会计学原理练习题Word格式.docx
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会计学原理练习题Word格式.docx
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Landandbuildingsaregenerallyrecordedinthesameledgeraccount.
FALSe
13.
Cashwithdrawnbytheownerofaproprietorshipshouldbetreatedasanexpenseofthebusiness.
15.
Thechartofaccountsisalistofalltheaccountsusedbyacompanyandincludesanidentificationnumberassignedtoeachaccount.
16.
Anaccountbalanceisthedifferencebetweenthedebitsandcreditsforanaccountincludinganybeginningbalance.
18.
Inadouble-entryaccountingsystem,thetotalamountdebitedmustalwaysequalthetotalamountcredited.
19.
Increasesinliabilityaccountsarerecordedasdebits.
20.
Debitsincreaseassetandexpenseaccounts.
21.
Creditsalwaysincreaseaccountbalances.
FALS
23.
Doubleentryaccountingrequiresthateachtransactionaffect,andberecordedin,atleasttwoaccounts.
24.
Arevenueaccountnormallyhasadebitbalance.
25.
Accountsarenormallydecreasedbydebits.
26.
Theowner'
swithdrawalaccountnormallyhasacreditbalancesinceitisanequity
28.
Anowner'
scapitalaccountnormallyhasadebitbalance.
29.
Adebitentryisalwaysfavorable.
30.
Atransactionthatdecreasesanassetaccountandincreasesaliabilityaccountmustalsoaffectoneormoreotheraccounts.
31.
Atransactionthatincreasesanassetanddecreasesaliabilitymustalsoaffectoneormoreotheraccounts.
34.
Ifacompanypurchaseslandpayingcash,thejournalentrytorecordthistransactionwillincludeadebittoCash.
IfacompanyprovidesservicestoacustomeroncreditthesellingcompanyshouldcreditAccountsReceivable.
Whenacompanybillsacustomerfor$600forservicesrendered,thejournalentrytorecordthistransactionwillincludea$600debittoServicesRevenue.
37.
Thedebtratiohelpstoassesstheriskacompanyhasoffailingtopayitsdebtsandishelpfultobothitsownersandcreditors.
38.38.
Thehigheracompany'
sdebtratiois,thehighertheriskofacompanynotbeingabletomeetitsobligations.
Thedebtratioiscalculatedbydividingtotalassetsbytotalliabilities.
FALSE40.
Acompanythatfinancesarelativelylargeportionofitsassetswithliabilitiesissaidtohaveahighdegreeoffinancialleverage.
41.
Ifacompanyishighlyleveraged,thismeansthatithasrelativelylowriskofnotbeingabletorepayitsdebt.
42.
HamiltonIndustrieshasliabilitiesof$105millionandtotalassetsof$350million.Itsdebtratiois%.
FALSE$105million/$350million=%
43.
Highfinancialleverageisalwaysbadforacompany'
sowners.
44.
Acompoundjournalentryaffectsnomorethantwoaccounts.
45.
Postingisthetransferofjournalentryinformationtotheledger.
46.
Transactionsarefirstrecordedintheledger.
47.
Thejournalisknownasabookoforiginalentry.
48.
Ajournalgivesacompleterecordofeachtransactioninoneplace,andshowsthedebitsandcreditsforeachtransaction.
AICPAFN:
DecisionMakingDifficulty:
EasyLearningObjective:
C1
49.
Thejournalisknownasthebookoffinalentrybecausefinancialstatementsarepreparedfromit.
HardLearningObjective:
50.
Atrialbalancethatbalancesisnotproofofcompleteaccuracyinrecordingtransactions.
P2
51.
Thetrialbalanceisalistofallaccountsandtheirbalancesatapointintimetakenfromtheledger.
52.
Generally,theorderingofaccountsinatrialbalancetypicallyfollowstheiridentificationnumberfromthechartofaccounts,thatis,assetsfirst,thenliabilities,thenowner'
scapitalandwithdrawals,followedbyrevenuesandexpenses.
AACSB:
AnalyticAICPAFN:
MediumLearningObjective:
53.
Thetrialbalancecanserveasareplacementforthebalancesheet,sincedebitsmustequalwithcredits.
54.
Atrialbalancethatisinbalanceisproofthatnoerrorsweremadeinjournalizingthetransactions,postingtotheledger,andpreparingthetrialbalance.
55.
Ifcashwasincorrectlydebitedfor$100insteadofcorrectlycreditedfor$100,thecashaccountisoutofbalanceby$100.
56.
Thebalancesheetprovidesalinkbetweenbeginningandendingincomestatements.
P3
57.
TheheadingoneachfinancialstatementliststhethreeW'
s–Who(thenameoftheorganization),What(thenameofthestatement),andWhere(theorganization'
saddress)
Difficulty:
58.
Anincomestatementreportstherevenuesearnedlessexpensesincurredbyabusinessoveraperiodoftime.
59.
Thebalancesheetreportsthefinancialpositionofacompanyatapointintime.
MultipleChoiceQuestions
60.
Theaccountingprocessbeginswith:
A.
Analysisofbusinesstransactionsandsourcedocuments.B.
Preparingfinancialstatementsandotherreports.C.
Summarizingtherecordedeffectofbusinesstransactions.D.
Presentationoffinancialinformationtodecision-makers.E.
Preparationofthetrialbalance.
61.
Asalesinvoice:
Isatypeofsourcedocument.B.
Isusedbysellerstorecordthesale.C.
Isusedbybuyerstorecordpurchases.D.
Givesrisetoanentryintheaccountingprocess.E.
Allofthese.
C2
62.
63.
Sourcedocuments:
Includetheledger.B.
Arethesourcesofaccountinginformation.C.
Mustbeinelectronicform.D.
Arebasedonaccountingentries.E.
Includethechartofaccounts.
64.
Varioustypesofdocumentsandotherpapersthatcompaniesusewhentheyconducttheirbusiness:
Arecalledsourcedocuments.B.
Canincludesalestickets.C.
Arethesourceofinformationforrecordingaccountingentries.D.
Canbeinelectronicform.E.
65.
Arecordoftheincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseisa(n):
Journal.B.
Posting.C.
Trialbalance.D.
Account.E.
Chartofaccounts.
C3
67.
Theaccountusedtorecordthetransfersofassetsfromabusinesstoitsowneris:
Arevenueaccount.B.
swithdrawalsaccount.C.
scapitalaccount.D.
Anexpenseaccount.E.
Aliabilityaccount.
69.
Unearnedrevenuesare:
Revenuesthathavebeenearnedandreceivedincash.B.
Revenuesthathavebeenearnedbutnotyetcollectedincash.C.
Liabilitiescreatedwhenacustomerpaysinadvanceforproductsorservicesbeforetherevenueisearned.D.
Recordedasanassetintheaccountingrecords.E.
Increasestoowners'
capital.
70.
Prepaidexpensesare:
Paymentsmadeforproductsandservicesthatdonoteverexpire.B.
Classifiedasliabilitiesonthebalancesheet.C.
Decreasesinequity.D.
Assetsthatrepresentprepaymentsoffutureexpenses.E.
Promisesofpaymentsbycustomers.
71.
Awrittenpromisetopayadefinitesumofmoneyonaspecifiedfuturedateisa(n):
Unearnedrevenue.B.
Prepaidexpense.C.
Creditaccount.D.
Notepayable.E.
Accountreceivable.
72.
Acollectionofallaccountsandtheirbalancesusedbyabusinessiscalleda:
Bookoforiginalentry.C.
GeneralJournal.D.
Balancecolumnjournal.E.
Ledger.
73.
Aledgeris:
Arecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.B.
Ajournalinwhichtransactionsarefirstrecorded.C.
Acollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccountingprocess.D.
Alistofallaccountswiththeirdebitbalancesatapointintime.E.
Arecordcontainingallaccountsandtheirbalancesusedbyacompany.
C4
74.
Alistofallaccountsandtheidentificationnumberassignedtoeachaccountusedbyacompanyiscalleda:
Sourcedocument.B.
Journal.C.
Chartofaccounts.E.
GeneralJournal.
Deci
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