南开大学22秋学期《会计专业英语》在线作业一

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-00001

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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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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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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The business entity concept means that
A:the owner is part of the business entity
B:an entity is organized according to state or federal statutes
C:an entity is organized according to the rules set by the FASB
D:the entity is an individual economic unit for which data are recorded, analyzed, and reported
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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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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 assets and liabilities of the company are $128,000 and $84,000, respectively. Owner’s equity should equal
A:$212,000
B:$44,000
C:$128,000
D:$84,000
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During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory. ( )
A:average method
B:LIFO method
C:FIFO method
D:can not tell without more information
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Deferred revenue is revenue that is
A:earned and the cash has been received
B:earned but the cash has not been received
C:not earned and the cash has not been received
D:not earned but the cash has been received
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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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Current liabilities are( )
A:due, but not receivable for more than one year
B:due, but not payable for more than one year
C:due and receivable within one year
D:due and payable within one year
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If the two totals of a trial balance are not equal, it could be due to
A:an error in determining the account balances, such as a balance being incorrectly computed
B:recording the same transaction more than once
C:failure to record a transaction
D:recording the same erroneous amount for both the debit and the credit parts of a transaction
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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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The price at which a stock can be sold depends upon a number of factors. Which statement below is not one of those factors?( )
A:the financial condition, earnings record, and dividend record of the corporation
B:investor expectations of the corporation's earning power
C:how high the par value
D:general business and economic conditions and prospects
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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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If the maker of a promissory note fails to pay the note on the due date, the note is said to be( )
A:displaced
B:disallowed
C:dishonored
D:dishonored
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Which statement below is not a reason for a corporation to buy back its own stock.
A:resale to employees
B:bonus to employees
C:for supporting the market price of the stock
D:to increase the shares outstanding
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For accounting purposes, the business entity should be considered separate from its owners if the entity is（ ）
A:a corporation
B:a proprietorship
C:a partnership
D:all of the above
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The term "inventory" indicates ( )
A:merchandise held for sale in the normal course of business
B:materials in the process of production or held for production
C:supplies
D:both A and B
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When a stock dividend is declared, it becomes a liability
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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When using the FIFO inventory costing method, the most recent costs are assigned to the cost of goods sold.
A:对
B:错
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The double-entry accounting system records each transaction twice.
A:对
B:错
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Treasury Stock is listed in the stockholders' equity section on the balance sheet.
A:错误
B:正确
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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 order of the flow of accounting data is (1) record in the ledger, (2) record in the journal, (3) prepare the financial statements.
A:对
B:错
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Primary users of accounting information are accountants.
A:对
B:错
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The journal entry to record the cost of warranty repairs that were incurred during the current period, but related to sales made in prior years, includes a debit to Warranty Expense.
A:对
B:错
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In preparing bank reconciliation, the amount of outstanding checks is added to the balance per bank statement.
A:对
B:错
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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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An account receivable is a claim against a customer arising from a sale on account.
A:对
B:错
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A sale of treasury stock may result in a decrease in paid-in-capital. All decreases should be charged to the Paid-In-Capital from Sale of Treasury account.
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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The accounting equation can be expressed as Assets – Liabilities = Owner's Equity.
A:对
B:错
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An account receivable is a claim against a customer arising from a sale on account.
A:错误
B:正确
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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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Under the cash basis for the accounting period concept, revenues and expenses are reported in the income statement in the period in which cash is received or paid.
A:对
B:错
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Revenue accounts are increased by credits.
A:对
B:错
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A large retained earnings account means that there is cash available to pay dividends.
A:对
B:错
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Accounting is a service that provides many different users with financial information to make economic decisions.
A:对
B:错
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If the bondholder has the right to exchange a bond for shares of common stock, the bond is called a convertible bond.
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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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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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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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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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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When a large quantity of merchandise is purchased, a reduction allowed on the sale price is called a trade discount.
A:对
B:错
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Any difference between the fair market values of the securities and their cost is a realized gain or loss.
A:错误
B:正确
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Under the periodic inventory system, the cost of merchandise sold is recorded when sales are made.
A:对
B:错
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