1. which of the following statements is fal?
A. The partnership form of business organization protects the personal asts of the owners from creditors of the business.
B. A proprietorship has a single owner.
C. Accounting is the information system that measures business activities, process that information into reports, and communicates the results to decision makers.
D. The FASB determines how accounting is practiced in the United States.
2. 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
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D. to provide information uful to managers in making daily decisions
3. The principle or concept that holds that an entity will remain in operation for the foreeable future is the ______.
A. going-concern concept
于归是什么意思B. stable-monetary-unit concept
C. reliability principle
D. cost principle
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
C. The accounting equation can be stated as Asts+Liabilities = Owner’s Equity
D. Liabilities are economic obligations to insiders
5. Aftin Co. performs rvices on account. When Aftin collects the account receivable ______.
A. asts increa
B. asts do not change
C. owner’s equity decreas
D. liabilities decrea
6. Which of the following transactions would not affect owner’s equity?
A. Payment of an account payable
B. Collection of an account receivable
C. Service provided on account
D. Withdrawal of cash by owner
7. An income statement reports ______.
A. the asts, liabilities, and owner’s equity on a particular date
B. the change in the owner’s capital during the period
C. the cash receipts and cash payments during the period
D. the difference between revenues and expens during the period
8. If asts increa $80000 during the period and owners’ equity decreas $16000 during the period, liabilities must have ______.
A. incread $64000 | B. incread $96000 |
C. decread $64000 | D. decread $96000 |
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9. The following information about the asts and liabilities at the end of 2001 and 2002 is given below:
| 2001 | 2002 |
Asts | $75000 | $90000 |
Liabilities | 36000 | 45000 |
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If net income was $1500 and there were no withdrawals, how much did the owner invest?
A. $4500 | B. $6000 | C. 45000 | D. 43500 |
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10. The amount of net income shown on the income statement also appears on the ______.
A. statement of financial position | B. balance sheet |
C. statement of owner’s equity | D. statement of cash flows |
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11. Which of the is an ast account?
打羽毛球的英文A. Service Revenue | B. Withdrawals | C. Supplies | D. All of the above | 么么是什么意思
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12. Traylor Company paid $2850 on account. The effect of this transaction on the accounting equation is to ______.
A. 义勇军进行曲的作者decrea asts and decrea owner’s equity
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B. increa liabilities and decrea owner’s equity
C. have no effect on total asts
D. decrea asts and decrea liabilities
13. Which of the statements is fal?
A. Increas in asts and increas in revenues 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.
14. Note Payable has a normal beginning balance of $30000. During the period, new borrowings total $63000 and the ending balance in Note Payable is $41000. Determine th
e ayments on loans during the period.
A. $74000 | B. $52000 | C. $134000 | |
D. cannot be determined from the information given |
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15. Which of the statements is not correct?
A. The account is a basic summary device ud in accounting.
B. A business transaction is recorded first in the journal and then posted to the ledger.
C. The ledger is a chronological listing of all transactions.
D. 可乐罐The debit entry is recorded first in a journal entry, then the redit entry.
16.Which of the accounts has a normal debit balance?
A. Rent Expen | B. Withdrawals | 打桩顺序C. Service revenue | D. both A and B |
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17. The journal entry to record the collection of $890 from a customer on account is ________.
