财务会计复习题

《财务会计》复习题Circletheletterofthebestresponse.1．Whichofthefollowingstatementsisfalse?A．Accountingistheinformationsystemthatmeasuresbusinessactivities,processesthatinformationintoreports,andcommunicatestheresultstodecisionmakers.B．Financialstatementsreportfinancialinformationaboutabusinessentitytodecisionmakers.C．Ownersofacorporationarepersonallyliableforthedebtsofthecorporation.D．Thepurposeoffinancialaccountingistoprovideinformationtopeopleoutsideoftheentity,suchasinvestorsandcreditors.2．Wilburownsandoperatesafishingtackleshop.Wilburneedstoborrowmoneytoexpand;therefore,hepreparedfinancialstatementstopresenttohisbanker.Wilburobtainedappraisalsofalltheassetsofthebusinesstoensurethatthebalancesheetwouldreflectthemostcurrentvalueoftheassets.Wilburhasviolatedwhichofthefollowingprinciplesorconcepts?A．ReliabilityprincipleB．CostprincipleC．Going-concernprincipleD．Stable-monetary-unitconcept3．Whichofthefollowingistrue?A．Owners'Equity－Assets＝LiabilitiesB．Assets－Owners'Equity＝LiabilitiesC．Assets＋Liabilities＝Owners'EquityD．Liabilities＝Owners'Equity＋Assets4．G.HarrisonIncexperiencedadecreaseintotalassetsof$2,000duringthecurrentyear.Duringthesameyear,totalliabilitiesdecreased$6,000.Ifdividendsfortheyearwere$10,000andtheownersmadenoadditionalinvestment,howmuchwasnetincome?A．$14,000B．$6,000C．$18,000D．$2,0005．Whichofthefollowingstatementsistrue?A．Theincomestatementreportsallchangesinassets,liabilities,andstockholders'equityofthebusinessduringtheperiod.B．Revenuesandexpensesarereportedonlyonthebalancesheet.C．Thestatementofcashflowsreportscashflowsfromthreetypesofbusinessactivities——cashreceipts,cashpayments,andinvesting.D．Onthestatementofretainedearnings,thenetincomefortheperiodisaddedtothebeginningbalanceofretainedearnings.6．Whichofthefollowingstatementsisnottrue?A．Investingactivitiesrelatetotheinvestmentbyownersintothebusiness.B．Payingdividendsisanexampleofafinancingactivity.C．Operatingactivitiesarethemostimportanttypeofbusinessactivity.D．Managersmustmakedecisionsaboutoperating,investing,andfinancingactivities.7．Onwhichfinancialstatementcantheendingbalanceinretainedearningsbefound?A．BalancesheetB．IncomestatementC．StatementofretainedearningsD．BothAandC8．Whichoftheseisanexampleofanassetaccount?A．ServiceRevenueB．DividendsC．SuppliesD．Alloftheaboveareassets9．DobsonCompanypaid$1,200onaccount.TheeffectofthistransactiononDobson'saccountingequationisto：A．decreaseliabilitiesandincreasestockholders’equity.B．decreaseassetsanddecreaseliabilities.C．havenoeffectontotalassets.D．decreaseassetsanddecreasestockholders'equity.10．Whichofthesestatementsisfalse?A．Decreasesinliabilitiesandincreasesinrevenuesarerecordedwithacredit.B．Decreasesinassetsandincreasesinstockholders'equityarerecordedwithacredit.C．Increasesinbothassetsandexpensesarerecordedwithadebit.D．Increasesinassetsanddecreasesinliabilitiesarerecordedwithadebit.11．NotePayablehasanormalbeginningbalanceof$40,200.Duringtheperiod,newborrowingstotal$100,000andpaymentsonloanstotal$20,600.DeterminethecorrectendingbalanceinNotePayable.A．$39,200,debitB．$119,600,creditC．$39,200,creditD．$160,800,credit12．Whichofthesestatementsiscorrect?A．Theaccountisabasicsummarydeviceusedinaccounting.B．Abusinesstransactionisrecordedfirstinthejournalandthenpostedtotheledger.C．Inthejournalentry,allaccountsthatareincreasedarelistedfirstandthenallaccountsthataredecreasedarelistednext.D．BothAandBarecorrect.13．Whichoftheseaccountshasanormaldebitbalance?A．SalaryExpenseB．AccountsPayableC．ServiceRevenueD．BothAandB14．TheMay31trialbalancereportsacreditbalanceof$5,000forServiceRevenue.Duringthemonth,oneentryfor$10hadbeenpostedinerrorasadebittoServiceRevenue.WhatisthecorrectbalanceofServiceRevenueatMay31?A．$4,980B．$4,990C．$5,020D．$5,01015．ThebeginningCashaccountbalanceis$38,700.Duringtheperiod,cashdisbursementstotaled$144,600.IfendingCashis$51,200,thencashreceiptsmusthavebeen：A．$105,900B．$234,500C．$132,100D．$157,10016．UsethefollowingselectedinformationforthePerrimanCompanytocalculatethecorrectcreditcolumntotalforatrialbalance：Accountsreceivable$27,200Accountspayable15,900Building359,600Cash55,600Commonstock155,000Dividends4,800Insuranceexpense1,800Retainedearnings133,800Salaryexpense52,500Salarypayable3,600Servicerevenue193,200A．$365,600B．$304,700C．$501,500D．$506,30017．Thejournalentrytorecordtheperformanceofservicesonaccountfor$1,200is：A．AccountsPayable1,200ServiceRevenue1,200B．AccountsReceivable1,200ServiceRevenue1,200C．Cash1,200ServiceRevenue1,200D．ServiceRevenue1,200AccountsPayable1,20018．TheSmallwoodCorporationbeganoperationsonJanuary1,20X8.During20X1,Smallwoodcollected$92,000formanagementservices.$12,000oftheamountcollectedwasfromacontracttoprovidemanagementservicesforoneyearbeginningNovember1,20X8.Anadditional$20,000ofmanagementserviceshadbeenearnedbutnotcollectedbyyearend.Theamountofrevenuethatshouldbereportedfor20X8underthecash-basisandaccrual-basisis：Cash-BasisAccrual-BasisA．$92,000$80,000B．$80,000$100,000C．$100,000$112,000D．$92,000$102,00019．Whichofthefollowingstatementsisfalse?A．Thetime-periodconceptrequirescompaniestop