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The term "inventory" indicates ( )
A:merchandise held for sale in the normal course of business
B:materials in the process of production or held for production
C:supplies
D:both A and B
The primary purpose of a stock split is to （ ）
A:increase paid-in capital
B:reduce the market price of the stock per share
C:increase the market price of the stock per share
D:increase retained earnings
The ability of a business to pay its debts as they come due and to earn a reasonable amount of income is referred to as ( )
A:solvency and leverage
B:solvency and profitability
C:solvency and liquidity
D:solvency and equity
For accounting purposes, the business entity should be considered separate from its owners if the entity is( )
A:a corporation
B:a proprietorship
C:a partnership
D:all of the above
The two most common specialized fields of accounting in practice are( )
A:forensic accounting and financial accounting
B:managerial accounting and financial accounting
C:managerial accounting and environmental accounting
D:financial accounting and tax accounting systems
The interest rate specified in the bond indenture is called the （ ）
A:discount rate
B:contract rate
C:market rate
D:effective rate
The excess of issue price over par of common stock is termed a(n) （ ）
A:discount
B:income
C:deficit
D:premium
Debts owed by a business are referred to as（ ）
A:accounts receivables
B:equities
C:owner’s equity
D:liabilities
A characteristic of a fixed asset is that it is ( )
A:intangible
B:used in the operations of a business
C:held for sale in the ordinary course of the business
D:none of the above
Sinking Fund Cash would be classified on the balance sheet as （ ）
A:a current asset
B:a fixed asset
C:an intangible asset
D:an investment
The income statement is prepared from( )
A:the adjusted trial balance.
B:the income statement columns of the work sheet.
C:either the adjusted trial balance or the income statement columns of the work sheet.
D:both the adjusted trial balance and the income statement columns of the work sheet.
Financial statements in which financial data for two or more companies are combined as a single entity are called
A:conventional statements
B:consolidated statements
C:audited statements
D:constitutional statements
The interest rate specified in the bond indenture is called the ( )
A:discount rate
B:contract rate
C:market rate
D:effective rate
The excess of issue price over par of common stock is termed a(n) ( )
A:discount
B:income
C:deficit
D:premium
Financial reports are used by（ ）
A:management
B:creditors
C:investors
D:all of the above
The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n)
A:income statement
B:income statement
C:prior period statement
D:statement of owner's equity
The following are examples of external users of accounting information except:
A:government
B:customers
C:creditors
D:all of the above
The matching concept( )
A:addresses the relationship between the journal and the balance sheet
B:determines whether the normal balance of an account is a debit or credit
C:requires that the dollar amount of debits equal the dollar amount of credits on a trial balance
D:determines that expenses related to revenue be reported at the same time the revenue is reported
Using accrual accounting, expenses are recorded and reported only（ ）
A:when they are incurred, whether or not cash is paid
B:when they are incurred and paid at the same time
C:if they are paid before they are incurred
D:if they are paid after they are incurred
When the corporation issuing the bonds has the right to repurchase the bonds prior to the maturity date for a specific price, the bonds are ( )
A:convertible bonds
B:unsecured bonds
C:debenture bonds
D:callable bonds
Under the equity method, a stock purchase is recorded at its original cost and is not adjusted to fair market value each accounting period.
A:对
B:错
Investments in stocks that are expected to be held for the long term are listed in the stockholder's equity section of the balance sheet.
A:对
B:错
For strong internal control system over cash, it is important to have the duties related to cash receipts and cash payments divided among different employees.
A:错误
B:正确
Journalizing is the process of entering amounts in the ledger.
A:对
B:错
For a current liability to exist, the following two tests must be met. The liability must be due usually within a year and must be paid out of current assets.
A:对
B:错
An example of an external user of accounting information is the government.
A:对
B:错
The declining-balance method is an accelerated depreciation method.
A:对
B:错
Revenue is earned only when money is received.
A:错误
B:正确
Capital expenditures are costs that are charged to Stockholders' Equity accounts.
A:对
B:错
When the market rate of interest is less than the contract rate for a bond, the bond will sell for a premium.
A:错误
B:正确
When common stock is issued in exchange for land, the land should be recorded in the accounts at the par amount of the stock issued.
A:错误
B:正确
Allowance for Doubtful Accounts is a liability account.
A:错误
B:正确
A balance sheet is a list of the assets, liabilities, and owner's equity of a business for a period of time.
A:对
B:错
The balance of the allowance for doubtful accounts is added to accounts receivable on the balance sheet.
A:错误
B:正确
Bondholders claims on the assets of the corporation rank ahead of stockholders.
A:错误
B:正确
The units of production depreciation method matches expenses against revenue the best.
A:对
B:错
The declaration of a stock dividend decreases a corporation's stockholders' equity and increases its liabilities.
A:对
B:错
The order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.
A:对
B:错
When a stock dividend is declared, it becomes a liability
A:对
B:错
Sales Discounts is a revenue account with a credit balance.
A:对
B:错
A corporation is a business that is legally separate and distinct from its owners.
A:对
B:错
Investments in stocks that are expected to be held for the long term are listed in the stockholder's equity section of the balance sheet.
A:错误
B:正确
A large retained earnings account means that there is cash available to pay dividends.
A:对
B:错
The double-entry accounting system records each transaction twice.
A:错误
B:正确
If the proceeds from the sale of bond investments exceeds the carrying amount of the bonds, a gain is realized.
A:对
B:错
Under the accrual basis for the accounting period concept, revenues are reported in the income statement in the period in which they are earned.
A:对
B:错
The accounting equation can be expressed as Assets - Liabilities = Owner's Equity.
A:对
B:错
Overall objective of financial reporting is to provide financial information useful to internal users in making economic decisions.
A:错误
B:正确
Dividends in arrears are liabilities of the corporation.
A:对
B:错
Income is recognized when an increase in future benefits related to an increase in an asset of a decrease of a liability has arisen that can be measured reliably.
A:错误
B:正确
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发表于 2020-10-29 18:14:35
