[会计学原理英文版考试复习练习1-4章.docVIP

1. Accounting is an information system that:?A.?Identifies business activities.B.?Records business activities.C.?Communicates business activities.D.?Helps people make better decisions. E. All of these. 2. Creditors claims on the assets of a company are called:?A.?Net losses.B.?Expenses.C.?Revenues.D.?Equity. E. Liabilities. 3. The excess of expenses over revenues for a period is:?A.?Net assets.B.?Equity.C.?Net loss.D.?Net income.E.?A liability. 4. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owners equity as of July 1 of the current year??A.?$8,300B.?$13,050C.?$20,500D.?$31,100 5. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation??A.?Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.B.?Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.C.?Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.D.?Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.E.?Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease. 6. The financial statement that reports whether the business earned a profit and also lists the types and amounts of the revenues and expenses is called:?A.?A Balance Sheet.B.?A Statement of Owners Equity.C.?A Statement of Cash Flows.D.?An Income Statement.E.?A Statement of Financial Position. 7. A balance sheet lists:?A.?The types and amounts of the revenues and expenses of a business.B.?Only the information about what happened to equity during a time period.C.?The types and amounts of assets, liabilities, and equity of a business as of a specific date.D.?The inflows and outflows of cash during the period.E.?The assets and liabilities of a company but not the o