中級財務(wù)會計習(xí)題英文

1、Chapter 1True or FalseA. An example of a bus in ess stakeholder is the federal gover nment.B. A corporati on is a bus in ess that is legally separate and dist inct from its own ers.C. Accounting is a service that provides many different users with financial information to make econo mic decisi ons.D

2、. Small ethical lapses are harmless in and of themselves.E. Man agerial acco unting is primarily concerned with the record ing and report ing of econo mic data and activities of an en tity for use by own ers, creditors, gover nmen tal age ncies, and the public.F. The unit of measureme nt con cept re

3、quires that econo mic data be recorded in a com mon unit of measureme nt.G. If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000 cash for it, the buyer would record the buildi ng at $90,000.H. The owner s rights to the assets rank ahead of the creditors rig

4、hts to the assets.I. Busin ess tran sacti ons are econo mic eve nts that directly or in directly cha nge an en titys financial condition or results from operations.J. If net in come for a proprietorship was $25,000, the owner withdrew $10,000 in cash and the owner in vested $5,000 in cash, the capit

5、al of the owner in creased by $20,000.K. The owner is only allowed to withdraw cash from the bus in ess.L. Receiving a bill or otherwise being notified that an amount is owed is not recorded until the amount is paid.M. The prin cipal finan cial stateme nts of a proprietorship are the in come stateme

6、 nt, stateme nt of own ers equity, and the bala nee sheet.N. An in come stateme nt is a summary of the revenues and expe nses of a bus in ess as of a specific date.O. A low ratio of liabilities to own ers equity in dicates that a bus in ess is n ear ban kruptcy.Multiple choice1. Profit is the differ

7、enee betweena. assets and liabilitiesb. the incoming cash and outgo ing cashc. the assets purchased with cash con tributed by the owner and the cash spe nt to operate the bus in essd. the assets received for goods and services and the amounts used to provide the goods and services2. Which of the ite

8、ms below is not a bus in ess orga ni zatio n form?a. en trepre neurship b. proprietorshipc. partn ershipd. corporati on3. Which of the following is not a step in providing accounting information to stakeholders?a. desig n the acco un ti ng in formati on systemb. prepare acco un ti ng surveysc. ide n

9、tify stakeholdersd. record econo mic data4. For acco un ti ng purposes, the bus in ess en tity should be con sidered separate from its owners if the en tity isa. a corporatio n b. a proprietorshipc. a partn ership d. all of the above5. Which of the follow ing is not a bus in ess tran sact ion?a. mak

10、e a sales offer b. sell goods for cashc. receive cash for services to be ren dered laterd. pay for supplies6. The Reyno Ids Compa ny estimated that the value of its land had in creased from $10,000 to $16,000 and therefore wrote up the land account to $16,000. Which accounting con cept(s) was (were)

11、 violated?a. cost con ceptb. objectivity con ceptc. all of the above d. none of the above7. Goods purchased on acco unt for future use in the bus in ess, such as supplies, are calleda. prepaid liabilities b. revenuesc. prepaid expenses d. liabilities8. All of the following are financial statement(s)

12、 of a proprietorship except thea. stateme nt of reta ined earnings b. stateme nt of own ers equityc. in come stateme ntd. stateme nt of cash flowsChapter 2True or FalseA. A chart of accounts is a listing of accounts that make up the journal.B. Drawings are an example of an expense.C. To determine th

13、e balance in an account, always subtract credits from debits.D. The double-entry accounting system records each transaction twice.E. The in crease side of all acco unts is the no rmal bala nce.F. The journal is the book of original entry.G. Journ aliz ing tran sacti ons using the double-e ntry bookk

14、eep ing system will elim in ate fraud.H. The process of transferring the data from the journal to the ledger accounts is posting.I. The post reference notation used in the journal is the page number.J. When a bus in ess receives a bill from the utility compa ny, no entry should be made un til the in

15、 voice is paid.K. A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a bala nce sheet.L. Even whe n a trial bala nce is in bala nce, there may be errors in the in dividual acco un ts.M. Posting a part of a transaction to the wrong account will ca

16、use the trial balance totals to be un equal.N. Horizontal analysis is used to compare the financial statements of the same company for differe nt periods.Multiple choice1. A group of related accounts that comprise a complete unit is called aa. Jour nal b. liabilityc. ledger d. tran sact ion2. Which

17、statement(s) concerning cash is (are) true?a. cash will always have more debits tha n creditsb. cash will n ever have a credit bala neec. cash is in creased by debit ingd. all of the above3. Which of the following types of accounts have a normal credit balanee?a. assets and liabilitiesb. liabilities

18、 and expe nsesc. revenues and liabilitiesd. capital and draw ing4. Which of the following entries records the receipt of cash from patients on account?a. Acco unts Payable, debit; Fees Earn ed, creditb. Acco unts Receivable, debit; Fees Earn ed, creditc. Acco unts Receivable, debit; Cash, creditd. C

19、ash, debit; Acco unts Receivable, credit5. If the two totals of a trial balance are not equal, it could be due toa. failure to record a tran sact ionb. record ing the same erron eous amount for both the debit and the credit parts of a tran sact ionc. an error in determ ining the acco unt bala nces,

20、such as a bala nce being in correctly computedd. record ing the same tran sact ion more tha n once6. Which of the following errors, each considered individually, would cause the trial balance totals to be un equal?a. a tran sact ion was not postedb. a payme nt of $96 for in sura nce was posted as a

21、debit of $46 to Prepaid In sura nce and a credit of $46 to Cashc. a payme nt of $311 to a creditor was posted as a debit of $3,111 to Acco unts Payable and a debit of $311 to Accou nts Receivabled. cash received from customers on acco unt was posted as a debit of $140 to Cash and a credit of $140 to

22、 Accou nts PayableTrue or Falsech1ch2A.TFB.T FC.TFD.FFE.FTF.TTG.FFH.FTI.FFJ. T/F FK.F FL.FTM.FTN.F TMultiple choicech1 ch21.dc2.ac3.bc4.dd5.ac6.ac7.c8.aChapter 3True or False1. The accrual basis of accounting requires revenue be recorded when cash is received from customers.2. The matching concept r

23、equires expenses be recorded in the same period that the related reve nue is recorded.3. Adjusting entries are made at the end of an accounting period to adjust accounts on the balance sheet.4. The difference between deferred revenue and accrued revenue is that accrued revenue has been recorded and

24、n eeds adjust ing and deferred revenue has n ever bee n recorded.5. The systematic allocation of Iands cost to expense is called depreciation.6. The difference between the balance of a fixed asset account and the balance of its related accumulated depreciati on acco unt is termed the book value of t

25、he asset.7. If the adjustment for accrued salaries at the end of the period is inadvertently omitted, both liabilities and owners equity will be overstated for the period.8. The financial statements are prepared from the unadjusted trial balance.9. Vertical analysis compares each item in a statement

26、 with another item in the same statement.The correct: 2,6,9Multiple choice1. Which account would normally not require an adjusting entry?a. Wages Expe nseb. Acco unts Receivablec. Accumulated Depreciati on d. Smith, Capital2. What is the proper adjusting entry at June 30, the end of the fiscal year,

27、 based on a prepaidin sura nce acco unt bala nce before adjustme nt, $15,500, and un expired amounts per an alysis of policies, $4,500?a. debit In sura nce Expe nse, $4,500; credit Prepaid In sura nce, $4,500b. debit In sura nce Expe nse, $15,500; credit Prepaid In sura nce, $15,500c. debit Prepaid

28、In sura nce, $11,500; credit In sura nce Expe nse, $11,500d. debit In sura nce Expe nse, $11,000; credit Prepaid In sura nce, $11,0003. Depreciation Expense and Accumulated Depreciation are classified, respectively, asa. expe nse, contra assetb. asset, contra liabilityc. revenue, assetd. contra asse

29、t, expe nse4. If there is a balance in the unearned subscriptions account after adjusting entries are made, it represe nts a(n)a. deferral b. accrualc. draw ingd. reve nue5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaidin sura nce acco unt bala nce bef

30、ore adjustme nt, $15,500, and un expired amounts per an alysis of policies, $4,500?a. debit In sura nce Expe nse, $4,500; credit Prepaid In sura nce, $4,500b. debit In sura nce Expe nse, $15,500; credit Prepaid In sura nce, $15,500c. debit Prepaid In sura nce, $11,500; credit In sura nce Expe nse, $

31、11,500d. debit In sura nee Expe nse, $11,000; credit Prepaid In sura nee, $11,0006. Depreeiation Expense and Accumulated Depreeiation are classified, respectively, asa. expe nse, contra assetb. asset, contra liabilityc. revenue, assetd. contra asset, expe nse7. If there is a balance in the unearned

32、subscriptions account after adjusting entries are made, it represe nts a(n)a. deferral b. accrualc. draw ingd. reve nueMultiple choice: d d a aChapter 4True or false1. The most important output of the accounting cycle is the financial statements.2. A net loss is show n on the work sheet in the credi

33、t colu mns of both the In come Stateme nt colu mns and the Bala nce Sheet colu mns.3. The difference between a classified balance sheet and one that is not classified is that the classified one has subheadi ngs.4. Since the adjustments are entered on the work sheet, it is not necessary to record the

34、m in the journal or post them to the ledger.5. The post-clos ing trial bala nce will gen erally have fewer acco unts tha n the trial bala nce.6. Solvency is essentially the ability of an organization to pay its bills.7. Working capital is current assets plus current liabilities.ANS:T F T F T T FMult

35、iple choice1. The worksheeta. is an in tegral part of the acco un ti ng cycleb. eliminates the need to rewrite the financial statementsc. is a work ing paper that is requiredd. is used to summarize acco unt bala nces and adjustme nts for the finan cial stateme nts2. Which one of the fixedasset acco

36、unts listed below will not have arelated contraassetacco unt?a. Office Equipme nt b. Land c. Delivery Equipme ntd. Buildi ng3. Which of the acco untsbelow would be closed by making a debit to the acco unt?a. Unearned Revenue b. Fees Earned c. Jeff Ritter, Drawingd. Rent Expense4. Which of the follow

37、ing accounts ordinarily appears in the post-closing trial balance?a. Bill Smith, Drawing b. Supplies Expense c. Fees Earned d. Unearned Rent5. A fiscal yeara. ordin arily beg ins on the first day of a month and ends on the last day of the follow ing twelfth monthb. for a bus in ess is determ ined by

38、 the federal gover nmentc. always beg ins on Jan uary 1 and ends on December 31 of the same yeard. should end at the height of the bus in esss annual operati ng cycle6. A curre nt ratio of 4.3 means thata. there are $4.30 in current assets available to pay each dollar of current liabilitiesb. the co

39、mpa ny cannot pay its debts as they come duec. there are $4.30 in curre nt assets for every $4.30 in curre nt liabilitiesd. there are $4 in current assets for every $3 in current liabilitiesANS: dbbdaaChapter 6True or False1. In a mercha ndise bus in ess, sales minus operati ng expe nses equals net

40、in come.2. In a perpetual inventory system, the Merchandise Inventory account is only used to reflect the begi nning inven tory.3. The sin gle-step in come stateme nt is easier to prepare, but a criticism of this format is that gross profit and in come from operati ons are not readily available.4. U

41、nder the perpetual inventory system, when a sale is made, both the retail and cost values are recorded.5. Sales Discounts is a revenue account with a credit balanee.6. Disco unts take n by the buyer for early payme nt of an in voice are credited to Cash Disco unts by the buyer.7. If the ownership of

42、 merchandise passes to the buyer when the seller delivers the merchandise for shipme nt, the terms are stated as FOB dest in atio n.8. If merchandise costing $2,500, terms FOB destination, 2/10, n/30, with prepaid transportation costs of $100, is paid with in 10 days, the amount of the purchases dis

43、co unt is $50.9. The adjusti ng entry to record inven tory shri nkage would gen erally in clude a debit to Cost of Mercha ndise Sold.Multiple choice1. The primary differe nee betwee n a periodic and perpetual inven tory system is that aa. periodic system determines the inventory on hand only at the

44、end of the accounting periodb. periodic system keeps a record showing the inventory on hand at all timesc. periodic system provides an easy means to determ ine inven tory shri nkaged. periodic system records the cost of the sale on the date the sale is made2. A sales in voice in cluded the followi n

45、g in formati on: mercha ndise price, $4,000; tran sportati on, $300; terms 1/10, n/eom, FOB shipp ing point. Assu ming that a credit for mercha ndise retur ned of $600 is gran ted prior to payme nt, that the tran sportati on is prepaid by the seller, and that thein voice is paid with in the disco un

46、t period, what is the amount of cash received by the seller?a. $3,366b.$3,400c.$3,666d.$3,9503. The net sales to assets ratio measures a companysa. work ing capitalb. net worthc. effective use of sales to support the purchase of new assetsd. effective use of assets to gen erate salesThe correct: 3,4

47、,8,9 Multiple choice: a c dChapter 7True or false4. A customers check received in settleme nt of an acco unt receivable is con sidered cash.5. If the bala nee in Cash Short and Over at the end of a period is a credit, itin dicates that cash shortages have exceeded cash overages for the period.6. A v

48、oucher system is an example of an internal con trol procedure over cash payme nts.7. A remitta nee advice is the no tificati on accompa nying the check issued to a creditor that states the specific in voice being paid.8. The amount of the adjusted balanee appearing on the bank reconciliation as of a

49、 give n date is the amount that is show n on the bala nee sheet for that date.9. When the petty cash fund is reple ni shed, the petty cash acco unt is credited for the total of all expe nditures made since the fund was last reple ni shed.10. Cash equivale nts are short -term in vestme nts that will

50、be con verted to cash within 120 days.11. The doomsday ratio is almost always less than one.ANS:T F T T T F F TMultiple choice1. Credit memorandums from the banka. decrease a bank customers acco untb. are used to show a bank service chargec. show that a compa ny has deposited a customers NSF checkd.

51、 show the bank has collected a note receivable for the customer2. Journal entries based on the bank reconciliation are required in the depositors accounts fora. outsta nding checks b. deposits in tran sitc. bank errorsd. book errorsANS: d dChapter 8True or false1. Receivables from company owners and

52、 officers should be disclosed separately on the balanee sheet.2. Since those responsible for receivables record keeping and credit approval do not handle cash, these duties do not n eed to be separated to maintain good internal con trol.3. Of the two methods of acco un ti ng for un collectible recei

53、vables, the allowa nee method provides in adva nee for un collectible receivables.4. Although Allowa nee for Doubtful Acco unts n ormally has a credit bala nee, it may have either a debit or a credit bala nee before adjusti ng en tries are recorded at the end of the acco un ti ng period.5. At the en

54、d of a period, before the acco unts are adjusted, Allowa nee for Doubtful Acco unts has a debit balanee of $2,000. If the estimate of uncollectible accounts determined by aging the receivables is $30,000, the current provision to be made for uncollectible accounts expense is $30,000.6. The due date

55、of a 60-day note dated July 10 is September 10.7. If the maker of a note fails to pay the debt on the due date, the note is said to be dish ono red.8. The discounting of a note receivable creates a contingent liability that continues in effect until the due date of the no te.ANS: T F T T F F T TMult

56、iple choice1. Allowanee for Doubtful Accounts has a debit balanee of $500 at the end of the year (before adjustme nt), and un collectible acco unts expe nse is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusti ng entry to record the provisi on for doubtful acco unts

57、isa. $18,500b. $17,500c. $18,000d. none of the above2. On the bala nee sheet, the amount show n for the Allowa nee for Doubtful Acco unts is equal to thea. Un collectible acco unts expe nse for the yearb. total of the acco unts receivables writte n-off duri ng the yearc. total estimated un collectible acco unts as of the end of the yeard. sum of all acco unts that are past due.3. What is the type of acco unt and no rmal bala nee of Allowa nee for Doubtful Acco un ts?a. Contra asset, creditb. Asset, debitc. Asset, creditd. Contra asset, de