会计循环1习题精选含答案docx.docx
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会计循环1习题精选含答案docx.docx
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会计循环1习题精选含答案docx
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,andthewithdrawalsaccounttoownefscapitalTRUE
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
2&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.
KAlltemporaryaccountsareclosedbutnotthepermanentaccounts.
C.Allrealaccountsareclosedbutnotthenominalaccounts.
D.Allpermanentaccountsareclosedbutnotthenominalaccounts.
E.Allbalancesheetaccountsareclosed.
66.Revenues,expenses,andwithdrawalsaccounts,whichareclosedattheendofeachaccountingperiodare:
A.Realaccounts.
KTemporaryaccounts-
C.Closingaccounts.
D.Permanentaccounts.
E.Balancesheetaccounts.
67.Whichofthefollowingstatementsisincorrect?
A.Permanentaccountsisanothernamefornominalaccounts.
B・Temporaryaccountscarryazerobalanceatthebeginningofeachaccountingperiod.
C・TheIncomeSummaryaccountisatemporaryaccount.
D.Realaccountsremainopenaslongastheasset,liability,orequityitemsrecordedintheaccountscontinueinexistence.
E.Theclosingprocessappliesonlytotemporaryaccounts.
68.Assets,liabilities,andequityaccoun
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