南开大学23秋学期《会计专业英语》在线作业三

奥鹏南开大学23年秋季新学期作业参考

23秋学期（高起本：1709-2103、专升本/高起专：2003-2103）《会计专业英语》在线作业-00003

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
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If the allowance method of accounting for uncollectible re奥鹏南开大学23年秋季新学期作业参考ceivables 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
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Financial statements in which financial data for two or more companies are combined as a single entity are called
A:conventional statements
B:consolidated statements
C:audited statements
D:constitutional statements
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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
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The measurement bases exclude( )
A:Historical cost
B:Current cost
C:Sale price
D:Present value
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The two most common specialized fields of accounting in practice are( )
A:forensic accounting and financial accounting
B:managerial accounting and financial accounting
C:managerial accounting and environmental accounting
D:financial accounting and tax accounting systems
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Debts owed by a business are referred to as（ ）
A:accounts receivables
B:equities
C:owner’s equity
D:liabilities
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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
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The inventory method that assigns the most recent costs to cost of good sold is
A:FIFO
B:LIFO
C:average
D:specific identification
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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
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Stockholders' equity ( )
A:is usually equal to cash on hand
B:includes paid-in capital and liabilities
C:includes retained earnings and paid-in capital
D:is shown on the income statement
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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
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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
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Which of the following below generally is the most useful in analyzing companies of different sizes?
A:comparative statements
B:common-sized financial statements
C:price-level accounting
D:audit report
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Low Company owns 40% of the voting stock of High Corporation and uses the equity method in recording this investment. High Corporation reported a $10,000 net loss. Low Corporation's entry would include a ( )
A:Debit to the investment account for $10,000
B:Debit to the investment account for $4,000
C:Credit to the investment account for $4,000
D:Debit to a loss account for $4,000
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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.
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In which section of the balance sheet would Treasury Stock be reported?
A:Fixed assets
B:Long-term liabilities
C:Stockholders' equity
D:Intangible assets
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Cash dividends are usually not paid on which of the following?
A:class B common stock
B:preferred stock
C:treasury stock
D:class A common stock
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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
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Stockholders' equity （ ）
A:is usually equal to cash on hand
B:includes paid-in capital and liabilities
C:includes retained earnings and paid-in capital
D:is shown on the income statement
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Overall objective of financial reporting is to provide financial information useful to internal users in making economic decisions.
A:错误
B:正确
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Horizontal analysis is used to compare the financial statements of the same company for different periods.
A:错误
B:正确
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The difference between Accounts Receivable and its contra asset account is called net realizable value.
A:错误
B:正确
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Intangible assets differ from property, plant and equipment assets in that they lack physical substance.
A:错误
B:正确
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Paying an account payable increases liabilities and decreases assets
A:对
B:错
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Before a stock dividend can be declared or paid, there must be sufficient cash.
A:对
B:错
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Revenue accounts are increased by credits.
A:错误
B:正确
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Dividends in arrears are liabilities of the corporation.
A:对
B:错
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The statement of cash flows consists of an operating section, an income section, and an equity section.
A:错误
B:正确
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If a company has issued only one class of stock, the earnings per share are determined by dividing net income plus interest expense by the number of shares outstanding.
A:对
B:错
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If the liabilities owed by a business total $500,000, then the assets also total $500,000.
A:对
B:错
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The declining-balance method is an accelerated depreciation method.
A:错误
B:正确
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The two main sources of stockholders' equity are investments contributed by stockholders and net income retained in the business.
A:对
B:错
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If a firm has a quick ratio of 1, the subsequent payment of an account payable will cause the ratio to increase.
A:错误
B:正确
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Revenue is earned only when money is received.
A:对
B:错
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The matching concept requires expenses be recorded in the same period that the related revenue is recorded.
A:对
B:错
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The declining-balance method is an accelerated depreciation method.
A:对
B:错
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Bondholders are creditors of the issuing corporation.
A:对
B:错
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Primary users of accounting information are accountants.
A:错误
B:正确
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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
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Treasury Stock is listed in the stockholders' equity section on the balance sheet.
A:对
B:错
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Even when a trial balance is in balance, there may be errors in the individual accounts.
A:错误
B:正确
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When a stock dividend is declared, it becomes a liability
A:错误
B:正确
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Liability accounts are increased by debits.
A:对
B:错
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The investor carrying an investment by the equity method records cash dividends received as an increase in the carrying amount of the investment.
A:对
B:错
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Ordinarily, a corporation owning a significant portion of the voting stock of another corporation accounts for the investment using the equity method.
A:对
B:错
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Ordinarily, a corporation owning a significant portion of the voting stock of another corporation accounts for the investment using the equity method.
A:错误
B:正确
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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
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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:对
B:错
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Solvency analysis focuses on the ability of a business to pay its current and noncurrent liabilities.
A:错误
B:正确
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