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立信-Model test(上)

(2007-06-20 17:41:55)
分类: 西方财务会计——立信
 

Model Test for Western Financial Accounting

 

Student No.____________ Name____________

 

I.  Choose the best item to complete the following sentences.

 

  ) 1. If total assets decreased by $5,000 during a period of time and capital increased by $15,000 during the same period, the amount and direction of the period’s change in total liabilities is _____.

a.$10,000 increase   b. $10,000 decrease    c. $20,000 increase     d. $20,000 decrease

 

  ) 2. An enterprise issued a $5,000, 60-day non-interest-bearing note to the bank, and the bank discounts the notes at 12%. The proceeds are _____.

a. $4,400           b. $4,900            c. $5,000             d. $5,100

 

  ) 3. The statement that presents asset, liabilities, and capital of a business entity as of a specific date is termed the _____.

   a. balance sheet      b. income statement   c. capital statement      d. funds statement

 

  ) 4. If stocks are sold at a premium, the premium is _____.

a. profit to the corporation                 b. added to Capital Stock

c. part of the investment of the stockholders   d. none of the above

 

  ) 5. The primary objective of the matching principle is to _____.

a.  record expenses in the period that the related revenues are recognized

b. provide timely information to decision-makers

c.  promote comparability between financial statements of different periods

d. provide full disclosure

 

  ) 6. Which of the following accounts should be closed to Expense and Income Summary at the end of accounting period.

a. depreciation expense   b. sales income     c. supply expense     d. all of the above

 

  ) 7. Which of the following is most closely related to the consistency principle? _____.

a.   A business entity applies the same accounting principles in the current period as in the previous periods.

b.  A business entity applies the same accounting principles as those applied by other business entities in the same industry.

c.   A business entity applies the same depreciation policies to all classes of assets.

d.  A business entity applies the same depreciation policies as those used to prepare tax returns.

 

  ) 8. As its name implies, _____ stock dose take preference over common stock in several respects.

a. preferred      b. outstanding        c. common        d. treasury

 

  ) 9. In the process of providing an allowance for bad debts based on sales, accountants are most likely concerned with: _____.

a. the principle of materiality.              b. full-disclosure principle.

c. the historical cost principle.              d. the matching principle.

 

  ) 10. The signature on the back of a check showing that the individual accepts responsibility for that amount is known as _____.

a. a contract        b. a promise       c. an endorsement        d. a notice

 

  ) 11. The principles that support cost or market, whichever is lower rule is most likely to be the ___.

a. consistency principle                   b. comparability principle 

c. conservatism principle                  d. full disclosure principle

 

  ) 12. Generally, all payroll entries are recorded in the ____ journal.

a. taxable        b. subsidiary      c. general       d. payment

 

  ) 13.The first-year transactions of a CPS firm included the acquisition of $4,000 in office supplies initially recorded as an asset (i.e., office supplies inventory). If supplies on hand at the end of the year amount to $1,500, the adjusting entry for office supplies will include _____.

a.  a credit to office supplies inventory of $2,500

b. a debit to office supplies expense of $1,500

c.  both of the above

d. none of the above

 

  ) 14. The adjusting entry to record depreciation of equipment is _____.

a.  debit depreciation expense, credit depreciation payable

b. debit depreciation payable, credit depreciation expense

c.  debit depreciation expense, credit accumulated depreciation

d. debit equipment, credit depreciation expense

 

  ) 15. The difference between the balance of a plant asset account and the related contra-asset account is termed _____.

a. expired cost      b. accrual      c. book value      d. depreciation

 

  ) 16. _____ shows the par value of the stock issued by the corporation.

a. Paid-in capital     b. Retained earnings     c. Treasury stock     d. Capital stock

 

  ) 17. On January 1, 1991, Kelso Company purchased a 3-year insurance policy for $3,000. If the payment was initially recorded as an asset and no adjusting entry was made on December 31, 1991, _____.

a.  the prepaid insurance expense is overstated by $1,000

b. the insurance expense is overstated by $1,000

c.  the accrued expense is overstated by $2,000

d. the total asset is not affected

 

  ) 18. If a corporation issues only one class of stock, it is known as _____.

a. common stock    b. treasury stock    c. preferred stock     d. outstanding stock

 

  ) 19. An accrued revenue can best be described as amount _____.

a. received, but not yet earned           b. earned, but not yet received

c. received and earned                 d. neither received nor earned

 

  ) 20. As a separate _____, the corporation has all the rights and responsibilities of a person.

   a. business       b. body      c. legal entity       d. incorporation                                                     

 

II. Journalize the following transactions.

1. Interest of $1,000 has accrued on the note payable in the month.

 

2. An equipment costing $60,000 was purchased on Sept.30, is being depreciated by the straight-line method over 5 years, and has no salvage value. Show the year-end adjusting entry (The equipment was put into use on Oct.1.)

 

3. A $800 account is determined to be uncollectible and is written off.

 

4. On July 31, Erin Store had a balance of $9,000 in accounts receivable. From past experience Erin estimates that 4 percent of the accounts receivable will not be collected.

 

5. A customer who made a $2,000 purchase on May 19 could not pay his account and offered a $2,000, 90-day 7% note in exchange. The company accepted the note and credited the account.

 

6. Rend Corporation issues 2,000 shares of 6 percent, 50-par preferred stock at $48 and 5,000 shares of $25-par common stock at $30

 

7. Invested $200,000 cash, $1,400 worth of supplies, $22,000 of equipment in the business, and the owner owed a balance of $3,000 on the equipment.

 

8. Purchased equipment for $25,000, paying $10,000 in cash and signing a $15,000 six-month 12% note payable.

 

9. Performed services on account and billed customers for services rendered $1800.

 

10. Paid $1,200 for one-year accident insurance policy.

 

III. Prepare a bank reconciliation statement based on the information below for A & J Company and make necessary entries.

 

(a) Bank balance, $3400.

(b)Checkbook balance, $3,120

(c)Outstanding checks, $1,140

(d)Deposits in transit, $1,800

(e)A $1,000 note was collected by the bank; interest added to it was $15. Bank service charge for collection, $5

(f)A $16 check we had deposited was returned for no sufficient funds

(g)Check #12 for $82 was inadvertently recorded in our check stubs as $28 for supplies 

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