会计学原理英文版 考试复习练习1 4章.docx

1、会计学原理英文版 考试复习练习1 4章1. Accounting is an information system that: A. Identifies business activities. B. Records business activities. C. Communicates business activities. D. Helps people make better decisions. E. All of these. 2. Creditors claims on the assets of a company are called: A. Net losses. B.

2、 Expenses. C. Revenues. D. Equity. E. Liabilities. 3. The excess of expenses over revenues for a period is: A. Net assets. B. Equity. C. Net loss. D. Net income. E. A liability. 4. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash $20,500; Accounts R

3、eceivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owners equity as of July 1 of the current year? A. $8,300 B. $13,050 C. $20,500 D. $31,100 5. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this

4、transaction on the accounting equation? A. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase. B. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect. C. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect. D. Assets, no effect; l

5、iabilities, $30,000 decrease; equity, $30,000 increase. 1 / 11 E. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease. 6. The financial statement that reports whether the business earned a profit and also lists the types and amounts of the revenues and expenses is called: A. A

6、Balance Sheet. B. A Statement of Owners Equity. C. A Statement of Cash Flows. D. An Income Statement. E. A Statement of Financial Position. 7. A balance sheet lists: A. The types and amounts of the revenues and expenses of a business. B. Only the information about what happened to equity during a ti

7、me period. C. The types and amounts of assets, liabilities, and equity of a business as of a specific date. D. The inflows and outflows of cash during the period. E. The assets and liabilities of a company but not the owners equity. 8. The financial statement that shows the beginning balance of owne

8、rs equity; the changes in equity that resulted from new investments by the owner, net income (or net loss); withdrawals; and the ending balance, is the: A. Statement of Financial Position. B. Statement of Cash Flows. C. Balance Sheet. D. Income Statement. E. Statement of Owners Equity. 9. Accounts p

9、ayable appear on which of the following statements? A. Balance Sheet. B. Income Statement. C. Statement of Owners Equity. D. Statement of Cash Flows. E. Transaction Statement. 10. A companys balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payabl

10、e $17,000. What is the amount of owners equity? A. $17,000. 2 / 11 B. $29,000. C. $71,000. D. $88,000. E. $105,000. 11. The accounting process begins with: A. Analysis of business transactions and source documents. B. Preparing financial statements and other reports. C. Summarizing the recorded effe

11、ct of business transactions. D. Presentation of financial information to decision-makers. E. Preparation of the trial balance. 12. The account used to record the transfers of assets from a business to its owner is: A. A revenue account. B. The owners withdrawals account. C. The owners capital accoun

12、t. D. An expense account. E. A liability account. 13. A written promise to pay a definite sum of money on a specified future date is a(n): A. Unearned revenue. B. Prepaid expense. C. Credit account. D. Note payable. E. Account receivable. 14. A ledger is: A. A record containing increases and decreas

13、es in a specific asset, liability, equity, revenue, or expense item. B. A journal in which transactions are first recorded. C. A collection of documents that describe transactions and events entering the accounting process. D. A list of all accounts with their debit balances at a point in time. E. A

14、 record containing all accounts and their balances used by a company. 3 / 11 15. Double-entry accounting is an accounting system: A. That records each transaction twice. B. That records the effects of transactions and other events in at least two accounts with equal debits and credits. C. In which e

15、ach transaction affects and is recorded in two or more accounts but that could include two debits and no credits. D. That may only be used if T-accounts are used. E. That insures that errors never occur. 16. Rocky Industries received its telephone bill in the amount of $300, and immediately paid it.

16、 Rockys general journal entry to record this transaction will include a A. Debit to Telephone Expense for $300. B. Credit to Accounts Payable for $300. C. Debit to Cash for $300. D. Credit to Telephone Expense for $300. E. Debit to Accounts Payable for $300. 17. Management Services, Inc. provides se

17、rvices to clients. On May 1, a client prepaid Management Services $60,000 for 6-months services in advance. Management Services general journal entry to record this transaction will include a A. Debit to Unearned Management Fees for $60,000. B. Credit to Management Fees Earned for $60,000. C. Credit

18、 to Cash for $60,000. D. Credit to Unearned Management Fees for $60,000. E. Debit to Management Fees Earned for $60,000. 18. Wisconsin Rentals purchased office supplies on credit. The general journal entry made by Wisconsin Rentals will include a: A. Debit to Accounts Payable. B. Debit to Accounts R

19、eceivable. C. Credit to Cash. D. Credit to Accounts Payable. E. Credit to Wisconsin Rentals, Capital. 19. On September 30, the Cash account of Value Company had a normal balance of $5,000. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. What was

20、the balance in the Cash account at the beginning of September? A. A $0 balance. B. A $4,300 debit balance. C. A $4,300 credit balance. D. A $5,700 debit balance. E. A $5,700 credit balance. 4 / 11 20. The following transactions occurred during July: 1. Received $900 cash for services provided to a c

21、ustomer during July. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a customer on credit, $375. 5. Borrowed $6,000 from the bank b

22、y signing a promissory note. 6. Received $1,250 cash from a customer for services to be rendered next year. What was the amount of revenue for July? A. $ 900. B. $ 1,275. C. $ 2,525. D. $ 3,275. E. $11,100. 21. At the beginning of January of the current year, Thomas Law Centers ledger reflected a no

23、rmal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future.

24、At the end of January, the balance in the accounts receivable account should be: A. $54,700. B. $49,700. C. $2,300. D. $54,300. E. $49,300. 22. During the month of March, Cooley Computer Services made purchases on account totaling $43,500. Also during the month of March, Cooley was paid $8,000 by a

25、customer for services to be provided in the future and paid $36,900 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,300, what is the balance in accounts payable at the end of March? A. $83,900. B. $91,900. C. $6,600. D. $75,90

26、0. E. $4,900. 23. The time period principle assumes that an organizations activities can be divided into specific time periods including: A. Months. B. Quarters. C. Fiscal years. D. Calendar years. E. All of these. 5 / 11 24. A broad principle that requires identifying the activities of a business w

27、ith specific time periods such as months, quarters, or years is the: A. Operating cycle of a business. B. Time period principle. C. Going-concern principle. D. Matching principle. E. Accrual basis of accounting. 25. The accounting principle that requires revenue to be reported when earned is the: A.

28、 Matching principle. B. Revenue recognition principle. C. Time period principle. D. Accrual reporting principle. E. Going-concern principle. 26. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accou

29、nts. D. Affect only cash flow statement accounts. E. Affect only equity accounts. 27. The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accoun

30、ting. D. Matching principle. E. Time period principle. 28. Adjusting entries are journal entries made at the end of an accounting period for the purpose of: A. Updating liability and asset accounts to their proper balances. B. Assigning revenues to the periods in which they are earned. C. Assigning

31、expenses to the periods in which they are incurred. D. Assuring that financial statements reflect the revenues earned and the expenses incurred. E. All of these. 29. The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is: A. Cash basis accounting. B. The matching principle. C. The time period principle. D. Accrual basis accounting. E. Revenue basis accounting. 6 / 11 30. Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued