

2、fe.d.charged to an expense account at acquisition._4.On November 30, Thatcher Company issued a $8,000, 6%, 4-month note to the National Bank. The entry on Thatchers books to record the payment of the note at maturity will include a credit to Cash fora.$8,000.b.$8,480.c. $8,160.d.$8,320._5.The follow

3、ing information is available for Lighten Company:Sales$130,000Freight-in$10,000Ending Merchandise Inventory12,000Purchase Returns and Allowances5,000Purchases90,000Beginning Merchandise Inventory15,000Lightens cost of goods sold isa.$115,000.b.$110,000.c. $98,000.d.$95,000.e.None of the above._6.One

4、 of the two constraints in accounting parability.b.materiality.c. reliability.d.relevance._7.All of the following are intangible assets excepta.patents.b.land improvements.c. goodwill.d.franchises._8.When the allowance method is used for bad debts, the entry to write off an individual account known

5、to be uncollectible involves aa.debit to an expense account.b.credit to an expense account.c. credit to the Allowance account.d.debit to the Allowance account._9.Helig Company has a $150,000 balance in Accounts Receivable and a $1,000 debit balance in Allowance for Doubtful Accounts. Credit sales fo

6、r the period totaled $900,000. What is the amount of the bad debt adjusting entry if Helig uses a percentage of receivables basis （at 10%）?a.$15,000b.$14,000c.$16,000d.$15,200_10.If merchandise is sold for $1,000 subject to credit terms of 2/10, n/30, the entry to record collection in full within th

7、e discount period would include aa.credit to Sales Discounts for $20.b.credit to Cash for $980.c. credit to Accounts Receivable for $20.d.none of the above._11.Jetson Companys financial information is presented below.Sales$ ?Purchase Returns and Allowances$ 15,000Sales Returns and Allowances30,000 E

8、nding Merchandise Inventory35,000Net Sales250,000Cost of Goods Sold180,000Beginning Merchandise Inventory?Gross Profit?Purchases170,000 The missing amounts above are: SalesBeginning InventoryGross Profita.$280,000$45,000$70,000b.$220,000$45,000$100,000c.$280,000$60,000$70,000d.$220,000$60,000$100,00

9、0_12.The preparation of closing entriesa.is an optional step in the accounting cycle.b.results in zero balances in all accounts at the end of the period so that they are ready for the following periods transactions.c. is necessary before financial statements can be prepared.d.results in transferring

10、 the balances in all temporary accounts to Retained Earnings._13.Current liabilities are obligations that are reasonably expected to be paid from ExistingCreation of OtherCurrent AssetsCurrent Liabilitiesa.NoNob.YesYesc.YesNod.NoYes_14.The primary accounting standard-setting body in the United State

11、s is thea.Securities and Exchange Commission.b.Accounting Principles Board.c. Financial Accounting Standards Board.d.Internal Revenue Service._15.Which of the following statements is true?_16.In accounting for available-for-sale securities, the Unrealized LossEquity account should be classified as aa.liability on the balance sheet.b.loss on the income statement.c.deduction in the stockholders equity section of the balance sheet.d.contra asset on the balance sheet._17.Fison Corp. purchased 15,000 shares of its $2 par common stock at a cost of $13