会计学原理-快速测试(英文版)(10页).docx

-第 1 页会计学原理会计学原理-快速测试快速测试(英文版英文版)-第 2 页TEST FOR CHAPTER 1-4注：判断题红色标记句为错句，选择题加下划线选项为正确答案注：判断题红色标记句为错句，选择题加下划线选项为正确答案PART I TRUE OR FALSE1)Accounting is an information and measurement system that identifies,records,and communicates relevant,reliable,and comparable formation about an organizations business activities.2)Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs ofinternal users.3)The primary objective of financial accounting is to provide general purpose financial statements to help external usersanalyze and interpret an organizations activities.4)Internal users include lenders,shareholders,brokers and managers.5)In the partnership form of business,the owners are called stockholders.6)The business entity principle means that a business will continue operating for an indefinite period of time.7)As a general rule,revenues should not be recognized in the accounting records until it is received in cash.8)Accrued expenses at the end of one accounting period are expected to result in cash payments in a future period.9)The idea that a business will continue to operate until it can sell its assets to pay its creditors underlies thegoing-concern assumption.10)The monetary unit assumption means that all international transactions must be expressed in dollars.11)The International Accounting Standards Board(IASB)is the government group that establishes reporting requirementsfor companies that issue stock to the public.12)Expenses decrease equity and are the costs of assets or services used to earn revenues.13)A company might provide a service or product on credit.On credit implies that the cash payment will occur on alater date.14)Each adjusting entry affects only one or more income statement account and never cash.15)The legitimate claims of a businesss creditors take precedence over the claims of the business owner.16)Under the cash basis of accounting,no adjustments are made for prepaid,unearned,and accrued items.17)From an accounting perspective,an event is a happening that affects an entitys accounting equation,but cannot bemeasured.18)The income statement is a financial statement that shows revenues earned and expenses incurred during a specifiedperiod of time.19)Chuck Taylor withdrew$6,000 in cash from FastForward.This amount should be included as an expense on theincome statement.20)Source documents provide evidence of business transactions and are the basis for accounting entries.21)Items such as sales tickets,bank statements,checks,and purchase orders are source documents.22)It is not necessary to keep separate accounts for all items of importance for business decisions.23)Closing entries are necessary so that owners capital will begin each period with a zero balance.24)Cash withdrawn by the owner of a proprietorship should be treated as an expense of the business.25)When a company provides services for which cash will not be received until some future date,the company shouldrecord the amount received as unearned revenue for the amount charged to the customer.26)Double entry accounting requires that each transaction affect,and be recorded in,at least two accounts.27)Asset accounts normally have credit balances and revenue accounts normally have debit balances.28)A transaction that decreases an asset account and increases a liability account must also affect one or more otheraccounts.29)Adjusting entries are used to bring asset or liability accounts to their proper amount and update the related expense orrevenue account.30)When a company bills a customer for$600 for services rendered,the journal entry to record this transaction willinclude a$600 debit to Services Revenue.31)The journal is known as the book of final entry because financial statements are prepared from it.-第 3 页32)The closing process takes place after financial statements have been prepared.33)Atrial balance that balances is not proof of complete accuracy in recording transactions.34)Closing entries are designed to transfer the end-of-period balances in the revenue accounts,the expense accounts,andthe withdrawals account to owners capital.35)If cash was incorrectly debited for$100 instead of correctly credited for$100,the cash account is out of balance by$100.36)Adjusting entries result in a better matching of revenues and expenses for the period.37)The matching principle requires that expenses get recorded in the same accounting period as the revenues that areearned as a result of the expenses,not when cash is paid.38)On October 15,a company received$15,000 cash as a down payment on a consulting contract.The amount wascredited to Unearned Consulting Revenue.By October 31,10%of the services required by the contract werecompleted.The company will record consulting revenue of$1,500 from this contract for October.39)Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expenseaccounts ready for use in the next period.40)Accrued expenses reflect transactions where cash is paid before a related expense is recognized.41)Before an adjusting entry is made to recognize the cost of expired insurance for the period,Prepaid Insurance andInsurance Expense are both overstated.42)A company purchased$6,000 worth of supplies in August and recorded the purchase in the Supplies account.OnAugust 31,the fiscal year-end,the supplies count equaled$3,200.The adjusting entry would include a$2,800 debit toSupplies.43)In preparing statements from the adjusted trial balance,the balance sheet must be prepared first.44)A company performs 20 days work on a 30-day contract before the end of the year.The total contract is valued at$6,000 and payment is not due until the contract is fully completed.The adjusting entry includes a$4,000 credit tounearned revenue.45)An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded and posted.46)Financial statements can be prepared directly from the information in the adjusted trial balance.47)Income Summary is a temporary account only used for the closing process.48)Revenue accounts should begin each accounting period with zero balances.49)The last four steps in the accounting cycle include preparing the adjusted trial balance,preparing financial statementsand recording closing and adjusting entries.50)When expenses exceed revenues,there is a net loss and the Income Summary account would have a credit balance.51)A post-closing trial balance is a list of permanent accounts and their balances from the ledger after all closing entriesare journalized and posted.PART II MULTIPLE-CHOICE1.The primary objective of financial accounting is:A.To serve the decision-making needs of internal users.B.To provide financial statements to help external users analyze an organizations activities.C.To monitor and control company activities.D.To provide information on both the costs and benefits of looking after products and services.E.To know what,when,and how much to produce.2.Internal users of accounting information include:A.Shareholders.B.Managers.C.Lenders.D.Suppliers.E.Customers.3.Acorporation:A.Is a business legally separate from its owners.B.Is controlled by the FASB.C.Has shareholders who have unlimited liability for the acts of the corporation.D.Is the same as a limited liability partnership.E.All of these.-第 4 页4.The accounting assumption that requires every business to be accounted for separately from other business entities,including its owner or owners is known as the:A.Objectivity principle.B.Business entity assumption.C.Going-concern assumption.D.Revenue recognition principle.E.Cost principle.5.The rule that requires financial statements to reflect the assumption that the business will continue operating instead ofbeing closed or sold,unless evidence shows that it will not continue,is the:A.Going-concern principle.B.Business entity principle.C.Objectivity principle.D.Cost Principle.E.Monetary unit principle.6.If a parcel of land that was originally acquired for$85,000 is offered for sale at$150,000,is assessed for tax purposes at$95,000,is recognized by its purchasers as easily being worth$140,000,and is sold for$137,000,the land should berecorded in the purchasers books at:A.$95,000.B.$137,000.C.$138,500.D.$140,000.E.$150,000.7.To include the personal assets and transactions of a businesss owner in the records and reports of the business would bein conflict with the:A.Objectivity principle.B.Realization principle.C.Business entity principle.D.Going-concern principle.E.Revenue recognition principle.8.The question of when revenue should be recognized on the income statement(according to GAAP)is addressed by the:A.Revenue recognition principle.B.Going-concern principle.C.Objectivity principle.D.Business entity principle.E.Cost principle.9.On December 15,2007,Myers Legal Services signed a$50,000 contract with a client to provide legal services to theclient in 2008.Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2008 andnot 2007?A.Monetary unit principleB.Going-concern principleC.Cost principleD.Business entity principleE.Revenue recognition principle10.Apartnership:A.Is also called a sole proprietorship.B.Has unlimited liability.C.Has owners called shareholders.D.Has to have a written agreement in order to be legal.E.Is a legal organization separate from its owners.11.According to generally accepted accounting principles,a companys balance sheet should show the companys assets at:A.The cash equivalent value of what was given up or received.B.The current market value of the asset received in all cases.C.The cash paid only,even if something other than cash was given in the exchange.D.The best estimate of a certified internal auditor.E.The objective value to external users.12.Revenue is properly recognized:A.When the customers order is received.B.Only if the transaction creates an account receivable.C.At the end of the accounting period.D.When cash from a sale is received.-第 5 页E.Upon completion of the sale or when services have been performed and the business obtains the right to collect the salesprice.13.If a parcel of land that was originally purchased for$85,000 is offered for sale at$150,000,is assessed for tax purposesat$95,000,is recognized by its purchasers as easily being worth$140,000,and is sold for$137,000.What is the effect ofthe sale on the accounting equation for the seller?A.Assets increase$52,000;owners equity increases$52,000B.Assets increase$85,000;owners equity increases$85,000C.Assets increase$137,000;owners equity increases$137,000D.Assets increase$140,000;owners equity increases$140,000E.None of these14.If a parcel of land that was originally purchased for$85,000 is offered for sale at$150,000,is assessed for tax purposesat$95,000,is recognized by its purchasers as easily being worth$140,000,and is sold for$137,000.At the time of the sale,assume that the seller still owed$30,000 to TrustOne Bank on the land that was purchased for$85,000.Immediately afterthe sale,the seller paid off the loan to TrustOne Bank.What is the effect of the sale and the payoff of the loan on theaccounting equation?A.Assets increase$52,000;owners equity increases$22,000;liabilities decrease$30,000B.Assets increase$52,000;owners equity increases$30,000;liabilities decrease$30,000C.Assets increase$22,000;owners equity increases$52,000;liabilities decrease$30,000D.Assets decrease$30,000;owners equity decreases$30,000;liabilities decrease$30,000E.Assets decrease$55,000;owners equity decreases$55,000;liabilities decrease$30,00015.The difference between a companys assets and its liabilities,or net assets is:A.Net income.B.Expense.C.Equity.D.Revenue.E.Net loss.16.Which of the following statements is true about assets?A.They are economic resources owned or controlled by the business.B.They are expected to provide future benefits to the business.C.They appear on the balance sheet.D.Claims on them can be shared between creditors and owners.E.All of these.17.On June 30 of the current year,the assets and liabilities of Phoenix Phildell are as follows:Cash$20,500;AccountsReceivable,$7,250;Supplies,$650;Equipment,$12,000;Accounts Payable,$9,300.What is the amount of owners equityas of July 1 of the current year?A.$8,300B.$13,050C.$20,500D.$31,100E.$40,40018.Photometer Company paid off$30,000 of its accounts payable in cash.What would be the effects of this transaction onthe accounting equation?A.Assets,$30,000 increase;liabilities,no effect;equity,$30,000 increase.B.Assets,$30,000 decrease;liabilities,$30,000 decrease;equity,no effect.C.Assets,$30,000 decrease;liabilities,$30,000 increase;equity,no effect.D.Assets,no effect;liabilities,$30,000 decrease;equity,$30,000 increase.-第 6 页E.Assets,$30,000 decrease;liabilities,no effect;equity$30,000 decrease.19.How would the accounting equation of Boston Company be affected by the billing of a client for$10,000 of consultingwork completed?A.+$10,000 accounts receivable,-$10,000 accounts payable.B.+$10,000 accounts receivable,+$10,000 accountspayable.C.+$10,000 accounts receivable,+$10,000 cash.D.+$10,000 accounts receivable,+$10,000 revenue.E.+$10,000 accounts receivable,-$10,000 revenue.20.Source documents include all of the following except:A.Sales tickets.B.Ledgers.C.Checks.D.Purchase orders.E.Bank statements.21.Which of the following statements is correct?A.When a future expense is paid in advance,the payment is normally recorded in a liability account called PrepaidExpense.B.Promises of future payment are called accounts receivable.C.Increases and decreases in cash are always recorded in the owners capital account.D.An account called Land is commonly used to record increases and decreases in both the land and buildings owned by abusiness.E.Accrued liabilities include accounts receivable.22.Awritten promise to pay a definite sum of money on a specified future date is a(n):A.Unearned revenue.B.Prepaid expense.C.Credit account.D.Note payable.E.Account receivable.23.Acollection of all accounts and their balances used by a business is called a:A.Journal.B.Book of original entry.C.General Journal.D.Balance column journal.E.Ledger.24.Alist of all accounts and the identification number assigned to each account used by a company is called a:A.Source document.B.Journal.C.Trial balance.D.Chart of accounts.E.General Journal.25.Which of the following statements is incorrect?A.The normal balance of accounts receivable is a debit.B.The normal balance of owners withdrawals is a debit.C.The normal balance of unearned revenues is a credit.D.The normal balance of an expense account is a credit.E.The normal balance of the owners capital account is a credit.26.A simple account form widely used in accounting as a tool to understand how debits and credits affect an accountbalance is called a:A.Withdrawals account.B.Capital account.C.Drawing account.D.T-account.E.Balance column sheet.27.Double-entry accounting is an accounting system:A.