高职会计英语试卷

Question #1 Multiple Choice

1. One of the following statements about users of accounting information is incorrect. The incorrect statement is: ( )

A. Management is an internal user

B. 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. $1000

B. $1500

C. $2000

D. $3000

3. Net income will result during a time period when: ( )

A. assets exceed liabilities

B. assets exceed revenues.

C. expenses exceed revenues

D. 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 only

B. balance sheet only

C. income statement and statement of owner’s equity

D. income statement, statement of owner’s equity and balance sheet.

6. The item that is not included in cash is: ( )

A. currency

B. money order

C. NSF check

D. saving deposit

7. 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. $330,000

B. $370,000

C. $390,000

D. $420,000

8. Which of the following items is not involved in the cost of inventory purchased? ( )

A. Added-value tax

B. insurance in transit

C. freight by purchaser

D. purchase price

9. The step of accounting cycle behind posting is: ( )

A. Journalizing

B. Making trial balance

C. Adjusting

D. Closing

10.A company can minimize its net income in the first year of owning an asset, if it use the: ( )

A. straight-line method

B. declining-balance method

C. units-of-activity method

D. None of the above

Question #2 True or False

1. 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 Analysis

1. 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.