简答题A debit balance in the income summary account indicates ____ A、an error was made. B、profit. C、loss. D、none of the above.简答题Which of the following will cause net income to be overstated for the current year? A、Ending inventory is understated. B、Ending inventory is overstated. C、Beginning inventory is overstated. D、Both a and c.简答题The price at which bonds sell is equal to the ____ A、maturity value of the bonds plus the present value to investors of the future interest payments. B、sum of the future interest payments, minus the maturity value of the bonds. C、present value to investors of the future principal and interest payments. D、sum of the future interest, plus the maturity value of the bonds.简答题Far East Corporation is authorized to issue 10 million shares of 2 yuan par value capital stock. The corporation issued one half of the stock for cash of 5 yuan per share, earned 4,000,000 yuan during the first year, and declared a cash dividend of 200,000 yuan. The total paid-in capital of Far East Corporation after one year of operation is _____ A、25,000,000 yuan. B、29,000,000 yuan. C、20,000,000 yuan. D、49,800,000 yuan.简答题If a journal entry increases an expense account, the other part of the entry might ____ A、increase an asset account. B、decrease the owner’s equity account. C、decrease a liability account. D、increase a liability account.简答题The basic purpose of offering customers cash discounts such as 2/10, n/30 is to ____ A、increase sales. B、reduce net sales. C、speed up the collection of accounts receivable. D、focus management’s attention upon customers that fail to take advantage of all available cash discounts.简答题ABC Company's 2005 income statement reported net sales of 180,000, and net income of 800,000. Using 360 days to a year, the company's ____ A、accounts receivable turnover rate is approximately 4.4 times. B、accounts receivable turnover rate is approximately 5 times. C、average number of days to collect an account receivable is 48 days. D、accounts receivable turnover rate is approximately 13.3 times.多选题While preparing a bank reconciliation, an accountant discovered that a 328. In preparing the bank reconciliation, the appropriate action to correct this error would be to ____ A、add 54 to the balance per the bank statement. C、deduct 54 from the balance per the depositor's records.简答题The chief consumers of financial accounting information are ____ A、chief executive officers and other financial managers. B、Internal Revenue Service. C、corporate boards of directors. D、investors and creditors.简答题Which of the following is true about the balance sheet? A、It is for a period of time. B、It primarily reflects the profit related activities of a company. C、It is presented to reflect the financial position of a company at a specific date. D、The statement of financial position includes information not contained on the balance sheet.简答题The essential point of the double-entry system of accounting is that every transaction ____ A、affects accounts on both sides of the balance sheet. B、is recorded in both the journal and the ledger. C、increase one ledger account and decrease another. D、affects two or more ledger accounts and is recorded by an equal amount of debits and credits.简答题Enclosed with the bank statement received by Sunflower Company at October 31 was an NSF check for $200. No entry has yet been made by the company to reflect the bank's action in charging back the NSF check. During preparation of the bank reconciliation, the NSF check should be ____ A、deducted from the balance per the depositor's records. B、deducted from the balance per the bank statement. C、added to the balance per the bank statement. D、added to the balance per the depositor's records.简答题As a result of a 5% stock dividend, ____ A、total stockholders' equity decreases by 5%. B、the par value per share decreases by 5%. C、the number of shares owned by each stockholder increases by 5%. D、both the number of shares outstanding and total stockholders' equity increase by 5%.简答题In evaluating a company's solvency, a banker or creditor would be most interested in ____ A、the amount of actual cash on hand compared with the amount shown in the balance sheet as "Cash and cash equivalents". B、the amount of total liquid resources compared with the current liabilities of the business. C、the portion of liquid resources of the business that is temporarily invested in cash equivalents. D、the number of separate bank accounts maintained by the business and the balance of each account.简答题The principle of consistency states that ____ A、companies are prohibited from ever changing its accounting methods. B、every company in the same industry must use the same accounting principle. C、there must be a consistent blend to the accounting principles. D、if changes in accounting principles are made, the reasons and the effects on the company's net income must be disclosed.多选题A business purchases land and building, giving in exchange 95,000. This transaction ____ A、increases owners' equity. B、increases total assets. C、decreases total liabilities. D、decreases total assets.简答题The term accumulated depreciation, as used in accounting, is best defined as ____ A、the portion of a plant asset recognized as expense since the asset was acquired. B、funds (or cash) set aside to replace the asset being depreciated. C、earnings retained in the business that will be used to purchase another asset when the present asset is depreciated. D、an expense of doing business.简答题The owners' equity of Janet Management Corp. is 700,000. B、1,000,000. D、$420,000.多选题During the current year, the assets of The Big Dial increase by 80,000. As a result, owners' equity ____ A、decreases by 52,000 during the year. C、increases by 52,000 at the end of the year.简答题The par value of the common stock of a large listed corporation ____ A、tends to establish a ceiling for the market price of the stock. B、tends to establish a floor for the market price of the stock. C、represents legal capital and is not related to the market price of the stock. D、is increased by net income and decreased by dividends.