复习题

ing accrual accounting, revenue is recorded and reported only

a. when cash is received without regard to when the services are rendered

b. when the services are rendered without regard to when cash is received

c. when cash is received at the time services are rendered

d. if cash is received after the services are rendered

2. Which one of the following below reflects a weak internal control system?

a. all employees are well supervised

b. a single employee is responsible for comparing a receiving report to an invoice

c. all employees must take their vacations

d. a single employee is responsible for collecting and recording of cash

3. Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is a. $18,500

b. $17,500

c. $18,000

d. none of the above

4. Allowance for Doubtful Accounts has a credit balance of $1,100 at the end of the year (before adjustment), and an analysis of customers' accounts indicates doubtful accounts of $12,900. Which of the following entries records the proper provision for doubtful accounts?

a. debit Uncollectible Accounts Expense, $14,000; credit Allowance for Doubtful Accounts, $14,000

b. debit Allowance for Doubtful Accounts, $14,000; credit Uncollectible Accounts Expense, $14,000

c. debit Allowance for Doubtful Accounts, $11,800; credit Uncollectible Accounts Expense, $11,800

d. debit Uncollectible Accounts Expense, $11,800; credit Allowance for Doubtful Accounts, $11,800

5. On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Acme Co. ends June 30. What is the amount of interest expense recognized by Acme in the current fiscal year?

a. $293.33

b. $400.00

c. $391.11

d. $1,600.00

6. Which of the following is not characteristic of a corporation?

a. The financial loss that a stockholder may suffer from owning stock in a public company is limited.

b. Cash dividends paid by a corporation are deductible as expenses by the corporation.

c. A corporation can own property in its name. 试卷装订线

d. Corporations are required to file federal income tax returns.

7. A corporation issues 2,000 shares of common stock for $ 32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for

a. $20,000

b. $32,000

c. $12,000

d. $2,000

8. Office salaries, depreciation of office equipment, and office supplies are examples of what type of expense?

a. selling expense

b. miscellaneous expense

c. administrative expense

d. other expense

9. A new machine with a purchase price of $94,000, with transportation costs of $8,000, installation costs of $6,000, and special acquisition fees of $2,000, would have a cost basis of

a. $ 96,000

b. $108,000

c. $102,000

d. $110,000

10. A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the units-of-production method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours?

a. $8,000

b. $20,000

c. $12,000

d. $21,667

11. Equipment with a cost of $80,000, an estimated residual value of $5,000, and an estimated life of 15 years was depreciated by the straight-line method for 5 years. Due to obsolescence, it was determined that the useful life should be shortened by 5 years and the residual value changed to zero. The depreciation expense for the current and future years is

a. $5,500

b. $11,000

c. $10,000

d. $5,000

12. A capital expenditure results in a debit to

a. an expense account

b. a capital account

c. a liability account