发布时间 : 星期六 文章财务会计英语 练习及答案ch03更新完毕开始阅读
Chapter 3—The Matching Concept and the Adjusting Process
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset.
ANS: T DIF: 2 OBJ: 03
The Accumulated Depreciation's account balance is the sum of depreciation expense recorded in past periods.
ANS: T DIF: 2 OBJ: 03
Accumulated Depreciation accounts are liability accounts.
ANS: F DIF: 1 OBJ: 03
Accumulated Depreciation is reported on the income sheet.
ANS: F DIF: 1 OBJ: 03
A building was purchased for $75,000. Assuming annual depreciation of $2,500, the book value of the building one year later is $77,500.
ANS: F DIF: 2 OBJ: 03
A contra asset account for Land will normally appear in the balance sheet.
ANS: F DIF: 2 OBJ: 03
Depreciation Expense is reported on the balance sheet as an addition to the related asset.
ANS: F DIF: 1 OBJ: 03
A company pays $12,000 for twelve month's rent on October 1. The adjusting entry on December 31 is debit Rent Expense, $4,000 and credit Prepaid Rent, $4,000.
ANS: F DIF: 4 OBJ: 03
A company pays $240 for a yearly trade magazine on August 1. The adjusting entry on
December 31 is debit Unearned Subscription Revenue, $100 and credit Subscription Revenue, $100.
ANS: F DIF: 4 OBJ: 03
A company depreciates its equipment $350 a year. The adjusting entry for December 31 is debit Depreciation Expense, $350 and credit Equipment, $350.
ANS: F DIF: 4 OBJ: 03
65
Chapter 3—The Matching Concept and the Adjusting Process
31. A company pays an employee $1,000 for a five day work week, Monday - Friday. The
adjusting entry on December 31, which is a Wednesday, is debit Wages Expense, $200 and credit Wages Payable, $200.
ANS: F DIF: 4 OBJ: 03
32. A company pays $5,600 for two season tickets on September 1. If $1,400 is earned by
December 31, the adjusting entry made at that time is debit Cash, $1,400 and credit Ticket Revenue, $1,400.
ANS: F DIF: 4 OBJ: 03
33. A company does not realize that the last two day's revenue for the month was not recorded. The
adjusting entry on December 31 is debit Accounts Receivable and credit Fees Earned.
ANS: T DIF: 4 OBJ: 03
34. The balance in the prepaid insurance account before adjustment at the end of the year is $4,000.
The amount of the journal entry required to record insurance expense will be $2,500 if the amount of unexpired insurance applicable to future periods is $1,500.
ANS: T DIF: 4 OBJ: 04
35. If the adjustment for accrued salaries at the end of the period is inadvertently omitted, both
liabilities and owner's equity will be overstated for the period.
ANS: F DIF: 4 OBJ: 04
36. If the adjustment to recognize expired insurance at the end of the period is inadvertently omitted,
the assets at the end of the period will be understated.
ANS: F DIF: 4 OBJ: 04
37. If the adjustment of the unearned rent account at the end of the period to recognize the amount
of rent earned is inadvertently omitted, the net income for the period will be overstated.
ANS: F DIF: 4 OBJ: 04
38. If the adjustment for depreciation for the year is inadvertently omitted, the assets on the balance
sheet at the end of the period will be understated.
ANS: F DIF: 4 OBJ: 04
39. The financial statements are prepared from the unadjusted trial balance.
ANS: F DIF: 1 OBJ: 04
66
Chapter 3—The Matching Concept and the Adjusting Process
40. The heading of an adjusted trial balance contains the heading \
31, 2006.\
ANS: F DIF: 1 OBJ: 04
41. Vertical analysis compares each item in a statement with another item in the same statement.
ANS: T DIF: 2 OBJ: 05
42. The vertical analysis of a balance sheet is performed by dividing every item on the balance
sheet by the amount of total assets. This will give a percentage for each asset on the balance sheet.
ANS: T DIF: 2 OBJ: 05
43. The vertical analysis of an income statement is performed by dividing every item on the income
statement by the amount of expenses.
ANS: F DIF: 2 OBJ: 05
MULTIPLE CHOICE
1. The revenue recognition concept
a. is in not in conflict with the cash method of accounting b. determines when revenue is credited to a revenue account c. states that revenue is not recorded until the cash is received d. controls all revenue reporting for the cash basis of accounting
ANS: B DIF: 3 OBJ: 01
2. 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
ANS: D DIF: 3 OBJ: 01
3. Using accrual accounting, revenue is recorded and reported only
a. when cash is received without regard to when the services are rendered b. when the services are rendered without regard to when cash is received c. when cash is received at the time services are rendered d. if cash is received after the services are rendered
ANS: B DIF: 3 OBJ: 01
67
Chapter 3—The Matching Concept and the Adjusting Process
4. 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
ANS: A DIF: 3 OBJ: 01
5. One of the accounting concepts upon which deferrals and accruals are based is
a. matching b. cost
c. price-level adjustment d. conservatism
ANS: A DIF: 2 OBJ: 02
6. If the effect of the debit portion of an adjusting entry is to increase the balance of an expense
account, which of the following describes the effect of the credit portion of the entry? a. decreases the balance of an owner's equity account b. increases the balance of an liability account c. increases the balance of an asset account d. decreases the balance of an expense account
ANS: B DIF: 3 OBJ: 02
7. If the effect of the credit portion of an adjusting entry is to increase the balance of a liability
account, which of the following describes the effect of the debit portion of the entry? a. increases the balance of a contra asset account b. increases the balance of an asset account
c. decreases the balance of an owner's equity account d. increases the balance of an expense account
ANS: D DIF: 3 OBJ: 02
8. The primary difference between deferred and accrued expenses is that deferred expenses have
a. been incurred and accrued expenses have not
b. not been incurred and accrued expenses have been incurred c. been recorded and accrued expenses have not been incurred d. not been recorded and accrued expenses have been incurred
ANS: B DIF: 3 OBJ: 02
68