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1、财务会计复习题Circ1.ethe1.etterofthebestresponse*1. Whichofthefo1.1.owingstatementsisfa1.se?A. Accountingistheinfo三ationsystemthatBeasuresbusinessactivities,processesthatinformationintoreports,andconmunicatestheresu1.tstodecisionmakers.B. Financia1.statementsreportfinancia1.irfo11re1.inabou1.abusinessentit
2、ytodecisionIrHkers.C. Ownersofacorporationarepersona1.Iy1iab1.eforthedebtsofthecorporation.D. Thepurposeoffinancia1.accountingistoprovideinformationtopeop1.eoutsideoftheentity,suchasinvestorsandcreditors.2. WiIburownsandoperatesafishingtack1.eshop.Wi1.burneedstoborrowmoneyIoexpand：therefore,heprepar
3、edfinancia1.statementstopresenttohisbnnker.Wi1.burobtainedappraisa1.sofa1.1.theassetsofthebusinesstoensurethattheba1.ancesheetwou1.dref1.ectthe三ostcurrentva1.ueoftheassets.Wi1.burhasvio1.atedwhichofthefo1.1.owingprincip1.esorconcepts?A. Re1.iabi1.ityprincip1.eB. Costprincip1.eC. Going-concernprincip
4、1.eD. Stab1.e-rnonetary-unitconcept3. WhichofIhcfo1.1.owingistrue?A. OWnersEquity-Assets=UabiIitiesB. Assets-OWnersEquity=1.iabi1itiesC. Assets+1.iabi1.ities=OWnersEquityD. 1.iabi1.ities=OwnersEquity+Assets4. G.I1.arrisonIncexperiencedadecreaseintota1.assetsof$2.OOOduringthecurrentyear.Duringthesame
5、year,tota1.1iabi1.itiesdecreased$6.000.Ifdividendsfortheyearwere$10,000andtheownersmadenoadditiona1.investment,howmchwasnetincome?A.$14,000B. $6.000C. 51.000D. S2,0005. Whichofthefo1.1.owingstatementsistrue?A. Theincomestatementreportsa1.1changesinassets,1.iabi1.ities,andstockho1.ders*equityofthebus
6、inessduringtheperiod.B. Revenuesandexpensesarereportedon1.yontheba1.ancesheet.C. Thestatementofcashf1.owsreportscashf1.owsfromthreetypesofbusinessactivitiescashreceipts,cashpay三ents.andinvesting.D. Onthestatementofretainedearnings,thenetincomefortheperiodisaddedtothebeginningba1.anceofretainedearnin
7、gs.6. Whichofthefo1.1.owingS1.ateinentsisnottrue?A. Investingactivitiesre1.atetotheinvestmentbyownersintothebusiness.B. PayingdividendsisanQXamP1。ofafinancingactivity.C. Operatingactivitiesarethetustimpornuwborrowingstota1.$100,000andpay三entson1.oanstota1.$20,600.Determinethecorrectendingba1.anceinN
8、otePayab1.e.A.$39,200,debitB.$119,600,creditC.$39,200,creditD.S160,800.credit12. Whichofthesestatementsiscorrect?A. Theaccountisabasicsummarydeviceusedinaccounting.B. Abusinesstransactionisrecordedfirstinthejourna1.andthenpostedtothe1.eder.C. Inthejourna1.entry,a1.Iaccountsthatareincreasedare1.isted
9、firstandthena1.Iaccountsthataredecreasedare1.istednext.D. BothAandBarecorrect.13. Whichoftheseaccountshasanorma1.debitba1.ance?A. Sa1.aryExpenseB. ACCCUnISPayab1.eC. ServiceRevenueD. BothAandB14. TheMay31tria1.ba1.ancereportsacreditba1.anceof$5,OOOforServiceRevenue.Duringthemonth,oneentryfor$10hadbe
10、enpostedinerrorasadebittoServiceRevenue.UhatisthecorrectIva1.anceofServiceRevenueatMay31?A. Sh980B. $1,990C.$5,020D.$5,01015. Thebeirni11Cashaccountba1.anceis$38700.Duringtheperiod,cashdisbursemenistota1.ed$144,600.IfendingCashis$51,200.thencashreceiptsmusthavebeen：A.$105,900B.$234,500C.$132,100D.S1
11、.57,10016. Usethefo1.1.owingse1.ectedinf1111a1.iorforthePerrimanCoepanytoca1.cu1.atethecorrectcreditco1.umntota1.foratria1.ba1.ance：Accountsreceivab1.e$27.200Accountspayab1.e15,900Bui1.dinx359,600Cash55,600Conmonstock1S5,000Dividends1,800Insuranceexpense1,800Retainedearnings133.800Sa1.aryexpense52,5
12、00Sa1.arypayab1.e3,600Servicerevenue193,200A.S365.600B.$331,700C.5501,500D.S506t30017. Thejourna1.entrytorecordtheperformanceofservicesonaccountforS1,200is：A.AccountsPayab1e1.200ServiceRevenue1.200B.AccountsReceivab1.e1,200ServiceRevenue1.200C.Cash1.200ServiceRevenue1.200D.ServiceRevenue1.200Account
13、sPayab1.e1.20018. TheSma11woodCorporationbeganoperationsonJanuary1.20X8.During20X1,Sma1.Iwoodco1.1.ected$92,000formanae三entservices,512,000oftheamountco1.1.ectedasfromacontracttoprovidemaagementservicesforoneyearbeginningNovember1.20X8,Anadditiona1.$20000of三anugemcntserviceshadbeenearnedbutnotco1.1.
14、ectedbyyearend.Theamountofrevenuethatshou1.dbereportedfor20X8underthecash-basisandaccrua1.-basisis：Caah-MisACCruaIaisA.$92,000$80,000B.$80,OOO$100.000C.$100,000$112,000D.$92,000$102,00019. Whichofthefo1.1.owirStatcecntsisfa1.se?A. Thetimeperiodconceptrequirescompaniestopreparefinancia1.Stateaentsat1
15、.eastquarter1.y.B. Accordingtotherevenueprincip1.e,revenueshou1.dberecordedwhenaproductorservicehasbeende1.iveredtothecustoBer.C. Whcnpossib1.e,expensesthatcanbeIinkedtoaspecificrevenueshou1.dbedduc1.edfromrevenueinthesameperiodthattherevenueisrecorded.D. Thetimo-periodconcept,therevenueprincip1.e,a
16、ndthematchingprincip1.ea1.1supportthepracticeofpreparingadjustingentries.20-TheArmsteadCQBPHnyusua1.Iypurchasesofficesupp1.iestwiceayeartotakeadvantageofquantitydiscounts.OfficeSupp1.ieswou1.dbeconsideredA. anunearnedrevenue.B. aprepaidexpense.C. anaccruedrevenue.D. anaccruedexpense.21. OriNovember1
17、.20X8,theJcmiRanCoinptmypaid$1,800foraone-yearinsurancepo1.icy.OnDecember31.20X8,theadjustingentrywou1.dinc1.udeA. adebittoinsuranceExpenseS1.,800.B. acredittoinsurancePayab1.e,$800.C. acredittPrepaidinsurance,$800.DndebittoInsuranceExpense,S1.,000.22. Hhichofthesecou1.dnotbeac1.osingentry?A. Sa1.ar
18、yExpenseXXRetainedEarningsXXB. RetainedEarningsXXDividendsXXC. ServiceRevenueXXRetainedEarningsXXDRetainedEamingsXXRentExpenseXX23. IhattypeofaccountisUnearnedRevenue(asset,1.iabi1.ity,stockho1.ders,equity,revenue,orexpense)andwhatisitsnorma1.ba1.ance,respective1.y?A.asset,debitB.expense,debitC.1.ia
19、bi1.ity,creditD.revenue,credit24. Whichofthefo1.1.owingtransactionsisconsideredanaccruedexpense?I. .Sa1.ariesthatemp1.oyeeshaveearnedbutnotreceivedII. ManagementfeesreceivedinadvanceIII. NewspaperadvertisingthathasbeenpurchasedbuthasnotyetappearedinthenewspaperA. Ion1.yB. 11on1.yC. I1.1.on1.yD. Both
20、IandII25. Uhichofthefo1.1.owingaccountsisnotconsideredacurrentasset?A. AccountsReceivab1.eB. EquipmentC. InventoryDPrepaidRent26. Theba1.ancesheetforArno1.d,sC1.eanersappearsIm?1.ow：Arno1.d*8C1.eanersBa1.ancesheetAssetsDecember31,20X81.iabi1.itiesCashMOOAccountspayab1e3300Accountsreceivab1.e460Sa1.a
21、rypayab1.e20Supp1.ies10Unearnedrevenue120Prepaidinsurance60NotePayi1.b1。(duein5years)100Equipaent$400Tota1.1iabiIities8401.ess:Acc.depr.40360Stockho1.ders9Equity1.and400Com三onstock370Retainedearnirs480Tota1.stockho1.ders*equity850Tota1.assets$】，690Tota1.1.iabi1.itiesandstockho1.ders*Equity$1,690Arno
22、1.d*scurrentratiofor20X8isA. 2.11B. 2.09C. 2D. 1.5227. ninvestaentindebtsecuritiesmaybec1.assifiedasanyofthefo1.1.owingcategoriesexcept：A.tradingsecuritiesB. avai1.ab1.e-for-sa1.eC. hv1.d-1.-(11d1.uri1.yD. 1.1oftheabovearecategoriesforDebtsecurities28. TheBOUIderCo.purchasedthefo1.1.owingsecuritiesi
23、n20X8.Theyear-endba1.ancesoftheirtradingandavai1.a1.e-for-sa1.ePOrIfo1.iOSaregivenbe1.ow：Tradingportfo1.io:COetSecurity$10.000SecurityH3,OooTota1.$13,OoOAva1.1.ab1.-for-s&1.eportfo1.io:SecurityD$5.500SecurityE16,OOOTota1.$21,500IfariMtVaIUeS12,0003,500$15,500$3,00017,OOoS20,OOOA1.whatva1.ueshou1.dth
24、etradi11securitiesandtheavai1.ab1.e-for-sa1.csecuritiesboreportedontheba1.ancesheet?TnidingSeCUritieSAVRi1.abIe-fcr-a1.eSocuiitiesA.$13.000B.$13,000C.$15,500D.$15,500S21,500$20,OOOS21,500$20,00029. Netaccountsreceivab1.eisca1.cu1.atedas：A. Sa1.es1.esssa1.esdiscounts.B. Accountsreceivab1.ep1.usthea1.
25、1.owanceforunco1.1.ectib1.eaccounts.C. Accountsreceivab1.e1.essthea1.Iowanceforunco1.1.ectib1.eaccounts.D. Accountsreceivab1.e1.essthebaddebtsexpense.30. Whenthea1.1.owancemethodisuscdtheentryIowriteoffacustomer,SaccountA.increasesbaddebtsexpense.B. hasnoeffectonnetaccountsreceivab1.e.C. decreasesne
26、taccountsreceivab1.e.D.Increasestheba)anceofthea1.1.owanceforunco1.Iectib1.eaccounts.31. Whichofthefo1.1.owingstatementsa1.*utthestatementofcashf1.owsi$true?A. Thepurchaseofahe1.d-to-11Rituri1.ysecurityisconsideredaninvestingactivity.B. Co1.1.ectionofinterestisaninvestingactivity.C. Sa1.esonaccounti
27、sthe1.argestcashf1.owfromoperatingactivities.D. 1.oaningmoneytoothersisafinancingactivity.Tab1.e1OnDeceaber31.20X8.TroyInc.hadthefo1.1.owingaccountsandba1.ances(beforeadjustment)onitsbooks：AccountsReceivab1.e580,000,M1.ouancoforUnco1.1.ec1.ib1.eAccounts2000(creditba1.ance)NetSa1.es500,OOO32. Referto
28、Tab1.e1.TroyestimatesthatitsBadDebtsExpenseis2%ofNetSa1.es.TheHadDebtsExpensefor20X8shou1.dbe:A.$10,000B.512,000C. 58,000D. SI,60033RefertoTab1.e1.Troyusesanagingschedu1.etoCSIiea1.Citsunco1.1.ectib1.eaccounts.Theagingschedu1.eandthepercentageofeachcategorythatisestimatedtobeunco1.1.ectib1.eisgivenb
29、e1.ow：Current540.00021-30dayspastdue30,00010%Over30daysPaS1.due10,00040%Theba1.anceintheA1.1.owanceforUnco1.1.ectib1.eAccountsafteradjustingshou1.dbe：A.$2,000B.$5,800C.$7,800D.$9,80034. MartinezCo.paidAcmcCo.formerchandisewitha$2,000,90-dayt8notedatedApri1.1.IfMartinczpaysoffthenotentmaturity,vhaten
30、tryshou1.dAcme11ukeonitsbooksatthattime?2,1602,1602.0001602,1602,0102,00040A. CashNotesReceivab1.eB. NotesPayab1.eInterestExpenseCashC. CashNotesReceivab1.eInterestRevenue2,000160I).Cash2,160NotesReceivab1.eInterestRevenue35. Whichaccountswou1dbedebitedandcreditedintheentrytorecordaccruedinterestona
31、notereceivab1.e?DebitA. InterestRevenueB. InterestReceivab1.eC. CashCreditInterestReceivab1.eInterestRevenueInterestRevenueDInterestReceivab1.eCash36.Giventhefo1.1.owinginformation,computethequickratio.Sa1.aryPayab1.e$4,000Tradinginvestments$10,000Inventory100,000Equipment96,000AccountsReceivab1.e42
32、,000Cash14.000Supp1.ies8,000AccountsPayab1.e62.000A.1C.1.237.TeresaCompanybegantheperiodB.2.5D.2.45with10unitsininventory.costing$5each.DUringtheperiodthecompanypurchased100unitsatacostof55each.ttheendoftheperiodtherewere13units1.eftonhand.Ihatisthecorrectamountthatshou1.dappearontheincomestatementf
33、ortheperiodandontheba1.ancesheetattheendoftheperiod?InCOaeSttitementBa1.anCRShBRtA.Costofgoodsso1.d,5500Inventory.$550B.Inventory,$185Costofgoodsso1.d.$550C.Costofgoodsso1.d,$65Inventory,$185D.Costofgoodsso1.d,$485Inventory,$6538. SheridanCorp,hasS10,O(X)ofgoodsonhandatAugust31,20X8.Costofgoodsso1.d
34、averages40%ofsa1.erevenue.Sa1.esforthemonthofSeptemberarebudgetedtobe$113,000.IfendinginventoryattheendofSeptemberisbudgetedtobeS10.500whata三oun1.ofinventorywi1.1.SheridaifsmanagersneedtopurchaseduringSepteaberinordertoHeBtthisgoa1.?A.$57,700B.$86,300C.$56,700D.Cannotbedeterainedfromtheinformationgi
35、ven.Tab1.e2Considerthefo1.1.owingdataforReedComanyforthecurrentyear:IJniISIiniICs1.To1.aIBeginninginventory55$10$550PurchaseFebruary4221228IPurchaseMay152013260PurchaseOctober204815720Sa1.esduringtheyear.84units$30each.41.RefertoTab1e2.What.S12.33C.$12,50RefertoTab1.e2.WhatA.$889C.$622RefertoTab1.e2
36、.Wha1.$889C.6622istheweighted-averagecostperunit?B.$12.37D.312.48isthecostofendinginventory,assumingthe1.IFOmethodisused?B.$905D.51,172isthecostofgoodsso1.d,assuaingtheFIFOmethodisused?B.5905I).$1,17242. RefertoTab1.e2.UTiatisReedCompany,Sgrossprofitpercentage(rounded)fortheyear,assumingthatendingin
37、ventorytota1.ed$685?D.44%.56%B.27%C.43. Duringaperiodofrisingprices,theinventorymethodthatyie1.dsthehighestnetincomeandthe1.owestinventoryva1.ue,respective1.y,wi11bo:A.1.1.FOandFIFO.B. Weigh1.cd-avoracund1.IFO.C. 1.IFOand1.IFO.D. FIFOand1.IPO.44. PittmanCranymanagementOmit1.ed$65,000ofinventorywhenc
38、a1.cu1.atingtheir20X8endinginventory.Asaresu1.tofthiserror,A.20X9tota1.assetswi11beoverstated.B. 20X9costofgoodsso1.dwi11beunderstated.C. 20X8stockho1.dersequitywi1.1.beoverstated.D. 20X9netinco三cwi1.1.beunderstated.45. WhichofthesestatementsregardingGAAPasapp1.iedtoinventoriesistrue?A. Thedisc1.osu
39、reprincip1.erequiresthatac三panydisc1.osetheinventoriesmeth(xi(三)used.B. Accordingtotheconsistencyprincip1.e,theinventorymethodcanneverbechanged.C. The1.ower-of-cost-or-三arketru1.estatesthat,inordertobeconservative,dec1.inesininventorypricesshou1.dberecognizedintheperiodinwhichthegoodsareactua1.Iyso1
40、.d.D. Themateria1.ityprincip1.ea1.1.owsGAAPtotx?ignoredwhentheresu1.tismateria1.inamount.46. Theitemsbe1.owrepresentexpendituresre1.atedtotheconstructionofanewofficebui1.ding:CostOf1.and$210.0001.ega1.feesre1.atingto1.andpurchase$2,000Costofremovingo1.dbui1.ding1.000Paymentofde1.inquentpropertytaxes
41、4.500Gradingthesite5.000Paymenttocontractor1,()00.000Costofbui1.dingPOEiIS4.500Interestcostincurredduringconstruction40,000Costofpavingparking1.ot20.000Costoffencing5.000Theproperba1.ancesforthe1.andaccountandtheBui1.dingaccountshou1.dbe:1.andBui1.dingA.$217,000SI.000.000B.$213.500$1,001,000C$222,50
42、0$1,044,500D.$220,500SI.(M1.OOO47. Whichofthefo1.1.owingStateeentsisfa1.se?A. Acce1.erateddepreciation三ethodsrecordBOredepreciationexpenseoverthe1.ifeofanassetthaneitherthestraight-1.ineniethodortheUniIS-Or-PrUdUCIiOnmethod.B. Thecostofanasset,itsresidua1.va1.ue,anditsestimatedusefu1.1.ifearea1.1.usedincomputingdepreciation.C. Theunits-of-productionmethodismostappropriateforanassetthatwearsoutduetophysica1.use.D. 1.andisneverdepreciated.Tab1.e3OnJanuary1,20X8,GuardSecurityServicepurchasedana1.ar三monitoringsystemfor$80,000.Thesystemisexpectedtobeusedfor4years,afterwhichitcanb
