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1、True / False Questions1.Accounting records are also referred to as the books.TRUE3.Preparation of a trial balance is the first step in the analyzing and recording process.FALSE4.Source documents provide evidence of business transactions and are the basis for accounting entries.TRUE5.Items such as sa
2、les tickets, bank statements, checks, and purchase orders are source documents.TRUE6.An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.TRUE7.A customers promise to pay is called an account payable to the seller.FALSE9.As prepaid expens
3、es are used, the expired costs of the assets become expenses.TRUE10.Land and buildings are generally recorded in the same ledger account.FALSe13.Cash withdrawn by the owner of a proprietorship should be treated as an expense of the business.FALSE15.The chart of accounts is a list of all the accounts
4、 used by a company and includes an identification number assigned to each account.TRUE16.An account balance is the difference between the debits and credits for an account including any beginning balance.TRUE18.In a double-entry accounting system, the total amount debited must always equal the total
5、 amount credited.TRUE19.Increases in liability accounts are recorded as debits.FALSE20.Debits increase asset and expense accounts.TRUE21. Credits always increase account balances.FALS23.Double entry accounting requires that each transaction affect, and be recorded in, at least two accounts.TRUE24.A
6、revenue account normally has a debit balance.FALSE25.Accounts are normally decreased by debits.FALSE26.The owners withdrawal account normally has a credit balance since it is an equity account.FALSE28.An owners capital account normally has a debit balance.FALSE29.A debit entry is always favorable.FA
7、LSE30.A transaction that decreases an asset account and increases a liability account must also affect one or more other accounts.TRUE31.A transaction that increases an asset and decreases a liability must also affect one or more other accounts.TRUE34.If a company purchases land paying cash, the jou
8、rnal entry to record this transaction will include a debit to Cash.FALSE整理为word格式If a company provides services to a customer on credit the selling company should credit Accounts Receivable.FALSEWhen a company bills a customer for $600 for services rendered, the journal entry to record this transact
9、ion will include a $600 debit to Services Revenue.FALSE37. The debt ratio helps to assess the risk a company has of failing to pay its debts and is helpful to both its owners and creditors.TRUE38. 38.The higher a companys debt ratio is, the higher the risk of a company not being able to meet its obl
10、igations.TRUEThe debt ratio is calculated by dividing total assets by total liabilities.FALSE40.A company that finances a relatively large portion of its assets with liabilities is said to have a high degree of financial leverage.TRUE41.If a company is highly leveraged, this means that it has relati
11、vely low risk of not being able to repay its debt.FALSE42.Hamilton Industries has liabilities of $105 million and total assets of $350 million. Its debt ratio is 40.0%.FALSE$105 million/$350 million = 30.0%43.High financial leverage is always bad for a companys owners.FALSE44.A compound journal entr
12、y affects no more than two accounts.FALSE45.Posting is the transfer of journal entry information to the ledger.TRUE46.Transactions are first recorded in the ledger.FALSE47.The journal is known as a book of original entry.TRUE48.A journal gives a complete record of each transaction in one place, and
13、shows the debits and credits for each transaction.TRUEAICPA FN: Decision MakingDifficulty: EasyLearning Objective: C1整理为word格式49.The journal is known as the book of final entry because financial statements are prepared from it.FALSEAICPA FN: Decision MakingDifficulty: HardLearning Objective: C150.A
14、trial balance that balances is not proof of complete accuracy in recording transactions.TRUEAICPA FN: Decision MakingDifficulty: EasyLearning Objective: P251.The trial balance is a list of all accounts and their balances at a point in time taken from the ledger.TRUEAICPA FN: Decision MakingDifficult
15、y: EasyLearning Objective: P2整理为word格式52.Generally, the ordering of accounts in a trial balance typically follows their identification number from the chart of accounts, that is, assets first, then liabilities, then owners capital and withdrawals, followed by revenues and expenses.TRUEAACSB: AnalyticAICPA FN: Decision MakingDifficulty: MediumLearning Objective: P2整理为word格式53.The trial balance can serve as a replacement for the balance sheet, since debits must equal with cre
