会计专业外语习题综合
1. Business Entity
Looking at Finlay Interiors, Carol Finlay must not include personal expenses, such as clothing and the cost of going to the movies, as expenses of her business.
2. Going Concern
It is assumed from a review of Finlay Interiors’ financial statements that the business is continuing its operations, because information to the contrary is not included.
3. Monetary Unit (also consistent with the Cost Principle)
Assume that in August 2006 Finlay Interiors purchased furniture from a supplier in the United States at a total cost of $1,000 (U.S.), or $1,489 (Cdn) ($1,000/0.6716 exchange rate). If the exchange rate changes several months later to 0.6412, Finlay Interiors does not restate the value of the furniture to $1,560 ($1,000/0.6412). The furniture remains in the accounting records at $1,489 (Cdn)
1. Objectivity
If Carol Finlay purchases new furniture and records the transaction based on an invoice prepared by the seller, the invoice is independent and unbiased evidence that verifies the details of the transaction.
2. Cost
If Finlay Interiors purchased used furniture for $5,000 cash, it is recorded in the accounting records at $5,000. It makes no difference if Carol Finlay thinks that the value of the furniture is $7,000.
3. Revenue Recognition
Assume that on April 3, Finlay Interiors performed work for a client in the amount of $600. The client did not pay the $600 until May 15. Revenue is recorded when actually earned on April 3 in the amount of $600, the value of the noncash asset received by Finlay Interiors.
Alternatively, if Finlay Interiors received $1,000 on April 15 for work to be done next month, revenue is not recorded until the work is actually done in May.
发卡制作Exercise 1 – Accounting Cycle and GAAP
1. Which of the following statements is false regarding a sole proprietorship? B
a. A proprietorship has only one owner.
b. A proprietorship is legally a separate entity.
c.The owner is subject to unlimited liability.
d.Income of the proprietorship is taxed on the owner’s
personal return.固定资产清理账务处理
2. External users of financial information include all of the following except: C
a.Shareholders
b.Customers
c.Managers
d.Suppliers
3. The consistency principle: C
a. Requires a company to use the same accounting methods period after period.
b. Doesn't require a company to use one method exclusively.
c. Both a and b only.
d. Is also called the full disclosure principl
e.
e. Both a and d only.
4. The full disclosure principle: D
a. Requires that when a change in inventory valuation is made, the notes
to the statements
report the type of change.
b. Requires that when a change in inventory valuation is made, the notes to the statements report the justification for the change.
c. Requires that any change in net income due to changes in inventory valuation be reporte
d.
d. All of the abov
e.
e. Both a and b only.
优秀教师颁奖词5. The conservatism principle: A
a. Requires that when more than one estimate of amounts to be received or paid in the future are equally likely, then the less optimistic amount should be used.
b. Requires that a company use the same accounting methods period after period.
c. Requires that revenues and costs be reported in the period in which they are earned or incurre
d.
d. Requires that all items of a material nature be included in financial statements.
e. Requires that all inventory items be reported at full
cost.
6.The accounting principle that demands that all transactions are recorded at
their original value is the: C
a)materiality principle
b)conservatism principle
c)cost principle
d)full-disclosure principle
e)realization principle.
7.Recording amortization expense at the end of the accounting period is an
application of the: B
a)realization principle
b)matching principle
c)cost principle
d)consistency principle
e)none of the above.
8.One of the purposes of Allowance for Doubtful Accounts is to ensure that
Accounts Receivable are not overstated on the balance sheet. This is an application of the: C
a)consistency principle
b)objectivity principle
c)conservatism principle
d)full-disclosure principle
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e)cost principle.
9. Generally accepted accounting principles require that the inventory
of a company be reported at: C
a. Market value.
b. Historical cost.
c. Lower of cost or market.
d. Replacement cost.
e. Either c or d.
10.The accounting rule that all expenses incurred in earning a revenue must be
deducted from the revenue in determining net income is the: D
a)recognition principle
b)cost principle
c)objectivity principle
d)matching principle
e)materiality principle.
11.The accounting principle that guides accountants to select the less
optimistic estimate when two estimates of amounts to be received or paid are about equally likely is the: B
a)materiality principle
中秋节祝福语简短10字b)conservatism principle
c)objectivity principle
d)full-disclosure principle
e)realization principle.
12.Keeping the records of the business separate from the personal records
of the owner of the business is said to be adherence to which accounting principle or concept? B
a) Continuing-concern concept b) Business entity principle c) Realization principle d) Objectivity principle
13.The first step of the accounting cycle is: C
a. Journalizing transactions.
b. Posting transactions.
c. Analyzing transactions.
d. Preparing the unadjusted trial balanc
e.
14. Which of the following is the final step in the accounting cycle? C a) journalizing
b) preparing a trial balance
c) preparing a post-closing trial balance d) preparing the financial statements e) preparing a worksheet.
15. Examples of current assets are: C
a) cash, prepaid insurance, land, and merchandise inventory b) accounts receivable, accounts payable, and office supplies c) interest receivable, petty cash, and merchandise inventory d) prepaid rent, building, and unearned revenue e) all of the above.
16. Note Payable (due in 16 months) is an example of a(n): D
a) Long-Term Asset b) Current Liability
c) Owner Equity account
d) Long-Term Liability e) Expense account.
17.A contra account is: B
a. Always linked with another account and has an opposite normal balance.
b. Is a temporary account.
c. Amortization expense.
d. All of the abov
e.
18.If during the accounting period the assets increased by $5,000, and the owner’s equity increased by $1,000, then the liabilities must have B
a) Increased by $6,000 b) Increased by $4,000
d c
c)Decreased by $4,000
d)Decreased by $6,000
19.Peter Aldo received $5,000 for some excavation work to be done when
the weather permits. Peter figures it will be at least three weeks before he can start the job. Recording the transaction requires A
a)An asset to be debited, a liability to be credited
b) A liability to be debited, an asset to be credited
c)Withdrawal to be debited, an asset to be credited
d)An asset to be debited, revenue to be credited
Exercise 2- Double entry system
1. A debit may signify: A
A. an increase in an asset account
B. a decrease in an asset account
C. an increase in a liab. Account山东最好专科大学
D. an increase in a O/E Account
2. The type of account with a normal credit balance is C
A. an asset
B. dividends
C. a revenue
D. an expense
3. A debit balance in which of the following accounts would indicate a
likely error? C
A. A/R
B. Cash
C. Fees Earned
D. Miscellaneous
Expense
4. The receipt of cash from customer in payment of their accounts would be recorded by a: A
A. Dr. Cash Cr. A/R
B. Dr. A/R Cr. Cash
C. Dr. Cash Cr. A/P
D. Dr. A/P Cr. Cash
5. The form listing the titles and the balances of the accounts in the ledger on a given date is the: D
A. income statement
B. balance sheet
C. retained earnings statement
D. trial balance
Exercise 3 Adjusting
1. Which of the following items represents a deferral? A.
A. Prepaid insurance
B. wages expense
C. fees earned
D. accumulated depreciation
2. If the equipment account has a bal. of $22,500 and its accu. Depr. Account has a bal. of $14,000, the book value of the equipment is: D
A．$36,500 B. $22,500
C. $14,000
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