答案和详解如下： 1.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?
A) Assets and expenses Assets, revenue, expenses, owners' equity B) Assets only Assets and revenues only C) Assets and expenses Assets and revenues only D) Assets only Assets, revenue, expenses, owners' equity The correct answer was D) 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. 2.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?
A) Increase Increase B) Increase Unchanged C) Unchanged Unchanged D) Unchanged Increase The correct answer was A) 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. 3.The purchase of equipment for $25,000 cash is most likely to be recorded as: A) an increase in one asset account and a decrease in another asset account. B) an increase in two asset accounts. C) a decrease in an asset account and a decrease in a liability account. D) an increase in an asset account and an increase in a liability account. The correct answer was A) The purchase of equipment for cash is an increase in property, plant and equipment (an asset) and a decrease in cash (another asset). 4.Which of the following least accurately describes a correct use of double-entry accounting? A) A decrease in a liability account may be balanced by a decrease in another liability account. B) An increase in an asset account may be balanced by an increase in an owner’s equity account. C) A decrease in an equity account may be balanced by an increase in a liability account. D) A transaction may be recorded in more than two accounts. The correct answer was A) 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. | 
发表于 2008-4-8 14:22
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