会计学原理英文版一单元习题.docx

会计学原理英文版一单元习题.docx

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会计学原理英文版一单元习题

1. Accountingisaninformationandmeasurementsystemthatidentifies,records,andcommunicatesrelevant,reliable,andcomparableinformationaboutanorganization'sbusinessactivities. 

 2. Bookkeepingistherecordingoftransactionsandeventsandisonlypartofaccounting. 

 3. Anaccountinginformationsystemcommunicatesdatatohelpbusinessesmakebetterdecisions. 

  4. Managerialaccountingistheareaofaccountingthatprovidesinternalreportstoassistthedecisionmakingneedsofinternalusers. 

 5. Internaloperatingactivitiesincluderesearchanddevelopment,distribution,andhumanresources. 

 6. Theprimaryobjectiveoffinancialaccountingistoprovidegeneralpurposefinancialstatementstohelpexternalusersanalyzeandinterpretanorganization'sactivities. 

7. Externalauditorsexaminefinancialstatementstoverifythattheyarepreparedaccordingtogenerallyacceptedaccountingprinciples. 

8. 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. Owner'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:

A. Hasreplacedaccounting.

B. Hasnotchangedtheworkthataccountantsdo.

C. Hascloselylinkedaccountingwithconsulting,planning,andotherfinancialservices.

D. Inaccountinghasreplacedtheneedfordecisionmakers.

E. Inaccountingisonlyavailabletolargecorporations.

83.Theprimaryobjectiveoffinancialaccountingis:

A. Toservethedecision-makingneedsofinternalusers.

B. Toprovidefinancialstatementstohelpexternalusersanalyzeanorganization'sactivities.

C. Tomonitorandcontrolcompanyactivities.

D. Toprovideinformationonboththecostsandbenefitsoflookingafterproductsandservices.

E. Toknowwhat,when,andhowmuchtoproduce.

84.Theareaofaccountingaimedatservingthedecisionmakingneedsofinternalusersis:

A. Financialaccounting.

B. Managerialaccounting.

C. Externalauditing.

D. SECreporting.

E. Bookkeeping.

85.Externalusersofaccountinginformationincludeallofthefollowingexcept:

A. Shareholders.

B. Cust