FA习题及答案

12012SpringMidtermExamPaperFinancialAccountingNAME：ID：1-4.Foreachfinancialstatementitemlistedin1through4below,identifythebestdescriptionbyselectingfromitemsathroughfbelow.Youmayuseeachlettermorethanonceornotatall.Writetheletter‘X’foreachitemforwhichnodescriptionislisted.Descriptionsa.Amountofnetincomeorlosslessdistributionstotheownersofthecompanyb.Mustbesettledwithinoneyearc.Convertedtocashwithinoneyeard.Amountofowners’investmente.Portionofequitytowhichdividendsreducef.Landusedasasiteforproduction1.Currentliability2.Thepropertypartofproperty,plant,andequipment3.Contributedcapital4.CurrentassetSolution:1.b2.f3.d4.c5.Whichoneofthefollowinggroupsofaccountscontainsonlyassets?a.Contributedcapital,retainedearnings,revenues.b.Cash,contributedcapital,retainedearnings.c.Prepaidexpenses,land,accountsreceivable.d.Building,equipment,depreciationexpense.Ans:C6.Theamountwhichacompany’scustomersowethecompanyforproductsdeliveredorservicesrenderedisfoundinthea.footnotesonly.2b.incomestatement.c.balancesheet.d.statementofcashflows.Ans:C7.Retainedearningsmaybedescribedasa.thetotalpastprofitsretainedinthebusiness.b.acompany’sfuturegrowth.c.theamountinvestedinthefirmbyitsowners.d.amountsretainedforpaymentstovendors.Ans:A8.Anequityinvestorisa.apersonwhoprovidesmoneytoacompanywiththeexpectationthatitwillbepaidbackwithinterest.b.acreditorthathasaregulartraderelationship.c.apersonwhoprovidesmoneytoacompanyasagiftwithastipulationthatitwillbeusedasagreed.d.apersonwhoprovidesmoneytoacompany,thoughtheoriginalmoneyneverhastoberepaid,andwhomaybeentitledtoreceiveperiodiccashpayments.Ans:D9.Whichoneofthefollowingstatementsistrue?a.FinancialaccountingistheonlyaccountingusedintheUnitedStates.b.Companiesthathaveaprofitobjectiveusenot-for-profitaccounting.c.Managerialaccountingtargetsoperatingdecisions.d.Financialandtaxaccountingarevirtuallythesame.Ans:C10.Whichoneofthefollowingstatementsbestdescribesobjectivity?a.Whenuncertaintyexists,understatingassets,overstatingliabilities,acceleratingrecognitionoflosses,anddelayingrecognitionofgainsispreferred.b.Themeasurementofaneventisverifiableandreliable.c.Differentfirmsuseidenticalaccountingmeasurementmethodsforsimilarevents.d.Objectivesarelaidoutthatareconservativeortooaggressivebymanagement.3Ans:B11.JeterCompanyordered400toywagonsfromLamar,Inc.onMay1,2010.JeterCompanypaidforthemonMay20atacostof$2each.Jetersold50ofthemonJune2,2010,for$4eachtoGillozCompany.GillozCompanypaidJeteronJune10.OnwhichdateshouldJeterCompanyrecognizerevenue?a.May1b.May20c.June10d.June2Ans:D12.GivenbelowareseveralaccountsfromCaterpillarCompany’saccountingrecords.Cash$14,000Accumulateddepreciation7,000Retainedearnings,beginningofyear22,000Contributedcapital25,000Patents2,000Dividends5,000Netincomefortheyearwas$37,000.Howmuchistotalshareholders’equityattheendoftheyear?a.$86,000.b.$82,000.c.$87,000.d.$79,000.Ans:D13.GarrisonCorporationhasthefollowingtransactions:1.Dividendsarepaidtotheshareholders.2.AutilitybillforJulyispaidinAugust.3.Anewwarehousefacilityispurchased4.Principalpaymentsonoutstandingdebtarepaid.5.Employeeswagesarepaid.6.Forty-fiveunitsofinventoryaresoldfor$100each7.Commonstockisissuedfor$230,000incash.8.Adeliveryvanusedfor5-yearsissoldfor$12,000,whichisitsbookvalue.Whichoftheabovetransaction(s)areexamplesoffinancingactivities?4a.1,4,7b.1,7,8c.3,8d.1,3,4,7,8Ans:A14.Whichaccountisassociatedwiththesaleofinventory?a.Costofgoodssold.b.Depreciation.c.Inventoryexpense.d.Equipment.Ans:A15.Whichaccountisassociatedwithborrowingmoney?a.Interestexpense.b.Goodwill.c.Costofgoodssold.d.Depreciation.Ans:A16.Themajoraccountingdifferencebetweeninterestexpensesforcreditorsanddividendsdeclaredandpaidtoshareholdersisthatinterestexpenses:a.decreaseretainedearningsanddividendsincreaseretainedearnings.b.impactcashflows,whiledividendsdonot.c.arenotontheincomestatementwhiledividendsdeclaredandpaidare.d.areontheincomestatementanddividendsdeclaredandpaidarenot.Ans:D17.Whichofthefollowingchangesdescribesthepurchaseof$2,000ofinventoryonaccount?a.Assetsandshareholders’equityincreaseby$2,000.b.Assetsandshareholders’equitydecreaseby$2,000.c.Assetsandliabilitiesincreaseby$2,000.d.Assetsandliabilitiesdecreaseby$2,000.Ans:C18.Thebalancesheetreportedsuppliesof$1,900atDecember31,2009.OnDecember31,2010,theactualsuppliesonhandamountedto$1,400.Duringtheyear,additionalsuppliescosting$1,500wereacquiredanddebitedtotheSupplies5account.TheadjustingentryrequiredattheendofDecember31,2010isa.Supplies1,900SuppliesExpense1,500Cash3,400b.SuppliesExpense1,900Supplies1,900c.Supplies1,400Cash1,400d.SuppliesExpense2,000Supplies2,000Ans:D19.MarksCorp.purchasedsuppliesatacostof$2,400during2010.AtJanuary1,2010,suppliesonhandamountedto$800.AtDecember31,2010,suppliesonhandare$400.Suppliesexpensefor2010area.$1,200.b.$3,200.c.$1,600.d.$2,800.Ans:D20.OnDecember13,2009,MichaelCompanyreceived$8,000incashasapaymentinadvancefromacustomerandcreditedUnearnedServiceRevenue.ThebalanceintheUnearnedServiceRevenueaccountwas$2,000atthebeginningofDecember.AttheendofDecember,allbut$500hadbee