南开大学22秋学期《会计专业英语》在线作业二

奥鹏教育南开大学平时作业

22秋学期（高起本1709-1803、全层次1809-2103）《会计专业英语》在线作业-00002

Sinking Fund Cash would be classified on the balance sheet as （ ）
A:a current asset
B:a fixed asset
C:an intangible asset
D:an investment
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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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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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Which of the following measures a company’s ability to pay its current liabilities?
A:earnings per share
B:inventory turnover
C:current ratio
D:number of times interest charges earned
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What is the type of account and normal balance of Allowance for Doubtful Accounts?
A:Contra asset, credit
B:Asset, debit
C:Asset, credit
D:Contra asset, debit
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What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?
A:gross profit
B:income from operations
C:net income
D:gross sales
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All of the following occur with a double-entry accounting system except:
A:The accounting equation remains in balance.
B:Each business transaction will have only two entries.
C:Every transaction affects at least two accounts
D:The sum of all debits is always equal to the sum of all credits in each journal entry.
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Austin, Inc. made a Prepaid Rent payment of $3,500 on January 1st. The company’s monthly rent is $700. The amount of Prepaid Rent that would appear on the January 31 balance sheet after adjustment is:
A:$2,800
B:$700
C:$3,500
D:$1,750
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Notes may be issued （ ）
A:when assets are purchased
B:to creditor's to temporarily satisfy an account payable created earlier
C:when borrowing money
D:all of the above
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The ability of a business to pay its debts as they come due and to earn a reasonable amount of income is referred to as ( )
A:solvency and leverage
B:solvency and profitability
C:solvency and liquidity
D:solvency and equity
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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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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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How does paying a liability in cash affect the accounting equation?
A:assets increase; liabilities decrease
B:assets increase; liabilities increase
C:assets decrease; liabilities decrease
D:liabilities decrease; owner's equity increases
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How is treasury stock shown on the balance sheet?
A:as an asset
B:as a decrease in stockholders' equity
C:as an increase in stockholders' equity
D:treasury stock is not shown on the balance sheet
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The amount of the outstanding checks is included on the bank reconciliation as a(n) ( )
A:deduction from the balance per depositor's records
B:addition to the balance per bank statement
C:deduction from the balance per bank statement
D:addition to the balance per depositor's records
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Cash investments made by the owner to the business are reported on the statement of cash flows in the
A:financing activities section
B:investing activities section
C:operating activities section
D:supplemental statement
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All of the following below are needed for the calculation of depreciation except( )
A:cost
B:residual value
C:estimated life
D:book 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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Which of the following entries records the acquisition of office supplies on account?
A:Office Supplies, debit; Cash, credit
B:Cash, debit; Office Supplies, credit
C:Office Supplies, debit; Accounts Payable, credit
D:Accounts Receivable, debit; Office Supplies, credit
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Revenue should be recognized when（ ）
A:cash is received
B:the service is performed
C:the customer places an order
D:the customer charges an order
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Bonds are sold at face value when the contract rate is equal to the market rate of interest.
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:错误
B:正确
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The book value of a fixed asset reported on the balance sheet represents its market value on that date.
A:错误
B:正确
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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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An income statement is a summary of the revenues and expenses of a business as of a specific date.
A:对
B:错
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Merchandising businesses sell products that they purchase from other businesses to customers.
A:错误
B:正确
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Sales Discounts is a revenue account with a credit balance.
A:错误
B:正确
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The cost of new equipment is called a revenue expenditure because it will help generate revenues in the future.
A:错误
B:正确
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Liability accounts are increased by debits.
A:对
B:错
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When using the FIFO inventory costing method, the most recent costs are assigned to the cost of goods sold.
A:错误
B:正确
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Even when a trial balance is in balance, there may be errors in the individual accounts.
A:对
B:错
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The equity method is usually more appropriate for accounting for investments where the purchaser does not have significant influence over the investee.
A:对
B:错
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If the debit portion of an adjusting entry is to an asset account, then the credit portion must be to a liability account.
A:对
B:错
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The accrual basis of accounting requires revenue be recorded when cash is received from customers.
A:错误
B:正确
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Information is material if its omission or misstatement could influence the economic decisions of users.
A:错误
B:正确
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The units of production depreciation method matches expenses against revenue the best.
A:对
B:错
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Revenue is earned only when money is received.
A:错误
B:正确
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The amortization of a premium on bonds payable decreases bond interest expense.
A:错误
B:正确
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An example of an external user of accounting information is the government.
A:对
B:错
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Adjusting entries are needed to ensure that the revenue recognition and matching principles are followed.
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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Bondholders are creditors of the issuing corporation.
A:对
B:错
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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
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Solvency analysis focuses on the ability of a business to pay its current and noncurrent liabilities.
A:对
B:错
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The accounting equation can be expressed as Assets – Liabilities = Owner's Equity.
A:对
B:错
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If the proceeds from the sale of bond investments exceeds the carrying amount of the bonds, a gain is realized.
A:对
B:错
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The declaration of a stock dividend decreases a corporation's stockholders' equity and increases its liabilities.
A:对
B:错
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The day on which the board of directors of the corporation distributes a dividend is called the declaration date.
A:对
B:错
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Bondholders claims on the assets of the corporation rank ahead of stockholders.
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:对
B:错
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