山东财经大学2012年期末会计专业专选择题

Multichoice questions

Select the BEST answer to the question or statement

1. Accounting is the process of :

(a) identifying, measuring and communicating economic information;

(b) analysing, recording and reporting financial information;

(c) inputting, processing and outputting economic information;

(d) planning, implementing and monitoring economic activity.

2. Accounting:

(a) follows unchanging rules;

(b) adapts to the varying needs of users;

(c) provides the only information for decision making;

(d) has not changed since the fifteenth century.

3. A cash based accounting system has the following advantages:

(a) it is relevant for determining the results of decisions within the reporting period;

(b) it is relevant for monitoring cash flows within the business;

(c) it is relevant for determining current liabilities of the business;

(d) all of the above.

4. Accrual accounting:

(a) records cash based transactions;

(b) records credit based transactions;

(c) distinguishes between short and long-term impacts of transactions;

(d) all of the above.

5. Accrual accounting recognises:

(a) revenue earned but not invoiced;

(b) revenue invoiced but not received in cash;

(c) expenses incurred but not paid;

(d) all of the above.

6. Which of the following economic events would not be reflected in the financial statements for the month of June:

(a) goods sold in May, cash received in June;

(b) goods purchased in June, paid for in July;

(c) goods ordered and paid for by customer in June, delivered in July;

(d) goods ordered from supplier in June, received in July.

7. Which of the following accounting transactions would not affect profit?

(a) depreciation of equipment;

(b) purchase of equipment on credit;

(c) sale of goods above cost;

(d) sale of goods below cost.

8. The limiting use of the Balance Sheet as a statement of the worth of the entity include:

(a) events which cannot be measured in money terms are not included;

(b) the dollar/yuan is an unreliable unit for measuring worth;

(c) original/historical cost is not an accurate reflection of worth at a later point in time;

(d) all of the above.

9. Liabilities are reported on the Balance Sheet at:

(a) the estimated amounts due on settlement of the obligation;

(b) the current value of future obligations;

(c) only the definite amount known to be payable on present obligations;

(d) the historical cost of the amount borrowed.