专业英语练习题
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1. The accounting concept that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is:
A. Business entity assumption.
B. Monetary unit assumption.
C. Going-concern assumption.
D. Time-period assumption.
E. Objectivity
2. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the:
A. Going-concern assumption.
B. Business entity assumption.
C. Objectivity principle.
D. Cost Principle.
E. Monetary unit assumption.
3. If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at:
A. $95,000.
B. $137,000.
C. $138,500.
D. $140,000.
E. $150,000.
4. To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:
A. Objectivity principle.
B. Monetary unit assumption.
C. Business entity assumption.
D. Going-concern assumption.
E. Revenue recognition principle.
5. If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land account transaction amount to handle the sale of the land in the seller's books is:
A. $85,000 increase.
B. $85,000 decrease.
C. $137,000 increase.
D. $137,000 decrease.
E. $140,000 decrease.
6. If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. What is the effect of the sale on the accounting equation for the seller?
A. Assets increase $52,000; owner's equity increases $52,000.
B. Assets increase $85,000; owner's equity increases $85,000.
C. Assets increase $137,000; owner's equity increases $137,000.
D. Assets increase $140,000; owner's equity increases $140,000.
E. Assets decrease $85,000; owner's equity decreases $85,000
7. The record in which transactions are first recorded is the:
A. Account balance.
B. Ledger.
C. Journal.
D. Trial balance.
E. Cash account.
8. A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n):
A. Account.
B. Trial balance.
C. Journal.
D. T-account.
E. Balance column account.
9. An accountant has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction:
A. Credit another asset account for $1,500.
B. Credit another liability account for $1,500.
C. Credit an expense account for $1,500.
D. Credit the owner's capital account for $1,500.
E. Debit another asset account for $1,500.
10. A $15 credit to Sales was posted as a $150 credit. By what amount is Sales in error?
A. $150 understated.
B. $135 overstated.
C. $150 overstated.
D. $15 understated.
E. $135 understated.