大学资料现代会计双语题库Chapter4docx.docx
- 文档编号:25625300
- 上传时间:2023-06-10
- 格式:DOCX
- 页数:33
- 大小:432.17KB
大学资料现代会计双语题库Chapter4docx.docx
《大学资料现代会计双语题库Chapter4docx.docx》由会员分享,可在线阅读,更多相关《大学资料现代会计双语题库Chapter4docx.docx(33页珍藏版)》请在冰豆网上搜索。
大学资料现代会计双语题库Chapter4docx
Chapter4
UsingFinancialStatements
LearningObjectives
1・Understandtheroleofadjustmentsinaccrualaccounting
2.Makeadjustmentsfortheexpirationorconsumptionofassets
3.Makeadjustmentsfortherecognitionofunearnedrevenues
4.Makeadjustmentsfortheaccrualofunrecordedexpenses
5・Makeadjustmentsfortheaccrualofunrecordedrevenues
6・Describethesequenceofthefinalstepsintherecordingprocessandrelatecashflowstoadjustingentries
7.Prepareaclassifiedbalancesheetanduseittoassessshort-termliquidity
8・Preparesingle・andmultiple-stepincomestatements
9・Useratiostoassessprofitability
TrueFalse
1.Theaccountantusesadjustingentriestorecordimplicittransactionsattheendofeachreportingperiod.
a.True
b.False
L・O•:
1Type:
EasySolution:
a
2.Implicittransactionsareeventssuchascashreceiptsanddisbutsementsthattriggernearlyallday-to-dayroutineentries•
a.True
b.False
L.O.:
1Type:
EasySolution:
b
3.Someexplicittransactions(e.g.thelossofassetsduetofire)donotinvolveactualexchangesofgoodsandservicesbetweenparties•
a.True
b.False
L.O.:
1Type:
EasySolution:
a
4.Everyadjustingentryaffectsoneincomestatementaccountandonebalancesheetaccount・
a.True
b・False
L.O.:
1Type:
ModerateSolution:
a
5.Failuretoadjustfordepreciationresultsintheoverstatementofassetsandtheunderstatementnetincome.
a.True
b.False
L.O.:
2Type:
DifficultSolution:
b
6・Iftheadjustingentrytorecordthecurrentperiod"sprepaidrentthatisexpiredisomitted,currentassetswillbeoverstated.
a•True
b.False
L.O.:
2Type:
DifficultSolution:
a
7.Theadjustingentrytorecord$500ofexpiredinsurancewouldincludeadebittoUnearnedInsurance.
a.True
b・False
Type:
Easy
Solution:
L.O.:
2
b
8.Examplesofadjustingforassetexpirationsincludethewrite-offstoexpenseofsuchassetsasOfficeSuppliesandPrepaidInsurance•
a.True
b.False
9.Theadjustingentrytorecord$600ofearnedrevenuereceivedinadvancewouldincludeadebittoUnearnedRevenue-
a.Trueb・False
L.O.:
3Type:
ModerateSolution:
a
10.WittenDanceStudiorecorded$4,000ofunearnedrevenuebeingearnedandthecollectionof$2,500cashforservicespreviouslyaccrued.Theimpactofthesetwoentriesontotalrevenueisanincreaseof$6,500.
a.True
b・False
Solution:
L.O.:
3
b
11.BardenCompanyrecords$8,000ofrevenuebeingreceivedinadvanceand$4,000ofrevenuebeingaccrued.Unearnedrevenuehasayear-endbalanceof$4,500.Theeffeetofthisinformationontotalrevenueisanincreaseof$7z500•a.Trueb・False
L.O.:
3Type:
DifficultSolution:
a
12.Theadjustingentrytorecordaccruedsalariesincludesadebittosalariespayab丄e.
a.True
b.
False
L.O.:
4
b
13.Failuretoadjustforanaccruedexpensewilloverstatenetincomeandstockholders^equityfortheperiod.
a.True
b・False
a
14.Failuretoadjustforanaccruedexpensewillunderstateliabilities.
a.True
b.False
L.O.:
4Type:
DifficultSolution:
a
15.Recordinganaccruedexpensewillincreaseexpensesanddecreaserevenues•
a.True
b.False
L.O.:
4Type:
ModerateSolution:
b
16.EnsmarkCompanyrecordsthepaymentof$400cashforapreviouslyaccruedexpenseandtheaccrualof$325foranotherexpense.Theimpactofthesetwoentriesistodecreasenetincomeby$725.
a.True
b.False
L.O.:
4Type:
DifficultSolution:
b
17•Theadjlistingentrytorecordaccruedinterestrevenueincludesadebittointerestpayable.
a.True
b.False
L.O•:
5Type:
ModerateSolution:
b
18.Iftheadjustingentrytorecordrevenueearnedduringthecurrentperiodwhencashwasreceivedinthelastaccountingperiodisnotrecorded,liabilitieswillbeunderstated.
a.True
b・False
b
19•Failuretoadjustforaccruedrevenuewillunderstatestockholders7
equity.
a.True
b.False
L.O.:
4Type:
DifficultSolution:
a
20-Entriesfortheaccrualofunrecordedexpensesandtheaccrual
ofunrecordedrevenuesaremadepriortotheassociatedcashflows•
a.True
b.False
L.O.:
6Type:
DifficultSolution:
a
21.Adjustingentriesarejournalizedafterthefinancialstatementsareprepared•
a.True
b・False
L.O.:
6Type:
EasySolution:
b
22•Advancecashpaymentsforfutureservicestobereceivedcreatenoncashassetsinthebalancesheet.
a.True
b・False
L•O•:
6
a
23.Prepaidexpensesarelistedascurrentassetsonthebalancesheet.
a.True
b・False
L.O.:
7Type:
EasySolution:
a
24.Currentassetsmustbegreaterthancurrentliabi丄ities.
a.True
b.False
L・0.:
7
b
25.Currentassetsarecashplusthoseassetsthatareexpectedtobeconvertedtocashorsoldorconsumedduringthenexttwelvemonthsorwithinthenormaloperatingcycleiflongerthanayear.
a.True
b.
False
26-Theexcessofcashovercurrentliabilitiesisknownasworkingcapital•
Type:
Easy
Solution:
a.Trueb・False
L.O.:
7
b
27.Workingcapitalisthedifferencebetweentotalassetsandtotalliabilities.
a.True
b.False
L.O.:
7Type:
EasySolution:
b
28.Thecurrentratiocanhelpusersoffinancialstatementsassessabusinessentity1sliquidity.
a.True
b.False
L.O.:
7Type:
ModerateSolution:
a
29.Ahighcurrentratiomeansthatacompanyishighlyprofitable•
a.True
b.False
L.O.:
7
b
30.Theaccountformofthebalancesheetreportsassetsmtthetopofthestatement.
a.True
b.False
L・O.:
7Type:
EasySolution:
b
31•Anentity7sabilitytomeetitsimmediatefinancialobligationsastheybecomedueisknownasprofitability.
a.True
b.False
L.O.:
7Type:
ModerateSolution:
b
32.Currentassetsonthebalancesheetarelistedindescendingorderofmonetaryamount.
a.True
b.
False
Type:
Easy
Solution:
b・False
L.O.:
7
b
34.Anincomestatementwithoutanyintermediatesubtotalsisreferredtoasamultiple-stepincomestatement-
a.True
b.False
L.O.:
8
b
35-Onamultiple-stepincomestatement,operatingexpensesaredeductedfromcostofgoodssoldtoobtainoperatingincome.
a.True
b.False
L.O.:
8Type:
ModerateSolution:
b
36.Anadvantageofthemultiple-stepincomestatementoverthesingle-stepiscomparability•
a.True
b.False
L.O.:
8Type:
EasySolution:
a
37.Ratiossuchasthereturnonsalesratioallowreaderstoassesswhetherornotacompanywillprovidethemwithaparticularrateofreturnontheirinvestment.
a.True
b.False
L.O.:
9Type:
ModerateSolution:
a
38.Analystswillcompareacompany1sfinancialratiosfromthecurrentyearwiththoseofpastyearsinordertomakejudgmentsaboutacompany1sfinancialstatus,butcomparisontoothercompanies1ratiosisusuallynotperformed.
a.True
b.False
L.O.:
9Type:
ModerateSolution:
b
39.Grossprofitequalssalesminusoperatingexpenses.
a.True
b.False
L.O.:
9Type:
EasySolution:
b
40.Thegrossprofitpercentageiscalculatedassalesdividedbygrossprofit•
L.O.:
9
Type:
Easy
Solution:
a.Trueb・False
MultipleChoice
ComprehensiveObjectives
Table4-1
McCabeCompanycompletedthefollowingtransactionsduringJune・
1.Thecompanyowes$8,900forwagestobepaidonJuly6.
2.Thecompanyperformedamonth-endinventoryandcountedofficesuppliesvaluedat$2z100.ThebeginningbalanceintheSuppliesaccountwas$1,200.
3.Thecompanyperformedservicesvaluedat$7Z550•Thecompanydidnotbi丄丄fortheservicesuntilJuly1.
41.
4.Thecompanyreceived$7,000cashforservicestobedeliveredinJuneandJuly.Thecompanyrecordedunearnedrevenueuponreceiptofcash.
Solution:
adjustingentrywould
ReferringtoTable4-1,part
(2),assumingthat$2,900ofpurchasesforthemonthwerepostedtotheSuppliesaccount,whatadjustingentrywouldtheMcCabeCompanymakeonJune30?
a•
Suppliesexpense
Supplies
2,000
2,000
b・
Supplies
2,000
Suppliesexpense
2,000
C•
Supplies
900
Suppliesexpense
900
d•
Suppliesexpense
900
Supplies
900
L.O.:
2
Type:
Moderate
theMcCabeCompanymakeonJune30?
a•
Prepaidrevenue
7,550
Revenue
7,550
b•
Revenue
7,550
Unearnedrevenue
7,550
C•
Unearnedrevenue
7,550
ReferringtoTable4-1zpart(3),what
Revenue
7,550
theMcCabeCompanymakeonJune30assumingthat$2z000of
serviceswereperformedin
June?
a•
Unearnedrevenue
5,000
Revenue
5,000
b.
Accountsreceivable
5,000
Revenue
5,000
C•
Unearnedrevenue
2,000
Revenue
2Z000
d・
Revenue
2Z000
Accountsreceivable
2,000
44.ReferringtoTable4-1zpart(4),whatadjustingentrywould
L•0•:
5
Type:
Moderate
Solution:
ComprehensiveObjectives
Table4-2
ThomasCompanyhadthefollowingtransactionsduringJune:
1.Thecompanypaid$1z800for3months*rentinadvanceonJune1.
2.Thecompanyreceived$800inadvanceonJune1fromKATCOCompanyforservicestobeperformedoverthenextthreemonths-
3.Thecompanyborrowed$20,000fromFirstCityBankonJune1.Thenoteisfor9monthswithallinterestdueattheendofthenote.Thebankischargingthecompany9%interest.
4.PattonCompany,avaluedcustomer,placedanorderfor
$1,500onJune1•BecausePattonisexperiencingfinancialdifficulties,ithasbeenallowedtopaywithathree-monthnotereceivable.Theinterestrateonthenoteis8%.
5.ThomasCompanyperformedservicesforaclientduringJunevaluedat$6,000.TheclientwasbilledonJuly7.
45.ReferringtoTable4-2,part
(1),andassumingonlyassetaccountswereusedintheJune1journalentry,whatadjustingentryisnecessaryonJune30?
a•
Prepaidrent
Rentexpense
600
600
b・
Rentexpense
600
Prepaidrent
600
C•
Rentexpense
600
Rentpayable
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 大学 资料 现代 会计 双语 题库 Chapter4docx