调整分录和报表习题精选含答案文档格式.docx
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调整分录和报表习题精选含答案文档格式.docx
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8.
Adjustingentriesareusedtobringassetorliabilityaccountstotheirproperamountandupdatetherelatedexpenseorrevenueaccount.
9.
Thematchingprinciplerequiresthatrevenuenotbeassignedtotheaccountingperiodinwhichitisearned.
10.
Therevenuerecognitionprincipleisthebasisformakingadjustingentriesthatpertaintounearnedandaccruedrevenues.
11.
Thecashbasisofaccountingcommonlyresultsinfinancialstatementsthatarenotcomparablefromperiodtoperiod.
12.
Underthecashbasisofaccounting,noadjustmentsaremadeforprepaid,unearned,andaccrueditems.
13.
Sincetherevenuerecognitionprinciplerequiresthatrevenuesbeearned,therearenounearnedrevenuesinaccrualaccounting.
FALSE
14.
Thematchingprinciplerequiresthatexpensesgetrecordedinthesameaccountingperiodastherevenuesthatareearnedasaresultoftheexpenses,notwhencashispaid.
TRUE
15.
Thecashbasisofaccountingisanaccountingsysteminwhichrevenuesarereportedwhencashisreceivedandexpensesarereportedwhencashispaid.
16.
Thecashbasisofaccountingrecognizesrevenueswhencashpaymentsfromcustomersarereceived.
17.
Theaccrualbasisofaccountingrecognizesrevenueswhencashisreceivedfromcustomers.
18.
Theaccrualbasisofaccountingrecognizedexpenseswhencashispaid.
19.
Recordingrevenuesearlyoverstatescurrent-periodincome;
recordingrevenueslateunderstatescurrentperiodincome.
20.
Recordingexpensesearlyoverstatescurrent-periodincome;
recordingexpenseslateunderstatescurrentperiodincome.
MultipleChoiceQuestions
69.
sactivitiescanbedividedintospecifictimeperiodsincluding:
A.
Months.
B.
Quarters.
C.
Fiscalyears.
D.
Calendaryears.
E.
Allofthese.
70.
Abroadprinciplethatrequiresidentifyingtheactivitiesofabusinesswithspecifictimeperiodssuchasmonths,quarters,oryearsisthe:
Operatingcycleofabusiness.
Timeperiodprinciple.
Going-concernprinciple.
Matchingprinciple.
Accrualbasisofaccounting.
71.
Interimfinancialstatementsrefertofinancialreports:
Thatcoverlessthanoneyear,usuallyspanningone,three,orsix-monthperiods.
Thatarepreparedbeforeanyadjustmentshavebeenrecorded.
Thatshowtheassetsabovetheliabilitiesandtheliabilitiesabovetheequity.
Whererevenuesarereportedontheincomestatementwhencashisreceivedandexpensesarereportedwhencashispaid.
Wheretheadjustmentprocessisusedtoassignrevenuestotheperiodsinwhichtheyareearnedandtomatchexpenseswithrevenues.
72.
The12-monthperiodthatendswhenacompany'
sactivitiesareattheirlowestpointiscalledthe:
Fiscalyear.
Calendaryear.
Naturalbusinessyear.
Accountingperiod.
Interimperiod.
73.
Thelengthoftimecoveredbyasetofperiodicfinancialstatementsisreferredtoasthe:
Fiscalcycle.
Businesscycle.
Operatingcycle.
74.
Theaccountingprinciplethatrequiresrevenuetobereportedwhenearnedisthe:
Revenuerecognitionprinciple.
Accrualreportingprinciple.
75.
Adjustingentries:
Affectonlyincomestatementaccounts.
Affectonlybalancesheetaccounts.
Affectbothincomestatementandbalancesheetaccounts.
Affectonlycashflowstatementaccounts.
Affectonlyequityaccounts.
76.
Themainpurposeofadjustingentriesisto:
Recordexternaltransactionsandevents.
Recordinternaltransactionsandevents.
Recognizeassetspurchasedduringtheperiod.
Recognizedebtspaidduringtheperiod.
Correcterrors.
77.
Thebroadprinciplethatrequiresexpensestobereportedinthesameperiodastherevenuesthatwereearnedasaresultoftheexpensesisthe:
Recognitionprinciple.
Costprinciple.
Cashbasisofaccounting.
Timeperiodprinciple.
78.
Thesystemofpreparingfinancialstatementsbasedonrecognizingrevenueswhenthecashisreceivedandreportingexpenseswhenthecashispaidiscalled:
Accrualbasisaccounting.
Operatingcycleaccounting.
Cashbasisaccounting.
Revenuerecognitionaccounting.
Currentbasisaccounting.
79.
Adjustingentriesarejournalentriesmadeattheendofanaccountingperiodforthepurposeof:
Updatingliabilityandassetaccountstotheirproperbalances.
Assigningrevenuestotheperiodsinwhichtheyareearned.
Assigningexpensestotheperiodsinwhichtheyareincurred.
Assuringthatfinancialstatementsreflecttherevenuesearnedandtheexpensesincurred.
80.
Theapproachtopreparingfinancialstatementsbasedonrecognizingrevenueswhentheyareearnedandmatchingexpensestothoserevenuesis:
Thematchingprinciple.
Thetimeperiodprinciple.
Revenuebasisaccounting.
81.
Prepaidexpenses,depreciation,accruedexpenses,unearnedrevenues,andaccruedrevenuesareallexamplesof:
Itemsthatrequirecontraaccounts.
Itemsthatrequireadjustingentries.
Assetandequity.
Assetaccounts.
Incomestatementaccounts.
82.
Theaccrualbasisofaccounting:
Isgenerallyacceptedforexternalreportingbecauseitismoreusefulthancashbasisformostbusinessdecisions.
Isflawedbecauseitgivescompleteinformationaboutcashflows.
Recognizesrevenueswhenreceivedincash.
Recognizesexpenseswhenpaidincash.
Eliminatestheneedforadjustingentriesattheendofeachperiod.
83.
Whichofthefollowingstatementsisincorrect?
Adjustmentstoprepaidexpenses,depreciation,andunearnedrevenuesinvolvepreviouslyrecordedassetsandliabilities.
Accruedexpensesandaccruedrevenuesinvolveassetsandliabilitiesthathadnotpreviouslybeenrecorded.
Adjustingentriescanbeusedtorecordbothaccruedexpensesandaccruedrevenues.
Prepaidexpenses,depreciation,andunearnedrevenuesoftenrequireadjustingentriestorecordtheeffectsofthepassageoftime.
Adjustingentriesaffectthecashaccount.
84.
Anadjustingentrycouldbemadeforeachofthefollowingexcept:
Prepaidexpenses.
Depreciation.
Ownerwithdrawals.
Unearnedrevenues.
Accruedrevenues.
85.
Acompanymadenoadjustingentryforaccruedandunpaidemployeewagesof$28,000onDecember31.Thisoversightwould:
Understatenetincomeby$28,000.
Overstatenetincomeby$28,000.
Havenoeffectonnetincome.
Overstateassetsby$28,000.
Understateassetsby$28,000.
86.
Ifacompanymistakenlyforgottorecorddepreciationonofficeequipmentattheendofanaccountingperiod,thefinancialstatementspreparedatthattimewouldshow:
Assetsoverstatedandequityunderstated.
Assetsandequitybothunderstated.
Assetsoverstated,netincomeunderstated,andequityoverstated.
Assets,netincome,andequityunderstated.
Assets,netincome,andequityoverstated.
87.
Ifacompanyfailedtomaketheend-of-periodadjustmenttoremovefromtheUnearnedManagementFeesaccounttheamountofmanagementfeesthatwereearned,thisomissionwouldcause:
Anoverstatementofnetincome.
Anoverstatementofassets.
Anoverstatementofliabilities.
Anoverstatementofequity.
Anunderstatementofliabilities.
88.
AcompanyrecordsthefeesforlegalservicespaidinadvancebyitsclientsinanaccountcalledUnearnedLegalFees.Ifthecompanyfailstomaketheend-of-periodadjustingentrytorecordtheportionofthesefeesthathasbeenearned,oneeffectwillbe:
Anunderstatementofequity.
Anunderstatementofassets.
Anunderstatementofliabilities.
Anoverstatementofassets.
89.
Profitmarginisdefinedas:
Revenuesdividedbynetsales.
Netsalesdividedbyassets.
Netincomedividedbynetsales.
Netincomedividedbyassets.
Netsalesdividedbynetincome.
90.
Acompanyearned$2,000innetincomeforOctober.ItsnetsalesforOctoberwere$10,000.Itsprofitmarginis:
2%.
20%.
200%.
500%.
$8,000.
$2,000/$10,000=20%
91.
Theprofitmargin:
Reflectsthepercentofprofitineachdollarofrevenue.
Isalsocalledreturnonsales.
Canbeusedtocompareafirm'
sperformancetoitscompetitors.
Iscalculatedbydividingnetincomebynetsales.
Allofthese.
92.
Acompanyhad$9,000,000innetincomefortheyear.Itsnetsaleswere$13,200,000forthesameperiod.Calculateitsprofitmargin.
17.5%.
28.0%.
62.5%.
160.0%.
68.2%
$9,000,000/$13,200,000=68.2%
OnJune30,2009,ApricotCo.paid$7,500cashformanagementservicestobeperformedoveratwo-yearperiod.Apricotfollowsapolicyofrecordingallprepaidexpensesto
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