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Cash equivalents( )
A:are illegal in some company
B:will be converted to cash within two years
C:will be converted to cash within 90 days
D:will be converted to cash within 120 days
On the balance sheet, the amount shown for the Allowance for Doubtful Accounts is equal to the ( )
A:Uncollectible accounts expense for the year
B:total of the accounts receivables written-off during the year
C:total estimated uncollectible accounts as of the end of the year
D:sum of all accounts that are past due.
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 accounting equation may be expressed as（ ）
A:Assets = Equities - Liabilities
B:Assets Liabilities = Owner's Equity
C:Assets = Revenues less Liabilities
D:Assets - Liabilities = Owner's Equity
Current liabilities are（ ）
A:due, but not receivable for more than one year
B:due, but not payable for more than one year
C:due and receivable within one year
D:due and payable within one year
How does paying a liability in cash affect the accounting equation?
A:assets increase; liabilities decrease
B:assets increase; liabilities increase
C:assets decrease; liabilities decrease
D:liabilities decrease; owner's equity increases
Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error?
A:owner's equity is overstated
B:cost of merchandise sold is overstated
C:gross profit is understated
D:net income is understated
All of the following occur with a double-entry accounting system except:
A:The accounting equation remains in balance.
B:Each business transaction will have only two entries.
C:Every transaction affects at least two accounts
D:The sum of all debits is always equal to the sum of all credits in each journal entry.
On the balance sheet, the amount shown for the Allowance for Doubtful Accounts is equal to the （ ）
A:Uncollectible accounts expense for the year
B:total of the accounts receivables written-off during the year
C:total estimated uncollectible accounts as of the end of the year
D:sum of all accounts that are past due.
Which statement below is not a reason for a corporation to buy back its own stock.
A:resale to employees
B:bonus to employees
C:for supporting the market price of the stock
D:to increase the shares outstanding
Financial reports are used by( )
A:management
B:creditors
C:investors
D:all of the above
What is the type of account and normal balance of Allowance for Doubtful Accounts?
A:Contra asset, credit
B:Asset, debit
C:Asset, credit
D:Contra asset, debit
Debts owed by a business are referred to as（ ）
A:accounts receivables
B:equities
C:owner’s equity
D:liabilities
If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?
A:Uncollectible Accounts Expense
B:Accounts Receivable
C:Allowance for Doubtful Accounts
D:Interest Expense
Which of the following financial statements reports information as of a specific date?
A:income statement
B:statement of owner's equity
C:statement of cash flows
D:balance sheet
Current liabilities are( )
A:due, but not receivable for more than one year
B:due, but not payable for more than one year
C:due and receivable within one year
D:due and payable within one year
The debt created by a business when it makes a purchase on account is referred to as an
A:account payable
B:account receivable
C:asset
D:expense payable
The percentage analysis of increases and decreases in individual items in comparative financial statements is called ( )
A:vertical analysis
B:solvency analysis
C:profitability analysis
D:horizontal analysis
Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error?
A:net income is understated
B:net income is overstated
C:cost of merchandise sold is understated
D:merchandise inventory reported on the balance sheet is overstated
Which of the following groups are considered to be internal users of accounting information?
A:Employees and customers
B:Customers and vendors
C:Employees and managers
D:Government and banks
Available-for-sale securities are securities that management expects to sell in the future, but are not actively traded for profit.
A:错误
B:正确
The matching concept requires expenses be recorded in the same period that the related revenue is recorded.
A:对
B:错
Even when a trial balance is in balance, there may be errors in the individual accounts.
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
In establishing a petty cash fund, a check is written for the amount of the fund and is recorded as a debit to Accounts Payable and a credit to Petty Cash.
A:错误
B:正确
Solvency analysis focuses on the ability of a business to pay its current and noncurrent liabilities.
A:对
B:错
Every adjusting entry will affect at least one income statement account and one balance sheet account.
A:对
B:错
Purchasing supplies on account increases liabilities and decreases equity.
A:对
B:错
Solvency analysis focuses on the ability of a business to pay its current and noncurrent liabilities.
A:错误
B:正确
The journal entry to record the cost of warranty repairs that were incurred during the current period, but related to sales made in prior years, includes a debit to Warranty Expense.
A:对
B:错
If the liabilities owed by a business total $500,000, then the assets also total $500,000.
A:对
B:错
If bonds are sold for a discount, the carrying value of the bonds is equal to the face value less the unamortized discount.
A:错误
B:正确
The matching concept requires expenses be recorded in the same period that the related revenue is recorded.
A:错误
B:正确
The main reason that the bank statement cash balance and the depositor's cash balance do not initially balance is due to timing differences.
A:错误
B:正确
Paying an account payable increases liabilities and decreases assets
A:错误
B:正确
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
Bondholders are creditors of the issuing corporation.
A:错误
B:正确
Even when a trial balance is in balance, there may be errors in the individual accounts.
A:错误
B:正确
The statement of cash flows consists of an operating section, an income section, and an equity section.
A:对
B:错
Intangible assets differ from property, plant and equipment assets in that they lack physical substance.
A:对
B:错
The amortization of a premium on bonds payable decreases bond interest expense.
A:对
B:错
The double-entry accounting system records each transaction twice.
A:错误
B:正确
An income statement is a summary of the revenues and expenses of a business as of a specific date.
A:对
B:错
The difference between Accounts Receivable and its contra asset account is called net realizable value.
A:对
B:错
Primary users of accounting information are accountants.
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
Dividends in arrears are liabilities of the corporation.
A:错误
B:正确
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
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:错误
B:正确
Revenue is earned only when money is received.
A:错误
B:正确
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发表于 2020-10-30 08:01:34
