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1、Financial Accounting, 7e Harrison/HorngrenHarrison/Horngren TestTest ItemItem FileFile ChapterChapter 2:2: TransactionTransaction AnalysisAnalysis 2.1-1 A journal entry is an event that has a financial impact on the business that can be reliably measured. Answer: FalseLO: 2-1Diff: 2EOC: S2-5 2.1-2 T
2、he trial balance is a NOT a formal accounting statement. Answer: TrueLO: 2-1Diff: 1EOC: S2-25 2.1-3 Accrued Liabilities is a liability account. Answer: TrueLO: 2-1Diff: 1EOC: E2-28 2.1-4 The retained earnings account represents the excess of net income over dividends retained in the business since i
3、ts inception. Answer: TrueLO: 2-1Diff: 1EOC: P2-50A 2.1-5 Expense accounts always represent expired assets. Answer: FalseLO: 2-1Diff: 2EOC: E2-11 2.1-6 The dividends account indicates an increase in common stock. Answer: FalseLO: 2-1Diff: 2EOC: E2-15 2.1-7 Double-entry accounting records only those
4、transactions affecting the income statement. Answer: FalseLO: 2-1Diff: 2EOC: QC 8 2.1-8 The purchase of office equipment for cash would increase both an asset and a liability account. Answer: FalseLO: 2-1Diff: 2EOC: P2-49A 2.1-9 Which of the following is NOT an asset account? A.Accounts Receivable B
5、.Prepaid Rent C.Common Stock D.All of these are asset accounts. Answer: CLO: 2-1Diff: 2EOC: P2-49A 2.1-10 Prepaid expense accounts appear on: A.the income statement. B.the balance sheet. C.the statement of retained earnings and on the income statement. D.both the income statement and balance sheet.
6、Answer: BLO: 2-1Diff: 2EOC: P2-56A 2.1-11 The term double-entry accounting indicates that the accountant: A.records both sides of each transaction in the accounts affected. B.computes the income statement and balance sheet effect of each transaction. C.identifies both the cash inflows and the cash o
7、utflows. D.uses both the general journal and the general ledger when recording transactions. Answer: ALO: 2-1Diff: 2EOC: QC 8 2.1-12 A company received cash in exchange for issuing stock. This transaction increased assets and: a.increased expenses. b.increased revenues. c.increased liabilities. d.in
8、creased equity. Answer: DLO: 2-1Diff: 1EOC: E2-16 2.1-13 A company purchased office supplies for cash. This transaction increased assets and: A. increased equity. B. increased liabilities. C. increased revenues. D. decreased assets. Answer: DLO: 2-1Diff: 1EOC: QC 10 2.1-14 A company performed servic
9、es for a customer on account. This transaction increased assets and: A. decreased equity. B. increased liabilities. C. increased expenses. D. increased revenues. Answer: DLO: 2-1Diff: 1EOC: QC 3 2.1-15 A company paid cash for employee wages. This transaction: A. increased cash and increased expenses
10、. B. increased cash and decreased expenses. C. decreased cash and increased expenses. D. decreased cash and decreased revenues. Answer: CLO: 2-1Diff: 1EOC: S2-5 2.1-16 A company paid cash for an amount owed to a creditor. This transaction decreased cash and: A. decreased revenues. B. decreased liabi
11、lities. C. decreased expenses. D. increased expenses. Answer: BLO: 2-1Diff: 1EOC: E2-16 2.1-17 The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction: A. increased a liability account and increased liabilities. B. decreas
12、ed cash and increased expenses. C. increased assets and increased owners equity. D. is not a transaction recognized by the business. Answer: DLO: 2-1Diff: 2EOC: E2-15 2.1-18 Which type of account is increased when a company records a debt? A. Expense B. Retained earnings C. Liability D. None of the
13、above are correct. Answer: CLO: 2-1Diff: 2EOC: QC 1 2.1-19 All of the following accounts would be considered assets EXCEPT for: A. cash. B. retained earnings. C. prepaid expenses. D. notes receivable. Answer: BLO: 2-1Diff: 1EOC: S2-9 2.1-20 What type of account is prepaid insurance? A. A liability B
14、. An expense C. Stockholders equity D. An asset Answer: DLO: 2-1Diff: 2EOC: P2-49A 2.1-21 Which of the following accounts are a standard component of stockholders equity? A. Prepaid Expenses B. Dividends C. Additional Paid In Stock D. Unearned Income Answer: BLO: 2-1Diff: 2EOC: P2-50A 2.1-22 Notes p
15、ayable, accounts payable, taxes payable and salaries payable are all examples of: A. liabilities. B. revenues. C. expenses. D. assets. Answer: ALO: 2-1Diff: 1EOC: S2-9 2.1-23 Which type of account is decreased when a company pays its employees with cash? A. A liability B. A prepaid asset C. An asset
16、 D. Owners equity Answer: CLO: 2-1Diff: 2EOC: S2-5 2.1-24 Which of the following business events would NOT be recorded in a companys accounting records? A. The company paid a monthly utility bill of $1,000. B. The company issued 100 shares of common stock for $75,000. C. The company purchased two acres of land for future plant expansion for $600,000. D. The company signed a contract to provide services in the next accounting period for $125,000. Answer: DLO: 2-1Diff: 2E
