完整版会计循环1习题精选含答案.docx
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完整版会计循环1习题精选含答案.docx
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完整版会计循环1习题精选含答案
True/FalseQuestions
1. Accountsthatappearinthebalancesheetareoftencalledtemporary(nominal)accounts.
FALSE
2. IncomeSummaryisatemporaryaccountonlyusedfortheclosingprocess.
TRUE
3. Revenueaccountsshouldbegineachaccountingperiodwithzerobalances.
TRUE
4. Closingrevenueandexpenseaccountsattheendoftheaccountingperiodservestomaketherevenueandexpenseaccountsreadyforuseinthenextperiod.
TRUE
5. Theclosingprocesstakesplaceafterfinancialstatementshavebeenprepared.
TRUE
6. Revenueandexpenseaccountsarepermanent(real)accountsandshouldnotbeclosedattheendoftheaccountingperiod.
FALSE
7. Closingentriesresultinrevenuesandexpensesbeingreflectedintheowner'scapitalaccount.
TRUE
8. Theclosingprocessisastepintheaccountingcyclethatpreparesaccountsforthenextaccountingperiod.
TRUE
9. Theclosingprocessisatwo-stepprocess.Firstrevenue,expense,andwithdrawalsaresettoazerobalance.Second,theprocesssummarizesaperiod'sassetsandexpenses.
FALSE
10. Closingentriesarerequiredattheendofeachaccountingperiodtocloseallledgeraccounts.
FALSE
11. Closingentriesaredesignedtotransfertheend-of-periodbalancesintherevenueaccounts,theexpenseaccounts,andthewithdrawalsaccounttoowner'scapital.
TRUE
12. TheIncomeSummaryaccountisapermanentaccountthatwillbecarriedforwardperiodafterperiod.
FALSE
13. Closingentriesarenecessarysothatowner'scapitalwillbegineachperiodwithazerobalance.
FALSE
14. Permanentaccountscarrytheirbalancesintothenextaccountingperiod.Moreover,asset,liabilityandrevenueaccountsarenotclosedaslongasacompanycontinuesinbusiness.
FALSE
15. Thefirststepintheaccountingcycleistoanalyzetransactionsandeventstoprepareforjournalizing.
TRUE
16. Theaccountingcyclereferstothesequenceofstepsinpreparingtheworksheet.
FALSE
17. Thefirstfivestepsintheaccountingcycleincludeanalyzingtransactions,journalizing,posting,preparinganunadjustedtrialbalance,andrecordingadjustingentries.
TRUE
18. Thelastfourstepsintheaccountingcycleincludepreparingtheadjustedtrialbalance,preparingfinancialstatementsandrecordingclosingandadjustingentries.
FALSE
19. Aclassifiedbalancesheetorganizesassetsandliabilitiesintoimportantsubgroupsthatprovidemoreinformationtodecisionmakers.
TRUE
20. Anunclassifiedbalancesheetprovidesmoreinformationtousersthanaclassifiedbalancesheet.
FALSE
21. Currentassetsandcurrentliabilitiesareexpectedtobeuseduporcomeduewithinoneyearorthecompany'soperatingcyclewhicheverislonger.
TRUE
22. Intangibleassetsarelong-termresourcesthatbenefitbusinessoperationsthatusuallylackphysicalformandhaveuncertainbenefits.
TRUE
23. Assetsareoftenclassifiedintocurrentassets,long-terminvestments,plantassets,andintangibleassets.
TRUE
24. Currentliabilitiesarecashandotherresourcesthatareexpectedtobesold,collectedorusedwithinoneyearorthecompany'soperatingcyclewhicheverislonger.
FALSE
25. Long-terminvestmentscanincludelandheldforfutureexpansion.
TRUE
26. Plantassetsandintangibleassetsareusuallylong-termassetsusedtoproduceorsellproductsandservices.
TRUE
27. Currentliabilitiesincludeaccountsreceivable,unearnedrevenues,andsalariespayable.
FALSE
28. Cashandofficesuppliesarebothclassifiedascurrentassets.
TRUE
29. Plantassetsarealsocalledfixedassetsorproperty,plant,andequipment.
TRUE
30. Thecurrentratioisusedtohelpassessacompany'sabilitytopayitsdebtsinthenearfuture.
TRUE
MultipleChoiceQuestions
64. Anothernamefortemporaryaccountsis:
A. Realaccounts.
B. Contraaccounts.
C. Accruedaccounts.
D. Balancecolumnaccounts.
E. Nominalaccounts.
65. Whenclosingentriesaremade:
A. Allledgeraccountsareclosedtostartthenewaccountingperiod.
B. Alltemporaryaccountsareclosedbutnotthepermanentaccounts.
C. Allrealaccountsareclosedbutnotthenominalaccounts.
D. Allpermanentaccountsareclosedbutnotthenominalaccounts.
E. Allbalancesheetaccountsareclosed.
66. Revenues,expenses,andwithdrawalsaccounts,whichareclosedattheendofeachaccountingperiodare:
A. Realaccounts.
B. Temporaryaccounts.
C. Closingaccounts.
D. Permanentaccounts.
E. Balancesheetaccounts.
67. Whichofthefollowingstatementsisincorrect?
A. Permanentaccountsisanothernamefornominalaccounts.
B. Temporaryaccountscarryazerobalanceatthebeginningofeachaccountingperiod.
C. TheIncomeSummaryaccountisatemporaryaccount.
D. Realaccountsremainopenaslongastheasset,liability,orequityitemsrecordedintheaccountscontinueinexistence.
E. Theclosingprocessappliesonlytotemporaryaccounts.
68. Assets,liabilities,andequityaccountsarenotclosed;theseaccountsarecalled:
A. Nominalaccounts.
B. Temporaryaccounts.
C. Permanentaccounts.
D. Contraaccounts.
E. Accruedaccounts.
69. Closingthetemporaryaccountsattheendofeachaccountingperiod:
A. Servestotransfertheeffectsoftheseaccountstotheowner'scapitalaccountonthebalancesheet.
B. Preparesthewithdrawalsaccountforuseinthenextperiod.
C. Givestherevenueandexpenseaccountszerobalances.
D. Causesowner'scapitaltoreflectincreasesfromrevenuesanddecreasesfromexpensesandwithdrawals.
E. Allofthese.
70. Journalentriesrecordedattheendofeachaccountingperiodtopreparetherevenue,expense,andwithdrawalsaccountsfortheupcomingperiodandtoupdatetheowner'scapitalaccountfortheeventsoftheperiodjustfinishedarereferredtoas:
A. Adjustingentries.
B. Closingentries.
C. Finalentries.
D. Worksheetentries.
E. Updatingentries.
71. Theclosingprocessisnecessaryinorderto:
A. calculatenetincomeornetlossforanaccountingperiod.
B. ensurethatallpermanentaccountsareclosedtozeroattheendofeachaccountingperiod.
C. ensurethatthecompanycomplieswithstatelaws.
D. ensurethatnetincomeornetlossandownerwithdrawalsfortheperiodareclosedintotheowner'scapitalaccount.
E. ensurethatmanagementisawareofhowwellthecompanyisoperating.
72. Closingentriesarerequired:
A. ifmanagementhasdecidedtoceaseoperatingthebusiness.
B. onlyifthecompanyadherestotheaccrualmethodofaccounting.
C. ifacompany'sbookkeeperforgetstopreparereversingentries.
D. ifthetemporaryaccountsaretoreflectcorrectamountsforeachaccountingperiod.
E. inordertosatisfytheInternalRevenueService.
73. Therecurringstepsperformedeachreportingperiod,startingwithanalyzingandrecordingtransactionsinthejournalandcontinuingthroughthepost-closingtrialbalance,isreferredtoasthe:
A. Accountingperiod.
B. Operatingcycle.
C. Accountingcycle.
D. Closingcycle.
E. Naturalbusinessyear.
74. Whichofthefollowingistheusualfinalstepintheaccountingcycle?
A. Journalizingtransactions.
B. Preparinganadjustedtrialbalance.
C. Preparingapost-closingtrialbalance.
D. Preparingthefinancialstatements.
E. Preparingaworksheet.
75. Aclassifiedbalancesheet:
A. Measuresacompany'sabilitytopayitsbillsontime.
B. Organizesassetsandliabilitiesintoimportantsubgroups.
C. Presentsrevenues,expenses,andnetincome.
D. Reportsoperating,investing,andfinancingactivities.
E. Reportstheeffectofprofitandwithdrawalsonowner'scapital.
76. Theassetssectionofaclassifiedbalancesheetusuallyincludes:
A. Currentassets,long-terminvestments,plantassets,andintangibleassets.
B. Currentassets,long-termassets,revenues,andintangibleassets.
C. Currentassets,long-terminvestments,plantassets,andequity.
D. Currentliabilities,long-terminvestments,plantassets,andintangibleassets.
E. Currentassets,liabilities,plantassets,andintangibleassets.
77. Theusualorderfortheassetsectionofaclassifiedbalancesheetis:
A. Currentassets,prepaidexpenses,long-terminvestments,intangibleassets.
B. Long-terminvestments,currentassets,plantassets,intangibleassets.
C. Currentassets,long-terminvestments,plantassets,intangibleassets.
D. Intangibleassets,currentassets,long-terminvestments,plantassets.
E. Plantassets,intangibleassets,long-terminvestments,currentassets.
78. Aclassifiedbalancesheetdiffersfromanunclassifiedbalancesheetinthat
A. aunclassifiedbalancesheetisneverusedbylargecompanies.
B. aclassifiedbalancesheetnormallyincludesonlythreesubgroups.
C. aclassifiedbalancesheetpresentsinformationinamannerthatmakesiteasiertocalculateacompany'scurrentratio.
D. aclassifiedbalancesheetwillincludemoreaccountsthananunclassifiedbalancesheetforthesamecompanyonthesamedate.
E. aclassifiedbalancesheetcannotbeprovidedtooutsideparties.
79. Twocommonsubgroupsforliabilitiesonaclassifiedbalancesheetare:
A. currentliabilitiesandintangibleliabilities.
B. presentliabilitiesandoperatingliabilities.
C. generalliabilitiesandspecificliabilities.
D. intangibleliabilitiesandlong-termliabilities.
E. currentliabilitiesandlong-termliabilities.
80. Thecurrentratio:
A. Isusedtomeasureacompany'sprofitability.
B. Isusedtomeasuretherelationbetweenassetsandlong-termdebt.
C. Measurestheeffectofoperatingincomeonprofit.
D. Isusedtohelpevaluateacompany'sabilitytopayitsdebtsinthenearfuture.
E. Iscalculatedbydividingcurrentassetsbyequity.
81. T
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