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发表于 2010-4-17 20:17 | 只看该作者

Reading 30: Financial Reporting Mechanics LOS c习题精选

accounting, 2010, following, describes
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.

 

 

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honeycfa

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发表于 2010-4-17 20:17 | 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 two asset accounts.
C)
 an increase in one asset account and a decrease in another asset account.


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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honeycfa

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发表于 2010-4-17 20:17 | 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

A)

Unchanged

Unchanged

B)

Increase

Unchanged

C)

Increase

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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4#
发表于 2010-4-17 20:18 | 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

A)

Assets only

Assets, revenue, expenses, owners' equity

B)

Assets only

Assets and revenues only

C)

Assets and expenses

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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