会计学原理练习题.docx
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会计学原理练习题.docx
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会计学原理练习题
True/FalseQuestions 1. Accountingrecordsarealsoreferredtoasthebooks. TRUE
3. Preparationofatrialbalanceisthefirststepintheanalyzingandrecordingprocess. FALSE
4. Sourcedocumentsprovideevidenceofbusinesstransactionsandarethebasisforaccountingentries. TRUE
5. Itemssuchassalestickets,bankstatements,checks,andpurchaseordersaresourcedocuments. TRUE
6. Anaccountisarecordofincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem. TRUE
7. Acustomer'spromisetopayiscalledanaccountpayabletotheseller. FALSE
9. Asprepaidexpensesareused,theexpiredcostsoftheassetsbecomeexpenses. TRUE
10. Landandbuildingsaregenerallyrecordedinthesameledgeraccount. FALSe
13. Cashwithdrawnbytheownerofaproprietorshipshouldbetreatedasanexpenseofthebusiness. FALSE
15. Thechartofaccountsisalistofalltheaccountsusedbyacompanyandincludesanidentificationnumberassignedtoeachaccount. TRUE
16. Anaccountbalanceisthedifferencebetweenthedebitsandcreditsforanaccountincludinganybeginningbalance. TRUE
18. Inadouble-entryaccountingsystem,thetotalamountdebitedmustalwaysequalthetotalamountcredited. TRUE
19. Increasesinliabilityaccountsarerecordedasdebits. FALSE
20. Debitsincreaseassetandexpenseaccounts. TRUE
21. Creditsalwaysincreaseaccountbalances. FALS
23. Doubleentryaccountingrequiresthateachtransactionaffect,andberecordedin,atleasttwoaccounts. TRUE
24. Arevenueaccountnormallyhasadebitbalance. FALSE
25. Accountsarenormallydecreasedbydebits. FALSE
26. Theowner'swithdrawalaccountnormallyhasacreditbalancesinceitisanequity
28. Anowner'scapitalaccountnormallyhasadebitbalance. FALSE
29. Adebitentryisalwaysfavorable. FALSE
30. Atransactionthatdecreasesanassetaccountandincreasesaliabilityaccountmustalsoaffectoneormoreotheraccounts. TRUE
31. Atransactionthatincreasesanassetanddecreasesaliabilitymustalsoaffectoneormoreotheraccounts. TRUE
34. Ifacompanypurchaseslandpayingcash,thejournalentrytorecordthistransactionwillincludeadebittoCash. FALSE
IfacompanyprovidesservicestoacustomeroncreditthesellingcompanyshouldcreditAccountsReceivable. FALSE
Whenacompanybillsacustomerfor$600forservicesrendered,thejournalentrytorecordthistransactionwillincludea$600debittoServicesRevenue. FALSE
37. Thedebtratiohelpstoassesstheriskacompanyhasoffailingtopayitsdebtsandishelpfultobothitsownersandcreditors. TRUE
38.38. Thehigheracompany'sdebtratiois,thehighertheriskofacompanynotbeingabletomeetitsobligations. TRUE
Thedebtratioiscalculatedbydividingtotalassetsbytotalliabilities. FALSE40. Acompanythatfinancesarelativelylargeportionofitsassetswithliabilitiesissaidtohaveahighdegreeoffinancialleverage. TRUE
41. Ifacompanyishighlyleveraged,thismeansthatithasrelativelylowriskofnotbeingabletorepayitsdebt. FALSE
42. HamiltonIndustrieshasliabilitiesof$105millionandtotalassetsof$350million.Itsdebtratiois%. FALSE$105million/$350million=%
43. Highfinancialleverageisalwaysbadforacompany'sowners. FALSE
44. Acompoundjournalentryaffectsnomorethantwoaccounts. FALSE
45. Postingisthetransferofjournalentryinformationtotheledger. TRUE
46. Transactionsarefirstrecordedintheledger. FALSE
47. Thejournalisknownasabookoforiginalentry. TRUE
48. Ajournalgivesacompleterecordofeachtransactioninoneplace,andshowsthedebitsandcreditsforeachtransaction. TRUE
AICPAFN:
DecisionMakingDifficulty:
EasyLearningObjective:
C1
49. Thejournalisknownasthebookoffinalentrybecausefinancialstatementsarepreparedfromit. FALSE
AICPAFN:
DecisionMakingDifficulty:
HardLearningObjective:
C1
50. Atrialbalancethatbalancesisnotproofofcompleteaccuracyinrecordingtransactions. TRUE
AICPAFN:
DecisionMakingDifficulty:
EasyLearningObjective:
P2
51. Thetrialbalanceisalistofallaccountsandtheirbalancesatapointintimetakenfromtheledger. TRUE
AICPAFN:
DecisionMakingDifficulty:
EasyLearningObjective:
P2
52. Generally,theorderingofaccountsinatrialbalancetypicallyfollowstheiridentificationnumberfromthechartofaccounts,thatis,assetsfirst,thenliabilities,thenowner'scapitalandwithdrawals,followedbyrevenuesandexpenses. TRUE
AACSB:
AnalyticAICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
P2
53. Thetrialbalancecanserveasareplacementforthebalancesheet,sincedebitsmustequalwithcredits. FALSE
AACSB:
AnalyticAICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
P2
54. Atrialbalancethatisinbalanceisproofthatnoerrorsweremadeinjournalizingthetransactions,postingtotheledger,andpreparingthetrialbalance. FALSE
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
P2
55. Ifcashwasincorrectlydebitedfor$100insteadofcorrectlycreditedfor$100,thecashaccountisoutofbalanceby$100. FALSE
AACSB:
AnalyticAICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
P2
56. Thebalancesheetprovidesalinkbetweenbeginningandendingincomestatements. FALSE
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
P3
57. TheheadingoneachfinancialstatementliststhethreeW's–Who(thenameoftheorganization),What(thenameofthestatement),andWhere(theorganization'saddress) FALSE
Difficulty:
MediumLearningObjective:
P3
58. Anincomestatementreportstherevenuesearnedlessexpensesincurredbyabusinessoveraperiodoftime. TRUE
Difficulty:
MediumLearningObjective:
P3
59. Thebalancesheetreportsthefinancialpositionofacompanyatapointintime. TRUE
Difficulty:
MediumLearningObjective:
P3
MultipleChoiceQuestions
60. Theaccountingprocessbeginswith:
A. Analysisofbusinesstransactionsandsourcedocuments.B. Preparingfinancialstatementsandotherreports.C. Summarizingtherecordedeffectofbusinesstransactions.D. Presentationoffinancialinformationtodecision-makers.E. Preparationofthetrialbalance.
AICPAFN:
DecisionMakingDifficulty:
EasyLearningObjective:
C1
61. Asalesinvoice:
A. Isatypeofsourcedocument.B. Isusedbysellerstorecordthesale.C. Isusedbybuyerstorecordpurchases.D. Givesrisetoanentryintheaccountingprocess.E. Allofthese.
AICPAFN:
DecisionMakingDifficulty:
EasyLearningObjective:
C2
62.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C2
63. Sourcedocuments:
A. Includetheledger.B. Arethesourcesofaccountinginformation.C. Mustbeinelectronicform.D. Arebasedonaccountingentries.E. Includethechartofaccounts.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C2
64. Varioustypesofdocumentsandotherpapersthatcompaniesusewhentheyconducttheirbusiness:
A. Arecalledsourcedocuments.B. Canincludesalestickets.C. Arethesourceofinformationforrecordingaccountingentries.D. Canbeinelectronicform.E. Allofthese.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C2
65. Arecordoftheincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseisa(n):
A. Journal.B. Posting.C. Trialbalance.D. Account.E. Chartofaccounts.
AICPAFN:
DecisionMakingDifficulty:
EasyLearningObjective:
C3
67. Theaccountusedtorecordthetransfersofassetsfromabusinesstoitsowneris:
A. Arevenueaccount.B. Theowner'swithdrawalsaccount.C. Theowner'scapitalaccount.D. Anexpenseaccount.E. Aliabilityaccount.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C3
69. Unearnedrevenuesare:
A. Revenuesthathavebeenearnedandreceivedincash.B. Revenuesthathavebeenearnedbutnotyetcollectedincash.C. Liabilitiescreatedwhenacustomerpaysinadvanceforproductsorservicesbeforetherevenueisearned.D. Recordedasanassetintheaccountingrecords.E. Increasestoowners'capital.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C3
70. Prepaidexpensesare:
A. Paymentsmadeforproductsandservicesthatdonoteverexpire.B. Classifiedasliabilitiesonthebalancesheet.C. Decreasesinequity.D. Assetsthatrepresentprepaymentsoffutureexpenses.E. Promisesofpaymentsbycustomers.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C3
71. Awrittenpromisetopayadefinitesumofmoneyonaspecifiedfuturedateisa(n):
A. Unearnedrevenue.B. Prepaidexpense.C. Creditaccount.D. Notepayable.E. Accountreceivable.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C3
72. Acollectionofallaccountsandtheirbalancesusedbyabusinessiscalleda:
A. Journal.B. Bookoforiginalentry.C. GeneralJournal.D. Balancecolumnjournal.E. Ledger.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C3
73. Aledgeris:
A. Arecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.B. Ajournalinwhichtransactionsarefirstrecorded.C. Acollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccountingprocess.D. Alistofallaccountswiththeirdebitbalancesatapointintime.E. Arecordcontainingallaccountsandtheirbalancesusedbyacompany.
AICPAFN:
DecisionMakingDifficulty:
MediumLearningObjective:
C4
74. Alistofallaccountsandtheidentificationnumberassignedtoeachaccountusedbyacompanyiscalleda:
A. Sourcedocument.B. Journal.C. Trialbalance.D. Chartofaccounts.E. GeneralJournal.
AICPAFN:
Deci
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