会计学原理 快速测试(英文版)

TEST FOR CHAPTER 1-4
注：判断题红色标记句为错句，选择题加下划线选项为正确答案
PART I TRUE OR FALSE
1) Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable,
and comparable formation about an organization's business activities.
2) Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs of
internal users.
3) The primary objective of financial accounting is to provide general purpose financial statements to help external users
analyze and interpret an organization's activities.
4) Internal users include lenders, shareholders, brokers and managers.
5) In the partnership form of business, the owners are called stockholders.
6) The business entity principle means that a business will continue operating for an indefinite period of time.
7) As a general rule, revenues should not be recognized in the accounting records until it is received in cash.
8) Accrued expenses at the end of one accounting period are expected to result in cash payments in a future period.
9) The idea that a business will continue to operate until it can sell its assets to pay its creditors underlies the
going- concern assumption.
10) The monetary unit assumption means that all international transactions must be expressed in dollars.
11) The International Accounting Standards Board (IASB) is the government group that establishes reporting requirements
for companies that issue stock to the public.
12) Expenses decrease equity and are the costs of assets or services used to earn revenues.
13) A company might provide a service or product on credit.
later date.
14) Each adjusting entry affects only one or more income statement account and never cash.
15) The legitimate claims of a business's creditors take precedence over the claims of the business owner.
16) Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.
17) From an accounting perspective, an event is a happening that affects an entity's accounting equation, but cannot be
measured.
18) The income statement is a financial statement that shows revenues earned and expenses incurred during a specified
period of time.
19) Chuck Taylor withdrew $$6,000 in cash from FastForward. This amount should be included as an expense on the
income statement.
20) Source documents provide evidence of business transactions and are the basis for accounting entries.
21) Items such as sales tickets, bank statements, checks, and purchase orders are source documents.
22) It is not necessary to keep separate accounts for all items of importance for business decisions.
23) Closing entries are necessary so that owner's capital will begin each period with a zero balance.
24) Cash withdrawn by the owner of a proprietorship should be treated as an expense of the business.
25) When a company provides services for which cash will not be received until some future date, the company should
record the amount received as unearned revenue for the amount charged to the customer.
26) Double entry accounting requires that each transaction affect, and be recorded in, at least two accounts.
27) Asset accounts normally have credit balances and revenue accounts normally have debit balances.
28) A transaction that decreases an asset account and increases a liability account must also affect one or more other
accounts.
29) Adjusting entries are used to bring asset or liability accounts to their proper amount and update the related expense or
revenue account.
30) When a company bills a customer for $$600 for services rendered, the journal entry to record this transaction will
include a $$600 debit to Services Revenue.
31) The journal is known as the book of final entry because financial statements are prepared from it.
32) The closing process takes place after financial statements have been prepared.
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33) A trial balance that balances is not proof of complete accuracy in recording transactions.
34) Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and
the withdrawals account to owner's capital.
35) If cash was incorrectly debited for $$100 instead of correctly credited for $$100, the cash account is out of balance by
$$100.
36) Adjusting entries result in a better matching of revenues and expenses for the period.
37) The matching principle requires that expenses get recorded in the same accounting period as the revenues that are
earned as a result of the expenses, not when cash is paid.
38) On October 15, a company received $$15,000 cash as a down payment on a consulting contract. The amount was
credited to Unearned Consulting Revenue. By October 31, 10% of the services required by the contract were
completed. The company will record consulting revenue of $$1,500 from this contract for October.
39) Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expense
accounts ready for use in the next period.
40) Accrued expenses reflect transactions where cash is paid before a related expense is recognized.
41) Before an adjusting entry is made to recognize the cost of expired insurance for the period, Prepaid Insurance and
Insurance Expense are both overstated.
42) A company purchased $$6,000 worth of supplies in August and recorded the purchase in the Supplies account. On
August 31, the fiscal year-end, the supplies count equaled $$3,200. The adjusting entry would include a $$2,800 debit to
Supplies.
43) In preparing statements from the adjusted trial balance, the balance sheet must be prepared first.
44) A company performs 20 days work on a 30-day contract before the end of the year. The total contract is valued at
$$6,000 and payment is not due until the contract is fully completed. The adjusting entry includes a $$4,000 credit to
unearned revenue.
45) An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded and posted.
46) Financial statements can be prepared directly from the information in the adjusted trial balance.
47) Income Summary is a temporary account only used for the closing process.
48) Revenue accounts should begin each accounting period with zero balances.
49) The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statements
and recording closing and adjusting entries.
50) When expenses exceed revenues, there is a net loss and the Income Summary account would have a credit balance.
51) A post-closing trial balance is a list of permanent accounts and their balances from the ledger after all closing entries
are journalized and posted.

PART II MULTIPLE-CHOICE
1. The primary objective of financial accounting is:
A. To serve the decision-making needs of internal users.
B. To provide financial statements to help external users analyze an organization's activities.
C. To monitor and control company activities.
D. To provide information on both the costs and benefits of looking after products and services.
E. To know what, when, and how much to produce.

2. Internal users of accounting information include:
A. Shareholders. B. Managers. C. Lenders. D. Suppliers. E. Customers.

3. A corporation:
A. Is a business legally separate from its owners. B. Is controlled by the FASB.
C. Has shareholders who have unlimited liability for the acts of the corporation.
D. Is the same as a limited liability partnership. E. All of these.

4. The accounting assumption that requires every business to be accounted for separately from other business entities,
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including its owner or owners is known as the:
A. Objectivity principle. B. Business entity assumption. C. Going-concern assumption.
D. Revenue recognition principle. E. Cost principle.

5. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of
being closed or sold, unless evidence shows that it will not continue, is the:
A. Going-concern principle. B. Business entity principle. C. Objectivity principle.
D. Cost Principle. E. Monetary unit principle.

6. If a parcel of land that was originally acquired for $$85,000 is offered for sale at $$150,000, is assessed for tax purposes at
$$95,000, is recognized by its purchasers as easily being worth $$140,000, and is sold for $$137,000, the land should be
recorded in the purchaser's books at:
A. $$95,000. B. $$137,000. C. $$138,500. D. $$140,000. E. $$150,000.

7. To include the personal assets and transactions of a business's owner in the records and reports of the business would be
in conflict with the:
A. Objectivity principle. B. Realization principle. C. Business entity principle.
D. Going-concern principle. E. Revenue recognition principle.

8. The question of when revenue should be recognized on the income statement (according to GAAP) is addressed by the:
A. Revenue recognition principle. B. Going-concern principle. C. Objectivity principle.
D. Business entity principle. E. Cost principle.

9. On December 15, 2007, Myers Legal Services signed a $$50,000 contract with a client to provide legal services to the
client in 2008. Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2008 and
not 2007?
A. Monetary unit principle B. Going-concern principle C. Cost principle
D. Business entity principle E. Revenue recognition principle

10. A partnership:
A. Is also called a sole proprietorship. B. Has unlimited liability. C. Has owners called shareholders.
D. Has to have a written agreement in order to be legal. E. Is a legal organization separate from its owners.

11. According to generally accepted accounting principles, a company's balance sheet should show the company's assets at:
A. The cash equivalent value of what was given up or received.
B. The current market value of the asset received in all cases.
C. The cash paid only, even if something other than cash was given in the exchange.
D. The best estimate of a certified internal auditor. E. The objective value to external users.

12. Revenue is properly recognized:
A. When the customer's order is received. B. Only if the transaction creates an account receivable.
C. At the end of the accounting period. D. When cash from a sale is received.
E. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales
price.

13. If a parcel of land that was originally purchased for $$85,000 is offered for sale at $$150,000, is assessed for tax purposes
at $$95,000, is recognized by its purchasers as easily being worth $$140,000, and is sold for $$137,000. What is the effect of
the sale on the accounting equation for the seller?
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A. Assets increase $$52,000; owner's equity increases $$52,000
B. Assets increase $$85,000; owner's equity increases $$85,000
C. Assets increase $$137,000; owner's equity increases $$137,000
D. Assets increase $$140,000; owner's equity increases $$140,000
E. None of these

14. If a parcel of land that was originally purchased for $$85,000 is offered for sale at $$150,000, is assessed for tax purposes
at $$95,000, is recognized by its purchasers as easily being worth $$140,000, and is sold for $$137,000. At the time of the sale,
assume that the seller still owed $$30,000 to TrustOne Bank on the land that was purchased for $$85,000. Immediately after
the sale, the seller paid off the loan to TrustOne Bank. What is the effect of the sale and the payoff of the loan on the
accounting equation?
A. Assets increase $$52,000; owner's equity increases $$22,000; liabilities decrease $$30,000
B. Assets increase $$52,000; owner's equity increases $$30,000; liabilities decrease $$30,000
C. Assets increase $$22,000; owner's equity increases $$52,000; liabilities decrease $$30,000
D. Assets decrease $$30,000; owner's equity decreases $$30,000; liabilities decrease $$30,000
E. Assets decrease $$55,000; owner's equity decreases $$55,000; liabilities decrease $$30,000

15. The difference between a company's assets and its liabilities, or net assets is:
A. Net income. B. Expense. C. Equity. D. Revenue. E. Net loss.

16. Which of the following statements is true about assets?
A. They are economic resources owned or controlled by the business.
B. They are expected to provide future benefits to the business.
C. They appear on the balance sheet. D. Claims on them can be shared between creditors and owners.
E. All of these.

17. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash $$20,500; Accounts
Receivable, $$7,250; Supplies, $$650; Equipment, $$12,000; Accounts Payable, $$9,300. What is the amount of owner's equity
as of July 1 of the current year?
A. $$8,300 B. $$13,050 C. $$20,500 D. $$31,100 E. $$40,400

18. Photometer Company paid off $$30,000 of its accounts payable in cash. What would be the effects of this transaction on
the accounting equation?
A. Assets, $$30,000 increase; liabilities, no effect; equity, $$30,000 increase.
B. Assets, $$30,000 decrease; liabilities, $$30,000 decrease; equity, no effect.
C. Assets, $$30,000 decrease; liabilities, $$30,000 increase; equity, no effect.
D. Assets, no effect; liabilities, $$30,000 decrease; equity, $$30,000 increase.
E. Assets, $$30,000 decrease; liabilities, no effect; equity $$30,000 decrease.

19. How would the accounting equation of Boston Company be affected by the billing of a client for $$10,000 of consulting
work completed?
A. +$$10,000 accounts receivable, -$$10,000 accounts payable. B. +$$10,000 accounts receivable, +$$10,000 accounts
payable.
C. +$$10,000 accounts receivable, +$$10,000 cash. D. +$$10,000 accounts receivable, +$$10,000 revenue.
E. +$$10,000 accounts receivable, -$$10,000 revenue.

20. Source documents include all of the following except:
A. Sales tickets. B. Ledgers. C. Checks. D. Purchase orders. E. Bank statements.
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21. Which of the following statements is correct?
A. When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid
Expense.
B. Promises of future payment are called accounts receivable.
C. Increases and decreases in cash are always recorded in the owner's capital account.
D. An account called Land is commonly used to record increases and decreases in both the land and buildings owned by a
business.
E. Accrued liabilities include accounts receivable.

22. A written promise to pay a definite sum of money on a specified future date is a(n):
A. Unearned revenue. B. Prepaid expense. C. Credit account. D. Note payable. E. Account receivable.

23. A collection of all accounts and their balances used by a business is called a:
A. Journal. B. Book of original entry. C. General Journal. D. Balance column journal. E. Ledger.

24. A list of all accounts and the identification number assigned to each account used by a company is called a:
A. Source document. B. Journal. C. Trial balance. D. Chart of accounts. E. General Journal.

25. Which of the following statements is incorrect?
A. The normal balance of accounts receivable is a debit.
B. The normal balance of owner's withdrawals is a debit.
C. The normal balance of unearned revenues is a credit.
D. The normal balance of an expense account is a credit.
E. The normal balance of the owner's capital account is a credit.

26. A simple account form widely used in accounting as a tool to understand how debits and credits affect an account
balance is called a:
A. Withdrawals account. B. Capital account. C. Drawing account. D. T-account. E. Balance column sheet.

27. Double-entry accounting is an accounting system:
A. That records each transaction twice.
B. That records the effects of transactions and other events in at least two accounts with equal debits and credits.
C. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no
credits.
D. That may only be used if T-accounts are used. E. That insures that errors never occur.

28. Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $$60,000 for
6-months services in advance. Management Services' general journal entry to record this transaction will include a
A. Debit to Unearned Management Fees for $$60,000. B. Credit to Management Fees Earned for $$60,000.
C. Credit to Cash for $$60,000. D. Credit to Unearned Management Fees for $$60,000.
E. Debit to Management Fees Earned for $$60,000.

29. On September 30, the Cash account of Value Company had a normal balance of $$5,000. During September, the account
was debited for a total of $$12,200 and credited for a total of $$11,500. What was the balance in the Cash account at the
beginning of September?
A. A $$0 balance. B. A $$4,300 debit balance. C. A $$4,300 credit balance.
D. A $$5,700 debit balance. E. A $$5,700 credit balance.
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30. On April 30, Holden Company had an Accounts Receivable balance of $$18,000. During the month of May, total credits
to Accounts Receivable were $$52,000 from customer payments. The May 31 Accounts Receivable balance was $$13,000.
What was the amount of credit sales during May?
A. $$ 5,000. B. $$47,000. C. $$52,000. D. $$57,000. E. $$32,000.

31. The following transactions occurred during July:
1. Received $$900 cash for services provided to a customer during July.
2. Received $$2,200 cash investment from Barbara Hanson, the owner of the business.
3. Received $$750 from a customer in partial payment of his account receivable which arose from sales in June.
4. Provided services to a customer on credit, $$375.
5. Borrowed $$6,000 from the bank by signing a promissory note.
6. Received $$1,250 cash from a customer for services to be rendered next year.

What was the amount of revenue for July?
A. $$ 900. B. $$ 1,275. C. $$ 2,525. D. $$ 3,275. E. $$11,100.

32. During the month of March, Cooley Computer Services made purchases on account totaling $$43,500. Also during the
month of March, Cooley was paid $$8,000 by a customer for services to be provided in the future and paid $$36,900 of cash
on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $$77,300,
what is the balance in accounts payable at the end of March?
A. $$83,900. B. $$91,900. C. $$6,600. D. $$75,900. E. $$4,900.

33. On January 1 of the current year, Bob's Lawn Care Service reported owner's capital totaling $$122,500. During the
current year, total revenues were $$96,000 while total expenses were $$85,500. Also, during the current year Bob withdrew
$$20,000 from the company. No other changes in equity occurred during the year. If, on December 31 of the current year,
total assets are $$196,000, the change in owner's capital during the year was:
A. A decrease of $$9,500. B. An increase of $$9,500. C. An increase of $$30,500.
D. A decrease of $$30,500 E. Impossible to determine from the information provided.

34. A balance column ledger account is:
A. An account entered on the balance sheet.
B. An account with debit and credit columns for posting entries and another column for showing the balance of the account
after each entry is posted.
C. Another name for the withdrawals account.
D. An account used to record the transfers of assets from a business to its owner.
E. A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a
transaction.

35. A general journal is:
A. A ledger in which amounts are posted from a balance column account.
B. Not required if T-accounts are used.
C. A complete record of any transaction and the place from which transaction amounts are posted to the ledger accounts.
D. Not necessary in electronic accounting systems.
E. A book of final entry because financial statements are prepared from it.

36. Which of the following statements is true?
A. If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions.
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B. The trial balance is a book of original entry.
C. Another name for the trial balance is the chart of accounts.
D. The trial balance is a list of all accounts from the ledger with their balances at a point in time.
E. The trial balance is another name for the balance sheet as long as debits balance with credits.

37. A trial balance taken at year-end showed total credits exceed total debits by $$4,950. This discrepancy could have been
caused by:
A. An error in the general journal where a $$4,950 increase in Accounts Receivable was recorded as an increase in Cash.
B. A net income of $$4,950.
C. The balance of $$49,500 in Accounts Payable being entered in the trial balance as $$4,950.
D. The balance of $$5,500 in the Office Equipment account being entered on the trial balance as a debit of $$550.
E. An error in the general journal where a $$4,950 increase in Accounts Payable was recorded as a decrease in Accounts
Payable.

38. In which of the following situations would the trial balance not balance?
A. A $$1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to
Cash.
B. The purchase of office supplies on account for $$3,250 was erroneously recorded in the journal as $$2,350 debit to Office
Supplies and credit to Accounts Payable.
C. A $$50 cash receipt for the performance of a service was not recorded at all.
D. The purchase of office equipment for $$1,200 was posted as a debit to Office Supplies and a credit to Cash for $$1,200.
E. The cash payment of a $$750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $$750.

39. Interim financial statements refer to financial reports:
A. That cover less than one year, usually spanning one, three, or six-month periods.
B. That are prepared before any adjustments have been recorded.
C. That show the assets above the liabilities and the liabilities above the equity.
D. Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid.
E. Where the adjustment process is used to assign revenues to the periods in which they are earned and to match expenses
with revenues.

40. The length of time covered by a set of periodic financial statements is referred to as the:
A. Fiscal cycle. B. Natural business year. C. Accounting period. D. Business cycle. E. Operating cycle.

41. Adjusting entries:
A. Affect only income statement accounts. B. Affect only balance sheet accounts.
C. Affect both income statement and balance sheet accounts. D. Affect only cash flow statement accounts.
E. Affect only equity accounts.

42. The main purpose of adjusting entries is to:
A. Record external transactions and events. B. Record internal transactions and events.
C. Recognize assets purchased during the period. D. Recognize debts paid during the period. E. Correct errors.

43. Which of the following statements is incorrect?
A. Adjustments to prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities.
B. Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded.
C. Adjusting entries can be used to record both accrued expenses and accrued revenues.
D. Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage
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of time.
E. Adjusting entries affect the cash account.

44. An adjusting entry could be made for each of the following except:
A. Prepaid expenses. B. Depreciation. C. Owner withdrawals. D. Unearned revenues. E. Accrued
revenues.

45. A company made no adjusting entry for accrued and unpaid employee wages of $$28,000 on December 31. This
oversight would:
A. Understate net income by $$28,000. B. Overstate net income by $$28,000.
C. Have no effect on net income. D. Overstate assets by $$28,000. E. Understate assets by $$28,000.

46. If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the
financial statements prepared at that time would show:
A. Assets overstated and equity understated. B. Assets and equity both understated.
C. Assets overstated, net income understated, and equity overstated.
D. Assets, net income, and equity understated. E. Assets, net income, and equity overstated.

47. If a company failed to make the end-of- period adjustment to remove from the Unearned Management Fees account the
amount of management fees that were earned, this omission would cause:
A. An overstatement of net income. B. An overstatement of assets. C. An overstatement of liabilities.
D. An overstatement of equity. E. An understatement of liabilities.

48. When closing entries are made:
A. All ledger accounts are closed to start the new accounting period.
B. All temporary accounts are closed but not the permanent accounts.
C. All real accounts are closed but not the nominal accounts.
D. All permanent accounts are closed but not the nominal accounts.
E. All balance sheet accounts are closed.

49. Which of the following statements is incorrect?
A. Permanent accounts is another name for nominal accounts.
B. Temporary accounts carry a zero balance at the beginning of each accounting period.
C. The Income Summary account is a temporary account.
D. Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.
E. The closing process applies only to temporary accounts.

50. Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts
for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to
as:
A. Adjusting entries. B. Closing entries. C. Final entries. D. Work sheet entries. E. Updating entries.

51. The recurring steps performed each reporting period, starting with analyzing and recording transactions in the journal
and continuing through the post-closing trial balance, is referred to as the:
A. Accounting period. B. Operating cycle. C. Accounting cycle. D. Closing cycle. E. Natural business year.

52. Which of the following is the usual final step in the accounting cycle?
A. Journalizing transactions. B. Preparing an adjusted trial balance. C. Preparing a post-closing trial balance.
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D. Preparing the financial statements. E. Preparing a work sheet.










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