高职会计英语试卷

Question #1 Multiple Choice1. One of the following statements about users of accounting information is incorrect. The incorrect statement is: ( )A. Management is an internal userB. Taxing authorities are external users.C. Creditors are external users.D. Regulatory authorities are internal users.2. As at Dec.31,Stoneland Company has assets of $3500 and owner’s equity of $2000. What are the liabilities for Stoneland Company as at Dec.31? ( )A. $1000B. $1500C. $2000D. $30003. Net income will result during a time period when: ( )A. assets exceed liabilitiesB. assets exceed revenues.C. expenses exceed revenuesD. revenues exceed expenses.4. The effects on the basic accounting equation of performing services on account are: ( )A. Increased assets and decreased owner’s equity.B. Increased assets and increased owner’s equity.C. Increased assets and increased liabilities.D. Increased liabilities and increased owner’s equity.5. Genesis Company buys a $100,000 machine on credit. This transaction will affect the: ( )A. income statement onlyB. balance sheet onlyC. income statement and statement of owner’s equityD. income statement, statement of owner’s equity and balance sheet.6. The item that is not included in cash is: ( )A. currencyB. money orderC. NSF checkD. saving deposit7. If beginning inventory is $60,000, cost of goods purchased is $380,000. and ending inventory is $50,000. What is the cost of goods sold? ( )A. $330,000B. $370,000C. $390,000D. $420,0008. Which of the following items is not involved in the cost of inventory purchased? ( )A. Added-value taxB. insurance in transitC. freight by purchaserD. purchase price9. The step of accounting cycle behind posting is: ( )A. JournalizingB. Making trial balanceC. AdjustingD. Closing10.A company can minimize its net income in the first year of owning an asset, if it use the: ( )A. straight-line methodB. declining-balance methodC. units-of-activity methodD. None of the aboveQuestion #2 True or False1. Whenever an expense is incurred, the owner’s equity will be decreased.第1页，共4页2. Withdrawals by the owner of a single proprietorship reduce both the assets and the liabilities.3. A business should be understood as an entity that is separate and distinct from its owners, customers, and creditors.4. For a given account, total debits must always equal total credits.5. Accounting is another word for bookkeeping.6. At the end of accounting period, all accounts should be made closing procedures.7. Debit means increase, Credit means decrease.8. Under the accrual basis, the timing of cash payment or receipt is vital for recording revenues and expenses.9. A credit memorandum on a bank statement indicates a deduction to the bank balance.10. A journal entry must be supported by source documents.Question #3 Transactions Analysis1. Adjusting entries can be classified into the following types:(1) Prepaid expenses (2) Unearned revenues (3) Accrued expenses(4) Accrued revenues (5) Estimates (amortization)I nstruction: Match the type of adjusting entry with the adjusting journal entry transaction described below by filling in the correct number in the blank. If an adjusting entry is not needed, mark “No” in the space.(a) Record interest on note payable.(b) Record interest on note receivable.(c) Allocate cost of equipment over its useful life.(d) Record revenue that has been earned that was previously received in advance.(e) Record hiring of employees.(f) Record salaries owed.(g) Record supplies used.2.The required steps in the accounting cycle are listed below in random order. List the steps in the proper sequence by placing numbers 1-9 in the blank spaces.(a) _______ Prepare a post-closing trial balance.(b) _______ Prepare an adjusted trial balance.(c) _______ Analyze business transactions.(d) _______ Prepare a trial balance.(e) _______ Journalize the transactions.(f) _______ Journalize and post the closing entries.(g) _______ Prepare the financial statements.(h) _______ Journalize and post the adjusting entries.(i) _______ Post to the ledger accounts.3. (1) Marc Doucet decides to open a computer programming service. On September 1, 2005,he invests $15000 cash in the business, which he names Softbyte.(2) September 2, Softbyte purchases computer equipment for $7000 cash.(3) September 7, Softbyte purchases $1600 of computer paper and other supplies onaccount from Chuah Supply Company.(4) September 15, Softbyte receives $1200 cash from customers for programming servicesit has provided.(5) September 17, Softbyte receives a bill for $250 from the local newspaper for advertisingthe opening of its business.(6) September 22, Softbyte provides $35000 of programming services for customers.Cash of $5000 is received from customers, and the balance of $30000 is billed to customers on account.(7) September 28, expenses paid in cash for September are store rent, $600, salaries ofemployee, $900,and utilities, $200.(8) September 30, Softbyte pays its $250 National Post advertising bill in cash.(9) September 30, the sum of $6000 in cash is received from a few of the customers whohave previously been billed for services in Transaction (6).(10) September 30, Marc Doucet withdraws $1300 in cash from he business for hispersonal use.(11) September 30, a physical count indicates that only $400 of supplies are on hand.(12) September 30, estimate bad debts at 0.5% of Accounts Receivable.Instruction: Make the entries.4. The information below relates to the Cash account in the ledger of Ace Company:Balance September 1-- $17,150; Cash deposited -- $64,000; Check written-- $63,746; Balance September 30 -- $17,404The September bank statement shows a balance of $16,422 on Sept.30 and the following memorandum:Credit: (1) Collection of $1,800 note plus interest $30 (2) Interest earned on checking account $45.Debit: (1) NSF check: J.Hower $410 (2) Safety deposit box rent $30At Sept.30, deposits in transit were $4800 and outstanding checks totaled $2,383. No errors were made by the bank or the company.Instructions:(a) Show how the September 30 unadjusted balance of $17,404 in the Cash account was calculated. (write out the calculation procedure)(b) Prepare the bank reconciliation at September 30.(c) Prepare the required entries at September 30, assuming (1) the NSF check was from a customer on account, (2) no interest had been previously accrued on the not.。