会计学原理2014年期中考试（格式调整）
2014年《会计学原理》期中考试试卷
考试时间：2小时
Part I True or False(0.5mark each,20marks in total)
1．The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization's activities.()
2．Internal users include lenders,shareholders,brokers and managers.()
3．The International Accounting Standards Board(IASB)is an independent group which issues International Financial Reporting Standards(IFRS).()
4．Unlimited liability is an advantage of a sole proprietorship.()
5．The idea that a business will continue to operate instead of being closed or sold underlies the
going-concern assumption.()
6．Proper internal control means that responsibility for a task is clearly established and assigned to one person.()
7．Cash equivalents are short-term highly liquid investment assets that are readily converted to a known cash amount,and have maturities of one year.()
8．Money orders,cashier's checks,and certified checks are examples of cash equivalents.() 9．Cancelled checks are checks the bank has paid and deducted from the customer's account during the period.()
10．On a bank statement,deposits are listed as debits because the bank increases its cash account when the deposit is made.()
11．If the Cash Over and Short account has a debit balance at the end of the period,the amount is reported as miscellaneous revenue.()
12．To streamline a voucher system,procedures for purchasing,receiving,and paying for merchandise can be performed by one department or individual.()
13．A voucher is an internal document or file used to accumulate information to control cash disbursements and to ensure that a transaction is properly recorded.()
14．The journal entry for petty cash reimbursement involves a debit to the appropriate expenses and a credit to Petty Cash.()
15．The petty cash fund should be reimbursed when it is nearing zero and at the end of the accounting period when financial statements are prepared.()
16．A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement.()
for the sale
17．Outstanding checks are checks the bank has paid and deducted from the customer's account during the month.()
18．After preparing a bank reconciliation,adjusting entries must be made for items reconciling the bank balance and items reconciling the book balance.()
19．Subsidiary ledgers are not needed in perpetual inventory systems because the accounting system captures sufficient details to support analyses that decision makers need.()
20．The general journal is used for transactions not covered by special journals and for adjusting,closing, and correcting entries.()
21．Goods on consignment are goods shipped by their owner,called the consignee,to another party called the consignor.()
22．If the seller is responsible for paying freight charges,then ownership of inventory passes when goods arrive at their destination.()
23．The cost of an inventory item includes its invoice cost minus any discount,and plus any added or incidental costs necessary to put it in a place and condition for sale.()
24．The consistency concept prescribes that a company use the same accounting methods period after period,so that financial statements are comparable across periods.()
25．Whether purchase costs are rising or falling,FIFO always will yield the highest gross profit and net income.()
26．Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expense accounts ready for use in the next period..()
27．LIFO is preferred when purchase costs are rising and managers have incentives to report higher income for reasons such as bonus plans,job security,and reputation.()
28．A classified balance sheet organizes assets and liabilities into important subgroups that provide more information to decision makers.()
29．An understatement of the beginning inventory balance will understate cost of goods sold and overstate net income.()
30．An overstatement of ending inventory will cause an overstatement of assets and an understatement of equity on the balance sheet.()
31．A company's total cost of inventory was$305,000and its market value is$297,000.Under the lower of cost and market value,the amount reported should be$305,000.()
32．A merchandising company's operating cycle begins with the sale of merchandise and ends with the collection of cash from the sale.（）

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