[奥鹏]南开21秋学期《会计专业英语》在线作业[正确答案]

南开21秋学期《会计专业英语》在线作业[正确答案]单选题答案

21秋学期（1709、1803、1809、1903、1909、2003、2009、2103）《会计专业英语》在线作业

试卷总分:100  得分:100

一、单选题 (共 20 道试题,共 40 分)

1.The debt created by a business when it makes a purchase on account is referred to as an

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A.account payable

B.account receivable

C.asset

D.expense payable

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2.When the perpetual inventory system is used, the inventory sold is debited to ( )

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A.supplies expense

B.cost of merchandise sold

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C.merchandise inventory

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D.sales

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3.Using accrual accounting, expenses are recorded and reported only( )

A.when they are incurred, whether or not cash is paid

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B.when they are incurred and paid at the same time

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C.if they are paid before they are incurred

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D.if they are paid after they are incurred

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4.The accounting equation may be expressed as（ ）

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A.Assets = Equities - Liabilities

B.Assets + Liabilities = Owner's Equity

C.Assets = Revenues less Liabilities

D.Assets - Liabilities = Owner's Equity

 

5.The matching concept( )

A.addresses the relationship between the journal and the balance sheet

B.determines whether the normal balance of an account is a debit or credit

C.requires that the dollar amount of debits equal the dollar amount of credits on a trial balance

D.determines that expenses related to revenue be reported at the same time the revenue is reported

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6.Which of the following groups are considered to be internal users of accounting information?

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A.Employees and customers

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B.Customers and vendors

C.Employees and managers

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D.Government and banks

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7.Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a

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A.credit to Sales Returns and Allowances

B.debit to Merchandise Inventory

C.credit to Merchandise Inventory

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D.debit to Cost of Merchandise Sold

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8.Accumulated Depreciation ( )

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A.is used to show the amount of cost expiration of intangibles

B.is the same as Depreciation Expense

C.is a contra asset account

D.is used to show the amount of cost expiration of natural resources

 

9.The cost method of accounting for stock( )

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A.recognizes dividends as income

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B.is only appropriate as part of a consolidation

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C.requires the investment be increased by the reported net income of the investee

D.requires the investment be decreased by the reported net income of the investee

 

10.Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error?

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A.owner's equity is overstated

B.cost of merchandise sold is overstated

C.gross profit is understated

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D.net income is understated

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11.The excess of issue price over par of common stock is termed a(n) （ ）

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A.discount

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B.income

C.deficit

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D.premium

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12.The liability for a dividend is recorded on which of the following dates?

A.the date of record

B.the date of payment

C.the date of announcement

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D.the date of declaration

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13.The journal entry a company uses to record the estimated accrued product warranty liability is （ ）

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A.debit Product Warranty Expense; credit Product Warranty Payable

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B.debit Product Warranty Payable; credit Cash

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C.debit Product Warranty Expense; credit Cash

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D.debit Product Warranty Payable; credit Product Warranty Expense

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14.The excess of issue price over par of common stock is termed a(n) ( )

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A.discount

B.income

C.deficit

D.premium

 

15.In the accounting cycle, the last step is（ ）

A.preparing the financial statements

B.journalizing and posting the adjusting entries

C.preparing a post-closing trial balance

D.journalizing and posting the closing entries

 

16.The business entity concept means that

A.the owner is part of the business entity

B.an entity is organized according to state or federal statutes

C.an entity is organized according to the rules set by the FASB

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D.the entity is an individual economic unit for which data are recorded, analyzed, and reported

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17.The term "inventory" indicates ( )

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A.merchandise held for sale in the normal course of business

B.materials in the process of production or held for production

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C.supplies

D.both A and B

 

18.Characteristics of a corporation include ( )

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A.shareholders who are mutual agents

B.direct management by the shareholders (owners)

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C.its inability to own property

D.shareholders who have limited liability

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19.Cash equivalents（ ）

A.are illegal in some company

B.will be converted to cash within two years

C.will be converted to cash within 90 days

D.will be converted to cash within 120 days

 

20.Characteristics of a corporation include （ ）

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A.shareholders who are mutual agents

B.direct management by the shareholders (owners)

C.its inability to own property

D.shareholders who have limited liability

 

南开21秋学期《会计专业英语》在线作业[正确答案]多选题答案

二、判断题 (共 30 道试题,共 60 分)

21.An income statement is a summary of the revenues and expenses of a business as of a specific date.

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22.The book value of a fixed asset reported on the balance sheet represents its market value on that date.

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23.The statement of cash flows consists of an operating section, an income section, and an equity section.

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24.Primary users of accounting information are accountants.

 

25.The allowance for doubtful accounts is similar to accumulated depreciation in that the account represents the total of all accounts written-off since the beginning year.

 

26.Investments in stocks that are expected to be held for the long term are listed in the stockholder's equity section of the balance sheet.

 

27.The prices of bonds are quoted as a percentage of the bonds' market value.

 

28.If the bondholder has the right to exchange a bond for shares of common stock, the bond is called a convertible bond.

 

29.Treasury Stock is listed in the stockholders' equity section on the balance sheet.

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30.The declaration and issuance of a stock dividend does not affect the total amount of a corporation's assets, liabilities, or stockholders' equity.

 

31.Amortization is the allocation process of writing off bond premiums and discounts to interest expense over the life of the bond issue.

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32.The increase side of all accounts is the normal balance.

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33.Treasury Stock is listed in the stockholders' equity section on the balance sheet.

 

34.If the liabilities owed by a business total $300,000 and owners equity is equal to $300,000, then the assets also total $300,000.

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35.A fixed asset impairments occurs when the fair value of a fixed asset falls below its book value and is not expected to recover.

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36.Dividends in arrears are liabilities of the corporation.

 

37.Income is recognized when an increase in future benefits related to an increase in an asset of a decrease of a liability has arisen that can be measured reliably.

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38.The difference between Accounts Receivable and its contra asset account is called net realizable value.

 

39.If the liabilities owed by a business total $500,000, then the assets also total $500,000.

 

40.Any difference between the fair market values of the securities and their cost is a realized gain or loss.

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41.A balance sheet is a list of the assets, liabilities, and owner's equity of a business for a period of time.

 

42.The day on which the board of directors of the corporation distributes a dividend is called the declaration date.

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43.If a firm has a quick ratio of 1, the subsequent payment of an account payable will cause the ratio to increase.

 

44.Prepaid expenses are an example of an expense.

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45.Primary users of accounting information are accountants.

 

46.The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.

 

47.The prices of bonds are quoted as a percentage of the bonds' market value.

 

48.The balance of the allowance for doubtful accounts is added to accounts receivable on the balance sheet.

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49.When old equipment is traded in for a new equipment, the difference between the list price and the trade in allowance is called boot.

 

50.Revenue accounts are increased by credits.

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