基础会计（全英）(广东外语外贸大学) 中国大学mooc慕课答案2024版 m42163

Session One Introduction Quiz for Unit 1

1、 Financial accounting information is : 

答案: designed to assist investors and creditors.

2、 The field of accounting may not be described as: 

答案: Developing the   information required for the preparation of income tax returns.

3、 The best definition of an accounting system is: 

答案: The personnel, procedures, devices, and records used by an entity to develop accounting information 

4、 Which of the following events is not a transaction that would be recorded in a company’s accounting records? 

答案: The death of a key manager.

5、 Financial accounting information is designed primarily to assist investors and creditors in understanding the financial position of the business entity 

答案: 正确

6、 Internal users of accounting information are not involved with the day-to-day operations of the enterprise.

答案: 错误

7、 The annual financial statements of large corporations such as Apple or Walmart need not be audited by independent certified public accountants 

答案: 错误

8、 Creditors are individuals and other enterprises that have provided equity to the reporting enterprise. 

答案: 错误

9、 Management accounting refers to the preparation and use of accounting information designed to meet the needs of management inside the business organization. 

答案: 正确

10、 General accepted accounting standards are issued by the FASB 

答案: 正确

Session Two Conceptual framework of financial accounting Quiz for Unit 2

1、 Due to the booming real estate market, the accountant for Pearl Real Estate Company adjusts the recorded value of building to its market value each year, which violates: 

答案: The stable-dollar assumption

2、 Southern Corporation purchased land in 2008 for $380,000. In 2018, it purchased a nearly identical parcel of land for $860,000. In its 2018 balance sheet, Eton valued these two parcels of land at a combined value of $1,720,000. Reporting the land in this manner violated the

答案: Cost principle

3、 The going-concern principle assumes that the business will continue indefinitely

答案: 正确

4、 A business entity is regarded as separate from the personal activities of its owners.

答案: 正确

5、 According to the cost principle, assets are  generally valued at cost rather than at estimated market values.

答案: 正确

6、 According to the going-concern assumption – one reason for valuing assets such as buildings at cost rather than at their current market values is the assumption that the business will use these assets rather than sell them.

答案: 正确

7、 The stable-dollar assumption assumes that the value of monetary unit is not always table

答案: 错误

8、  The business entity principle states that the affairs of the owners are part of the financial operations of a business entity and should not be separated. 

答案: 错误

9、 According to the cost principle ,the practice of showing assets on the balance sheet at their cost, rather than at their current market value is explained.

答案: 正确

10、 One implication of the time period assumption is that we have to make estimates and judgments at the end of the time period to correctly decide which events need to be reported in the current time period and which ones in the next.

答案: 正确

Session Three Accounting Equation and Double-entry Bookkeeping Quiz for Unit 3

1、  Which of the following cannot be defined as an asset  ?

答案: Something owned by a business that can’t be valued fairly

2、 Which of the following will cause a change in the owners’ equity of a business? 

答案: Investment of cash in the business by the owner.

3、 Johnson Corporation recently borrowed $10,000 cash from the bank. Which of the following was affected by this transaction?

答案: Cash

4、  If a company purchases Land  for $5,000,000 by issuing a Accounts payable: 

答案: Total assets will increase by $5,000,000.

5、 Which of the following is not an asset?

答案: Salaries Payable

6、 The accounting equation may be described as “assets minus owners’ equity equals liabilities.

答案: 正确

7、 A transaction that causes a decrease in an asset may also cause an increase in another asset, a decrease in a liability, or a decrease in owners’ equity. 

答案: 正确

8、 When a business borrows money from a bank, the immediate effect is an increase in total assets and an increase in owners’ equity.

答案: 错误

9、 The collection of an account receivable causes a decrease in total assets.

答案: 错误

10、 The payment of a liability will cause the total owners’ equity to increase.

答案: 错误

Session Three Accounting Equation and Double-entry Bookkeeping Quiz for Unit 4

1、 The Cash T-account has a beginning balance of $1,000. During the year, $10,000 was debited and $2,000 was credited to the account. What is the ending balance of Cash?

答案: $9,000 debit balance

2、 The purchase of tools on account is recorded by a: 

答案: Debit to Tools and a credit to Accounts Payable

3、 The repayment of Accounts Payable is recorded by a: 

答案: Credit to Cash and a debit to Accounts Payable.

4、 Mr. Wang  owner of a small company, invested an additional $15,000 in the company. Which of the following would be a part of the correct journal entry to record this transaction? 

答案: A debit to the Cash account.

5、  Which of the following accounts normally contain a credit balance? 

答案: Accounts Payable.

6、 The debit side is the left side, while the credit side of an account is the right sideA debit to a ledger account refers to the entry of an amount on the right side of an account

答案: 错误

7、 All asset accounts normally have a debit balance

答案: 正确

8、 Decreases to liabilities accounts normally are recorded using debits

答案: 正确

9、 When a company uses the double-entry method, the total dollar amount of debits recorded must equal the total dollar amount of credits recorded, and the number of debit and credit entries also must equal. 

答案: 错误

10、 if total dollar amount of debit entries in an account is more than total dollar amount of credit entries, the account will have a debit balance. 

答案: 正确

Session Four Accounting Cycle： Recording Business Transactions Quiz for Unit 5

1、 The accounting cycle begins with :

答案: Journalizing the business transactions

2、  A separate “account” is maintained In the general ledger, which is set for:

答案: Each specific elements of asset ,liability and owners’ equity

3、 Steps in the accounting cycle include (1) prepare trial balance, (2) post each journal entry to the appropriate ledger account, and  (3) journalize transactions. Which of the following reflects the correct order of these steps? 

答案: (3), (2), (1)

4、 Which of the following is not a step in the accounting cycle?

答案: Preparing a sale order

5、 The Ledger is a chronological, day-by-day, record of business transactions. 

答案: 错误

6、 Journals are updated first, and then transactions are posted into the ledger. 

答案: 正确

7、 Posting is a process that Ledger accounts are updated 

答案: 正确

8、 Only the balance sheet accounts are included on a trial balance includes, income statement accounts are not included on a trial balance. 

答案: 错误

9、 A trial balance provides proof that all transactions were correctly posted to the ledger. 

答案: 正确

10、 When recording a journal entry, assets accounts are shown first, followed by liabilities accounts, and finally owners’ equity accounts. 

答案: 错误

Session Four Accounting Cycle： Recording Business Transactions Quiz for Unit 6

1、 Which of the following is not one of the criteria that normally must be met for revenue to be recognized according to the revenue recognition principle ?

答案: Cash has been collected.

2、 When revenues exceed expenses in a given period

答案: Owners’ equity are increased.

3、 In January of each year, the Sunny Hotel holds a very popular Carnival. Tickets must be ordered and paid for in advance, and are typically sold out by December of the preceding year. The realization principle indicates that the revenue from these ticket sales should be recognized in the period: 

答案: When the Carnival is held

4、 Welson, Inc., a music group, entertained at a black-tie dinner dance on July 26, and collected the fee in full at the end of the evening. This transaction:

答案: Causes an increase in assets and revenue, as well as an increase in owners’ equity.

5、 At the end of September, Jack received a bill for fuel used in September. Payment is not due until October 30. This transaction:

答案: Should be recorded as an expense of September, regardless of the payment date

6、 Revenues decrease owners’ equity 

答案: 错误

7、 Expenses increase owners’ equity

答案: 错误

8、 According to the realization principle, revenue should be recognized at the time goods are sold or services is rendered 

答案: 正确

9、 The matching principle controls when expenses are recognized on the income statement.

答案: 正确

10、 According to matching principle, Sally Smith had expenses of $500 in April which she paid in May. She reported these expenses on her May income statement 

答案: 错误

Session Four Accounting Cycle： Recording Business Transactions Quiz for Unit 7

1、 During 2018 Bill Inc. incurred operating expenses of $300,000, of which $200,000 was paid in cash; the balance will be paid in January 2019. Transaction analysis of operating expenses for 2018 should reflect only the following:

答案: Decrease owner’s equity, $300,000; decrease assets, $200,000; increase liabilities, $100,000.

2、 Which of the following is the entry to be recorded by a Consulting firm when it provided consulting services to the client and receives a $3,000 from the client

答案: Debit to Cash, $3 000: credit to Consulting Fees Revenue, $3,000.

3、  Blue Systems sold and delivered modems to Green Computers for $990,000 to be paid by Green in three equal installments over the next three months. The journal entry made by Blue Computers to record the sale of modems will include: 

答案: A debit of $990,000 to Accounts Receivable

4、 The reason that expenses are recorded by debit entries is that:

答案: Expenses reduce owners’ equity.

5、 A journal entry to record revenue could include each of the following, except: 

答案: A credit to the Owner’s Capital account.

6、 A journal entry to recognize an expense must include

答案: A debit to an Expense account

7、 During March, Evergreen Landscaping paid $3,280 salary to an employee for time worked during February and journalized the business transaction by debiting the Salaries Expense accounts and crediting the Cash account. 

答案: 错误

8、 During February, Green Inc. paid an attorney $650 for legal services rendered in January and journalized the business transaction by debiting the Accounts Payable account and crediting the Cash account .

答案: 正确

9、 Palmer Inc. completed plans for guesthouse, pool, and spa for a client and the $7,500 fee for this project was billed to the client in May, but will not be collected until June 25. Palmer company journalized the business transaction by debiting the Accounts Receivable account and crediting the Revenue from Services account in May .

答案: 正确

10、 Black Inc. collected cash of $4,200 from an account receivable in May and the receivable originated in April from services rendered to a client. The accountant in  Black Inc. journalized the business transaction by debiting the Cash account and crediting the Revenue from Services account in May

答案: 错误

Session Four Accounting Cycle： Recording Business Transactions Quiz for Unit 8

1、 Manufacturing companies normally have three types of inventory

答案: Raw materials, work in process, and finished goods

2、 When a manufacturing company purchases raw materials or component parts to be used in manufacturing finished goods, these costs are initially debited to

答案: Raw Materials Inventory

3、 The wages paid to employees working directly on a company’s products would be shown as

答案: Debit to Work in Process

4、 When goods are completed and transferred from the product line

答案: Work in Process Inventory is credited and Finished Goods Inventory is debited

5、 Goods that are still in the production process would be in which account? 

答案: Work in Process Inventory

6、 When products are completed:

答案: Work in Process Inventory is credited

7、 Prepaid expenses are

答案: Assets.

8、 Drawing are an expense to a corporation and appear on the income statement

答案: 错误

9、 Prepaid expenses are assets that should appear on the balance sheet

答案: 正确

10、 Prepaid expenses represent expenses and appear on income statements

答案: 错误

Session Five Accounting Cycle： Accounting for Accruals Quiz for Unit 9

1、 An elevator company signs the contract with its client on Feb.10th, delivers the elevator to its client on April 10th, and receives the payment from its client on May 4th. The Revenue of the elevator under cash basis should be recognized in

答案: the month of  May

2、 An elevator company signs the contract with its client on Feb.10, delivers the elevator to its client on April 10th, and receives the payment from its client on May 4th. The Revenue of the elevator under accrual  basis should be recognized in

答案: the month of April

3、 There are altogether 8 steps in an accounting cycle.

答案: 正确

4、 The accounting cycle ends with preparing financial statements.

答案: 错误

5、 Revenue recognition principle is the core concept under cash basis accounting.

答案: 错误

6、 A manufacturer adjusts its accounts at the end of each month. The revenue incurs on the last day of December, and the unbilled revenue amounts  to $64,000. This case belongs to one type of timing difference, that is cash happens before the time that revenue needs to be recognized.

答案: 错误

7、 A firm adjusts its accounts at the end of each month. A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1,200. No interest expense has yet been recorded. This case falls into the timing difference of expense comes first, followed with the cash payment.

答案: 正确

8、 Under accrual basis, no adjustment is needed for the transaction with timing differences.

答案: 错误

9、 Under cash basis, no adjustment is needed for the transaction with timing differences.

答案: 正确

10、 Ajustment for the timing difference should be made at the end of each month for each company.

答案: 错误

Session Five Accounting Cycle： Accounting for Accruals Quiz for Unit 10

1、 The purpose of adjusting entries is to:

答案: Prepare revenue and expense accounts for recording thetransactions of the next accounting period.

2、 The company adjusts it acounts every month. The total revenue for the month is $5000, among which $2000 is received in the current month, and $3000 will be received next month. What is the total revenue for the current month.

答案: $5,000

3、  The company ajusts it acounts every month. The total rent  revenue for the month is $5000, among which $2000 is received in the current month, and $3000 is received in next month. What is the total rent revenue for the next month.

答案: 0

4、 The adjusting entry to recognize an unrecorded revenue is necessary:

答案: When a revenue has been neither received nor recorded as of the end of the accounting period.

5、 Before any month-end adjustments are made, the net income of ABC company is $125,000.  However, the following adjustment is necessary:  interest accrued on note receivable is  $3,400.  After adjusting entries are made for the items listed above, Gannett companys net income

答案: 128400

6、 Before any month-end adjustments are made, the net income of Friendly Company is $125,000.  However, the following adjustments are necessary: interest accrued on note receivable is $3,400, service rendered but not recorded is $1000.After adjusting entries are made for the items listed above, Gannett company’s net income is:

答案: 129,400

7、 A company needs to accrue all its revenue at the end of every month

答案: 错误

8、 The accrue revenue won’t influence the net income.

答案: 错误

9、 The accrue revenue is for those transation with timing difference of cash payment incurs before the revenue happening

答案: 错误

10、 One of the differences between adjusting entry and normal entry is that there is no need of vouchers when adjustment is prepared.

答案: 正确

Session Five Accounting Cycle： Accounting for Accruals Quiz for Unit 11

1、 Of the following adjusting entries, which one results in an increase in liabilities and the recognition of an expense at the end of an accounting period?

答案: The entry to accrue salaries owed to employees at the end of the period.

2、 The company ajusts it acounts every month. The total salary expense for the month is $12,000, among which $2000 is paid in the current month, and $10,000 is paid in next month. What is the total salary expense for the current month.

答案: 12,000

3、  The company adjusts it accounts every month. The total utility expense for the month is $8000, among which $3000 is paid in the current month, and $5000 is paid in next month. How does the utility expense influence the net income?

答案: It decreases the net income by $8000

4、 The adjusting entry to recognize an unrecorded expense is necessary:

答案: When an expense has been neither paid nor recorded as of the end of the accounting period.

5、 Before any month-end adjustments are made, the net income of ABC company is $250,000.  However, the following adjustment is necessary:  interest accrued on note payable to bank, $6,800.  After adjusting entries are made for the items listed above, Gannett companys net income is:

答案: 243,200

6、 Before any month-end adjustments are made, the net income of ABC Company is $250,000.  However, the following adjustments are necessary: interest accrued on note payable to bank, $6,800, salary owed to the employees is $2000. After adjusting entries are made for the items listed above, Gannett company’s net income is:

答案: 241,200

7、 Accruing is not needed for the salary owed to the employees who provide the services to the firm for the current period. 

答案: 错误

8、 The net income won’t be influenced by the accrual of interest.

答案: 错误

9、 Under cash basis, no accrual is needed for the adjustment.

答案: 正确

10、 Voucher is not needed for the adjusting entry.

答案: 正确

Session Six Accounting Cycle： Accounting for Deferrals Quiz for Unit 12

1、 Of the following adjusting entries, which one results in an decrease an asset and the recognition of expense  at the end of an accounting period?  

答案: The entry to write off a portion of unexpired insurance.

2、  The CPA firm  found that net income had been overstated.  Which of the following errors could be the cause?

答案: Failure to covert unexpired insurance to insurance expense

3、  The company adjusts it accounts every month. The company paid $12000 rent at the beginning of the year for a whole year. What is the total rent expense for the current month. 

答案: 1000

4、 Before any month-end adjustments are made, the net income of ABC company is $125,000.  However, the following adjustment is necessary: The company paid $12000 rental at the beginning of the year for a whole year.   After adjusting entries are made for the items listed above,ABC companys net income is 

答案: 124000

5、 Before any month-end adjustments are made, the net income of Friendly Company is $125,000.  However, the following adjustments are necessary: interest accrued on note payable to bank, $3,400, insurance of $1000 has expired .After adjusting entries are made for the items listed above, Gannett company’s net income

答案: 120600

6、 The adjusting entry to recognize prepaid expense is necessary:

答案: When an expense is paid in advance.

7、 Forgetting to convert asset to expenses will influence the net income.

答案: 正确

8、 A company needs to convert the unexpired expenses to expenses  at the end of each accounting period

答案: 错误

9、 The deferral of expense is for those transaction with timing difference of cash payment incurs before the expense happening

答案: 正确

10、 unexpired insurance is an expense account

答案: 错误

Session Six Accounting Cycle： Accounting for Deferrals Quiz for Unit 13

1、 A firm found that net income had been overstated.  Which of the following errors could be the cause?

答案: Failure to record depreciation expense for the period.

2、 ABC purchased display shelves on March 1 for $12,000.  If this asset has an estimated useful life of five years, what is the depreciation expense for the month of April?

答案: 200

3、 ABC purchased display shelves  for $12,000,on March 1, 2010 .  If this asset has an estimated useful life of five years, what is the accumulated depreciation for the shelf on April 30th, 2010 ?

答案: 400

4、 ABC purchased display shelves  for $12,000 on March 1,  2010.  If this asset has an estimated useful life of five years, what is the book value of the shelf  on April 30th, 2010?

答案: 11600

5、 ABC purchased display shelves on March 1 for $12,000.  If this asset has an estimated useful life of five years, and the estimated residual value for the shelf is $1200,what is depreciation expense for the month of April?

答案: 180

6、 ABC purchased display shelves on March 1,2019 for $12,000.  If this asset has an estimated useful life of five years, and the estimated residual value for the shelf is $1200,what is Accmulated depreciation as of April 30th, 2019?

答案: 360

7、 ABC purchased display shelves on March 1,2019 for $12,000.  If this asset has an estimated useful life of five years, and the estimated residual value for the shelf is $1200,what is book value of shelf as of April 30th, 2019?

答案: 11640

8、 ABC purchased display shelves on March 1,2019 for $12,000.  If this asset has an estimated useful life of five years and the company adjusts its account montly. At the the date of April 30th, 2019, the balance in Shelf account is $12000

答案: 正确

9、  Depreciation is the systematic and rational allocation of the cost of a depreciable asset to expense over its estimated useful life.

答案: 正确

10、 Financial statement is an accurate record of the business transactions

答案: 错误

Session Six Accounting Cycle： Accounting for Deferrals Quiz for Unit 14

1、 ABC adjusts its books each month and closes its books on December 31 each year.  The trial balance at January 31, 2005, before adjustments, follows:                                                                                            Debit                        Credit                                               Cash……………………………………………………………..     $ 6,600                  Supplies………………………………………………………………5,400                  Unexpired Insurance………………………………………12,600                  Equipment……………………………………………………….72,000                 Accumulated Depreciation: Equipment  ……………………………………………..$ 18,000                  Unearned Admission Revenue     ……………………………………………………………12,000                  Capital Stock          …………………………………………………………………             20,000            Retained Earnings, January 1, 2005           ……………………………………………….38,200                  Admissions Revenue     …………………………………………………………………….. 27,600                  Salaries Expense………………………………………. 8,100                  Utilities Expense……………………………………….5,700                  Rent Expense……………………………………   .5,400 ___                                                                                         $115,800                     $115,800Refer to the above data.  According to attendance records, $8,200 of the Unearned Admission Revenue has been earned in January.  Compute the amount of admissions revenue to be shown in the January income statement:

答案: 35800

2、 ABC adjusts its books each month and closes its books on December 31 each year.  The trial balance at January 31, 2005, before adjustments, follows:                                                                                            Debit                        Credit                                               Cash……………………………………………………………..     $ 6,600                  Supplies………………………………………………………………5,400                  Unexpired Insurance………………………………………12,600                  Equipment……………………………………………………….72,000                 Accumulated Depreciation: Equipment  ……………………………………………..$ 18,000                  Unearned Admission Revenue     ……………………………………………………………12,000                  Capital Stock          …………………………………………………………………               20,000            Retained Earnings, January 1, 2005           ……………………………………………….  38,200                  Admissions Revenue     ……………………………………………………………………..   27,600                  Salaries Expense………………………………………. 8,100                  Utilities Expense……………………………………….5,700                  Rent Expense……………………………………   .5,400 ___                                                                                         $115,800                     $115,800Refer to the above data.  At January 31, the amount of supplies on hand is $2,300.  What amount is shown on the January income statement for supplies  expense?

答案: 3100

3、 ABC adjusts its books each month and closes its books on December 31 each year.  The trial balance at January 31, 2005, before adjustments, follows:                                                                                            Debit                        Credit                                               Cash……………………………………………………………..     $ 6,600                  Supplies………………………………………………………………5,400                  Unexpired Insurance………………………………………12,600                  Equipment……………………………………………………….72,000                 Accumulated Depreciation: Equipment  ……………………………………………..$ 18,000                  Unearned Admission Revenue     ……………………………………………………………12,000                  Capital Stock          …………………………………………………………………               20,000            Retained Earnings, January 1, 2005           ……………………………………………….  38,200                  Admissions Revenue     ……………………………………………………………………..   27,600                  Salaries Expense………………………………………. 8,100                  Utilities Expense……………………………………….5,700                  Rent Expense……………………………………   .5,400 ___                                                                                         $115,800                     $115,800Refer to the above data.  The equipment has an original estimated useful life of six years.  Compute the book value of the equipment at January 31 after the proper January adjustment is recorded:

答案: $53000

4、 ABC adjusts its books each month and closes its books on December 31 each year.  The trial balance at January 31, 2005, before adjustments, follows:                                                                                            Debit                        Credit                                               Cash……………………………………………………………..     $ 6,600                  Supplies………………………………………………………………5,400                  Unexpired Insurance………………………………………12,600                  Equipment……………………………………………………….72,000                 Accumulated Depreciation: Equipment  ……………………………………………..$ 18,000                  Unearned Admission Revenue     ……………………………………………………………12,000                  Capital Stock          …………………………………………………………………               20,000            Retained Earnings, January 1, 2005           ……………………………………………….  38,200                  Admissions Revenue     ……………………………………………………………………..   27,600                  Salaries Expense………………………………………. 8,100                  Utilities Expense……………………………………….5,700                  Rent Expense……………………………………   .5,400 ___                                                                                         $115,800                     $115,800Refer to the above data.  Employees are owed $1,200 for services since the last payday in January to be paid the first week of February.  No adjustment was made for this item.  As a result of this error:

答案: January net income is overstated.

5、 ABC adjusts its books each month and closes its books on December 31 each year.  The trial balance at January 31, 2005, before adjustments, follows:                                                                                            Debit                        Credit                                               Cash……………………………………………………………..     $ 6,600                  Supplies………………………………………………………………5,400                  Unexpired Insurance………………………………………12,600                  Equipment……………………………………………………….72,000                 Accumulated Depreciation: Equipment  ……………………………………………..$ 18,000                  Unearned Admission Revenue     ……………………………………………………………12,000                  Capital Stock          …………………………………………………………………               20,000            Retained Earnings, January 1, 2005           ……………………………………………….  38,200                  Admissions Revenue     ……………………………………………………………………..   27,600                  Salaries Expense………………………………………. 8,100                  Utilities Expense……………………………………….5,700                  Rent Expense……………………………………   .5,400 ___                                                                                         $115,800                     $115,800Refer to the above data.  On August 1, 2004, the park purchased a 12-month insurance policy.  The necessary adjusting entry at January 31 includes which of the following entries?  (Hint: The company has adjusted its books monthly.)

答案: A credit to Unexpired Insurance for $1,800.

6、 Before any month-end adjustments are made, the net income of ABC company is $125,000.  However, the following adjustment is necessary:  the unearned revenue has been earned for 25000. After adjusting entries are made for the items listed above, ABC companys net income is:

答案: 150000

7、 On August 1, 2004, the park purchased a 12-month insurance policy.  at the end of of September 2014 before the adjustment was made, the balance in unearned revenue is 33000. The monthly insurance revenue will be：

答案: 3000

8、 On August 1, 2004, the compnay received a 12-month insurance premium from its clients for 36000.  The balance of unearned revenue as of July 31,2005 after the adjustment is:

答案: 0

9、 The company should convert the unearned revenue to revenue whenever it recongize its revenue

答案: 正确

10、 Unearned revenue is a revenue account

答案: 错误

Session Seven Accounting Cycle： Preparing Financial Statements Quiz for Unit 15

1、 Which of the following financial statements is generally prepared first?

答案: Income Statement

2、 Which of the following accounts would never be reported in the income statement as an expense?

答案: Dividend expense

3、 During the current year, the total assets of Mifflinburg Corporation decreased by $60,000 and totalliabilities decreased by $300,000. The company issued $100,000 of new stock, and its net incomefor the year was $250,000. No other changes to stockholders’ equity occurred during the year.The dollar amount of dividends declared by the company during the year is: 

答案: 110000

4、 On December 1, 2011, Millstone Corporation invested $45,000 in a new delivery truck. The truckis being depreciated at a monthly rate of $500. During 2011, the company issued stock for $60,000and declared dividends of $5,000. Its net income in 2011 was $70,000. Millstone’s ending RetainedEarnings balance as reported in its December 31, 2011, balance sheet was $90,000. Its beginningCapital Stock balance on January 1, 2011, was $200,000. Given this information, determine thetotal stockholders’ equity reported in the company’s balance sheet dated December 31, 2011.

答案: 350000

5、 The following revenue figures were taken from ABC’s adjusted trial balance atthe end of the following months (adjusting entries are performed monthly whereas closing entriesare performed annually, on December 31):March 31 (end of the first quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,000September 30 (end of the third quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000December 31 (end of the fourth quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 680,000The revenue the company earned from April 1 through September 30.

答案: 310000

6、 Ski Powder Resort ends its fiscal year on April 30. The business adjusts its accounts monthly,but closes them only at year-end (April 30). The resort’s busy season is from December 1through March 31.Adrian Pride, the resort’s chief financial officer, keeps a close watch on Lift Ticket Rev-enue and Cash. The balances of these accounts at the end of each of the last five months are asfollows:Lift TicketRevenue                         CashNovember 30   $ 30,000            $ 9,000December 31   200,000               59,000January 31        640,000                94,000February 28     850,000              116,000March 31       990,000              138,000Lift Ticket Revenue for the month ended Feb.28th is: 

答案: 210000

7、 Income statement decribes the firms operational result at a specific point of time

答案: 错误

8、 Balance sheet describes the firms financial position at a specific point of time.

答案: 正确

9、 Income statment is the only source of change for retained earnings

答案: 错误

10、 Statement of cash flow is divided into three catogories as cash flow from operating, investing and financing according to where the cash is  generated and used

答案: 正确

Session Seven Accounting Cycle： Preparing Financial Statements Quiz for Unit 16

1、 Indicate those items for which generally accepted accounting principles require disclosure in notes accompanying the financial statements.  

答案: A large lawsuit was filed against the company two daysafter the balance sheet date.

2、 Which of the following journal entries is required to close the Income Summary account of a profitable company?

答案: Debit Income Summary, credit Retained Earnings.

3、 ABC Inc.Trial BalanceDecember 31                                 Debit      CreditCash                 $   15 Accounts Receivable      25 Equipment            190 Accounts Payable          $  20Capital Stock                      105Retained Earnings              55Dividends          10 Service Revenue            185Salaries Expense        85 Depreciation       25 Supplies Expense          15 ____                            $365                 $365What is the balance in income summary before it is closed to retained earnings?

答案: 60

4、                                     ABC Inc.                                    Trial Balance                                    December 31                                 Debit      CreditCash                 $   15 Accounts Receivable      25 Equipment            190 Accounts Payable          $  20Capital Stock                      105Retained Earnings               55Dividends          10 Service Revenue             185Salaries Expense          85 Depreciation         25 Supplies Expense           15                              $365               $365What is the balance in retained earnings at December 31?

答案: 105

5、  ABC Inc.                                    Trial Balance                                    December 31                                 Debit      CreditCash                 $   15 Accounts Receivable      25 Equipment            190 Accounts Payable          $  20Capital Stock                      105Retained Earnings               55Dividends          10 Service Revenue             185Salaries Expense          85 Depreciation         25 Supplies Expense           15                              $365               $365What is the total debits on the after-closing trial balance?

答案: 230

6、                                       ABC Inc.                                    Trial Balance                                    December 31                                  Debit      CreditCash                 $   15 Accounts Receivable      25 Equipment            190 Accounts Payable          $  20Capital Stock                      105Retained Earnings               55Dividends          10 Service Revenue             185Salaries Expense          85 Depreciation         25 Supplies Expense           15                              $365               $365Which accounts are closed to income summary?

答案: Revenue and expenses.

7、                                      ABC Inc.                                      Trial Balance                                    December 31                                  Debit      CreditCash                 $   15 Accounts Receivable      25 Equipment            190 Accounts Payable          $  20Capital Stock                      105Retained Earnings               55Dividends          10 Service Revenue             185Salaries Expense          85 Depreciation         25 Supplies Expense           15                              $365               $365Which accounts will appear on the balance sheet?

答案: none of the above. 

8、 All after closing accounts are real accounts

答案: 正确

9、 The Notes to the financial statements are not required by the accounting principle.

答案: 错误

10、 Preparing financial statement is the last step of a financial cycle.

答案: 错误

Session Eight Special Journals and Inventory Valuation Quiz for Unit 17

1、 When using a perpetual inventory system

答案: all of these.

2、 Merchandising companies that are small and do not use a perpetual inventory system may elect to use:

答案: A periodic inventory system.

3、 In a perpetual inventory system, recording a sale on account involves debiting which of the following accounts?

答案: Accounts receivable and cost of goods sold. 

4、 In a perpetual inventory system, recording a sale on account involves crediting which of the following accounts?

答案: Sales and inventory.

5、 In a periodic inventory system, recording a sale on account involves debiting which of the following accounts?

答案: Only accounts receivable. 

6、 Physical counts of inventory are never done with perpetual inventory systems. 

答案: 错误

7、 The main difference between perpetual and periodic inventory systems is the timing of the allocation of costs between inventory and cost of goods sold.

答案: 正确

8、 In a perpetual inventory system, when merchandise is purchased, it is debited to an account called Purchases.

答案: 错误

9、 In a periodic inventory system, the Cost of Goods Sold account may be created during the closing process by debiting Cost of Goods Sold and crediting the Beginning Inventory and the Purchases account.

答案: 正确

10、 In a periodic inventory system, understating the amount of ending inventory will cause an understatement of gross profit in the current year. 

答案: 正确

Session Eight Special Journals and Inventory Valuation Quiz for Unit 18

1、 Net sales is calculated by:

答案: Subtracting sales returns and sales discounts from sales.

2、 To arrive at net sales:

答案: Subtract sales returns and sales discounts from sales.

3、 The Sales Returns and Allowances account is debited when:

答案: Merchandise is returned by a customer.

4、 The total of a single-column sales journal is posted at the end of the month

答案: as a debit to the Accounts Receivable account and a credit to the Sales account.

5、 The controlling account in the general ledger that summarizes the debits and credits to the individual customers’ accounts in the subsidiary ledger is called

答案: Accounts Receivable.

6、 When special journals are used ,the general journal can be ignored

答案: 错误

7、 The accounts receivable accounts in general ledger and the subsidiary accounts receivable usually have the same account number. 

答案: 错误

8、 Net Sales is computed as total sales revenue less sales returns and allowances less sales discounts.

答案: 正确

9、 The contra-revenue accounts, Sales Returns and Allowances and Sales Discounts, should be closed by crediting these accounts and debiting Income Summary for each account. 

答案: 正确

10、 Instead of paying for merchandise purchased on account, Olympic Corp. returned this merchandise to the supplier. Olympic should record this transaction by debiting Accounts Payable and crediting Sales Returns and Allowances.

答案: 错误

Session Eight Special Journals and Inventory Valuation Quiz for Unit 20

1、 Which of the following is not considered an acceptable inventory cost method according to GAAP?

答案: First-in, last-out.

2、 When prices are increasing, which inventory method will produce the highest cost of goods sold? 

答案: LIFO.

3、 An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is

答案: FIFO

4、 At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs:Purchased in August: 30 units at $750 per unit.Purchased in November: 30 units at $700 per unit.A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.Under the FIFO flow assumption, the cost of these items to be included in inventory in the company’s year-end balance sheet is: 

答案: $36,000.

5、 At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs:Purchased in August: 30 units at $750 per unit.Purchased in November: 30 units at $700 per unit.A complete physical inventory taken at year-end indicates only 50 units of this product actually are on hand.Under the LIFO flow assumption, the cost of this item to be included as inventory in the company’s year-end balance sheet is:

答案: $36,500.

6、 An advantage to the LIFO method of accounting for inventory is that it values the cost of goods sold at current replacement costs.

答案: 正确

7、 During periods of inflation, the LIFO cost flow assumption will yield a lower inventory value than FIFO.

答案: 正确

8、 The cost flow assumption selected by a company must correspond to the actual physical movement of the company’s merchandise.

答案: 错误

9、 The LIFO conformity rule requires that if a company uses LIFO for tax purposes, it must also use LIFO for financial accounting purposes.

答案: 正确

10、 The choice of cost flow assumption (FIFO, LIFO, or average) does not depend on the actual physical flow of the product.

答案: 正确

Session Eight Special Journals and Inventory Valuation Quiz for Units 19 and 21

1、 In posting from the purchases journal to the subsidiary ledger, an employee posts a purchase of 990 yuan as 909 yuan. He should become aware that an error has occurred

答案: when the subsidiary ledger is reconciled with the controlling account.

2、 Roy Co. records purchases net of all available purchase discounts. If the company makes payment after the discount has expired, the entry to record the payment should include a: 

答案: Debit to Purchase Discounts Lost.

3、 All of the following accounts normally have debit balances except: 

答案: Purchase Returns & Allowances.

4、 The purchases accounts that normally have a credit balance are:

答案: Both (a) and (b)

5、 Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit memo is received from the supplier for damaged goods.  What is the payment on July 24 ? 

答案: $1764

6、 All cash sales of a merchandising business are recorded in the cash payments journal.

答案: 错误

7、 The cash receipts journal cannot be used to record the sale of a plant asset for cash.

答案: 错误

8、 The cash payments journal cannot be used to record purchases on account.

答案: 正确

9、 Purchase Discounts Lost is shown as a reduction of cost of goods sold in the income statement. 

答案: 错误

10、 Freight cost should be classified as a direct offset to sale, not as an expense.

答案: 错误

11、 The cash discount is regarded as a purchases discount for the buyer.

答案: 正确

12、 The purchases returns and allowances account usually has a debit balance.

答案: 错误

Session Nine Bank Accounts and Cash Funds Quiz for Unit 22

1、 Which of the following is considered cash?

答案: Money market checking accounts

2、 The term cash equivalent refers to 

答案: Very liquid short-term investments such as U.S. Treasury bills and commercial paper. 

3、 Which of the following items should not be included in the Cash caption on the balance sheet?

答案: Postage stamps on hand

4、 Which of the following is not an objective of efficient cash management?

答案: To eliminate the need for the business to borrow cash at any time. 

5、 Efficient management of cash does not involve

答案: Having a single department to handle all aspects of a cash transaction. 

6、 The term cash includes currency, coin, checks, money orders, and government bonds and notes. 

答案: 错误

7、 For a company to have large amounts of cash over and above the amount needed to make necessary payments is indicative of poor cash management. 

答案: 正确

8、 Short-term, highly liquid investments may be included with cash on the balance sheet.

答案: 正确

9、 Internal control is strengthened if all cash receipts are deposited daily at the bank. 

答案: 正确

10、 To establish a strong internal control over cash transactions, the person responsible for opening the company mail should also be responsible for maintaining a record of cash received and for depositing the cash in the bank. 

答案: 错误

Session Nine Bank Accounts and Cash Funds Quiz for Unit 24

1、 The bookkeeper prepared a check for $68 but accidentally recorded it as $86. When preparing the bank reconciliation, this should be corrected by:

答案: Adding $18 to the book balance.

2、 During preparation of a bank reconciliation, outstanding checks should be:

答案: Deducted from the balance per the bank statement. 

3、 Which of the following items on a bank reconciliation may not have been known to the depositor until the bank statement had arrived? 

答案: All three of the above.

4、 Enclosed with the bank statement received by Sunlight Company at March 31 was an NSF check for $600. No entry has yet been made by the company to reflect the bank’s action in charging back the NSF check. During preparation of the bank reconciliation, the NSF check should be:

答案: Deducted from the balance per the depositor’s records.

5、 Which of the following items would cause cash per the bank statement to be smaller than the balance of cash shown in the accounting records?

答案: Deposits in transit. 

6、 The first step in a bank reconciliation is to update the depositor’s accounting records for any deposits-in-transit.

答案: 错误

7、 The bank reconciliation shoudl be prepared by a person other than the cashier. 

答案: 正确

8、 The balance shown on a bank statement is always less than the month-end balance of a company’s cash account in the general ledger. 

答案: 错误

9、 In order for a company’s accounting records to be up-to-date and accurate after a bank reconciliation has been completed, journal entries should be made for any service charges by the bank and for any outstanding checks.

答案: 错误

10、 In the preparation of a bank reconciliation, the presence of a number of large outstanding checks would suggest that the balance per the bank statement is probably larger than the balance per the depositor’s records. 

答案: 正确

Session Nine Bank Accounts and Cash Funds Quiz for Unit 25

1、 The purpose of establishing a petty cash fund is to: 

答案: Achieve internal control over small cash disbursements not made by check.

2、 When a petty cash fund is in use: 

答案: Expenses paid from the fund are recorded when the fund is replenished.

3、 On October 1, Wong Company established a petty cash fund of $500. The journal entry to record the replenishment of the fund for $350 at the end of October includes:

答案: A credit to Cash of $350.

4、 Guangli Co. Ltd. established a ￥500 petty cash fund several months ago and replenishes it at the end of each month. During the first two weeks of March, ￥285 was disbursed from the petty cash box for miscellaneous items. If a surprise count of the fund is made on March 15, the petty cash box should contain: 

答案: ￥215 cash and receipts for ￥285 in expenditures.

5、 Expenses paid through petty cash are recorded in the accounting records:

答案: Only at the end of the accounting periods. 

6、 Internal control is strengthened by a policy of making payments by check, or from cash receipts, or from a petty cash fund. 

答案: 错误

7、 If the Cash Short and Over account has a debit balance at the end of the accounting period, it is shown as miscellaneous revenue in the income statement. 

答案: 错误

8、 Expenses paid from petty cash are not recorded in the accounting records until the fund is replenished. 

答案: 正确

9、 The entry to record the replenishment of the petty cash fund consists of a debit to Petty Cash and a credit to Cash. 

答案: 错误

10、 The primary purpose of a petty cash fund is for convenience. 

答案: 正确

Session Eleven Corporation： Organization and Stockholders’ Equity Quiz for Unit 29

1、 Which of the following is not a characteristic of a partnership?

答案: Each partner’s liability is limited to the amount of he or she invested. 

2、 Each partner of a partnership may be held personally liable for:

答案: all debts of the business. 

3、 For which form(s) of organization is a business considered a legal entity separate from its owners?

答案: Business organized as a corporation. 

4、 Stockholders’ equity is generally classified into two major categories:

答案: paid-in capital and retained earnings. 

5、 D corporation has $100,000 of capital stock and $36,000 of retained earnings at the beginning of 2019. During the year, it incurred losses totaling $30,000. What is the balance of stockholders’ equity for the year ended December 31, 2019?

答案: $106,000

6、 Which of the following is not a major advantage of a corporation?

答案: double taxation

7、 A corporation is a legal entity separate from its owners; it may sue and be sued, but it may not own property in its own name.

答案: 错误

8、 A corporation continues in existence even if a stockholder dies or withdraws from the organization.

答案: 正确

9、 Stockholders of a corporation are personally liable for the debts of the corporation if all shares of stock are owned by the officers of the corporation.

答案: 错误

10、 The owner of a sole proprietorship is personally liable for the debts of the business, wheras the stockholders of a corporation are not personally  liable for the debts of the business. 

答案: 正确

11、 The term sole proprietorship is used to describe a corporation in which all the capital stock is owned by one person. 

答案: 错误

12、 A partnership may be created merely by two or more persons agreeing to act as partners. 

答案: 正确

13、 In a limited partnership, the liability of every partner is limited to the amount that he or she has invested in the business. 

答案: 错误

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