1. The primary objective of financial reporting is .
A. to prent information in an ethical manner
B. to provide information to the federal government
C. to provide information uful for investment and lending decisions
D. to provide information uful to managers in making daily decisions
2. On July 31, $3600 is paid for a one-year insurance policy. On December 31, the adjusting entry for prepaid insurance would include 三月有多少天 .
A. a debit to Insurance Expen, $3600
B. a credit to Prepaid Insurance, $3600
C. a debit to Insurance Expen, $1500
D. a credit to Prepaid Insurance, $2100藏红花泡酒的功效
3. All of the following are controls over cash received in a store except .
A. the clerk should have access to the cash register tape to make corrections when necessary
B. the customer should be able to e the amounts entered into the register
韩国后官网C. it should be a requirement that a receipt be given to the customer
D. the cash drawer should open only when the sale clerk enters an amount on the keys
4. Which of the following statements is true?
A. Revenues are asts becau they reprent economic benefits
B. Asts are economic resources that are expected to benefit future periods
米线的配料C. The accounting equation can be stated as Asts + Liabilities = Owner’s Equity
D. Liabilities are economic obligations to insiders
5. Which of the statements is fal?
A. Increas in asts and increas in revenue are recorded with a debit
B. Increas in liabilities and increas in owner’s equity are recorded with a credit
C. Increas in both asts and withdrawals are recorded with a debit
D. Decreas in liabilities and increas in expens are recorded with a debit
6. An adjusting entry could contain all of the following except .
A. a debit to Unearned Revenue
B. a credit to Cash
C. a debit to Interest Receivable
D. a credit to Salary Payable
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7. The entry required to clo withdrawals at the end of the period should include a .
A. debit to income Summary B. credit to Capital
C. debit to Capital D. debit to Withdrawals
8. The principle or concept that holds that an entity will remain in operation for foreeable future is the .
A. going-concern concept B. stable-monetary-unit concept
C. reliability principle D. cost principle
9. All of the following are controls over cash received in a store except
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A. The clerk should have access to the cash register tape to make corrections when necessary
B. The customer should be able to e the amounts entered into the register
C. It should be a requirement that a receipt be given to the customer
D. The cash drawer should open only when the sale clerk enters an amount on the keys
10. The entry to record the sale of $100 of merchandi with terms of 2/10 n/30 will include a .
A. debit to Sales for $98 B. debit to Cash $100
C. debit to Account Receivable of $100 D. debit to Sales Discount for $2
11. The weighted average for the year inventory cost flow method is applicable to which of the following inventory systems?
Periodic Perpetual
A. Yes Yes
B. Yes No
C. No Yes
D. No No
12. Accelerated depreciation methods are ud primarily in ?
A. Income tax returns
B. The financial statements of small business
C. The financial statements of publicly owned corporations
D. Companies with computer-bad accounting systems
13.Cox Company began the month of July with a balance in Accounts Receivable of $51600. During July, Cox reported cash sales of $50000, credit sales on account of $228000, collections from customers on account, $201400, and write-offs of $750. Uncoll
ectible Account expen for July was estimated to be 1% of credit sales. The balance in Accounts Receivable on July 31 is .
A. $77450 B. $75170 C. $75920 D. 80550
14. A capital lea is recorded in the accounting records of the le by an entry ?
A. Debiting Rent Expen and crediting Cash each time a lea payment is made
B. Debiting Cash and crediting Rental Revenue each time a lea payment is received
C. Debiting an ast account and crediting a liability account for the prent value of the future lea payments 好少年
