会计学原理英文版一单元习题Word文档下载推荐.docx
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会计学原理英文版一单元习题Word文档下载推荐.docx
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Externalusersincludelenders,shareholders,customers,andregulators.
9.
Regulatorsoftenhavelegalauthorityovercertainactivitiesoforganizations.
10.
Internalusersincludelenders,shareholders,brokersandmanagers.
11.
Opportunitiesinaccountingincludeauditing,consulting,marketresearch,andtaxplanning.
12.
Identifyingtheproperethicalpathiseasy.
13.
TheSarbanes-OxleyAct(SOX)requireseachissuerofsecuritiestodisclosewhetherishasadoptedacodeofethicsforitsseniorfinancialofficersandthecontentsofthatcode.
14.
Thefraudtriangleassertsthattherearethreefactorsthatmustexistforapersontocommitfraud;
thesefactorsareopportunity,pressure,andrationalization.
15.
TheSarbanes-OxleyAct(SOX)doesnotrequirepubliccompaniestoapplybothaccountingoversightandstringentinternalcontrols.
16.
Apartnershipisabusinessownedbytwoormorepeople.
17.Ownersofacorporationarecalledshareholdersorstockholders.
18.Inthepartnershipformofbusiness,theownersarecalledstockholders.
19.
Thebalancesheetshowsacompany’snetincomeorlossduetoearningsactivitiesoveraperiodoftime.
20.
TheFinancialAccountingStandardsBoardistheprivategroupthatsetsbothbroadandspecificaccountingprinciples.
21.
Thebusinessentityprinciplemeansthatabusinesswillcontinueoperatingforanindefiniteperiodoftime.
22.
Generallyacceptedaccountingprinciplesarethebasicassumptions,concepts,andguidelinesforpreparingfinancialstatements.
23.
Thebusinessentityassumptionmeansthatabusinessisaccountedforseparatelyfromotherbusinessentities,includingitsownerorowners.
24.
Asageneralrule,revenuesshouldnotberecognizedintheaccountingrecordsuntilitisreceivedincash.
25.
Specificaccountingprinciplesarebasicassumptions,concepts,andguidelinesforpreparingfinancialstatementsandariseoutoflong-usedaccountingpractice.
26.
Generalaccountingprinciplesarisefromlong-usedaccountingpractices.
27.
Asoleproprietorshipisabusinessownedbyoneormorepersons.
28.
Unlimitedliabilityisanadvantageofasoleproprietorship.
29.
Understandinggenerallyacceptedaccountingprinciplesisnotnecessarytouseandinterpretfinancialstatements.
30.
TheInternationalAccountingStandardsboard(IASB)hastheauthoritytoimposeitsstandardsoncompaniesaroundtheworld.
31.
Objectivitymeansthatfinancialinformationissupportedbyindependentunbiasedevidence.
32.
Theideathatabusinesswillcontinuetooperateinsteadofbeingclosedorsoldunderliesthegoing-concernassumption.
33.
Accordingtothecostprinciple,itispreferableformanagerstoreportanestimateofanasset'
svalue.
34.
Themonetaryunitassumptionmeansthatallinternationaltransactionsmustbeexpressedindollars.
35.
TheInternationalAccountingStandardsBoard(IASB)isthegovernmentgroupthatestablishesreportingrequirementsforcompaniesthatissuestocktothepublic.
36.
Alimitedliabilitycompanyoffersthelimitedliabilityofapartnershiporproprietorshipandthetaxtreatmentofacorporation.
37.
TheSecuritiesandExchangeCommission(SEC)isagovernmentagencythathaslegalauthoritytoestablishGAAP.
38.
Thethreecommonformsofbusinessownershipincludesoleproprietorship,partnership,andnon-profit.
39.
Thethreemajortypesofbusinessactivitiesareoperating,financing,andinvesting.
40.
Planningisdefininganorganization'
sideas,goals,andactions.
41.
Strategicmanagementistheprocessofdeterminingtherightmixofoperatingactivitiesforthetypeoforganization,itsplans,anditsmarkets.
42.
Planningactivitiesarethemeansanorganizationusestopayforresourceslikeland,buildings,andequipmenttocarryoutitsplans.
43.
Investingactivitiesaretheacquiringanddisposingofresourcesthatanorganizationusestoacquireandsellitsproductsorservices.
44.
Ownerfinancingreferstoresourcescontributedbycreditorsorlenders.
45.
Revenuesareincreasesinequityfromacompany'
searningactivities.
46.
Anetlossoccurswhenrevenuesexceedexpenses.
47.
Netincomeoccurswhenrevenuesexceedexpenses.
48.
Liabilitiesaretheowner'
sclaimonassets.
49.
Assetsaretheresourcesofacompanyandareexpectedtoyieldfuturebenefits.
50.
Owner’swithdrawalsareexpenses.
51.
Theaccountingequationcanberestatedas:
Assets-Equity=Liabilities.
52.
Theaccountingequationimpliesthat:
Assets+Liabilities=Equity.
53.
Owner'
sinvestmentsareincreasesinequityfromacompany'
searningsactivities.
54.
Everybusinesstransactionleavestheaccountingequationinbalance.
55.
Anexternaltransactionisanexchangeofvaluewithinanorganization.
56.
Fromanaccountingperspective,aneventisahappeningthataffectstheaccountingequation,butcannotbemeasured.
57.
sequityisincreasedwhencashisreceivedfromcustomersinpaymentofpreviouslyrecordedaccountsreceivable.
58.
Anowner'
sinvestmentinabusinessalwayscreatesanasset(cash),aliability(notepayable),andowner'
sequity(investment.)
59.
Returnonassetsisoftenstatedinratioformastheamountofaveragetotalassetsdividedbyincome.
60.
Returnonassetsisalsoknownasreturnoninvestment.
61.
Returnonassetsisusefultodecisionmakersforevaluatingmanagement,analyzingandforecastingprofits,andinplanningactivities.
62.Arrow’snetincomeof$117millionandaverageassetsof$1,400millionresultsinareturnonassetsof8.36%.
63.
Returnonassetsreflectstheeffectivenessofacompany’sabilitytogenerateprofitthroughproductiveuseofitsassets.
64.
Riskistheuncertaintyaboutthereturnweexpecttoearn.
65.
Generallythelowertherisk,thelowerthereturnthatcanbeexpected.
66.
U.S.GovernmentTreasurybondsprovidehighreturnandlowrisktoinvestors.
67.
Thefourbasicfinancialstatementsincludethebalancesheet,incomestatement,statementofowner'
sequity,andstatementofcashflows.
68.
Anincomestatementreportsoninvestingandfinancingactivities.
69.
Abalancesheetcoversaperiodoftimesuchasamonthoryear.
70.
Theincomestatementdisplaysrevenuesearnedandexpensesincurredoveraspecifiedperiodoftimeduetoearningsactivities.
71.
Thestatementofcashflowsshowstheneteffectofrevenuesandexpensesforareportingperiod.
72.
Theincomestatementshowsthefinancialpositionofabusinessonaspecificdate.
73.
Thefirstsectionoftheincomestatementreportscashflowsfromoperatingactivities.
74.
Thebalancesheetisbasedontheaccountingequation.
75.
Investingactivitiesinvolvethebuyingandsellingofassetssuchaslandandequipmentthatareheldforlong-termuseinthebusiness.
76.
Operatingactivitiesincludelong-termborrowingandrepayingcashfromlenders,andcashinvestmentsorwithdrawalsbytheowner.
77.
Thepurchaseofsuppliesappearsonthestatementofcashflowsasaninvestingactivitybecauseitinvolvesthepurchaseofassets.
78.
Theincomestatementreportsonoperatingactivitiesatapointintime.
79.
Thestatementofcashflowsidentifiescashflowsseparatedintooperating,investing,andfinancingactivitiesoveraperiodoftime.
80.
Endingcapitalreportedonthestatementofowner’sequityiscalculatedbyaddingownerinvestmentsandnetlossesandsubtractingnetincomesandwithdrawals.
MultipleChoiceQuestions
81.
Accountingisaninformationandmeasurementsystemthatdoesallofthefollowingexcept:
A.
Identifiesbusinessactivities.
B.
Recordsbusinessactivities.
C.
Communicatesbusinessactivities.
D.
Doesnotusetechnologytoimproveaccuracyinreporting.
E.
Helpspeoplemakebetterdecisions.
82.
Technology:
Hasreplacedaccounting.
Hasnotchangedtheworkthataccountantsdo.
Hascloselylinkedaccountingwithconsulting,planning,andotherfinancialservices.
Inaccountinghasreplacedtheneedfordecisionmakers.
Inaccountingisonlyavailabletolargecorporations.
83.Theprimaryobjectiveoffinancialaccountingis:
Toservethedecision-makingneedsofinternalusers.
Toprovidefinancialstatementstohelpexternalusersanalyzeanorganization'
sactivities.
Tomonitorandcontrolcompanyactivities.
Toprovideinformationonboththecostsandbenefitsoflookingafterproductsandservices.
Toknowwhat,when,andhowmuchtoproduce.
84.Theareaofaccountingaimedatservingthedecisionmakingneedsofinternalusersis:
Financialaccounting.
Managerialaccounting.
Externalauditing.
SECreporting.
Bookkeeping.
85.Externalusersofaccountinginformationincludeallofthefollowingexcept:
Shareholders.
Cust
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