中级财务会计习题英文.docx

中级财务会计习题英文.docx

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中级财务会计习题英文

Chapter1

TrueorFalse

A.Anexampleofabusinessstakeholderisthefederalgovernment.

B.Acorporationisabusinessthatislegallyseparateanddistinctfromitsowners.

C.Accountingisaservicethatprovidesmanydifferentuserswithfinancialinformationtomakeeconomicdecisions.

D.Smallethicallapsesareharmlessinandofthemselves.

E.Managerialaccountingisprimarilyconcernedwiththerecordingandreportingofeconomicdataandactivitiesofanentityforusebyowners,creditors,governmentalagencies,andthepublic.

F.Theunitofmeasurementconceptrequiresthateconomicdataberecordedinacommonunitofmeasurement.

G.Ifabuildingisappraisedfor$90,000,offeredforsaleat$95,000,andthebuyerpays$85,000cashforit,thebuyerwouldrecordthebuildingat$90,000.

H.Theowner'srightstotheassetsrankaheadofthecreditors'rightstotheassets.

I.Businesstransactionsareeconomiceventsthatdirectlyorindirectlychangeanentity'sfinancialconditionorresultsfromoperations.

J.Ifnetincomeforaproprietorshipwas$25,000,theownerwithdrew$10,000incashandtheownerinvested$5,000incash,thecapitaloftheownerincreasedby$20,000.

K.Theownerisonlyallowedtowithdrawcashfromthebusiness.

L.Receivingabillorotherwisebeingnotifiedthatanamountisowedisnotrecordeduntiltheamountispaid.

M.Theprincipalfinancialstatementsofaproprietorshiparetheincomestatement,statementofowner'sequity,andthebalaneesheet.

N.Anincomestatementisasummaryoftherevenuesandexpensesofabusinessasofaspecificdate.

O.Alowratioofliabilitiestoowner'sequityindicatesthatabusinessisnearbankruptcy.

Multiplechoice

1.Profitisthediffereneebetween

a.assetsandliabilities

b.theincomingcashandoutgoingcash

c.theassetspurchasedwithcashcontributedbytheownerandthecashspenttooperatethebusiness

d.theassetsreceivedforgoodsandservicesandtheamountsusedtoprovidethegoodsandservices

2.Whichoftheitemsbelowisnotabusinessorganizationform?

a.entrepreneurshipb.proprietorship

c.partnershipd.corporation

3.Whichofthefollowingisnotastepinprovidingaccountinginformationtostakeholders?

a.designtheaccountinginformationsystem

b.prepareaccountingsurveys

c.identifystakeholdersd.recordeconomicdata

4.Foraccountingpurposes,thebusinessentityshouldbeconsideredseparatefromitsownersiftheentityis

a.acorporationb.aproprietorship

c.apartnershipd.alloftheabove

5.Whichofthefollowingisnotabusinesstransaction?

a.makeasalesofferb.sellgoodsforcash

c.receivecashforservicestoberenderedlater

d.payforsupplies

6.TheReynoIdsCompanyestimatedthatthevalueofitslandhadincreasedfrom$10,000to$16,000andthereforewroteupthelandaccountto$16,000.Whichaccountingconcept（s）was（were）violated?

a.costconceptb.objectivityconcept

c.alloftheaboved.noneoftheabove

7.Goodspurchasedonaccountforfutureuseinthebusiness,suchassupplies,arecalled

a.prepaidliabilitiesb.revenues

c.prepaidexpensesd.liabilities

8.Allofthefollowingarefinancialstatement（s）ofaproprietorshipexceptthe

a.statementofretainedearningsb.statementofowner'sequity

c.incomestatementd.statementofcashflows

Chapter2

TrueorFalse

A.Achartofaccountsisalistingofaccountsthatmakeupthejournal.

B.Drawingsareanexampleofanexpense.

C.Todeterminethebalanceinanaccount,alwayssubtractcreditsfromdebits.

D.Thedouble-entryaccountingsystemrecordseachtransactiontwice.

E.Theincreasesideofallaccountsisthenormalbalance.

F.Thejournalisthebookoforiginalentry.

G.Journalizingtransactionsusingthedouble-entrybookkeepingsystemwilleliminatefraud.

H.Theprocessoftransferringthedatafromthejournaltotheledgeraccountsisposting.

I.Thepostreferencenotationusedinthejournalisthepagenumber.

J.Whenabusinessreceivesabillfromtheutilitycompany,noentryshouldbemadeuntiltheinvoiceispaid.

K.Aproofoftheequalityofdebitsandcreditsintheledgerattheendofanaccountingperiodiscalledabalancesheet.

L.Evenwhenatrialbalanceisinbalance,theremaybeerrorsintheindividualaccounts.

M.Postingapartofatransactiontothewrongaccountwillcausethetrialbalancetotalstobeunequal.

N.Horizontalanalysisisusedtocomparethefinancialstatementsofthesamecompanyfordifferentperiods.

Multiplechoice

1.Agroupofrelatedaccountsthatcompriseacompleteunitiscalleda

a.Journalb.liability

c.ledgerd.transaction

2.Whichstatement（s）concerningcashis（are）true?

a.cashwillalwayshavemoredebitsthancredits

b.cashwillneverhaveacreditbalanee

c.cashisincreasedbydebiting

d.alloftheabove

3.Whichofthefollowingtypesofaccountshaveanormalcreditbalanee?

a.assetsandliabilities

b.liabilitiesandexpenses

c.revenuesandliabilities

d.capitalanddrawing

4.Whichofthefollowingentriesrecordsthereceiptofcashfrompatientsonaccount?

a.AccountsPayable,debit;FeesEarned,credit

b.AccountsReceivable,debit;FeesEarned,credit

c.AccountsReceivable,debit;Cash,credit

d.Cash,debit;AccountsReceivable,credit

5.Ifthetwototalsofatrialbalancearenotequal,itcouldbedueto

a.failuretorecordatransaction

b.recordingthesameerroneousamountforboththedebitandthecreditpartsofatransaction

c.anerrorindeterminingtheaccountbalances,suchasabalancebeingincorrectlycomputed

d.recordingthesametransactionmorethanonce

6.Whichofthefollowingerrors,eachconsideredindividually,wouldcausethetrialbalancetotalstobeunequal?

a.atransactionwasnotposted

b.apaymentof$96forinsurancewaspostedasadebitof$46toPrepaidInsuranceandacreditof$46toCash

c.apaymentof$311toacreditorwaspostedasadebitof$3,111toAccountsPayableandadebitof$311toAccountsReceivable

d.

cashreceivedfromcustomersonaccountwaspostedasadebitof$140toCashandacreditof$140toAccountsPayable

Chapter3

TrueorFalse

1.Theaccrualbasisofaccountingrequiresrevenueberecordedwhencashisreceivedfromcustomers.

2.Thematchingconceptrequiresexpensesberecordedinthesameperiodthattherelatedrevenueisrecorded.

3.Adjustingentriesaremadeattheendofanaccountingperiodtoadjustaccountsonthebalancesheet.

4.Thedifferencebetweendeferredrevenueandaccruedrevenueisthataccruedrevenuehasbeenrecordedandneedsadjustinganddeferredrevenuehasneverbeenrecorded.

5.ThesystematicallocationofIand'scosttoexpenseiscalleddepreciation.

6.Thedifferencebetweenthebalanceofafixedassetaccountandthebalanceofitsrelatedaccumulateddepreciationaccountistermedthebookvalueoftheasset.

7.Iftheadjustmentforaccruedsalariesattheendoftheperiodisinadvertentlyomitted,bothliabilitiesandowner'sequitywillbeoverstatedfortheperiod.

8.Thefinancialstatementsarepreparedfromtheunadjustedtrialbalance.

9.Verticalanalysiscompareseachiteminastatementwithanotheriteminthesamestatement.

Thecorrect:

2,6,9

Multiplechoice

1.Whichaccountwouldnormallynotrequireanadjustingentry?

a.WagesExpenseb.AccountsReceivable

c.AccumulatedDepreciationd.Smith,Capital

2.WhatistheproperadjustingentryatJune30,theendofthefiscalyear,basedonaprepaid

insuranceaccountbalancebeforeadjustment,$15,500,andunexpiredamountsperanalysisofpolicies,$4,500?

a.debitInsuranceExpense,$4,500;creditPrepaidInsurance,$4,500

b.debitInsuranceExpense,$15,500;creditPrepaidInsurance,$15,500

c.debitPrepaidInsurance,$11,500;creditInsuranceExpense,$11,500

d.debitInsuranceExpense,$11,000;creditPrepaidInsurance,$11,000

3.DepreciationExpenseandAccumulatedDepreciationareclassified,respectively,as

a.expense,contraassetb.asset,contraliability

c.revenue,assetd.contraasset,expense

4.Ifthereisabalanceintheunearnedsubscriptionsaccountafteradjustingentriesaremade,itrepresentsa（n）

a.deferralb.accrualc.drawingd.revenue

5.WhatistheproperadjustingentryatJune30,theendofthefiscalyear,basedonaprepaid

insuranceaccountbalancebeforeadjustment,$15,500,andunexpiredamountsperanalysisofpolicies,$4,500?

a.debitInsuranceExpense,$4,500;creditPrepaidInsurance,$4,500

b.debitInsuranceExpense,$15,500;creditPrepaidInsurance,$15,500

c.debitPrepaidInsurance,$11,500;creditInsuranceExpense,$11,500

d.debitInsuraneeExpense,$11,000;creditPrepaidInsuranee,$11,000

6.DepreeiationExpenseandAccumulatedDepreeiationareclassified,respectively,as

a.expense,contraassetb.asset,contraliability

c.revenue,assetd.contraasset,expense

7.Ifthereisabalanceintheunearnedsubscriptionsaccountafteradjustingentriesaremade,itrepresentsa（n）

a.deferralb.accrualc.drawingd.revenue

Multiplechoice:

ddaa

Chapter4

Trueorfalse

1.Themostimportantoutputoftheaccountingcycleisthefinancialstatements.

2.AnetlossisshownontheworksheetinthecreditcolumnsofboththeIncomeStatementcolumnsandtheBalanceSheetcolumns.

3.Thedifferencebetweenaclassifiedbalancesheetandonethatisnotclassifiedisthattheclassifiedonehassubheadings.

4.Sincetheadju