南开大学20秋《会计专业英语》在线作业-1（参考答案）.docx

南开大学20秋会计专业英语在线作业-1（参考答案）In the accounting cycle, the last step is ()A.preparing the financial statementsB.journalizing and posting the adjusting entriesC.preparing a post-closing trial balanceD.journalizing and posting the closing entriesWhen the corporation issuing the bonds has the right to repurchase the bonds prior to the maturity date for a specific price, the bonds are ()A.convertible bondsB.unsecured bondsC.debenture bondsD.callable bondsFinancial statements in which financial data for two or more companies are combined as a single entity are called ()A.conventional statementsB.consolidated statementsC.audited statementsD.constitutional statementsCash equivalents ()A.are illegal in some companyB.will be converted to cash within two yearsC.will be converted to cash within 90 daysD.will be converted to cash within 120 daysA bank reconciliation should be prepared periodically because ()A.the depositors records and the banks records are in agreementB.the bank has not recorded all of its transactionsC.any differences between the depositors records and the banks records should be determined, and any errors made by either party should be discovered and correctedD.the bank must make sure that its records are correctThe two most common specialized fields of accounting in practice are ()A.forensic accounting and financial accountingB.managerial accounting and financial accountingC.managerial accounting and environmental accountingD.financial accounting and tax accounting systemsThe 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 statementB.income statementC.prior period statementD.statement of owners equityAll of the following below are needed for the calculation of depreciation except ()A.costB.residual valueC.estimated lifeD.book valueCash investments made by the owner to the business are reported on the statement of cash flows in the ()A.financing activities sectionB.investing activities sectionC.operating activities sectionD.supplemental statementFor accounting purposes, the business entity should be considered separate from its owners if the entity is ()A.a corporationB.a proprietorshipC.a partnershipD.all of the aboveIf preferred stock has pidends in arrears, the preferred stock must be ()A.participatingB.callableC.cumulativeD.convertibleThe cost method of accounting for stock ()A.recognizes pidends as incomeB.is only appropriate as part of a consolidationC.requires the investment be increased by the reported net income of the investeeD.requires the investment be decreased by the reported net income of the investeeThe amount of the outstanding checks is included on the bank reconciliation as a(n) ()A.deduction from the balance per depositors recordsB.addition to the balance per bank statementC.deduction from the balance per bank statementD.addition to the balance per depositors recordsProfit is the difference between ()A.assets and liabilitiesB.the incoming cash and outgoing cashC.he assets purchased with cash contributed by the owner and the cash spent to operate the businessD.the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or servicesThe liability for a pidend is recorded on which of the following dates?()A.the date of recordB.the date of paymentC.the date of announcementD.the date of declarationExpenses are recorded when ()A.cash is paid for services renderedB.a bill is received in advance of services renderedC.services are renderedD.none of the aboveUsing accrual accounting, expenses are recorded and reported only ()A.when they are incurred, whether or not cash is paidB.when they are incurred and paid at the same timeC.if they are paid before they are incurredD.if they are paid after they are incurredStockholders equity ()A.is usually equal to cash on handB.includes paid-in capital and liabilitiesC.includes retained earnings and paid-in capitalD.is shown on the income statementWhich of the following groups of accounts have a normal debit balance?()A.revenues, liabilities, capitalB.capital, assetsC.liabilities, expensesD.assets, expensesRevenue should be recognized when ()A.cash is receivedB.the service is performedC.the customer places an orderD.the customer charges an orderAccounting Process is identifying, measuring, recording, and communicating economic information to permit informed judgments and decisions by users of information.()A.正确B.错误The increase side of all accounts is the normal balance.()A.正确B.错误If a firm has a quick ratio of 1, the subsequent payment of an account payable will cause the ratio to increase.()A.正确B.错误An income statement is a summary of the revenues and expenses of a business as of a specific date.()A.正确B.错误The accrual basis of accounting requires revenue be recorded when cash is received from customers.()A.正确B.错误Sales Discounts is a revenue account with a credit balance.()A.正确B.错误Any difference between the fair market values of the securities and their cost is a realized gain or loss.()A.正确B.错误Revenue accounts are increased by credits.()A.正确B.错误The matching concept requires expenses be recorded in the same period that the related revenue is recorded.()A.正确B.错误Under the equity method, a stock purchase is recorded at its original cost and is not adjusted to fair market value each accounting period.()A.正确B.错误A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory.()A.正确B.错误A corporation is a business that is legally separate and distinct from its owners.()A.正确B.错误Paying an account payable increases liabilities and decreases assets.()A.正确B.错误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.正确B.错误The declining-balance method is an accelerated depreciation method.()A.正确B.错误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.正确B.错误The allowance for doubtful accounts is similar to accumulated depreciation in that the account represents the total of all accounts written-off since the beginning year.()A.正确B.错误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.正确B.错误A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory.()A.正确B.错误Liability accounts are increased by debits.()A.正确B.错误All property, plant, and equipment assets are depreciated over time.()A.正确B.错误Treasury Stock is listed in the stockholders' equity section on the balance sheet.()A.正确B.错误For strong internal control system over cash, it is important to have the duties related to cash receipts and cash payments pided among different employees.()A.正确B.错误Even when a trial balance is in balance, there may be errors in the inpidual accounts.()A.正确B.错误The declaration and issuance of a stock pidend does not affect the total amount of a corporation's assets, liabilities, or stockholders' equity.()A.正确B.错误The book value of a fixed asset reported on the balance sheet represents its market value on that date.()A.正确B.错误Amortization is the allocation process of writing off bond premiums and discounts to interest expense over the life of the bond issue.()A.正确B.错误The role of accounting is to provide many different users with financial information to make economic decisions.()A.正确B.错误The declaration of a stock pidend decreases a corporation's stockholders' equity and increases its liabilities.()A.正确B.错误Solvency analysis focuses on the ability of a business to pay its current and noncurrent liabilities.()A.正确B.错误 参考答案：C参考答案：D参考答案：B参考答案：C参考答案：C参考答案：B参考答案：A参考答案：D参考答案：A参考答案：D参考答案：C参考答案：A参考答案：C参考答案：D参考答案：D参考答案：C参考答案：A参考答案：C参考答案：D参考答案：B参考答案：A参考答案：A参考答案：B参考答案：B参考答案：B参考答案：B参考答案：B参考答案：A参考答案：A参考答案：A参考答案：B参考答案：A参考答案：B参考答案：A参考答案：A参考答案：B参考答案：B参考答案：B参考答案：B参考答案：B参考答案：B参考答案：A参考答案：A参考答案：A参考答案：B参考答案：B参考答案：A参考答案：A参考答案：B参考答案：A