第1題OnJune6,WingWahInc.purchasedsuppliesonaccountforHK$80,000.OnJune30,thecompanypaidhalfofthebalancedue.TheJune30paymentwill()AdecreaseCashandincreaseSuppliesExpensebyHK$80,000.BincreaseCashanddecreaseAccountsReceivablebyHK$40,000.CdecreaseCashanddecreaseAccountsPayablebyHK$40,000.DdecreaseSuppliesandincreaseSuppliesExpensebyHK$40,000.第2題Thebasicaccountingequationmaybeexpressedas()AAssetsEquity=Liabilities.BAssets–Liabilities=Equity.CAssets=Liabilities+Equity.DAlloftheseanswerchoicesarecorrect.第3題Theeconomicentityassumptionrequiresthattheactivities()Aofdifferententitiescanbecombinedifalltheentitiesarecorporations.BmustbereportedtotheSecuritiesandExchangeCommission.Cofasoleproprietorshipcannotbedistinguishedfromthepersonaleconomiceventsofitsowners.Dofanentitybekeptseparatefromtheactivitiesofitsowner.第4題BumiCorporationpurchasedaninvestmentintheordinarysharesofanothercorporationforRp250,000,000in2018.ThesharesareactivelytradedontheIndonesianStockExchange.ThefairvalueoftheinvestmentatDecember31,2020isRp268,000,000.Ifthecompanyfollowsthefairvalueprinciple,theinvestmentwillbereportedinthe2020financialstatementat()ARp250,000,000onthestatementoffinancialposition.BRp268,000,000onthestatementoffinancialposition.CRp250,000,000ontheretainedearningsstatement.DRp268,000,000ontheretainedearningsstatement.第5題Thepurchaseofstoreequipmentforcashreducestheequitybyanequalamount.()AtureBfalse第6題Therulethatrequiresfinancialstatementstoreflecttheassumptionthatthebusinesswillcontinueoperatinginsteadofbeingclosedorsold,unlessevidenceshowsthatitwillnotcontinue,isthe:()AObjectivityprinciple.BMonetaryunitassumption.CBusinessentityassumption.DGoing-concernassumption.第7題Anaccountingsystemcapturesrelevantdataabouttransactionsandthenclassifies,records,andreportsdata.()ATrueBFalse第1題Whileintheprocessofpostingfromthejournaltotheledger,acompanyfailedtoposta$500debittotheEquipmentaccount.Theeffectofthiserrorwillbethat:()ATheerrorwilloverstatethecreditslistedinthejournal.BThetrialbalancewillnotbalance.CThetotaldebitsinthetrialbalancewillbelargerthanthetotalcredits.DTheerrorwilloverstatethedebitslistedinthejournal.第2題OnJanuary1ofthecurrentyear,Jimmy'sSandwichCompanyreportedowner'scapitaltotaling122,500.Duringthecurrentyear,totalrevenueswere96,000whiletotalexpenseswere85,500.Also,duringthecurrentyearJimmywithdrew20,000fromthecompany.Nootherchangesinequityoccurredduringtheyear.If,onDecember31ofthecurrentyear,totalassetsare$196,000,thechangeinowner'scapitalduringtheyearwas:()AAdecreaseof$9,500.BAnincreaseof$73,500.CAnincreaseof$9,500.DAdecreaseof$30,500.第3題LarryBaropenedaframeshopandcompletedthesetransactions:(1)Larrystartedtheshopbyinvesting40,000cashandequipmentvaluedat18,000.(2)Purchased70ofofficesuppliesoncredit.(3)Paid1,200cashforthereceptionist'ssalary.(4)Soldacustomframeserviceandcollected1,500cashonthesale.(5)Completedframingservicesandbilledtheclient200.Whatwasthebalanceofthecashaccountafterthesetransactionswereposted?()A$38,700.B$40,300.C300.D41,500.第4題Identifytheaccountbelowthatisclassifiedasanassetaccount:()AAccountsPayableBUnearnedRevenueCSuppliesDJ.Jackson,Capital[2][單選題][2分][難度3]第5題Abusiness'ssourcedocuments:()AIncludethechartofaccounts.BMustbeinelectronicform.CIncludetheledger.DProvideobjectiveevidencethatatransactionhastakenplace.[2][單選題][2分][難度2]CH3第1題Thecorrectadjustingentryforaccruedandunpaidemployeesalariesof$9,000onDecember31is:()AdebitSalaryExpense,9,000;creditCash,9,000BdebitSalaryExpense,9,000;creditFeesEarned,9,000CdebitSalaryExpense,9,000;creditSalariesPayable,9,000DdebitSalaryExpense,9,000;creditPrepaidSalary,9,000第2題Incurredbutunpaidexpensesthatarerecordedduringtheadjustingprocesswithadebittoanexpenseandacredittoaliabilityare:()ANetexpenses.BAccruedexpenses.CPrepaidexpenses.DIntangibleexpenses.第3題Acompanymadenoadjustingentryforaccruedandunpaidemployeewagesof$28,000onDecember31.Thisoversightwould:()AOverstateassetsby$28,000.BHavenoeffectonnetincome.CUnderstatenetincomeby$28,000.DOverstatenetincomeby$28,000.第4題Whichofthefollowingstatementsisincorrect?()AAdjustingentriesaffectonlybalancesheetaccounts.BAdjustmentstoprepaidexpensesandunearnedrevenuesinvolvepreviouslyrecordedassetsandliabilities.CAdjustingentriescanbeusedtorecordbothaccruedexpensesandaccruedrevenues.DPrepaidexpenses,depreciation,andunearnedrevenuesoftenrequireadjustingentriestorecordtheeffectsofthepassageoftime.第5題Underthecashbasisofaccounting,noadjustmentsaremadeforprepaid,unearned,andaccrueditems.()ATrueBFalse第6題SanbornCompanyhas10employees,whoearnatotalof$1,800insalarieseachworkingday.TheyarepaidonMondayforthefive-dayworkweekendingonthepreviousFriday.AssumethatyearendedDecember31,isaWednesdayandallemployeeswillbepaidsalariesforfivefulldaysonthefollowingMonday.TheadjustingentryneededonDecember31is:()ADebitSalariesExpense,5,400;creditCash,5,400.BDebitSalariesExpense,5,400;creditSalariesPayable,5,400.CDebitSalariesPayable,5,400;creditSalariesExpense,5,400.DDebitSalariesExpense,9,000;creditSalariesPayable,9,000.第7題Priortorecordingadjustingentries,theOfficeSuppliesaccounthada359debitbalance.Aphysicalcountofthesuppliesshowed105ofunusedsuppliesavailable.Therequiredadjustingentryis:()ADebitOfficeSupplies254andcreditOfficeSuppliesExpense254.BDebitOfficeSupplies105andcreditSuppliesExpense254.CDebitOfficeSupplies105andcreditOfficeSuppliesExpense105.DDebitOfficeSuppliesExpense254andcreditOfficeSupplies254.第8題Thetimeperiodassumptionassumesthatanorganization'sactivitiescanbedividedintospecifictimeperiodssuchasmonths,quarters,oryears.()ATrueBFalseCH3第1題Thecorrectadjustingentryforaccruedandunpaidemployeesalariesof$9,000onDecember31is:()AdebitSalaryExpense,9,000;creditCash,9,000BdebitSalaryExpense,9,000;creditFeesEarned,9,000CdebitSalaryExpense,9,000;creditSalariesPayable,9,000DdebitSalaryExpense,9,000;creditPrepaidSalary,9,000第2題Incurredbutunpaidexpensesthatarerecordedduringtheadjustingprocesswithadebittoanexpenseandacredittoaliabilityare:()ANetexpenses.BAccruedexpenses.CPrepaidexpenses.DIntangibleexpenses.第3題Acompanymadenoadjustingentryforaccruedandunpaidemployeewagesof$28,000onDecember31.Thisoversightwould:()AOverstateassetsby$28,000.BHavenoeffectonnetincome.CUnderstatenetincomeby$28,000.DOverstatenetincomeby$28,000.第4題Whichofthefollowingstatementsisincorrect?()AAdjustingentriesaffectonlybalancesheetaccounts.BAdjustmentstoprepaidexpensesandunearnedrevenuesinvolvepreviouslyrecordedassetsandliabilities.CAdjustingentriescanbeusedtorecordbothaccruedexpensesandaccruedrevenues.DPrepaidexpenses,depreciation,andunearnedrevenuesoftenrequireadjustingentriestorecordtheeffectsofthepassageoftime.第5題Underthecashbasisofaccounting,noadjustmentsaremadeforprepaid,unearned,andaccrueditems.()ATrueBFalse第6題SanbornCompanyhas10employees,whoearnatotalof$1,800insalarieseachworkingday.TheyarepaidonMondayforthefive-dayworkweekendingonthepreviousFriday.AssumethatyearendedDecember31,isaWednesdayandallemployeeswillbepaidsalariesforfivefulldaysonthefollowingMonday.TheadjustingentryneededonDecember31is:()ADebitSalariesExpense,5,400;creditCash,5,400.BDebitSalariesExpense,5,400;creditSalariesPayable,5,400.CDebitSalariesPayable,5,400;creditSalariesExpense,5,400.DDebitSalariesExpense,9,000;creditSalariesPayable,9,000.第7題Priortorecordingadjustingentries,theOfficeSuppliesaccounthada359debitbalance.Aphysicalcountofthesuppliesshowed105ofunusedsuppliesavailable.Therequiredadjustingentryis:()ADebitOfficeSupplies254andcreditOfficeSuppliesExpense254.BDebitOfficeSupplies105andcreditSuppliesExpense254.CDebitOfficeSupplies105andcreditOfficeSuppliesExpense105.DDebitOfficeSuppliesExpense254andcreditOfficeSupplies254.第8題Thetimeperiodassumptionassumesthatanorganization'sactivitiescanbedividedintospecifictimeperiodssuchasmonths,quarters,oryears.()ATrueBFalseCH4第1題Atthebeginningoftheyear,acompany'sbalancesheetreportedthefollowingbalances:TotalAssets=225,000;TotalLiabilities=125,000;andOwner'sCapital=100,000.Duringtheyear,thecompanyreportedrevenuesof46,000andexpensesof30,000.Inaddition,owner′swithdrawalsfortheyeartotaled20,000.Assumingnootherchangestoowner'scapital,thebalanceintheowner'scapitalaccountattheendoftheyearwouldbe:()A$116,000.B$136,000.C$96,000.D$104,000.第2題TheF.Mercury,Capitalaccounthasacreditbalanceof37,000beforeclosingentriesaremade.Totalrevenuesfortheperiodare55,200,totalexpensesare39,800,andwithdrawalsare9,000.Whatisthecorrectclosingentryfortherevenueaccounts?()ADebitRevenueaccounts55,200;creditIncomeSummary55,200.BDebitRevenueaccounts$55,200;creditCDebitRevenueaccounts$37,000;creditDDebitIncomeSummary55,200;creditRevenueaccounts55,200.EMercury,Capital$37,000.FMercury,Capital$37,000.第3題TaraWestmont,theproprietorofTiptoeShoes,hadannualrevenuesof185,000,expensesof103,700,andwithdrew18,000fromthebusinessduringthecurrentyear.Theowner′scapitalaccountbeforeclosinghadabalanceof297,000.TheNetIncomefortheyearis:()A$185,000B$63,300C$360,300D$81,300第4題Closingentriesarerequired:()AIfthetemporaryaccountsaretoreflectcorrectamountsforeachaccountingperiod.BOnlyifthecompanyadherestotheaccrualmethodofaccounting.CIfacompany'sbookkeeperdoesnotchoosetopreparereversingentries.DIfmanagementhasdecidedtoceaseoperatingthebusiness.第5題Therecurringstepsperformedeachreportingperiodinpreparingfinancialstatements,startingwithanalyzingandrecordingtransactionsinthejournalandcontinuingthroughthepost-closingtrialbalance,isreferredtoasthe:()AClosingcycle.BNaturalbusinessyear.COperatingcycle.DAccountingcycle.第6題Thewithdrawalsaccountisnormallyclosedbydebitingit.()ATrueBFalse第7題Abenefitofusingaworksheetisthatitaidsinthepreparationofthefinancialstatements.()ATrueBFalseCH5第1題JuniperCompanyusesaperpetualinventorysystemandthegrossmethodofaccountingforpurchases.Thecompanypurchased9,750ofmerchandiseonAugust7withterms1/10,n/30.OnAugust11,itreturned1,500worthofmerchandise.OnAugust16,itpaidthefullamountdue.ThecorrectjournalentrytorecordthepaymentonAugust16is:()ADebitAccountsPayable8,250;creditMerchandiseInventory82.50;creditCash$8,167.50.BDebitCash8,250;creditAccountsPayable8,250.CDebitAccountsPayable9,750;creditMerchandiseInventory97.50;creditCash$9,652.50.DDebitAccountsPayable8,167.50;creditCash8,167.50.第2題Acompanypurchased1,800ofmerchandiseonJuly5withterms2/10,n/30.OnJuly7,itreturned200worthofmerchandise.OnJuly28,itpaidthefullamountdue.Assumingthecompanyusesaperpetualinventorysystem,andrecordspurchasesusingthegrossmethod,thecorrectjournalentrytorecordthemerchandisereturnonJuly7is:()ADebitMerchandiseInventory200;creditAccountsPayable200.BDebitAccountsPayable200;creditMerchandiseInventory200.CDebitMerchandiseInventory200;creditSalesReturns200.DDebitAccountsPayable1,800;creditPurchaseReturns200;creditMerchandiseInventory$1,600.第3題FragmentCompanyisawholesalerthatsellsmerchandiseinlargequantities.Itscatalogindicatesalistpriceof300perunitonaparticularproductanda407perunitundertermsFOBshippingpoint.Ifacustomerpurchases100unitsofthisproduct,whatistheamountofsalesrevenuethatFragmentwillrecordfromthissale?()A$30,000B$29,300C$18,700D$18,000第4題Acompanypurchased4,000worthofmerchandise.Transportationcostswereanadditional350.Thecompanyreturned$275worthofmerchandiseandthenpaidtheinvoicewithinthe2%cashdiscountperiod.Thetotalcostofthismerchandiseis:()A$3,995.00.B$4,075.00.C$4,000.50.D$3,725.00.第5題Thecreditterms2/10,n/30areinterpretedas:()A10%cashdiscountiftheamountispaidwithin2days,orthebalanceduein30days.B2%cashdiscountiftheamountispaidwithin10days,orthebalanceduein30days.C30%discountifpaidwithin10days.D2%discountifpaidwithin30days.第6題SalesdiscountshasanormaldebitbalancebecauseitdecreasesSales,whichhasanormalcreditbalance.()ATrueBFalse第7題Purchasereturnsrefertomerchandiseabuyeracquiresbutthenreturnstotheseller.()ATrueBFalse第8題Credittermsof2/10,n/30implythattheselleroffersthepurchasera2%cashdiscountiftheamountispaidwithin10daysoftheinvoicedate.Otherwise,thefullamountisduein30days.()ATrueBFalse第9題Amerchandisingcompany'soperatingcyclebeginswiththepurchaseofmerchandiseandendswiththecollectionofcashfromthesale.()ATrueBFalseCH6第1題Acompanyhasthefollowingperunitoriginalcostsandreplacementcostsforitsinventory.LCMisappliedtoindividualitems.PartA:50unitswithacostof5,andreplacementcostof4.50PartB:75unitswithacostof6,andreplacementcostof6.50PartC:160unitswithacostof3,andreplacementcostof2.50Underthelowerofcostormarketmethod,thetotalvalueofthiscompany'sendinginventoryis:()A$1,112.50.B$1,217.50.C$1,180.00.D$1,075.00.第2題Acompanysellsgardenhosesandusestheperpetualinventorysystemtoaccountforitsmerchandise.ThebeginningbalanceoftheinventoryanditstransactionsduringSeptemberwereasfollows:September1:Beginningbalanceof18unitsat13eachSeptember12:Purchased30unitsat14eachSeptember19:Sold24unitsat30sellingpriceeachSeptember20:Purchased24unitsat17eachSeptember27:Sold27unitsat30sellingpriceeachIftheendinginventoryisreportedat276,whatinventorymethodwasused?()AWeightedaveragemethod.BLIFOmethod.CRetailinventorymethod.DSpecificidentificationmethod.第3題MonarchCompanyusesaweighted-averageperpetualinventorysystemandhasthefollowingpurchasesandsales:January120unitswerepurchasedat10perunit.January1212unitsweresold.January2018unitswerepurchasedat11perunit.Whatisthevalueofcostofgoodssold?()A$272.B$126.C$120.D$278.第4題CostsincludedintheMerchandiseInventoryaccountcanincludeallofthefollowingexcept:()ADamagedinventorythatcannotbesold.BStorage.CInvoicepriceminusanydiscount.DInsurance.第5題Goodsintransitareincludedinapurchaser'sinventory:()AAtanytimeduringtransit.BWhenthepurchaserisresponsibleforpayingfreightcharges.CWhenthesupplierisresponsibleforfreightcharges.DAfterthehalf-waypointbetweenthebuyerandseller.第6題JammerCompanyusesaweightedaverageperpetualinventorysystemandreportsthefollowing:August2Purchase10unitsat12perunit.August18Purchase15unitsat15perunit.August29Sale20units.August31Purchase14unitsat$16perunit.Whatistheper-unitvalueofendinginventoryonAugust31?()A$17.74B$13.80C$15.42D$16.00第7題StarlightCompanyhasinventoryof8unitsatacostof200eachonOctober1.OnOctober2,itpurchased20unitsat205each.11unitsaresoldonOctober4.UsingtheLIFOperpetualinventorymethod,whatisthevalueofinventoryaftertheOctober4sale?()A$3,500.B$3,485.C$3,472.D$3,445.第8題WhenLIFOisusedwiththeperiodicinventorysystem,costofgoodssoldisassignedcostsfromthemostrecentpurchasesatthepointofeachsale,ratherthanfromthemostrecentpurchasesfortheperiod.()ATrueBFalse第9題Goodsonconsignmentaregoodsshippedbytheirowner,calledtheconsignor,toanotherpartycalledtheconsignee.Theconsigneesellsgoodsfortheowner.()ATrueBFalseCH7第1題WhichofthefollowingisnottrueabouttheAllowanceforDoubtfulAccounts?()AItisacontraassetaccount.BItisaliabilityaccount.CItisusedinsteadofreducingaccountsreceivabledirectly.DItisdebitedwhenuncollectibleaccountsarewrittenoff.第2題GiorgioItalianMarketbought4,000worthofmerchandisefromFoodSuppliersandsigneda90?day,64,000.FoodSupplier'sjournalentrytorecordthesalestransactionis:()ADebitNotesReceivable4,000;debitInterestReceivable60;creditSales$4,060BDebitNotesReceivable4,060;creditSales4,060CDebitAccountsReceivable4,060;creditSales4,060DDebitNotesReceivable4,000;creditSales4,000\第3題OnDecember31ofthecurrentyear,theunadjustedtrialbalanceofacompanyusingthepercentofreceivablesmethodtoestimatebaddebtincludedthefollowing:AccountsReceivable,debitbalanceof95,250;AllowanceforDoubtfulAccounts,creditbalanceof921.WhatamountshouldbedebitedtoBadDebtsExpense,assuming6%ofoutstandingaccountsreceivableattheendofthecurrentyearareestimatedtobeuncollectible?()A$6,636.B$4,794.C$5,660.D$5,715.第4題OnOctober12ofthecurrentyear,acompanydeterminedthatacustomer'saccountreceivablewasuncollectibleandthattheaccountshouldbewrittenoff.Assumingtheallowancemethodisusedtoaccountforbaddebts,whateffectwillthiswrite-offhaveonthecompany'snetincomeandtotalassets?()ADecreaseinnetincome;decreaseintotalassets.BIncreaseinnetincome;noeffectontotalassets.CNoeffectonnetincome;noeffectontotalassets.DDecreaseinnetincome;noeffectontotalassets.第5題Acreditsaleof$5,275toacustomerwouldresultinwhichofthefollowing?()AAcredittotheAccountsReceivableaccountinthegeneralledgerandacredittothecustomer'saccountintheaccountsreceivablesubsidiaryledger.BAdebittotheAccountsReceivableaccountinthegeneralledgerandacredittothecustomer'saccountintheaccountsreceivablesubsidiaryledger.CAcredittoSalesandacredittothecustomer'saccountintheaccountsreceivablesubsidiaryledger.DAdebittotheAccountsReceivableaccountinthegeneralledgerandadebittothecustomer'saccountintheaccountsreceivablesubsidiaryledger.第6題FrederickCompanyborrows$63,000fromFirstCityBankandpledgesitsreceivablesassecurity.Whichofthefollowingistrueregardingthistransaction:()AFirstCityBankisthefactorinthistransaction.BFirstCityBanktakesownershipofthereceivablesatthetimeofthepledge.CFrederickCompanynolongerhastheriskofbaddebts.DFrederickCompany'sfinancialstatementsmustdisclosethepledgingofreceivables.第7題OnJuly9,MifflinCompanyreceivesan$8,500,90-day,8%notefromcustomerPaytonSummersaspaymentonaccount.Whatentryshouldbemadeonthematuritydateassumingthemakerpaysinfull,andnoadjustingentrieshavebeenmaderelatedtothenote?(Use360daysayear.)()ADebitCash8,670;creditInterestRevenue170;creditNotesReceivable$8,500.BDebitCash8,613;creditInterestRevenue113;creditNotesReceivable$8,500.CDebitCash8,500;creditNotesReceivable8,500.DDebitNotesReceivable8,500;debitInterestReceivable170;creditSales$8,670.第8題Notesreceivableareclassifiedascurrentliabilitiesregardlessofthetimetomaturity.()ATrueBFalse第9題Acompanyusingthepercentageofsalesmethodforestimatingbaddebtshassalesof350,000andestimatesthat1.0300credit.Theestimatedamountofbaddebtsexpenseis$3,200()ATrueBFalse第10題Theuseofthedirectwrite-offmethodisallowedunderthematerialityconstraint.()ATrueBFalse第11題Ifacreditcardsaleismade,thesellerdebitsCashandcreditsSalesforthesameamount.()ATrueBFalseCH8第1題Acompanyhadatractordestroyedbyfire.Thetractororiginallycost85,000withaccumulateddepreciationof60,000.Theproceedsfromtheinsurancecompanywere$20,000.Thecompanyshouldrecognize:()AAgainof$20,000.BAlossof$5,000.CAgainof$65,000.DAgainof$5,000.第2題Tocapitalizeanexpenditureisto:()ADebitanexpenseaccount.BCreditanexpenseaccount.CDebitanassetaccount.DCreditanassetaccount.第3題BeckmanEnterprisespurchasedadepreciableassetonOctober1,Year1atacostof100,000.Theassetisexpectedtohaveasalvagevalueof20,000attheendofitsfive-yearusefullife.Iftheassetisdepreciatedonthedouble-declining-balancemethod,theasset'sbookvalueonDecember31,Year2willbe:()A$54,000B$90,000C$16,000D$36,000第4題Whenoriginallypurchased,avehiclecosting23,000hadanestimatedusefullifeof8yearsandanestimatedsalvagevalueof3,000.After4yearsofstraight-linedepreciation,theasset'stotalestimatedusefullifewasrevisedfrom8yearsto6yearsandtherewasnochangeintheestimatedsalvagevalue.Thedepreciationexpenseinyear5equals:()A$11,500.B$2,875.C$5,000.D$2,500.第5題Depreciation:()AMeasuresthedeclineinmarketvalueofanasset.BMeasuresphysicaldeteriorationofanasset.CIstheprocessofallocatingthecostofaplantassettoexpense.DIsappliedtoland.第6題Anassetcanbedisposedofbyallofthefollowingexcept:()ADonatingittocharity.BSellingit.CContinuingtouseitafteritisfullydepreciated.DExchangingitforanotherasset.第7題Revenueexpenditures:()AAredebitedtoassetaccountswhenincurred.BExtendtheasset'susefullife.CAreadditionalcostsofplantassetsthatdonotmateriallyincreasetheasset'slifeoritsproductivecapabilities.DAreknownasbalancesheetexpendituresbecausetheyrelatetoplantassets.第8題BeckmanEnterprisespurchasedadepreciableassetonOctober1,Year1atacostof100,000.Theassetisexpectedtohaveasalvagevalueof20,000attheendofitsfive-yearusefullife.Iftheassetisdepreciatedonthedouble-declining-balancemethod,theasset'sbookvalueonDecember31,Year2willbe:()A$54,000B$90,000C$16,000D$36,000第9題Theusefullifeofaplantassetis:()ANeverrelatedtoitsphysicallife.BDeterminedbylaw.CDeterminedbytheFASB.DThelengthoftimeitisproductivelyusedinacompany'soperations.Answer:E第10題Plantassetsaredefinedas:()ACurrentassets.BTangibleassetsthathaveausefullifeofmorethanoneaccountingperiodandareusedintheoperationofabusiness.CIntangibleassetsusedintheoperationsofabusinessthathaveausefullifeofmorethanoneaccountingperiod.DTangibleassetsusedintheoperationofbusinessthathaveausefullifeoflessthanoneaccountingperiod.CH9第1題OnSeptember1,KnackCompanysigneda$50,000,90-day,5%notepayablewithCentralSavingsBank.WhatisthejournalentrythatshouldberecordedbyKnackuponmaturityofthenote?(Use360daysayear.)()ADebitNotesPayable50,625;creditCash50,625.BDebitNotesPayable50,000;debitInterestExpense625;creditCash$50,625.CDebitInterestExpense625;creditInterestPayable625.DDebitNotesPayable50,000;creditInterestRevenue625;creditCash$49,375.第2題AthenaCompany'ssalariedemployeesearntwoweeksofvacationperyear.Itpays$858,000intotalemployeesalariesfor52weeksbutitsemployeesworkonly50.RecordAthenaCompany'sweeklyjournalentrytorecordthevacationexpense:()ADebitVacationBenefitsExpense17,160;creditVacationBenefitsPayable17,160.BDebitVacationBenefitsExpense660;creditVacationBenefitsPayable660.CDebitVacationBenefitsPayable16,500;creditVacationBenefitsExpense16,500.DDebitVacationBenefitsPayable660;creditVacationBenefitsExpense660.第3題Allofthefollowingstatementsregardinglong-termliabilitiesaretrueexcept?()ALiabilitiesthatdonothaveafixedduedate,butarepayableondemand,arereportedaslong-termliabilities.BLong-termliabilitiescanbereportedonthebalancesheetinasingletotalorinmultiplecategories.CLong-termliabilitiesincludelong-termnotespayable,warrantyliabilities,leaseliabilities,andbondspayable.DAsinglelong-termliabilitycanbedividedbetweencurrentandnoncurrentsectionsonthebalancesheet.第4題Employeesearnvacationpayattherateofonedaypermonth.DuringthemonthofJune,10employeesqualifyforonevacationdayeach.Theiraveragedailywageis$150perday.WhichofthefollowingisthenecessaryadjustingjournalentrytorecordtheJunevacationbenefits?()ADebitPayrollTaxExpense1,500;creditPayrollTaxesPayable1,500.BDebitPrepaidVacationBenefits1,500;creditVacationBenefitsPayable1,500.CDebitVacationBenefitsExpense1,500;creditVacationBenefitsPayable1,500.DDebitVacationBenefitsPayable;creditVacationBenefitsExpense$1,500.第5題Anestimatedliability:()AIsaliabilitythatmayoccurifafutureeventoccurs.BIsnotrecordeduntiltheamountisknownforcertain.CCanbetheresultofalawsuit.DIsaknownobligationofanuncertainamountthatcanbereasonablyestimated.第6題Estimatedliabilitiescommonlyarisefromallofthefollowingexcept:()AVacationbenefits.BWarranties.CIncometaxes.DUnearnedrevenues.第7題Payrollisanexampleofacontingentliabilityfortheemployer.()A)TrueBFalse第8題SalesTaxesPayableisdebitedandCashiscreditedwhencompaniessendsalestaxescollectedfromcustomerstothegovernment.()ATrueBFalse第9題Aliabilityisaprobablefuturepaymentofassetsorservicesthatacompanyispresentlyobligatedtomakeasaresultofpasttransactionsorevents.()ATrueBFalseCH10第1題Amortizingabonddiscount:()ADecreasestheBondsPayableaccount.BIncreasesthemarketvalueoftheBondsPayable.CIncreasescashflowsfromthebond.DAllocatesaportionofthetotaldiscounttointerestexpenseeachinterestperiod.第2題MorganCompanyissues9%,20-yearbondswithaparvalueof$750,000thatpayinterestsemiannually.Thecurrentmarketrateis8%.Theamountpaidtothebondholdersforeachsemiannualinterestpaymentis:()A$375,000.B$67,500.C$33,750.D$60,000.第3題Abondholderthatownsa$1,000,10%,10-yearbondhas:()ATherighttoreceive$10,000atmaturity.BTherighttoreceive$1,000atmaturityCOwnershiprightsintheissuingcompany.DTherighttoreceive$10peryearuntilmaturity.第4題Adisadvantageofbondfinancingis:()ABondsdonotaffectowners'control.BBondscanincreasereturnonequity.CBondspayperiodicinterestandtherepaymentofparvalueatmaturity.DInterestonbondsistaxdeductible.第5題Thecarryingvalueofbondsatmaturityalwayseq