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A purchase of office equipment for cash of $130 was recorded as aadditioto Offic equipment and aadditioto Liabilities. By what amounts are the accounts under- or overstated as a result of this error(“Understated” means too low, and “overstated” means too high.) ( )
· Assets , understated $130; Liabilities, overstated $130.
· Office equipment, understated $260; Liabilities, overstated $130.
· Office equipment , overstated $130; Liabilities, overstated $130.
· Assets, overstated $130; Liabilities, overstated $130.
If aaccountant forgot to record Depreciatioooffice equipment at the end of aaccounting period, which of the following would be true regarding the statements prepared at that time ( )
·The assets are overstated and owner’s equity is understate
·The assets and owner’s equity are both understate
·The assets are overstated ,net income is understated, and owner’s equity is overstate
·The assets , net income and owner’s equity are overstate
Josh’s Computer Business owns computer equipment that cost $6000 wheit was purchased three years ago. Its current book value is $2400. what is the Depreciatioexpense per year using straight-line Depreciatio( )
·800.0
·1000.0
·1100.0
·1200.0
Othe work sheet, the income statement debit columshows a total of $56500. The income statement credit columtotal is $52500 . What is the net income or net loss ( )
· The net income of this business is $4000.
· The net income of this business is $5000.
· The net loss of this business is $3000.
· The net loss of this business is $4000.
Which of the following is a characteristic of merchandise inventory ( )
· Is a long-term asset.
· Cainclude supplies.
· Is ainvested asset.
· Is a current asset.
The custodiaof a $500 petty cash fund has $62.50 icoins and currency plus $432.50 ireceipts at the end of thd month. What will the entry to replenish the petty cash fund include ( D)
· A debit to Miscellaneous Expenses for $427.50.
· A credit to Cash Over and Short for $5.00.
· A credit to Cash for $432.50.
·A credit to Cash for $437.50.
What is the accounting procedure that (1) estimates and reports bad debt expense from credit sales during the period of the sales , and (2) reports accounts receivable at the amount of cash proceeds that is expected from their collectio( D)
· Aging of accounts receivable.
· Adjustment method for uncollectible debts.
· Direct write-off method of accounting for bad debts.
· Allowance method of accounting for bad bets.
What is the term used to describe the difference betweea company’s assets and its liabilities, also referred to as the residual interest ithe assets of aentity that remains after deducting its liabilities ( )
· Net income.
· Shares.
·Ow ner’s Equity.
·Revenue.
Which of the following is another term for ownet’s equity ( )
· Net income.
· Expenses.
·html assets .
· Revenues.
Which of the following is true of the accounting entity principle ( )
· Requires that sole proprietors have unlimited liability.
·Requires that partnership income be taxed at the partnership level.
·Means that business records should be kept separately from the owner’s financial records.
·Requires that partnerships have writteagreements.
If the liabilities of a business increased $12000 during a period of time and owner’s equity ithe business decreased $2000 during the same period, the assets of the business must have increased or decreased by how much ( )
· Decreased $10000.
·Decresed $14000.
·Increased $10000.
·Increased $14000.
How do we record a liability created by the receipt of cash from customers ipayment for products or services that have not yet beedelivered to the customers ( )
· Recorede as a debit to aunearned revenue account.
· Recorded as a debit to a prepaid expense account.
· Recorded as a credit to aunearned revenue account.
· Recorded as a credit to a prepaid expense account.
During the month of February , Hal Company had cash receipts of $6500 and cash disbursements of $8000.The February 28 cash blance was $4300. What was the beginning ( February 1 ) cash balance ( )
·1500.0
·2800.0
·5800.0
·7300.0
OSeptember 30, Account payable had a normal balance of $2300. During September the account was credited for a total of $5400 and debited for a total of $3900. What was the balance ithe Accounts payable at the beginning of September ( )
· A $-0- balance.
·A$800 debit balance.
· A$800 credit balance.
· A $3800 debit balance.
Which columijournals and accounts is used to cross-reference journal and ledger entries ( )
· Account balance.
· Debit.
· Post Ref .
·Credit.
· Assets , understated $130; Liabilities, overstated $130.
· Office equipment, understated $260; Liabilities, overstated $130.
· Office equipment , overstated $130; Liabilities, overstated $130.
· Assets, overstated $130; Liabilities, overstated $130.
If aaccountant forgot to record Depreciatioooffice equipment at the end of aaccounting period, which of the following would be true regarding the statements prepared at that time ( )
·The assets are overstated and owner’s equity is understate
·The assets and owner’s equity are both understate
·The assets are overstated ,net income is understated, and owner’s equity is overstate
·The assets , net income and owner’s equity are overstate
Josh’s Computer Business owns computer equipment that cost $6000 wheit was purchased three years ago. Its current book value is $2400. what is the Depreciatioexpense per year using straight-line Depreciatio( )
·800.0
·1000.0
·1100.0
·1200.0
Othe work sheet, the income statement debit columshows a total of $56500. The income statement credit columtotal is $52500 . What is the net income or net loss ( )
· The net income of this business is $4000.
· The net income of this business is $5000.
· The net loss of this business is $3000.
· The net loss of this business is $4000.
Which of the following is a characteristic of merchandise inventory ( )
· Is a long-term asset.
· Cainclude supplies.
· Is ainvested asset.
· Is a current asset.
The custodiaof a $500 petty cash fund has $62.50 icoins and currency plus $432.50 ireceipts at the end of thd month. What will the entry to replenish the petty cash fund include ( D)
· A debit to Miscellaneous Expenses for $427.50.
· A credit to Cash Over and Short for $5.00.
· A credit to Cash for $432.50.
·A credit to Cash for $437.50.
What is the accounting procedure that (1) estimates and reports bad debt expense from credit sales during the period of the sales , and (2) reports accounts receivable at the amount of cash proceeds that is expected from their collectio( D)
· Aging of accounts receivable.
· Adjustment method for uncollectible debts.
· Direct write-off method of accounting for bad debts.
· Allowance method of accounting for bad bets.
What is the term used to describe the difference betweea company’s assets and its liabilities, also referred to as the residual interest ithe assets of aentity that remains after deducting its liabilities ( )
· Net income.
· Shares.
·Ow ner’s Equity.
·Revenue.
Which of the following is another term for ownet’s equity ( )
· Net income.
· Expenses.
·html assets .
· Revenues.
Which of the following is true of the accounting entity principle ( )
· Requires that sole proprietors have unlimited liability.
·Requires that partnership income be taxed at the partnership level.
·Means that business records should be kept separately from the owner’s financial records.
·Requires that partnerships have writteagreements.
If the liabilities of a business increased $12000 during a period of time and owner’s equity ithe business decreased $2000 during the same period, the assets of the business must have increased or decreased by how much ( )
· Decreased $10000.
·Decresed $14000.
·Increased $10000.
·Increased $14000.
How do we record a liability created by the receipt of cash from customers ipayment for products or services that have not yet beedelivered to the customers ( )
· Recorede as a debit to aunearned revenue account.
· Recorded as a debit to a prepaid expense account.
· Recorded as a credit to aunearned revenue account.
· Recorded as a credit to a prepaid expense account.
During the month of February , Hal Company had cash receipts of $6500 and cash disbursements of $8000.The February 28 cash blance was $4300. What was the beginning ( February 1 ) cash balance ( )
·1500.0
·2800.0
·5800.0
·7300.0
OSeptember 30, Account payable had a normal balance of $2300. During September the account was credited for a total of $5400 and debited for a total of $3900. What was the balance ithe Accounts payable at the beginning of September ( )
· A $-0- balance.
·A$800 debit balance.
· A$800 credit balance.
· A $3800 debit balance.
Which columijournals and accounts is used to cross-reference journal and ledger entries ( )
· Account balance.
· Debit.
· Post Ref .
·Credit.