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v1.0可編輯可修改v1.0可編輯可修改TOC\o"1-5"\h\zUnlimitedliabilityisanadvantageofasoleproprietorship. xAsoleproprietorshipisabusinessownedbyoneormorepersons. xAsageneralrule,revenuesshouldnotberecognizedintheaccountingrecordsuntilitisreceivedincash. xInthepartnershipformofbusiness,theownersarecalledstockholders. xTheareaofaccountingaimedatservingthedecisionmakingneedsofinternalusersis:AFinancialaccounting.BManagerialaccounting.CExternalauditing.DSECreporting.EBookkeeping.Theaccountingconceptthatrequiresfinancialstatementinformationtobesupportedbyindependent,unbiasedevidenceotherthansomeone'sbelieforopinionis:ABusinessentityassumption.BMonetaryunitassumption.CGoing-concernassumption.DTime-periodassumption.EObjectivityExternalusersofaccountinginformationincludeallofthefollowingexcept:AShareholders.1111BCustomers.CPurchasingmanagers.DGovernmentregulators.ECreditors.Theaccountingassumptionthatrequireseverybusinesstobeaccountedforseparatelyfromotherbusinessentities,includingitsownerorownersisknownasthe:ATime-periodassumption.BBusinessentityassumption.CGoing-concernassumption.DRevenuerecognitionprinciple.ECostprinciple.Ifaparceloflandthatwasoriginallyacquiredfor$85,000isofferedforsaleat$150,000,isassessedfortaxpurposesat$95,000,isrecognizedbyitspurchasersaseasilybeingworth$140,000,andissoldfor$137,000,thelandshouldberecordedinthepurchaser'sbooksat:A$95,000.B$137,000.C$138,500.D$140,000.E$150,000.TheMaximCompanyacquiredabuildingfor$500,000.Maximhadthebuildingappraised,2222

andfoundthatthebuildingwaseasilyworth$575,000.Thesellerhadpaid$300,000forthebuilding6yearsago.WhichaccountingprinciplewouldrequireMaximtorecordthebuildingonitsrecordsat$500,000AMonetaryunitassumption.BGoing-concernassumption.CCostprinciple. DBusinessentityassumption.ERevenuerecognitionprinciple.Iftheliabilitiesofabusinessincreased$75,000duringaperiodoftimeandtheowner'sequityinthebusinessdecreased$30,000duringthesameperiod,theassetsofthebusinessmusthave:EIncreasedADecreased$105,000.BDecreased$45,000.EIncreasedCIncreased$30,000. DIncreased$45,000.$105,000.Iftheassetsofabusinessincreased$89,000duringaperiodoftimeanditsliabilitiesincreased$67,000duringthesameperiod,equityinthebusinessmusthave:AIncreased$22,000.BDecreased$22,000.AIncreased$22,000.BDecreased$22,000.CIncreased$89,000.DDecreased$156,000.EIncreasedCIncreased$89,000.DDecreased$156,000.EIncreased$156,000.Ifacompanypaid$38,000ofitsaccountspayableincash,whatwastheeffectontheassets,liabilities,andequityAAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywoulddecrease$38,000.BAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywouldincrease$38,000.3333CAssetswoulddecrease$38,000,liabilitieswoulddecrease$38,000,andequitywouldnotchange.DTherewouldbenoeffectontheaccountsbecausetheaccountsareaffectedbythesameamount.ENoneofthese.HowwouldtheaccountingequationofBostonCompanybeaffectedbythebillingofaclientfor$10,000ofconsultingworkcompletedA+$10,000accountsreceivable,-$10,000accountspayable.B+$10,000accountsreceivable,+$10,000accountspayable.C+$10,000accountsreceivable,+$10,000cash.D+$10,000accountsreceivable,+$10,000revenue.E+$10,000accountsreceivable,-$10,000revenueAssetscreatedbysellinggoodsandservicesoncreditare:AAccountspayable. BAccountsreceivable.CLiabilities. DExpenses.EEquity.OnJune30ofthecurrentyear,theassetsandliabilitiesofPhoenix,Inc.areasfollows:Cash$20,500;AccountsReceivable,$7,250;Supplies,$650;Equipment,$12,000;AccountsPayable,$9,300.Whatistheamountofowner'sequityasofJune30ofthecurrentyearA$8,300 B$13,050C$20,500 D$31,100E$40,4004444Theexcessofexpensesoverrevenuesforaperiodis:ANetassets.BEquity. CNetloss.DNetincome.EAliability.TOC\o"1-5"\h\zTheaccountingequationimpliesthat:Assets+Liabilities=Equity. xowner'sequityaretheowner'sclaimonassets. VIncreasesinliabilityaccountsarerecordedasdebits. xCreditinganexpenseaccountdecreasesit. VIfinsurancecoverageforthenextthreeyearsispaidforinadvance,theamountofthepaymentisdebitedtoanassetaccountcalledPrepaidInsurance. VThepurchaseofsuppliesoncreditshouldberecordedwithadebittoSuppliesandacredittoAccountsPayable. VIfacompanyprovidesservicestoacustomeroncreditthesellingcompanyshouldcreditAccountsReceivable.xArecordoftheincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseisa(n):AJournal.BPosting.CTrialbalance.DAccount.EChartofaccounts.WhichofthefollowingstatementsiscorrectAWhenafutureexpenseispaidinadvance,thepaymentisnormallyrecordedinaliabilityaccountcalledPrepaidExpense.BPromisesoffuturepaymentbythebuyerarecalledaccountsreceivable.CIncreasesanddecreasesincasharealwaysrecordedintheowner'scapitalaccount.5555DAnaccountcalledLandiscommonlyusedtorecordincreasesanddecreasesinboththelandandbuildingsownedbyabusiness.EAccruedliabilitiesincludeaccountsreceivable.Prepaidexpensesare:APaymentsmadeforproductsandservicesthatdonoteverexpire.BClassifiedasliabilitiesonthebalancesheet.CDecreasesinequity.DAssetsthatrepresentprepaymentsoffutureexpenses.EPromisesofpaymentsbycustomers.Adebit:AAlwaysincreasesanaccount. BIstheright-handsideofaT-account.CAlwaysdecreasesanaccount. DIstheleft-handsideofaT-account.EIsnotneedtorecordatransaction.WhichofthefollowingstatementsisincorrectAThenormalbalanceofaccountsreceivableisadebit.BThenormalbalanceofowner'swithdrawalsisadebit.CThenormalbalanceofunearnedrevenuesisacredit.DThenormalbalanceofanexpenseaccountisacredit.EThenormalbalanceoftheowner'scapitalaccountisacredit.6666Thefirststepintheprocessingofatransactionistoanalyzethetransactionandsourcedocuments.VPreparationofatrialbalanceisthefirststepintheanalyzingandrecordingprocess.xSourcedocumentsprovideevidenceofbusinesstransactionsandarethebasisforaccountingentries.VArevenueaccountnormallyhasadebitbalance. xAccountsarenormallydecreasedbydebits. xAllofthefollowingstatementsregardingasalesinvoicearetrueexcept:AAsalesinvoiceisatypeofsourcedocument.BAsalesinvoiceisusedbysellerstorecordthesale.CAsalesinvoiceisusedbybuyerstorecordpurchases.DAsalesinvoicegivesrisetoanentryintheaccountingprocess.EAsalesinvoicedoesnotprovideobjectiveevidenceaboutatransaction.Theaccountingprocessbeginswith:AAnalysisofbusinesstransactionsandsourcedocuments.BPreparingfinancialstatementsandotherreports.CSummarizingtherecordedeffectofbusinesstransactions.DPresentationoffinancialinformationtodecision-makers.EPreparationofthetrialbalance.Sourcedocumentsincludeallofthefollowingexcept:7777ASalestickets. BLedgers. CChecks.DPurchaseorders.Aledgeris:AArecordcontainingincreasesanddecreasesinaspecificasset,liability,equity,revenue,orexpenseitem.BAjournalinwhichtransactionsarefirstrecorded.CAcollectionofdocumentsthatdescribetransactionsandeventsenteringtheaccountingprocess.DAlistofallaccountswiththeirdebitbalancesatapointintime.EArecordcontainingallaccountsandtheirbalancesusedbyacompany.RobertHaddoncontributed$70,000incashandlandworth$130,000toopenanewbusiness,RHConsulting.WhichofthefollowinggeneraljournalentrieswillRHConsultingmaketorecordthistransactionADebitAssets$200,000;creditHaddon,Capital,$200,000.BDebitCashandLand,$200,000;creditHaddon,Capital,$200,000.CDebitCash$70,000;debitLand$130,000;creditHaddon,Capital,$200,000.DDebitHaddon,Capital,$200,000;creditCash$70,000,creditLand,$130,000.OnJanuary1acompanypurchasedafive-yearinsurancepolicyfor$1,800withcoveragestartingimmediately.IfthepurchasewasrecordedinthePrepaidInsuranceaccount,andthecompanyrecordsadjustmentsonlyatyear-end,theadjustingentryattheendofthefirstyearis:ADebitPrepaidInsurance,$1,800;creditCash,$1,800.BDebitPrepaidInsurance,$1,440;creditInsuranceExpense,$1,440.CDebitPrepaidInsurance,$360;creditInsuranceExpense,$360.8888DDebitInsuranceExpense,$360;creditPrepaidInsurance,$360.EDebitInsuranceExpense,$360;creditPrepaidInsurance,$1,440.Acompanyhadnoofficesuppliesavailableatthebeginningoftheyear.Duringtheyear,thecompanypurchased$250worthofofficesupplies.OnDecember31,$75worthofofficesuppliesremained.HowmuchshouldthecompanyreportasofficesuppliesexpensefortheyearA$75.B$125. C$175.D$250OnApril1,acompanypaidthe$1,350premiumonathree-yearinsurancepolicywithbenefitsbeginningonthatdate.WhatwillbetheinsuranceexpenseontheannualincomestatementfortheyearendedDecember31A$1,.B$.C$1,. D$.IfthroughoutanaccountingperiodthefeesforlegalservicespaidinadvancebyclientsarerecordedinanaccountcalledUnearnedLegalFees,theend-of-periodadjustingentrytorecordtheportionofthosefeesthathasbeenearnedis:ADebitCashandcreditLegalFeesEarned.BDebitCashandcreditUnearnedLegalFees.CDebitUnearnedLegalFeesandcreditLegalFeesEarned.DDebitLegalFeesEarnedandcreditUnearnedLegalFees.EDebitUnearnedLegalFeesandcreditAccountsReceivable.Theperiodicexpensecreatedbyallocatingthecostofplantandequipmenttotheperiodsinwhichtheyareused,representingtheexpenseofusingtheassets,iscalled:AAccumulateddepreciation. BAcontraaccount.9999

CThematchingprinciple.DDepreciationexpense.CThematchingprinciple.DDepreciationexpense.Anaccountlinkedwithanotheraccountthathasanoppositenormalbalanceandthatissubtractedfromthebalanceoftherelatedaccountisa(n):AAccruedexpense.BContraaccount.AAccruedexpense.BContraaccount.CAccruedrevenue.DIntangibleasset.CAccruedrevenue.DIntangibleasset.OnJune30ofthecurrentcalendaryear,ApricotCo.paid$7,500cashformanagementservicestobeperformedoveratwo-yearperiod.Apricotfollowsapolicyofrecordingallprepaidexpensestoassetaccountsatthetimeofcashpayment.TheadjustingentryonDecember31forApricotwouldinclude:AAdebittoanexpensefor$5,625.BAdebittoaprepaidexpenseforAAdebittoanexpensefor$5,625.BAdebittoaprepaidexpensefor$5,625.CAdebittoanexpensefor$1,875.DAdebittoaprepaidexpenseforCAdebittoanexpensefor$1,875.DAdebittoaprepaidexpensefor$1,875.BAdebittoanexpenseforDAcredittoaprepaidexpenseOnJune30ApricotCo.paid$7,500cashformanagementservicestobeperformedoveratwo-yearperiod.Apricotfollowsapolicyofrecordingallprepaidexpensestoassetaccountsatthetimeofcashpayment.OnJune30Apricotshouldrecord:BAdebittoanexpenseforDAcredittoaprepaidexpenseAAcredittoanexpensefor$7,500.$7,500.CAdebittoaprepaidexpensefor$7,500.for$7,500.Ifacompanyfailedtomaketheend-of-periodadjustmenttoremovefromtheUnearnedManagementFeesaccounttheamountofmanagementfeesthatwereearned,thisomissionwouldcause:AAnoverstatementofnetincome.10101010

BAnoverstatementofassets.CAnoverstatementofliabilities.DAnoverstatementofequity.Anadjustingentrycouldbemadeforeachofthefollowingexcept:APrepaidexpenses. BDepreciation.COwnerwithdrawals. DUnearnedrevenues.Revenuesare:AThesameasnetincome.BTheexcessofexpensesoverassets.CResourcesownedorcontrolledbyacompanyDTheincreaseinequityfromacompanyEThecostsofassetsorservicesused.Anothernameforequityis:ANetincome.BExpenses.loss.DTheincreaseinequityfromacompanyEThecostsofassetsorservicesused.Anothernameforequityis:ANetincome.BExpenses.loss.Apaymenttoanowneriscalleda(n):ALiability. BWithdrawal.Investmensearningactivities.CNetassets. DRevenue.ENetCExpense.DContribution.ETheassetsofacompanytotal$700,000;theliabilities,$200,000.Whataretheclaimsoftheowners11111111A900,000.B$700,000. C$500,000. D200,000.EItisimpossibletodetermineunlesstheamountofthisowners'investmentisknown.PhotometerCompanypaidoff$30,000ofitsaccountspayableincash.WhatwouldbetheeffectsofthistransactionontheaccountingequationAAssets,$30,000increase;liabilities,noeffect;equity,$30,000increase.BAssets,$30,000decrease;liabilities,$30,000decrease;equity,noeffect.CAssets,$30,000decrease;liabilities,$30,000increase;equity,noeffect.DAssets,noeffect;liabilities,$30,000decrease;equity,$30,000increase.EAssets,$30,000decrease;liabilities,noeffect;equity$30,000decrease.ZionCompanyhasassetsof$600,000,liabilitiesof$250,000,andequityof$350,000.Itbuysofficeequipmentoncreditfor$75,000.WhatwouldbetheeffectsofthistransactionontheaccountingequationAAssetsincreaseby$75,000andexpensesincreaseby$75,000.BAssetsincreaseby$75,000andexpensesdecreaseby$75,000.CLiabilitiesincreaseby$75,000andexpensesdecreaseby$75,000.DAssetsdecreaseby$75,000andexpensesdecreaseby$75,000.EAssetsincreaseby$75,000andliabilitiesincreaseby$75,000.Everybusinesstransactionleavestheaccountingequationinbalance. VOwner'sinvestmentsareincreasesinequityfromacompany'searningsactivities.xOwner'swithdrawalsareexpenses.xNetincomeoccurswhenrevenuesexceedexpenses.V12121212

Inadouble-entryaccountingsystem,thetotalamountdebitedmustalwaysequalthetotalamountcredited.VTOC\o"1-5"\h\zIncreasesi

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