Chap 1
1.Mostly the objective of a business is not to make a profit.错
2. A corporation is a business that is legally separate and distinct from its owners.对
3. Accounting is a service that provides many different users with financial information to make economic decisions.对
4. Primary users of accounting information are accountants.错
5. "Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public." 错
6. The financial statements of a proprietorship should include the owner's personal assets and liabilities.错
7. The unit of measurement concept requires that economic data be recorded in a common u
nit of measurement 对
8. "If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000 cash for it, the buyer would record the building at $90,000." 错
9.An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a答案 B
A. proprietorship  B. corporation  C. partnership  D. governmental unit
10.Which of the following best describes accounting?  B
A. records economic data but does not communicate the data to users according to any specific rules
B. is an information system that provides reports to stakeholders
C. is of no use by individuals outside of the business
D. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements
11. The two most common specialized fields of accounting in practice are B
A. forensic accounting and financial accounting
B. managerial accounting and financial accounting
C. managerial accounting and environmental accounting
D. financial accounting and tax accounting systems
12.Which of the following is not a characteristic of financial accounting ______ C
A. external reporting    B. general-purpose information
C. future orientation    D. standard and uniform reporting
13.The business entity concept means that D
A. the owner is part of the business entity
B. an entity is organized according to state or federal statutes
C. an entity is organized according to the rules set by the FASB
D. "the entity is an individual economic unit for which data are recorded, analyzed, and reported"
14."For accounting purposes, the business entity should be considered separate from its owners if the entity is" D
A. a corporation  B. a proprietorship  C. a partnership  D. all of the above
15."Tom Smith is the owner of a small bookstore. He mainly does business through the internet so that the store has no physical office room and the orders are dealt with at home. As a result, such bills as electricity, heating, telephone, and housecleaning are all recorded as expenses of the bookstore. This is not correct from the viewpoint of _______" A
A. the separate entity concept    B. the going concern assumption
C. the accounting period concept  D. the monetary measurement assumption
unequal
16.Which of the followings assures the accounting information users of timely decision___________ C
A. the separate entity concept      B. the going concern assumption
C. the accounting period concept  D. the monetary measurement assumption
17."Smith Company purchased $105,000 of computer equipment from Brown Company. Smith Company paid for the equipment using cash that had been obtained from the initial investment by Connie Smith. The transaction involving the computer equipment should be recorded on the accounting records of which of the following entities?" D
A. Smith Company and Connie Smith's personal records
B. Brown Company and Connie Smith's personal records
C. Brown Company  D. Smith Company and Brown Company
18."The Reynolds Company estimated that the value of its land had increased from $10,000 to $16,000 and therefore wrote up the land account to $16,000. Which accounting concept(s) was (were) violated?" C
A. separate entity concept    B. money measurement concept
C. historical cost concept    D. accounting period concept
19.“Equipment with an estimated market value of $45,000 is offered for sale at $65,000. The equipment is acquired for $10,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is" A
A.50000  B.65000  C.10000  D.45000
20."(mark out all correct answers) Which of the followings should not be included in the financial records of Delicious Sam, a bakery at the corner of the street ____________" A C D

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