会计学原理英文版一单元习题

1. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's

business activities. 2. Bookkeeping is the recording of transactions and events and is only part of accounting.

3. An accounting information system communicates data to help businesses make

better decisions. 4. Managerial accounting is the area of accounting that provides internal reports to

assist the decision making needs of internal users. 5. Internal operating activities include research and development, distribution, and

human resources. 6. The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization's activities. 7. External auditors examine financial statements to verify that they are prepared

according to generally accepted accounting principles. 8. External users include lenders, shareholders, customers, and regulators.

9. Regulators often have legal authority over certain activities of organizations. 10. Internal users include lenders, shareholders, brokers and managers. 11. Opportunities in accounting include auditing, consulting, market research, and tax planning.

12. Identifying the proper ethical path is easy.

13. The Sarbanes-Oxley Act (SOX) requires each issuer of securities to disclose

whether is has adopted a code of ethics for its senior financial officers and the contents of that code.

14. The fraud triangle asserts that there are three factors that must exist for a person to commit fraud; these factors are opportunity, pressure, and rationalization.

15. The Sarbanes-Oxley Act (SOX) does not require public companies to apply both accounting oversight and stringent internal controls.

16. A partnership is a business owned by two or more people.

17. Owners of a corporation are called shareholders or stockholders.

18. In the partnership form of business, the owners are called stockholders.

19. The balance sheet shows a company’s net income or loss due to earnings activities over a period of time.

20. The Financial Accounting Standards Board is the private group that sets both broad and specific accounting principles.

21. The business entity principle means that a business will continue operating for an indefinite period of time.

22. Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements.

23. The business entity assumption means that a business is accounted for separately from other business entities, including its owner or owners.

24. As a general rule, revenues should not be recognized in the accounting records until it is received in cash.

25. Specific accounting principles are basic assumptions, concepts, and guidelines for preparing financial statements and arise out of long-used accounting practice. 26. General accounting principles arise from long-used accounting practices. 27. A sole proprietorship is a business owned by one or more persons. 28. Unlimited liability is an advantage of a sole proprietorship.

29. Understanding generally accepted accounting principles is not necessary to use and interpret financial statements.

30. The International Accounting Standards board (IASB) has the authority to impose its standards on companies around the world.

31. Objectivity means that financial information is supported by independent unbiased evidence.

32. The idea that a business will continue to operate instead of being closed or sold underlies the going-concern assumption.

33. According to the cost principle, it is preferable for managers to report an estimate of an asset's value.

34. The monetary unit assumption means that all international transactions must be expressed in dollars.

35. The International Accounting Standards Board (IASB) is the government group that establishes reporting requirements for companies that issue stock to the public. 36. A limited liability company offers the limited liability of a partnership or proprietorship and the tax treatment of a corporation.

37. The Securities and Exchange Commission (SEC) is a government agency that has legal authority to establish GAAP.

38. The three common forms of business ownership include sole proprietorship, partnership, and non-profit.

39. The three major types of business activities are operating, financing, and investing. 40. Planning is defining an organization's ideas, goals, and actions.

41. Strategic management is the process of determining the right mix of operating activities for the type of organization, its plans, and its markets.

42. Planning activities are the means an organization uses to pay for resources like land, buildings, and equipment to carry out its plans.

43. Investing activities are the acquiring and disposing of resources that an organization uses to acquire and sell its products or services.

44. Owner financing refers to resources contributed by creditors or lenders. 45. Revenues are increases in equity from a company's earning activities. 46. A net loss occurs when revenues exceed expenses. 47. Net income occurs when revenues exceed expenses. 48. Liabilities are the owner's claim on assets.

49. Assets are the resources of a company and are expected to yield future benefits. 50. Owner’s withdrawals are expenses.

51. The accounting equation can be restated as: Assets - Equity = Liabilities. 52. The accounting equation implies that: Assets + Liabilities = Equity.

53. Owner's investments are increases in equity from a company's earnings activities. 54. Every business transaction leaves the accounting equation in balance.

55. An external transaction is an exchange of value within an organization.

56. From an accounting perspective, an event is a happening that affects the accounting equation, but cannot be measured.

57. Owner's equity is increased when cash is received from customers in payment of previously recorded accounts receivable.

58. An owner's investment in a business always creates an asset (cash), a liability (note payable), and owner's equity (investment.)

59. Return on assets is often stated in ratio form as the amount of average total assets divided by income.

60. Return on assets is also known as return on investment.

61. Return on assets is useful to decision makers for evaluating management, analyzing and forecasting profits, and in planning activities.

62.Arrow’s net income of $117 million and average assets of $1,400 million results in a return on assets of 8.36%.

63. Return on assets reflects the effectiveness of a company’s ability to generate profit through productive use of its assets.

64. Risk is the uncertainty about the return we expect to earn.

65. Generally the lower the risk, the lower the return that can be expected.

66. U. S. Government Treasury bonds provide high return and low risk to investors. 67. The four basic financial statements include the balance sheet, income statement, statement of owner's equity, and statement of cash flows.

68. An income statement reports on investing and financing activities. 69. A balance sheet covers a period of time such as a month or year.

70. The income statement displays revenues earned and expenses incurred over a specified period of time due to earnings activities.

71. The statement of cash flows shows the net effect of revenues and expenses for a reporting period.

72. The income statement shows the financial position of a business on a specific date. 73. The first section of the income statement reports cash flows from operating activities.

74. The balance sheet is based on the accounting equation.

75. Investing activities involve the buying and selling of assets such as land and equipment that are held for long-term use in the business.

76. Operating activities include long-term borrowing and repaying cash from lenders, and cash investments or withdrawals by the owner.

77. The purchase of supplies appears on the statement of cash flows as an investing activity because it involves the purchase of assets.

78. The income statement reports on operating activities at a point in time. 79. The statement of cash flows identifies cash flows separated into operating, investing, and financing activities over a period of time.

80. Ending capital reported on the statement of owner’s equity is calculated by adding owner investments and net losses and subtracting net incomes and withdrawals.

Multiple Choice Questions

81. Accounting is an information and measurement system that does all of the following except:

A. Identifies business activities. B. Records business activities.

C. Communicates business activities.

D. Does not use technology to improve accuracy in reporting. E. Helps people make better decisions. 82. Technology:

A. Has replaced accounting.

B. Has not changed the work that accountants do.

C. Has closely linked accounting with consulting, planning, and other financial services. D. In accounting has replaced the need for decision makers. E. In accounting is only available to large corporations. 83.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.

84.The area of accounting aimed at serving the decision making needs of internal users is:

A. Financial accounting. B. Managerial accounting. C. External auditing. D. SEC reporting. E. Bookkeeping.

85.External users of accounting information include all of the following except: A. Shareholders. B. Customers.

C. Purchasing managers. D. Government regulators. E. Creditors.

86. All of the following regarding a Certified Public Accountant are true except: A. Must meet education and experience requirements. B. Must pass an examination. C. Must exhibit ethical character.

D. May also be a Certified Management Accountant. E. Cannot hold any certificate other than a CPA.

87. Ethical behavior requires:

A. That auditors' pay not depend on the success of the client's business. B. Auditors to invest in businesses they audit.

C. Analysts to report information favorable to their companies. D. Managers to use accounting information to benefit themselves. E. That auditors' pay depend on the success of the client's business. 88. Social responsibility:

A. Is a concern for the impact of our actions on society.

B. Is a code that helps in dealing with confidential information. C. Is required by the SEC.

D. Requires that all businesses conduct social audits. E. Is limited to large companies.

89. All of the following are true regarding ethics except: A. Ethics are beliefs that separate right from wrong. B. Ethics rules are often set for CPAs.

C. Ethics do not affect the operations or outcome of a company. D. Are critical in accounting. E. Ethics can be hard to apply.

90. The accounting concept that requires financial statement information to be

supported by independent, unbiased evidence other than someone's belief or opinion is:

A. Business entity assumption. B. Monetary unit assumption. C. Going-concern assumption. D. Time-period assumption. E. Objectivity

91. 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. Is not subject to double taxation.

92. The group that attempts to create more harmony among the accounting practices of different countries is the: A. AICPA. B. IASB. C. CAP. D. SEC. E. FASB.

149. Risk is:

A. Net income divided by average total assets. B. The reward for investment.

C. The uncertainty about the expected return to be earned. D. Unrelated to expected return.

E. Derived from the idea of getting something back from an investment. 150. The statement of cash flows reports all of the following except: A. Cash flows from operating activities. B. Cash flows from investing activities. C. Cash flows from financing activities.

D. The net increase or decrease in assets for the period reported. E. The net increase or decrease in cash for the period reported.

151. The basic financial statements include all of the following except: A. Balance Sheet. B. Income Statement.

C. Statement of Owner's Equity. D. Statement of Cash Flows. E. Trial Balance.

152. The statement of owner's equity:

A. Reports how equity changes at a point in time. B. Reports how equity changes over a period of time.

C. Reports on cash flows for operating, financing, and investing activities over a period of time.

D. Reports on cash flows for operating, financing, and investing activities at a point in time.

E. Reports on amounts for assets, liabilities, and equity at a point in time.

153. The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the: A. Balance sheet.

B. Statement of owner's equity. C. Statement of cash flows. D. Income statement.

E. Statement of financial position. 154. A balance sheet lists:

A. The types and amounts of the revenues and expenses of a business.

B. Only the information about what happened to equity during a time period.

C. The types and amounts of assets, liabilities, and equity of a business as of a specific date.

D. The inflows and outflows of cash during the period.

E. The assets and liabilities of a company but not the owner's equity.

155. A financial statement providing information that helps users understand a

company's financial status, and which lists the types and amounts of assets, liabilities, and equity as of a specific date, is called a(n): A. Balance sheet. B. Income statement.

C. Statement of cash flows. D. Statement of owner's equity. E. Financial Status Statement.

156. The financial statement that identifies where a company's cash came from and where it went during the period is the: A. Statement of financial position. B. Statement of cash flows. C. Balance sheet. D. Income statement.

E. Statement of changes in owner's equity.

157. The financial statement that shows the beginning balance of owner's equity; the changes in equity that resulted from new investments by the owner, net income (or net loss); withdrawals; and the ending balance, is the: A. Statement of financial position. B. Statement of cash flows. C. Balance sheet. D. Income statement.

E. Statement of owner's equity.

158. Cash investments by owners are listed on which of the following statements? A. Balance sheet. B. Income statement.

C. Statement of owner's equity only. D. Statement of cash flows only.

E. Statement of owner's equity and statement of cash flows.

159. Accounts payable appear on which of the following statements? A. Balance sheet. B. Income statement.

C. Statement of owner's equity. D. Statement of cash flows. E. Transaction statement.

160. The income statement reports all of the following except: A. Revenues earned by a business. B. Expenses incurred by a business. C. Assets owned by a business.

D. Net income or loss earned by a business.

E. The time period over which the earnings occurred.

161. Use the following information as of December 31 to determine equity.

Liabilities……………… $141,000 Cash…………………… 57,000 Equipment…………….. 206,000 Buildings........................ 175,000 A. $57,000. B. $141,000. C. $297,000. D. $438,000. E. $579,000.

162. Determine the net income of a company for which the following information is available for the month of May. Employee salaries expense.... $180,000 Interest expense.................... 10,000 Rent expense........................ 20,000 Consulting revenue............... 400,000

A. $190,000. B. $210,000. C. $230,000. D. $400,000. E. $610,000.

163. A company acquires equipment for $75,000 cash. This represents a(n): A. Operating activity. B. Investing activity. C. Financing activity. D. Revenue activity. E. Expense activity.

164. A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash. This represents a(n): A. Revenue activity. B. Operating activity. C. Expense activity. D. Investing activity. E. Financing activity.

165. Flash had cash inflows from operations $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:

A. $40,500 increase. B. $40,500 decrease. C. $134,500 decrease. D. $134,000 increase. E. $9,500 increase.

166. Flash has beginning equity of $257,000, net income of $51,000, withdrawals of $40,000 and investments by owners of $6,000. Its ending equity is: A. $223,000. B. $240,000. C. $268,000. D. $274,000. E. $208,000.

167. Rent expense that is paid with cash appears on which of the following statements? A. Balance sheet. B. Income statement.

C. Statement of owner's equity.

D. Income statement and statement of cash flows. E. Statement of cash flows only.

168. A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of owner's equity? A. $17,000. B. $29,000. C. $71,000. D. $88,000. E. $105,000.

169. A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year? A. $45,000. B. $92,000. C. $98,000. D. $210,000. E. $282,000.

170. Flash reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets and $50,000 in liabilities. By the end of the year, assets had increased to $300,000 and liabilities were $75,000. Calculate its return on assets: A. 8.8% B. 7.0% C. 5.8% D. 35.0% E. 23.3%

171. Quick Computer Service had revenues of $80,000 and expenses of $50,000 for the year. Its assets at the beginning of the year were $400,000. At the end of the year assets were worth $450,000. Calculate its return on assets. A. 7.1% B. 7.5% C. 6.7% D. 20.0% E. 18.8%

172. Della's Donuts had cash inflows from operating activities of $27,000; cash outflows from investing activities of $22,000, and cash outflows from financing activities of $12,000. Calculate the net increase or decrease in cash. A. $61,000 increase. B. $37,000 increase. C. $7,000 decrease. D. $7,000 increase. E. $34,000 decrease.

Total assets………………

$60,000 Total liabilities and

equity……………………..

$60,000 MAGIC VIDEO GAMES

Balance Sheet September 5

Assets Liabilities

Cash……………………. $48,000 Notes payable……. $18,000 Land……………………. 10,000 Building………………… 20,000 Total assets…………..

$78,000 Equity

I. Magic, Capital….. Total liabilities and equity……………..

60,000 $78,000 Assets

MAGIC VIDEO GAMES

Balance Sheet September 9 Liabilities

Accounts payable….

Notes payable……. Equity

I. Magic, Capital….. Total liabilities and equity……………..

$2,000 18,000

Cash……………………. $48,000 Office supplies………… 2,000 Land……………………. 10,000 Building………………… 20,000 Total assets…………..

$80,000

60,000 $80,000 MAGIC VIDEO GAMES

Balance Sheet September 11

Assets Liabilities

Cash……………………. $42,000 Accounts payable…. Office supplies………… 2,000 Notes payable……. Land……………………. Building………………… Office furniture………… Total assets…………..

10,000 20,000 6,000 $80,000 Equity

I. Magic, Capital…..

Total liabilities and equity……………..

$ 2,000 18,000

60,000 $80,000 Assets

MAGIC VIDEO GAMES

Balance Sheet September 15 Liabilities

Cash……………………. $32,000 Accounts payable…. Office supplies………… 2,000 Notes payable……. Land……………………. Building…………………

10,000 Equity

20,000 I. Magic, Capital…..

$ 2,000 18,000 60,000 Office furniture………… 6,000 Total liabilities and Total assets………….. $70,000 equity……………..

$70,000 Required: Describe the nature of each of these five transactions for the month of September.

Sept

1 5 9 11 15

212. Identify the risk and the return in each of the following examples. a. Investing $500 in a CD at 4.5% interest. b. Placing a $100 bet on an NBA game. c. Investing $10,000 in Microsoft stock. d. Borrowing $20,000 in student loans.

213. Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30: Accounts receivable………………….. Accounts payable…………………………..

$10,000 18,000

Building…………………………………….... 28,000 Cash………………………….…………….... 8,000 Notes payable………………………………. 45,000 Office equipment……………...…………….. 12,000 R. Perkins, Capital………………………….. ? Trucks……………………………………….. 55,000

214. Prepare a December 31 balance sheet in proper form for Surety Insurance using the following accounts and amounts: Commissions earned……....... $40,000 Accounts payable……………… 3,500 Accounts receivable…………… 5,000 M. Bruno, Capital……………… 103,500 Office equipment………………. 10,000 Advertising expense…………. 3,200 Cash…………………………….. 7,500 Land...................................... 35,000 Note payable.......................... 50,000 Office supplies........................ 500 Salaries expense.................... 12,000

Salaries payable..................... 1,000 Building............................... 100,000

215. From the information given below, prepare a November income statement, a November statement of owner’s equity, and a November 30 balance sheet. On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.

Accounts payable……………. $12,000 Office furnishings……….. $40,000 Accounts receivable………. 23,000 Owner's withdrawals……. 6,000 Cash……………………… 17,200 Rent expense…………… 3,600 Fees earned………………. 30,000 Salaries expense………. Notes payable………………… 4,250 Telephone expense……. 216. Data for Madison Realty are as follows:

Total assets at January 1 ...................... $100,000 Total liabilities at January 1 ................. 35,000 Total revenues for the year .................. 79,000 Total expenses for the year .................. 47,000

6,200

250

The owner, Mary Madison, withdrew a total of $30,000 for personal use during the year. Using the above data, prepare Madison Realty's Statement of Owner's Equity for the year ended December 31.

217. FastForward has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows.

a. b. c. d. e. f. g. h. i.

Beginning cash balance…………….. Cash investment by owner………….. Cash payment toward long-term loan Cash payment of rent……………….. Purchased equipment for cash…….. Purchased store supplies for cash… Cash collected from customers……. Cash withdrawal by owner………….. Cash payment of wages…………….

$ 3,200 15,000 1,000 1,800 7,500 1,500 7,750 2,000 4,000

218. The records of Skymaster Airplane Rentals show the following information as of December 31. Skymaster withdrew $52,000 during the year for personal expenses. Prepare a December income statement, a December statement of owner’s equity, and a December 30 balance sheet.

Accounts payable .......................... Insurance expense .......................... Accounts receivable ...................... H. Skymaster, capital,

January 1 .................................... Airplanes ....................................... Notes payable ................................

$36,000 2,000 24,000

150,000 150,000 47,000

Wages expense .............................. Advertising expense ...................... Cash ...............................................

Office Furniture ............................. Maintenance expense .................... Revenues .......................................

$75,000 22,000 11,000

15,000 39,000 217,000

Hangar ...........................................

60,000

219. Graham Roofing Company, owned by R. Graham, began operations in May and

completed the following transactions during that first month of operations. Show the effects of the transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns in the table below. Do not

determine new account balances after each transaction. Determine the final total for each account and verify that the equation is in balance. May 1 R. Graham invested $90,000 cash in the company. 2 The company purchased $25,000 in office equipment. It paid $10,000 in cash and signed a note payable promising to pay the $15,000 over the next three years. 2 The company rented office space and paid $3,000 for the May rent. 6 The company installed a new roof for a customer and immediately collected $5,000. 7 The company paid a supplier $2,000 for roofing materials used on the May 6 job. 8 The company purchased a $2,500 copy machine for office use on credit. 9 The company completed work for additional customers on credit in the amount of $16,000. 15 The company paid its employees salaries $2,300 for the first half of the month. 17 The company installed a new roof for a customer and immediately collected $2,400. 20 The company received $10,000 in payments from the customers billed on May 9. 28 The company paid $1,500 on the copy machine purchased on May 8. It will pay the remaining balance in June. 31 The company paid its employees salaries $2,400 for the second half of the month. 31 The company paid a supplier $5,300 for roofing materials used on the remaining jobs completed during May. 31 The company paid $450 for this month’s utility bill.

GRAHAM ROOFING CO.

Date May

Cash

Accounts

Assets =

Accounts Payable

Notes Payable

Liabilities +

R. Graham Capital

R. Graham

Equity

Receivable Equipment Withdrawals Revenues Expens

1 2 2 6 7 8 9 15 17 20 28 31 31 31 $ -

$ -

$ -

$ -

$ -

$

$ -

$ -

$ - -

本文来源：https://www.bwwdw.com/article/26w8.html