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f f f f f f f f f
FinancialfAccounting,f5ef(Spiceland)
Chapterf2 ThefAccountingfCycle:fDuringfthefPeriod
1) Externalftransactionsfareftransactionsfthefcompanyfconductsfwithfafseparatefeconomicfentity,fsu
chfasfsellingfproductsftofafcustomer,fpurchasingfsuppliesffromfafvendor,fpayingfsalariesftofanfemplo
yee,fandfborrowingfmoneyffromfafbank.
2) Internalftransactionsfarefeventsfthatfaffectftheffinancialfpositionfoffthefcompanyfbutfdofnotfincl
udefanfexchangefwithfafseparatefeconomicfentity.
3) AflistfoffallfaccountfnamesfusedftofrecordftransactionsfoffafcompanyfisfreferredftofasfafT-
faccount.
4) Afsourcefdocumentfprovidesfinformationfrelatedftofexternalftransactions.
5) Afterfrecordingfeachftransaction,ftotalfassetsfmustfequalftotalfliabilitiesfplusfstockholders'feq
uity.
6) Iffaftransactionfcausesftotalfassetsfoffthefcompanyftofincreasefbyf$2,000,fthenfliabilitiesfplusfstoc
kholders'fequityfalsofincreasesfbyf$2,000.
7) Iffaftransactionfcausesftotalfassetsfoffthefcompanyftofincreasefbyf$5,000fandftotalfliabilitiesftofincr
easefbyf$3,000,fthenfstockholders'fequityfincreasesfbyf$8,000.
8) Borrowingfcashffromfthefbankfcausesfassetsftofincreasefandfliabilitiesftofincrease.
9) Purchasingfequipmentfusingfcashfcausesfassetsftofincrease.
10) Providingfservicesftofcustomersfforfcashfcausesfstockholders'fequityftofincrease.
11) Payingfemployees'fsalariesfforfthefcurrentfmonthfcausesfnofchangeftofstockholders'fequity.
12) Payingfdividendsftofitsfstockholdersfcausesfafcompany'sfstockholders'fequityftofdecrease.
13) Sellingfcommonfstockfforfcashfcausesfassetsftofincreasefandfstockholders'fequityftofdecrease.
14) Purchasingfofficefsuppliesfonfaccountfcausesfassetsftofincreasefandfliabilitiesftofincrease.
15) Providingfservicesftofcustomersfonfaccountfcausesfassetsftofincreasefandfstockholders'fequityftofi
ncrease.
16) Receivingfcashfinfadvanceffromfafcustomerfforfservicesftofbefprovidedfinftheffuturefcausesfasse
tsftofincreasefandfstockholders'fequityftofincrease.
17) Payingfforfonefyearfoffrentfinfadvancefcausesfonefassetftofincreasefandfanotherfassetftofdecr
ease,fsoftherefisfnofeffectfonfthefaccountingfequation.
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18) PurchasingfsuppliesfonfaccountfincreasesfthefbalancefoffthefAccountsfReceivablefaccount.
19) AmountsfowedffromfcustomersfarefrecordedfinfthefAccountsfReceivablefaccount.
20) Theftwofcomponentsfoffstockholders'fequityfarefDebitsfandfCredits.
21) Revenuesfhavefthefeffectfoffincreasingfretainedfearnings.
22) Expensesfhavefthefeffectfoffdecreasingfretainedfearnings.
23) ReceivingfcashfinfadvanceffromfcustomersfincreasesfthefServicefRevenuefaccount.
24) DeferredfRevenuefisfafliabilityfaccount.
25) Liabilityfaccountsfincreasefwithfafdebitfandfdecreasefwithfafcredit.
26) Liabilityfaccountsfincreasefwithfafcreditfandfdecreasefwithfafdebit.
27) CommonfStockfincreasesfwithfafcreditfandfdecreasesfwithfafdebit.
28) Revenuefaccountsfincreasefwithfafdebitfandfdecreasefwithfafcredit.
29) Expensefaccountsfincreasefwithfafdebitfandfdecreasefwithfafcredit.
30) ThefDividendsfaccountfincreasesfwithfafcreditfandfdecreasesfwithfafdebit.
31) Afdebitftofanfaccountfbalancefalwaysfresultsfinfthefbalancefincreasing.
32) Afcreditftofanfaccountfbalancefalwaysfresultsfinfthefbalancefdecreasing.
33) Afjournalfprovidesfafchronologicalfrecordfoffallftransactionsfaffectingfaffirm.
34) Forfeachftransaction,ftherefmustfbefatfleastfonefdebitfamountfandfonefcreditfamount.
35) Forfeachftransaction,ftheftotalfdebitfamountsfmustfequalftheftotalfcreditfamounts.
36) Sellingfcommonfstockfforfcashfisfrecordedfwithfafdebitftofcommonfstock.
37) Borrowingfcashffromfthefbankfisfrecordedfwithfafdebitftofcash.
38) Purchasingfofficefsuppliesfisfrecordedfwithfafcreditftofofficefsupplies.
39) Payingfemployees'fsalariesfforfthefcurrentfperiodfisfrecordedfwithfafdebitftofSalariesfEx
pense.
40) ProvidingfservicesftofcustomersfisfrecordedfwithfafdebitftofServicefRevenue.
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41) Thefgeneralfledgerfincludesfallfaccountsfusedftofrecordfthefcompany'sftransactions.
42) Thefprocessfofftransferringfthefdebitfandfcreditfinformationffromfthefjournalftofindividualfacc
ountsfinfthefgeneralfledgerfisfcalledfjournalizing.
43) Afterfpostingftransactionsftofthefgeneralfledgerfaccounts,fthefsumfoffthefaccountsfwithfdebitfbal
ancesfshouldfequalfthefsumfoffthefaccountsfwithfcreditfbalances.
44) Aftrialfbalancefisfaflistfoffallfaccountsfandftheirfbalancesfatfafparticularfdate,fshowingfthatfasset
sfequalfliabilities.
45) Ifftotalfdebitsfequalftotalfcreditsfinftheftrialfbalance,fthenfallfbalancesfarefcorrect.
46) Whichfofftheffollowingfisfnotfpartfoffmeasuringfexternalftransactions?
A) Usingfsourcefdocumentsftofanalyzefaccountsfaffected.
B) Recordingftransactions.
C) Makingfpaymentsfonfallfamountsfowed.
D) Analyzingftransactionsfforftheirfeffectfonfthefaccountingfequation.
47) Externalfeventsfincludefallfofftheffollowingfexcept:
A) Payingfrent.
B) Purchasingfequipment.
C) Usingfofficefsupplies.
D) Collectingfanfaccountfreceivable.
48) Theffullfsetfoffproceduresfusedftofaccomplishfthefmeasurement/communicationfprocessfofffin
ancialfaccountingfisfreferredftofasfthe:
A) Trialfbalance.
B) Accountingfcycle.
C) Chartfoffaccounts.
D) Generalfledger.
49) Whichfstepfinfthefprocessfoffmeasuringfexternalftransactionsfinvolvesfassessingfthefequalityfofft
otalfdebitsfandftotalfcreditsfforfthefperiod?
A) Usefsourcefdocumentsftofdeterminefaccountsfaffectedfbyftheftransaction.
B) Preparefaftrialfbalance.
C) Analyzefthefimpactfofftheftransactionfonfthefaccountingfequation.
D) PostftheftransactionftofthefT-accountfinfthefgeneralfledger.
50) Whichfstepfinfthefprocessfoffmeasuringfexternalftransactionsfinvolvesfdeterminingfthefeffectfonf
assets,fliabilities,fandfstockholders'fequity?
A) Usefsourcefdocumentsftofdeterminefaccountsfaffectedfbyftheftransaction.
B) Preparefaftrialfbalance.
C) Analyzefthefimpactfofftheftransactionfonfthefaccountingfequation.
D) PostftheftransactionftofthefT-accountfinfthefgeneralfledger.
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51) Whichfofftheffollowingftypicallyfisfconsideredfafsourcefdocumentfforfgatheringfinformationfab
outfaftransaction?
A) Trialfbalance.
B) Incomefstatement.
C) Salesfinvoice.
D) Generalfledger.
52) Whichfofftheffollowingfbestfdescribesfafpurposefoffsourcefdocuments?
A) Providefinformationfrelatedftofexternalftransactions,fsuchfasfdatefandfamount.
B) Usedfbyfaccountantsftofrecordftransactionsfinfspecificfaccounts.
C) Keepfafrecordfofftransactionsfbetweenfthefcompanyfandfitsfvendors,fcustomers,fandfotherfpar
tiesfwithfwhomfthefcompanyfconductsfbusiness.
D) Allfoffthefotherfanswersfprovidefafcorrectfstatement.
53) A(n)f summarizesfallftransactionsfrelatedftofafparticularfitemfoverfafperiodfofftime.
A) Debit
B) Account
C) Chartfoffaccounts
D) Sourcefdocument
54) Aflistfoffallfaccountfnamesfusedftofrecordftransactionsfoffafcompanyfisfreferredftofasfthe:
A) ChartfoffAccounts.
B) Incomefstatement.
C) Generalfjournal.
D) Balancefsheet.
55) Forfeachftransactionfrecordedfinfanfaccountingfsystem,fthefbasicfequationfthatfmustfbefmai
ntainedfatfallftimesfis:
A) Assetsf=fLiabilitiesf+fStockholders'fEquity.
B) CashfIncreasesf=fCashfDecreases.
C) Revenuesf=fExpensesf+fDividends.
D) Assetsf=fLiabilities.
56) Thefequationfwhichfshowsfafcompany'sfresourcesfequalfclaimsftofthosefresourcesfis:
A) Revenuesf−fExpensesf=fNetfIncome.
B) CashfIncreasesf−fCashfDecreasesf=fChangefinfCash.
C) CommonfStockf+fRetainedfEarningsf=fStockholders'fEquity.
D) Assetsf=fLiabilitiesf+fStockholders'fEquity.
57) Thefequationfthatfshowsfassetsfequalfliabilitiesfplusfstockholders'fequityfsignifiesfthatfafco
mpany:
A) Isfableftofpayfitsfobligationsfasftheyfcomefdue.
B) Isfprofitable.
C) Hasfresourcesfequalftofclaimsftofthosefresources.
D) Allfoffthefotherfanswersfprovidefafcorrectfstatement.
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FinancialfAccounting,f5ef(Spiceland)
Chapterf2 ThefAccountingfCycle:fDuringfthefPeriod
1) Externalftransactionsfareftransactionsfthefcompanyfconductsfwithfafseparatefeconomicfentity,fsu
chfasfsellingfproductsftofafcustomer,fpurchasingfsuppliesffromfafvendor,fpayingfsalariesftofanfemplo
yee,fandfborrowingfmoneyffromfafbank.
2) Internalftransactionsfarefeventsfthatfaffectftheffinancialfpositionfoffthefcompanyfbutfdofnotfincl
udefanfexchangefwithfafseparatefeconomicfentity.
3) AflistfoffallfaccountfnamesfusedftofrecordftransactionsfoffafcompanyfisfreferredftofasfafT-
faccount.
4) Afsourcefdocumentfprovidesfinformationfrelatedftofexternalftransactions.
5) Afterfrecordingfeachftransaction,ftotalfassetsfmustfequalftotalfliabilitiesfplusfstockholders'feq
uity.
6) Iffaftransactionfcausesftotalfassetsfoffthefcompanyftofincreasefbyf$2,000,fthenfliabilitiesfplusfstoc
kholders'fequityfalsofincreasesfbyf$2,000.
7) Iffaftransactionfcausesftotalfassetsfoffthefcompanyftofincreasefbyf$5,000fandftotalfliabilitiesftofincr
easefbyf$3,000,fthenfstockholders'fequityfincreasesfbyf$8,000.
8) Borrowingfcashffromfthefbankfcausesfassetsftofincreasefandfliabilitiesftofincrease.
9) Purchasingfequipmentfusingfcashfcausesfassetsftofincrease.
10) Providingfservicesftofcustomersfforfcashfcausesfstockholders'fequityftofincrease.
11) Payingfemployees'fsalariesfforfthefcurrentfmonthfcausesfnofchangeftofstockholders'fequity.
12) Payingfdividendsftofitsfstockholdersfcausesfafcompany'sfstockholders'fequityftofdecrease.
13) Sellingfcommonfstockfforfcashfcausesfassetsftofincreasefandfstockholders'fequityftofdecrease.
14) Purchasingfofficefsuppliesfonfaccountfcausesfassetsftofincreasefandfliabilitiesftofincrease.
15) Providingfservicesftofcustomersfonfaccountfcausesfassetsftofincreasefandfstockholders'fequityftofi
ncrease.
16) Receivingfcashfinfadvanceffromfafcustomerfforfservicesftofbefprovidedfinftheffuturefcausesfasse
tsftofincreasefandfstockholders'fequityftofincrease.
17) Payingfforfonefyearfoffrentfinfadvancefcausesfonefassetftofincreasefandfanotherfassetftofdecr
ease,fsoftherefisfnofeffectfonfthefaccountingfequation.
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18) PurchasingfsuppliesfonfaccountfincreasesfthefbalancefoffthefAccountsfReceivablefaccount.
19) AmountsfowedffromfcustomersfarefrecordedfinfthefAccountsfReceivablefaccount.
20) Theftwofcomponentsfoffstockholders'fequityfarefDebitsfandfCredits.
21) Revenuesfhavefthefeffectfoffincreasingfretainedfearnings.
22) Expensesfhavefthefeffectfoffdecreasingfretainedfearnings.
23) ReceivingfcashfinfadvanceffromfcustomersfincreasesfthefServicefRevenuefaccount.
24) DeferredfRevenuefisfafliabilityfaccount.
25) Liabilityfaccountsfincreasefwithfafdebitfandfdecreasefwithfafcredit.
26) Liabilityfaccountsfincreasefwithfafcreditfandfdecreasefwithfafdebit.
27) CommonfStockfincreasesfwithfafcreditfandfdecreasesfwithfafdebit.
28) Revenuefaccountsfincreasefwithfafdebitfandfdecreasefwithfafcredit.
29) Expensefaccountsfincreasefwithfafdebitfandfdecreasefwithfafcredit.
30) ThefDividendsfaccountfincreasesfwithfafcreditfandfdecreasesfwithfafdebit.
31) Afdebitftofanfaccountfbalancefalwaysfresultsfinfthefbalancefincreasing.
32) Afcreditftofanfaccountfbalancefalwaysfresultsfinfthefbalancefdecreasing.
33) Afjournalfprovidesfafchronologicalfrecordfoffallftransactionsfaffectingfaffirm.
34) Forfeachftransaction,ftherefmustfbefatfleastfonefdebitfamountfandfonefcreditfamount.
35) Forfeachftransaction,ftheftotalfdebitfamountsfmustfequalftheftotalfcreditfamounts.
36) Sellingfcommonfstockfforfcashfisfrecordedfwithfafdebitftofcommonfstock.
37) Borrowingfcashffromfthefbankfisfrecordedfwithfafdebitftofcash.
38) Purchasingfofficefsuppliesfisfrecordedfwithfafcreditftofofficefsupplies.
39) Payingfemployees'fsalariesfforfthefcurrentfperiodfisfrecordedfwithfafdebitftofSalariesfEx
pense.
40) ProvidingfservicesftofcustomersfisfrecordedfwithfafdebitftofServicefRevenue.
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41) Thefgeneralfledgerfincludesfallfaccountsfusedftofrecordfthefcompany'sftransactions.
42) Thefprocessfofftransferringfthefdebitfandfcreditfinformationffromfthefjournalftofindividualfacc
ountsfinfthefgeneralfledgerfisfcalledfjournalizing.
43) Afterfpostingftransactionsftofthefgeneralfledgerfaccounts,fthefsumfoffthefaccountsfwithfdebitfbal
ancesfshouldfequalfthefsumfoffthefaccountsfwithfcreditfbalances.
44) Aftrialfbalancefisfaflistfoffallfaccountsfandftheirfbalancesfatfafparticularfdate,fshowingfthatfasset
sfequalfliabilities.
45) Ifftotalfdebitsfequalftotalfcreditsfinftheftrialfbalance,fthenfallfbalancesfarefcorrect.
46) Whichfofftheffollowingfisfnotfpartfoffmeasuringfexternalftransactions?
A) Usingfsourcefdocumentsftofanalyzefaccountsfaffected.
B) Recordingftransactions.
C) Makingfpaymentsfonfallfamountsfowed.
D) Analyzingftransactionsfforftheirfeffectfonfthefaccountingfequation.
47) Externalfeventsfincludefallfofftheffollowingfexcept:
A) Payingfrent.
B) Purchasingfequipment.
C) Usingfofficefsupplies.
D) Collectingfanfaccountfreceivable.
48) Theffullfsetfoffproceduresfusedftofaccomplishfthefmeasurement/communicationfprocessfofffin
ancialfaccountingfisfreferredftofasfthe:
A) Trialfbalance.
B) Accountingfcycle.
C) Chartfoffaccounts.
D) Generalfledger.
49) Whichfstepfinfthefprocessfoffmeasuringfexternalftransactionsfinvolvesfassessingfthefequalityfofft
otalfdebitsfandftotalfcreditsfforfthefperiod?
A) Usefsourcefdocumentsftofdeterminefaccountsfaffectedfbyftheftransaction.
B) Preparefaftrialfbalance.
C) Analyzefthefimpactfofftheftransactionfonfthefaccountingfequation.
D) PostftheftransactionftofthefT-accountfinfthefgeneralfledger.
50) Whichfstepfinfthefprocessfoffmeasuringfexternalftransactionsfinvolvesfdeterminingfthefeffectfonf
assets,fliabilities,fandfstockholders'fequity?
A) Usefsourcefdocumentsftofdeterminefaccountsfaffectedfbyftheftransaction.
B) Preparefaftrialfbalance.
C) Analyzefthefimpactfofftheftransactionfonfthefaccountingfequation.
D) PostftheftransactionftofthefT-accountfinfthefgeneralfledger.
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51) Whichfofftheffollowingftypicallyfisfconsideredfafsourcefdocumentfforfgatheringfinformationfab
outfaftransaction?
A) Trialfbalance.
B) Incomefstatement.
C) Salesfinvoice.
D) Generalfledger.
52) Whichfofftheffollowingfbestfdescribesfafpurposefoffsourcefdocuments?
A) Providefinformationfrelatedftofexternalftransactions,fsuchfasfdatefandfamount.
B) Usedfbyfaccountantsftofrecordftransactionsfinfspecificfaccounts.
C) Keepfafrecordfofftransactionsfbetweenfthefcompanyfandfitsfvendors,fcustomers,fandfotherfpar
tiesfwithfwhomfthefcompanyfconductsfbusiness.
D) Allfoffthefotherfanswersfprovidefafcorrectfstatement.
53) A(n)f summarizesfallftransactionsfrelatedftofafparticularfitemfoverfafperiodfofftime.
A) Debit
B) Account
C) Chartfoffaccounts
D) Sourcefdocument
54) Aflistfoffallfaccountfnamesfusedftofrecordftransactionsfoffafcompanyfisfreferredftofasfthe:
A) ChartfoffAccounts.
B) Incomefstatement.
C) Generalfjournal.
D) Balancefsheet.
55) Forfeachftransactionfrecordedfinfanfaccountingfsystem,fthefbasicfequationfthatfmustfbefmai
ntainedfatfallftimesfis:
A) Assetsf=fLiabilitiesf+fStockholders'fEquity.
B) CashfIncreasesf=fCashfDecreases.
C) Revenuesf=fExpensesf+fDividends.
D) Assetsf=fLiabilities.
56) Thefequationfwhichfshowsfafcompany'sfresourcesfequalfclaimsftofthosefresourcesfis:
A) Revenuesf−fExpensesf=fNetfIncome.
B) CashfIncreasesf−fCashfDecreasesf=fChangefinfCash.
C) CommonfStockf+fRetainedfEarningsf=fStockholders'fEquity.
D) Assetsf=fLiabilitiesf+fStockholders'fEquity.
57) Thefequationfthatfshowsfassetsfequalfliabilitiesfplusfstockholders'fequityfsignifiesfthatfafco
mpany:
A) Isfableftofpayfitsfobligationsfasftheyfcomefdue.
B) Isfprofitable.
C) Hasfresourcesfequalftofclaimsftofthosefresources.
D) Allfoffthefotherfanswersfprovidefafcorrectfstatement.
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NofreproductionforfdistributionfwithoutfthefpriorfwrittenfconsentfoffMcGraw-HillfEducation.
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