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1、精选优质文档-倾情为你奉上1. Accounting is an information system that:A.Identifies business activities.B.Records business activities.C.Communicates business activities.D.Helps people make better decisions.E. All of these.2. Creditors claims on the assets of a company are called:A.Net losses.B.Expenses.C.Revenues
2、.D.Equity.E. Liabilities.3. The excess of expenses over revenues for a period is:A.Net assets.B.Equity.C.Net loss.D.Net income.E.A liability.4. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Eq
3、uipment, $12,000; Accounts Payable, $9,300. What is the amount of owners equity as of July 1 of the current year?A.$8,300B.$13,050C.$20,500D.$31,1005. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?A.Asset
4、s, $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
5、.E.Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.6. The financial statement that reports whether the business earned a profit and also lists the types and amounts of the revenues and expenses is called:A.A Balance Sheet.B.A Statement of Owners Equity.C.A Statement of Cash
6、 Flows.D.An Income Statement.E.A Statement of Financial Position.7. A balance sheet lists:A.The types and amounts of the revenues and expenses of a business.B.Only the information about what happened to equity during a time period.C.The types and amounts of assets, liabilities, and equity of a busin
7、ess as of a specific date.D.The inflows and outflows of cash during the period.E.The assets and liabilities of a company but not the owners equity.8. The financial statement that shows the beginning balance of owners equity; the changes in equity that resulted from new investments by the owner, net
8、income (or net loss); withdrawals; and the ending balance, is the:A.Statement of Financial Position.B.Statement of Cash Flows.C.Balance Sheet.D.Income Statement.E.Statement of Owners Equity.9. Accounts payable appear on which of the following statements?A.Balance Sheet.B.Income Statement.C.Statement
9、 of Owners Equity.D.Statement of Cash Flows.E.Transaction Statement.10. A companys balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of owners equity?A.$17,000.B.$29,000.C.$71,000.D.$88,000.E.$105,000.11. The ac
10、counting process begins with:A.Analysis of business transactions and source documents.B.Preparing financial statements and other reports.C.Summarizing the recorded effect of business transactions.D.Presentation of financial information to decision-makers.E.Preparation of the trial balance.12. The ac
11、count used to record the transfers of assets from a business to its owner is:A.A revenue account.B.The owners withdrawals account.C.The owners capital account.D.An expense account.E.A liability account.13. A written promise to pay a definite sum of money on a specified future date is a(n):A.Unearned
12、 revenue.B.Prepaid expense.C.Credit account.D.Note payable.E.Account receivable.14. A ledger is:A.A record containing increases and decreases in a specific asset, liability, equity, revenue, or expense item.B.A journal in which transactions are first recorded.C.A collection of documents that describ
13、e transactions and events entering the accounting process.D.A list of all accounts with their debit balances at a point in time.E.A record containing all accounts and their balances used by a company.15. Double-entry accounting is an accounting system:A.That records each transaction twice.B.That rec
14、ords the effects of transactions and other events in at least two accounts with equal debits and credits.C.In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.D.That may only be used if T-accounts are used.E.That insures that err
15、ors never occur.16. Rocky Industries received its telephone bill in the amount of $300, and immediately paid it. Rockys general journal entry to record this transaction will include aA.Debit to Telephone Expense for $300.B.Credit to Accounts Payable for $300.C.Debit to Cash for $300.D.Credit to Tele
16、phone Expense for $300.E.Debit to Accounts Payable for $300.17. Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months services in advance. Management Services general journal entry to record this transaction will include aA.Debit
17、to Unearned Management Fees for $60,000.B.Credit to Management Fees Earned for $60,000.C.Credit to Cash for $60,000.D.Credit to Unearned Management Fees for $60,000.E.Debit to Management Fees Earned for $60,000.18. Wisconsin Rentals purchased office supplies on credit. The general journal entry made
18、 by Wisconsin Rentals will include a:A.Debit to Accounts Payable.B.Debit to Accounts Receivable.C.Credit to Cash.D.Credit to Accounts Payable.E.Credit to Wisconsin Rentals, Capital.19. On September 30, the Cash account of Value Company had a normal balance of $5,000. During September, the account wa
19、s debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of September?A.A $0 balance.B.A $4,300 debit balance.C.A $4,300 credit balance.D.A $5,700 debit balance.E.A $5,700 credit balance.20. The following transactions occurred du
20、ring July: 1. Received $900 cash for services provided to a customer during July. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 4. Provided services to a
21、 customer on credit, $375. 5. Borrowed $6,000 from the bank by signing a promissory note. 6. Received $1,250 cash from a customer for services to be rendered next year. What was the amount of revenue for July? A. $ 900. B. $ 1,275. C. $ 2,525. D. $ 3,275. E. $11,100. 21. At the beginning of January
22、of the current year, Thomas Law Centers ledger reflected a normal balance of $52,000 for accounts receivable. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Additionally, during January one customer p
23、aid Thomas $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be:A.$54,700.B.$49,700.C.$2,300.D.$54,300.E.$49,300.22. During the month of March, Cooley Computer Services made purchases on account totaling $43,500. Also durin
24、g the month of March, Cooley was paid $8,000 by a customer for services to be provided in the future and paid $36,900 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,300, what is the balance in accounts payable at the end of M
25、arch?A.$83,900.B.$91,900.C.$6,600.D.$75,900.E.$4,900.23. The time period principle assumes that an organizations activities can be divided into specific time periods including:A.Months.B.Quarters.C.Fiscal years.D.Calendar years.E.All of these.24. A broad principle that requires identifying the activ
26、ities of a business with specific time periods such as months, quarters, or years is the:A.Operating cycle of a business.B.Time period principle.C.Going-concern principle.D.Matching principle.E.Accrual basis of accounting.25. The accounting principle that requires revenue to be reported when earned
27、is the:A.Matching principle.B.Revenue recognition principle.C.Time period principle.D.Accrual reporting principle.E.Going-concern principle.26. Adjusting entries:A.Affect only income statement accounts.B.Affect only balance sheet accounts.C.Affect both income statement and balance sheet accounts.D.A
28、ffect only cash flow statement accounts.E.Affect only equity accounts.27. The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the:A.Recognition principle.B.Cost principle.C.Cash basis of accounting.D.Matching pr
29、inciple.E.Time period principle.28. Adjusting entries are journal entries made at the end of an accounting period for the purpose of:A.Updating liability and asset accounts to their proper balances.B.Assigning revenues to the periods in which they are earned.C.Assigning expenses to the periods in wh
30、ich they are incurred.D.Assuring that financial statements reflect the revenues earned and the expenses incurred.E.All of these.29. The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is:A.Cash basis accounting.B.T
31、he matching principle.C.The time period principle.D.Accrual basis accounting.E.Revenue basis accounting.30. Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of:A.Items that require contra accounts.B.Items that require adjusting entries.C.Asse
32、t and equity.D.Asset accounts.E.Income statement accounts.31. The accrual basis of accounting:A.Is generally accepted for external reporting because it is more useful than cash basis for most business decisions.B.Is flawed because it gives complete information about cash flows.C.Recognizes revenues
33、when received in cash.D.Recognizes expenses when paid in cash.E.Eliminates the need for adjusting entries at the end of each period32. A company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would:A.Understate net income by $28,000.B.Overstat
34、e net income by $28,000.C.Have no effect on net income.D.Overstate assets by $28,000.E.Understate assets by $28,000.33. If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show:A.Assets ove
35、rstated and equity understated.B.Assets and equity both understated.C.Assets overstated, net income understated, and equity overstated.D.Assets, net income, and equity understated.E.Assets, net income, and equity overstated.34. If a company failed to make the end-of-period adjustment to remove from
36、the Unearned Management Fees account the amount of management fees that were earned, this omission would cause:A.An overstatement of net income.B.An overstatement of assets.C.An overstatement of liabilities.D.An overstatement of equity.E.An understatement of liabilities.35. Accrued revenues:A.At the
37、 end of one accounting period often result in cash receipts from customers in the next period.B.At the end of one accounting period often result in cash payments in the next period.C.Are also called unearned revenues.D.Are listed on the balance sheet as liabilities.E.Are recorded at the end of an ac
38、counting period because cash has already been received for revenues earned.36. An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n):A.Accrued expense.B.Contra account.C.Accrued revenue.D.Intangible asset.E.A
39、djunct account.37. Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:A.Debit Office Supplies $105 and credit Office Supplies Expense $105.B.Debit Offic
40、e Supplies Expense $105 and credit Office Supplies $105.C.Debit Office Supplies Expense $254 and credit Office Supplies $254.D.Debit Office Supplies $254 and credit Office Supplies Expense $254.E.Debit Office Supplies $105 and credit Supplies Expense $254.38. On April 1, 2009, a company paid the $1,
41、350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2009?A.$1,350.B.$450.C.$1,012.50.D.$337.50.E.$37.50.39. On January 1 a company purchased a five-year insurance policy f
42、or $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:A.Debit Prepaid Insurance, $1,800; credit Cash, $1,800.B.Debit Prepaid Insurance, $1,
43、440; credit Insurance Expense, $1,440.C.Debit Prepaid Insurance, $360; credit Insurance Expense, $360.D.Debit Insurance Expense, $360; credit Prepaid Insurance, $360.E.Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440.40. PPW Co. leased a portion of its store to another company for eig
44、ht months beginning on October 1, 2009, at a monthly rate of $800. This other company paid the entire $6,400 cash on October 1, which PPW Co. recorded as unearned revenue. The journal entry made by PPW Co. at year- end on December 31, 2009 would include:A.A debit to Rent Earned for $2,400.B.A credit
45、 to Unearned Rent for $2,400.C.A debit to Cash for $6,400.D.A credit to Rent Earned for $2,400.E.A debit to Unearned Rent for $4,000.41. A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period
46、 ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:A.Debit Unpaid Salaries $600 and credit Salaries Payable $600.B.Debit Salaries Expense $400 and credit Salaries Payable $400.C.Debit Salaries Expense $600 a
47、nd credit Salaries Payable $600.D.Debit Salaries Payable $400 and credit Salaries Expense $400.E.Debit Salaries Expense $400 and credit Cash $400.42. The difference between the cost of an asset and the accumulated depreciation for that asset is calledA.Depreciation Expense.B.Unearned Depreciation.C.
48、Prepaid Depreciation.D.Depreciation Value.E.Book Value.43. A company purchased a new truck at a cost of $42,000 on July 1, 2009. The truck is estimated to have a useful life of 6 years and a salvage value of $3,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded f