西方会计练习题.doc

1、PART I MULTIPLE CHOICE InstructionsDesignate the best answer for each of the following questions._1.Which of the following statements is true?a.Trading securities are debt securities that the investor has the intent to hold to maturity.b.Trading securities are securities bought and held primarily fo

2、r sale in the near term.c.Trading securities are securities that may be sold in the future.d.Trading securities are reported at cost in the balance sheet._2.In order to be relevant, accounting information musta.be neutral.b.be verifiable.c. help predict future events.d.be a faithful representation._

3、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 life.d.charged to an expense account at acquisition._4.On November 30, Thatcher

4、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 following information is available for Lighten Company:Sales$130,000Freight-in$10,00

5、0Ending 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 of the two constraints in accounting parability.b.materiality.c. reliability.

6、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 to be uncollectible involves aa.debit to an expense account.b.credit to an exp

7、ense 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 for the period totaled $900,000. What is the amount of the bad debt adjusting en

8、try 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 the discount period would include aa.credit to Sales Discounts for $20.b.credit

9、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 Ending Merchandise Inventory35,000Net Sales250,000Cost of Goods Sold180,000Begi

10、nning 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$100,000_12.The preparation of closing entriesa.is an optional step in the accounting

11、 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 the balances in all temporary accounts to Retained Earnings._13.Current liabi

12、lities 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 States is thea.Securities and Exchange Commission.b.Accounting Principles Board.c.

13、Financial Accounting Standards Board.d.Internal Revenue Service._15.Which of the following statements is true?a.Trading securities are debt securities that the investor has the intent to hold to maturity.b.Trading securities are securities bought and held primarily for sale in the near term.c.Tradin

14、g securities are securities that may be sold in the future.d.Trading securities are reported at cost in the balance sheet._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