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浙江工业大学201 8/201 9第一学期 期末试卷 Courses Acsounting Student No. Student Name Total IV Scores .Mullipie Choice Questions. ONLY ONE answer is correct. (2 x 10-20) 1. Which of the foliowing does not describe accounting? a Language of business b. is an end rather a means to an end. e. Usefal for decision making. d Used by business, govemment, nonprofit organizstions and individuals. 2. Waterworld Shop purchased a truck for S12,000, making a down payment of $5,000 cash and signing a $7,000 note payable due in 60 days. As & result of this transaction a. Total assets increased by $12,000 b. Total liabilities increased by $7,000. e. From the point of view of a short-term creditor, this transaction makes the business more liquid. d. This transaction had an immediate effect on the owners equity in the business. 3. The following statements correctly describe net income except s. Net income is equal to revenue minus the sum of expenses and dividends. b. Net income is equal to revenue minus expenses. e. Net income increases owners equity d. Net income is reported by a company for a specific period of time. 4 is a type of account credited when customers pay in advance for services to be rendered in the future. a. Prepaid expenses c. Unearned revenue b. Accrued expenses d. Unrecorded revenue is the method used to record the cost of goods sold when each unit in the inventory is unique. a. Specific identification c. LIFO method b. FIFO method d. Average method 6. Which of the following accounts may appear on a post-closing trial balance? a Cash, Salaries Payable, and Capital b. Cash, Salaries Payable, and Service Revenue c Cash, Service Revenue and Salaries Expense d. Cash, Salaries Payable, and Salaries Expense 7·The Sarbanes-Oxley Act a. created the Private Company Accounting Board. b. allows accountants to audit and to perform any type of consulting work for a public company. stipulates that violators of the act may serve 20 years in prison for securities fraud. d. requires that an outside auditor must evaluate a public companys internal control.

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