会计学原理 1—6章 英文练习.doc

Chap 11.Mostly the objective of a business is not to make a profit.错2. A corporation is a business that is legally separate and distinct from its owners.对3. Accounting is a service that provides many different users with financial information to make economic decisions.对4. Primary users of accounting information are accountants.错5. Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public. 错6. The financial statements of a proprietorship should include the owners personal assets and liabilities.错7. The unit of measurement concept requires that economic data be recorded in a common unit of measurement 对8. If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000 cash for it, the buyer would record the building at $90,000. 错9.An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a答案 BA. proprietorship B. corporation C. partnership D. governmental unit10.Which of the following best describes accounting? BA. records economic data but does not communicate the data to users according to any specific rulesB. is an information system that provides reports to stakeholdersC. is of no use by individuals outside of the businessD. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements11.The two most common specialized fields of accounting in practice are BA. forensic accounting and financial accountingB. managerial accounting and financial accountingC. managerial accounting and environmental accountingD. financial accounting and tax accounting systems12.Which of the following is not a characteristic of financial accounting _ CA. external reporting B. general-purpose information C. future orientation D. standard and uniform reporting13.The business entity concept means that DA. the owner is part of the business entityB. an entity is organized according to state or federal statutesC. an entity is organized according to the rules set by the FASBD. the entity is an individual economic unit for which data are recorded, analyzed, and reported14.For accounting purposes, the business entity should be considered separate from its owners if the entity is DA. a corporation B. a proprietorship C. a partnership D. all of the above15.Tom Smith is the owner of a small bookstore. He mainly does business through the internet so that the store has no physical office room and the orders are dealt with at home. As a result, such bills as electricity, heating, telephone, and housecleaning are all recorded as expenses of the bookstore. This is not correct from the viewpoint of _ AA. the separate entity concept B. the going concern assumptionC. the accounting period concept D. the monetary measurement assumption16.Which of the followings assures the accounting information users of timely decision_ CA. the separate entity concept B. the going concern assumptionC. the accounting period concept D. the monetary measurement assumption17.Smith Company purchased $105,000 of computer equipment from Brown Company. Smith Company paid for the equipment using cash that had been obtained from the initial investment by Connie Smith. The transaction involving the computer equipment should be recorded on the accounting records of which of the following entities? DA. Smith Company and Connie Smiths personal recordsB. Brown Company and Connie Smiths personal recordsC. Brown Company D. Smith Company and Brown Company18.The Reynolds Company estimated that the value of its land had increased from $10,000 to $16,000 and therefore wrote up the land account to $16,000. Which accounting concept(s) was (were) violated? CA. separate entity concept B. money measurement conceptC. historical cost concept D. accounting period concept19.“Equipment with an estimated market value of $45,000 is offered for sale at $65,000. The equipment is acquired for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyers accounting records to record this acquisition is AA.50000 B.65000 C.10000 D.4500020.(mark out all correct answers) Which of the followings should not be included in the financial records of Delicious Sam, a bakery at the corner of the street _ A C DA. Sweetie Alice, another bakery located opposite to Delicious Sam, lowered its price for brown bread from 50 cents to 30 cents B. Delicious Sam purchased 100kg of flour for $50C. Sweetie Alice sold cookie of $10 to Sam, the owner of Delicious Sam.D. Delicious Sam promised free delivery to bulk buying customers in order to compete with Sweetie Alice.E. Sam withdrew $200 from his personal bank account to pay the bill from the miller who supplied flour to Delicious SamChap 2 a3.An asset must have a physical substance and can be touched. 错9. Match each of the following items to: a. assets; b. liabilities; c. owners equity; d. none of above items. 1.ending inventory ; 2.accounts payable to the suppliers; 3.salaries due but unpaid; 4.accounts receivable; 5.retained earnings; 6.capital stock; 7.prepaid insurance答案：a b b a c c a13.How does the collection of cash from a customer who was previously put on account affect the accounting equation?答案 CAassets decrease; owners equity decreases B.assets increase; owners equity increasesC. assets increase; assets decrease D. assets increase; liabilities increase25.(mark out all correct answers) The owners equity accounts of a partnership might be 答案 B D EA. capital stock B. Tom Smith, capital C. retained earningsD. Alice Butler, capitalE. Pauline Jones, capitalChap 2 b3.Indicate for each of following transactions should related accounts be debited or credited. 1.Purchased inventory on account. The inventory account should be_; 2.Borrowed money from a bank. The notes payable account should be_; 3.Issued stock for cash. The capital stock should be_ 答案 D C C6.Owners equity is increased by 答案 BA. cash B. revenue C. accounts receivable D. all of the above8.For a corporation, temporary proprietorship accounts are supposed to replace the _ account temporarily.答案retained earnings12.Consuming goods and services in the process of generating revenues results in expenses. 对17. Net profit reported in the Income statement will not be reduced when the corporation declares and pays cash dividends to the stockholders 对21. A credit signifies a decrease in 答案 AA. drawings B. liabilities C. capital D. revenue27.Land, originally purchased for $20,000, is sold for $75,000 in cash. What is the effect of the sale on the accounting equation? 答案 BA. assets increase $75,000; owners equity increases $75,000B. assets increase $55,000; owners equity increases $55,000C. assets increase $75,000; liabilities decrease $20,000; owners equity increases $55,000D. assets increase $20,000; no change for liabilities; owners equity increases $75,00029.Which of the following entries records the payment of an account payable? 答案 DA. debit Cash; credit Accounts Payable B. debit Accounts Receivable; credit CashC. debit Cash; credit Supplies Expense D. debit Accounts Payable; credit CashChap 3 a2.Which one of the following is a purpose of the ledger rather than a purpose of the journal? 答案 AA. to show increases and decreases in accounts B. to show a chronological order for transactionsC. to show a complete transaction in one place D. to help locate errors10.The accounting entry to record the purchase of office supplies for cash will not involve an expense account. 对14.The process of transferring the data from the journal to the ledger accounts is posting. 对20.Posting a transaction twice will not cause the trial balance totals to be unequal.对21.Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance. 错23.The total number at the bottom of the trial balance should equal to the total number at the bottom of the balance sheet, because they both show the equality of the accounting equation. 错24.(mark out all correct answers) The credit column of a T/B might include _ accounts。 答案 B C DA. asset B. liability C. O/E D. revenue E. expense F. dividendsChap 3-b6.The matching concept requires expenses be recorded in the same period that the related revenue is recorded.对7. Rendering services on account will increase both assets and owners equity. 对9Nike Corporation signed a contract to advertise its sport suit in May. Payment was made in April. The a.d. expense should be recorded in _ according to accrual basis. May24. Cash account shows a different balance if an adjusting entry is omitted at the end of the accounting period. 错26. If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry?答案 DA. increases the balance of a contra asset account B. increases the balance of an asset accountC. decreases the balance of an owners equity account D. increases the balance of an expense account32.(mark out all correct answers) Compared with those in the unadjusted T/B, the balances of _ accounts in the adjusted T/B might be different. 答案 A B D EA. asset B. liability C. retained earnings D. revenue E. expense F. dividendsChap 3- c1.The principal financial statements of a proprietorship (also for a merchandising business) are the income statement, statement of owners equity, and the balance sheet. 错5. (mark out all correct answers) Transactions affecting stockholders equity include 答案A C EA. Issuance of stocks B. payment of liabilities C. Dividends D. collection of accounts receivableE. Revenues and expenses12. Notes Receivable due in 345 days appear on the 答案 AA. balance sheet in the current assets section B. balance sheet in the noncurrent assets sectionC. balance sheet in the current liabilities section D. income statement as an expense13. (mark out all correct answers) Among the followings _ belong to current assets. 答案A E F I JA. Cash B. accounts payable C. machines and equipments D. notes payable that will due in 3 months E. inventory F. accounts receivable G. salaries payableH. bank loan that should be repaid in 3 years I. prepaid rent J. office supplies K. unearned rentL. capital stock14.(mark out all correct answers) Among the followings _ belong to current liabilities. 答案 B D G KA. cash B. accounts payable C. machines and equipments D. notes payable that will due in 3 months E. inventory F. accounts receivable G. salaries payableH. bank loan that should be repaid in 3 years I. prepaid rent J. office supplies K. unearned rentL. capital stock15. List the sequence of the following items as appear in the balance sheet.1.cash 2.accounts receivable 3.inventory 4.equipment16. Examples of temporary accounts are supplies and prepaid expenses which are in the ledger for just a short time before they expire.错18. Balance sheet accounts 答案 BA. represent amounts accumulated during a specific period of timeB. are called permanent accountsC. have zero balances after the closing entries have been postedD. are just asset accounts and liability accounts27. Which of the following accounts ordinarily appears in the post-closing trial balance? 答案 DA. Dividends B. Supplies Expense C. Sales revenue D. Prepaid expenseChapter 4a2.(mark out all correct answers) The difference between cash sales and credit sales includes 答案 BDA. different closing entries at period end B. different time to debit cashC. different entries to record the cost of goods soldD. different accounting entries on the day of sale3.(mark out all correct answers) Indicate which of the followings should be classified as accounts receivable. 答案ABA. for a wholesaler, receivables from a retailer for goods sold to himB. for an insurance company, premium receivables from policy holders (insurance buyers)C. for a merchandising company, interest receivables for depositing in the bankD. for a manufacturing company, receivables from the warehouseman and insurance company for goods damaged in a fire10. (mark out all correct answers) A sales return will decrease _ 答案ABCDA. net sales revenue B. COGS C. gross profit D. current assets E. operating expense14.Sales Returns and Allowances is a contra-revenue account. 对15.Sales Discounts is a revenue account with a credit balance. 错16.Which of the following accounts has a normal credit balance? 答案 BA. Sales Returns and Allowances B. Sales C. Sales discounts D. Transportation Out18.What is the type of account and normal balance of Allowance for Doubtful Accounts (Allowance for Bad Debts)? 答案 AA. Contra asset, credit B. Asset, debit C. Asset, debit D. Contra asset, debit20. If the allowance method of accounting for bad debts is used, which of the following ledger account is debited to write off a customers account as uncollectible? 答案 BA. Bad Debts Expense B. Allowance for Bad Debts C. Allowance for Bad Debts D. Interest Expense21.A company uses the allowance method to account for uncollectible accounts. When the firm writes off a specific customers account receivable 答案 DA. total current assets are reduced B. total expenses for the period are increasedC. total current assets are reduced and total expenses are increasedD. there is no effect on total current assets or total expensesChapter 4-b1.Notes may be issued 答案 D.A. when assets are purchased B. to creditors to temporarily satisfy an account payable created earlierC. when borrowing money D. all of the above6.On November 1, Kim Company accepted a 3-month note receivable as payment for services provided to Chu Company. The terms of the note were $8,000 face value and 6% interest. Kim Company closes its books at December 31 and has made adjusting entries properly. On February 1, the journal entry to record the collection of the note should include a credit to 答案D A. Notes Receivable for $8,120 B. Interest Receivable for $120C. Interest Receivable for $120 D. Interest Revenue for $407. (mark out all correct answers) Indicate which of the followings should not be regarded as cash of M company 答案 ADFA. checks marked as “NSF” B. coins C. money ordersD. a deposit in a foreign bank that is subject to foreign currency restrictionE. checks payable to M company F. postdated checks G. current deposits8.On the banks accounting records, customers (depositors) accounts are normally shown as 答案 DA. debit balances B. debit balances C. an asset D. a liability22.Accompanying the bank statement was a debit memorandum for bank service charges. What entry is required in the depositors accounts? 答案AA. debit Miscellaneous Administrative Expense; credit CashB. debit Cash; credit Other IncomeC. debit Cash; credit Accounts Payable D. debit Accounts Payable; credit Cash23.The amount of cash to be reported on the balance sheet at June30 is the答案BA. Balance as of June 30 in the business cash account before reconciliationB. adjusted balance appearing in the bank reconciliation for June30C. total of the cash column in the cash payments journal as of June 30D. balance as of June 30 on the bank statementChapter -51. The account merchandise inventory records increases and decreases about AA. cars held for resale in the warehouse of a car dealerB. supplies used in the office of a merchandising companyC. supplies used in the office of a merchandising companyD. machine used in the production process by a manufacturing business6. The beginning and ending inventory are respectively $20 000 and $30 000. The gross purchase is $110 000 and purchase returns $3000. Besides, purchase discount is $2000. The COGS is calculated as $_ 9500013. On June 30, a business that applies the Lower of Cost or Market basis of inventory valuation to each item has following inventories: Commodity A, quantity 20, unit cost price $52, unit market