chapter 1 introduction to accounting1.1-1.4随堂测验1、.financial accounting information is
a、not applicable to individuals.
b、not a business purpose information
c、used directly by managers and in income tax returns .
d、designed to assist investors and creditors.
2、the field of accounting may not be described as:
a、the art of interpreting, measuring, and describing economic activity.
b、developing the information required for the preparation of income tax returns.
c、recording the financial transactions of an economic entity.
d、developing information in conformity with generally accepted accounting principles.
3、the best definition of an accounting system is
a、records used in developing information about an entity for use by managers and also persons outside the organization.
b、the personnel, procedures, devices, and records used by an entity to develop accounting information
c、the concepts, principles, and standards specifying the information which should be included in financial statements, and how that information should be presented.
d、.journals, ledgers, and financial statements.
4、which of the following events is not a transaction that would be recorded in a company's accounting records?
a、the purchase of equipment .
b、the sale of equipment .
c、the investment of additional cash in the business by the owner.
d、the death of a key manager.
5、financial accounting information is designed primarily to assist investors and creditors in understanding the financial position of the business entity
6、internal users of accounting information are not involved with the day-to-day operations of the enterprise.
7、the annual financial statements of large corporations such as apple or walmart need not be audited by independent certified public accountants
8、creditors are individuals and other enterprises that have provided equity to the reporting enterprise.
9、management accounting refers to the preparation and use of accounting information designed to meet the needs of management inside the business organization.
10、general accepted accounting standards are issued by the fasb
introduction to accounting1、financial accounting information is :
a、not applicable to individuals
b、not a business purpose information
c、used directly by managers and in income tax returns .
d、designed to assist investors and creditors.
2、the field of accounting may not be described as
a、the art of interpreting, measuring, and describing economic activity.
b、.developing the information required for the preparation of income tax returns.
c、recording the financial transactions of an economic entity.
d、developing information in conformity with generally accepted accounting principles.
3、the best definition of an accounting system is
a、records used in developing information about an entity for use by managers and also persons outside the organization.
b、the personnel, procedures, devices, and records used by an entity to develop accounting information
c、the concepts, principles, and standards specifying the information which should be included in financial statements, and how that information should be presented.
d、journals, ledgers, and financial statements.
4、which of the following events is not a transaction that would be recorded in a company's accounting records?
a、the purchase of equipment .
b、the sale of equipment .
c、the investment of additional cash in the business by the owner.
d、the death of a key manager.
5、financial accounting information is designed primarily to assist investors and creditors in understanding the financial position of the business entity
6、internal users of accounting information are not involved with the day-to-day operations of the enterprise.
7、the annual financial statements of large corporations such as apple or walmart need not be audited by independent certified public accountants
8、creditors are individuals and other enterprises that have provided equity to the reporting enterprise.
9、management accounting refers to the preparation and use of accounting information designed to meet the needs of management inside the business organization.
10、general accepted accounting standards are issued by the fasb
chapter 2 accounting elements and accounting equationchapter 2 quiz1、which of the following cannot be defined as an asset?
a、an economic resource owned (or controlled) by a business and expected to benefit the future operations.
b、something owned by a business that can't be valued fairly.
c、something with physical substance which is valued at cost in the accounting records.
d、an economic resource representing the right to receive cash in the near future.
2、which of the following will cause a change in the owners' equity of a business?
a、investment of cash in the business by the owner
b、purchase of equipment with cash
c、sale of equipment for cash at cost
d、payment of the liability with cash
3、johnson corporation recently borrowed $10,000 cash from the bank. which of the following was affected by this transaction?
a、owner's equity
b、cash
c、land
d、account receivable
4、if a company purchases land for $5,000,000 by issuing an accounts payable,
a、total assets will decrease by $5,000,000.
b、the company's total owners' equity will increase.
c、total assets will remain the same.
d、total assets will increase by $5,000,000.
5、which of the following is not an asset?
a、salaries payable
b、accounts receivable
c、cash
d、land
6、the accounting equation may be described as "assets minus owners" equity equals liabilities.
7、when a business borrows money from a bank, the immediate effect is an increase in total assets and an increase in owners' equity.
8、the collection of an account receivable causes a decrease in total assets.
9、the payment of a liability will cause the total owners' equity to increase.
10、a transaction that causes a decrease in an asset may also cause an increase in another asset, a decrease in a liability, or a decrease in owners' equity.
chapter 3 double-entry bookkeepingchapter 3 quiz1、the purchase of tools on account is recorded by a
a、debit to tools and a debit to accounts payable.
b、debit to tools and a credit to accounts payable.
c、credit to tools and a credit to accounts payable.
d、debit to accounts payable and a credit to tools.
2、the cash t-account has a beginning balance of $1,000. during the year, $10,000 was debited and $2,000 was credited to the account. what is the ending balance of cash?
a、.$8,000 credit balance
b、$8,000 debit balance
c、$9,000 debit balance
d、$9,000 credit balance
3、the repayment of accounts payable is recorded by a
a、credit to cash and a debit to accounts payable.
b、debit to cash and a credit to accounts payable.
c、.credit to cash and a credit to accounts payable.
d、debit to cash and a debit to accounts payable.
4、mr. wang owner of a small company, invested an additional $15,000 in the company. which of the following would be a part of the correct journal entry to record this transaction?
a、a debit to the accounts receivable account
b、a debit to the accounts payable account
c、.a debit to the cash account
d、a debit to the wang capital account
5、which of the following accounts normally contain a credit balance?
a、land
b、accounts receivable.
c、capital reserve
d、manufacturing overhead
6、the owner's withdrawal account normally has a credit balance since it is an equity account
7、decreases to liabilities accounts normally are recorded by a debit
8、when a company uses the double-entry method, the total dollar amount of debits recorded must equal the total dollar amount of credits recorded, and the number of debit and credit entries must be equaled as well.
9、when a company provides services for which cash will not be received until some future date, the company should record the amount charged as unearned revenue.
10、debit increases asset and expense accounts.
chapter 6 financial statementchapter 6 quiz1、an expense is best defined as
a、past payments of cash required to generate revenues.
b、.any payment of cash for the benefit of the company.
c、future payments of cash required to generate revenues.
d、past, present, or future payments of cash required to generate revenues.
2、the single-step income statement emphasizes
a、extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement.
b、the various components of income from continuing operations.
c、.the gross profit figure.
d、total revenues and total expenses.
3、for garret wolfe company, the following information is available: cost of goods sold $ 60,000 dividend revenue 2,500 income tax expense 6,000 operating expenses 23,000 sales 100,000 in garret wolfe’s single-step income statement, gross profit
a、should be reported at $13,500.
b、should be reported at $42,500.
c、should be reported at $40,000.
d、should not be reported.
4、for garret wolfe company, the following information is available: cost of goods sold $ 60,000 dividend revenue 2,500 income tax expense 6,000 operating expenses 23,000 sales 100,000 in garret wolfe’s multiple-step income statement, gross profit
a、should not be reported.
b、should be reported at $42,500.
c、should be reported at $13,500.
d、.should be reported at $40,000.
5、a cash equivalent is an investment that:
a、is highly liquid.
b、is sufficiently close to its maturity date so its market value is unaffected by interest rate changes.
c、is readily convertible to a known amount of cash.
d、all of the choices are correct.
6、activities that involve the production or purchase of merchandise and the sale of goods and services to customers, including expenditures related to administering the business, are classified as:
a、indirect activities.
b、operating activities.
c、direct activities.
d、.investing activities.
7、the appropriate section in the statement of cash flows for reporting the purchase of equipment for cash is:
a、schedule of noncash investing or financing activity.
b、.none of these. this is not reported on the statement of cash flows.
c、operating activities.
d、investing activities.
8、which of the following is included in the cash flows from financing activities section of the statement of cash flows?
a、purchase of stock in another company.
b、sale of equipment.
c、record a depreciation.
d、purchase of treasury stock.
9、of the following, which is not an alternative title for the income statement?
a、earnings statement
b、.statement of operations
c、statement of financial position
d、profit and loss statement
10、inventories are considered as current assets because they
a、often reflect the most current trends.
b、will be converted into cash in the course of the company's operating cycle.
c、usually were purchased during the current year.
d、can be returned to the supplier.
11、balance sheet describes the firms financial position at a specific point of time
12、income statement decribes the firms operational result at a specific point of time
13、the income statement is useful for helping to assess the risk or uncertainty of achieving future cash flows.
14、both revenues and gains increase both net income and owners' equity.
15、the primary advantage of the multiple-step format lies in the simplicity of presentation and the absence of any implication that one type of revenue or expense item has priority over another.
16、gross profit and income from operations are reported on a multiple-step but not a single-step income statement.
17、a single-step income statement does not include a subtotal showing the amounts of gross profit.
18、use of a multiple-step income statement will result in the company reporting a higher net income than if they used a single-step income statement.
19、the single-step income statement separates operating sources of income from non-operating ones.
20、to be classified as a cash equivalent, the only criterion an item must meet is that it must be readily convertible to a known amount of cash.
21、cash paid for merchandise is an operating activity.
22、a noncash investing transaction should be disclosed in either a footnote or at the bottom of the statement of cash flows.
23、when preparing the operating activities section of the statement of cash flows ,non-operating gains are added to net income.
chapter 8 inventory chapter 8 quiz1、which of the following is not considered an acceptable inventory cost method according to gaap?
a、average cost
b、first-in, last-out
c、first-in, first-out
d、last-in, first-out
2、when prices are increasing, which inventory method will produce the highest cost of goods sold?
a、fifo
b、cost of goods sold will not change
c、lifo
d、average
3、an inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is
a、base stock.
b、weighted-average.
c、fifo.
d、lifo.
4、at year-end, the perpetual inventory records of anderson co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs: purchased in august: 30 units at $750 per unit. purchased in november: 30 units at $700 per unit. a complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand. under the fifo flow assumption, the cost of these items to be included in inventory in the company's year-end balance sheet is
a、$37,500.
b、$42,000.
c、$36,000.
d、$36,500.
5、when using a perpetual inventory system,
a、.all of these.
b、no purchases account is used.
c、a cost of goods sold account is used.
d、two entries are required to record a sale.
6、merchandising companies that are small and do not use a perpetual inventory system may elect to use
a、a physical inventory system.
b、a periodic inventory system.
c、an inventory subsidiary ledger system.
d、an inventory shrinkage method.
7、in a perpetual inventory system, recording a sale on account involves debiting which of the following accounts?
a、.accounts receivable and cost of goods sold
b、accounts receivable and inventory
c、accounts receivable, cost of goods sold, and inventory
d、only accounts receivable
8、in a periodic inventory system, recording a sale on account involves debiting which of the following accounts?
a、only accounts receivable
b、accounts receivable, cost of goods sold, and inventory
c、accounts receivable and inventory
d、accounts receivable and cost of goods sold
9、hysical counts of inventory are never done with perpetual inventory systems
10、the main difference between perpetual and periodic inventory systems is the timing of the allocation of costs between inventory and cost of goods sold.
11、in a perpetual inventory system, when merchandise is purchased, it is debited to an account called purchases.
12、in a periodic inventory system, the cost of goods sold account may be created during the closing process by debiting cost of goods sold and crediting the beginning inventory and the purchases account.
13、in a periodic inventory system, understating the amount of ending inventory will cause an understatement of gross profit in the current year.
14、an advantage to the lifo method of accounting for inventory is that it values the cost of goods sold at current replacement costs.
15、during periods of inflation, the lifo cost flow assumption will yield a lower inventory value than fifo.
16、the lifo conformity rule requires that if a company uses lifo for tax purposes, it must also use lifo for financial accounting purposes.
chapter 9 receivableschapter 9 quiz1、a promissory note received from a customer in exchange for an account receivable:
a、is a note payable for the recipient.
b、is a cash equivalent for the recipient.
c、is a short-term investment for the recipient.
d、is a note receivable for the recipient.
2、the maturity date of a note receivable:
a、.is the day the note was signed.
b、is the date of the first payment.
c、.is the last day of the month.
d、is the day the note is due to be repaid.
3、a promissory note:
a、is a written promise to pay a specified amount of money at a certain date.
b、cannot be used in payment of an account receivable.
c、is a liability to the payee.
d、is another name for an installment receivable.
4、sellers allow customers to use credit cards:
a、to lessen the risk of extending credit to customers who cannot pay.
b、to increase total sales volume.
c、to speed up receipt of cash from the credit sale.
d、all of the options are reasons for credit card use.
5、the interest accrued on $6,500 at 6% for 60 days is:
a、$36
b、$65
c、$420
d、$180
6、the advantage of the allowance method of accounting for bad debts is that it identifies the specific customers who will not pay their bills
7、the aging of accounts receivable involves classifying each account receivable by how long it is past its due date and estimating the percent of each uncollectible class.
8、a maker who dishonors a note is one who does not pay it at maturity.
9、the aging method of determining bad debts expense is based on the knowledge that the longer a receivable is past due, the lower the likelihood of collection.
10、the direct write-off method of accounting for bad debts records the loss from an uncollectible account receivable when it is determined to be uncollectible.
11、the accounts receivable turnover indicates how often accounts receivable are received and collected during the period.
12、receivables can be used to obtain cash by either selling them or using them as security for a loan
13、sellers generally prefer to receive notes receivable rather than accounts receivable when the credit period is long and the receivable is for a large amount.
14、the formula for computing interest on a note is principal of the note times the annual interest rate times time expressed in fraction of year.
15、.the maturity date of a note refers to the date the note must be repaid.
16、if a credit card sale is made, the seller can either debit cash or debit accounts receivable at the time of the sale depending on the type of credit card
17、credit sales are recorded by crediting an accounts receivable
chapter 7 cash and cash controlchater 7 quiz1、which of the following is considered cash?
a、postdated checks
b、certificates of deposit (cds)0.00/10.00
c、money market savings certificates
d、money market checking accounts
2、the term cash equivalent refers to
a、an item such as a money order, traveler's check, or check from a customer.
b、a guaranteed line of credit at the company's bank.
c、.an account receivable from a reliable customer who has always paid bills within the discount period.
d、very liquid short-term investments such as u.s. treasury bills and commercial paper.
3、the purpose of establishing a petty cash fund is to
a、keep enough cash on hand in the office to cover all normal operating expenses of the business for a period of time.
b、.achieve internal control over small cash disbursements not made by check.
c、ensure that the amount of cash in the bank does not become excessive.
d、keep track of expenditures paid out of cash receipts from customers prior to deposit.
4、on october 1, wong company established a petty cash fund of $500. the journal entry to record the replenishment of the fund for $350 at the end of october includes
a、a credit to cash of $350.
b、a debit to petty cash of $350.
c、no journal entry; an entry is needed only when the petty cash fund is created or discontinued.
d、a debit to various expenses of $150.
5、which of the following items on a bank reconciliation may not have been known to the depositor until the bank statement had arrived?
a、all three of the above
b、.a credit for interest earned
c、.an nsf check
d、bank service charges
6、the balance shown on a bank statement is always less than the month-end balance of a company's cash account in the general ledger.
7、the bank reconciliation should be prepared by a person other than the cashier.
8、the first step in a bank reconciliation is to update the depositor's accounting records for any deposits-in-transit.
9、expenses paid from petty cash are not recorded in the accounting records until the fund is replenished.
10、to establish a strong internal control over cash transactions, the person responsible for opening the company mail should also be responsible for maintaining a record of cash received and for depositing the cash in the bank.
11、internal control is strengthened if all cash receipts are deposited daily at the bank
12、short-term, highly liquid investments may be included with cash on the balance sheet.
13、for a company to have large amounts of cash over and above the amount needed to make necessary payments is indicative of poor cash management.
14、the term cash includes currency, coin, checks, money orders, and government bonds and notes.
15、in the preparation of a bank reconciliation, the presence of a number of large outstanding checks would suggest that the balance per the bank statement is probably larger than the balance per the depositor's records.
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