Question 1 — Accounting Equation
What is the accounting equation?
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Assets = Liabilities + Equity 资产 = 负债 + 权益📝 点击查看解析
The accounting equation ensures balance between resources and claims of creditors and owners. 会计恒等式保证了资源与债权人和所有者权益的平衡。Question 2 — External vs Internal Events
Give one example of an external event and one example of an internal event.
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External: Borrowing cash from a bank. 外部事项：向银行借款。 Internal: Recording depreciation on equipment. 内部事项：计提设备折旧。📝 点击查看解析
External events involve exchanges with outsiders, while internal events occur within the company but still affect resources. 外部事项涉及与外部主体的交换，而内部事项发生在企业内部但依然影响资源。Question 3 — Duality of Effects
Why must every transaction affect at least two accounts?
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Because of the duality principle: each transaction has two sides (give and receive). 因为双重性原则：每笔交易都有给予和获得两个方面。📝 点击查看解析
This ensures the accounting equation stays balanced, which is the foundation of double-entry bookkeeping. 这保证了会计等式始终平衡，是复式记账的基础。Question 4 — Debit and Credit
When Cash increases, is it recorded as a debit or a credit?
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Debit (借记)。📝 点击查看解析
Cash is an asset account, and assets increase on the debit side. 现金是资产类账户，资产增加记借方。Question 5 — Debit and Credit
When Accounts Payable increases, is it a debit or a credit?
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Credit (贷记)。📝 点击查看解析
Liabilities increase on the credit side, so an increase in Accounts Payable is credited. 负债在贷方增加，因此应付账款增加记贷方。Question 6 — Transaction Analysis
A company buys equipment for 2,000 cash, and signs a note for the rest. Which accounts are affected?
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Equipment ↑ $10,000 (Debit); Cash ↓ $2,000 (Credit); Notes Payable ↑ $8,000 (Credit). 设备增加10000（借记）；现金减少2000（贷记）；应付票据增加8000（贷记）。📝 点击查看解析
The company gains equipment, loses part of its cash, and creates a liability for the rest. 公司获得设备，支付部分现金，并形成一项负债。Question 7 — Transaction Analysis
Papa John’s lends $3,000 to franchisees with a five-year note. What happens to assets?
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Cash decreases $3,000; Notes Receivable increases $3,000. 现金减少3000；应收票据增加3000。📝 点击查看解析
This transaction reallocates assets but does not change the total. 此交易重新分配了资产，但不改变总额。Question 8 — Investment Transaction
If a company buys $1,000 stock in another company as an investment, what accounts change?
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Investments ↑ $1,000 (Debit); Cash ↓ $1,000 (Credit). 投资增加1000（借记）；现金减少1000（贷记）。📝 点击查看解析
It changes the composition of assets but not the total. 改变了资产结构，但未改变总额。Question 9 — Dividend Payment
Paying $3,000 dividends affects which accounts?
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Cash ↓ $3,000 (Credit); Retained Earnings ↓ $3,000 (Debit). 现金减少3000（贷记）；留存收益减少3000（借记）。📝 点击查看解析
Dividends reduce assets and stockholders’ equity but not liabilities. 股利减少资产和股东权益，但不影响负债。Question 10 — Journal Entry
Write the journal entry for issuing $2,000 of common stock for cash.
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Dr. Cash 2,000; Cr. Contributed Capital 2,000. 借记现金2000；贷记实收资本2000。📝 点击查看解析
Cash increases (asset), equity increases (contributed capital). 现金增加（资产），股东权益增加（实收资本）。Question 11 — Journal Entry
Borrowing $6,000 from a bank is recorded how?
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Dr. Cash 6,000; Cr. Notes Payable 6,000. 借记现金6000；贷记应付票据6000。📝 点击查看解析
Cash increases, liability increases. 现金增加，负债增加。Question 12 — Journal Entry
Buy $200 of inventory on account.
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Dr. Inventory 200; Cr. Accounts Payable 200. 借记存货200；贷记应付账款200。📝 点击查看解析
Inventory increases, liability increases. 存货增加，负债增加。Question 13 — Journal Entry
Pay $160 of accounts payable.
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Dr. Accounts Payable 160; Cr. Cash 160. 借记应付账款160；贷记现金160。📝 点击查看解析
Paying liabilities reduces both accounts payable and cash. 支付负债会减少应付账款和现金。Question 14 — Trial Balance
Why is a trial balance prepared?
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To check that total debits equal total credits. 为了检查借贷合计是否相等。📝 点击查看解析
It helps detect errors before financial statements are prepared. 它有助于在编制财务报表前发现错误。Question 15 — Balance Sheet
What does the balance sheet show?
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Assets, Liabilities, and Equity at a point in time. 某一时点的资产、负债和股东权益。📝 点击查看解析
It provides a snapshot of financial position, not performance. 它提供的是财务状况的快照，而非经营业绩。Question 16 — Cash Flow Statement
Name the three categories of cash flows.
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Operating, Investing, Financing. 经营活动、投资活动、融资活动。📝 点击查看解析
These categories classify all inflows and outflows of cash. 这三类将所有现金流入和流出进行分类。Question 17 — Investing Activity
Buying equipment with cash belongs to which cash flow category?
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Investing Activities. 投资活动。📝 点击查看解析
It involves acquiring long-term assets. 这涉及获取长期资产。Question 18 — Financing Activity
Issuing stock for cash belongs to which cash flow category?
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Financing Activities. 融资活动。📝 点击查看解析
It is a way to raise funds from investors. 这是从投资者筹集资金的方式。Question 19 — Operating Activity
Paying wages belongs to which cash flow category?
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Operating Activities. 经营活动。📝 点击查看解析
It is a day-to-day cost of running the business. 这是企业日常经营的支出。Question 20 — Normal Balance
What is the normal balance of an asset account?
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Debit. 借方。📝 点击查看解析
Assets normally increase with debits and decrease with credits. 资产通常因借记增加，因贷记减少。Question 21 — Normal Balance
What is the normal balance of a liability account?
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Credit. 贷方。📝 点击查看解析
Liabilities normally increase with credits and decrease with debits. 负债通常因贷记增加，因借记减少。Question 22 — Stock Transaction
If 200 shares of 500, what is the par value and what is the premium?
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Par value = $200; Premium = $300. 面值=200美元；溢价=300美元。📝 点击查看解析
Total = Par value (200×1) + Premium = $500. 总额=面值200 + 溢价300 = 500。Question 23 — Dividends
Do dividends reduce liabilities?
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No, dividends reduce assets and equity, not liabilities. 不，股利减少的是资产和权益，而不是负债。📝 点击查看解析
Dividends are distributions to shareholders, not obligations to outsiders. 股利是向股东分配利润，而不是对外部的义务。Question 24 — Retained Earnings
Which account decreases when dividends are paid?
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Retained Earnings. 留存收益。📝 点击查看解析
Dividends are taken out of accumulated profits, i.e., retained earnings. 股利来自累计利润，即留存收益。Question 25 — Trial Balance Error
If the trial balance shows total debits ≠ total credits, what does it mean?
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There is an error in journal entries or posting. 分录或过账中存在错误。📝 点击查看解析
Mismatch indicates misrecording of at least one transaction. 借贷不平表明至少一笔交易记录错误。Question 26 — Balance Sheet Classification
Is Accounts Receivable a current or long-term asset?
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Current Asset. 流动资产。📝 点击查看解析
It is expected to be collected within one year. 通常在一年内收回。Question 27 — Balance Sheet Classification
Is Bonds Payable a current or long-term liability?
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Long-term liability (if due > 1 year). 长期负债（到期超过一年）。📝 点击查看解析
Bonds typically extend over multiple years. 债券通常跨越多年。Question 28 — Cash Flow Classification
Paying dividends belongs to which category in cash flows?
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Financing Activities. 融资活动。📝 点击查看解析
It distributes profits to owners and is considered financing outflow. 它向股东分配利润，被视为融资流出。Question 29 — Ratio Analysis
If Average Assets = 158,500, what is the financial leverage ratio?
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355,000 ÷ 158,500 = 2.24📝 点击查看解析
The ratio shows how many times assets are financed by equity. Here, 2.24 means assets are 2.24 times equity. 该比率表明资产由股东权益融资的倍数。这里2.24表示资产是权益的2.24倍。Question 30 — Ratio Interpretation
What does a higher financial leverage ratio indicate?