Post test 1 基本概念
1. Things of value owned by an entity: asts
Money: cash
Claims of creditors: liabilities
Claims of investors: equity
2. 2 types of sources of funds：
Stronger claim: liabilities
L跳绳教学视频esr claim: equity
3. A balance sheet reports the status of an entity ....at a point of time.
4. Give the fundamental accounting equation: Asts = Liabilities + Equity
5. The above equation is consistent with what concept?: Dual-aspect concept
6. Money-measurement concept states that accounting reports only facts that can be expresd in monetary amounts.
7. A balance sheet does not report all the facts about a business. What concept limits the amount or type of information that can be reported? Money-measurement concept
8. Brown Company has 10000 dollar cash. Its owner withdraws 100 dollars for his own u. The owner is (no better or wor off) than he was before. Brown company now has (less) cash. The fact that this event affects the owner differently than it affects the company is an illustration of the entity concept.
农家书屋9. The entity concept states that accounts are kept for entities as distinguished from the persons who own tho entities.
11. The going-concern concept is: Accounting assumes that an entity will continue to operate indefinitely.
12. The ast-measurement concept is: if reliable information is available, accounting foc
us on the fair value of asts. Nonmonetary asts are reported at their original cost.
13. An item can be reported as an ast if it pass 3 of the following: item is valuable, item was acquired at a measurable cost, item is owned or controlled by the entity.
14. Goodwill is a favorable name or reputation purchad by the entity.
15. An ast is classified as current if it is cash or is expected to be converted into cash in the near future, usually within one year.
16. A liability is classified as current if it becomes due in the near future, usually within one year.
17. Marketable curities are current asts. Investments are noncurrent asts.
19. An insurance policy paid in advance of the time period covered is an example of a prepaid expen.
20. A building, an item of equipment, and an automobile may all be examples of plant and
property.
21.Parker Company operates a furniture store. On December 31,2005,it had 30 desks that it was holding for sale. The would be reported as inventory. The desk that is ud by the president of Parker Company would be reported as plant and property.
22.Fox Company sold $1,000 of goods on credit to Golden Company. This would be recorded as an account receivable of Fox Company and as an account payable of Golden Company.
鼻毛太长怎么办23. Indicate whether the following statements about the balance sheet of a corporation are true or fal:
a. Asts list all the valuable things owned by the entity----F
b. The amount reported for the paid-in capital item is approximately the fair value of the stock-----F
c. The amount reported for total equity is approximately the fair value of the corporation’s stock---F
d. Total equities (also called “net worth”) show approximately what the entity is worth.----F
e. Retained earnings is the amount of cash retained in the entity.-----历史经验F
Post test 2 资产负债表的变更：收入的核算
1.On January 2, John Brown started the Brown Company. In January, Brown Company did the following things:
a. It received $5,000 cash from John Brown as its capital.
b. It borrowed $10,000 from a bank, giving a note therefor.
c. It purchad $4,000 of inventory for cash.
胡政尧d. It sold $2,000 of its inventory for $6,000 to a customer, who paid $3,500 cash and agreed to pay $2,500 within 30 days.
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e. It purchad an auto for $7,000. It paid $2,000 down and gave a note to the automobile dealer for the remaining $5,000
f. Brown withdrew $1,000 cash for his personal u.
g. Brown was offered $10,000 for his equity in the business, but he refud the offer.
On a parate piece of paper, prepare a rough draft of a balance sheet for Brown Company as of the clo to business January 31, and an income statement for January.
Brown Company
Balance Sheet as of Jan 31
Asts
Cash……………………………………$11,500
Accounts Receivable虎丘风景区介绍…………………2,500
Inventory………………………………….2,000
Automobile………………………………7,000
Total………………………………………$23,000
Liabilities and 健美操教学视频Equity
Notes Payable………………………$15,000
Paid-in Capital…………………………5,000
Retained Earnings……………………3,000
Total……………………………………$23,000
