南开大学23年春《会计专业英语》在线作业一

奥鹏南开大学新学期作业参考

23春学期（仅限-高起专1903、专升本1903）《会计专业英语》在线作业-00001

How is treasury stock shown on the balance sheet?
A:as an asset
B:as a decrease in stockholders' 奥鹏南开大学新学期作业参考 代做2元一门equity
C:as an increase in stockholders' equity
D:treasury stock is not shown on the balance sheet
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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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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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Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a
A:credit to Sales Returns and Allowances
B:debit to Merchandise Inventory
C:credit to Merchandise Inventory
D:debit to Cost of Merchandise Sold
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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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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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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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The interest rate specified in the bond indenture is called the （ ）
A:discount rate
B:contract rate
C:market rate
D:effective rate
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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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The liability for a dividend is recorded on which of the following dates?
A:the date of record
B:the date of payment
C:the date of announcement
D:the date of declaration
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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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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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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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Under which method of cost flows is the inventory assumed to be composed of the most recent costs?
A:average cost
B:last-in, first-out
C:first-in, first-out
D:weighted average
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Which of the following should not be considered cash by an accountant?
A:coins
B:bank checking accounts
C:postage stamps
D:Petty cash funds
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Which of the following should not be considered cash by an accountant?
A:coins
B:bank checking accounts
C:postage stamps
D:Petty cash funds
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If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are
A:n/30
B:FOB shipping point
C:FOB destination
D:consigned
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Which of the following is not included in the computation of the quick ratio?
A:inventory
B:marketable securities
C:accounts receivable
D:cash
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A bank reconciliation should be prepared periodically because （ ）
A:the depositor's records and the bank's records are in agreement
B:the bank has not recorded all of its transactions
C:any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be
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The journal entry a company uses to record the estimated accrued product warranty liability is （ ）
A:debit Product Warranty Expense; credit Product Warranty Payable
B:debit Product Warranty Payable; credit Cash
C:debit Product Warranty Expense; credit Cash
D:debit Product Warranty Payable; credit Product Warranty Expense
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Bondholders claims on the assets of the corporation rank ahead of stockholders.
A:对
B:错
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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:错误
B:正确
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All property, plant, and equipment assets are depreciated over time.
A:错误
B:正确
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A corporation is a business that is legally separate and distinct from its owners.
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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If the bondholder has the right to exchange a bond for shares of common stock, the bond is called a convertible bond.
A:错误
B:正确
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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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The amortization of a premium on bonds payable decreases bond interest expense.
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: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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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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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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An income statement is a summary of the revenues and expenses of a business as of a specific date.
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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Allowance for Doubtful Accounts is a liability account.
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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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:错误
B:正确
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Bondholders are creditors of the issuing corporation.
A:错误
B:正确
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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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Paying an account payable increases liabilities and decreases assets
A:错误
B:正确
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For a current liability to exist, the following two tests must be met. The liability must be due usually within a year and must be paid out of current assets.
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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When old equipment is traded in for a new equipment, the difference between the list price and the trade in allowance is called boot.
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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Treasury Stock is listed in the stockholders' equity section on the balance sheet.
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:对
B:错
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Merchandise that is returned to the vendor is referred to as a sales allowance.
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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If ending inventory for the year is understated, net income for the year is overstated.
A:错误
B:正确
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The day on which the board of directors of the corporation distributes a dividend is called the declaration date.
A:错误
B:正确
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