《财务会计》相关复习题英文版.docx

《财务会计》相关复习题英文版.docx

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《财务会计》相关复习题英文版

《财务会计》复习题

Circletheletterofthebestresponse.

1．Whichofthefollowingstatementsisfalse?

A．Accountingistheinformationsystemthatmeasuresbusinessactivities,processesthatinformationintoreports,andcommunicatestheresultstodecisionmakers.

B．Financialstatementsreportfinancialinformationaboutabusinessentitytodecisionmakers.

C．Ownersofacorporationarepersonallyliableforthedebtsofthecorporation.

D．Thepurposeoffinancialaccountingistoprovideinformationtopeopleoutsideoftheentity,suchasinvestorsandcreditors.

2．Wilburownsandoperatesafishingtackleshop.Wilburneedstoborrowmoneytoexpand;therefore,hepreparedfinancialstatementstopresenttohisbanker.Wilburobtainedappraisalsofalltheassetsofthebusinesstoensurethatthebalancesheetwouldreflectthemostcurrentvalueoftheassets.Wilburhasviolatedwhichofthefollowingprinciplesorconcepts?

A．Reliabilityprinciple

B．Costprinciple

C．Going-concernprinciple

D．Stable-monetary-unitconcept

3．Whichofthefollowingistrue?

A．Owners'Equity－Assets＝Liabilities

B．Assets－Owners'Equity＝Liabilities

C．Assets＋Liabilities＝Owners'Equity

D．Liabilities＝Owners'Equity＋Assets

4．G.HarrisonIncexperiencedadecreaseintotalassetsof$2,000duringthecurrentyear.Duringthesameyear,totalliabilitiesdecreased$6,000.Ifdividendsfortheyearwere$10,000andtheownersmadenoadditionalinvestment,howmuchwasnetincome?

A．$14,000

B．$6,000

C．$18,000

D．$2,000

5．Whichofthefollowingstatementsistrue?

A．Theincomestatementreportsallchangesinassets,liabilities,andstockholders'equityofthebusinessduringtheperiod.

B．Revenuesandexpensesarereportedonlyonthebalancesheet.

C．Thestatementofcashflowsreportscashflowsfromthreetypesofbusinessactivities——cashreceipts,cashpayments,andinvesting.

D．Onthestatementofretainedearnings,thenetincomefortheperiodisaddedtothebeginningbalanceofretainedearnings.

6．Whichofthefollowingstatementsisnottrue?

A．Investingactivitiesrelatetotheinvestmentbyownersintothebusiness.

B．Payingdividendsisanexampleofafinancingactivity.

C．Operatingactivitiesarethemostimportanttypeofbusinessactivity.

D．Managersmustmakedecisionsaboutoperating,investing,andfinancingactivities.

7．Onwhichfinancialstatementcantheendingbalanceinretainedearningsbefound?

A．Balancesheet

B．Incomestatement

C．Statementofretainedearnings

D．BothAandC

8．Whichoftheseisanexampleofanassetaccount?

A．ServiceRevenue

B．Dividends

C．Supplies

D．Alloftheaboveareassets

9．DobsonCompanypaid$1,200onaccount.TheeffectofthistransactiononDobson'saccountingequationisto：

A．decreaseliabilitiesandincreasestockholders’equity.

B．decreaseassetsanddecreaseliabilities.

C．havenoeffectontotalassets.

D．decreaseassetsanddecreasestockholders'equity.

10．Whichofthesestatementsisfalse?

A．Decreasesinliabilitiesandincreasesinrevenuesarerecordedwithacredit.

B．Decreasesinassetsandincreasesinstockholders'equityarerecordedwithacredit.

C．Increasesinbothassetsandexpensesarerecordedwithadebit.

D．Increasesinassetsanddecreasesinliabilitiesarerecordedwithadebit.

11．NotePayablehasanormalbeginningbalanceof$40,200.Duringtheperiod,newborrowingstotal$100,000andpaymentsonloanstotal$20,600.DeterminethecorrectendingbalanceinNotePayable.

A．$39,200,debit

B．$119,600,credit

C．$39,200,credit

D．$160,800,credit

12．Whichofthesestatementsiscorrect?

A．Theaccountisabasicsummarydeviceusedinaccounting.

B．Abusinesstransactionisrecordedfirstinthejournalandthenpostedtotheledger.

C．Inthejournalentry,allaccountsthatareincreasedarelistedfirstandthenallaccountsthataredecreasedarelistednext.

D．BothAandBarecorrect.

13．Whichoftheseaccountshasanormaldebitbalance?

A．SalaryExpense

B．AccountsPayable

C．ServiceRevenue

D．BothAandB

14．TheMay31trialbalancereportsacreditbalanceof$5,000forServiceRevenue.Duringthemonth,oneentryfor$10hadbeenpostedinerrorasadebittoServiceRevenue.WhatisthecorrectbalanceofServiceRevenueatMay31?

A．$4,980

B．$4,990

C．$5,020

D．$5,010

15．ThebeginningCashaccountbalanceis$38,700.Duringtheperiod,cashdisbursementstotaled$144,600.IfendingCashis$51,200,thencashreceiptsmusthavebeen：

A．$105,900

B．$234,500

C．$132,100

D．$157,100

16．UsethefollowingselectedinformationforthePerrimanCompanytocalculatethecorrectcreditcolumntotalforatrialbalance：

Accountsreceivable$27,200

Accountspayable15,900

Building359,600

Cash55,600

Commonstock155,000

Dividends4,800

Insuranceexpense1,800

Retainedearnings133,800

Salaryexpense52,500

Salarypayable3,600

Servicerevenue193,200

A．$365,600

B．$304,700

C．$501,500

D．$506,300

17．Thejournalentrytorecordtheperformanceofservicesonaccountfor$1,200is：

A．AccountsPayable1,200

ServiceRevenue1,200

B．AccountsReceivable1,200

ServiceRevenue1,200

C．Cash1,200

ServiceRevenue1,200

D．ServiceRevenue1,200

AccountsPayable1,200

18．TheSmallwoodCorporationbeganoperationsonJanuary1,20X8.During20X1,Smallwoodcollected$92,000formanagementservices.$12,000oftheamountcollectedwasfromacontracttoprovidemanagementservicesforoneyearbeginningNovember1,20X8.Anadditional$20,000ofmanagementserviceshadbeenearnedbutnotcollectedbyyearend.Theamountofrevenuethatshouldbereportedfor20X8underthecash-basisandaccrual-basisis：

Cash-BasisAccrual-Basis

A．$92,000$80,000

B．$80,000$100,000

C．$100,000$112,000

D．$92,000$102,000

19．Whichofthefollowingstatementsisfalse?

A．Thetime-periodconceptrequirescompaniestopreparefinancialstatementsatleastquarterly.

B．Accordingtotherevenueprinciple,revenueshouldberecordedwhenaproductorservicehasbeendeliveredtothecustomer.

C．Whenpossible,expensesthatcanbelinkedtoaspecificrevenueshouldbedeductedfromrevenueinthesameperiodthattherevenueisrecorded.

D．Thetime-periodconcept,therevenueprinciple,andthematchingprincipleallsupportthepracticeofpreparingadjustingentries.

20．TheArmsteadCompanyusuallypurchasesofficesuppliestwiceayeartotakeadvantageofquantitydiscounts.OfficeSupplieswouldbeconsidered

A．anunearnedrevenue.

B．aprepaidexpense.

C．anaccruedrevenue.

D．anaccruedexpense.

21．OnNovember1,20X8,theJemiganCompanypaid$4,800foraone-yearinsurancepolicy.OnDecember31,20X8,theadjustingentrywouldinclude

A．adebittoinsuranceExpense$4,800.

B．acredittoinsurancePayable,$800.

C．acredittoPrepaidinsurance,$800.

D．adebittoInsuranceExpense,$4,000.

22．Whichofthesecouldnotbeaclosingentry?

A．SalaryExpenseXX

RetainedEarningsXX

B．RetainedEarningsXX

DividendsXX

C．ServiceRevenueXX

RetainedEarningsXX

D．RetainedEarningsXX

RentExpenseXX

23．WhattypeofaccountisUnearnedRevenue（asset,liability,stockholders'equity,revenue,orexpense）andwhatisitsnormalbalance,respectively?

A．asset,debit

B．expense,debit

C．liability,credit

D．revenue,credit

24．Whichofthefollowingtransactionsisconsideredanaccruedexpense?

Ⅰ．Salariesthatemployeeshaveearnedbutnotreceived

II．Managementfeesreceivedinadvance

Ⅲ．Newspaperadvertisingthathasbeenpurchasedbuthasnotyetappearedinthenewspaper

A．Ionly

B．IIonly

C．Ⅲonly

D．BothIandII

25．Whichofthefollowingaccountsisnotconsideredacurrentasset?

A．AccountsReceivable

B．Equipment

C．Inventory

D．PrepaidRent

26．ThebalancesheetforArnold'sCleanersappearsbelow：

Arnold'sCleaners

Balancesheet

December31,20X8

AssetsLiabilities

Cash$400Accountspayable$300

Accountsreceivable460Salarypayable20

Supplies10Unearnedrevenue120

Prepaidinsurance60Notepayable（duein5years）400

Equipment$400Totalliabilities840

Less:

Acc.depr.40360Stockholders’Equity

Land400Commonstock370

Retainedearnings480

Totalstockholders'equity850

Totalassets$1,690Totalliabilitiesandstockholders'Equity$1,690

Arnold'scurrentratiofor20X8is

A．2.11

B．2.09

C．2

D．1.52

27．Aninvestmentindebtsecuritiesmaybeclassifiedasanyofthefollowingcategoriesexcept：

A．tradingsecurities

B．available-for-sale

C．held-to-maturity

D．AlloftheabovearecategoriesforDebtsecurities

28．TheBoulderCo.purchasedthefollowingsecuritiesin20X8.Theyear-endbalancesoftheirtradingandavailable-for-saleportfoliosaregivenbelow：

Tradingportfolio:

CostMarketValue

SecurityA$10,000$12,000

SecurityB3,0003,500

Total$13,000$15,500

Available-for-saleportfolio:

SecurityD$5,500$3,000

SecurityE16,00017,000

Total$21,500$20,000

Atwhatvalueshouldthetradingsecuritiesandtheavailable-for-salesecuritiesbereportedonthebalancesheet?

TradingSecuritiesAvailable-for-SaleSecurities

A．$13,000$21,500

B．$13,000$20,000

C．$15,500$21,500

D．$15,500$20,000

29．Netaccountsreceivableiscalculatedas：

A．Saleslesssalesdiscounts.

B．Accountsreceivableplustheallowanceforuncollectibleaccounts.

C．Accountsreceivablelesstheallowanceforuncollectibleaccounts.

D．Accountsreceivablelessthebaddebtsexpense..

30．Whentheallowancemethodisused,theentrytowriteoffacustomer’saccount

A．increasesbaddebtsexpense.

B．hasnoeffectonnetaccountsreceivable.

C．decreasesnetaccountsreceivable.

D．Increasesthebalanceoftheallowance