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1、财务会计复习题Circle the letter of the best response.1. Which of the following statements is false?A. Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers.B. Financial statements report financial inf
2、ormation about a business entity to decision makers.C. Owners of a corporation are personally liable for the debts of the corporation.D. The purpose of financial accounting is to provide information to people outside of the entity, such as investors and creditors.2. Wilbur owns and operates a fishin
3、g tackle shop. Wilbur needs to borrow money to expand; therefore, he prepared financial statements to present to his banker. Wilbur obtained appraisals of all the assets of the business to ensure that the balance sheet would reflect the most current value of the assets. Wilbur has violated which of
4、the following principles or concepts?A. Reliability principleB Cost principleC. Going-concern principleD. Stable-monetary-unit concept3. Which of the following is true?A. Owners1 Equity Assets = LiabilitiesB - Assets Owners* Equity = LiabilitiesC. Assets + Liabilities = Owners EquityD. Liabilities =
5、 Owners* Equity + Assets4. G. Harrison Inc experienced a decrease in total assets of $2,000 during the current year. During the same year, total liabilities decreased $6,000. If dividends for the year were $10,000 and the owners made no additional investment, how much was net income?A. $14,000B. $ 6
6、,000C. $18,000D. $ 2,0005. Which of the following statements is true?A. The income statement reports all changes in assets, liabilities, and stockholders* equity of the business during the period.B. Revenues and expenses are reported only on the balance sheet.C. The statement of cash flows reports c
7、ash flows from three types of business activities 一cash receipts, cash payments, and investing.D. On the statement of retained earnings, the net income for the period is added to the beginning balance of retained earnings.6. Which of the following statements is not true?A. Investing activities relat
8、e to the investment by owners into the business.B Paying dividends is an example of a financing activity.C. Operating activities are the most important type of business activity.52. Which of the following is not accounted for as an intangible asset?A. Franchises B. Goodwill C. TrademarkD. Research a
9、nd development53. Which of the following statements about the statement of cash flows is false?A. Financing activities are not affected by plant asset transactions.B Depreciation is not a cash flow.C. Amortization of intangibles is added to net income when calculating cash provided by operations.D.
10、The sale of equipment at a loss is recorded as a cash outflow from investing activities.54. From the following list of account balances, calculate the correct amount of current liabilities:CAccounts receivable$5,000Accounts payable6,300Unearned revenues900Rent expense1,200Sales revenue46,300Sales ta
11、x payable3,700Estimated warranty payable800Note payable, due in 90 days1,300Accumulated depreciation700A. $12,100B. $61,200C. $13,000D. $59,30055. If Roman company issues their $500,000, 10% bonds payable at a premium, A. the debit to Cash is greater than the credit to Bonds Payable.B. The maturity
12、value is greater than the present value of the interest and principal payments.C. the market rate of interest must be less than the contract rate of interest.D. Both A and C are true.56. Sister Company issued bonds payable at a discount and uses the effective-interest method of amortization. Which o
13、f these statements correctly describes Sisters financial statements?A. The canying amount of the bonds on the balance sheet will decrease each interest period.B The interest expense each interest period will be greater than the cash paid for interest.C. The interest paid will be a constant percentag
14、e of the carrying amount.D. The Discount on Bonds Payable will be added to the liabilities on Sisters financial statements.57. Greta Corporation has outstanding $600,000 of 5-year,8% bonds payable with a carrying value of $604,000. The bonds are retired at 101.5, 2 years ahead of their scheduled mat
15、urity date. The journal entry to record the retirement will include all of the following except a A. debit to Extraordinary Loss on Retirement of Bonds Payable, $5,000.B . Credit to Cash, $609,000.C. Debit to Bonds Payable, $604,000.D. Debit to Premium on bonds Payable, $4,000.58. When a company rep
16、orts liabilities on its financial statements:A. the fair market value of long-term debt appears as a part of long-term liabilities on the balance sheet.B Borrowing and repayment of long-term debt appears as a part of investing activities of the statement of cash flows.C. Deferred credits and deferre
17、d income taxes may appear as a part of long-term liabilities on the balance sheet.D. Both operating leases and capital leases are a part of the liabilities section on the balance sheet, and may be either long or short term.Table 4On December 31,20X8, the Orthon Co. reported the following in its comp
18、arative financial statement:12/31/20X812/31/20X710%cumulative preferred stock, $50 par and redemption value, 2,000 shares authorized and ? shares issued$50,000$50,000Paid-in capital in excess of par-preferred4,0004,00054,00054,000Common stock, $2 par, 20,000 shares authorized and 4,000(20X4) and 3,0
19、00(20x3) share issued and outstanding8,0006,000Paid-in capital in excess of par-common84,00080,00092,00086,000Total paid-in capital146,000140,000Retained earnings140,000110,000Total stockholders5 equity$286,000$250,00059. The number of preferred shares issued and outstanding at the end of 20X8 is :A
20、.8,000B. 2,000C. 1,000D. 50060. Refer to table 4. Assume Orthon had not paid any dividends in 20X5-20X7. In 20X8, Orthon declared cash dividends of $48,000 to both the preferred and common stockholders. The total dividend received by the common stockholders was (assuming the number of preferred shar
21、es did not change):A. $48,000B. $28,000C.$38,000D. $43,00061. Refer to Table 4. Assume net income for 20X8 is $66,000, and there are no dividends in arrears. What is Orthons return on common stockholders9 equity for 20X8?A.30.8%B. 28.5%C.24.6%D. 22.8%62. Refer to Table 4. Assume that there are no di
22、vidends in arrears. What is Orthons book value per share of common stock at the end of 20X8?A. $53B. $56.75C. $58D. $71.5063. Which of the following transactions increases stockholders9 equity?A. A two-for-one stock splitB. Issuance of stock at a price above par valueC. A 20% stock dividendD. Purcha
23、se of treasury stock above par64. The journal entry to record the distribution of a large stock dividend would include all of the following except:A. Retained Earnings, debitB. Common Stock, creditC. Paid-in Capital in Excess of Par, creditD. All of the above are included in the entry65. . Which one
24、 of the following statements is true?A. A large stock dividend increases the number of shares issued, but a stock split does not.B. A stock split reduces the market price of the stock, but a large stock dividend does not.C. A stock split does not decrease the par value of the stock, but a large stoc
25、k dividend does not.D. Both stock splits and stock dividends have no effect on total stockholders9 equity.66. Olson Inc. purchased 5,000 shares of its own $1 par value common stock for $16 per share. Later, Olson sold 200 shares of the treasuiy stock for $20 per share. The entry to recordthe sale of
26、 the treasury stock is:A. Cash4,000Treasury Stock4,000B. Cash4,000Treasury Stock200Paid-in Capital from Treasury Stock Transactions3,800C. Cash4,000Treasury Stock3,200Paid-in Capital from Treasury Stock Transactions800D. Cash4,000Common Stock200Gain on Sale of Stock3,80067. Which of the following tr
27、ansactions would not be found on the statement of cash flows?A. Declaration of a cash dividendB Purchase of treasury stock above parC. Issuance of preferred stock at a price above parD. Sale of treasury stock at a price below the costD. Managers must make decisions about operating, investing, and fi
28、nancing activities.7. On which financial statement can the ending balance in retained earnings be found? A. Balance sheetB Income statementC. Statement of retained earningsD. Both A and C8. Which of these is an example of an asset account?A. Service RevenueB. DividendsC. SuppliesD. All of the above
29、are assets9. Dobson Company paid $1,200 on account. The effect of this transaction on Dobsons accounting equation is to：A. decrease liabilities and increase stockholders9 equity.B decrease assets and decrease liabilities.C. have no effect on total assets.D. decrease assets and decrease stockholders*
30、 equity.10. Which of these statements is false?A. Decreases in liabilities and increases in revenues are recorded with a credit.B. Decreases in assets and increases in stockholders1 equity are recorded with a credit.C. Increases in both assets and expenses are recorded with a debit.D. Increases in a
31、ssets and decreases in liabilities are recorded with a debit.11. Note Payable has a normal beginning balance of $40,200. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable.A. $39,200, debitB. $119,600, creditC. $
32、39,200, creditD. $160,800, credit12. Which of these statements is correct?A. The account is a basic summary device used in accounting.B. A business transaction is recorded first in the journal and then posted to the ledger.C. In the journal entry, all accounts that are increased are listed first and
33、 then all accounts that are decreased are listed next.D. Both A and B are correct.13. Which of these accounts has a normal debit balance?A. Salary ExpenseB Accounts PayableC Service RevenueD. Both A and B14. The May 31 trial balance reports a credit balance of $5,000 for Service Revenue. During the
34、month, one entry for $10 had been posted in error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 ?A. $4,980B. $4,990C. $5,020D. $5,01015. The beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is
35、$51,200, then cash receipts must have been：A. $105,900B. $234,500C. $132,100D. $157,10016. Use the following selected information for the Perri man Company to calculate the correct credit column total for a trial balance：Accounts receivable$ 27,200Accounts payable15,900Building359,600Cash55,600Commo
36、n stock155,000Dividends4,800Insurance expense1,800Retained earnings133,800Salary expense52,500Salary payable3,600Service revenue193,200A. $365,600B. $304,700C. $501,500D. $506,30017. The journal entry to record the performance of services on account for $ 1,200 is：A. Accounts Payable1,200Service Rev
37、enue1,200B. Accounts Receivable1,200Service Revenue1,200C. Cash1,200Service Revenue1,200D. Service Revenue1,200Accounts Payable1,20018. The Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallwood collected $92,000 for management services. $12,000 of the amount collected was
38、 from a contract to provide management services for one year beginning November 1,20X8. An additional $20,000 of management services had been earned but not collected by year end. The amount of revenue that should be reported for 20X8 under the cash-basis and accrual-basis is：Cash-BasisAccrual-Basis
39、A. $92,000$80,000B .$80,000$ 100,000C.$100,000$112,000D.$92,000$102,00019. Which of the following statements is false?A. The time-period concept requires companies to prepare financial statements at least quarterly.B. According to the revenue principle, revenue should be recorded when a product or s
40、ervice has been delivered to the customer.C. When possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded.D. The time-period concept, the revenue principle, and the matching principle all support the practice of prep
41、aring adjusting entries.20. The Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be consideredA. an unearned revenue.B a prepaid expense.C. an accrued revenue.D. an accrued expense.21. On November 1 , 20X8 , the Jernigan C
42、ompany paid $4,800 for a one-year insurance policy. On December 31 , 20X8, the adjusting entry would includeA. a debit to insurance Expense$4,800.B. a credit to insurance Payable, $800.C. a credit to Prepaid insurance, $800.D. a debit to Insurance Expense, $4,000.22. Which of these could not be a cl
43、osing entry?A. Salary ExpenseXXRetained EarningsXXB Retained EarningsXXDividendsXXC. Service RevenueXXRetained EarningsXXD. Retained EarningsXXRent ExpenseXX23. What type of account is Unearned Revenue (asset, liability, stockholders* equity, revenue, or expense) and what is its normal balance, resp
44、ectively?A. asset, debitB expense, debitC. liability, creditD. revenue, credit24. Which of the following transactions is considered an accrued expense?I . Salaries that employees have earned but not receivedA. . Management fees received in advanceB. I. Newspaper advertising that has been purchased b
45、ut has not yet appeared in the newspaper A. I onlyC. II onlyD. Ill onlyE. Both I and II25. Which of the following accounts is not considered a current asset?A. Accounts ReceivableB , EquipmentC. InventoryD. Prepaid Rent26. The balance sheet for Arnolds Cleaners appears below：Arnolds CleanersBalance
46、sheetDecember 31, 20X8AssetsLiabilitiesCash$400Accounts payable$300Accounts receivable460Salary payable20Supplies10Unearned revenue120Prepaid insurance60Note payable (due in 5 years)400Equipment$400Total liabilities840Less: Acc. depr.40360Stockholders EquityLand400Common stock370Retained earnings480
47、Total stockholders equity850Total assets$1.690Total liabilities and stockholders1 Equity$1.690Arnolds current ratio for 20X8 isA. 2.11B. 2.09C. 2D. 1.5227. An investment in debt securities may be classified as any of the following categoriesexcept：A. trading securitiesB available-for-saleC held-to-maturityD. All of the above are categories for Debt securities28. The Boulder Co. purchased the following securities in 20X8.The year-end