财务英语 第二次作业(含答案)

1.True or false statements(1) Increasing assets is the impact of credit entries.(2) Salaries, telephone, and rent are asset accounts.(3) The accounting equation is liabilities= assets + equity.(4) Items owned by a business that has money value are known as assets.(5) To purchase “on account” is to create a liability.(6) A withdrawal of cash reduces cash and capital.(7) When all the transactions have been posted and footed, the debits should equal the credits. The test to see if this is so is called a trial balance.(8) The twofold effect of every entry is recorded in double-entry system.(9) Increases in all asset accounts are credited.(10) Increases in all liability accounts are debited.2.Multiple choice(1)Which statement best describes prepaid expense(预付费用)?A.Amounts due to the entity from others.B.Amounts received by the entity for services yet to be performed.C.Amounts paid in advance for services the entity will receive in the futureD.Outflows of assets from providing products or services to customers.(2)Peter Ali received $5,000 for some excavation work to be done when the weather permits. Peter thinks it will be at least three weeks before he can start the job. Which statement best describes how the transaction is recorded?A.An asset is debited, and a liability is credited.B.A liability is debited, and an asset if credited.C.A withdrawal is debited, and an asset is credited.D.An asset is debited, and a revenue is credited.(3)During the month of November, Western Company had cash receipts of $15,000 and cash disbursements of $17,250. The November 30 cash balance was $9,500. What was the beginning (November 1) cash balance?A.$(7,250)B.$2,250C.$7,250D.$11,750(4)Which of the following statements about normal account balance is false?A.The normal account balance for a revenue account is a debit balance.B.The normal account balance for a liability is a credit balance.C.The normal account balance for an asset account is a debit balance.D.The normal account balance for an expense account is a debit balance.(5)On October 31, accounts receivable had a normal balance of $3,200. During October, the account was credited for a total of $9,300 and debited for a total of $4,500. What was the balance in the accounts receivable account at the beginning of October?A.A $1,600 credit balance.B.A $1,600 debit balance.C.An $8,000 credit balance.D.An $8,000 debit balance.(6)Which of the following statement is true?A.A journal entry may have one account debited and two accounts credited.B.Prepaid expense is an asset account that has a credit balance.C.Liability accounts have debit balances.D.The amount of a company’s total assets will equal the amount of its total debits.(7)What is the impact of debit entries?A.Increasing assets.B.Increasing expenses.C.Decreasing liabilities.D.All of these are true.(8)On March 31,O’Ryan Company had an accounts payable balance of $98,000. During the month of April, total debits to accounts payable were $58,000, which results from payments to suppliers. The April 30 accounts payable balance was $89,000. What was the amount of credit purchases during April?A.$40,000B.$49,000C.$67,000D.$129,000(9)Assets and liabilities totaled $100,000 and $55,000 respectively at the beginning of the period. During the period assets increased by $20,000 and the liabilities increased by $12,000. What were the beginning and ending balances of the owners’ equity?A.$45,000 and $37,000B.$45,000 and $53,000C.$45,000 and $67,000D.$55,000 and $53,000(10)Which event does the following journal entry describe? Accounts payable $1,000Cash $1,000A.Provided services on account.B.Paid cash owed to suppliers.C.Incurred expenses on account.D.Collected cash from customers.2.单项选择题得分：3.QuestionAvery Athletics showed the following selected transactions for the month ended May31,2011:May1 Avery invested $200,000 in cash and fitness equipment thathad a fair value of $48,000 in the business.2 Prepaid $14,400 cash for three months’ rent for her fitness studio.3 Purchased new fitness equipment, paying cash of $10,000 and signing a 90-day note payable for the balance of $35,000/3 Completed a fitness consultation for a customer today and received $150.4 Received $14,000 in cash from fitness clients who will use Avery’s facility over the next 12 months.6 Purchase $2,560 in fitness supplies on credit.10 Provided services to a client today on account,$350.15 Paid for the May 6 purchase of fitness supplies.20 Received partial payment from the client of May 10,of $250.30 Paid month-end salaries of $2,500.30 Avery withdrew $10,000 in cash from the business for personal use.30 Received the May telephone bill today, $ 265. It will be paid on June 15.Required:Prepaid journal entries for each of the above transactions.。