Exam Paper for English Accounting
I 眼线. Multiple Choice Questions (2 marksⅹ30)
1.knockedWhich of the following is not a ur of internal accounting information? C
A. Store manager. B. Chief executive officer.
C. Creditor. D. Chief financial officer.
2.Objectives of financial reporting to external investors and creditors include preparing information about all of the following except: A
A. Information ud to determine which products to produce.
B. Information about economic resources, claims to tho 橄榄油去皱纹resources, and changes in both resources and claims.
C. Information that is uful in asssing the amount, timing, and uncertainty of future cash flows.
D. Information that is uful in making investment and credit decisions.
3.Waterworld Boat Shop purchad a truck for $12,000, making a down payment of $5,000 cash and signing a $7,000 note payable due in 60 days. As a result of this transaction: B
A. Total asts incread by $12,000.
B. Total liabilities incread by $7,000.
C. From the viewpoint of a short-term creditor, this transaction makes the business more liquid.
D. This transaction had no immediate effect on the total asts.
4.What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements? A
A. Cash provided by or ud in financing activities.
B. Cash balance at the end of the period.
C. Total liabilities due to creditors at the end of the period.
D. Net income.
5.The purpo of adjusting entries is to: C
A. Adjust the Retained Earnings account for the revenue, expen, and dividends recorded during the accounting period.
B. Adjust daily the balances in ast, liability, revenue, and expen accounts for the effects of business 无私transactions.
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C. Apply the realization principle and the matching principle to transactions affecting two or more accounting periods.
D. Prepare revenue and expen accounts for recording the transactions of the next accounting period.
6.The CPA firm auditing Mason Street Recording Studios found that total stockholders’ equity was understated and liabilities were overstated. Which of the following errors could have been the cau? D
A. Making the adjustment entry for depreciation expen twice.
B. Failure to record interest accrued on a note payable.
C. Failure to make the adjusting entry to record revenue that had been earned but not yet billed to clients.
D. Failure to record the earned portion of fees received in advance.
7.Which of the following financial statements is generally prepared first? A
A. Income statement.
B. Balance sheet.
C. Statement of retained earnings.
D. Statement of cash flows.
8.Which of the following accounts would never be reported in the income statement as an expen? D
A. Depreciation expen.
B. Income taxes expen.
C. Interest expen.
D. Dividends expen.
9.初三学习计划Which of the following accounts is not clod to the Income Summary account at the end of the accounting period? C
A. Rent Expen.
B. Accumulated Depreciation.
C. Sales Revenue.
D. Supplies Expen.
10.Fashion Hou us a perpetual inventory system. At the beginning of the year, inventory amounted to $50,000. During the year, the company purchad merchandi for会议议程 $230,000 and sold merchandi costing $245,000. A physical inventory taken at year-end indicated shrinkage loss of $4,000. Prior to recording the shrinkage loss, the yearend balance in the company’s Inventory account was: B
A. $31,000. B. $35,000. C. $50,000. D. Some other amount.
11.Big Brother, a retail store, purchad 100 television ts from Krueger Electronics on account at a cost of $200 each. Krueger offers credit terms of 2/10, n/30. Big Brother us a perpetual inventory system and records purchas at netcost . Big Brother determines that 10 of the television ts are defective and returns them to Krueger for full credit. In recording this return, Big Brother will: B
A. Debit Sales Returns and Allowances, $1,960.
B. Debit Accounts Payable, $1,960.
C. Debit Cost of Goods Sold, $1,960.
D. Credit Inventory, $2,000.
12.Accounts Receivable has a debit balance of $2,300, and the Allowance for Uncollectible Accounts has a credit balance of $200. An $80 account receivable is written off. What is the amount of net receivables (net realizable value) after the write-off? B
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