财务会计题库_Transaction_Analysis

1、Finan cial Acco un ti ng, 7eHarriso n/Horngre nTest Item FileChapter 2: Tran sacti on An alysis2.1- 1 A jour nal entry is an eve nt that has a finan cial impact on the bus in ess that can be reliably measured.An swer: FalseLO: 2-1Diff: 2EOC: S2-52.1- 2 The trial balanee is a NOT a formal accounting

2、statement.An swer: TrueLO: 2-1Diff: 1EOC: S2-252.1- 3 Accrued Liabilities is a liability acco unt.An swer: TrueLO: 2-1Diff: 1EOC: E2-282.1- 4The retai ned earnings acco unt represe nts the excess of n et in come over divide ndsreta ined in the bus in esssince its in cepti on.An swer: TrueLO: 2-1Diff

3、: 1EOC: P2-50A2.1- 5Expe nse acco unts always represe nt expired assets.An swer: FalseLO: 2-1Diff: 2EOC: E2-112.1- 6 The divide nds acco unt in dicates an in crease in com mon stock.An swer: FalseLO: 2-1Diff: 2EOC: E2-152.1- 7 Double-e ntry acco unting records only those tran sact ions affect ing th

4、e in comestateme nt.An swer: FalseLO: 2-1Diff: 2EOC: QC 82.1- 8 The purchase of office equipme nt for cash would in crease both an asset and a liability acco unt.An swer: FalseLO: 2-1Diff: 2EOC: P2-49A2.1- 9 Which of the followi ng is NOT an asset accou nt?A.Acco unts ReceivableB.Prepaid RentC. Com

5、mon StockD. All of these are asset acco un ts.An swer: CLO: 2-1Diff: 2EOC: P2-49A2.1- 10 Prepaid expense accounts appear on:A. the in come stateme nt.B. the bala nee sheet.C. the stateme nt of reta ined earnings and on the in come stateme nt.D. both the in come stateme nt and bala nee sheet.An swer:

6、 BLO: 2-1Diff: 2EOC: P2-56A2.1- 11 The term "double-e ntry acco unting" in dicates that the acco untant:A. records both sides of each tran sacti on in the acco unts affected.B. computes the in come stateme nt and bala nee sheet effect of each tran sacti on.C. ide ntifies both the cash in f

7、lows and the cash outflows.record ingD. uses both the gen eral jour naland thegen eralledger whe ntran sact ions.An swer: ALO: 2-1Diff: 2EOC: QC 8in creased2.1- 12 A company received cash in exchange for issuingstock. This transactionassets and:a. in creased expe nses.b. in creased reve nu es.c. in

8、creased liabilities.d. in creased equity.An swer: DLO: 2-1Diff: 1EOC: E2-162.1- 13 A compa ny purchased office supplies for cash. This tran sact ion in creased assets and:A. in creased equity.B. in creased liabilities.C. in creased reve nues.D. decreased assets.An swer: DLO: 2-1Diff: 1EOC: QC 10in c

9、reased2.1- 14 A company performed services for a customer on account. This transaction assets and:A. decreased equity.B. in creased liabilities.C. in creased expe nses.D. in creased reve nu es.An swer: DLO: 2-1Diff: 1EOC: QC 32.1- 15 A company paid cash for employee wages. This transaction:A. in cre

10、ased cash and in creased expe nses.B. in creased cash and decreased expe nses.C. decreased cash and in creased expe nses.D. decreased cash and decreased revenues.An swer: CLO: 2-1Diff: 1EOC: S2-52.1- 16 A company paid cash for an amount owed to a creditor. This transaction decreased cash and:A. decr

11、eased revenues.B. decreased liabilities.C. decreased expenses.D. in creased expe nses.An swer: BLO: 2-1Diff: 1EOC: E2-162.1- 17 The owner of a bus in ess paid cash from his pers onal check ing acco unt to purchase anautomobile for his pers onal use. This tra nsact ion:A. in creased a liability acco

12、unt and in creased liabilities.B. decreased cash and in creased expe nses.C. in creased assets and in creased owners' equity.D. is not a tran sact ion recog ni zed by the bus in ess.An swer: DLO: 2-1Diff: 2EOC: E2-152.1- 18 Which type of acco unt is in creased whe n a compa ny records a debt?A.

13、ExpenseB. Retained earningsC. LiabilityD. None of the above are correct.An swer: CLO: 2-1Diff: 2EOC: QC 12.1- 19 All of the following accounts would be considered assets EXCEPT for:A. cash.B. retained earnings.C. prepaid expenses.D. notes receivable.An swer: BLO: 2-1Diff: 1EOC: S2-92.1- 20 What type

14、 of acco unt is prepaid in sura nee?A. A liabilityB. An expenseC. Stockholders ' equityD. An assetAn swer: DLO: 2-1Diff: 2EOC: P2-49Aequity?2.1- 21 Wlich of the followi ng acco unts are a sta ndard comp onent of stockholdersA. Prepaid ExpensesB. Divide ndsC. Additional Paid In StockD. Unearned I

15、n comeAn swer: BLO: 2-1Diff: 2EOC: P2-50A2.1- 22 Notes payable, accounts payable, taxes payable and salaries payable are all examplesof:An swer: ALO: 2-1Diff: 1EOC: S2-9A.liabilities.B.reve nues.C.expe nses.D.assets.2.1- 23 Which type of account is decreased when a company pays its employees with ca

16、sh?A. A liabilityB. A prepaid assetC. An assetD. Owner© equitya companJ sAn swer: CLO: 2-1Diff: 2EOC: S2-52.1- 24 Which of the followi ngbus in esseve nts would NOT be recorded inacco unting records?A. The company paid a monthly utility bill of $1,000.B. The compa ny issued 100 shares of com mo

17、n stock for $75,000.C. The company purchased two acres of land for future plant expansion for $600,000.D. The compa ny sig ned a con tract to provide services in the n ext acco un ti ng period for $125,000.An swer: DLO: 2-1Diff: 2EOC: P2-52A2.1- 25 Which of the followi ng tra nsacti ons would in cre

18、ase total assets?I. Borrowed cash on a note payable, $80,000II. Provided services on account, $10,000III. Received cash from a customer as payme nt on acco unt, $8,000IV. Received a utility bill, $1,200A. I and IIB. I and IIIC. I, II, and IIID. All of these answers are correct.An swer: ALO: 2-1Diff:

19、 3EOC: E2-162.1- 26 Consider the following transactions:I. Borrowed cash on a note payable, $80,000II. Provided services on account, $10,000III. Received cash from a customer as payme nt on acco unt, $8,000IV. Received a utility bill, $1,200Total assets would be:A. $96,800.B. $88,000.C. $90,000.D. $

20、98,000.An swer: CLO: 2-1Diff: 3EOC: E2-162.1- 27 The payment of an amount owed to a creditor would:A. decrease assets.B. in crease net in come.C. decrease liabilities.D. both decrease assets and decrease liabilities.An swer: DLO: 2-1Diff: 2EOC: E2-152.1- 28 The payment of salaries to employees would

21、:A. in crease assets and in crease liabilities.B. decrease net in come and decrease assets.C. in crease liabilities and in crease net in come.D. decrease assets and decrease liabilities.An swer: BLO: 2-1Diff: 2EOC: S2-52.1- 29Whe n a compa ny performs a service and immediately collects the cash from

22、 the customer,which of the follow ing would occur?A. Stockholders ' equity would decrease.B. Assets would decrease.C. Expenses would decrease.D. Net in come would in crease.An swer: DLO: 2-1Diff: 2EOC: QC 32.1- 30 Purchasing supplies on account would:A. in crease total assets and decrease total

23、liabilities.B. in crease total liabilities and decrease total assets.C. in crease total assets and in crease total liabilities.An swer: CLO: 2-1Diff: 2EOC: E2-142.1- 31 Paying a utility bill as soon as it was received would:A. in crease expe nses.B. in crease liabilities.C. in crease owners ' eq

24、uity.D. decrease revenues.An swer: ALO: 2-1Diff: 2EOC: E2-162.1- 32 Borrowing money from the bank by signing a note payable would:A. in crease stockholders ' equity.B. have no effect on stockholders ' equity.C. decrease liabilities.D. in crease net in come.An swer: BLO: 2-1Diff: 2EOC: E2-152

25、.1- 33 Receiving a payment from a customer on account would:A. in crease stockholders ' equity.B. have no effect on total assets.C. in crease stockholders ' equity.D. decrease liabilities.An swer: BLO: 2-1Diff: 2EOC: E2-152.1- 34 The purchase of land for cash would:A. in crease total assets.

26、B. decrease stockholders ' equity.C. in crease the total debits on the trial bala nee.D. have no effect on total assets.An swer: DLO: 2-1Diff: 3EOC: E2-152.1- 35 If a pers on start ing a bus in ess had an in vestme nt of a buildi ng, valued at $300,000 with an $180,000 outstanding mortgage, the

27、effect would be to:A. in crease assets by $120,000.B. in crease assets by $180,000.C. in crease stockholders' equity by $120,000.D. in crease stockholders' equi ty by $300,000.An swer: CLO: 2-1Diff: 3EOC: E2-142.1- 36 Performing services on account would:A. decrease both assets and liabiliti

28、es.B. in crease assets and decrease stockholdersequity.C. decrease revenue and decrease stockholders ' equity.D. in crease net in come and stockholdersequity.An swer: DLO: 2-1Diff: 3EOC: E2-162.1- 37 The collection of cash from a cash sale would:A. in crease assets and stockholdersequity.B. in c

29、rease assets and decrease liabilities.C. decrease assets and in crease net in come.D. have no effect on net in come or stockholders' equity.An swer: ALO: 2-1Diff: 3EOC: E2-16A. in crease assets and decrease liabilities.B. in crease assets and in crease liabilities.C. have no effect on stockholde

30、rs ' equity or revenue.D. decrease assets and decrease stockholders ' equity.An swer: DLO: 2-1Diff: 3EOC: E2-152.1- 39 Consider the following transactions:I. Borrowed cash on a note payable, $80,000II. Provided services on accou nt, $10,000III. Received cash from a customer as payme nt on ac

31、co unt, $8,000IV. Received a utility bill, $1,200Total liabilities would be:A. $1,200.B. $81,200.C. $98,000.D. $80,000.Diff: 3EOC: S2-2An swer: BLO: 2-12.1- 40 Consider the following transactions:I. Owners in vested $8,000 cash to begi n the bus in essII. Provided services for cash, $6,000III. Provi

32、ded services on acco unt, $4,000IV. Paid cash for expenses, $7,500How much cash does the bus in ess have?A. $ 2,500B. $ 4,500C. $ 6,500D. $10,500An swer: CLO: 2-1Diff: 2EOC: S2-32.1- 41 Con sider the followi ng tran sact ions:I. Owners in vested $8,000 cash to begi n the bus in essII. Provided servi

33、ces for cash, $6,000III. Provided services on acco unt, $4,000IV. Paid cash for expenses, $7,500How much net in come did the bus in ess have?A. $2,500B. $3,000C. $4,000D. $6,000An swer: ALO: 2-1Diff: 2EOC: E2-162.2- 1An account with a normal balance of a debit indicates that the account is a liabili

34、tyacco unt.An swer: FalseLO: 2-2Diff: 1EOC: S2-92.2- 2 An account with a normal credit balance is most often a liability or stockholders equity acco unt.An swer: TrueLO: 2-2Diff: 1EOC: QC 22.2- 3Liabilities and reve nues are decreased by credits.An swer: FalseLO: 2-2Diff: 2EOC: P2-51A2.2- 4 Assets,

35、own ers ' equity and divide nds are all in creased by debits.An swer: FalseLO: 2-2Diff: 2EOC: E2-172.2- 5Revenues and expenses are specialized owners ' equity accounts, all having debitbala nces.An swer: FalseLO: 2-2Diff: 1EOC: E2-212.2- 6Divide nds and expe nses are specialized owners '

36、 equity acco unts that are in creased bydebits.An swer: TrueLO: 2-2Diff: 2EOC: E2-172.2- 7Every bus in ess tran sact ion in volves at least one debit and one credit part of thetran sact ion.An swer: TrueLO: 2-2Diff: 2EOC: S2-52.2- 8 All bus in ess tran sacti ons in volve an in crease in at least one

37、 acco unt and a decreasein at least one otheracco unt.An swer: FalseLO: 2-2Diff: 2EOC: S2-5.2.2- 9The left side of a T-acco unt is always the:A. in crease side.B. decrease side.C. debit side.D. credit side.An swer: CLO: 2-2Diff: 1EOC: S2-72.2- 10 Which of the following statements regarding accounts

38、is TRUE?A. An asset is in creased by a debit and decreased by a credit.B. Divide nds are decreased by debits and in creased by credits.C. A liability is in creased by a debit and decreased by a credit.D. Reve nue is in creased by a debit; an expe nse is in creased by a credit.An swer: ALO: 2-2Diff:

39、3EOC: QC 12.2- 11 Which acco unts are in creased by debits?A. Assets and owners ' equityB. Expenses and owners ' equityC. Assets, expe nses and divide ndsD. Assets, expenses and owners ' equityAn swer: CLO: 2-2Diff: 2EOC: E2-232.2- 12 An acco unt is in creased by a debit and has a n orma

40、l bala nee of a debit. This acco unt is a( n)A. expense account.B. liability account.C. asset account.D. both an expense account and an asset account.ThisAn swer: DLO: 2-2Diff: 3EOC: E2-252.2- 13 A bus in esspurchases a truck by sig ninga note payable to the seller.tran sact ion would in clude a:A.

41、credit to Truck.B. debit to Note Payable.C. credit to Note Payable.D. debit to Prepaid Maintenance.An swer: CLO: 2-2Diff: 2EOC: P2-53A2.2- 14 The accounting transaction to record a loan would include a credit to:A. Cash.B. Notes Payable.C. Utilities Expense.D. Accounts Receivable.An swer: BLO: 2-2Di

42、ff: 2EOC: P2-53A2.2- 15 The entry to record $1,000 received from a customer for services previously rendered would be:Cash1,000Acco unts Receivable1,000Cash1,000Service Reve nue1,000Service Reve nue1,000Acco unts Receivable1,000Divide nds1,000Cash1,000An swer: ALO: 2-2Diff: 2EOC: P2-53A2.3- 1Debits

43、are always recorded (jour nalized) before credits.An swer: TrueLO: 2-3Diff: 2EOC: S2-52.3- 2 A jour nal shows a chrono logical listi ng of the acco unting activities of a bus in essbecause bus in esstran sact ions occur in this manner.An swer: TrueLO: 2-3Diff: 1EOC: P2-51A2.3- 3Posting accounting tr

44、ansactions avoids the necessity of journalizing transactions,and the use of T-acco un ts.An swer: FalseLO: 2-3Diff: 1EOC: QC 112.3- 4The ledger provides a good in dicati on of how much cash is available for the bus in essto use at any one point in time.An swer: TrueLO: 2-3Diff: 2EOC: S2-122.3- 5The

45、accounting records are considered to be correct if the total debits of the trialbala nee equal the totalcredits on the Post Clos ing Trial Bala nee.An swer: FalseLO: 2-3Diff: 2EOC: E2-222.3- 6 A trial bala nce is a list of all acco un ts a nd their bala nces for a period of time.An swer: FalseLO: 2-

46、4Diff: 1EOC: P2-49A2.3- 7 A trial bala nce is an opti on al fi nan cial stateme nt that reports the financial positi on of the compa ny as of agive n day in time.An swer: FalseLO: 2-4Diff: 2EOC: E2-212.3- 8Acco unting tran sact ions are in itially recorded in the:A. T-account.B. ledger.C. journal.D.

47、 poster.An swer: CLO: 2-3Diff: 22.3- 9A chr ono logical record (or history) of an en tityA. T-account.B. ledger.C. journal.D. poster.EOC: QC 11s tran sacti ons is called a:EOC: E2-18An swer: CLO: 2-3Diff: 12.3- 10 What is one of the first steps in the journalizing process?A. Enter the transaction in

48、 the journal.B. Post the transaction to the ledger.C. Determine what accounts will be affected and whether to debit or credit them.D. Identify the transaction from source documents and other information.An swer: DLO: 2-3Diff: 2EOC: E2-18for a2.3- 11 Which of the following items would NOT be included

49、 in the journalentrytran sact ion?A. The source documents initiating the transactionB. The date the accounting transaction was enteredC. The titles of the accounts debitedD. The dollar amount creditedAn swer: ALO: 2-3Diff: 1EOC: S2-52.3- 12 The proper order for the accounting process is:A. posting,

50、transacting, closing and journalizing.B. transacting, posting, journalizing and closing.C. transacting, journalizing, posting and closing.D. posting,closing, transacting and journalizing.An swer: CLO: 2-3Diff: 2EOC: QC 112.3- 13 The process of transferring information from the journal to the ledger

51、is known as:A. con vert ing.B. bookkeeping.C. posting.D. ledgerizing.An swer: CLO: 2-3Diff: 1EOC: P2-51A2.3- 14 In accounting, the process of posting involves transferring data from:A. the ledger to the journal.B. the journal to the ledger.C. the source documents to the ledger.D. the source document

52、s to the journal.An swer: BLO: 2-3Diff: 2EOC: P2-51A2.3- 15 Accounts are grouped together in a book called the:A. accounting equation.B. trial balanee.C. journal.D. ledger.An swer: DLO: 2-3Diff: 1EOC: P2-54A2.3- 16 Double-entry accounting means that each transaction:A. in creases at least one acco u

53、nt and decreases at least one acco unt.B. debits at least one account and credits at least one account.C. is recorded in both the journal and in the ledger.D. affects both an in come stateme nt acco unt and a bala nee sheet acco unt.An swer: BLO: 2-3Diff: 2EOC: S2-52.3- 17 Which element(s) of an acc

54、ounting system provide(s) information about the balance in each acco unt?A. Source documentsB. JournalsC. LedgersD. Accrual recordAn swer: CLO: 2-3Diff: 2EOC: P2-53A2.3- 18 Debits to revenue accounts ultimately result in a(n):A. decrease in owners ' equity and assets.B. in crease in owners '

55、 equity and assets.C. decrease in assets and liabilities.D. in crease in liabilities assets.An swer: ALO: 2-3Diff: 2EOC: E2-192.3- 19 The entry to record the purchase of supplies on account would include a debit to:A. Supplies.B. Accounts Payable.C. Supplies Expense.D. Retained Earnings.An swer: ALO: 2-3Diff: 2EOC: E2-192.3- 20 The entry to record the payment of salaries to employees would include a:A. credit to Salary Expense.B. debit to Accounts Payable.C. debit to Salary Expense.D. debit to Acco