南开大学23年春学期《会计专业英语》在线作业三

奥鹏南开大学新学期作业参考

23春学期（高起本：1709-2103、专升本/高起专：1909-2103）《会计专业英语》在线作业-00003

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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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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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 income statement is prepared from( )
A:the adjusted trial balance.
B:the income statement columns of the work sheet.
C:either the adjusted trial balance or the income statement columns of the work sheet.
D:both the adjusted trial balance and the income statement columns of the work sheet.
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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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Which of the following groups of accounts have a normal debit balance?
A:revenues, liabilities, capital
B:capital, assets
C:liabilities, expenses
D:assets, expenses
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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 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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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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Using accrual accounting, expenses are recorded and reported only（ ）
A:when they are incurred, whether or not cash is paid
B:when they are incurred and paid at the same time
C:if they are paid before they are incurred
D:if they are paid after they are incurred
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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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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 primary purpose of a stock split is to ( )
A:increase paid-in capital
B:reduce the market price of the stock per share
C:increase the market price of the stock per share
D:increase retained earnings
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The most widely used depreciation method is
A:straight-line
B:sum-of-the-years-digits
C:declining-balance
D:units-of-production
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Expenses are recorded when( )
A:cash is paid for services rendered
B:a bill is received in advance of services rendered
C:services are rendered
D:none of the above
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The reduction of par or stated value of stock by issuance of a proportionate number of additional shares is termed a ( )
A:liquidating dividend
B:stock split
C:stock option
D:preferred dividend
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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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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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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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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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Allowance for Doubtful Accounts is a liability account.
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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Allowance for Doubtful Accounts is a liability account.
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 declaration and issuance of a stock dividend does not affect the total amount of a corporation's assets, liabilities, or stockholders' equity.
A:错误
B:正确
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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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Journalizing is the process of entering amounts in the ledger.
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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The prices of bonds are quoted as a percentage of the bonds' market value.
A:错误
B:正确
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Consuming goods and services in the process of generating revenues results in expenses.
A:错误
B:正确
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The relationship of each asset item as a percent of total assets is an example of vertical analysis.
A:对
B:错
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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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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 a firm has a quick ratio of 1, the subsequent payment of an account payable will cause the ratio to increase.
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: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:对
B:错
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Merchandising businesses sell products that they purchase from other businesses to customers.
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: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:错误
B:正确
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During inflationary periods, the use of the LIFO method of costing inventory wi奥鹏南开大学新学期作业参考 代做2元一门ll 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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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: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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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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The normal balance of the accumulated depreciation account is debit.
A:错误
B:正确
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Income is recognized when an increase in future benefits related to an increase in an asset of a decrease of a liability has arisen that can be measured reliably.
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 increase side of all accounts is the normal balance.
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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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:对
B:错
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During deflationary periods, the use of the LIFO method of costing inventory will result in a lower amount of current assets than would result from the use of the FIFO method.
A:错误
B:正确
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