《会计学原理》考试复习练习14章.docx
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《会计学原理》考试复习练习14章.docx
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《会计学原理》考试复习练习14章
1.Accountingisaninformationsystemthat:
A.Identifiesbusinessactivities.B.Recordsbusinessactivities.C.Communicatesbusinessactivities.D.Helpspeoplemakebetterdecisions.E.Allofthese.2.Creditors'claimsontheassetsofacompanyarecalled:
A.Netlosses.B.Expenses.C.Revenues.D.Equity.E.Liabilities.3.Theexcessofexpensesoverrevenuesforaperiodis:
A.Netassets.B.Equity.C.Netloss.D.Netincome.E.Aliability.4.OnJune30ofthecurrentyear,theassetsandliabilitiesofPhoenixPhildellareasfollows:
Cash$20,500;AccountsReceivable,$7,250;Supplies,$650;Equipment,$12,000;AccountsPayable,$9,300.Whatistheamountofowner'sequityasofJuly1ofthecurrentyear?
A.$8,300B.$13,050C.$20,500D.$31,1005.PhotometerCompanypaidoff$30,000ofitsaccountspayableincash.Whatwouldbetheeffectsofthistransactionontheaccountingequation?
A.Assets,$30,000increase;liabilities,noeffect;equity,$30,000increase.B.Assets,$30,000decrease;liabilities,$30,000decrease;equity,noeffect.C.Assets,$30,000decrease;liabilities,$30,000increase;equity,noeffect.D.Assets,noeffect;liabilities,$30,000decrease;equity,$30,000increase.
E.Assets,$30,000decrease;liabilities,noeffect;equity$30,000decrease.6.Thefinancialstatementthatreportswhetherthebusinessearnedaprofitandalsoliststhetypesandamountsoftherevenuesandexpensesiscalled:
A.ABalanceSheet.B.AStatementofOwner'sEquity.C.AStatementofCashFlows.D.AnIncomeStatement.E.AStatementofFinancialPosition.7.Abalancesheetlists:
A.Thetypesandamountsoftherevenuesandexpensesofabusiness.B.Onlytheinformationaboutwhathappenedtoequityduringatimeperiod.C.Thetypesandamountsofassets,liabilities,andequityofabusinessasofaspecificdate.D.Theinflowsandoutflowsofcashduringtheperiod.E.Theassetsandliabilitiesofacompanybutnottheowner'sequity.8.Thefinancialstatementthatshowsthebeginningbalanceofowner'sequity;thechangesinequitythatresultedfromnewinvestmentsbytheowner,netincome(ornetloss);withdrawals;andtheendingbalance,isthe:
A.StatementofFinancialPosition.B.StatementofCashFlows.C.BalanceSheet.D.IncomeStatement.E.StatementofOwner'sEquity.9.Accountspayableappearonwhichofthefollowingstatements?
A.BalanceSheet.B.IncomeStatement.C.StatementofOwner'sEquity.D.StatementofCashFlows.E.TransactionStatement.10.Acompany'sbalancesheetshows:
cash$22,000,accountsreceivable$16,000,officeequipment$50,000,andaccountspayable$17,000.Whatistheamountofowner'sequity?
A.$17,000.
B.$29,000.C.$71,000.D.$88,000.E.$105,000.11.Theaccountingprocessbeginswith:
A.Analysisofbusinesstransactionsandsourcedocuments.B.Preparingfinancialstatementsandotherreports.C.Summarizingtherecordedeffectofbusinesstransactions.D.Presentationoffinancialinformationtodecision-makers.E.Preparationofthetrialbalance.12.Theaccountusedtorecordthetransfersofassetsfromabusinesstoitsowneris:
A.Arevenueaccount.B.Theowner'swithdrawalsaccount.C.Theowner'scapitalaccount.D.Anexpenseaccount.E.Aliabilityaccount.13.Awrittenpromisetopayadefinitesumofmoneyonaspecifiedfuturedateisa(n):
A.Unearnedrevenue.B.Prepaidexpense.C.Creditaccount.D.Notepayable.E.Accountreceivable.14.Aledgeris:
A.Arecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.B.Ajournalinwhichtransactionsarefirstrecorded.C.Acollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccountingprocess.D.Alistofallaccountswiththeirdebitbalancesatapointintime.E.Arecordcontainingallaccountsandtheirbalancesusedbyacompany.
15.Double-entryaccountingisanaccountingsystem:
A.Thatrecordseachtransactiontwice.B.Thatrecordstheeffectsoftransactionsandothereventsinatleasttwoaccountswithequaldebitsandcredits.C.Inwhicheachtransactionaffectsandisrecordedintwoormoreaccountsbutthatcouldincludetwodebitsandnocredits.D.ThatmayonlybeusedifT-accountsareused.E.Thatinsuresthaterrorsneveroccur.16.RockyIndustriesreceiveditstelephonebillintheamountof$300,andimmediatelypaidit.Rocky'sgeneraljournalentrytorecordthistransactionwillincludeaA.DebittoTelephoneExpensefor$300.B.CredittoAccountsPayablefor$300.C.DebittoCashfor$300.D.CredittoTelephoneExpensefor$300.E.DebittoAccountsPayablefor$300.17.ManagementServices,Inc.providesservicestoclients.OnMay1,aclientprepaidManagementServices$60,000for6-monthsservicesinadvance.ManagementServices'generaljournalentrytorecordthistransactionwillincludeaA.DebittoUnearnedManagementFeesfor$60,000.B.CredittoManagementFeesEarnedfor$60,000.C.CredittoCashfor$60,000.D.CredittoUnearnedManagementFeesfor$60,000.E.DebittoManagementFeesEarnedfor$60,000.18.WisconsinRentalspurchasedofficesuppliesoncredit.ThegeneraljournalentrymadebyWisconsinRentalswillincludea:
A.DebittoAccountsPayable.B.DebittoAccountsReceivable.C.CredittoCash.D.CredittoAccountsPayable.E.CredittoWisconsinRentals,Capital.19.OnSeptember30,theCashaccountofValueCompanyhadanormalbalanceof$5,000.DuringSeptember,theaccountwasdebitedforatotalof$12,200andcreditedforatotalof$11,500.WhatwasthebalanceintheCashaccountatthebeginningofSeptember?
A.A$0balance.B.A$4,300debitbalance.C.A$4,300creditbalance.D.A$5,700debitbalance.E.A$5,700creditbalance.
20.ThefollowingtransactionsoccurredduringJuly:
1.Received$900cashforservicesprovidedtoacustomerduringJuly.2.Received$2,200cashinvestmentfromBarbaraHanson,theownerofthebusiness.3.Received$750fromacustomerinpartialpaymentofhisaccountreceivablewhicharosefromsalesinJune.4.Providedservicestoacustomeroncredit,$375.5.Borrowed$6,000fromthebankbysigningapromissorynote.6.Received$1,250cashfromacustomerforservicestoberenderednextyear.WhatwastheamountofrevenueforJuly?
A.$900.B.$1,275.C.$2,525.D.$3,275.E.$11,100.21.AtthebeginningofJanuaryofthecurrentyear,ThomasLawCenter'sledgerreflectedanormalbalanceof$52,000foraccountsreceivable.DuringJanuary,thecompanycollected$14,800fromcustomersonaccountandprovidedadditionalservicestocustomersonaccounttotaling$12,500.Additionally,duringJanuaryonecustomerpaidThomas$5,000forservicestobeprovidedinthefuture.AttheendofJanuary,thebalanceintheaccountsreceivableaccountshouldbe:
A.$54,700.B.$49,700.C.$2,300.D.$54,300.E.$49,300.22.DuringthemonthofMarch,CooleyComputerServicesmadepurchasesonaccounttotaling$43,500.AlsoduringthemonthofMarch,Cooleywaspaid$8,000byacustomerforservicestobeprovidedinthefutureandpaid$36,900ofcashonitsaccountspayablebalance.IfthebalanceintheaccountspayableaccountatthebeginningofMarchwas$77,300,whatisthebalanceinaccountspayableattheendofMarch?
A.$83,900.B.$91,900.C.$6,600.D.$75,900.E.$4,900.23.Thetimeperiodprincipleassumesthatanorganization'sactivitiescanbedividedintospecifictimeperiodsincluding:
A.Months.B.Quarters.C.Fiscalyears.D.Calendaryears.E.Allofthese.
24.Abroadprinciplethatrequiresidentifyingtheactivitiesofabusinesswithspecifictimeperiodssuchasmonths,quarters,oryearsisthe:
A.Operatingcycleofabusiness.B.Timeperiodprinciple.C.Going-concernprinciple.D.Matchingprinciple.E.Accrualbasisofaccounting.25.Theaccountingprinciplethatrequiresrevenuetobereportedwhenearnedisthe:
A.Matchingprinciple.B.Revenuerecognitionprinciple.C.Timeperiodprinciple.D.Accrualreportingprinciple.E.Going-concernprinciple.26.Adjustingentries:
A.Affectonlyincomestatementaccounts.B.Affectonlybalancesheetaccounts.C.Affectbothincomestatementandbalancesheetaccounts.D.Affectonlycashflowstatementaccounts.E.Affectonlyequityaccounts.27.Thebroadprinciplethatrequiresexpensestobereportedinthesameperiodastherevenuesthatwereearnedasaresultoftheexpensesisthe:
A.Recognitionprinciple.B.Costprinciple.C.Cashbasisofaccounting.D.Matchingprinciple.E.Timeperiodprinciple.28.Adjustingentriesarejournalentriesmadeattheendofanaccountingperiodforthepurposeof:
A.Updatingliabilityandassetaccountstotheirproperbalances.B.Assigningrevenuestotheperiodsinwhichtheyareearned.C.Assigningexpensestotheperiodsinwhichtheyareincurred.D.Assuringthatfinancialstatementsreflecttherevenuesearnedandtheexpensesincurred.E.Allofthese.29.Theapproachtopreparingfinancialstatementsbasedonrecognizingrevenueswhentheyareearnedandmatchingexpensestothoserevenuesis:
A.Cashbasisaccounting.B.Thematchingprinciple.C.Thetimeperiodprinciple.D.Accrualbasisaccounting.E.Revenuebasisaccounting.
30.Prepaidexpenses,depreciation,accruedexpenses,unearnedrevenues,andaccruedrevenuesareallexamplesof:
A.Itemsthatrequirecontraaccounts.B.Itemsthatrequireadjustingentries.C.Assetandequity.D.Assetaccounts.E.Incomestatementaccounts..31.Theaccrualbasisofaccounting:
A.Isgenerallyacceptedforexternalreportingbecauseitismoreusefulthancashbasisformostbusinessdecisions.B.Isflawedbecauseitgivescompleteinformationaboutcashflows.C.Recognizesrevenueswhenreceivedincash.D.Recognizes
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