美国会计chapter3practice.docx
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美国会计chapter3practice.docx
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美国会计chapter3practice
Chapter3—TheAdjustingProcess
MULTIPLECHOICE
1.Therevenuerecognitionconcept
a.
isinnotinconflictwiththecashmethodofaccounting
b.
determineswhenrevenueiscreditedtoarevenueaccount
c.
statesthatrevenueisnotrecordeduntilthecashisreceived
d.
controlsallrevenuereportingforthecashbasisofaccounting
ANS:
BDIF:
ModerateOBJ:
03-01
2.Thematchingconcept
a.
addressestherelationshipbetweenthejournalandthebalancesheet
b.
determineswhetherthenormalbalanceofanaccountisadebitorcredit
c.
requiresthatthedollaramountofdebitsequalthedollaramountofcreditsonatrialbalance
d.
determinesthatexpensesrelatedtorevenuebereportedatthesametimetherevenueisreported
ANS:
DDIF:
ModerateOBJ:
03-01
3.Usingaccrualaccounting,revenueisrecordedandreportedonly
a.
whencashisreceivedwithoutregardtowhentheservicesarerendered
b.
whentheservicesarerenderedwithoutregardtowhencashisreceived
c.
whencashisreceivedatthetimeservicesarerendered
d.
ifcashisreceivedaftertheservicesarerendered
ANS:
BDIF:
ModerateOBJ:
03-01
4.Usingaccrualaccounting,expensesarerecordedandreportedonly
a.
whentheyareincurred,whetherornotcashispaid
b.
whentheyareincurredandpaidatthesametime
c.
iftheyarepaidbeforetheyareincurred
d.
iftheyarepaidaftertheyareincurred
ANS:
ADIF:
ModerateOBJ:
03-01
5.Oneoftheaccountingconceptsuponwhichdeferralsandaccrualsarebasedis
a.
matching
b.
cost
c.
price-leveladjustment
d.
conservatism
ANS:
ADIF:
ModerateOBJ:
03-01
6.Iftheeffectofthedebitportionofanadjustingentryistoincreasethebalanceofanexpenseaccount,whichofthefollowingdescribestheeffectofthecreditportionoftheentry?
a.
decreasesthebalanceofanowner'sequityaccount
b.
increasesthebalanceofanliabilityaccount
c.
increasesthebalanceofanassetaccount
d.
decreasesthebalanceofanexpenseaccount
ANS:
BDIF:
DifficultOBJ:
03-01
7.Iftheeffectofthecreditportionofanadjustingentryistoincreasethebalanceofaliabilityaccount,whichofthefollowingdescribestheeffectofthedebitportionoftheentry?
a.
increasesthebalanceofacontraassetaccount
b.
increasesthebalanceofanassetaccount
c.
decreasesthebalanceofanowner'sequityaccount
d.
increasesthebalanceofanexpenseaccount
ANS:
DDIF:
DifficultOBJ:
03-01
8.Theprimarydifferencebetweendeferredandaccruedexpensesisthatdeferredexpenseshave
a.
beenincurredandaccruedexpenseshavenot
b.
notbeenincurredandaccruedexpenseshavebeenincurred
c.
beenrecordedandaccruedexpenseshavenotbeenincurred
d.
notbeenrecordedandaccruedexpenseshavebeenincurred
ANS:
BDIF:
DifficultOBJ:
03-01
9.Priortotheadjustingprocess,accruedexpenseshave
a.
notyetbeenincurred,paid,orrecorded
b.
beenincurred,notpaid,buthavebeenrecorded
c.
beenincurred,notpaid,andnotrecorded
d.
beenpaidbuthavenotyetbeenincurred
ANS:
CDIF:
DifficultOBJ:
03-01
10.Priortotheadjustingprocess,accruedrevenuehas
a.
beenearnedandcashreceived
b.
beenearnedandnotrecordedasrevenue
c.
notbeenearnedbutrecordedasrevenue
d.
notbeenrecordedasrevenuebutcashhasbeenreceived
ANS:
BDIF:
DifficultOBJ:
03-01
11.Deferredexpenseshave
a.
notyetbeenrecordedasexpensesorpaid
b.
beenrecordedasexpensesandpaid
c.
beenincurredandpaid
d.
notyetbeenrecordedasexpenses
ANS:
DDIF:
DifficultOBJ:
03-01
12.Deferredrevenueisrevenuethatis
a.
earnedandthecashhasbeenreceived
b.
earnedbutthecashhasnotbeenreceived
c.
notearnedandthecashhasnotbeenreceived
d.
notearnedbutthecashhasbeenreceived
ANS:
DDIF:
DifficultOBJ:
03-01
13.Adjustingentriesare
a.
thesameascorrectingentries
b.
neededtobringaccountsuptodateandmatchrevenueandexpense
c.
optionalundergenerallyacceptedaccountingprinciples
d.
rarelyneededinlargecompanies
ANS:
BDIF:
ModerateOBJ:
03-01
14.Adjustingentriesaffectatleastone
a.
incomestatementaccountandonebalancesheetaccount
b.
revenueandthedrawingaccount
c.
assetandoneowner'sequityaccount
d.
revenueandonecapitalaccount
ANS:
ADIF:
ModerateOBJ:
03-01
15.Thegeneraltermemployedtoindicateanexpensethathasnotbeenpaidandhasnotyetbeenrecognizedintheaccountsbyaroutineentryis
a.
capital
b.
deferral
c.
accrual
d.
inventory
ANS:
CDIF:
EasyOBJ:
03-01
16.Whichofthefollowingisnotacharacteristicofaccrualbasisofaccounting?
a.
Revenuesandexpensesarereportedintheperiodinwhichcashisreceivedorpaid
b.
Revenuesarereportedintheincomestatementintheperiodinwhichtheyareearned
c.
Supportsthematchingconcept
d.
Allarecorrect.
ANS:
ADIF:
DifficultOBJ:
03-01
17.Generallyacceptedaccountingprinciplesrequiresthatcompaniesusethe____ofaccounting.
a.
cashbasis
b.
deferralbasis
c.
accrualbasis
d.
accountbasis
ANS:
CDIF:
EasyOBJ:
03-01
18.Whichofthefollowingsupportstheaccrualbasisofaccounting?
a.
revenuerecognitionconcept
b.
cashconcept
c.
matchingconcept
d.
revenuerecognitionandmatchingconcepts
ANS:
DDIF:
ModerateOBJ:
03-01
19.Thecashbasisofaccountingrecordsrevenuesandexpenseswhenthecashisexchangedwhiletheaccrualbasisofaccounting
a.
recordsrevenueswhentheyareearnedandexpenseswhentheyarepaid
b.
recordsrevenuesandexpenseswhentheyareincurred.
c.
recordsrevenueswhencashisreceivedandexpenseswhentheyareincurred.
d.
recordsrevenuesandexpenseswhenthecompanyneedstoapplyforaloan.
ANS:
BDIF:
ModerateOBJ:
03-01
20.Bymatchingrevenuesandexpensesinthesameperiodinwhichtheyincur
a.
netincomeorlosswillalwaysbeunderestimated.
b.
netincomeorlosswillalwaysbeoverestimated.
c.
netincomeorlosswillbeproperlyreportedontheincomestatement
d.
netincomeorlosswillnotbedetermined.
ANS:
CDIF:
EasyOBJ:
03-01
21.Alladjustingentriesalwaysinvolve
a.
onlyincomestatementaccounts.
b.
onlybalancesheetaccounts.
c.
thecashaccount.
d.
atleastoneincomestatementaccountandonebalancesheetaccount.
ANS:
DDIF:
ModerateOBJ:
03-01
22.Prepaidexpensesareeventuallyexpectedto
a.
becomeexpenseswhentheirfutureeconomicvalueexpires.
b.
becomerevenueswhenservicesareperformed.
c.
becomeexpensesintheperiodwhentheyarepaid.
d.
becomerevenueswhentheliabilityisnolongerowed.
ANS:
ADIF:
ModerateOBJ:
03-01
23.Whichofthefollowingisconsideredtobeunearnedrevenue?
a.
Concertticketssoldfortonight’sperformance.
b.
Concertticketssoldyesterdayoncredit.
c.
Concertticketsthatwerenotsoldforthecurrentperformance.
d.
Concertticketssoldfornextmonth’sperformance.
ANS:
DDIF:
DifficultOBJ:
03-01
24.Whichofthefollowingisanexampleofaccruedrevenue?
a.
Swimmingpoolcleaningthathasbeenforthreemonthsinadvance.
b.
Swimmingpoolcleaningthathasbeenprovidedbuthasnotbeenbilledorpaid.
c.
Anagreementhasbeensignedforswimmingpoolcleaningforthenextthreemonths.
d.
Swimmingpoolcleaningthathasbeenprovidedandpaidonthesameday.
ANS:
BDIF:
ModerateOBJ:
03-01
25.Whichofthefollowingisconsideredtobeanaccruedexpense?
a.
Acomputertechnicianhasinstalledthelatestsoftwareupdatesandwaspaidonthesameday.
b.
Acomputertechnicianhasbeenpaidinadvancetoinstallsoftwareupdatesastheybecomeavailable.
c.
Acomputertechnicianhasjustsignedanagreementwithyouregardingpricingforfuturework.
d.
Acomputertechnicianhasinstalledthelatestsoftwareupdates,butyouhavenotreceivedtheirinvoiceforpayment.
ANS:
DDIF:
DifficultOBJ:
03-01
26.Whichaccountwouldnormallynotrequireanadjustingentry?
a.
WagesExpense
b.
AccountsReceivable
c.
AccumulatedDepreciation
d.
Smith,Capital
ANS:
DDIF:
DifficultOBJ:
03-02
27.Whichoneoftheaccountsbelowwouldlikelybeincludedinanaccrualadjustingentry?
a.
InsuranceExpense
b.
PrepaidRent
c.
InterestExpense
d.
UnearnedRent
ANS:
CDIF:
ModerateOBJ:
03-02
28.Whichoneofthefollowingaccountsbelowwouldlikelybeincludedinadeferraladjustingentry?
a.
InterestRevenue
b.
UnearnedRevenue
c.
SalariesPayable
d.
AccountsReceivable
ANS:
BDIF:
ModerateOBJ:
03-02
29.Thebalanceintheprepaidrentaccountbeforeadjustmentattheendoftheyearis$15,000,whichrepresentsthreemonths'rentpaidonDecember1.TheadjustingentryrequiredonDecember31is
a.
debitRentExpense,$5,000;creditPrepaidRent,$5,000
b.
debitPrepaidRent,$10,000;creditRentExpense,$5,000
c.
debitRentExpense,$10,000;creditPrepaidRent,$5,000
d.
debitPrepaidRent,$5,000;creditRentExpense,$5,000
ANS:
ADIF:
DifficultOBJ:
03-01
30.ThebalanceintheofficesuppliesaccountonJune1was$5,200,suppliespurchasedduringJunewere$2,500,andthesuppliesonhandatJune30were$2,000.Theamounttobeusedfortheappropriateadjustingentryis
a.
$4,500
b.
$2,500
c.
$9,700
d.
$5,700
ANS:
DDIF:
DifficultOBJ:
03-02
31.WhatistheproperadjustingentryatJune30,theendofthefiscalyear,basedonaprepaidinsuranceaccountbalancebeforeadjustment,$15,500,andunexpiredamountsperanalysisofpolicies,$4,500?
a.
debitInsuranceExpense,$4,500;creditPrepaidInsurance,$4,500
b.
debitInsuranceExpense,$15,500;creditPrepaidInsurance,
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