会计学原理英文版 考试复习练习1 4章.docx
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会计学原理英文版 考试复习练习1 4章.docx
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会计学原理英文版考试复习练习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;Accounts
Payable,$9,300.Whatistheamountofowner'sequityasofJuly1ofthecurrentyear?
A.$8,300
B.$13,050
C.$20,500
D.$31,100
5.PhotometerCompanypaidoff$30,000ofitsaccountspayableincash.Whatwouldbethe
effectsofthistransactionontheaccountingequation?
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.
1/11
E.Assets,$30,000decrease;liabilities,noeffect;equity$30,000decrease.
6.Thefinancialstatementthatreportswhetherthebusinessearnedaprofitandalsoliststhe
typesandamountsoftherevenuesandexpensesiscalled:
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;thechangesin
equitythatresultedfromnewinvestmentsbytheowner,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,office
equipment$50,000,andaccountspayable$17,000.Whatistheamountofowner'sequity?
A.$17,000.
2/11
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,or
expenseitem.
B.Ajournalinwhichtransactionsarefirstrecorded.
C.Acollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccounting
process.
D.Alistofallaccountswiththeirdebitbalancesatapointintime.
E.Arecordcontainingallaccountsandtheirbalancesusedbyacompany.
3/11
15.Double-entryaccountingisanaccountingsystem:
A.Thatrecordseachtransactiontwice.
B.Thatrecordstheeffectsoftransactionsandothereventsinatleasttwoaccountswithequal
debitsandcredits.
C.Inwhicheachtransactionaffectsandisrecordedintwoormoreaccountsbutthatcould
includetwodebitsandnocredits.
D.ThatmayonlybeusedifT-accountsareused.
E.Thatinsuresthaterrorsneveroccur.
16.RockyIndustriesreceiveditstelephonebillintheamountof$300,andimmediatelypaidit.
Rocky'sgeneraljournalentrytorecordthistransactionwillincludea
A.DebittoTelephoneExpensefor$300.
B.CredittoAccountsPayablefor$300.
C.DebittoCashfor$300.
D.CredittoTelephoneExpensefor$300.
E.DebittoAccountsPayablefor$300.
17.ManagementServices,Inc.providesservicestoclients.OnMay1,aclientprepaid
ManagementServices$60,000for6-monthsservicesinadvance.ManagementServices'general
journalentrytorecordthistransactionwillincludea
A.DebittoUnearnedManagementFeesfor$60,000.
B.CredittoManagementFeesEarnedfor$60,000.
C.CredittoCashfor$60,000.
D.CredittoUnearnedManagementFeesfor$60,000.
E.DebittoManagementFeesEarnedfor$60,000.
18.WisconsinRentalspurchasedofficesuppliesoncredit.Thegeneraljournalentrymadeby
WisconsinRentalswillincludea:
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.
4/11
20.ThefollowingtransactionsoccurredduringJuly:
1.Received$900cashforservicesprovidedtoacustomerduringJuly.
2.Received$2,200cashinvestmentfromBarbaraHanson,theownerofthebusiness.
3.Received$750fromacustomerinpartialpaymentofhisaccountreceivablewhicharose
fromsalesinJune.
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'sledgerreflecteda
normalbalanceof$52,000foraccountsreceivable.DuringJanuary,thecompanycollected
$14,800fromcustomersonaccountandprovidedadditionalservicestocustomersonaccount
totaling$12,500.Additionally,duringJanuaryonecustomerpaidThomas$5,000forservicesto
beprovidedinthefuture.AttheendofJanuary,thebalanceintheaccountsreceivableaccount
shouldbe:
A.$54,700.
B.$49,700.
C.$2,300.
D.$54,300.
E.$49,300.
22.DuringthemonthofMarch,CooleyComputerServicesmadepurchasesonaccounttotaling
$43,500.AlsoduringthemonthofMarch,Cooleywaspaid$8,000byacustomerforservicesto
beprovidedinthefutureandpaid$36,900ofcashonitsaccountspayablebalance.Ifthebalance
intheaccountspayableaccountatthebeginningofMarchwas$77,300,whatisthebalancein
accountspayableattheendofMarch?
A.$83,900.
B.$91,900.
C.$6,600.
D.$75,900.
E.$4,900.
23.Thetimeperiodprincipleassumesthatanorganization'sactivitiescanbedividedinto
specifictimeperiodsincluding:
A.Months.
B.Quarters.
C.Fiscalyears.
D.Calendaryears.
E.Allofthese.
5/11
24.Abroadprinciplethatrequiresidentifyingtheactivitiesofabusinesswithspecifictime
periodssuchasmonths,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.Thebroadprinciplethatrequiresexpensestobereportedinthesameperiodastherevenues
thatwereearnedasaresultoftheexpensesisthe:
A.Recognitionprinciple.
B.Costprinciple.
C.Cashbasisofaccounting.
D.Matchingprinciple.
E.Timeperiodprinciple.
28.Adjustingentriesarejournalentriesmadeattheendofanaccountingperiodforthepurpose
of:
A.Updatingliabilityandassetaccountstotheirproperbalances.
B.Assigningrevenuestotheperiodsinwhichtheyareearned.
C.Assigningexpensestotheperiodsinwhichtheyareincurred.
D.Assuringthatfinancialstatementsreflecttherevenuesearnedandtheexpensesincurred.
E.Allofthese.
29.Theapproachtopreparingfinancialstatementsbasedonrecognizingrevenueswhentheyare
earnedandmatchingexpensestothoserevenuesis:
A.Cashbasisaccounting.
B.Thematchingprinciple.
C.Thetimeperiodprinciple.
D.Accrualbasisaccounting.
E.Revenuebasisaccounting.
6/11
30.Prepaidexpenses,depreciation,accruedexpenses,unearnedrevenues,andaccrued
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