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Câu hỏi trắc nghiệm ôn tập kiến thức chương 1 bằng tiếng anh -Nguyên lý kế toán | Đại học Kinh Tế Quốc Dân

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Môn: Nguyên lý kế toán(1111) 94 tài liệu

Trường: Đại học Kinh Tế Quốc Dân 3 K tài liệu

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Hà Việt Anh

1 năm trước
Danh sách Quiz
/7
Chap 1: Accounting in action
1 .As of June 30, 2016, Little Giantz Company has assets of $100,000 and
owner’s equity of $60,000. What are the liabilities for Little Giantz
Company as of June 30, 2016?
a.$40,000
b.$160,000
c.$60,000
d.$100,000
2 .If total liabilities decreased by $30,000 and owner’s equity decreased
by $15,000 during a period of time, then total assets must change by what
amount and direction during that same period?
a.$15,000 decrease
b.$15,000 increase
c.$45,000 increase
d.$45,000 decrease
3 .Juggernaut Company buys a $29,000 van on credit. The transaction will
affect the
a.income statement, owner's equity statement, and balance sheet.
b.income statement only.
c.balance sheet only.
d.income statement and owner's equity statement only.
4 .A net loss will result during a time period when
a.expenses exceed revenues.
b.assets exceed owner's equity.
c.revenues exceed expenses.
d.assets exceed liabilities.
5 .If total liabilities increased by $6,000, then
a.assets and owner's equity each increased by $3,000.
b.owner's equity must have increased by $6,000.
c.assets must have increased by $6,000, or owner's equity must have
decreased by $6,000.
d.assets must have decreased by $6,000.
6 .All of the financial statements are for a period of time except the
a.owner's equity statement.
b.statement of cash flows.
c.income statement.
d.balance sheet.
7 .The starting point of the accounting process is
a.communicating information to users.
b.identifying economic events.
c.recording economic events.
d.None of these answers are correct.
8 .Which one of the following is not an external user of accounting
information?
a.Customers.
b.All of these answers choices are external users.
c.Investors.
d.Regulatory agencies.
9 .El Centro Company began the year with owner’s equity of $30,000.
During the year, El Centro received additional owner investments of
$42,000, recorded expenses of $120,000, and had owner drawings of
$12,000. If El Centro’s ending owner’s equity was $112,000, what was the
company’s revenue for the year?
a.$172,000.
b. $202,000.
c. $164,000.
d. $214,000.
10 .The conceptual framework that underlies IFRS
a.does not define assets or liabilities.
b.does not define income or expenses.
c.is very similar to that used to develop GAAP.
d.does not define equity.
11 .Collection of a $1,500 Accounts Receivable
a.increases an asset $1,500; decreases a liability $1,500.
b.decreases a liability $1,500; increases owner's equity $1,500.
c.increases an asset $1,500; decreases an asset $1,500.
d.decreases an asset $1,500; decreases a liability $1,500.
12 .Teamboo Company’s owner’s equity at the beginning of August 2016
was $740,000. During the month, the company earned net income of
$175,000 and owner’s drawings were $80,000. At the end of August 2016,
what is the balance in owner’s equity?
a.$660,000
b.$740,000
c.$835,000
d.$820,000
13 .Foxes Service Shop started the year with total assets of $320,000 and
total liabilities of $240,000. During the year, the business recorded
$630,000 in revenues, $450,000 in expenses, and owner drawings of
$60,000. The net income reported by Foxes Service Shop for the year was
a.$180,000.
b.$270,000.
c.$140,000.
d.$200,000.
14 .Interpretation of reported information involves each of the following
except
a.limitations of reported data.
b.meaning of reported data.
c.All of these choices are correct.
d.uses of reported data.
15 .Alicia Keyes Company began the year with owner’s equity of
$280,000. During the year, the company recorded revenues of $375,000,
expenses of $265,000, and had owner drawings of $30,000. What was
Alicia Keyes’ owner’s equity at the end of the year?
a.$390,000.
b.$420,000.
c.$280,000.
d.$360,000.
16 .Generally accepted accounting principles are
a.standards that indicate how to report economic events.
b.principles that have been proven correct by academic researchers.
c.income tax regulations of the Internal Revenue Service.
d.theories that are based on physical laws of the universe.
17 .The ending owner's equity amount is shown on
a.the owner's equity statement only.
b.both the balance sheet and the owner's equity statement.
c.both the income statement and the owner's equity statement.
d.the balance sheet only.
18 .Ethics are the standards of conduct by which one's actions are judged
as
a.honest or dishonest.
b.fair or unfair.
c.right or wrong.
d.All of these answer choices are correct.
19 .Which of the following would not be considered an internal user of
accounting data?
a.Merchandise inventory clerk.
b.President of the employees' labor union.
c.President of the company.
d.Production manager.
20 .As of December 31, 2016, Cancon Company has assets of $42,000
and owner's equity of $22,000. What are the liabilities for Cancon
Company as of December 31, 2016?
a.$22,000.
b.$20,000.
c.$42,000.
d.$64,000.
21 .At October 1, Flambo Company reported owner’s equity of $68,000.
During October, the owner made additional investments of $10,000 and
the company posted a net loss of $4,000. If owner’s equity at October 31
totals $70,000, what amount of owner drawings were made during the
month?
a.$0
b.$10,000
c.$4,000
d.$6,000
22 .Eli’s Electronic Repair Shop started the year with total assets of
$300,000 and total liabilities of $200,000. During the year, the business
recorded $400,000 in electronic repair revenues, $300,000 in expenses,
and Eli withdrew $50,000. The net income reported by Eli's Electronic
Repair Shop for the year was
a.$100,000.
b.$250,000.
c.$150,000.
d.$300,000.
23 .The balance sheet is frequently referred to as
a.the statement of financial position.
b.the statement of owner's equity.
c.an operating statement.
d.the statement of cash flows.
24 .The historical cost principle requires that when assets are acquired,
they be recorded at
a.book value.
b.cost.
c.market price.
d.appraisal value.
25 .If total liabilities increased by $9,000 during a period of time and
owner’s equity decreased by $25,000 during the same period, then the
amount and direction (increase or decrease) of the period’s change in total
assets is a(n(
a.$34,000 increase.
b.$16,000 decrease.
c.$16,000 increase.
d.$34,000 decrease.
26 .Foxes Service Shop started the year with total assets of $320,000 and
total liabilities of $240,000. During the year, the business recorded
$630,000 in revenues, $450,000 in expenses, and owner drawings of
$60,000. Owner’s equity at the end of the year was
a.$80,000.
b.$310,000.
c.$200,000.
d.$370,000.
27 .Financial accounting provides economic and financial information for
all of the following except
a.managers.
b.creditors.
c.investors.
d.other external users.
28 .Communication of economic events is the part of the accounting
process that involves
a.recording and classifying information.
b.quantifying transactions into dollars and cents.
c.preparing accounting reports.
d.identifying economic events.
29 .The accounting process involves all of the following except
a.communicating financial information to users by preparing financial
reports.
b.analyzing and interpreting financial reports.
c.identifying economic transactions that are relevant to the business.
d.recording nonquantifiable economic events.
30 .Accountants refer to an economic event as a
a.purchase.
b.change in ownership.
c.transaction.
d.sale.

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Chap 1: Accounting in action
As of June 30, 2016, Little Giantz Company has assets of $100,000 and 1 .
owner’s equity of $60,000. What are the liabilities for Little Giantz Company as of June 30, 2016 ? a.$40,000 b.$160,000 c.$60,000 d.$100,000
If total liabilities decreased by $30,000 and owner’s equity decreased 2 .
by $15,000 during a period of time, then total assets must change by what amount and directi ? on during that same period a.$15,000 decrease b.$15,000 increase c.$45,000 increase d.$45,000 decrease
Juggernaut Company buys a $29,000 van on credit. The transaction will 3 . affect the a.income statem .
ent, owner's equity statement, and balance sheet b.income stateme . nt only c.balance sheet only . d.income stateme .
nt and owner's equity statement only
A net loss will result during a time period when 4 . a.expenses exceed revenues . b.assets exceed owner's equi . ty c.revenues exceed expenses . d.assets exceed lia . bilities
If total liabilities increased by $6,000, then 5 . a.assets and owner's equit . y each increased by $3,000
b.owner's equity must have incr . eased by $6,000
c.assets must have increased by $6,000, or owner's equity must have decreased by $6,000 .
d.assets must have decreased by $6,000 .
All of the financial statements are for a period of time except the 6 . a.owner's equity state . ment b.statement of cash flows . c.income statem . ent d.balance sheet .
The starting point of the accounting process is 7 . a.communicating infor . mation to users b.identifying economic events . c.recording economic events .
d.None of these answers are corr . ect
Which one of the following is not an external user of accounting 8 . information ? a.Customers .
b.All of these answers choices are ext . ernal users c.Investors . d.Regulatory agencies .
El Centro Company began the year with owner’s equity of $30,000. 9 .
During the year, El Centro received additional owner investments of
$42,000, recorded expenses of $120,000, and had owner drawings of
$12,000. If El Centro’s ending owner’s equity was $112,000, what was the
company’s revenue for the year ? a.$172,000 . b. $202,000 . c. $164,000 . d. $214,000 .
The conceptual framework that underlies IFRS 10 .
a.does not define assets or lia . bilities
b.does not define income or expenses .
c.is very similar to that used to de . velop GAAP d.does not define equity .
Collection of a $1,500 Accounts Receivable 11 .
a.increases an asset $1,500; decre . ases a liability $1,500 b.decreases a liabi .
lity $1,500; increases owner's equity $1,500
c.increases an asset $1,500; decre . ases an asset $1,500
d.decreases an asset $1,500; decr . eases a liability $1,500
Teamboo Company’s owner’s equity at the beginning of August 2016 12 .
was $740,000. During the month, the company earned net income of
$175,000 and owner’s drawings were $80,000. At the end of August 2016,
what is the balance in owner’s equity ? a.$660,000 b.$740,000 c.$835,000 d.$820,000
Foxes Service Shop started the year with total assets of $320,000 and 13 .
total liabilities of $240,000. During the year, the business recorded
$630,000 in revenues, $450,000 in expenses, and owner drawings of
$60,000. The net income reported by Foxes Service Shop for the year was a.$180,000 . b.$270,000 . c.$140,000 . d.$200,000 .
Interpretation of reported information involves each of the following 14 . except a.limitations of reported data . b.meaning of reported data .
c.All of these choices are correc . t d.uses of reported data .
Alicia Keyes Company began the year with owner’s equity of 15 .
$280,000. During the year, the company recorded revenues of $375,000,
expenses of $265,000, and had owner drawings of $30,000. What was Alicia Keyes’ ?
owner’s equity at the end of the year a.$390,000 . b.$420,000 . c.$280,000 . d.$360,000 .
Generally accepted accounting principles are 16 . a.standards that indica .
te how to report economic events
b.principles that have been proven corr . ect by academic researchers
c.income tax regulations of the Int . ernal Revenue Service
d.theories that are based on physica . l laws of the universe
The ending owner's equity amount is shown on 17 . a.the owner's equity stat . ement only
b.both the balance sheet and the owner . 's equity statement c.both the income statem .
ent and the owner's equity statement d.the balance sheet only .
Ethics are the standards of conduct by which one's actions are judged 18 . as a.honest or dishonest . b.fair or unfair . c.right or wrong .
d.All of these answer choices ar . e correct
Which of the following would not be considered an internal user of 19 . accounting data ? a.Merchandise inventor . y clerk b.President of the employees . ' labor union c.President of the company . d.Production manager .
As of December 31, 2016, Cancon Company has assets of $42,000 20 .
and owner's equity of $22,000. What are the liabilities for Cancon
Company as of December 31, 2016 ? a.$22,000 . b.$20,000 . c.$42,000 . d.$64,000 .
At October 1, Flambo Company reported owner’s equity of $68,000. 21 .
During October, the owner made additional investments of $10,000 and
the company posted a net loss of $4,000. If owner’s equity at October 31
totals $70,000, what amount of owner drawings were made during the month ? a.$0 b.$10,000 c.$4,000 d.$6,000
Eli’s Electronic Repair Shop started the year with total assets of 22 .
$300,000 and total liabilities of $200,000. During the year, the business
recorded $400,000 in electronic repair revenues, $300,000 in expenses,
and Eli withdrew $50,000. The net income reported by Eli's Electronic Repair Shop for the year was a.$100,000 . b.$250,000 . c.$150,000 . d.$300,000 .
The balance sheet is frequently referred to as 23 . a.the statement of financi . al position
b.the statement of owner's equity . c.an operating stat . ement d.the statement of cash flows .
The historical cost principle requires that when assets are acquired, 24 . they be recorded at a.book value . b.cost . c.market price . d.appraisal value .
If total liabilities increased by $9,000 during a period of time and 25 .
owner’s equity decreased by $25,000 during the same period, then the
amount and direction (increase or decrease) of the period’s change in total assets is a(n ( a.$34,000 increase . .b.$16,000 decrease c.$16,000 increase . .d.$34,000 decrease
Foxes Service Shop started the year with total assets of $320,000 and 26 .
total liabilities of $240,000. During the year, the business recorded
$630,000 in revenues, $450,000 in expenses, and owner drawings of
$60,000. Owner’s equity at the end of the year was a.$80,000 . b.$310,000 . c.$200,000 . d.$370,000 .
Financial accounting provides economic and financial information for 27 . all of the following except a.managers . b.creditors . c.investors . d.other external users .
Communication of economic events is the part of the accounting 28 . process that involves a.recording and classi . fying information
.b.quantifying transactions into dollars and cents c.preparing accounting report . s d.identifying economic events .
The accounting process involves all of the following except 29 .
a.communicating financial information to users by preparing financial reports . b.analyzing and interpr . eting financial reports c.identifying economic trans .
actions that are relevant to the business d.recording nonquantifi . able economic events
Accountants refer to an economic event as a 30 . a.purchase . b.change in ownership . c.transaction . d.sale .

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