Session One Introduction Quiz for Unit 1
1、 Financial accounting information is :
A:designed to assist investors and creditors.
B:used directly by managers and in income tax returns .
C:not a business purpose information
D:not applicable to individuals.
答案: designed to assist investors and creditors.
2、 The field of accounting may not be described as:
A:Recording the financial transactions of an economic entity.
B:Developing information in conformity with generally accepted accounting principles.
C:The art of interpreting, measuring, and describing economic activity.
D:Developing the information required for the preparation of income tax returns.
答案: Developing the information required for the preparation of income tax returns.
3、 The best definition of an accounting system is:
A:Journals, ledgers, and financial statements.
B:Records used in developing information about an entity for use by managers and also persons outside the organization.
C:The personnel, procedures, devices, and records used by an entity to develop accounting information
D:The concepts, principles, and standards specifying the information which should be included in financial statements, and how that information should be presented.
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?
A:The purchase of equipment .
B:The investment of additional cash in the business by the owner.
C:The death of a key manager.
D:The sale of equipment .
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
A:正确
B:错误
答案: 正确
6、 Internal users of accounting information are not involved with the day-to-day operations of the enterprise.
A:正确
B:错误
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
A:正确
B:错误
答案: 错误
8、 Creditors are individuals and other enterprises that have provided equity to the reporting enterprise.
A:正确
B:错误
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.
A:正确
B:错误
答案: 正确
10、 General accepted accounting standards are issued by the FASB
A:正确
B:错误
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:
A: The accounting period principle
B:The business entity concept
C:The stable-dollar assumption
D:The realizaton principle
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
A:Principle of the business entity
B:Going-concern assumption
C:Cost principle
D:Realization principle
答案: Cost principle
3、 The going-concern principle assumes that the business will continue indefinitely
A:正确
B:错误
答案: 正确
4、 A business entity is regarded as separate from the personal activities of its owners.
A:正确
B:错误
答案: 正确
5、 According to the cost principle, assets are generally valued at cost rather than at estimated market values.
A:正确
B:错误
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.
A:正确
B:错误
答案: 正确
7、 The stable-dollar assumption assumes that the value of monetary unit is not always table
A:正确
B:错误
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.
A:正确
B:错误
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.
A:正确
B:错误
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.
A:正确
B:错误
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 ?
A:An economic resource owned (or controlled) by a business and expected to benefit the future operations.
B:An economic resource representing the right to receive cash in the near future.
C:Something owned by a business that can’t be valued fairly
D:Something with physical substance which is valued at cost in the accounting records.
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?
A:Purchase of equipment with cash
B:Payment of the liability with cash
C:Investment of cash in the business by the owner.
D:Sale of equipment for cash at cost
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?
A:Cash
B:Land
C:Accounts receivable
D:Owner’s equity
答案: Cash
4、 If a company purchases Land for $5,000,000 by issuing a Accounts payable:
A: Total assets will remain the same.
B:Total assets will increase by $5,000,000.
C: Total assets will decrease by $5,000,000
D: The company’s total owners’ equity will increase.
答案: Total assets will increase by $5,000,000.
5、 Which of the following is not an asset?
A:Cash
B:Accounts Receivable
C:Land
D:Salaries Payable
答案: Salaries Payable
6、 The accounting equation may be described as “assets minus owners’ equity equals liabilities.
A:正确
B:错误
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.
A:正确
B:错误
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.
A:正确
B:错误
答案: 错误
9、 The collection of an account receivable causes a decrease in total assets.
A:正确
B:错误
答案: 错误
10、 The payment of a liability will cause the total owners’ equity to increase.
A:正确
B:错误
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?
A:$8,000 debit balance
B:$8,000 credit balance
C:S9,000 credit balance
D:$9,000 debit balance
答案: $9,000 debit balance
2、 The purchase of tools on account is recorded by a:
A:Debit to Accounts Payable and a credit to Tools.
B:Credit to Tools and a credit to Accounts Payable
C:Debit to Tools and a credit to Accounts Payable
D:Debit to Tools and a debit to Accounts Payable
答案: Debit to Tools and a credit to Accounts Payable
3、 The repayment of Accounts Payable is recorded by a:
A:Debit to Cash and a debit to Accounts Payable.
B:Credit to Cash and a debit to Accounts Payable.
C:Debit to Cash and a credit to Accounts Payable.
D:Credit to Cash and a credit to Accounts Payable.
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?
A:A debit to the Cash account.
B:A debit to the Accounts Payable account.
C:A debit to the Wang Capital account.
D:A debit to the Accounts Receivable account.
答案: A debit to the Cash account.
5、 Which of the following accounts normally contain a credit balance?
A:land
B:Accounts Receivable.
C:Accounts Payable.
D:Cash
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
A:正确
B:错误
答案: 错误
7、 All asset accounts normally have a debit balance
A:正确
B:错误
答案: 正确
8、 Decreases to liabilities accounts normally are recorded using debits
A:正确
B:错误
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.
A:正确
B:错误
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.
A:正确
B:错误
答案: 正确
Session Four Accounting Cycle： Recording Business Transactions Quiz for Unit 5
1、 The accounting cycle begins with :
A:Journalizing the business transactions
B:Preparation of a trial balance.
C:Posting of journal entries to ledger accounts
D:Foundation of a business
答案: Journalizing the business transactions
2、 A separate “account” is maintained In the general ledger, which is set for:
A:Each specific elements of asset ,liability and owners’ equity
B:Every business transaction
C:Each Business day
D:Each Journal entry
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?
A:(2), (1), (3)
B:(1), (2), (3)
C:(3), (1), (2)
D:(3), (2), (1)
答案: (3), (2), (1)
4、 Which of the following is not a step in the accounting cycle?
A:Journalizing the transactions
B:Preparing a sale order
C:Posting of journal entries to ledger accounts
D:Preparing a trial balance
答案: Preparing a sale order
5、 The Ledger is a chronological, day-by-day, record of business transactions.
A:正确
B:错误
答案: 错误
6、 Journals are updated first, and then transactions are posted into the ledger.
A:正确
B:错误
答案: 正确
7、 Posting is a process that Ledger accounts are updated
A:正确
B:错误
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.
A:正确
B:错误
答案: 错误
9、 A trial balance provides proof that all transactions were correctly posted to the ledger.
A:正确
B:错误
答案: 正确
10、 When recording a journal entry, assets accounts are shown first, followed by liabilities accounts, and finally owners’ equity accounts.
A:正确
B:错误
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 ?
A:Cash has been collected.
B: Services have been provided
C:Goods have been delivered to customer.
D:The amount the seller expects to receive is determinable.
答案: Cash has been collected.
2、 When revenues exceed expenses in a given period
A:Owners’ equity are not impacted
B:Owners’ equity are decreased.
C:Owners’ equity are increased.
D:One cannot determine the impact on owners’ equity without additional information
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:
A:When the ticket is ordered
B:When the Carnival is held
C:When the cash are received
D:When the ticket is sold
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:
A:Causes an increase in assets and revenue, as well as an increase in owners’ equity.
B:Causes an decrease in assets and a decrease in owners’ equity.
C:Causes an increase in assets and a decrease in owners’ equity.
D:Violates the matching principle unless any expenses associated with this cash receipt are paid prior to recording the revenue.
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:
A:Should not be recorded in the accounting records until October
B:Causes a decrease in assets and in owners’ equity in October when the bill is paid
C:Should be recorded as an expense of September, regardless of the payment date
D:Is recorded as a liability in September, but is not considered an expense until paid.
答案: Should be recorded as an expense of September, regardless of the payment date
6、 Revenues decrease owners’ equity
A:正确
B:错误
答案: 错误
7、 Expenses increase owners’ equity
A:正确
B:错误
答案: 错误
8、 According to the realization principle, revenue should be recognized at the time goods are sold or services is rendered
A:正确
B:错误
答案: 正确
9、 The matching principle controls when expenses are recognized on the income statement.
A:正确
B:错误
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
A:正确
B:错误
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:
A:Decrease owner’s equity $200,000; decrease assets, $200,000
B:Decrease assets, $300.000 decrease owner’s equity, $300,000
C:Decrease owner’s equity, $300,000; decrease assets, $200,000; increase liabilities, $100,000.
D:Decrease assets, $300,000; increase liabilities, $100,000; decrease owner’s equity, $200,000.
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
A:Debit to Cash, $3 000: credit to Consulting Fees Revenue, $3,000.
B:Debit to Accounts Receivable, $3,000; credit to Consulting Fees Revenue, $3,000
C:Debit to credit to Consulting Fees Revenue,$3.000; credit to Cash, $3,000
D:Debit to Consulting Fees Revenue $3,000; credit to Accounts Receivable, $3,000
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:
A:A debit of $990,000 to Sales Revenue from Modem.
B:A debit of $990,000 to Accounts Receivable
C:A debit of $990,000 to Cash.
D:A debit of $990,000 to Accounts Payable.
答案: A debit of $990,000 to Accounts Receivable
4、 The reason that expenses are recorded by debit entries is that:
A:All expense transactions involve offsetting credit entries to the Cash account
B:Expenses are offset against revenues in the income statement.
C:Expenses reduce owners’ equity.
D:The statement is untrue-expenses are recorded by debits
答案: Expenses reduce owners’ equity.
5、 A journal entry to record revenue could include each of the following, except:
A:A credit to a Revenue account
B:A credit to the Owner’s Capital account.
C:A debit to Cash account
D:A debit to Accounts Receivable.
答案: A credit to the Owner’s Capital account.
6、 A journal entry to recognize an expense must include
A:A credit to Accounts Payable account
B:A debit to an Expense account
C:A credit to Cash account
D:A debit to Accounts Payable account
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.
A:正确
B:错误
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 .
A:正确
B:错误
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 .
A:正确
B:错误
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
A:正确
B:错误
答案: 错误
Session Four Accounting Cycle： Recording Business Transactions Quiz for Unit 8
1、 Manufacturing companies normally have three types of inventory
A:materials, labor, and manufacturing overhead
B:Raw materials, work in process, and finished goods
C:Work in process, finished goods, and returned goods
D:Economy inventory, standard inventory, and deluxe 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
A:Expense accounts
B:Raw Materials Inventory
C:Finished Goods Inventory
D:Manufacturing Overhead
答案: Raw Materials Inventory
3、 The wages paid to employees working directly on a company’s products would be shown as
A:Debit to Cash
B:Debit to Work in Process
C:Credit to Work in Process
D:Debit to Manufacturing Overhead
答案: Debit to Work in Process
4、 When goods are completed and transferred from the product line
A:Cost of Goods Sold is debited and Finished Goods Inventory is credited
B:Work in Process Inventory is debited and Finished Goods Inventory is credited
C:Finished Goods Inventory is debited and Cost of Goods Sold is credited
D:Work in Process Inventory is credited and Finished Goods Inventory is debited
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?
A:Raw Materials Inventory
B:Work in Process Inventory
C:Finished Goods Inventory
D:Cost of Goods Sold
答案: Work in Process Inventory
6、 When products are completed:
A:Finished Goods Inventory is credited
B:Work in Process Inventory is credited
C:Cost of Goods Sold is debited
D:Work in Process Inventory is debited
答案: Work in Process Inventory is credited
7、 Prepaid expenses are
A:Assets.
B:Revenue
C:Liabilities.
D:Owners’ Equity
答案: Assets.
8、 Drawing are an expense to a corporation and appear on the income statement
A:正确
B:错误
答案: 错误
9、 Prepaid expenses are assets that should appear on the balance sheet
A:正确
B:错误
答案: 正确
10、 Prepaid expenses represent expenses and appear on income statements
A:正确
B:错误
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
A:the month of May
B:the month of February
C:the month of April
D:the month of December
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
A:the month of February
B:the month of April
C:the month of May
D:the month of December
答案: the month of April
3、 There are altogether 8 steps in an accounting cycle.
A:正确
B:错误
答案: 正确
4、 The accounting cycle ends with preparing financial statements.
A:正确
B:错误
答案: 错误
5、 Revenue recognition principle is the core concept under cash basis accounting.
A:正确
B:错误
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.
A:正确
B:错误
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.
A:正确
B:错误
答案: 正确
8、 Under accrual basis, no adjustment is needed for the transaction with timing differences.
A:正确
B:错误
答案: 错误
9、 Under cash basis, no adjustment is needed for the transaction with timing differences.
A:正确
B:错误
答案: 正确
10、 Ajustment for the timing difference should be made at the end of each month for each company.
A:正确
B:错误
答案: 错误
Session Five Accounting Cycle： Accounting for Accruals Quiz for Unit 10
1、 The purpose of adjusting entries is to:
A:Adjust the Retained Earnings account for the revenue,expense, and dividends recorded during the accountingperiod.
B:Adjust daily the balances in asset, liability, revenue,and expense accounts for the effects of businesstransactions.
C:Apply the realization principle and the matching prin-ciple to transactions affecting two or more accountingperiods.
D:Prepare revenue and expense accounts for recording thetransactions of the next accounting period.
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.
A:$3,000
B:$2,000
C:$5,000
D:none of the above
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.
A:2000
B:3000
C:0
D:none of the above
答案: 0
4、 The adjusting entry to recognize an unrecorded revenue is necessary:
A:When an revenue is received in advance.
B:When a revenue has been neither received nor recorded as of the end of the accounting period.
C:Whenever a revenue remains unreceived at the end of an accounting period.
D:Because the accountant is likely to forget to pay these unrecorded revenue
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
A:128400
B:121600
C:125000
D:126100
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:
A:129,400
B:125,000
C:120,600
D:128,400
答案: 129,400
7、 A company needs to accrue all its revenue at the end of every month
A:正确
B:错误
答案: 错误
8、 The accrue revenue won’t influence the net income.
A:正确
B:错误
答案: 错误
9、 The accrue revenue is for those transation with timing difference of cash payment incurs before the revenue happening
A:正确
B:错误
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.
A:正确
B:错误
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?
A:The entry to accrue salaries owed to employees at the end of the period.
B:The entry to record revenue earned but not yet collected or recorded.
C:The entry to record earned portion of rent previously received in advance from a tenant.
D:The entry to write off a portion of unexpired insurance.
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.
A:10000
B:2000
C:12,000
D:None of the above
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?
A:It increases the net income by $3000
B:It decreases the net income by $3000
C:It decreases the net income by $8000
D:It increases the net income by $8000
答案: It decreases the net income by $8000
4、 The adjusting entry to recognize an unrecorded expense is necessary:
A:When an expense is paid in advance.
B:When an expense has been neither paid nor recorded as of the end of the accounting period.
C:Whenever an expense remains unpaid at the end of an accounting period.
D:Because the accountant is likely to forget to pay these unrecorded expenses.
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:
A:250,000
B:256,800
C:243,200
D:none of the above
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:
A:243,200
B:241,200
C:248,000
D:none of the above
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.
A:正确
B:错误
答案: 错误
8、 The net income won’t be influenced by the accrual of interest.
A:正确
B:错误
答案: 错误
9、 Under cash basis, no accrual is needed for the adjustment.
A:正确
B:错误
答案: 正确
10、 Voucher is not needed for the adjusting entry.
A:正确
B:错误
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?
A:The entry to accrue salaries owed to employees at the end of the period.
B:The entry to record revenue earned but not yet collected or recorded.
C:The entry to record earned portion of rent previously received in advance from a tenant.
D:The entry to write off a portion of unexpired insurance.
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?
A:Failure to covert unexpired insurance to insurance expense
B:No entry made to record purchase of land for cash on the last day of the year
C:Failure to record payment of an account payable on the last day of the year
D:Failure to make an adjusting entry to record revenue that had been earned but not yet billed to customers.
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.
A:12000
B:0
C:1000
D:2000
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
A:125000
B:0
C:124000
D:none of the above
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
A:121600
B:125000
C:120600
D:124000
答案: 120600
6、 The adjusting entry to recognize prepaid expense is necessary:
A:When an expense is paid in advance.
B:When an expense has been neither paid nor recorded as of the end of the accounting period.
C:Whenever an expense remains unpaid at the end of an accounting period.
D:Because the accountant is likely to forget to pay these unrecorded expenses.
答案: When an expense is paid in advance.
7、 Forgetting to convert asset to expenses will influence the net income.
A:正确
B:错误
答案: 正确
8、 A company needs to convert the unexpired expenses to expenses at the end of each accounting period
A:正确
B:错误
答案: 错误
9、 The deferral of expense is for those transaction with timing difference of cash payment incurs before the expense happening
A:正确
B:错误
答案: 正确
10、 unexpired insurance is an expense account
A:正确
B:错误
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?
A:No entry made to record purchase of land for cash on the last day of the year.
B:Failure to record payment of an account payable on the last day of the year.
C:Failure to record depreciation expense for the period.
D:Failure to make an adjusting entry to record revenue that had been earned but not yet billed to customers.
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?
A:100
B:11600
C:11800
D:200
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 ?
A:100
B:200
C:400
D:0
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?
A:11800
B:11400
C:11600
D:12000
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?
A:200
B:1200
C:180
D:100
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?
A:400
B:360
C:200
D:2400
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?
A:11600
B:11640
C:10440
D:12000
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
A:正确
B:错误
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.
A:正确
B:错误
答案: 正确
10、 Financial statement is an accurate record of the business transactions
A:正确
B:错误
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:
A:35800
B:19400
C:8200
D:3800
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?
A:2300
B:5400
C:3100
D:7700
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:
A:$1000
B:$71000
C:$53000
D:$60000
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:
A:Assets at January 31 are overstated.
B:January net income is overstated.
C:Liabilities at January 31 are overstated.
D:Owners’ equity at January 31 is understated.
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.)
A:A debit to Insurance Expense for $1,050.
B:A credit to Unexpired Insurance for $11,550.
C:A credit to Unexpired Insurance for $1,800.
D:A debit to Unexpired Insurance for $10,800.
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:
A:125000
B:25000
C:100000
D:150000
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：
A:3000
B:2000
C:1000
D:0
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:
A:3000
B:12000
C:0
D:6000
答案: 0
9、 The company should convert the unearned revenue to revenue whenever it recongize its revenue
A:正确
B:错误
答案: 正确
10、 Unearned revenue is a revenue account
A:正确
B:错误
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?
A:Balance Sheet
B:Income Statement
C:Statement of Cash Flow
D:Statement of Retained Earnings
答案: Income Statement
2、 Which of the following accounts would never be reported in the income statement as an expense?
A:Depreciation expense
B:Interest expense
C:Income tax expense
D:Dividend 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:
A:100000
B:200000
C:110000
D:250000
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.
A:340000
B:350000
C:200000
D:210000
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.
A:310000
B:140000
C:450000
D:590000
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:
A:640000
B:850000
C:210000
D:990000
答案: 210000
7、 Income statement decribes the firms operational result at a specific point of time
A:正确
B:错误
答案: 错误
8、 Balance sheet describes the firms financial position at a specific point of time.
A:正确
B:错误
答案: 正确
9、 Income statment is the only source of change for retained earnings
A:正确
B:错误
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
A:正确
B:错误
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.
A:A large lawsuit was filed against the company two daysafter the balance sheet date.
B:The company was nominated as Star Corporation by the nation
C:As of year-end, the chief executive officer had been hospitalized because of chest pains.
D:The company has experienced greater turnover rate that the previous years
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?
A:Debit Income Summary, credit Retained Earnings.
B:Credit Income Summary, debit Retained Earnings.
C:Debit Income Summary, credit Capital Stock.
D:Credit Income Summary, debit Capital Stock.
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?
A:60
B:50
C:55
D:125
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?
A:115
B:105
C:55
D:60
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?
A:240
B:365
C:230
D:180
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?
A:All accounts.
B:Revenue and expenses.
C:Revenue, expenses, and dividends.
D:All accounts that are not nominal.
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?
A:retained earnings of $55.
B:dividends of $10.
C:net income of $65.
D:none of the above.
答案: none of the above.
8、 All after closing accounts are real accounts
A:正确
B:错误
答案: 正确
9、 The Notes to the financial statements are not required by the accounting principle.
A:正确
B:错误
答案: 错误
10、 Preparing financial statement is the last step of a financial cycle.
A:正确
B:错误
答案: 错误
Session Eight Special Journals and Inventory Valuation Quiz for Unit 17
1、 When using a perpetual inventory system
A:no Purchases account is used.
B:a Cost of Goods Sold account is used.
C:two entries are required to record a sale.
D:all of these.
答案: all of these.
2、 Merchandising companies that are small and do not use a perpetual inventory system may elect to use:
A:A physical inventory system.
B:A periodic inventory system.
C:An inventory shrinkage method.
D:An inventory subsidiary ledger system.
答案: A periodic inventory system.
3、 In a perpetual inventory system, recording a sale on account involves debiting which of the following accounts?
A:Only accounts receivable.
B:Accounts receivable and inventory.
C:Accounts receivable and cost of goods sold.
D:Accounts receivable, cost of goods sold, and inventory.
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?
A:Only sales.
B:Sales and inventory.
C:Sales and cost of goods sold.
D:Sales, inventory, and cost of goods sold.
答案: Sales and inventory.
5、 In a periodic inventory system, recording a sale on account involves debiting which of the following accounts?
A:Only accounts receivable.
B:Accounts receivable and inventory.
C:Accounts receivable and cost of goods sold.
D:Accounts receivable, cost of goods sold, and inventory.
答案: Only accounts receivable.
6、 Physical counts of inventory are never done with perpetual inventory systems.
A:正确
B:错误
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.
A:正确
B:错误
答案: 正确
8、 In a perpetual inventory system, when merchandise is purchased, it is debited to an account called Purchases.
A:正确
B:错误
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.
A:正确
B:错误
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.
A:正确
B:错误
答案: 正确
Session Eight Special Journals and Inventory Valuation Quiz for Unit 18
1、 Net sales is calculated by:
A:Subtracting cost of sales from sales.
B:Subtracting sales returns and sales discounts from sales.
C:Subtracting sales returns, cost of sales, and sales discounts from sales.
D:Subtracting gross profit from sales.
答案: Subtracting sales returns and sales discounts from sales.
2、 To arrive at net sales:
A:Add sales discounts to sales.
B:Subtract the cost of goods sold from the sales price.
C:Subtract sales returns and sales discounts from sales.
D:Subtract accounts receivable from sales.
答案: Subtract sales returns and sales discounts from sales.
3、 The Sales Returns and Allowances account is debited when:
A:Merchandise is returned to a supplier.
B:Merchandise is returned by a customer.
C:Payment is made to a supplier within the discount period.
D:An account receivable is collected within the discount period.
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
A:as a debit to the Accounts Receivable account and a credit to the Sales account.
B:to the Sales account, Cash account, and Accounts Receivable account.
C:to the Sales account only.
D:as a debit to the Sales account and a credit to the Accounts Receivable account.
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
A:Accounts Payable.
B:Accounts Receivable.
C:Sales.
D:Purchases.
答案: Accounts Receivable.
6、 When special journals are used ,the general journal can be ignored
A:正确
B:错误
答案: 错误
7、 The accounts receivable accounts in general ledger and the subsidiary accounts receivable usually have the same account number.
A:正确
B:错误
答案: 错误
8、 Net Sales is computed as total sales revenue less sales returns and allowances less sales discounts.
A:正确
B:错误
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.
A:正确
B:错误
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.
A:正确
B:错误
答案: 错误
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