会计学原理英文版一单元习题

1. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's

business activities. 2. Bookkeeping is the recording of transactions and events and is only part of accounting.

3. An accounting information system communicates data to help businesses make

better decisions. 4. Managerial accounting is the area of accounting that provides internal reports to

assist the decision making needs of internal users. 5. Internal operating activities include research and development, distribution, and

human resources. 6. The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization's activities. 7. External auditors examine financial statements to verify that they are prepared

according to generally accepted accounting principles. 8. External users include lenders, shareholders, customers, and regulators.

9. Regulators often have legal authority over certain activities of organizations. 10. Internal users include lenders, shareholders, brokers and managers. 11. Opportunities in accounting include auditing, consulting, market research, and tax planning.

12. Identifying the proper ethical path is easy.

13. The Sarbanes-Oxley Act (SOX) requires each issuer of securities to disclose

whether is has adopted a code of ethics for its senior financial officers and the contents of that code.

14. The fraud triangle asserts that there are three factors that must exist for a person to commit fraud; these factors are opportunity, pressure, and rationalization.

15. The Sarbanes-Oxley Act (SOX) does not require public companies to apply both accounting oversight and stringent internal controls.

16. A partnership is a business owned by two or more people.

17. Owners of a corporation are called shareholders or stockholders.

18. In the partnership form of business, the owners are called stockholders.

19. The balance sheet shows a company’s net income or loss due to earnings activities over a period of time.

20. The Financial Accounting Standards Board is the private group that sets both broad and specific accounting principles.

21. The business entity principle means that a business will continue operating for an indefinite period of time.

22. Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements.

23. The business entity assumption means that a business is accounted for separately from other business entities, including its owner or owners.

24. As a general rule, revenues should not be recognized in the accounting records until it is received in cash.

25. Specific accounting principles are basic assumptions, concepts, and guidelines for preparing financial statements and arise out of long-used accounting practice. 26. General accounting principles arise from long-used accounting practices. 27. A sole proprietorship is a business owned by one or more persons. 28. Unlimited liability is an advantage of a sole proprietorship.

29. Understanding generally accepted accounting principles is not necessary to use and interpret financial statements.

30. The International Accounting Standards board (IASB) has the authority to impose its standards on companies around the world.

31. Objectivity means that financial information is supported by independent unbiased evidence.

32. The idea that a business will continue to operate instead of being closed or sold underlies the going-concern assumption.

33. According to the cost principle, it is preferable for managers to report an estimate of an asset's value.

34. The monetary unit assumption means that all international transactions must be expressed in dollars.

35. The International Accounting Standards Board (IASB) is the government group that establishes reporting requirements for companies that issue stock to the public. 36. A limited liability company offers the limited liability of a partnership or proprietorship and the tax treatment of a corporation.

37. The Securities and Exchange Commission (SEC) is a government agency that has legal authority to establish GAAP.

38. The three common forms of business ownership include sole proprietorship, partnership, and non-profit.

39. The three major types of business activities are operating, financing, and investing. 40. Planning is defining an organization's ideas, goals, and actions.

41. Strategic management is the process of determining the right mix of operating activities for the type of organization, its plans, and its markets.

42. Planning activities are the means an organization uses to pay for resources like land, buildings, and equipment to carry out its plans.

43. Investing activities are the acquiring and disposing of resources that an organization uses to acquire and sell its products or services.

44. Owner financing refers to resources contributed by creditors or lenders. 45. Revenues are increases in equity from a company's earning activities. 46. A net loss occurs when revenues exceed expenses. 47. Net income occurs when revenues exceed expenses. 48. Liabilities are the owner's claim on assets.

49. Assets are the resources of a company and are expected to yield future benefits. 50. Owner’s withdrawals are ex …… 此处隐藏：7322字，全部文档内容请下载后查看。喜欢就下载吧 ……