20春学期（1709、1803、1809、1903、1909、2003）《会计专业英语》在线作业

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

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

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

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

The most widely used depreciation method is
A:straight-line
B:sum-of-the-years-digits
C:declining-balance
D:units-of-production

The cost method of accounting for stock(  )
A:recognizes dividends as income
B:is only appropriate as part of a consolidation
C:requires the investment be increased by the reported net income of the investee
D:requires the investment be decreased by the reported net income of the investee

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

The accounting equation may be expressed as（  ）
A:Assets = Equities – Liabilities
B:Assets + Liabilities = Owner’s Equity
C:Assets = Revenues less Liabilities
D:Assets – Liabilities = Owner’s Equity

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.

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

Which of the following groups are considered to be internal users of accounting information?
A:Employees and customers
B:Customers and vendors
C:Employees and managers
D:Government and banks

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

The percentage analysis of increases and decreases in individual items in comparative financial statements is called ( )
A:vertical analysis
B:solvency analysis
C:profitability analysis
D:horizontal analysis

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

The method of accounting for investments in equity securities in which the investor records its share of periodic net income of the investee is the (  )
A:cost method
B:market method
C:income method
D:equity method

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 discovered and corrected
D:the bank must make sure that its records are correct

Which of the following entries records the acquisition of office supplies on account?
A:Office Supplies, debit; Cash, credit
B:Cash, debit; Office Supplies, credit
C:Office Supplies, debit; Accounts Payable, credit
D:Accounts Receivable, debit; Office Supplies, credit

The ability of a business to pay its debts as they come due and to earn a reasonable amount of income is referred to as （  ）
A:solvency and leverage
B:solvency and profitability
C:solvency and liquidity
D:solvency and equity

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

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

The relationship of each asset item as a percent of total assets is an example of vertical analysis.
A:对
B:错

Merchandise that is returned to the vendor is referred to as a sales allowance.
A:对
B:错

Purchasing supplies on account increases liabilities and decreases equity.
A:对
B:错

Capital expenditures are costs that are charged to Stockholders’ Equity accounts.
A:对
B:错

If ending inventory for the year is overstated, owner’s equity reported on the balance sheet at the end of the year is understated.
A:对
B:错

Merchandising businesses sell products that they purchase from other businesses to customers.
A:错误
B:正确

Even when a trial balance is in balance, there may be errors in the individual accounts.
A:错误
B:正确

The day on which the board of directors of the corporation distributes a dividend is called the declaration date.
A:对
B:错

Revenue is earned only when money is received.
A:对
B:错

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

Paying an account payable increases liabilities and decreases assets
A:错误
B:正确

The two main sources of stockholders’ equity are investments contributed by stockholders and net income retained in the business.
A:对
B:错

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

When using the FIFO inventory costing method, the most recent costs are assigned to the cost of goods sold.
A:对
B:错

Treasury Stock is listed in the stockholders’ equity section on the balance sheet.
A:错误
B:正确

The main reason that the bank statement cash balance and the depositor’s cash balance do not initially balance is due to timing differences.
A:对
B:错

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

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

Recognition is the process of incorporating in the balance sheet or income statement an item that meet the definition of an element and satisfies the recognition criteria.
A:错误
B:正确

Sales Discounts is a revenue account with a credit balance.
A:错误
B:正确

The units of production depreciation method matches expenses against revenue the best.
A:对
B:错

If the proceeds from the sale of bond investments exceeds the carrying amount of the bonds, a gain is realized.
A:对
B:错

The matching concept requires expenses be recorded in the same period that the related revenue is recorded.
A:对
B:错

A large retained earnings account means that there is cash available to pay dividends.
A:对
B:错

If the liabilities owed by a business total $500,000, then the assets also total $500,000.
A:错误
B:正确

The amortization of a premium on bonds payable decreases bond interest expense.
A:错误
B:正确

Accounting is a service that provides many different users with financial information to make economic decisions.
A:错误
B:正确

Intangible assets differ from property, plant and equipment assets in that they lack physical substance.
A:错误
B:正确

The declaration and issuance of a stock dividend does not affect the total amount of a corporation’s assets, liabilities, or stockholders’ equity.
A:对
B:错