会计英语课后题.docx
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会计英语课后题.docx
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会计英语课后题
Unlimitedliabilityisanadvantageofasoleproprietorship.×
Asoleproprietorshipisabusinessownedbyoneormorepersons.×
Asageneralrule,revenuesshouldnotberecognizedintheaccountingrecordsuntilitisreceivedincash.×
Inthepartnershipformofbusiness,theownersarecalledstockholders.×
Theareaofaccountingaimedatservingthedecisionmakingneedsofinternalusersis:
AFinancialaccounting.
BManagerialaccounting.
CExternalauditing.
DSECreporting.
EBookkeeping.
Theaccountingconceptthatrequiresfinancialstatementinformationtobesupportedbyindependent,unbiasedevidenceotherthansomeone'sbelieforopinionis:
ABusinessentityassumption.
BMonetaryunitassumption.
CGoing-concernassumption.
DTime-periodassumption.
EObjectivity
Externalusersofaccountinginformationincludeallofthefollowingexcept:
AShareholders.
BCustomers.
CPurchasingmanagers.
DGovernmentregulators.
ECreditors.
Theaccountingassumptionthatrequireseverybusinesstobeaccountedforseparatelyfromotherbusinessentities,includingitsownerorownersisknownasthe:
ATime-periodassumption.
BBusinessentityassumption.
CGoing-concernassumption.
DRevenuerecognitionprinciple.
ECostprinciple.
Ifaparceloflandthatwasoriginallyacquiredfor$85,000isofferedforsaleat$150,000,isassessedfortaxpurposesat$95,000,isrecognizedbyitspurchasersaseasilybeingworth$140,000,andissoldfor$137,000,thelandshouldberecordedinthepurchaser'sbooksat:
A$95,000.
B$137,000.
C$138,500.
D$140,000.
E$150,000.
TheMaximCompanyacquiredabuildingfor$500,000.Maximhadthebuildingappraised,andfoundthatthebuildingwaseasilyworth$575,000.Thesellerhadpaid$300,000forthebuilding6yearsago.WhichaccountingprinciplewouldrequireMaximtorecordthebuildingonitsrecordsat$500,000
AMonetaryunitassumption.BGoing-concernassumption.
CCostprinciple.DBusinessentityassumption.
ERevenuerecognitionprinciple.
Iftheliabilitiesofabusinessincreased$75,000duringaperiodoftimeandtheowner'sequityinthebusinessdecreased$30,000duringthesameperiod,theassetsofthebusinessmusthave:
ADecreased$105,000.BDecreased$45,000.
CIncreased$30,000.DIncreased$45,000.EIncreased$105,000.
Iftheassetsofabusinessincreased$89,000duringaperiodoftimeanditsliabilitiesincreased$67,000duringthesameperiod,equityinthebusinessmusthave:
AIncreased$22,000.BDecreased$22,000.
CIncreased$89,000.DDecreased$156,000.EIncreased$156,000.
Ifacompanypaid$38,000ofitsaccountspayableincash,whatwastheeffectontheassets,liabilities,andequity
AAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywoulddecrease$38,000.
BAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywouldincrease$38,000.
CAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywouldnotchange.
DTherewouldbenoeffectontheaccountsbecausetheaccountsareaffectedbythesameamount.
ENoneofthese.
HowwouldtheaccountingequationofBostonCompanybeaffectedbythebillingofaclientfor$10,000ofconsultingworkcompleted
A+$10,000accountsreceivable,-$10,000accountspayable.
B+$10,000accountsreceivable,+$10,000accountspayable.
C+$10,000accountsreceivable,+$10,000cash.
D+$10,000accountsreceivable,+$10,000revenue.
E+$10,000accountsreceivable,-$10,000revenue
Assetscreatedbysellinggoodsandservicesoncreditare:
AAccountspayable.BAccountsreceivable.
CLiabilities.DExpenses.EEquity.
OnJune30ofthecurrentyear,theassetsandliabilitiesofPhoenix,Inc.areasfollows:
Cash$20,500;AccountsReceivable,$7,250;Supplies,$650;Equipment,$12,000;AccountsPayable,$9,300.Whatistheamountofowner'sequityasofJune30ofthecurrentyear
A$8,300B$13,050
C$20,500D$31,100
E$40,400
Theexcessofexpensesoverrevenuesforaperiodis:
ANetassets.BEquity.CNetloss.
DNetincome.EAliability.
Theaccountingequationimpliesthat:
Assets+Liabilities=Equity. ×
owner'sequityaretheowner'sclaimonassets. √
Increasesinliabilityaccountsarerecordedasdebits. ×
Creditinganexpenseaccountdecreasesit. √
Ifinsurancecoverageforthenextthreeyearsispaidforinadvance,theamountofthepaymentisdebitedtoanassetaccountcalledPrepaidInsurance. √
ThepurchaseofsuppliesoncreditshouldberecordedwithadebittoSuppliesandacredittoAccountsPayable. √
IfacompanyprovidesservicestoacustomeroncreditthesellingcompanyshouldcreditAccountsReceivable. ×
Arecordoftheincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseisa(n):
AJournal.BPosting.CTrialbalance.DAccount.EChartofaccounts.
Whichofthefollowingstatementsiscorrect
AWhenafutureexpenseispaidinadvance,thepaymentisnormallyrecordedinaliabilityaccountcalledPrepaidExpense.
BPromisesoffuturepaymentbythebuyerarecalledaccountsreceivable.
CIncreasesanddecreasesincasharealwaysrecordedintheowner'scapitalaccount.
DAnaccountcalledLandiscommonlyusedtorecordincreasesanddecreasesinboththelandandbuildingsownedbyabusiness.
EAccruedliabilitiesincludeaccountsreceivable.
Prepaidexpensesare:
APaymentsmadeforproductsandservicesthatdonoteverexpire.
BClassifiedasliabilitiesonthebalancesheet.
CDecreasesinequity.
DAssetsthatrepresentprepaymentsoffutureexpenses.
EPromisesofpaymentsbycustomers.
Adebit:
AAlwaysincreasesanaccount.BIstheright-handsideofaT-account.
CAlwaysdecreasesanaccount.DIstheleft-handsideofaT-account.
EIsnotneedtorecordatransaction.
Whichofthefollowingstatementsisincorrect
AThenormalbalanceofaccountsreceivableisadebit.
BThenormalbalanceofowner'swithdrawalsisadebit.
CThenormalbalanceofunearnedrevenuesisacredit.
DThenormalbalanceofanexpenseaccountisacredit.
EThenormalbalanceoftheowner'scapitalaccountisacredit.
Thefirststepintheprocessingofatransactionistoanalyzethetransactionandsourcedocuments. √
Preparationofatrialbalanceisthefirststepintheanalyzingandrecordingprocess. ×
Sourcedocumentsprovideevidenceofbusinesstransactionsandarethebasisforaccountingentries. √
Arevenueaccountnormallyhasadebitbalance. ×
Accountsarenormallydecreasedbydebits. ×
Allofthefollowingstatementsregardingasalesinvoicearetrueexcept:
AAsalesinvoiceisatypeofsourcedocument.
BAsalesinvoiceisusedbysellerstorecordthesale.
CAsalesinvoiceisusedbybuyerstorecordpurchases.
DAsalesinvoicegivesrisetoanentryintheaccountingprocess.
EAsalesinvoicedoesnotprovideobjectiveevidenceaboutatransaction.
Theaccountingprocessbeginswith:
AAnalysisofbusinesstransactionsandsourcedocuments.
BPreparingfinancialstatementsandotherreports.
CSummarizingtherecordedeffectofbusinesstransactions.
DPresentationoffinancialinformationtodecision-makers.
EPreparationofthetrialbalance.
Sourcedocumentsincludeallofthefollowingexcept:
ASalestickets.BLedgers.CChecks.DPurchaseorders.
Aledgeris:
AArecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.
BAjournalinwhichtransactionsarefirstrecorded.
CAcollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccountingprocess.
DAlistofallaccountswiththeirdebitbalancesatapointintime.
EArecordcontainingallaccountsandtheirbalancesusedbyacompany.
RobertHaddoncontributed$70,000incashandlandworth$130,000toopenanewbusiness,RHConsulting.WhichofthefollowinggeneraljournalentrieswillRHConsultingmaketorecordthistransaction
ADebitAssets$200,000;creditHaddon,Capital,$200,000.
BDebitCashandLand,$200,000;creditHaddon,Capital,$200,000.
CDebitCash$70,000;debitLand$130,000;creditHaddon,Capital,$200,000.
DDebitHaddon,Capital,$200,000;creditCash$70,000,creditLand,$130,000.
OnJanuary1acompanypurchasedafive-yearinsurancepolicyfor$1,800withcoveragestartingimmediately.IfthepurchasewasrecordedinthePrepaidInsuranceaccount,andthecompanyrecordsadjustmentsonlyatyear-end,theadjustingentryattheendofthefirstyearis:
ADebitPrepaidInsurance,$1,800;creditCash,$1,800.
BDebitPrepaidInsurance,$1,440;creditInsuranceExpense,$1,440.
CDebitPrepaidInsurance,$360;creditInsuranceExpense,$360.
DDebitInsuranceExpense,$360;creditPrepaidInsurance,$360.
EDebitInsuranceExpense,$360;creditPrepaidInsurance,$1,440.
Acompanyhadnoofficesuppliesavailableatthebeginningoftheyear.Duringtheyear,thecompanypurchased$250worthofofficesupplies.OnDecember31,$75worthofofficesuppliesremained.Howmuchshouldthecompanyreportasofficesuppliesexpensefortheyear
A$75.B$125.C$175.D$250
OnApril1,acompanypaidthe$1,350premiumonathree-yearinsurancepolicywithbenefitsbeginningonthatdate.WhatwillbetheinsuranceexpenseontheannualincomestatementfortheyearendedDecember31
A$1,.B$.C$1,.D$.
IfthroughoutanaccountingperiodthefeesforlegalservicespaidinadvancebyclientsarerecordedinanaccountcalledUnearnedLegalFees,theend-of-periodadjustingentrytorecordtheportionofthosefeesthathasbeenearnedis:
ADebitCashandcreditLegalFeesEarned.
BDebitCashandcreditUnearnedLegalFees.
CDebitUnearnedLegalFeesandcreditLegalFeesEarned.
DDebi
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