西方会计练习题.doc

西方会计练习题.doc

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PARTI—MULTIPLECHOICE

Instructions

Designatethebestanswerforeachofthefollowingquestions.

____ 1. Whichofthefollowingstatementsistrue?

a. Tradingsecuritiesaredebtsecuritiesthattheinvestorhastheintenttoholdtomaturity.

b. Tradingsecuritiesaresecuritiesboughtandheldprimarilyforsaleinthenearterm.

c. Tradingsecuritiesaresecuritiesthatmaybesoldinthefuture.

d. Tradingsecuritiesarereportedatcostinthebalancesheet.

____ 2. Inordertoberelevant,accountinginformationmust

a. beneutral.

b. beverifiable.

c. helppredictfutureevents.

d. beafaithfulrepresentation.

____ 3. Thecostofintangibleassetsshouldbe

a. amortizedovertheassets'estimatedusefullife,or20years,whicheverisshorter.

b. amortizedoveraperiodnotexceeding5years.

c. amortizedovertheassets'estimatedusefullife.

d. chargedtoanexpenseaccountatacquisition.

____ 4. OnNovember30,ThatcherCompanyissueda$8,000,6%,4-monthnotetotheNationalBank.TheentryonThatcher'sbookstorecordthepaymentofthenoteatmaturitywillincludeacredittoCashfor

a. $8,000.

b. $8,480.

c. $8,160.

d. $8,320.

____ 5. ThefollowinginformationisavailableforLightenCompany:

Sales $130,000

Freight-in $10,000

EndingMerchandiseInventory 12,000

PurchaseReturnsandAllowances 5,000

Purchases 90,000

BeginningMerchandiseInventory 15,000

Lighten’scostofgoodssoldis

a. $115,000.

b. $110,000.

c. $98,000.

d. $95,000.

e. Noneoftheabove.

____ 6. Oneofthetwoconstraintsinaccountingis

a. comparability.

b. materiality.

c. reliability.

d. relevance.

____ 7. Allofthefollowingareintangibleassetsexcept

a. patents.

b. landimprovements.

c. goodwill.

d. franchises.

____ 8. Whentheallowancemethodisusedforbaddebts,theentrytowriteoffanindividualaccountknowntobeuncollectibleinvolvesa

a. debittoanexpenseaccount.

b. credittoanexpenseaccount.

c. credittotheAllowanceaccount.

d. debittotheAllowanceaccount.

____ 9. HeligCompanyhasa$150,000balanceinAccountsReceivableanda$1,000debitbalanceinAllowanceforDoubtfulAccounts.Creditsalesfortheperiodtotaled$900,000.WhatistheamountofthebaddebtadjustingentryifHeligusesapercentageofreceivablesbasis（at10%）?

a. $15,000

b. $14,000

c. $16,000

d. $15,200

____ 10. Ifmerchandiseissoldfor$1,000subjecttocredittermsof2/10,n/30,theentrytorecordcollectioninfullwithinthediscountperiodwouldincludea

a. credittoSalesDiscountsfor$20.

b. credittoCashfor$980.

c. credittoAccountsReceivablefor$20.

d. noneoftheabove.

____ 11. JetsonCompany'sfinancialinformationispresentedbelow.

Sales $?

?

?

?

PurchaseReturnsandAllowances $15,000

SalesReturnsandAllowances 30,000 EndingMerchandiseInventory 35,000

NetSales 250,000 CostofGoodsSold 180,000

BeginningMerchandiseInventory ?

?

?

?

GrossProfit ?

?

?

?

Purchases 170,000

Themissingamountsaboveare:

Sales BeginningInventory GrossProfit

a. $280,000 $45,000 $70,000

b. $220,000 $45,000 $100,000

c. $280,000 $60,000 $70,000

d. $220,000 $60,000 $100,000

____ 12. Thepreparationofclosingentries

a. isanoptionalstepintheaccountingcycle.

b. resultsinzerobalancesinallaccountsattheendoftheperiodsothattheyarereadyforthefollowingperiod'stransactions.

c. isnecessarybeforefinancialstatementscanbeprepared.

d. resultsintransferringthebalancesinalltemporaryaccountstoRetainedEarnings.

____ 13. Currentliabilitiesareobligationsthatarereasonablyexpectedtobepaidfrom

Existing CreationofOther

CurrentAssets CurrentLiabilities

a. No No

b. Yes Yes

c. Yes No

d. No Yes

____ 14. Theprimaryaccountingstandard-settingbodyintheUnitedStatesisthe

a. SecuritiesandExchangeCommission.

b. AccountingPrinciplesBoard.

c. FinancialAccountingStandardsBoard.

d. InternalRevenueService.

____ 15. Whichofthefollowingstatementsistrue?

a. Tradingsecuritiesaredebtsecuritiesthattheinvestorhastheintenttoholdtomaturity.

b. Tradingsecuritiesaresecuritiesboughtandheldprimarilyforsaleinthenearterm.

c. Tradingsecuritiesaresecuritiesthatmaybesoldinthefuture.

d. Tradingsecuritiesarereportedatcostinthebalancesheet.

____ 16. Inaccountingforavailable-for-salesecurities,theUnrealizedLoss—Equityaccountshouldbeclassifiedasa

a. liabilityonthebalancesheet.

b. lossontheincomestatement.

c. deductioninthestockholders'equitysectionofthebalancesheet.

d. contraassetonthebalancesheet.

____ 17. FisonCorp.purchased15,000sharesofits$2parcommonstockatacostof$13