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发表于 2011-3-12 10:28 | 只看该作者

Reading 30: Financial Reporting Mechanics-LOS c 习题精选

2011, accounting, describes, following, recording

Session 7: Financial Reporting and Analysis: An Introduction
Reading 30: Financial Reporting Mechanics

LOS c: Explain the process of recording business transactions using an accounting system based on the accounting equations.

Which of the following least accurately describes a correct use of double-entry accounting?

A)	A transaction may be recorded in more than two accounts.

B)	A decrease in a liability account may be balanced by a decrease in another liability account.

C)	An increase in an asset account may be balanced by an increase in an owner’s equity account.

Keeping the accounting equation in balance requires double-entry accounting, in which a transaction has to be recorded in at least two accounts. An increase in an asset account, for example, must be balanced by a decrease in another asset account or by an increase in a liability or owners’ equity account. A decrease in a liability account may be balanced by an increase in another liability account, not a decrease. If two liabilities decrease without a balancing entry, the balance sheet will be out of balance.

. wiley books -->accounting for investments

. 每日一练F3 答案回复可见

. Reading 75: Investing in Commodities-LOS c 习题精选

. Reading 63: Overview of Bond Sectors and Instruments-LOS d 习

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发表于 2011-3-12 10:29 | 只看该作者

The purchase of equipment for $25,000 cash is most likely to be recorded as:

A)	an increase in an asset account and an increase in a liability account.

B)	an increase in one asset account and a decrease in another asset account.

C)	an increase in two asset accounts.

The purchase of equipment for cash is an increase in property, plant and equipment (an asset) and a decrease in cash (another asset).

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发表于 2011-3-12 10:29 | 只看该作者

Washburn Motors signs a contract to sell a $100,000 luxury sedan to be delivered next month, and receives a $20,000 cash down payment from the buyer. How will the transaction most likely affect Washburn’s assets and liabilities?

Assets

Liabilities

Unchanged

Increase

Unchanged

Increase

The down payment will increase cash (an asset) and unearned revenue (a liability). Revenues (and thus retained earnings and owner’s equity) will not increase because the car has not been delivered.

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发表于 2011-3-12 10:29 | 只看该作者

A furniture store acquires a set of chairs for $750 cash and sells them for $1000 cash. These transactions are most likely to affect which accounts?

Purchase

Sale

Assets only

Assets and revenues only

Assets and expenses

Assets, revenue, expenses, owners' equity

Assets only

Assets, revenue, expenses, owners' equity

The purchase will be a decrease in cash and an increase in inventory, both asset accounts. The expense is not recorded until the chairs are sold. The sale will be a decrease in inventory and an increase in cash (assets), an increase in sales (revenues), an increase in cost of goods sold (expenses), and an increase in retained earnings (owners’ equity) for the $250 profit.

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