财务会计概念与应用题库Stu14 Chap maq.docx
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财务会计概念与应用题库Stu14 Chap maq.docx
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财务会计概念与应用题库Stu14Chapmaq
14Chapters’MCQ
Chapter1
1.Thefunctionsofanaccountingsystemincludeallofthefollowingexceptto:
a.gathermarketingdata.
b.handleroutinebookkeepingtasks.
c.structureinformationsothatitcanbeusedtoevaluateperformanceofabusiness.
d.analyzetransactions.
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2Accountinginformationisusefulforseveralkindsofdecisions.ForwhichdecisionsituationwouldaccountinginformationNOTbeuseful?
a.Bankersevaluatingtheriskinessofloans.
b.Corporatemanagerscontrollingcosts.
c.Productionmanagersevaluatingthequalityofmaterialsusedinmanufacturing.
d.Corporatemanagerssettingprices.
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3Theprimaryusersofexternalfinancialreportsare:
a.thosewhodirectday-to-dayoperationsofabusinessenterprise.
b.individualswhohaveaneconomicinterestinthefirmbutwhoarenotpartofmanagement.
c.managersofanenterprisewhoplan,implementplans,andcontrolcosts.
d.noneoftheabove.
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4Whichprimaryfinancialstatementshowsabusinessenterprise'sresources,obligations,andequities?
a.Statementofcashflows
b.Balancesheet
c.Incomestatement
d.Statementofretainedearnings
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5Whichprimaryfinancialstatementshowsabusinessenterprise'sexcessofrevenuesoverexpenses?
a.Statementofcashflows
b.Balancesheet
c.Incomestatement
d.Statementofretainedearnings
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6WhichofthefollowingisNOTtrueoftheSecuritiesandExchangeCommission(SEC)?
a.TheSECischargedwithprotectinginvestorsfromlosingmoney.
b.CongresshasgiventheSECspecificlegalauthoritytoestablishaccountingstandards.
c.Asaresultoftheaccountingscandalsof2001-2002,theSECwasgivenmoreauthoritytosetstandards.
d.TheSECcouldtakeovertheroleofstandardsettinginaccountingiftheFASBlosescredibility.
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7WhichofthefollowingisNOTtrueregardingtheInternationalAccountingStandardsBoard(IASB)?
a.IASBstandardsaregainingincreasingacceptancethroughouttheworld.
b.ThepurposeoftheIASBistoharmonizeconflictingaccountingstandardsofvariouscountries.
c.TheaccountingstandardsproducedbytheIASBarereferredtoasInternationalFinancialReportingStandards(IFRS's)Note:
the200countryreferencewasnotcitedinthetext.
d.TheIASBstandardsareacceptedintheUnitedStates.
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8Severalorganizationshavedevelopedcodesofethicsforaccountants.WhichofthefollowingorganizationsdidNOTdevelopacodeofethicsforaccountants?
a.AmericanInstituteofCertifiedPublicAccountants(AICPA)
b.InstituteofManagementAccountants(IMA)
c.SecuritiesExchangeCommission(SEC)
d.Alloftheabovedevelopedacodeofethicsforaccountants.
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9Technologyhasimpactedaccountinginmanyways.WhichofthefollowingisNOTachangeinaccountingduetotechnology?
a.Technologyhasreplacedjudgment.
b.Technologyhasallowedusersaccesstomorethanjustsummarizeddata.
c.Technologyallowsmoredetailedinformationtobegathered.
d.Technologyhasreducedthelikelihoodoferrorsinaccountingdata.
Chapter2
1.Obligationstopaycash,transferotherassets,orprovideservicesare:
a.assets.
b.liabilities.
c.equities.
d.expenses.
B
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2Theinterrelationshipsamongthefinancialstatementsiscalled:
a.disclosure.
b.articulation.
c.recognition.
d.reconciliation.
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3Thestatementoffinancialpositionisalsoknownasthe:
a.statementofcashflows.
b.balancesheet.
c.incomestatement.
d.retainedearningsstatement.
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4WhichofthefollowingisNOTnormallyconsideredtobeanasset?
a.Retainedearnings
b.Cash
c.Buildings
d.Accountsreceivable
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5Ifacompanyhas$15,000inassetsand$10,000inequities,thenliabilitiesare:
a.$25,000.
b.$10,000.
c.$5,000.
d.$0.
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6Assetsconsumedthroughbusinessoperationsarecalled:
a.liabilities.
b.expenses.
c.equities.
d.netincome.
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7Grossprofitiscalculatedas:
a.Sales-Costofgoodssold.
b.Sales-Operatingexpenses.
c.Sales-Allexpenses.
d.Sales-Incometaxexpense.
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8Whenpreparingastatementofcashflows,activitiesassociatedwithbuyingandsellingassetsare:
a.operatingactivities.
b.investingactivities.
c.financingactivities.
d.revenueactivities.
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9Ifacorporationhasassetsof$250,000,liabilitiesof$70,000,andcapitalstockof$120,000,whatistheamountofretainedearnings?
a.$30,000
b.$0
c.$60,000
d.$140,000
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10Theideathatthebusinesswillcontinuetooperatefortheforeseeablefutureisknownasthe:
a.arm's-lengthtransactionassumption.
b.entityconcept.
c.goingconcernassumption.
d.monetarymeasurementconcept.
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11Theideathatabusinessisconsideredtobeseparatefromitsindividualownersisknownasthe:
a.arm's-lengthtransactionassumption.
b.entityconcept.
c.goingconcernassumption.
d.monetarymeasurementconcept.
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12Inorderforthedataofatransactiontobeaccuratelyrepresented,anassumptionmustbemadethatthetransactionwasconductedbetweenbuyerandsellerwithnobiastowardeitherparty.Thisconceptiscalledthe:
a.arm's-lengthtransactionassumption.
b.entityconcept.
c.goingconcernassumption.
d.monetarymeasurementconcept.
chapter3
1Whenownersinvestmoneyintheirbusiness,theeffectontheaccountingequationisthattheinvestment:
a.increasesassetsanddecreasesowners'equity.
b.increasesassetsandincreasesliabilities.
c.decreasesassetsanddecreasesowners'equity.
d.increasesassetsandincreasesowners'equity.
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2Thepurchaseofinventoryoncredit:
a.increasesassetsanddecreasesliabilities.
b.increasesliabilitiesanddecreasesassets.
c.increasesassetsandincreasesliabilities.
d.decreasesassetsanddecreasesliabilities.
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3Arevenueaccountisincreasedwith:
a.debits.
b.credits.
c.equities.
d.noneoftheabove.
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4Acompany'sretainedearningsbalanceisincreasedby:
a.netincome.
b.expenses.
c.investmentsbyowners.
d.thedeclarationandpaymentofdividends.
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5Whichofthefollowingaccountswouldnormallyhaveadebitbalance?
a.Revenues
b.Expenses
c.Liabilities
d.Owner'sEquity
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6Whentransactionsarepostedfromthebookoforiginalentry,theyarepostedtothe:
a.generaljournal.
b.generalledger.
c.worksheets.
d.trialbalance.
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7BossoCompanyrepaidanotepayableof$20,000andtheinterestdueof$400.Thejournalentrytorecordthistransactionwouldincludea:
a.debittocash.
b.credittonotespayable.
c.debittointerestexpense.
d.credittointerestrevenue.
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8Thejournalentrytorecordthepaymentofwagesintheamountof$52,000toworkerscouldincludea:
a.debittowagesexpense.
b.credittoaccountspayable.
c.debittocash.
d.credittowagesexpense.
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9Theentrytorecordthecollectionofcashfromcustomerswouldincludea:
a.debittoaccountsreceivable.
b.debittosalesrevenue.
c.credittocash.
d.debittocash.
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10Whenacompanyearnsrevenuefrom
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