基礎(chǔ)會計(jì)Accounting

1、1. Which of the following should be classified as a current asset?Accounts Receivable.Accumulated Depreciation.Franchises.Land Held for Future Use.A company purchased land by issuing a note payable. What was the effect on the accounting equation?AssetsLiabilitiesStockholders1 EquityA.-NEB+NEc.+NE+D.

2、-NE.Which of the following financial statements is concerned with the financial position of an enterprise at a point in time?Retained Earnings Statement.Balance Sheet.Income Statement.Statement of Cash Flows.Cash was collected from a customer on account. Which accounts were debited and credited?Debi

3、tcreditA.Accwnts Receivable8shBCashService Revenuec.cashAccounts ReceivableDCashAccounts PayaweA company received cash and issued common stock. What was the effect on the accounting equation?AssetsLiabilitiesStackholders4 EouitvA.升NE+B.NE.c*+NED.-NEWhich of the following errors will cause a trial ba

4、lance to be out of balance?A debit to Office Equipment is incorrectly debited to Office Supplies.The bookkeeper forgot to journalize a transaction.The bookkeeper forgot to post a journal entry to the ledger.A credit was posted to an account as a debit.When a magazine company receives advance payment

5、 for a subscription, itDebits Cash and credits Subscriptions Revenue.Debits Cash and credits Unearned Subscriptions Revenue.Debits Unearned Subscriptions Revenue and credits Cash.Debits Prepaid Subscriptions and credits Cash.The Supplies account had a $360 debit balance at the end of the accounting

6、period before adjustment for supplies used, and an inventory of $80 worth of unused supplies were on hand. Which of the following is the required adjusting entry?Debit Supplies $280 and credit Supplies Expense $280.Debit Supplies Expense $280 and credit Supplies $280.Debit Supplies $80 and credit Su

7、pplies Expense $80.Debit Supplies Expense $80 and credit Supplies $80.A company s weekly payroll of $750 is paid on Fridays. There are five days in a pay period. Assume that the last day of the month falls on Wednesday.Which of the following is the required adjusting entry?Debit Unpaid Salaries and

8、credit Salaries Payable for $450.Debit Salaries Expense and credit Salaries Payable for $450.Debit Salaries Expense and credit Salaries Payable for $300.Debit Salaries Payable and credit Salaries Expense for $450.A s呷劉y 欣I the following balance sheer accounts and bdiqncESAccounts PayableS 24,000casn

9、Si2,000Accents RecewaweJ ,000Commor StockBuldings & Equipm&flt (net)68,000 Retained Earrings 8,000What is the balance of the Common Stock account?A. $76,000B. $68,000C. $60,000D. $52,000A company declared cash dividends of $0.20 per share. If there are500,000 shares of common stock authorized, 100,0

10、00 shares issued, and80,000 shares outstanding at the date of declaration, what is the amount that the company should record for the dividend?$4,000$16,000$20,000D. $100,000A company sold equipment for $100,000; the equipment had cost$300,000 and had accumulated depreciation of $180,000. The company

11、 s journal entry to record the sale of the equipment would include aCredit to Sale of Equipment for $100,000.Credit to Equipment for $120,000.Debit to Equipment for $300,000.Debit to Loss on Sale of Equipment for $20,000.Which of the following is most likely to appear on the balance sheet as a curre

12、nt liability?Bonds Payable.Accumulated Depreciation.Long-term Notes Payable.Wages Payable.Gross profit equals the difference between net sales andNet Income.Operating Expenses.Cost of Goods Sold plus Operating Expenses.Cost of Goods Sold.Interest on a 3-month, 10 percent, $10,000 note receivable is$

13、 250.$2,500.$ 288.$1,000.The inventory costing method that matches recent costs with recent revenues isLast-in, First-out (LIFO).First-in, First-out (FIFO).Average Cost.Specific Identification.The following data are available for Allen Clapp Corporation:Nel iTKome3200.000Depredatiofi 已用 ense40.0DDDi

14、viderids paidEO.OOOGain on sale of land10.0DDDecrease m accounts receivable20r000Decrease in accounts payableao.ooqHow much is cash provided by operating activities using the indirect method for the statement of cash flows?A. $240,000B. $280,000C. $160,000D. $220,000The following are data concerning

15、 cash received or paid from various transactions for Orange Peels Corporation:$100,000Sale of equipmentMPODOIssuance Of common jtock 巾QQ口 PiMcriase or eqiipmenim.ddoPaymeni of casii divKienUs 60.00口How much is net cash provided by investing activities in the statement of cash flows?A. $190,000B. $12

16、0,000C. $130,000D $150,000A store that sells expensive custom-made jewelry is most likely todetermine its cost of goods sold usingLIFOFIFOSpecific identificationAverage costWhich of the following is not a standard financial statement:Income statement C. Shareholder sheetBalance sheet D. Cash flow st

17、atementWhat does an income statement show about a company over a period of time?Profitability C. EquityReliability D. LiabilitiesWhich of the following is the basic calculation used to analyze an income statement:Assets minus liabilities C. Income minus expensesRevenue plus sales D. Sales plus opera

18、ting costsWhich of the following is not an asset?FactoryBuildingCash at bankLoan from another companyWhich one of the following is a liability?An overdrawn balance on the firm s bank accountMoney owed by the firm by its debtorsCash in the firm s safeA factory owned by the firm.An example of an asset

19、 isFactory owned by the companyA loan given to the companyAmount owed by the company to one of its suppliers for purchase of goodson creditThe capital of the companyWhich of the following statements is correct?When assets increase, are creditedWhen assets increase, are debited and creditedWhen asset

20、s increase, are not entered into the booksWhen assets increase, are debitedOn balance sheet, accruals, notes payable, and account payable are listed under which category?Current LiabilitiesAccumulated LiabilitiesNoncurrent LiabilitiesAccrued LiabilitiesInventories, cash and equivalents, and accounts

21、 receivables are listed asEarnings on Income StatementPayments on Income StatementAssets on the Balance SheetLiabilities on the Balance SheetWhich of the following is not a current assetSuppliesLandAccounts ReceivablePrepaid InsuranceIn a balance sheet, the total of common stock and retained earning

22、s are denoted asCommon EquityDue EquityPreferred EquityCommon Perpetuity1. The cost that tends to remain constant irrespective of the level of activity is called .Variable costFixed costTotal costAll of the aboveCost Accounting restrict itself with transactions.FinancialSpotHistoricalAdministrativeM

23、anagement accounting is primarily concerned with:providing investors with useful information for valuing viding creditors information on the status of their viding managers with relevant information to help achieve organizational viding the relevant taxation authoriti

24、es with information to determine the amount of taxes owed.Management accounting:provides a framework to evaluate information in light of an organizations vides relevant information to vides relevant information to meet specific needs of persons inside the organization.all of the

25、 aboveWhich of the following costing activities is associated with the financial accounting system?determining the cost of a departmentdetermining the cost of goods sold for financial statementspreparing budgetsdetermining the cost of a customerThe main objective of depreciation isTo show the previo

26、us profitTo calculate net profitTo reduce taxTo satisfy the tax departmentAccording to straight line method of providing depreciation, the depreciationRemains constantIncrease each year.Decrease each yearNone of them.Total amount of depreciation of an asset cannot exceed itsDepreciation valueScrap v

27、alueMarket valueNone of theseDepreciation amount charged on a machinery will be debited to:Repair accountCash accountDepreciation accountMachinery accountWhich pair of accounts is increased by recording a credit?Common Stock and Rent Expense.Cash and Accounts Receivable.Treasury Stock and Common Sto

28、ck.Notes Payable and Service Revenue.Use the following information to answer the next three questions.PeriodsFuture Value of S1 at 12 PercentFuture Value of Ordinary Annuity of $1 at 12 PercentPresent Value of $1 at 12 PercentPresent Value of Ordinary of 51 at 12 Percent11.1201.0000.S93Q.B9321.2542.

29、1200.7971.69031.4053.3740.7122.402A single deposit of $800 made at the beginning period 1 would grow to how much at the end of three years, assuming a 12 percent interest rate?A. $1,254.B. $ 896.C. $1,124.D. $2,699.If an accumulation of $500 is desired at the end of three years, what amount must be

30、deposited now to accomplish that goal, assuming a 12 percent interest rate?$148.$356.$446.$268.13. A deposit of $200 made at the end of each year for three years would grow to how much, assuming a 12 percent rate?$843.$841.$675.$672.Use the following information to answer the next 4 questions.Hasbro

31、. Inc. is a worldwide leader in children s and family leisure time products and services with a wide range of toys and games, entertainment offerings, and licensed products. The following information was provided in Hasbros most recent consolidated financial $tatBinenL$ (amounts in thgu$and$)：Far th

32、e Year Ended Dec. 262010Net revenues5 4.002,161Cast of sales1,712,126Operating profit5B7.859Nlet earnings397,752At Dec. 26 and Dec. 2720102003Accounts receivable, less allowance for doubtful accountsS 961,252$ 1.038,802Curnenl assets2,221,0492.045,032Total a&sets4.093,2263.895,892CurrenL liabilities

33、718,801815,803Total liabilities2.477.S062.302,120Total share holders equity1,615,4201.594,77214. What is Hasbros profit margin ratio for 2010?A. 0.1%B. 9.9%C. 14.7%D. 57.2%15. What is Hasbros current ratio for 2010?A. $1,502,248B. 0.3 : 1C. 1.7 : 1D. 3.1 : 116. What is Hasbros debtotal assets ratio

34、for 2010?A. 60.5%B. 43.0%C. 39.5%D. 32.4%17. What is Hasbros 2010 return on assets?A. 14.36 %B. 9.96 %C. 9.72 %D. 0.10 %18. The general ledger account for Accounts Receivable shows a debit balance of $50,000. The Allowance for Doubtful Accounts has a creditbalance of $1,000. If management estimates

35、that 5% of Accounts Receivable will prove uncollectible, Bad Debts Expense would be recorded for$1,500.$2,540.$2,500.$3,500.Use the following information to answer the next three questions.Beginning inventoryPurchase # 1Purchase # 2Total100 units $8.00 = $ 800 200 units $6.00 =1f200100 un依 $12.00 =1

36、.20040。unita$3,20。Ending inventory is 150 units.What is ending inventory under the average cost method?$1,200.$2,000.$ 300.$ 500.What is cost of goods sold under LIFO?$1,100.$1,700.$1,500.$2,100.What is cost of goods sold under FIFO?$1,500.$1,100.$1,700.$2,100.Use the following information to answer

37、 the next three questions.Nicholson purchased a piece of equipment on for $60,000. The equipment has an estimated useful life of eight years or 6D,000 units of production and an estimated salvage value of 56,DOO.The amount of depreciation to be recorded for year 2 using the straightline method of ca

38、lculating depreciation, is$ 7,500.$ 6,750.$15,000.$13,500.The amount of depreciation to be recorded for year 1 using the doubledeclining balance method, is$13,500.$ 6,000.$15,000.$12,000.The amount of depreciation to be recorded in year 1 using the units-of- activity method and assuming that 6,500 u

39、nits are produced, is A. $4,680.$7,800.$5,200.$7,020.Jones borrowed $960 from the bank, issuing a 12.5%, 4-month promissory note. Assuming that the note is issued and paid in the same accounting period, Jones entrtyhoendate of payment will include a A. Debit to Notes Payable for $960.Debit to Intere

40、st Payable for $40.Credit to Cash for $960.Debit to Interest Receivable for $40.On June, 30, 2011, Riddle Corporation issued $500,000 of 8%, 5-year bonds at 100. Interest is payable semi-annually. The journal entry to record the semiannual interest payment on December 31, 2011 would credit A. Intere

41、st Expense for $20,000.Cash for $20,000.Cash for $200,000.Bonds Payable for $500,000.Discount on bonds payable should be reported on the balance sheet of the issuing corporation as a(n)Direct deduction from the face amount of the bonds payable in the longterm liability section.Direct deduction from

42、retained earnings in the stockholdersquity sectio n. eAsset.Direct addition to the face amount of the bonds payable in the long-term liability section.Bonds with a face value of $10,000 were issued at 97. The Cash account will be debited for$970.$10,097.$10,000.$9,700.The following accounts appear i

43、n the ledger of Saphire Corporation on December 31, 2011:Preferred Stock $30,000Common Stock 60,000Paid-in Capital in Excess of Par Value, Preferred 7,000Paid-in Capital in Excess of Par Value, Common 18,000Retained Earnings 40,000Treasury Stock 5,000A balance sheet prepared on December 31, 2011, wo

44、uld report total paid-in capital of$115,000.$ 90,000.$155,000.$160,000.If Saphire Corporation has 80,000 shares of common stock authorized,50,000 shares of common stock issued, and holds 4,000 shares of common stock as treasury stock, the total number of outstanding common shares is A. 34,000.76,000

45、.46,000.30,000.The Paid-in Capital in Excess of Par Value account normally is credited in a journal entry to record the issuance of stock whenThe earnings per share of the stock exceeds par value.The number of shares issued exceeds the par value.Stock is sold at an amount greater than par value.The

46、stated value of the capital stock is greater than the par value.What effect will the purchase of treasury stock have on total stockholders equity?Increase.Decrease.No effect.Cannot determine from the information given.Martinez Corporation has 30,000 shares of $10 par value common stock outstanding.

47、On March 17, the Board of Directors declared a 10 percent stock dividend. Market value of the stock was $13 on March 17. The effect of the declaration and issuance of the stock dividend for Martinez would include a A. Decrease to Cash for $39,000.Decrease to Retained Earnings for $39,000.Decrease to

48、 Retained Earnings for $30,000.Increase to Common Stock for $39,000.The primary purpose of the statement of cash flows is to provide informationRegarding the results of operations for a period of time.Regarding a company s financial position at the end of an accounting period.About a company s cash

49、receipts and cash payments during an accounting period.About a company s investinagnd financing activities.The following data are available for Allen Clapp Corporation:Net income $200,000Depreciation expense 40,000Dividends paid 60,000Gain on sale of land 10,000Decrease in accounts receivable 20,000

50、Decrease in accounts payable 30,000How much is cash provided by operating activities using the indirect method for the statement of cash flows?A. $240,000B. $280,000C. $160,000D. $220,000The following are data concerning cash received or paid from various transactions for Orange Peels Corporation:Sa

51、le of land $100,000Sale of equipment 50,000Issuance of common stock 70,000Purchase of equipment 30,000Payment of cash dividends 60,000How much is net cash provided by investing activities in the statement of cash flows?A. $190,000B. $120,000C. $130,000D $150,000Ibram Corporation had 200,000 shares o

52、f $1 par value common stock outstanding. If Ibram announces a 4-for-1 stock split, the par value and number of shares outstanding after the stock split would be: A. $.25 par; 800,000 shares.$.25 par; 200,000 shares.$1 par; 50,000 shares.$1 par; 800,000 shares.A company has budgeted $328,000 to be us

53、ed by both the marketing department and the finance department. The marketing department uses cash at the rate of $42,000 per month, which is three times the rate of the finance department. How many months until the budgeted amount is used up? Round all amounts to the nearest tenth.7.8 months5.9 mon

54、ths2.6 months6.2 monthsAt the end of a year, a companys net income increased 30%. At the end of the second year, the income decreased 25% from the previous year. What was the percentage change for the two years?(2.5%) decrease2.5% increase(5.0%) decrease5.0% increaseYou just paid $35,640 for a car,

55、including sales tax. The sales tax rate is 8%. What is the pre-tax price of the car?A. $35,640B. $32,789C. $33,000D. $35,355The Ames and Johnson partnership allocates profits and losses 80% toAmes and 20% to Johnson. Smith enters the partnership and receives a 25% share of profits and losses. What s

56、hare of profits and losses does Ames now share?80%70%55%60%At the beginning of last year your departmental budget was 40% of the total budget. This year it was 30% of the total budget. What percent did your budget decrease from last year?25%10%12%33%Johnson Company purchased merchandise with an invo

57、ice cost of $90,000. The vendors terms offered a 4% discount on any part of the invoice paid within 10 days. Johnson Company made a cash payment of $48,000 within the 10 days. How much did Johnson Company still owe after making the payment?A. $42,000B. $40,000C. $43,920D. $40,080In which year was Matrix Connections highest overallureevbeansed onthese three p