南开大学22秋学期《会计专业英语》在线作业三

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-00003

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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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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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
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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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Debts owed by a business are referred to as( )
A:accounts receivables
B:equities
C:owner’s equity
D:liabilities
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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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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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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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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 account Unrealized Gain (Loss) on Available-For-Sale Securities should be included in the( )
A:Income statement as Other Revenue (Expenses)
B:Balance sheet as an adjustment to the asset account
C:Balance sheet as an adjustment to Stockholders' Equity
D:Statement of Retained Earnings
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Expenses are reported on the（ ）
A:income statement
B:statement of owner's equity
C:statement of cash flows
D:balance sheet
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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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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
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Which of the following financial statements reports information as of a specific date?
A:income statement
B:statement of owner's equity
C:statement of cash flows
D:balance sheet
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The characteristics of partnership exclude( )
A:more financial resources than a proprietorship
B:additional management skills
C:limited liability
D:unlimited liability
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When the corporation issuing the bonds has t奥鹏教育南开大学平时作业he right to repurchase the bonds prior to the maturity date for a specific price, the bonds are ( )
A:convertible bonds
B:unsecured bonds
C:debenture bonds
D:callable bonds
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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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Financial reports are used by( )
A:management
B:creditors
C:investors
D:all of the above
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The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n)
A:income statement
B:income statement
C:prior period statement
D:statement of owner's equity
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A characteristic of a fixed asset is that it is ( )
A:intangible
B:used in the operations of a business
C:held for sale in the ordinary course of the business
D:none of the above
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When a stock dividend is declared, it becomes a liability
A:对
B:错
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The effect of a sales return and allowance is a reduction in sales revenue and a decrease in cash or accounts receivable.
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:对
B:错
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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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The cost of new equipment is called a revenue expenditure because it will help generate revenues in the future.
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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The balance of the allowance for doubtful accounts is added to accounts receivable on the balance sheet.
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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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
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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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The double-entry accounting system records each transaction twice.
A:错误
B:正确
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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:错误
B:正确
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Every adjusting entry will affect at least one income statement account and one balance sheet account.
A:对
B:错
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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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During inflationary periods, the use of the FIFO method of costing inventory will result in a greater amount of net income than would result from the use of the LIFO cost method.
A:对
B:错
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Liability accounts are increased by debits.
A:对
B:错
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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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When the market rate of interest is less than the contract rate for a bond, the bond will sell for a premium.
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:对
B:错
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During inflationary periods, the use of the LIFO method of costing inventory will result in a greater amount of net income than would result from the use of the FIFO method.
A:对
B:错
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The normal balance of the accumulated depreciation account is debit.
A:对
B:错
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A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory.
A:错误
B:正确
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Purchasing supplies on account increases liabilities and decreases equity.
A:对
B:错
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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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When common stock is issued in exchange for land, the land should be recorded in the accounts at the par amount of the stock issued.
A:错误
B:正确
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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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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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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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Available-for-sale securities are securities that management expects to sell in the future, but are not actively traded for profit.
A:错误
B:正确
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Primary users of accounting information are accountants.
A:对
B:错
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