financial accounting答案2023秋

第九章测试

1.

Which of the following is not true about a contingent liability:（ ）        

A:Depends on future outcome of past events.    
B:Must be recorded if it is remote.    
C:Must be disclosed if it is reasonably possible.    
D:other  three choices  are not  true.
答案:B
2.The Singletary Company issued a $500,000, 5-year, 6% bond at par. It is a semiannual bond with interest paid on June 30th and December 31st.The entry to record the sale of the bond would include a:（ ）
A:$500,000 credit to Bonds Payable.
B:$30,000 credit to Bonds Payable.
C:$500,000 debit to Accounts Payable.
D:$500,000 credit to Cash.
3.The Singletary Company issued a $500,000, 5-year, 6% bond at par. It is a semiannual bond with interest paid on June 30th and December 31st. The entry to record the semiannual interest payment is:（ ）
A:"Interest Expense $30,000
Cash $30,000"
B:"Interest Expense $15,000
Cash $15,000"
C:"Interest Expense $30,000
Interest Payable $30,000"
D:"Interest Expense $15,000
Interest Payable $15,000"
4.

Which of the following current liabilities is/are a known amount?    （ ）            

A:Accounts Payable    
B:other three choices  are all  known amounts.
C:Unearned Revenue    
D:Payroll Liabilities    
5.Which of the following statements is true in relationship to a company financing with debt rather than stock?（ ）
A:Trading on equity means that the business earns less by investing borrowed funds than it pays in interest expense on bonds.
B:The principal amount must be repaid at the maturity of the bonds.
C:Interest expense is not tax-deductible while dividends are tax-deductible.
D:Earnings per share will generally be higher when a company is financed with stock rather than debt.
6.On January 1st, XYZ Company issued $200,000, 5-year, 4% bonds. The market rate at the time of the sale was greater than 4% so the bonds were sold at 93,selling quantity is 2000. Interest is payable June 30th and December 31st. The entry to record the sale of the bonds would include a:（ ）
A:Debit to Discount on Bonds Payable for $14,000.
B:Credit to Bonds Payable for $186,000.
C:Debit to Cash for $200,000.
D:Credit to Cash for $186,000.
7.Refer to Question 6. If the XYZ Company uses the straight-line method to amortize discount on the bonds, the entry to record the first interest payment would include: （ ）
A:Debit to Interest Expense for $9,400.
B:Debit to Interest Expense for $5,400.
C:Credit to Cash for $5,400.
D:Debit to Discount on Bonds Payable for $1,400.
8.All of the following are reported as current liabilities EXCEPT:（ ）
A:accounts payable
B:bond payable for 5years
C:notes payable due in 6 months
D:sales tax payable
9.When a business receives cash from a customer before earning the revenue, they credit: （ ）
A:Unearned Revenue
B:Accounts Receivable.
C:Sales Tax Payable
D:Accounts Payable
10.

Which of the following statements is TRUE regarding pension liabilities?（ ）            

A:other three  choices are true.
B:They originate when a business provides retirement compensation for its employees.    
C:If the pension obligation exceeds the market value of the plan assets, that excess is reported as a liability.
D:If the plan assets exceed the pension liability, the asset and obligation amounts are reported only in the notes to the financial statements.