(单选题)1: 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


(单选题)2: When the perpetual inventory system is used, the inventory sold is debited to ( )
A: supplies expense
B: cost of merchandise sold
C: merchandise inventory
D: sales


(单选题)3: 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


(单选题)4: 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


(单选题)5: 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


(单选题)6: 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


(单选题)7: Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a
A: credit to Sales Returns and Allowances
B: debit to Merchandise Inventory
C: credit to Merchandise Inventory
D: debit to Cost of Merchandise Sold


(单选题)8: Accumulated Depreciation ( )
A: is used to show the amount of cost expiration of intangibles
B: is the same as Depreciation Expense
C: is a contra asset account
D: is used to show the amount of cost expiration of natural resources


(单选题)9: The cost method of accounting for stock( )
A: recognizes dividends as income
B: is only appropriate as part of a consolidation
C: requires the investment be increased by the reported net income of the investee
D: requires the investment be decreased by the reported net income of the investee


(单选题)10: 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


(单选题)11: The excess of issue price over par of common stock is termed a(n) （ ）
A: discount
B: income
C: deficit
D: premium


(单选题)12: The liability for a dividend is recorded on which of the following dates?
A: the date of record
B: the date of payment
C: the date of announcement
D: the date of declaration


(单选题)13: The journal entry a company uses to record the estimated accrued product warranty liability is （ ）
A: debit Product Warranty Expense; credit Product Warranty Payable
B: debit Product Warranty Payable; credit Cash
C: debit Product Warranty Expense; credit Cash
D: debit Product Warranty Payable; credit Product Warranty Expense


(单选题)14: The excess of issue price over par of common stock is termed a(n) ( )
A: discount
B: income
C: deficit
D: premium


(单选题)15: In the accounting cycle, the last step is（ ）
A: preparing the financial statements
B: journalizing and posting the adjusting entries
C: preparing a post-closing trial balance
D: journalizing and posting the closing entries


(单选题)16: The business entity concept means that
A: the owner is part of the business entity
B: an entity is organized according to state or federal statutes
C: an entity is organized according to the rules set by the FASB
D: the entity is an individual economic unit for which data are recorded, analyzed, and reported


(单选题)17: 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


(单选题)18: Characteristics of a corporation include ( )
A: shareholders who are mutual agents
B: direct management by the shareholders (owners)
C: its inability to own property
D: shareholders who have limited liability


(单选题)19: 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


(单选题)20: Characteristics of a corporation include （ ）
A: shareholders who are mutual agents
B: direct management by the shareholders (owners)
C: its inability to own property
D: shareholders who have limited liability


(判断题)21: An income statement is a summary of the revenues and expenses of a business as of a specific date.
A: 错误
B: 正确


(判断题)22: The book value of a fixed asset reported on the balance sheet represents its market value on that date.
A: 对
B: 错


(判断题)23: The statement of cash flows consists of an operating section, an income section, and an equity section.
A: 错误
B: 正确


(判断题)24: Primary users of accounting information are accountants.
A: 对
B: 错


(判断题)25: The allowance for doubtful accounts is similar to accumulated depreciation in that the account represents the total of all accounts written-off since the beginning year.
A: 错误
B: 正确


(判断题)26: 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


(判断题)27: The prices of bonds are quoted as a percentage of the bonds' market value.
A: 对
B: 错


(判断题)28: If the bondholder has the right to exchange a bond for shares of common stock, the bond is called a convertible bond.
A: 错误
B: 正确


(判断题)29: Treasury Stock is listed in the stockholders' equity section on the balance sheet.
A: 错误
B: 正确


(判断题)30: The declaration and issuance of a stock dividend does not affect the total amount of a corporation's assets, liabilities, or stockholders' equity.
A: 对
B: 错


(判断题)31: Amortization is the allocation process of writing off bond premiums and discounts to interest expense over the life of the bond issue.
A: 对
B: 错


(判断题)32: The increase side of all accounts is the normal balance.
A: 错误
B: 正确


(判断题)33: Treasury Stock is listed in the stockholders' equity section on the balance sheet.
A: 对
B: 错


(判断题)34: If the liabilities owed by a business total $300,000 and owners equity is equal to $300,000, then the assets also total $300,000.
A: 对
B: 错


(判断题)35: A fixed asset impairments occurs when the fair value of a fixed asset falls below its book value and is not expected to recover.
A: 错误
B: 正确


(判断题)36: Dividends in arrears are liabilities of the corporation.
A: 错误
B: 正确


(判断题)37: 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


(判断题)38: The difference between Accounts Receivable and its contra asset account is called net realizable value.
A: 错误
B: 正确


(判断题)39: If the liabilities owed by a business total $500,000, then the assets also total $500,000.
A: 对
B: 错


(判断题)40: Any difference between the fair market values of the securities and their cost is a realized gain or loss.
A: 错误
B: 正确


(判断题)41: A balance sheet is a list of the assets, liabilities, and owner's equity of a business for a period of time.
A: 错误
B: 正确


(判断题)42: The day on which the board of directors of the corporation distributes a dividend is called the declaration date.
A: 对
B: 错


(判断题)43: If a firm has a quick ratio of 1, the subsequent payment of an account payable will cause the ratio to increase.
A: 对
B: 错


(判断题)44: Prepaid expenses are an example of an expense.
A: 错误
B: 正确


(判断题)45: Primary users of accounting information are accountants.
A: 错误
B: 正确


(判断题)46: 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


(判断题)47: The prices of bonds are quoted as a percentage of the bonds' market value.
A: 错误
B: 正确


(判断题)48: The balance of the allowance for doubtful accounts is added to accounts receivable on the balance sheet.
A: 错误
B: 正确


(判断题)49: When old equipment is traded in for a new equipment, the difference between the list price and the trade in allowance is called boot.
A: 错误
B: 正确


(判断题)50: Revenue accounts are increased by credits.
A: 对
B: 错

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