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1、1、 whichisthefollowingstatementsisfalseA.thepartnershipformofbusinessorganizationprotectsthepersonalassentsoftheownersformcreditorofthebusinessA.IncreasesinassetsandIncreasesinrevenuesarerecordedwithadebitC.theledgerisachronologicallistingofalltransactions2、 Theprimaryobjectiveoffinancialreportingis
2、.C.Toprovideinformationusefulforinvestmentandlendingdecisions3、 Theprincipleorconceptthatholdsanentitywillremaininoperationfortheforeeablefutureisthe.A.Goning-concernconcept4、 whichisthefollowingstatementsistrue?B.Assetsareeconomicresourcesthatareexpecttobenefitfutureperiods5、 AftinCo.performedservi
3、cesonaccount.WhenAftincollectstheaccountreceivable.B.Assetsdonotchange6、 whichisthefollowingtransactionwouldnotaffectownersequity?A.Paymentofanaccountpayable7、 Anincomestatementreports.D.Thedifferencebetweenrevenuesandexpenseduringtheperiod8、 Ifassentsincrease$80000duringtheperiodandownersequitydecr
4、eases$16000duringtheperiod,liabilitiesmusthave.B.increased$960009、 ifnetincomewas$1500andtherenowithdrawals,howmuchdidtheownerinvest?A.$450010、 Theamountofnetincomeshownontheincomestatementalsoappearson.C.Statementofownersequity11、 whichoftheseisanexampleofanassetaccount?C.Supplies12、 Traylorcompany
5、paid$2850onaccount.Theeffectofthistransactionaccountingequationisto.D.decreaseassetsanddecreaseliabilities13、 notepayablehasanormalbeginningbalanceof$30000.Duringtheperiod,newborrowingtotal$63000andthebalanceinnotepayableis$41000.Determinetheonloansduringtheperiod.B.$520014、 whichoftheseaccountshasa
6、normaldebitbalance?D.bothAandBhaveanormaldebitbalance15、 Thejournalentrytorecordthecollectionof$890formacustomeronaccountis.B.cash890Accountsreceivable89018、 theendingcashaccountbalanceis$57600.Duringtheperiod,cashreceiptsequal$124300.ifthecashpaymentsduringtheperiodtotal$135100,thenthebeginningcash
7、amountmusthave.A.$68400【135100-124300+57600】19、 UsethefollowingselectedinformationfortheAleciaCompanythecorrectcresitcolumntotalforatrialbalance.C.$26500020、 whichofthesestatementsiscorrect?D.BothBandCarecorrect21、 Whenshouldrevenueberecordedundertheaccrual-basisandcash-basisof.D.accrual-basis(whent
8、heserviceisperformed)cash-basis(whenreceived)22、 During20*4,BustamanteCo,incurredsalaryexpenseof$240000,beginningandendingsalaryPayablewas$4000and$8000,respectively.in20*4,bustamantepaidsalariesof.C.$23600020、 During20*4,Bustamantereceived$600000forservicerevenue.Bustamantehasnotreceived$30000forser
9、vicesalreadyperformedin20*4.Bustamantealsoinvested$20000intothebusiness.Bustamanteshouldreportservicerevenuefor20*4of.D.$63000021、 Recordinganexpensewhenitispaidinsteadofwhenincurredisaviolationof.A.Thematchingprinciple22、 Onjuly31,$3600ispaidforaone-yearinsurancepolicy.OnDecember31,theadjustingentr
10、yforprepaidinsurancewouldincludeC.adebittoInsuranceExpense,$150023、 Failuretorecordanadjustingentryforanaccruedexpense,willresultinthefollowing.8. Liabilities-understate,netincome-overstate24、 Anadjustingentrycouldcontainallofthefollowingexcept.8. acreditofcash25、 whichisthefollowingstatementsbestde
11、scribesthepurposeofinternalcontrol?A.Toprovideassurancethattheentirebusinessoperatesinaccordancewithmanagementaplansandpolicies26、 Noteandinterestcollectedbythebankforthecompany,$500(plus$25interest.)A.Addtothebookbalance27、 Depositintransit,$400.8. Addtothebookbalance28、 CheckNO.662forwhichshouldha
12、vebeenwrittenfor$730wasincorrectlyreceiablebythebankas$370.C.deductfromthebookbalance29、 IfabankreconciliationincludesanNSFcheckfor$45,thejournalentrytothisreconcilingitemwouldinclude.A.Credittocash30、 Allofthefollowingarecontrolsovercashreceivedinastoreexcept.A.Theclerkshouldhaveaccesstothecashregi
13、stertapetomakecorrectionswhen.31、 whichisthefollowingstatementsrelatedtoreceivable.?C.Whenanotesreceivableisnotpaidatmaturity,theprincipalplusanyintoshouldbechargedbacktothecustomersaccountsreceivable.32、 RefertoExhibit4-1.Computedayssalesinreceivable(365/netsalecountsreceivable).D.37days33、 Theweig
14、htedaveragefortheyearinventorycostflowmethodisapplicabletothefollowinginventorysystem?B.Periodic-Yes,perpetual-No.34、 TheLIFOinventorycostflowmethodmaybeappliedtowhichofthefollowinginventorysystems?C.Periodic-Yes,perpetual-Yes.35、 Thecompanyuseaperiodicinventorysystemandtheendinginventoryconsistsof6
15、0pnits,20fromeachofthelastthreepurchases.Determinetheendinginventoryassumingcostsareassignedonaweighted-averagebasis.D.$1022.36、 AcompanyuseainventorysystemandmadeanerrorattheendofyearcauseditsyearIendinginventorytobeunderstatedby$5000.Whateffectdoesthishaveonthecompanysfinancialstatements?A.Netincomeisunderstated;assetsareunderstated.37、 TheestimateofthecostoftheinventoryonJune30wouldbe.C.$8950038、 WhichofthefollowingfactorswouldnotbeconsideredintheselectingofLIFOasventorycostingmethod.?C.Physicalflow39、 Whichofthefollowingmethodsofin
