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1All ofthe followingare assetaccounts exceptCA.buildings B.CashB.C.supplies expenseD.accounts receivable2,A columnin journalsand ledgeraccounts usedto crossreference journalandledger entriesis the_A.A.posting referencecolumn B.description columnB.C.debit columnD.account balancecolumn3,The price-earnings ratiois calculated by dividing:CA.Dividends per share by earnings per share.B.Earnings per share bymarket valueper share.C.Market valueper sharebyearnings per share.D.Market valuepershareby dividendspershare.
4.Assets createdby sellinggoods andservices oncredit areAA.accounts receivableB.equityC.liabilities D.expenses
5.Amounts receivedin advancefrom customersfor futureproducts orservices:CA.Require anoutlay of cash inthe future.B.Are revenues.C.Are liabilities.D.Are notallowed underGAAP.
6.Revenues,expenses,and withdrawalsaccounts,which areclosed attheend of each accountingperiod isBA.Closing accountsB.Temporary accounts.C.Real accounts.D.Balance sheetaccounts.
7..Decreases in equity thatrepresent costsof assetsor servicesused toearnrevenues arecalled CAliabilities B.withdrawals C.expenses D.equity
8.The purchasesjournal isused forrecording creditpurchases T
9.Current ratiodoes notaffect acreditor,s decisionon whento allowacompany tobuy oncredit.F
10.The primaryobjective offinancial accountingis toprovide financialstatementsto helpexternal usersanalyze anorganizations activities.
11.A partnershipdesigned toprotect innocentpartners frommalpracticeor negligenceclaims resultingfrom actsof anotherpartner is a limitedliabilitypartnership.T
12.Partners1withdrawals of assets aredebited to their withdrawalsaccounts.T
13.Deposits intransit aredeposits madeand recordedby thedepositorbut notyet recordedon thebank statement.T
14.Cash paidfor merchandiseis anoperating activity.T
15.Owners investmentsare increasesin equityfrom a companys earningsactivities.F
16.Which ofthe followingis an example of assets C A.Salary expenseB.unearned revenueC.prepaid expenseD.accounts payable
17.The accountingassumption that requires everybusiness tobeaccounted forseparately fromother businessentities,including itsowneror ownersis knownas the:BA.Cost principle.B.Business entityassumption.C.Time-period assumption.D.Revenue recognitionprinciple.
18.The rulethatrequiresfinancial statementsto reflectthe assumptionthatthe businesswill continueoperating insteadof beingclosed orsold,unless evidenceshows thatit will not continue,is theDA.Monetary unitassumption.B.Objectivity principle.C.Business entityassumption.D.Going-concern assumption.
19.External usersof accounting information includeall ofthe followingexcept:D A.Customers.B.Shareholders.C.Creditors.D.Internal managers.
20.Source documents:C A.Include thechart of accounts.B.Must bein electronicform.C.Are thesources of accountinginformation.D.Include the ledger.
21.The accountingprocess beginswith:C A.Summarizing therecorded effectof business transactions.B.Preparing financial statements andother reports.C.Analysis of businesstransactionsand sourcedocuments.
0.Presentation offinancial informationto decision-makers.
22.A collectionof allaccounts and their balancesusedby abusiness iscalled a:CA.Balance columnjournal.B.General Journal.C.Ledger.DJournal.
23.A trial balance preparedafter adjustmentshave beenrecorded iscalledan:DA.Classified balance sheet.B.Unadjusted trial balance.C.Balance sheet.D.Adjusted trial balance.
24.The approachto preparingfinancialstatementsbased onrecognizingrevenues whenthey areearned andmatching expensesto thoserevenuesis:CA.The matchingprinciple.B.Revenue basisaccounting.C.Accrual basisaccounting.D.The timeperiod assumption.26,A partnershipis nota separatelegal entityfrom thepartnersthemselves.T
27.Limited liabilitymeans theshareholders areresponsible forthecompany sdebts onlyup to the amountpaid on the shares.T
28.Accounting is an informationand measurementsystem thatidentifies,records,and communicatesrelevant,reliable,and comparableinformationabout anorganizations businessactivities.1T29,Withdrawals by the ownerare abusiness expenseF
30.A revenueaccountnormally hasa debitbalance.1F31,Liabilities:AA.Must sometimesbe estimated.B.Must alwayshave adefinite datefor payment.C.Must befor aspecific amount.Must involvean outflowof cash.
32.A contingentliability Isa potentialobligation thatdepends ona futureeventarising froma pasttransaction orevent.T
1.1In the accounting recordsofadefendant,lawsuit shouldbe recordedifpayment fordamages isprobable andthe amountcan bereasonablyestimated.T
34.Unearned revenuesare liabilities.T
35.A companys ability toissue unsecureddebt dependson itscreditstanding.
36.The carryingvalue ofbonds atmaturity isalways equaltothepar valuethatthe issuerpays theholder.T
37.The statementof cashflows reportsand provesthe netchange in cashfor areporting period.T
38.Retained earningsgenerally consistsofa companys cumulativenetincome lessany netlosses anddividends declaredsince itsinception T
39.Dividend yieldis definedas themarket pricepershareofacompanysstock dividedby itsearningspershare.F
10..Book valueper commonshare iscalculatedbydividingstockholders1equity applicableto commonshares bythe numberofcommon sharesoutstanding T、41Which ofthe followingaccounting principlesprescribes thata companyrecordits expensesincurred togenerate therevenue reportedAA Matchingprinciple.B.Going-concern assumption.C.Reliability principleD.Cost principle.42The incomestatement showsacompanys net income orloss duetoearnings activitiesover aperiod oftime.T
43.The primaryobjective offinancial accountingis toprovide financialstatementsto helpexternal usersanalyze anorganizations activities.T
44.Partners1withdrawals ofassets aredebited totheir withdrawalsaccounts.T
45.Deposits intransit aredeposits madeand recordedbythedepositorbut notyet recordedonthebank statement.T46,Cash paidfor merchandiseisanoperating activity.T
47.The statementofcashflows explainsthe differencebetween thebeginningand ending balances ofcash andcash equivalents.
48.Financial statementanalysis maybe usedfor personalinvestmentdecisions.
49..Assets createdby sellinggoods andservices oncredit are_A_A.accounts receivableB.equity C.liabilities D.expenses
50.The financialstatement thatshows thebeginning balanceof ownersequity;the changesinequitythat resultedfrom newinvestments bytheowner,netincomeor netloss;withdrawals;andtheendingbalance,isthe statementof ownersequity.T
51.Managerial accountingis thearea of accounting that provides internalreportsto assistthe decisionmaking needsof internalusers.T
52.As ageneral rule,revenues shouldnot berecognized inthe accountingrecordsuntil itis receivedincashF
53.Assets arethe resourcesofacompany and are expectedto yieldfuturebenefits.T
54.The balance sheet isbased onthe accountingequation.T
55.The threemajor typesofbusinessactivities areoperating,financing,and investing.
56.When acompany providesservices forwhich cashwillnotbe receiveduntilsome futuredate,the companyshould recordthe amountcharged asunearnedrevenue.F
57.In adouble-entry accountingsystem,the totalamount debitedmustalways equalthe totalamount credited.
58.A journalgives acomplete recordofeach transaction inone place,andshows thedebits andcredits foreachtransaction.T
59.Posting isthe transferof journalentry informationtotheledger.T
60.Generally,the orderingof accountsin atrialbalancetypically followstheiridentification numberfrom thechart ofaccounts,that is,assets first,then liabilities,then owners capital andwithdrawals,followed byrevenuesand expenses.T
1.1Incurred butunpaid expensesthat arerecorded duringthe adjustingprocesswith adebit toan expenseandacredit toa liabilityare:DA.Net expenses.B.Intangible expenses.C.Prepaid expenses.D.Accrued expenses.
62.The adjustingentry torecord anaccrued expenseis increase anexpense;increasealiability.T
63.Financial statementscan beprepared directlyfrom informationin theadjustedtrialbalance.
64.An adjustedtrialbalanceisalist ofaccounts andbalances preparedafteradjusting entrieshave beenrecorded andposted totheledger.T
65.The cashbasis ofaccounting commonlyresults infinancial statementsthatare lesscomparable fromperiod toperiod thanthe accrual basis ofaccounting.
66.Under theaccrualbasisofaccounting,adjustments areoften madeforprepaid expensesand unearnedrevenues.T
67.Depreciation measuresthe declinein marketvalue of an asset.F
68.A salaryowed toemployees isanexampleofanaccrued expense.Ta classifiedbalancesheetpresents informationin amanner thatmakes iteasierto calculateacompanyscurrent ratio.T
69.Current ratiohelps toassess acompanysabilityto payits debtsin thenearfuture.T
70.The firststep intheaccountingcycle isto analyzetransactions andeventsto preparefor journalizing.
71.Closing entriesare necessaryso thatownerscapitalwill begineachperiod witha zerobalance.F
72.A classifiedbalancesheetorganizes assetsand liabilitiesinto importantsubgroupsthatprovidemore informationto decisionmakers T。