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Chapter 3—The Matching Concept and the Adjusting Process
47.
48.
49.
50.
c. fixed assets
d. prepaid expenses
ANS: B DIF: 2 OBJ: 03
Fees receivable would appear on the balance sheet as a(n) a. asset b. liability c. fixed asset
d. unearned revenue
ANS: A DIF: 2 OBJ: 03
The general term employed to indicate a delay of the recognition of an expense already paid or of a revenue already received is a. depreciation b. deferral c. accrual d. inventory
ANS: B DIF: 1 OBJ: 03
The adjusting entry for rent earned that is currently recorded in the unearned rent account is a. Unearned Rent, debit; Rent Revenue, credit b. Rent Revenue, debit; Unearned Rent, credit c. Unearned Rent, debit; Prepaid Rent, credit d. Rent Expense, debit; Unearned Rent, credit
ANS: A DIF: 3 OBJ: 03
Which of the following pairs of accounts could not appear in the same adjusting entry? a. Service Revenue and Unearned Revenue b. Interest Income and Interest Expense c. Rent Expense and Prepaid Rent
d. Salaries Payable and Salaries Expense
ANS: B DIF: 2 OBJ: 03
51. The unearned rent account has a balance of $40,000. If $3,000 of the $40,000 is unearned at the
end of the accounting period, the amount of the adjusting entry is a. $3,000 b. $40,000
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Chapter 3—The Matching Concept and the Adjusting Process
52.
53.
54.
55.
c. $37,000 d. $43,000
ANS: C DIF: 3 OBJ: 03
At the end of the fiscal year, the usual adjusting entry to Prepaid Insurance to record expired insurance was omitted. Which of the following statements is true? a. Total assets at the end of the year will be understated. b. Owner's equity at the end of the year will be understated. c. Net income for the year will be overstated. d. Insurance Expense will be overstated.
ANS: C DIF: 4 OBJ: 04
At the end of the fiscal year, the usual adjusting entry for depreciation on equipment was omitted. Which of the following statements is true?
a. Total assets will be understated at the end of the current year.
b. The balance sheet and income statement will be misstated but the statement of owner's equity will be correct for the current year. c. Net income will be overstated for the current year. d. Total liabilities and total assets will be understated.
ANS: C DIF: 4 OBJ: 04
At the end of the fiscal year, the usual adjusting entry for accrued salaries owed to employees was omitted. Which of the following statements is true? a. Salary Expense for the year was understated.
b. The total of the liabilities at the end of the year was overstated. c. Net income for the year was understated.
d. Owner's equity at the end of the year was understated.
ANS: A DIF: 4 OBJ: 04
Which of the accounts below would appear on an adjusted trial balance but probably would not appear on the trial balance? a. Fees Earned
b. Accounts Receivable c. Unearned Fees
d. Depreciation Expense
ANS: D DIF: 2 OBJ: 04
56.Which of the accounting steps in the accounting process below would be completed last?
a. preparing the adjusted trial balance b. posting
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Chapter 3—The Matching Concept and the Adjusting Process
c. preparing the financial statements d. journalizing
ANS: C DIF: 2 OBJ: 04
57. Vertical analysis can result from
a. comparing each item on balance sheets from two different periods with each other b. comparing each item on balance sheets from two different companies for two different periods with each other
c. comparing each item on an income statement with the amount of assets on the balance sheet
d. comparing each item on a balance sheet with the amount of total assets on the balance sheet
ANS: D DIF: 3 OBJ: 05
58. Vertical analysis can be
a. used to compare a single company with the industry averages
b. prepared for more than one period to identify trends within a single company c. prepared for both the income statement and the balance sheet d. all of the above
ANS: D DIF: 3 OBJ: 05
PROBLEM
1. On May 1 a business paid $4,800 for twelve month liability insurance policy. Also on June 1
the same business entered into a twelve month rental contract for equipment for $12,000. Determine the following amounts: (a) prepaid insurance as of May 31, (b) prepaid rent as of June 30 (c) insurance expense for May and rent expense for June.
ANS:
(a) $4,400 (b) $11,000
(c) $400, $1,000
DIF: 2 OBJ: 03
2. For each of the following, journalize the necessary adjusting entry:
(a) A business pays weekly salaries of $15,000 on Friday for a five-day week
ending on that day. Journalize the necessary adjusting entry at the end of the
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Chapter 3—The Matching Concept and the Adjusting Process
fiscal period, assuming that the fiscal period ends (1) on Wednesday, (2) on Thursday.
(b) The balance in the prepaid insurance account before adjustment at the end of
the year is $14,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $4,500, (2) the amount of unexpired insurance applicable to a future period is $1,500.
(c) On July 1 of the current year, a business pays $36,000 to the city for license
taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocable to July is $3,200. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July?
(d) The estimated depreciation on equipment for the year is $24,000.
ANS:
(a) (1) Salary Expense 9,000 Salaries Payable 9,000 (2) Salary Expense 12,000 Salaries Payable 12,000 (b) (1) Insurance Expense 4,500 Prepaid Insurance 4,500 (2) Insurance Expense 12,500 Prepaid Insurance 12,500 (c) (1) Taxes Expense 3,000 Prepaid License Taxes 3,000 Taxes Expense 3,200 Property Taxes Payable 3,200 (2) $6,200 ($3,000 + $3,200) (d) Depreciation Expense 24,000 Accumulated Depreciation - Equipment 24,000
DIF: 4 OBJ: 03
3. At the end of the fiscal year, the following adjusting entries were omitted:
(a) No adjusting entry was made to transfer the $2,500 of prepaid insurance from
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