部分习题.docx
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部分习题.docx
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部分习题
Chapter1Introduction
Choices
(1)WhichofthefollowingisNOTconsideredacurrentasset?
A.Cash.B.Inventory.
C.PatentsD.Accountsreceivable.
(2)Currentassetsandliabilitiesaregenerallyexpectedtobeusedorpaidwithinthenext:
A.quarter.B.sixmonths.
C.twelvemonths.D.month.
(3)Thematchingprinciplerequiresthat
A.assetsandliabilitiesarematchedwitheachother.
B.revenuesandexpensesarematchedwitheachother.
C.incomeandcashflowarematchedwitheachother.
D.theincomestatementandbalancesheetarematchedwitheachother.
(4)Whichofthefollowingisdeductedincomputingincomeoperatingincome?
A.Interestincome.B.Incometaxes.
C.Unusualorinfrequentitems.
D.Extraordinaryitems.
(5)OperatingexpensesdoNOTinclude:
A.interestexpense.B.insuranceexpense.
C.rentexpense.D.thecostofgoodssold.
(6)Afiscalyearis:
A.anytwelve-monthperiod.
B.January1throughDecember31.
C.anytwelvemonthperiodbeginningnolaterthanJanuary31.
D.onlyusedforinternalaccounting,sinceitcannotbeusedfortaxpurposes.
(7)Whichofthefollowingstatementsaboutstockholders’equityisFALSE?
A.Thestatementofstockholders’equitylistsownershipinterestinorderofpaymentpreferenceuponliquidationofthefirm.
B.Retainedearningsarethetotalearningssinceinceptionlessallthedividendseverpaidout.
C.Commonstockislistedatitssaleprice.
D.Preferredstockreceivesdividendsbeforecommonshareholders.
(8)Whichofthefollowingisacharacteristicofinformationprovidedbyexternalfinancialreports?
A.Theinformationisexactandnotsubjecttochange.
B.Theinformationisfrequentlytheresultofreasonableestimates.
C.Theinformationpertainstotheeconomyasawhole.
D.Theinformationisprovidedattheleastpossiblecost.
(9)Thebalancesheetequationcanbedefinedaswhichofthefollowing?
A.Assets=Liabilities+Stockholders’Equity
B.Assets+Liabilities=Stockholders’Equity
C.Assets=Liabilities–Stockholders’Equity
D.Assets–Liabilities=Stockholders’Equity
(10)Ifassetsare$100,000andliabilitiesare$40,000,howmuchisstockholders’equity?
A.$140,000B.$50,000
C.$60,000D.$30,000
(11)TheForm10-Kissubmittedtothe:
A.AmericanInstituteofCertifiedPublicAccountants
B.SecuritiesandExchangeCommission
C.InternalRevenueService
D.AmericanAccountingAssociation
(12)Abuildingwasconstructedatacostof$50000,forwhichalocalcontractorhadsubmittedabillof$60000.Nowthebuildinghasafairvalueof$135000.Atwhatamountshouldthebuildingberecorded?
A.$5000B.$60000
C.$135000D.Noneoftheabove.
Answerstochoices
(1)C
(2)C(3)B(4)C(5)A(6)A(7)C(8)B(9)A(10)C
(11)B(12)A
P1-1Listthestatementonwhicheachofthefollowingitemsmayappear.Placetheappropriatedlettersontheblankline.
(1)incomestatement
(2)balancesheet
(3)neither
a.Salesb.Costofgoodssold
c.Grossprofitd.Retainedearnings
e.CommonStockf.Netincome
g.Prepaidexpenseh.Discontinuedoperations
i.Operatingincomej.Inventory
k.Preferredstockl.Wagespayable
m.Lossfromfloodn.Property,plantandequipment
o.Treasurystockp.Interestincome
q.Gainonsaleofpropertyr.Dividendspayable
s.AccumulatedDepreciationt.Accountsreceivable
u.Netincomepercommonsharev.Cashprovidedbyoperatingactivities
P1-4ThefollowinginformationwasobtainedfromtheaccountsofLuky,Inc.,asofDecember31,2010.Itispresentedinscrambledorder.
Commonstock,noparvalue,10,000sharesauthorized,5,724sharesissued
$3,180
Retainedearnings
129,950
Deferredincometaxliability(longterm)
24,000
Long-termdebt
99,870
Accountspayable
35,000
Buildings
75,000
Machineryandequipment
300,000
Land
11,000
Accumulateddepreciation
200,000
Cash
3,000
Receivables,lessallowanceof$3,000
58,000
Accruedincometaxes
3,000
Inventory
54,000
Otheraccruedexpenses
8,000
Currentportionoflong-termdebt
7,000
Prepaidexpenses
2,000
Otherassets(longterm)
7,000
Required
Prepareaclassifiedbalancesheetinreportform.Forassets,usetheclassificationsofcurrentassets,plantandequipment,andotherassets.Forliabilities,usetheclassificationsofcurrentliabilitiesandlong-termliabilities.
P1-5SAFFNYCORPORATION
IncomeStatement
FortheYearEndedDecember31,2010
Revenue:
Revenuesfromsales
$450,000
Other
5,000
Totalrevenue
455,000
Expenses:
Costofproductssold
$280,000
Sellingexpenses
50,000
Administrativeandgeneralexpenses
20,000
Federalandstateincometaxes
30,000
Totalexpenses
380,000
Netincome
75,000
Othercomprehensiveincome
Available-for-salesecuritiesadjustment,netof$5,000incometax
$7,000
Foreigncurrencytranslationadjustment,netof$3,000incometax
8,000
Othercomprehensiveincome
15,000
Comprehensiveincome
$90,000
Required
Fromtheinformationgiven,reconstructamultiple-stepincomestatementfortheyear.
Chapter2LiquidityandShort-termDebt-payingAbility
True(T)orFalse(F)
(1)CurrentRatiobelow2.00isnotadequate.
(2)Averyhighdegreeofliquidityisgoodforthefirmasitdoesnotexperienceanydifficultyinmakingpayments.
(3)Afirmshouldensureneitherexcessliquiditynorinadequateliquidity.
(4)Quickratioestablishesarelationshipbetweenliquidassetsandcurrentliabilities.
(5)Adecreasedinventoryturnoverratiousuallyindicatesexpandingbusiness.
(6)Currentratioisacrudeandquickmeasureoffirm’sliquidity.
(7)Generally,aquickratioisnotbetterthancurrentratioinatestofliquidity.
(8)Inventoryispartofliquidassets.
Choices
(1)Acompany’scurrentratiois1.9times.Ifsomeoftheaccountspayablearepaidofffromthecashaccount,the:
A.currentratiowouldremainunchanged
B.numeratorwoulddecreasemorethanthedenominator,resultinginalowercurrentratio
C.denominatorwoulddecreasemorethanthenumerator,resultinginahighercurrentratio
D.numeratoranddenominatorwoulddecreasebythesameamount,leavingthecurrentratioincreased
(2)Acompany’squickratiois1.2times.Ifinventorieswerepurchasedoncredit,the:
A.quickratiowouldremainunchanged
B.numeratorwouldincreasemorethanthedenominator,resultinginahigherquickratio
C.denominatorwouldincreasemorethanthenumerator,resultinginalowerquickcurrentratio
D.numeratoranddenominatorwouldincreasebythesameamount,leavingthecurrentratiodecreased
(3)Allotherthingsheldconstant,whichofthefollowingtransactionswillincreaseafirm’scurrentratioiftheratioisgreaterthanone?
A.Accountsreceivablearecollectedandthefundsreceivedaredepositedinthebank
B.Equipmentsarepurchasedfromthecashaccount
C.Accountspayablearepaidwithcash.
D.Inventoryispurchasedonaccount
(4)IncomestatementindicatesCOGSof$100,000.Thebalancesheetshowsanaverageinventorybalanceof$12,000.Whatistheaverageinventoryturnoverperiod?
A.28daysB.37days
C.44daysD.52days
(5)ABCcompanyhasagrossprofitmarginof$45,000onsalesof$150,000.Thebalancesheetshowsaveragetotalassetsof$75,000withanaverageinventorybalanceof$15,000.Whatarethetotalassetturnoverandinventoryturnover,respectively?
A.0.50times,0.33times
B.2.00times,7.00times
C.7.00times,2.00times
D.2.00times,3.00times
(7)Theearlyliquidationofalong-termnotewithcashwould:
A.Affectthecurrentratiotoagreaterdegreethantheacid-testratio
B.Affecttheacid-testratiotoagreaterdegreethanthecurrentratio
C.Affectthecurrentandacid-testratiostothesamedegree
D.Affectthecurrentratio,butnottheacid-testratio
(8)Findoutthemissingfigureifcurrentratiois2︰1.
Rawmaterials:
10,000
Workinprogress:
20,000
Bankcashcredit:
5,000
Creditors:
4,000
Notespayable?
A.10,000B.9,000C.12,000D.6,000
(10)Acompanycanmeetitsfinancialobligationsasandwhentheyfalldueif
A.CurrentRatiois2:
1
B.CurrentRatioislessthan2:
1
C.Moredependsoncompositionofcurrentassetsratherthancurrentratioalone
D.Currentassetsjustcovercurrentliabilities
(11)Giventhefollowingdata,theinventoryturnoverindayswouldbe:
Openingstock:
10,000
Closingstock:
20,000
Sales:
40,000
GrossProfit:
10%
A.152B.30C.60D.120
(12)TheDepontCompanymanufacturesindustrialproductsandemploysacalendaryearforfinancialreportingpurposes.Items
(1)through(4)presentseveralofitstransactionsduring20×7.Thetotalofcashandcashequivalents,marketablesecurities,andnetreceivablesexceededtotalcurrentliabilitiesbothbeforeandaftereachtransactiondescribed.Deponthaspositiveprofitsin20×7andacreditbalancethroughout20×7initsretainedearningsaccount.Answerthefollowingmultiple-choicequestions.
a.Paymentofatradeaccountpayableof$6,500would:
A.Increasethecurrentratio,buttheacid-testratiowouldnotbeaffected
B.Increasetheacid-testratio,butthecurrentratiowouldnotbeaffected
C.Increaseboththecurrentandacid-testratios
D.Decreaseboththecurrentandacid-testratios
b.Thepurchaseofrawmaterialsfor$35,000onopenaccountwould:
A.Increaseboththecurrentratioandnetworkingcapital
B.Decreaseboththecurrentratioandnetworkingcapital
C.Increasethecurrentratiobutnetworkingcapitalremainsunchanged
D.Decreasethecurrentratiobutnetworkingcapitalremainsunchanged
c.Thecollectionofacurrentaccountsreceivableof$9,000w
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