财务会计题库 Transaction Analysis教学提纲.docx

财务会计题库 Transaction Analysis教学提纲.docx

《财务会计题库 Transaction Analysis教学提纲.docx》由会员分享，可在线阅读，更多相关《财务会计题库 Transaction Analysis教学提纲.docx（39页珍藏版）》请在冰点文库上搜索。

财务会计题库TransactionAnalysis教学提纲

FinancialAccounting,7e

Harrison/Horngren

TestItemFile

Chapter2:

TransactionAnalysis

2.1-1Ajournalentryisaneventthathasafinancialimpactonthebusinessthatcanbereliablymeasured.

Answer:

FalseLO:

2-1Diff:

2EOC:

S2-5

2.1-2ThetrialbalanceisaNOTaformalaccountingstatement.

Answer:

TrueLO:

2-1Diff:

1EOC:

S2-25

2.1-3AccruedLiabilitiesisaliabilityaccount.

Answer:

TrueLO:

2-1Diff:

1EOC:

E2-28

2.1-4Theretainedearningsaccountrepresentstheexcessofnetincomeoverdividendsretainedinthebusinesssinceitsinception.

Answer:

TrueLO:

2-1Diff:

1EOC:

P2-50A

2.1-5Expenseaccountsalwaysrepresentexpiredassets.

Answer:

FalseLO:

2-1Diff:

2EOC:

E2-11

2.1-6Thedividendsaccountindicatesanincreaseincommonstock.

Answer:

FalseLO:

2-1Diff:

2EOC:

E2-15

2.1-7Double-entryaccountingrecordsonlythosetransactionsaffectingtheincomestatement.

Answer:

FalseLO:

2-1Diff:

2EOC:

QC8

2.1-8Thepurchaseofofficeequipmentforcashwouldincreasebothanassetandaliabilityaccount.

Answer:

FalseLO:

2-1Diff:

2EOC:

P2-49A

2.1-9WhichofthefollowingisNOTanassetaccount?

A.AccountsReceivable

B.PrepaidRent

C.CommonStock

D.Alloftheseareassetaccounts.

Answer:

CLO:

2-1Diff:

2EOC:

P2-49A

2.1-10Prepaidexpenseaccountsappearon:

A.theincomestatement.

B.thebalancesheet.

C.thestatementofretainedearningsandontheincomestatement.

D.boththeincomestatementandbalancesheet.

Answer:

BLO:

2-1Diff:

2EOC:

P2-56A

2.1-11Theterm"double-entryaccounting"indicatesthattheaccountant:

A.recordsbothsidesofeachtransactionintheaccountsaffected.

B.computestheincomestatementandbalancesheeteffectofeachtransaction.

C.identifiesboththecashinflowsandthecashoutflows.

D.usesboththegeneraljournalandthegeneralledgerwhenrecordingtransactions.

Answer:

ALO:

2-1Diff:

2EOC:

QC8

2.1-12Acompanyreceivedcashinexchangeforissuingstock.Thistransactionincreasedassetsand:

a.increasedexpenses.

b.increasedrevenues.

c.increasedliabilities.

d.increasedequity.

Answer:

DLO:

2-1Diff:

1EOC:

E2-16

2.1-13Acompanypurchasedofficesuppliesforcash.Thistransactionincreasedassetsand:

A.increasedequity.

B.increasedliabilities.

C.increasedrevenues.

D.decreasedassets.

Answer:

DLO:

2-1Diff:

1EOC:

QC10

2.1-14Acompanyperformedservicesforacustomeronaccount.Thistransactionincreasedassetsand:

A.decreasedequity.

B.increasedliabilities.

C.increasedexpenses.

D.increasedrevenues.

Answer:

DLO:

2-1Diff:

1EOC:

QC3

2.1-15Acompanypaidcashforemployeewages.Thistransaction:

A.increasedcashandincreasedexpenses.

B.increasedcashanddecreasedexpenses.

C.decreasedcashandincreasedexpenses.

D.decreasedcashanddecreasedrevenues.

Answer:

CLO:

2-1Diff:

1EOC:

S2-5

2.1-16Acompanypaidcashforanamountowedtoacreditor.Thistransactiondecreasedcashand:

A.decreasedrevenues.

B.decreasedliabilities.

C.decreasedexpenses.

D.increasedexpenses.

Answer:

BLO:

2-1Diff:

1EOC:

E2-16

2.1-17Theownerofabusinesspaidcashfromhispersonalcheckingaccounttopurchaseanautomobileforhispersonaluse.Thistransaction:

A.increasedaliabilityaccountandincreasedliabilities.

B.decreasedcashandincreasedexpenses.

C.increasedassetsandincreasedowners’equity.

D.isnotatransactionrecognizedbythebusiness.

Answer:

DLO:

2-1Diff:

2EOC:

E2-15

2.1-18Whichtypeofaccountisincreasedwhenacompanyrecordsadebt?

A.Expense

B.Retainedearnings

C.Liability

D.Noneoftheabovearecorrect.

Answer:

CLO:

2-1Diff:

2EOC:

QC1

2.1-19AllofthefollowingaccountswouldbeconsideredassetsEXCEPTfor:

A.cash.

B.retainedearnings.

C.prepaidexpenses.

D.notesreceivable.

Answer:

BLO:

2-1Diff:

1EOC:

S2-9

2.1-20Whattypeofaccountisprepaidinsurance?

A.Aliability

B.Anexpense

C.Stockholders’equity

D.Anasset

Answer:

DLO:

2-1Diff:

2EOC:

P2-49A

2.1-21Whichofthefollowingaccountsareastandardcomponentofstockholders’equity?

A.PrepaidExpenses

B.Dividends

C.AdditionalPaidInStock

D.UnearnedIncome

Answer:

BLO:

2-1Diff:

2EOC:

P2-50A

2.1-22Notespayable,accountspayable,taxespayableandsalariespayableareallexamplesof:

A.liabilities.

B.revenues.

C.expenses.

D.assets.

Answer:

ALO:

2-1Diff:

1EOC:

S2-9

2.1-23Whichtypeofaccountisdecreasedwhenacompanypaysitsemployeeswithcash?

A.Aliability

B.Aprepaidasset

C.Anasset

D.Owners’equity

Answer:

CLO:

2-1Diff:

2EOC:

S2-5

2.1-24WhichofthefollowingbusinesseventswouldNOTberecordedinacompany’saccountingrecords?

A.Thecompanypaidamonthlyutilitybillof$1,000.

B.Thecompanyissued100sharesofcommonstockfor$75,000.

C.Thecompanypurchasedtwoacresoflandforfutureplantexpansionfor$600,000.

D.Thecompanysignedacontracttoprovideservicesinthenextaccountingperiodfor$125,000.

Answer:

DLO:

2-1Diff:

2EOC:

P2-52A

2.1-25Whichofthefollowingtransactionswouldincreasetotalassets?

I.Borrowedcashonanotepayable,$80,000

II.Providedservicesonaccount,$10,000

III.Receivedcashfromacustomeraspaymentonaccount,$8,000

IV.Receivedautilitybill,$1,200

A.IandII

B.IandIII

C.I,II,andIII

D.Alloftheseanswersarecorrect.

Answer:

ALO:

2-1Diff:

3EOC:

E2-16

2.1-26Considerthefollowingtransactions:

I.Borrowedcashonanotepayable,$80,000

II.Providedservicesonaccount,$10,000

III.Receivedcashfromacustomeraspaymentonaccount,$8,000

IV.Receivedautilitybill,$1,200

Totalassetswouldbe:

A.$96,800.

B.$88,000.

C.$90,000.

D.$98,000.

Answer:

CLO:

2-1Diff:

3EOC:

E2-16

2.1-27Thepaymentofanamountowedtoacreditorwould:

A.decreaseassets.

B.increasenetincome.

C.decreaseliabilities.

D.bothdecreaseassetsanddecreaseliabilities.

Answer:

DLO:

2-1Diff:

2EOC:

E2-15

2.1-28Thepaymentofsalariestoemployeeswould:

A.increaseassetsandincreaseliabilities.

B.decreasenetincomeanddecreaseassets.

C.increaseliabilitiesandincreasenetincome.

D.decreaseassetsanddecreaseliabilities.

Answer:

BLO:

2-1Diff:

2EOC:

S2-5

2.1-29Whenacompanyperformsaserviceandimmediatelycollectsthecashfromthecustomer,whichofthefollowingwouldoccur?

A.Stockholders’equitywoulddecrease.

B.Assetswoulddecrease.

C.Expenseswoulddecrease.

D.Netincomewouldincrease.

Answer:

DLO:

2-1Diff:

2EOC:

QC3

2.1-30Purchasingsuppliesonaccountwould:

A.increasetotalassetsanddecreasetotalliabilities.

B.increasetotalliabilitiesanddecreasetotalassets.

C.increasetotalassetsandincreasetotalliabilities.

D.increasetotalliabilitiesandincreasestockholders’equity.

Answer:

CLO:

2-1Diff:

2EOC:

E2-14

2.1-31Payingautilitybillassoonasitwasreceivedwould:

A.increaseexpenses.

B.increaseliabilities.

C.increaseowners’equity.

D.decreaserevenues.

Answer:

ALO:

2-1Diff:

2EOC:

E2-16

2.1-32Borrowingmoneyfromthebankbysigninganotepayablewould:

A.increasestockholders’equity.

B.havenoeffectonstockholders’equity.

C.decreaseliabilities.

D.increasenetincome.

Answer:

BLO:

2-1Diff:

2EOC:

E2-15

2.1-33Receivingapaymentfromacustomeronaccountwould:

A.increasestockholders’equity.

B.havenoeffectontotalassets.

C.increasestockholders’equity.

D.decreaseliabilities.

Answer:

BLO:

2-1Diff:

2EOC:

E2-15

2.1-34Thepurchaseoflandforcashwould:

A.increasetotalassets.

B.decreasestockholders’equity.

C.increasethetotaldebitsonthetrialbalance.

D.havenoeffectontotalassets.

Answer:

DLO:

2-1Diff:

3EOC:

E2-15

2.1-35Ifapersonstartingabusinesshadaninvestmentofabuilding,valuedat$300,000withan$180,000outstandingmortgage,theeffectwouldbeto:

A.increaseassetsby$120,000.

B.increaseassetsby$180,000.

C.increasestockholders’equityby$120,000.

D.increasestockholders’equityby$300,000.

Answer:

CLO:

2-1Diff:

3EOC:

E2-14

2.1-36Performingservicesonaccountwould:

A.decreasebothassetsandliabilities.

B.increaseassetsanddecreasestockholders’equity.

C.decreaserevenueanddecreasestockholders’equity.

D.increasenetincomeandstockholders’equity.

Answer:

DLO:

2-1Diff:

3EOC:

E2-16

2.1-37Thecollectionofcashfromacashsalewould:

A.increaseassetsandstockholders’equity.

B.increaseassetsanddecreaseliabilities.

C.decreaseassetsandincreasenetincome.

D.havenoeffectonnetincomeorstockholders’equity.

Answer:

ALO:

2-1Diff:

3EOC:

E2-16

2.1-38Cashdividendspaidtothestockholderswill:

A.increaseassetsanddecreaseliabilities.

B.increaseassetsandincreaseliabilities.

C.havenoeffectonstockholders’equityorrevenue.

D.decreaseassetsanddecreasestockholders’equity.

Answer:

DLO:

2-1Diff:

3EOC:

E2-15

2.1-39Considerthefollowingtransactions:

I.Borrowedcashonanotepayable,$80,000

II.Providedservicesonaccount,$10,000

III.Receivedcashfromacustomeraspaymentonaccount,$8,000

IV.Receivedautilitybill,$1,200

Totalliabilitieswouldbe:

A.$1,200.

B.$81,200.

C.$98,000.

D.$80,000.

Answer:

BLO:

2-1Diff:

3EOC:

S2-2

2.1-40Considerthefollowingtransactions:

I.Ownersinvested$8,000cashtobeginthebusiness

II.Providedservicesforcash,$6,000

III.Providedservicesonaccount,$4,000

IV.Paidcashforexpenses,$7,500

Howmuchcashdoesthebusinesshave?

A.$2,500