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1、1Generally accepted accounting principles (GAAP) are formulated by the ( ) A. Securities and Exchange Commission (SEC) B. Financial Accounting Standards Board (FASB) C. Institute of Management Accountants (IMA) D. American Institute of Certified Public Accountants (AICPA)2Which accounting concept or
2、 principle specifically states that we should record transactions at amounts that can be verified? A. Entity concept B. Cost principle C. Reliability principle D. Going-concern concept3Fossil is famous for fashion wristwatches and leather goods. At the end of a recent year, Fossils total assets adde
3、d up to 381 million, and owners equity was 264 million. How much did Fossil owe creditors? A. Cannot determine from the data given B. 381 million C. 264 million D. 117 million4Assume that Fossil sold watches for 50,000 to a department store on account. How would this transaction affect Fossils accou
4、nting equation? A. Increase both assets and owners equity by 50,000 B. Increase both assets and liabilities by 50,000 C. Increase both liabilities and owners equity by 50,000 D. No effect on the accounting equation because the effects cancel out5The financial statement that reports assets, liabiliti
5、es, and owners equity is the: A. Income statement. B. Owners equity statement. C. Balance sheet. D. Statement of cash flow.6The left side of an account is used to record ( )A. Debits B. Credits C. Debit or credit, depending on the type of account D. Increases7Accounts that normally have debit balanc
6、e are: ( )A. Assets, expenses, and revenues B. Assets, expenses, and owners capital.C. Assets, liabilities, and owners drawings. D. Assets, owners drawings, and expenses.8The time period assumption states that: ( ) A. Revenue should be recognized in the accounting period in which it is earned. B. Ex
7、penses should be matched with revenues. C. The economic life of a business can be divided into artificial time periods. D. The fiscal year should be correspond with the calendar year. 9In a work sheet, net income is entered in the following columns: ( ) A. Income statement (Dr) and balance sheet (Dr
8、). B. Income statement (Cr) and balance sheet (Dr). C. Income statement (Dr) and balance sheet (Cr). D. Income statement (Cr) and balance sheet (Cr).10An account that will have a zero balance after closing entries have been journalized and posted is: ( ) A. Service Revenue. B. Advertising Supplies.
9、C. Prepaid Insurance. D. Accumulated Depreciation.11Gross profit will result if: ( )A. Operating expenses are less than net income. B. Sales revenues are greater than operating expenses.C. Sales revenues are greater than cost of goods sold. D. Operating expenses are greater than cost of goods sold.1
10、2A credit sale of 750 is made on June 13, terms 2/10, net/30. A return of 50 is granted on June 16. The amount received as payment in full on June 23 is: ( ) A. 700. B. 686. C. 685. D. 750.13When special journals are used: ( ) A. All purchase transactions are recorded in the purchases journal. B. Al
11、l cash received, except from cash sales, is recorded in the cash receipts journal. C. All cash disbursements are recorded in the cash payments journal. D. A general journal is not necessary.14The statement of cash flows classifies cash receipts and cash payments by the following activities: ( ) A. O
12、perating and nonoperating. B. Investing, financing, and operating. C. Financing, operating, and nonoperating. D. Investing, financing, and nonoperating.15Net income is 132,000. During the year, accounts payable increased 10,000, inventory decreased 6,000, and accounts receivable increased 12,000. Un
13、der the indirect method, net cash provided by operations is: ( ) A. 102,000. B. 112,000. C. 124,000. D. 136,000.16The cost principle states that ( ) A. Assets should be initially recorded at cost and adjusted when the market value changes. B. Activities of an entity are to be kept separate and disti
14、nct from its owner. C. Assets should be recorded at their cost. D. Only transaction data capable of being expressed in terms of money be included in the accounting records.17Net income will result during a time period when: A. Assets exceed liabilities. B. Assets exceed revenues. C. Expenses exceed revenues. D. Revenues exceed expenses.18Performing services on account will have the following effects on the components of the basic accounting equation: A. Increase assets and decrease owners equity. B. Increase assets and increase owners equity. C.
