西方財(cái)務(wù)會(huì)計(jì)選擇判斷題

1、1generally accepted accounting principles (gaap) are formulated by the ( ) a. securities and exchange commission (sec) b. financial accounting standards board (fasb) c. institute of management accountants (ima) d. american institute of certified public accountants (aicpa)2which accounting concept or

2、 principle specifically states that we should record transactions at amounts that can be verified? a. entity concept b. cost principle c. reliability principle d. going-concern concept3fossil is famous for fashion wristwatches and leather goods. at the end of a recent year, fossils total assets adde

3、d up to 381 million, and owners equity was 264 million. how much did fossil owe creditors? a. cannot determine from the data given b. 381 million c. 264 million d. 117 million4assume that fossil sold watches for 50,000 to a department store on account. how would this transaction affect fossils accou

4、nting equation? a. increase both assets and owners equity by 50,000 b. increase both assets and liabilities by 50,000 c. increase both liabilities and owners equity by 50,000 d. no effect on the accounting equation because the effects cancel out5the financial statement that reports assets, liabiliti

5、es, and owners equity is the: a. income statement. b. owners equity statement. c. balance sheet. d. statement of cash flow.6the left side of an account is used to record ( )a. debits b. credits c. debit or credit, depending on the type of account d. increases7accounts that normally have debit balanc

6、e are: ( )a. assets, expenses, and revenues b. assets, expenses, and owners capital.c. assets, liabilities, and owners drawings. d. assets, owners drawings, and expenses.8the time period assumption states that: ( ) a. revenue should be recognized in the accounting period in which it is earned. b. ex

7、penses should be matched with revenues. c. the economic life of a business can be divided into artificial time periods. d. the fiscal year should be correspond with the calendar year. 9in a work sheet, net income is entered in the following columns: ( ) a. income statement (dr) and balance sheet (dr

8、). b. income statement (cr) and balance sheet (dr). c. income statement (dr) and balance sheet (cr). d. income statement (cr) and balance sheet (cr).10an account that will have a zero balance after closing entries have been journalized and posted is: ( ) a. service revenue. b. advertising supplies.

9、c. prepaid insurance. d. accumulated depreciation.11gross profit will result if: ( )a. operating expenses are less than net income. b. sales revenues are greater than operating expenses.c. sales revenues are greater than cost of goods sold. d. operating expenses are greater than cost of goods sold.1

10、2a credit sale of 750 is made on june 13, terms 2/10, net/30. a return of 50 is granted on june 16. the amount received as payment in full on june 23 is: ( ) a. 700. b. 686. c. 685. d. 750.13when special journals are used: ( ) a. all purchase transactions are recorded in the purchases journal. b. al

11、l cash received, except from cash sales, is recorded in the cash receipts journal. c. all cash disbursements are recorded in the cash payments journal. d. a general journal is not necessary.14the statement of cash flows classifies cash receipts and cash payments by the following activities: ( ) a. o

12、perating and nonoperating. b. investing, financing, and operating. c. financing, operating, and nonoperating. d. investing, financing, and nonoperating.15net income is 132,000. during the year, accounts payable increased 10,000, inventory decreased 6,000, and accounts receivable increased 12,000. un

13、der the indirect method, net cash provided by operations is: ( ) a. 102,000. b. 112,000. c. 124,000. d. 136,000.16the cost principle states that ( ) a. assets should be initially recorded at cost and adjusted when the market value changes. b. activities of an entity are to be kept separate and disti

14、nct from its owner. c. assets should be recorded at their cost. d. only transaction data capable of being expressed in terms of money be included in the accounting records.17net income will result during a time period when: a. assets exceed liabilities. b. assets exceed revenues. c. expenses exceed

15、revenues. d. revenues exceed expenses.18performing services on account will have the following effects on the components of the basic accounting equation: a. increase assets and decrease owners equity. b. increase assets and increase owners equity. c. increase assets and increase liabilities. d. inc

16、rease liabilities and increase owners equity.19as of december 31, 2007, stoneland company has assets of 3,500 and owners equity of 2,000. what are the liabilities for stoneland company as of december 31, 2007? a. 1,500 b. 1,000. c. 2,500. d. 2,000.20on the last day of the period, genesis company buy

17、s a 900 machine on credit. this transaction will affect the: a. income statement only. b. income statement and owners equity statement only. c. balance sheet only. d. income statement, owners equity statement, and balance sheet.21the right side of an account is used to record ( )a. debits b. credits

18、 c. debit or credit, depending on the type of account d. increases.22which of the following statements about a journal is false? a. it is not a book of original entry. b. it provides a chronological record of transactions. c. it helps to locate errors because the debit and credit amounts for each en

19、try can be readily compared. d. it discloses in one place the complete effect of a transaction.23one of the following statements about the accrual basis of accounting is false. that statement is: ( ) a. events that change a companys financial statements are recorded in the periods in which the event

20、s occur. b. revenue is recognized in the period in which it is earned. c. this basis is in accord with generally accepted accounting principles. d. revenue is recorded only when cash is received, and expense is recorded only when cash is paid. 24when a net loss has occurred, income summary is: ( ) a

21、. debited and owners capital is credited. b. credited and owners capital is debited. c. debited and owners drawing is credited. d. credited and owners drawing is debited.25current assets are listed: ( ) a. by liquidity. b. by importance. c. by longevity. d. alphabetically.26if sales revenues are 400

22、,000, cost of goods sold is 310,000, and operating expenses are 60,000, the gross profit is: ( ) a. 30,000. b. 90,000. c. 340,000. d. 400,000.27if beginning inventory is 60,000, cost of goods purchased is 380,000, and ending inventory is 50,000, cost of goods sold is: ( ) a. 390,000. b. 370,000. c.

23、330,000. d. 420,000. 28which of the following statements is correct? a. the sales discount column is included in the cash receipts journal. b. the purchases journal records all purchases of merchandise whether for cash or on account. c. the cash receipts journal records sales on account. d. merchand

24、ise returned by the buyer is recorded by the seller in the purchases journal.29an example of a cash flow from an operating activity is: ( ) a. payment of cash to lenders for interest. b. receipt of cash from the sale of capital stock. c. payment of cash dividends to the companys stockholders. d. non

25、e of the above.30the beginning balance in accounts receivable is 44,000. the ending balance is 42,000. sales during the period are 129,000. cash receipts from customers are: ( ) a. 127,000. b. 129,000. c. 131,000. d. 141,000.31.generally，revenue is recorded by a business enterprise at a point when ：

26、( )a、 management decides it is appropriate to do sob、 the product is available for sale to consumersc、 an exchange has taken place and the earning process is virtually complete d、 an order for merchandise has been received 32.why are certain costs capitalized when incurred and then depreciated or am

27、ortized over subsequent accounting periods？( )a、 to reduce the income tax liabilityb、 to aid management in making business decisions c、 to match the costs of production with revenue as earned d、 to adhere to the accounting concept of conservatism33.what accounting principle or concept justifies the

28、use of accruals and deferrals？( )a、 going concern b、 materiality c、 consistency d、 stable monetary unit34.an accrued expense can best be described as an amount ( )a、 paid and currently matched with revenueb、 paid and not currently matched with revenuec、 not paid and not currently matched with revenu

29、ed、 not paid and currently matched with revenue35.continuation of a business enterprise in the absence of contrary evidence is an example of the principle or concept of ( )a、 business entityb、 consistencyc、 going concernd、 substance over form36.、in preparing a bank reconciliation，the amount of check

30、s outstanding would be：( )a、 added to the bank balance according to the bank statement.b、 deducted from the bank balance according to the bank statement.c、 added to the cash balance according to the depositors records.d、 deducted from the cash balance according to the depositors records.37.journal e

31、ntries based on the bank reconciliation are required for：( )a、 additions to the cash balance according to the depositors records.b、 deductions from the cash balance according to the depositors records.c、 both a and bd、 neither a nor b38.a petty cash fund is ：( )a、 used to pay relatively small amount

32、s。b、 established by estimating the amount of cash needed for disbursements of relatively small amounts a specified period。c、 reimbursed when the amount of money in the fund is reduced to predetermined minimum amount。d、 all of the above。39.a corporation has two equity securities，which it holds as a t

33、emporary investment.if security a has a cost of $150，000 and a fair market value of $120,000,security b has a cost of $200,000 and a fair market value of $150,000, at what amount should these securities be reported in the current assets section of the corporations balance sheet? ( )a、$350,000 b、$320

34、,000 c、$300,000 d、$270,00040.under what caption would an investment in stock that is hold as a temporary investment be reported in the balance sheet？( )a、current assets b、plant assets c、investments d、none of the above41.if the merchandise inventory at the end of the year is overstated by $7,500 the

35、error will cause an :a. overstatement of cost of merchandise sold for the year by $7,500b. understatement of gross profit for the year by $7,500c. overstatement of net income for the year by $7,500d. understatement of net income for the year by $7,50042.the inventory system employing accounting reco

36、rds that continuously disclose the amount of inventory is called: ( )a.periodic b.perpetual c.physical d.retail43.the inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is: ( )a.fifo b.lifo c.average cost d.p

37、erpetual inventory44.if merchandise inventory is being valued at cost and the price level is rising ,the method of costing that will yield the largest net income is : ( )a.fifo b.lifo c.average d.periodic45.if a firm purchases $100,000 of bonds of xcompany at 101 plus accrued interest of $2,000 and

38、pays brokers commissions of $50,the amount debited to investment in x company bonds may be: ( )a.$100,000 b.$101,050 c.$103,000 d.none of the above46.the owners equity in a corporation is commonly called: ( )a.capital b.stockholders equity c.shareholders investment d.all of the above47.if a corporat

39、ion reacquires its own stock ,the stock is listed on the balance sheet in the : ( )a. current assets section b.long-term liabilities section c.stockholders equity section d.none of the above 48.paid-in capital for a corporation may originate from which of the following sources? ( )a. real estate don

40、ated to the corporation b. redemption of the corporations own stockc. sale of the corporations treasury stockd. all of the above49.during its first year of operations,a corporation elected to use the straight-line method of depreciation for financial reporting purposes and the sum-of-the-years-digit

41、s method in determining taxable income.if the income tax rate is 45% and the amount of depreciation expense is $60,000 under the straight-line method and $100,000 under the sum-of-the-years-digits method,what is the amount of income tax deferred to future years? ( )a.$18,000 b.$27,000 c. $45,000 d.n

42、one of the above50.an appropriation for plant expansion would be reported on the balance sheet in : ( )a. the plant assets section b. the long-term liabilities section c. the stockholdersequity section d. none of the above1accounting provides information for the purposes of routine and non-routine i

43、nternal reporting for the decisions of the managers inside the organization, and external reporting to the outside parties on the organizations financial position, operations, and other related activities.2relevance of information means that it can be relied on verifiability, faithfulness, and neutr

44、ality.3assume that a target store paid 500 for supplies and purchased additional supplies on account for 700. the store paid 300 of the accounts payable. then the balance in the supplies account should be 1,500.4in a classified balance sheet, assets are usually classified using the following categor

45、ies: current assets; long-term investments; property, plant, and equipment; and intangible assets.5internal control is used in a business to enhance the accuracy and reliability of its accounting records and to safeguard its assets.6in a bank reconciliation, deposits in transit are deducted from the

46、 book balance.7net sales for the month are 800,000, and bad debts are expected to be 1.5% of net sales. the company uses the percentage of sales basis. if the allowance for uncollectible accounts has a credit balance of 15,000 before adjustment, then the balance after adjustment should be 27,000.8wh

47、en there is a change in estimated depreciation, previous depreciation should be corrected.9in exchanges of similar assets, neither gains nor losses are recognized immediately.10since intangible assets lack physical substance, they need be disclosed only in the notes to the financial statements.11mag

48、gie sharrer company borrows 88,500 on september 1, 2007, from sandwich state bank by signing an 88,500, 12%, one-year note. then the accrued interest at december 31, 2007 should be 3,540.12the full disclosure principle dictates that financial statements should disclose all events and circumstances t

49、hat would matter to users of financial statements.13the account retained earnings is reported as an expense in the income statement.14entries for cash dividends are required on the record date and the payment date.15the equity method of accounting for long-term investments in stock should be used wh

50、en the investor has significant influence over an investee and owe 20% or more of the investees common stock.16all accounting information should conform to generally accepted accounting principles (gaap). 17reliability of information means “information capable of making a difference in a decision co

51、ntext.”18service revenue account will have zero balance after closing entries have been journalized and posted.19when special journals are used, a general journal is not necessary.20a customer check dated december 1 in a cash drawer at november 30 is not cash.21in a bank reconciliation, deposits in

52、transit are added to the bank balance.22remmers company on june 15 sells merchandise on account to tucci co. for 1,000, terms 2/10, n/30. on june 20, tucci co. returns merchandise worth 300 to remmers company. on june 24, payment is received from tucci co. for the balance due. the amount of cash rec

53、eived should be 686.23revenue expenditures should be added to plant assets.24martha beyerlein company incurred 150,000 of research and development costs in laboratory to develop a patent granted on january 2, 2007. on july 31, 2007, beyerlein paid 35,000 for legal fees in a successful defense of the

54、 patent. the total amount debited to patents through july 31, 2007, should be 185,000.25the time period for classifying a liability as current is one year or the operating cycle, whichever is shorter.26providing information that is useful in investment and credit decisions is an objective of financial reporting.27ownership of common stock gives the owner a voting right.28the ledger of jfk, inc. shows common stock, common treasury stock, and no preferred stock. for this company, the formula for computing book value per share is: total sto