《会计学原理》英文版 考试复习练习14章Word文件下载.docx
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《会计学原理》英文版 考试复习练习14章Word文件下载.docx
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Netloss.
Netincome.
E.
Aliability.
4.OnJune30ofthecurrentyear,theassetsandliabilitiesofPhoenixPhildellareasfollows:
Cash$20,500;
AccountsReceivable,$7,250;
Supplies,$650;
Equipment,$12,000;
AccountsPayable,$9,300.Whatistheamountofowner'
sequityasofJuly1ofthecurrentyear?
$8,300
$13,050
$20,500
$31,100
5.PhotometerCompanypaidoff$30,000ofitsaccountspayableincash.Whatwouldbetheeffectsofthistransactionontheaccountingequation?
Assets,$30,000increase;
liabilities,noeffect;
equity,$30,000increase.
Assets,$30,000decrease;
liabilities,$30,000decrease;
equity,noeffect.
liabilities,$30,000increase;
Assets,noeffect;
equity$30,000decrease.
6.Thefinancialstatementthatreportswhetherthebusinessearnedaprofitandalsoliststhetypesandamountsoftherevenuesandexpensesiscalled:
ABalanceSheet.
AStatementofOwner'
sEquity.
AStatementofCashFlows.
AnIncomeStatement.
AStatementofFinancialPosition.
7.Abalancesheetlists:
Thetypesandamountsoftherevenuesandexpensesofabusiness.
Onlytheinformationaboutwhathappenedtoequityduringatimeperiod.
Thetypesandamountsofassets,liabilities,andequityofabusinessasofaspecificdate.
Theinflowsandoutflowsofcashduringtheperiod.
Theassetsandliabilitiesofacompanybutnottheowner'
sequity.
8.Thefinancialstatementthatshowsthebeginningbalanceofowner'
sequity;
thechangesinequitythatresultedfromnewinvestmentsbytheowner,netincome(ornetloss);
withdrawals;
andtheendingbalance,isthe:
StatementofFinancialPosition.
StatementofCashFlows.
BalanceSheet.
IncomeStatement.
StatementofOwner'
9.Accountspayableappearonwhichofthefollowingstatements?
TransactionStatement.
10.Acompany'
sbalancesheetshows:
cash$22,000,accountsreceivable$16,000,officeequipment$50,000,andaccountspayable$17,000.Whatistheamountofowner'
sequity?
$17,000.
$29,000.
$71,000.
$88,000.
$105,000.
11.Theaccountingprocessbeginswith:
Analysisofbusinesstransactionsandsourcedocuments.
Preparingfinancialstatementsandotherreports.
Summarizingtherecordedeffectofbusinesstransactions.
Presentationoffinancialinformationtodecision-makers.
Preparationofthetrialbalance.
12.Theaccountusedtorecordthetransfersofassetsfromabusinesstoitsowneris:
Arevenueaccount.
Theowner'
swithdrawalsaccount.
scapitalaccount.
Anexpenseaccount.
Aliabilityaccount.
13.Awrittenpromisetopayadefinitesumofmoneyonaspecifiedfuturedateisa(n):
Unearnedrevenue.
Prepaidexpense.
Creditaccount.
Notepayable.
Accountreceivable.
14.Aledgeris:
Arecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.
Ajournalinwhichtransactionsarefirstrecorded.
Acollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccountingprocess.
Alistofallaccountswiththeirdebitbalancesatapointintime.
Arecordcontainingallaccountsandtheirbalancesusedbyacompany.
15.Double-entryaccountingisanaccountingsystem:
Thatrecordseachtransactiontwice.
Thatrecordstheeffectsoftransactionsandothereventsinatleasttwoaccountswithequaldebitsandcredits.
Inwhicheachtransactionaffectsandisrecordedintwoormoreaccountsbutthatcouldincludetwodebitsandnocredits.
ThatmayonlybeusedifT-accountsareused.
Thatinsuresthaterrorsneveroccur.
16.RockyIndustriesreceiveditstelephonebillintheamountof$300,andimmediatelypaidit.Rocky'
sgeneraljournalentrytorecordthistransactionwillincludea
DebittoTelephoneExpensefor$300.
CredittoAccountsPayablefor$300.
DebittoCashfor$300.
CredittoTelephoneExpensefor$300.
DebittoAccountsPayablefor$300.
17.ManagementServices,Inc.providesservicestoclients.OnMay1,aclientprepaidManagementServices$60,000for6-monthsservicesinadvance.ManagementServices'
generaljournalentrytorecordthistransactionwillincludea
DebittoUnearnedManagementFeesfor$60,000.
CredittoManagementFeesEarnedfor$60,000.
CredittoCashfor$60,000.
CredittoUnearnedManagementFeesfor$60,000.
DebittoManagementFeesEarnedfor$60,000.
18.WisconsinRentalspurchasedofficesuppliesoncredit.ThegeneraljournalentrymadebyWisconsinRentalswillincludea:
DebittoAccountsPayable.
DebittoAccountsReceivable.
CredittoCash.
CredittoAccountsPayable.
CredittoWisconsinRentals,Capital.
19.OnSeptember30,theCashaccountofValueCompanyhadanormalbalanceof$5,000.DuringSeptember,theaccountwasdebitedforatotalof$12,200andcreditedforatotalof$11,500.WhatwasthebalanceintheCashaccountatthebeginningofSeptember?
A$0balance.
A$4,300debitbalance.
A$4,300creditbalance.
A$5,700debitbalance.
A$5,700creditbalance.
20.ThefollowingtransactionsoccurredduringJuly:
1.Received$900cashforservicesprovidedtoacustomerduringJuly.
2.Received$2,200cashinvestmentfromBarbaraHanson,theownerofthebusiness.
3.Received$750fromacustomerinpartialpaymentofhisaccountreceivablewhicharosefromsalesinJune.
4.Providedservicestoacustomeroncredit,$375.
5.Borrowed$6,000fromthebankbysigningapromissorynote.
6.Received$1,250cashfromacustomerforservicestoberenderednextyear.
WhatwastheamountofrevenueforJuly?
$900.
$1,275.
$2,525.
$3,275.
$11,100.
21.AtthebeginningofJanuaryofthecurrentyear,ThomasLawCenter'
sledgerreflectedanormalbalanceof$52,000foraccountsreceivable.DuringJanuary,thecompanycollected$14,800fromcustomersonaccountandprovidedadditionalservicestocustomersonaccounttotaling$12,500.Additionally,duringJanuaryonecustomerpaidThomas$5,000forservicestobeprovidedinthefuture.AttheendofJanuary,thebalanceintheaccountsreceivableaccountshouldbe:
$54,700.
$49,700.
$2,300.
$54,300.
$49,300.
22.DuringthemonthofMarch,CooleyComputerServicesmadepurchasesonaccounttotaling$43,500.AlsoduringthemonthofMarch,Cooleywaspaid$8,000byacustomerforservicestobeprovidedinthefutureandpaid$36,900ofcashonitsaccountspayablebalance.IfthebalanceintheaccountspayableaccountatthebeginningofMarchwas$77,300,whatisthebalanceinaccountspayableattheendofMarch?
$83,900.
$91,900.
$6,600.
$75,900.
$4,900.
23.Thetimeperiodprincipleassumesthatanorganization'
sactivitiescanbedividedintospecifictimeperiodsincluding:
Months.
Quarters.
Fiscalyears.
Calendaryears.
Allofthese.
24.Abroadprinciplethatrequiresidentifyingtheactivitiesofabusinesswithspecifictimeperiodssuchasmonths,quarters,oryearsisthe:
Operatingcycleofabusiness.
Timeperiodprinciple.
Going-concernprinciple.
Matchingprinciple.
Accrualbasisofaccounting.
25.
Theaccountingprinciplethatrequiresrevenuetobereportedwhenearnedisthe:
Revenuerecognitionprinciple.
Accrualreportingprinciple.
26.Adjustingentries:
Affectonlyincomestatementaccounts.
Affectonlybalancesheetaccounts.
Affectbothincomestatementandbalancesheetaccounts.
Affectonlycashflowstatementaccounts.
Affectonlyequityaccounts.
27.Thebroadprinciplethatrequiresexpensestobereportedinthesameperiodastherevenuesthatwereearnedasaresultoftheexpensesisthe:
Recognitionprinciple.
Costprinciple.
Cashbasisofaccounting.
28.Adjustingentriesarejournalentriesmadeattheendofanaccountingperiodforthepurposeof:
Updatingliabilityandassetaccountstotheirproperbalances.
Assigningrevenuestotheperiodsinwhichtheyareearned.
Assigningexpensestotheperiodsinwhichtheyareincurred.
Assuringthatfinancialstatementsreflecttherevenuesearnedandtheexpensesincurred.
29.Theapproachtopreparingfinancialstatementsbasedonrecognizingrevenueswhentheyareearnedandmatchingexpensestothoserevenuesis:
Cashbasisaccounting.
Thematchingprinciple.
Thetimeperiodprinciple.
Accrualbasisaccounting.
Revenuebasisaccounting.
30.Prepaidexpenses,depreciation,accruedexpenses,unearnedrevenues,andaccruedrevenuesareallexamplesof:
Itemsthatrequirecontraaccounts.
Itemsthatrequireadjustingentries.
Assetandequity.
Assetaccounts.
Incomestatementaccounts.
.31.Theaccrualbasisofaccounting:
Isgenerallyacceptedfor
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