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True/FalseQuestions
1.Accountingrecordsarealsoreferredtoasthebooks.TRUE
3.Preparationofatrialbalanceisthefirststepintheanalyzingandrecordingprocess.FALSE
4.Sourcedocumentsprovideevidenceofbusinesstransactionsandarethebasisforaccounting
entries.TRUE
5.Itemssuchassalestickets,bankstatements,checks,andpurchaseordersaresource
documents.TRUE
6.Anaccountisarecordofincreasesanddecreasesinaspecificasset,liability,equity,revenue,
orexpenseitem.TRUE
7.Acustomer'spromisetopayiscalledanaccountpayabletotheseller.FALSE
9.Asprepaidexpensesareused,theexpiredcostsoftheassetsbecomeexpenses.TRUE
1().Landandbuildingsaregenerallyrecordedinthesameledgeraccount.FALSe
13.Cashwithdrawnbytheownerofaproprietorshipshouldbetreatedasanexpenseofthe
business.FALSE
15.Thechartofaccountsisalistofalltheaccountsusedbyacompanyandincludesan
identificationnumberassignedtoeachaccount.TRUE
16.Anaccountbalanceisthedifferencebetweenthedebitsandcreditsforanaccountincluding
anybeginningbalance.TRUE
18.Inadouble-entryaccountingsystem,thetotalamountdebitedmustalwaysequalthetotal
amountcredited.TRUE
19.Increasesinliabilityaccountsarerecordedasdebits.FALSE
20.Debitsincreaseassetandexpenseaccounts.TRUE
21.Creditsalwaysincreaseaccountbalances.FALS
23.Doubleentryaccountingrequiresthateachtransactionaffect,andberecordedin,atleast
twoaccounts.TRUE
24.Arevenueaccountnormallyhasadebitbalance.FALSE
25.Accountsarenormallydecreasedbydebits.FALSE
26.Theowner'swithdrawalaccountnormallyhasacreditbalancesinceitisanequity
account.FALSE
28.Anowner'scapitalaccountnormallyhasadebitbalance.FALSE
29.Adebitentryisalwaysfavorable.FALSE
30.Atransactionthatdecreasesanassetaccountandincreasesaliabilityaccountmustalso
affectoneormoreotheraccounts.TRUE
31.Atransactionthatincreasesanassetanddecreasesaliabilitymustalsoaffectoneormore
otheraccounts.TRUE
34.Ifacompanypurchaseslandpayingcash,thejournalentrytorecordthistransactionwill
includeadebittoCash.FALSE
Ifacompanyprovidesservicestoacustomeroncreditthesellingcompanyshouldcredit
AccountsReceivable.FALSE
Whenacompanybillsacustomerfor$600forservicesrendered,thejournalentrytorecord
thistransactionwillincludea$600debittoServicesRevenue.FALSE
37.Thedebtratiohelpstoassesstheriskacompanyhasoffailingtopayitsdebtsandishelpful
tobothitsownersandcreditors.TRUE
38.38.Thehigheracompany'sdebtratiois,thehighertheriskofacompanynotbeingableto
meetitsobligations.
TRUE
Thedebtratioiscalculatedbydividingtotalassetsbytotalliabilities.
FALSE40.Acompanythatfinancesarelativelylargeportionofitsassetswithliabilitiesissaid
tohaveahighdegreeoffinancialleverage.TRUE
41.Ifacompanyishighlyleveraged,thismeansthatithasrelativelylowriskofnotbeingable
torepayitsdebt.
FALSE
42.HamiltonIndustrieshasliabilitiesof$105millionandtotalassetsof$35()million.Itsdebt
ratiois40.0%.
FALSE$105million/$350million=30.0%
43.Highfinancialleverageisalwaysbadforacompany'sowners.
FALSE
44.Acompoundjournalentryaffectsnomorethantwoaccounts.
FALSE
45.Postingisthetransferofjournalentryinformationtotheledger.
TRUE
46.Transactionsarefirstrecordedintheledger.
FALSE
47.Thejournalisknownasabookoforiginalentry.
TRUE
48.Ajournalgivesacompleterecordofeachtransactioninoneplace,andshowsthedebitsand
creditsforeachtransaction.
TRUE
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:Cl
49.Thejournalisknownasthebookoffinalentrybecausefinancialstatementsareprepared
fromit.
FALSE
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Cl
5().Atrialbalancethatbalancesisnotproofofcompleteaccuracyinrecordingtransactions.
TRUE
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:P2
51.Thetrialbalanceisalistofallaccountsandtheirbalancesatapointintimetakenfromthe
ledger.
TRUE
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:P2
52.Generally,theorderingofaccountsinatrialbalancetypicallyfollowstheiridentification
numberfromthechartofaccounts,thatis,assetsfirst,thenliabilities,thenowner'scapitaland
withdrawals,followedbyrevenuesandexpenses.
TRUE
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:P2
53.Thetrialbalancecanserveasareplacementforthebalancesheet,sincedebitsmustequal
withcredits.
FALSE
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:P2
54.Atrialbalancethatisinbalanceisproofthatnoerrorsweremadeinjournalizingthe
transactions,postingtotheledger,andpreparingthetrialbalance.
FALSE
AICPAFN:DecisionMaking
Difficulty:Medium
learningObjective:P2
55.Ifcashwasincorrectlydebitedfor$100insteadofcorrectlycreditedfor$100,thecash
accountisoutofbalanceby$100.
FALSE
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:P2
56.Thebalancesheetprovidesalinkbetweenbeginningandendingincomestatements.
FALSE
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:P3
57.TheheadingoneachfinancialstatementliststhethreeW's-Who(thenameofthe
organization),What(thenameofthestatement),andWhere(theorganization^address)
FALSE
Difficulty:Medium
LearningObjective:P3
58.Anincomestatementreportstherevenuesearnedlessexpensesincurredbyabusinessover
aperiodoftime.
TRUE
Difficulty:Medium
learningObjective:P3
59.Thebalancesheetreportsthefinancialpositionofacompanyatapointintime.
TRUE
Difficulty:Medium
LearningObjective:P3
MultipleChoiceQuestions
60.Theaccountingprocessbeginswith:
A.Analysisofbusinesstransactionsandsourcedocuments.
B.Preparingfinancialstatementsandotherreports.
C.Summarizingtherecordedeffectofbusinesstransactions.
D.Presentationoffinancialinformationtodecision-makers.
E.Preparationofthetrialbalance.
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:Cl
61.Asalesinvoice:
A.Isatypeofsourcedocument.
B.Isusedbysellerstorecordthesale.
C.Isusedbybuyerstorecordpurchases.
D.Givesrisetoanentryintheaccountingprocess.
E?Allofthese.
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:C2
62.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C2
63.Sourcedocuments:
A.Includetheledger.
B,Arethesourcesofaccountinginformation.
C.Mustbeinelectronicform.
D.Arebasedonaccountingentries.
E.Includethechartofaccounts.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C2
64.Varioustypesofdocumentsandotherpapersthatcompaniesusewhentheyconducttheir
business:
A.Arecalledsourcedocuments.
B.Canincludesalestickets.
C.Arethesourceofinformationforrecordingaccountingentries.
D.Canbeinelectronicform.
E.Allofthese.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C2
65.Arecordoftheincreasesanddecreasesinaspecificasset,liability,equity,revenue,or
expenseisa(n):
A.Journal.
B.Posting.
C.Trialbalance.
D.Account.
E.Chartofaccounts.
AICPAFN:DecisionMaking
Difficulty:Easy
learningObjective:C3
67.Theaccountusedtorecordthetransfersofassetsfromabusinesstoitsowneris:
A.Arevenueaccount.
B.Theowner'swithdrawalsaccount.
C.Theowner'scapitalaccount.
D.Anexpenseaccount.
E.Aliabilityaccount.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C3
69.Unearnedrevenuesare:
A.Revenuesthathavebeenearnedandreceivedincash.
B.Revenuesthathavebeenearnedbutnotyetcollectedincash.
C.Liabilitiescreatedwhenacustomerpaysinadvanceforproductsorservicesbeforethe
revenueisearned.
D.Recordedasanassetintheaccountingrecords.
E.Increasestoowners*capital.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C3
70.Prepaidexpensesare:
A.Paymentsmadeforproductsandservicesthatdonoteverexpire.
B.Classifiedasliabilitiesonthebalancesheet.
C.Decreasesinequity.
D,Assetsthatrepresentprepaymentsoffutureexpenses.
E.Promisesofpaymentsbycustomers.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C3
71.Awrittenpromisetopayadefinitesumofmoneyonaspecifiedfuturedateisa(n):
A.Unearnedrevenue.
B.Prepaidexpense.
C.Creditaccount.
D.Notepayable.
EAccountreceivable.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C3
72.Acollectionofallaccountsandtheirbalancesusedbyabusinessiscalleda:
A.Journal.
B.Bookoforiginalentry.
C.GeneralJournal.
D.Balancecolumnjournal.
E,Ledger.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C3
73.Aledgeris:
A.Arecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,or
expenseitem.
B.Ajournalinwhichtransactionsarefirstrecorded.
C.Acollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccounting
process.
D.Alistofallaccountswiththeirdebitbalancesatapointintime.
E,Arecordcontainingallaccountsandtheirbalancesusedbyacompany.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C4
74.Alistofallaccountsandtheidentificationnumberassignedtoeachaccountusedbya
companyiscalleda:
A.Sourcedocument.
B.Journal.
C.Trialbalance.
D,Chartofaccounts.
E.GeneralJournal.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C4
75.Thenumberingsystemusedinacompany'schartofaccounts:
A.Isthesameforallcompanies.
B.Isdeterminedbygenerallyacceptedaccountingprinciples.
C.Dependsonthesourcedocumentsusedintheaccountingprocess.
D.Typicallybeginswithbalancesheetaccounts.
E.Typicallybeginswithincomestatementaccounts.
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C4
76.Adebitis:
A.Anincreaseinanaccount.
B.Theright-handsideofaT-account.
C.Adecreaseinanaccount.
D,Theleft-handsideofaT-account.
E.Anincreasetoaliabilityaccount.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:C5
77.TherightsideofaT-accountisa(n):
A.Debit.
B.Increase.
C.Credit.
D.Decrease.
E.Accountbalance.
79.Acreditisusedtorecord:
A.Adecreaseinanexpenseaccount.
B.Adecreaseinanassetaccount.
C.Anincreaseinanunearnedrevenueaccount.
D.Anincreaseinarevenueaccount.
E?Allofthese.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C5
80.Asimpleaccountformwidelyusedinaccountingasatooltounderstandhowdebitsand
creditsaffectanaccountbalanceiscalleda:
A.Withdrawalsaccount.
B.Capitalaccount.
C.Drawingaccount.
D.T-account.
EBalancecolumnsheet.
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:C5
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:C5
82.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C5
83.Ofthefollowingaccounts,theonethatnormallyhasacreditbalanceis:
A.Cash.
B.OfficeEquipment.
C.SalesSalariesPayable.
D.Owner,Withdrawals.
E.SalesSalariesExpense.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C5
84.Adebitisusedtorecord:
A.Adecreaseinanassetaccount.
B.Adecreaseinanexpenseaccount.
C.Anincreaseinarevenueaccount.
D.Anincreaseinthebalanceofanowner'scapitalaccount.
E,Anincreaseinthebalanceoftheowner'swithdrawalsaccount.
AACSB:A/ialytic
A1CPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C5
85.Acreditentry:
A.Increasesassetandexpenseaccounts,anddecreasesliability,owner'scapital,andrevenue
accounts.
B.Isalwaysadecreaseinanaccount.
C,Decreasesassetandexpenseaccounts,andincreasesliability,owner'scapital,andrevenue
accounts.
D.IsrecordedontheleftsideofaT-account.
E.Isalwaysanincreaseinanaccount.
AACSB:Analytic
A/CPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:C5
86.Double-entryaccountingisanaccountingsystem:
A.Thatrecordseachtransactiontwice.
B,Thatrecordstheeffectsoftransactionsandothereventsinatleasttwoaccountswithequal
debitsandcredits.
C.Inwhicheachtransactionaffectsandisrecordedintwoormoreaccountsbutthatcould
includetwodebitsandnocredits.
D.ThatmayonlybeusedifT-accountsareused.
E.Thatinsuresthaterrorsneveroccur.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:C5
87.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:Al
88.ManagementServices,Ividesservicestoclients.OnMay1,aclientprepaid
ManagementServices$60,000for6-monthsservicesinadvance.ManagementServices1
generaljournalentrytorecordthistransactionwillincludea
A.DebittoUnearnedManagementFeesfor$60,000.
B.CredittoManagementFeesEarnedfor$60,000.
C.CredittoCashfor$60,000.
D.CredittoUnearnedManagementFeesfor$60,000.
E.DebittoManagementFeesEarnedfor$60,000.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:Al
89.WisconsinRentalspurchasedofficesuppliesoncredit.Thegeneraljournalentrymadeby
WisconsinRentalswillincludea:
A.DebittoAccountsPayable.
B.DebittoAccountsReceivable.
C.CredittoCash.
D.CredittoAccountsPayable.
E.CredittoWisconsinRentals,Capital.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Easy
LearningObjective:Al
90.Anassetcreatedbyprepaymentofanexpenseis:
A.Recordedasadebittoanunearnedrevenueaccount.
B,Recordedasadebittoaprepaidexpenseaccount.
C.Recordedasacredittoanunearnedrevenueaccount.
D.Recordedasacredittoaprepaidexpenseaccount.
E.Notrecordedintheaccountingrecordsuntiltheearningsprocessiscomplete.
AACSB:A/ialytic
A1CPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:Al
91.RobertHaddoncontributed$70,000incashandlandworth$130,000toopenanew
business,RHConsulting.WhichofthefollowinggeneraljournalentrieswillRHConsulting
maketorecordthistransaction?
Assets$200,000
、RobertHaddon.Capital$200,000
CashandLand$200,000
BRobertHaddon,Capital$200,000
Cash$70,000
Land130,000
CRobertHaddon,Capital$200,000
RobertHaddon,Capital$200,000
Cash$70,000
DLand130,000
RobertHaddon,Capital200,000
FAssets$200,000
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:Al
92.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
93.OnSeptember30,theCashaccountofValueCompanyhadanormalbalanceof$5,000.
DuringSeptember,theaccountwasdebitedforatotalof$12,200andcreditedforatotalof
$11,50().WhatwasthebalanceintheCashaccountatthebeginningofSeptember?
A.A$0balance.
B.A$4,300debitbalance.
C.A$4,300creditbalance.
D.A$5,700debitbalance.
E.A$5,700creditbalance.
Beg.Bal.+$12,200-$11,500=$5,000
Beg.Bal.$4,300debit
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
94.OnApril3(),HoldenCompanyhadanAccountsReceivablebalanceof$18,000.Duringthe
monthofMay,totalcreditstoAccountsReceivablewere$52,000fromcustomerpayments.
TheMay31AccountsReceivablebalancewas$13,000.Whatwastheamountofcreditsales
duringMay?
A.$5,000.
B.$47,000.
C.$52,000.
D.$57,000.
E.$32,000.
$18,000+CreditSales-$52,000=$13,000
CreditSales=$47,000
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
95.DuringthemonthofFebruary,HofferCompanyhadcashreceiptsof$7,500andcash
disbursementsof$8,600.TheFebruary28cashbalancewas$1,800.WhatwastheJanuary31
beginningcashbalance?
A.$700.
B.$1,100.
C.$2,900.
D?$0.
E.$4,300.
Beg.Bal.+$7,500-$8,600=$1,800
Beg.Bal.=$2,900
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
96.ThefollowingtransactionsoccurredduringJuly:
1.Received$900cashforservicesprovidedtoacustomerduringJuly.
2.Received$2,200cashinvestmentfromBarbaraHanson,theownerofthebusiness.
3.Received$750fromacustomerinpartialpaymentofhisaccountreceivablewhicharose
fromsalesinJune.
4.Providedservicestoacustomeroncredit,$375.
5.Borrowed$6,000fromthebankbysigningapromissorynote.
6.Received$1,250cashfromacustomerforservicestoberenderednextyear.
WhatwastheamountofrevenueforJuly?
A.$900.
B.$1,275.
C.$2,525.
D.$3,275.
E.$11,10().
Revenues=$900(l)+$375(4)=$1,275
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
97.IfTimJones,theownerofJonesHardwareproprietorship,usescashofthebusinessto
purchaseafamilyautomobile,thebusinessshouldrecordthisuseofcashwithanentryto:
A.DebitSalaryExpenseandcreditCash.
B.DebitTimJones,SalaryandcreditCash.
C.DebitCashandcreditTimJones,Withdrawals.
D.DebitTimJones,WithdrawalsandcreditCash.
E.DebitAutomobilesandcreditCash.
AACSB:A/ialytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:A/
98.ZedBennettopenedanartgalleryandasadealercompletedthesetransactions:
1.Startedthegallery,Artery,byinvesting$40,000cashandequipmentvaluedat$18,000.
2.Purchased$70ofofficesuppliesoncredit.
3.Paid$1,200cashforthereceptionist'ssalary.
4.Soldapaintingforanartistandcollecteda$4,500cashcommissiononthesale.
5.Completedanartappraisalandbilledtheclient$200.
Whatwasthebalanceofthecashaccountafterthesetransactionswereposted?
A.$12,230.
B.$12,430.
C.$43,300.
D.$43,430.
E.$61,430.
$40,000(1)-$1,200(3)+$4,500(4)=$43,300
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
99.AtthebeginningofJanuaryofthecurrentyear,ThomasLawCenter'sledgerreflecteda
normalbalanceof$52,000foraccountsreceivable.DuringJanuary,thecompanycollected
$14,800fromcustomersonaccountandprovidedadditionalservicestocustomersonaccount
totaling$12,500.Additionally,duringJanuaryonecustomerpaidThomas$5,000forservices
tobeprovidedinthefuture.AttheendofJanuary,thebalanceintheaccountsreceivable
accountshouldbe:
A.$54,700.
B.$49,700.
C.$2,300.
D.$54,300.
E.$49,300.
$52,000beginningbalance-$14,800ofcollections+$12,500ofadditionalservicesoncredit=
$49,700.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
100.DuringthemonthofMarch,CooleyComputerServicesmadepurchasesonaccount
totaling$43,500.AlsoduringthemonthofMarch,Cooleywaspaid$8,000byacustomerfor
servicestobeprovidedinthefutureandpaid$36,900ofcashonitsaccountspayablebalance.
IfthebalanceintheaccountspayableaccountatthebeginningofMarchwas$77,30(),whatis
thebalanceinaccountspayableattheendofMarch?
A.$83,900.
B.$91,900.
C.$6,600.
D.$75,900.
E.$4,900.
Beginningbalanceof$77,300+$43,500ofpurchasesonaccount-$36,900ofpaymentson
account=$83,900.
AACSB:A/jalytic
A1CPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
101.OnJanuary1ofthecurrentyear,Bob'sLawnCareServicereportedowner'scapital
totaling$122,500.Duringthecurrentyear,totalrevenueswere$96,000whiletotalexpenses
were$85,500.Also,duringthecurrentyearBobwithdrew$20,000fromthecompany.No
otherchangesinequityoccurredduringtheyear.If,onDecember31ofthecurrentyear,total
assetsare$196,000,thechangeinowner'scapitalduringtheyearwas:
A.Adecreaseof$9,500.
B.Anincreaseof$9,500.
C.Anincreaseof$30,500.
D.Adecreaseof$30,500
E.Impossibletodeterminefromtheinformationprovided.
Duringtheyear,revenueswere$96,000whileexpenseswere$85,50()andwithdrawalswere
$20,000.Sincetherewerenootherchangesinequity,equitymusthavedecreasedby$9,500.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:Al
102.AndreaConawayopenedWonderlandPhotographyonJanuary1ofthecurrentyear.
DuringJanuary,thefollowingtransactionsoccurredandwererecordedinthecompany*sbooks:
1.Conawayinvested$13,500cashinthebusiness.
2.Conawaycontributed$20,000ofphotographyequipmenttothebusiness.
3.Thecompanypaid$2,100cashforaninsurancepolicycoveringthenext24months.
4.Thecompanyreceived$5,700cashforservicesprovidedduringJanuary.
5.Thecompanypurchased$6,200ofofficeequipmentoncredit.
6.Thecompanyprovided$2,750ofservicestocustomersonaccount.
7.Thecompanypaidcashof$1,500fbrmonthlyrent.
8.Thecompanypaid$3,100ontheofficeequipmentpurchasedintransaction#5above.
9.Paid$275cashforJanuaryutilities.
Basedonthisinformation,thebalanceinthecashaccountattheendofJanuarywouldbe:
A.$41,450.
B.$12,225
E$18,70().
D.$15,250.
E.$13,50().
(1)$13,50()-(3)$2,100+(4)5,70()-(7)$1,500-(8)$3,10()-(9)$275=$12,225
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:Al
103.BasedontheinformationincludedinQuestion#102,thebalanceintheAndreaConaway,
CapitalaccountreportedontheStatementofOwner'sEquityattheendofthemonthwouldbe:
A.$31,400.
B.$39,200.
C.$31,150.
D.$40,175.
百$3(),875.
(1)$13,500+(2)$20,000+(4)$5,700+(6)$2,750-(7)$1,500-(9)$275=$40,175.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:AI
104.Thedebtratioisused:
A.Tomeasuretherelationofequitytoexpenses.
B,Toreflecttheriskassociatedwithacompany*sdebts.
C.OnlybybankswhenabusinessappliesforaIoan.
D.Todeterminehowmuchdebtafirmshouldpayoff.
E.Allofthese.
AACSB:A/ialytic
A1CPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:A2
105.Whichofthefollowingistheformulausedtocalculatethedebtratio?
A.TotalEquity/TotalLiabilities.
B.TotalLiabilities/TotalEquity.
C.TotalLiabilities/TotalAssets.
D.TotalAssets/TotalLiabilities.
E.TotalEquity/TotalAssets.
AACSB:Analytic
A1CPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:A2
106.Whichofthefollowingstatementsisincorrect?
A.Higherfinancialleverageinvolveshigherrisk.
B.Riskishigherifacompanyhasmoreliabilities.
C,Riskishigherifacompanyhashigherassets.
D.Thedebtratioisonemeasureoffinancialrisk.
E.Lowerfinancialleverageinvolveslowerrisk.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:A2
107.StrideRitehastotalassetsof$425million.Itstotalliabilitiesare$110million.Itsequityis
$315million.Calculatethedebtratio.
A.38.6%.
B.13.4%.
C.34.9%.
D.25.9%.
E14.9%.
$110million/$425million=25.9%
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:A2
108.StrideRitehastotalassetsof$385million.Itstotalliabilitiesare$100millionandits
equityis$285million.Calculateitsdebtratio.
A.35.1%.
B.26.0%.
C38.5%.
D.28.5%.
E.58.8%.
$100million/$385million=26.0%
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Medium
LearningObjective:A2
109.Whichofthefollowingstatementsdescribingthedebtratioisfalse?
A.Itisofusetobothinternalandexternalusersofaccountinginformation.
B,Arelativelyhighratioisalwaysdesirable.
C.Thedividinglineforahighandlowratiovariesfromindustrytoindustry.
D.Manyfactorssuchasacompany'sage,stability,profitabilityandcashflowinfluencethe
determinationofwhatwouldbeinterpretedasahighversusalowratio.
E.Theratiomightbeusedtohelpdetermineifacompanyiscapableofincreasingitsincomeby
obtainingfurtherdebt.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:A2
11().Attheendofthecurrentyear,NormanCompanyreportedtotalliabilitiesof$300,000and
totalequityof$100,000.Thecompany'sdebtratioonthelastyear-endwas:
A.300%.
B.33.3%
C.75.0%.
D.$400,000.
E.Cannotbedeterminedfromtheinformationprovided.
Onthelastyear-end,totalliabilitieswere$300,000andtotalequitywas$100,000.Thatmeans
totalassetswere$400,000.Therefore,thedebttoassetsratiowas$300,000/$400,000or
75.0%.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:A2
111.Atthebeginningofthecurrentyear,TauntonCompany'stotalassetswere$248,000and
itstotalliabilitieswere$175,000.Duringtheyear,thecompanyreportedtotalrevenuesof
$93,000,totalexpensesof$76,000andownerwithdrawalsof$5,00().Therewerenoother
changesinowner'scapitalduringtheyearandtotalassetsattheendoftheyearwere$260,000.
TauntonCompany*sdebtratioattheendofthecurrentyearis:
A.70.6%.
B.67.3%.
C.32.7%.
D.48.6%.
E.Cannotbedeterminedfromtheinformationprovided.
Iftotalassetswere$248,000andtotalliabilitieswere$175,000,totalequitywas$73,000atthe
beginningoftheperiod.Addtothatfigure$93,000ofrevenuesduringtheyearandsubtract
$76,000ofexpensesand$5,000ofwithdrawalsduringtheyearandequityobviouslyendedthe
yearat$85,000.Iftotalassetsattheendoftheyearwere$260,000andtotalequitywas$85,000,
totalliabilitieswere$175,000.Thus,thedebtratiowas$175,000/$260,000=67.3%.
AACSB:Analytic
AICPAFN:DecisionMaking
Difficulty:Hard
LearningObjective:A2
112.Theprocessoftransferringgeneraljournalinformationtotheledgeris:
A.Double-entryaccounting.
B.Posting.
C.Balancinganaccount.
D.Journalizing.
E.Notrequiredunlessdebitsdonotequalcredits
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