中国大学会计学原理_26课后答案(慕课2023完整答案)

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中国大学会计学原理_26课后答案(慕课2023完整答案)

Module 1 会计学基础知识（一）

Module1 Exercises

1、中国整答Accounting is 大学an information and measurement system that does all of the following except________.
A、identifies business activities
B、计后答records business activities
C、学原communicates business activities
D、理课does not use technology to improve accuracy in reporting
E、案慕案helps people make better decisions

2、课完The中国整答 primary objective of financial accounting is__________.
A、to serve the decision-making needs of internal users
B、大学to provide financial statements to help external users analyze an organization's activities
C、计后答to monitor and control company activities
D、学原to provide information on both the costs and benefits of looking after products and services
E、理课to know what,案慕案 when, and how much to produce

3、The课完 accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the___________.
A、time-period assumption
B、中国整答business entity assumption
C、going-concern assumption
D、revenue recognition principle
E、cost principle

4、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、monetary unit assumption
B、business entity assumption
C、going-concern assumption
D、objectivity principle
E、cost principle

5、The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange, is the__________.
A、accounting equation
B、cost principle
C、going-concern assumption
D、realization principle
E、business entity assumption

6、Assets created by selling goods and services on credit are_____________.
A、accounts payable
B、accounts receivable
C、liabilities
D、expenses
E、equity

7、Creditors' claims on the assets of a company are called____________.
A、net losses
B、expenses
C、revenues
D、equity
E、liabilities

8、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

9、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?
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、Assets decrease $85,000; owner's equity decreases $85,000.

10、Net Income__________.
A、decreases equity
B、represents the amount of assets owners put into a business
C、equals assets minus liabilities
D、is the excess of revenues over expenses
E、represents owners' claims against assets

11、Decreases in equity that represent costs of assets or services used to earn revenues are called_________.
A、liabilities
B、equity
C、withdrawals
D、expenses
E、owner's ivestment

12、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

13、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

14、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

15、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

16、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、monetary unit assumption
B、Business entity assumption
C、going-concern assumption
D、revenue recognition principle

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

18、Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs of internal users.

19、External auditors examine financial statements to verify that they are prepared according to generally accepted accounting principles.

20、Internal users include lenders, shareholders, brokers and managers.

21、Opportunities in accounting include auditing, consulting, market research, and tax planning.

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

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

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

25、Assets are the resources of a company and are expected to yield future benefits.

26、Liabilities are the owner's claim on assets.

27、Owner's investments are increases in equity from a company's earnings activities.

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

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

30、Every business transaction leaves the accounting equation in balance.

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

32、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.

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

34、A balance sheet covers a period of time such as a month or year.

35、The balance sheet is based on the accounting equation.

36、The three major types of business activities are operating, financing, and investing.

37、The four basic financial statements include the balance sheet, income statement, statement of owner's equity, and statement of cash flows.

38、The statement of cash flows identifies cash flows separated into operating, investing, and financing activities over a period of time.

39、The ________________ assumption states that transactions and events are expressed in money units.

40、________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

41、________________ activities are the means organizations use to pay for resources such as land, building, and equipment.

42、________________________________ reports changes in the owner's claim on the business's assets over a period of time.

43、____________ are the increases in equity from a company's earnings activities.

44、The accounting equation is ______________________________.

45、Assets removed from the business by the business owner for personal use are called ____________.

46、The term ___________ refers to a liability that promises a future outflow of resources.

47、______________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services.

Module1 Exercises

1、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

2、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

3、The accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the___________.
A、time-period assumption
B、business entity assumption
C、going-concern assumption
D、revenue recognition principle
E、cost principle

4、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、monetary unit assumption
B、business entity assumption
C、going-concern assumption
D、objectivity principle
E、cost principle

5、The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the cash or cash-equivalent amount given in exchange, is the__________.
A、accounting equation
B、cost principle
C、going-concern assumption
D、realization principle
E、business entity assumption

6、Assets created by selling goods and services on credit are_____________.
A、accounts payable
B、accounts receivable
C、liabilities
D、expenses
E、equity

7、Creditors' claims on the assets of a company are called____________.
A、net losses
B、expenses
C、revenues
D、equity
E、liabilities

8、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

9、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?
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、Assets decrease $85,000; owner's equity decreases $85,000.

10、Net Income__________.
A、decreases equity
B、represents the amount of assets owners put into a business
C、equals assets minus liabilities
D、is the excess of revenues over expenses
E、represents owners' claims against assets

11、Decreases in equity that represent costs of assets or services used to earn revenues are called_________.
A、liabilities
B、equity
C、withdrawals
D、expenses
E、owner's ivestment

12、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

13、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

14、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

15、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

16、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、monetary unit assumption
B、business entity assumption
C、going-concern assumption
D、revenue recognition principle

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

18、Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs of internal users.

19、External auditors examine financial statements to verify that they are prepared according to generally accepted accounting principles.

20、Internal users include lenders, shareholders, brokers and managers.

21、Opportunities in accounting include auditing, consulting, market research, and tax planning.

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

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

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

25、Assets are the resources of a company and are expected to yield future benefits.

26、Liabilities are the owner's claim on assets.

27、Owner's investments are increases in equity from a company's earnings activities.

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

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

30、Every business transaction leaves the accounting equation in balance.

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

32、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.

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

34、A balance sheet covers a period of time such as a month or year.

35、The balance sheet is based on the accounting equation.

36、The three major types of business activities are operating, financing, and investing.

37、The four basic financial statements include the balance sheet, income statement, statement of owner's equity, and statement of cash flows.

38、The statement of cash flows identifies cash flows separated into operating, investing, and financing activities over a period of time.

39、The ________________ assumption states that transactions and events are expressed in money units.

40、________________ activities involve the acquisition and disposal of resources that an organization uses to acquire and sell its products or services.

41、________________ activities are the means organizations use to pay for resources such as land, building, and equipment.

42、________________________________ reports changes in the owner's claim on the business's assets over a period of time.

43、____________ are the increases in equity from a company's earnings activities.

44、The accounting equation is ______________________________.

45、Assets removed from the business by the business owner for personal use are called ____________.

46、The term ___________ refers to a liability that promises a future outflow of resources.

47、______________ activities involve using resources to research, develop, purchase, produce, distribute, and market products and services.

Module 2 会计记账方法（一）

Module2 Exercises

1、An account used to record the owner's investments in the business is called a(n)__________.
A、withdrawals account
B、capital account
C、revenue account
D、expense account
E、liability account

2、A list of all accounts and the identification number assigned to each account used by a company is called a______________.
A、chart of accounts
B、journal
C、trial balance
D、source document
E、general journal

3、An asset created by prepayment of an expense is____________.
A、recorded as a debit to an unearned revenue account
B、recorded as a debit to a prepaid expense account
C、recorded as a credit to an unearned revenue account
D、recorded as a credit to a prepaid expense account
E、not recorded in the accounting records until the earnings process is complete

4、An accountant has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction_____________.
A、credit another asset account for $1,500
B、credit another liability account for $1,500
C、credit an expense account for $1,500
D、credit the owner's capital account for $1,500
E、debit another asset account for $1,500

5、All of the following are liability accounts except__________.
A、accounts payable
B、unearned ticket revenue
C、taxes payable
D、commissions earned
E、notes payable

6、All of the following are asset accounts except___________.
A、accounts receivable
B、buildings
C、supplies expense
D、cash
E、prepaid insurance

7、A $130 credit to Office Equipment was credited to Fees Earned by mistake. By what amounts are the accounts under- or overstated as a result of this error?
A、Office Equipment, understated $130; Fees Earned, overstated $130.
B、Office Equipment, understated $260; Fees Earned, overstated $130.
C、Office Equipment, overstated $130; Fees Earned, overstated $130.
D、Office Equipment, overstated $130; Fees Earned, understated $130.
E、Office Equipment, overstated $260; Fees Earned, understated $130.

8、A credit entry_______________.
A、increases asset and expense accounts, and decreases liability, owner's capital, and revenue accounts
B、is always a decrease in an account
C、decreases asset and expense accounts, and increases liability, owner's capital, and revenue accounts
D、is recorded on the left side of a T-account
E、is always an increase in an account

9、If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to____________.
A、debit Salary Expense and credit Cash
B、debit Tim Jones, Salary and credit Cash
C、debit Cash and credit Tim Jones, Withdrawals
D、debit Tim Jones, Withdrawals and credit Cash
E、debit Automobiles and credit Cash

10、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、$ 1275
C、$ 2,525
D、$ 3,275
E、$11,100

11、The general journal provides a place for recording all of the following except____________.
A、the transaction date
B、the names of the accounts involved
C、the amount of each debit and credit
D、an explanation of the transaction
E、the balance in each account

12、A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n)__________.
A、account
B、trial balance
C、journal
D、t-account
E、balance column account

13、The process of transferring general journal information to the ledger is___________.
A、double-entry accounting
B、posting
C、balancing an account
D、journalizing
E、not required unless debits do not equal credits

14、A column in journals and ledger accounts used to cross reference journal and ledger entries is the__________.
A、account balance column
B、debit column
C、posting reference column
D、credit column
E、description column

15、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

16、Which financial statement reports an organization’s financial position at a point in time?
A、Income statement.
B、Balance sheet.
C、Statement of owner’s equity.
D、Cash flow statement.
E、Trial balance.

17、Preparation of a trial balance is the first step in the analyzing and recording process.

18、An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.

19、When a company provides services for which cash will not be received until some future date, the company should record the amount charged as unearned revenue.

20、In a double-entry accounting system, the total amount debited must always equal the total amount credited.

21、Debits increase asset and expense accounts.

22、Crediting an expense account decreases it.

23、A revenue account normally has a debit balance.

24、Accounts are normally decreased by debits.

25、The owner's withdrawal account normally has a credit balance since it is an equity account.

26、The journal is known as a book of original entry.

27、A journal gives a complete record of each transaction in one place, and shows the debits and credits for each transaction.

28、The journal is known as the book of final entry because financial statements are prepared from it.

29、Posting is the transfer of journal entry information to the ledger.

30、The trial balance is a list of all general ledger accounts and their balances at a point in time.

31、Generally, the ordering of accounts in a trial balance typically follows their identification number from the chart of accounts, that is, assets first, then liabilities, then owner's capital and withdrawals, followed by revenues and expenses.

32、The heading on each financial statement lists the three W's – Who (the name of the organization); What (the name of the statement); and Where (the organization's address).

33、An income statement reports the revenues earned less expenses incurred by a business over a period of time.

34、Both U.S. GAAP and IFRS prepare the same four basic financial statements.

Module 3 会计调整（一）

Module3 Exercises

1、The broad principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is the:
A、Recognition principle.
B、Cost principle.
C、Cash basis of accounting.
D、Matching principle.
E、Time period principle.

2、The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is:
A、Cash basis accounting.
B、The matching principle.
C、The time period assumption.
D、Accrual basis accounting.
E、Revenue basis accounting.

3、On June 30 Apricot Co. paid $7,500 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On June 30 Apricot should record:
A、A credit to an expense for $7,500.
B、A debit to an expense for $7,500.
C、A debit to a prepaid expense for $7,500.
D、A credit to a prepaid expense for $7,500.
E、A debit to Cash for $7,500.

4、On June 30 of the current calendar year, Apricot Co. paid $7,500 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31 for Apricot would include:
A、A debit to an expense for $5,625.
B、A debit to a prepaid expense for $5,625.
C、A debit to an expense for $1,875.
D、A debit to a prepaid expense for $1,875.
E、A credit to a liability for $1,875.

5、Assuming prepaid expenses are originally recorded in balance sheet accounts, the adjusting entry to record use of a prepaid expense is:
A、Increase an expense; increase a liability.
B、Increase an asset; increase revenue.
C、Decrease a liability; increase revenue.
D、Increase an expense; decrease an asset.
E、Increase an expense; decrease a liability.

6、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.

7、The periodic expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of using the assets, is called:
A、Accumulated depreciation.
B、A contra account.
C、The matching principle.
D、Depreciation expense.
E、An accrued account.

8、Unearned revenue is reported in the financial statements as:
A、A revenue on the balance sheet.
B、A liability on the balance sheet.
C、An unearned revenue on the income statement.
D、An asset on the balance sheet.
E、An operating activity on the statement of cash flows.

9、Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are:
A、Intangible expenses.
B、Prepaid expenses.
C、Unearned expenses.
D、Net expenses.
E、Accrued expenses.

10、The adjusting entry to record an accrued expense is:
A、Increase an expense; increase a liability.
B、Increase an asset; increase revenue.
C、Decrease a liability; increase revenue.
D、Increase an expense; decrease an asset.
E、Increase an expense; decrease a liability.

11、Accrued revenues:
A、At the end of one accounting period often result in cash receipts from customers in the next period.
B、At the end of one accounting period often result in cash payments in the next period.
C、Are also called unearned revenues.
D、Are listed on the balance sheet as liabilities.
E、Are recorded at the end of an accounting period because cash has already been received for revenues earned.

12、The adjusting entry to record an accrued revenue is:
A、Increase an expense; increase a liability.
B、Increase an asset; increase revenue.
C、Decrease a liability; increase revenue.
D、Increase an expense; decrease an asset.
E、Increase an expense; decrease a liability.

13、A trial balance prepared after adjustments have been recorded is called a(n) :
A、Balance sheet.
B、Adjusted trial balance.
C、Unadjusted trial balance.
D、Classified balance sheet.
E、Unclassified balance sheet.

14、A balance sheet that places the assets above the liabilities and equity is called a(n):
A、Report form balance sheet.
B、Account form balance sheet.
C、Classified balance sheet.
D、Unadjusted balance sheet.
E、Unclassified balance sheet.

15、A balance sheet that places the liabilities and equity to the right of the assets is a(n):
A、Account form balance sheet.
B、Report form balance sheet.
C、Interim balance sheet.
D、Classified balance sheet.
E、Unclassified balance sheet.

16、All of the following are true regarding prepaid expenses except:
A、They are paid for in advance of receiving their benefits.
B、They are assets.
C、When they are used, their costs become expenses.
D、The adjusting entry for prepaid expenses increases expenses and increases liabilities.
E、The adjusting entry for prepaid expenses increases expenses and decreases assets.

17、All of the following are true regarding unearned revenues except:
A、They are payments received in advance of services performed.
B、The adjusting entry for unearned revenues increases assets and increases revenues.
C、The adjusting entry for unearned revenues increases revenues and decreases liabilities.
D、They are liabilities.
E、As they are earned, they become revenues.

18、A trial balance prepared before any adjustments have been recorded is:
A、An adjusted trial balance.
B、Used to prepare financial statements.
C、An unadjusted trial balance.
D、Correct with respect to proper balance sheet and income statement amounts.
E、Only prepared once a year.

19、Financial statements are typically prepared in the following order:
A、Balance sheet, statement of owner's equity, income statement.
B、Statement of owner's equity, balance sheet, income statement.
C、Income statement, balance sheet, statement of owner's equity.
D、Income statement, statement of owner's equity, balance sheet.
E、Balance sheet, income statement, statement of owner's equity.

20、Which of the following statements in incorrect:
A、An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded.
B、An adjusted trial balance is a list of accounts and balances prepared after adjusting entries have been recorded and posted to the ledger.
C、Each trial balance amount is used in preparing the financial statements.
D、Financial statements should be prepared directly from information in the unadjusted trial balance.
E、Financial statements can be prepared directly from information in the adjusted trial balance.

21、Two main accounting principles used in accrual accounting are matching and full closure.

22、The matching principle does not aim to record expenses in the same accounting period as the revenue earned as a result of these expenses.

23、The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.

24、The cash basis of accounting commonly results in financial statements that are less comparable from period to period than the accrual basis of accounting.

25、Under the accrual basis of accounting, adjustments are often made for prepaid expenses and unearned revenues.

26、Accumulated depreciation is shown on the balance sheet as a subtraction from the cost of its related asset.

27、Depreciation expense for a period is the portion of a plant asset's cost that is allocated to that period.

28、Depreciation measures the decline in market value of an asset.

29、Since the revenue recognition principle requires that revenues be recorded when earned, there are no unearned revenues in accrual accounting.

30、The entry to record a cash receipt from a customer when the service to be provided has not yet been performed involves a debit to an unearned revenue account.

31、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.

32、Costs incurred during an accounting period but unpaid and unrecorded are accrued expenses.

33、Accrued expenses reflect transactions where cash is paid before a related expense is recognized.

34、A salary owed to employees is an example of an accrued expense.

35、In accrual accounting, accrued revenues are recorded as liabilities.

36、The adjusted trial balance must be prepared before the adjusting entries are made.

37、An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded.

38、Financial statements can be prepared directly from the information in the adjusted trial balance.

39、Adjusting entries are made after the preparation of financial statements.

40、Prior to recording adjusting entries at the end of an accounting period, some accounts may not show proper financial statement amounts even though all transactions were correctly recorded.

Module 4 会计循环与会计比率（一）

Module4 Exercises

1、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.
D、Preparing the financial statements.
E、Preparing a work sheet.

2、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.

3、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.

4、Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period is
A、Real accounts.
B、Temporary accounts.
C、Closing accounts.
D、Permanent accounts.
E、Balance sheet accounts.

5、A classified balance sheet
A、Measures a company's ability to pay its bills on time.
B、Organizes assets and liabilities into important subgroups.
C、Presents revenues, expenses, and net income.
D、Reports operating, investing, and financing activities.
E、Reports the effect of profit and withdrawals on owner's capital.

6、The assets section of a classified balance sheet usually includes
A、Current assets, long-term investments, plant assets, and intangible assets.
B、Current assets, long-term assets, revenues, and intangible assets.
C、Current assets, long-term investments, plant assets, and equity.
D、Current liabilities, long-term investments, plant assets, and intangible assets.
E、Current assets, liabilities, plant assets, and intangible assets.

7、The usual order for the asset section of a classified balance sheet is
A、Current assets, prepaid expenses, long-term investments, intangible assets.
B、Long-term investments, current assets, plant assets, intangible assets.
C、Current assets, long-term investments, plant assets, intangible assets.
D、Intangible assets, current assets, long-term investments, plant assets.
E、Plant assets, intangible assets, long-term investments, current assets.

8、A classified balance sheet differs from an unclassified balance sheet in that
A、a unclassified balance sheet is never used by large companies.
B、a classified balance sheet normally includes only three subgroups.
C、a classified balance sheet presents information in a manner that makes it easier to calculate a company's current ratio.
D、a classified balance sheet will include more accounts than an unclassified balance sheet for the same company on the same date.
E、a classified balance sheet cannot be provided to outside parties.

9、Stride Along has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate the debt ratio.
A、38.6%.
B、13.4%.
C、34.9%.
D、25.9%.
E、14.9%.

10、All of the following regarding current ratio is true except
A、Current ratio is calculated by dividing current assets by current liabilities.
B、Current ratio helps to assess a company's ability to pay its debts in the near future.
C、Current ratio does not affect a creditor’s decision on when to allow a company to buy on credit.
D、Current ratio can affect a creditor's decision about whether to lend money to a company.
E、Current ratio can reveal problems in a company if it is less than 1.

11、The inventory turnover ratio:
A、Is used to analyze profitability.
B、Is used to measure solvency.
C、Reveals how many times a company turns over (sells) its merchandise inventory.
D、Validates the acid-test ratio.
E、Calculation depends on the company's inventory valuation method.

12、A total asset turnover ratio of 3.5 indicates that
A、For every $1 in sales, the firm acquired $3.50 in assets during the period.
B、For every $1 in assets, the firm produced $3.50 in net sales during the period.
C、For every $1 in assets, the firm earned gross profit of $3.50 during the period.
D、For every $1 in assets, the firm earned $3.50 in net income.
E、For every $1 in assets, the firm paid $3.50 in expenses during the period.

13、A company has net sales of $900,000 and average accounts receivable of $300,000. What is its accounts receivable turnover for the period?
A、0.20.
B、5.00
C、20.0
D、73.0
E、3.0

14、All of the following statements regarding profit margin is true except
A、Profit margin reflects the percent of profit in each dollar of revenue.
B、Profit margin is also called return on sales.
C、Profit margin can be used to compare a firm's performance to its compes.
D、Profit margin is calculated by dividing net income by net sales.
E、Profit margin is not a useful measure of a company’s operating results.

15、A company had $9,000,000 in net income for the year. Its net sales were $13,200,000 for the same period. Calculate its profit margin.
A、17.5%.
B、28.0%.
C、62.5%.
D、160.0%.
E、68.2%.

16、Based on the following information from Raptor Company’s balance sheet, calculate the current ratio. Current assets $ 87,000 Investments 50,000 Plant assets 250,000 Current liabilities 39,000 Long-term liabilities 90,000 Raptor, Capital 258,000
A、1.44.
B、3.51.
C、3.33.
D、1.06.
E、2.23.

17、FastLane has net income of $18,955, and assets at the beginning of the year of $200,000. Assets at the end of the year total $246,000. Compute its return on assets.
A、7.7%.
B、8.5%.
C、9.5%.
D、11.8%.
E、13.0%.

18、The first step in the accounting cycle is to analyze transactions and events to prepare for journalizing.

19、The accounting cycle refers to the sequence of steps in preparing the work sheet.

20、The first five steps in the accounting cycle include analyzing transactions, journalizing, posting, preparing an unadjusted trial balance, and recording adjusting entries.

21、The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statements and recording closing and adjusting entries.

22、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.

23、The Income Summary account is a permanent account that will be carried forward period after period.

24、Closing entries are necessary so that owner's capital will begin each period with a zero balance.

25、Permanent accounts carry their balances into the next accounting period. Moreover, asset, liability and revenue accounts are not closed as long as a company continues in business.

26、A classified balance sheet organizes assets and liabilities into important subgroups that provide more information to decision makers.

27、An unclassified balance sheet provides more information to users than a classified balance sheet.

Final Exam

会计学原理期末试卷-Part1

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

2、Assets created by selling goods and services on credit are:
A、Accounts receivable.
B、Accounts payable.
C、Liabilities.
D、Expenses.
E、Equity.

3、If a building 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 $130,000, and is sold for $157,000. What is the effect of the sale on the accounting equation for the seller?
A、Assets increase $85,000; owner's equity increases $85,000.
B、Assets increase $72,000; owner's equity increases $72,000.
C、Assets increase $157,000; owner's equity increases $157,000.
D、Assets increase $130,000; owner's equity increases $130,000.
E、Assets decrease $85,000; owner's equity decreases $85,000.

4、An asset created by prepayment of an expense is:
A、Recorded as a debit to an unearned revenue account.
B、Recorded as a credit to a prepaid expense account.
C、Recorded as a credit to an unearned revenue account.
D、Recorded as a debit to a prepaid expense account.
E、Not recorded in the accounting records until the earnings process is complete.

5、All of the following are liability accounts except:
A、Commissions Earned.
B、Unearned Ticket Revenue.
C、Taxes Payable.
D、Accounts Payable.
E、Notes Payable.

6、If David Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to:
A、Debit Salary Expense and credit Cash.
B、Debit David Jones, Salary and credit Cash.
C、Debit Cash and credit David Jones, Withdrawals.
D、Debit David Jones, Withdrawals and credit Cash.
E、Debit Automobiles and credit Cash.

7、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.

8、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.

9、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, net income, and equity understated.
B、Assets and equity both understated.
C、Assets overstated, net income understated, and equity overstated.
D、Assets overstated and equity understated.
E、Assets, net income, and equity overstated.

10、The adjusting entry to record an accrued expense is:
A、Increase an expense; increase a liability.
B、Increase an asset; increase revenue.
C、Decrease a liability; increase revenue.
D、Increase an expense; decrease an asset.
E、Increase an expense; decrease a liability.

11、The adjusting entry to record an accrued revenue is:
A、Increase an expense; increase a liability.
B、Increase an asset; increase revenue.
C、Decrease a liability; increase revenue.
D、Increase an expense; decrease an asset.
E、Increase an expense; decrease a liability.

12、The usual order for the asset section of a classified balance sheet is:
A、Current assets, prepaid expenses, long-term investments, intangible assets.
B、Long-term investments, current assets, plant assets, intangible assets.
C、Current assets, long-term investments, plant assets, intangible assets.
D、Intangible assets, current assets, long-term investments, plant assets.
E、Plant assets, intangible assets, long-term investments, current assets.

13、A company had $9,000,000 in net income for the year. Its net sales were $13,000,000 for the same period. Calculate its profit margin.
A、17.5%
B、28.0%.
C、62.5%.
D、144.0%
E、69.2%.

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

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

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

17、Assets are the resources of a company and are expected to yield future benefits.

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

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

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

21、Preparation of a trial balance is the first step in the analyzing and recording process.

22、When a company provides services for which cash will not be received until some future date, the company should record the amount charged as unearned revenue.

23、The journal is known as a book of original entry.

24、Accrued revenues at the end of one accounting period are expected to result in cash payments in a future period.

25、An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded.

26、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.

27、Permanent accounts carry their balances into the next accounting period. Moreover, asset, liability and revenue accounts are not closed as long as a company continues in business.

28、A company's cost of goods sold was $15,500 and its average merchandise inventory was $4,500. Its inventory turnover equals 3.4.

会计学原理期末试卷-Part2

1、1.Stride Along Inc. has total assets of $440 million. Its equity is $330 million. Net income is $132 million. Total number of outstanding shares is $880 million. Calculate the debt ratio, ROA, ROE, EPS.(10分) 2. Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued expense, (d) accrued revenue.（10分） 1) Supplies on hand 2) Fees earned but not yet received 3) Fees received but not yet earned 4) A two-year premium paid on a fire insurance policy 5) Taxed owed and payable in the following period 6) Utilities owed but not yet paid 7) Salary owed but not yet paid 8) Subscriptions received in advance by a magazine publisher. 3. After all revenue and expense accounts have been closed at the end of the fiscal year 2014, Income Summary has a debit of $312,600 and a credit of $480,150. At the same date, Peter Wills, Capital as a credit balance of $142,350, and Peter Wills, Withdrawal has a debit balance of $25,000.（10分） 1) Determine the double entries (accounting) required to complete the closing of the accounts. 2) Determinethe balance of Peter Wills, Capital at the end of the period.