财务会计题库 The Financial StatementsWord格式文档下载.docx

财务会计题库 The Financial StatementsWord格式文档下载.docx

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TrueLO:

E1-14

1.1-4LimitedLiabilityCompanies（LLCs）havemembersinsteadofstockholders.

1.1-5Allbusinessownersarepersonallyliableforthedebtsoftheirbusinesses.

1.1-6Aproprietorshipisadistinctandseparateentityfromtheproprietor,frombothanaccountingandalegalviewpoint.

1.1-7Thetwotypesofaccountingare:

A.profitandnonprofit.

B.financialandmanagerial.

C.internalandexternal.

D.bookkeepinganddecision-oriented.

BLO:

1.1-8Accordingtotheauthor,potentialinvestorsneedinformationthatis:

A.relevantandreliable.

B.fairandfuture-oriented.

C.accurateandtruthful.

D.auditedandcomplete.

ALO:

1.1-9Whoultimatelycontrolsacorporation?

A.BoardofDirectors

B.TheChiefExecutiveOfficer（CEO）

C.Thestockholders

D.ThePresident

CLO:

1.1-10Financialstatementsare:

A.standarddocumentsissuedbyoutsideconsultantswhoarehiredtoanalyzekeyoperationsofthebusinessinfinancialterms.

B.standarddocumentsthattellushowwellabusinessisperformingandwhereitstandsinfinancialterms.

C.reportscreatedbymanagementthatstatesitisresponsiblefortheactsofthecorporation.

D.reportsissuedbyoutsideconsultantswhoarehiredtoanalyzekeyoperationsofthebusiness.

1-1Diff:

E1-26

1.1-11Forwhichformofbusinessownershiparetheownersofabusinesslegallydistinctfromthebusiness?

A.Corporation

B.Partnership

C.Proprietorship

D.Alloftheabove

1.1-12AllofthefollowingareformsofbusinessorganizationsEXCEPT:

A.proprietorship.

B.limitedpartnership.

C.limitedproprietorship.

D.limitedliabilitycompany.

1.1-13ThelargestorganizationofprofessionalaccountantsintheUnitedStatesisthe:

A.FinancialAccountingStandardsBoard.

B.SecuritiesandExchangeCommission.

C.AmericanInstituteofCertifiedPublicAccountants.

D.AuditingStandardsBoard.

P1-53B

1.2-1Generallyacceptedaccountingprinciples,orGAAP,aretherulesandproceduresestablishedbytheFinancialAccountingStandardsBoard,ortheFASB.

1-2Diff:

1.2-2Theentityconceptisthemostbasicaccountingconcept.

S1-3

1.2-3ThestablemonetaryunitconceptmeansthatthetypeofcurrencyusedforthefinancialstatementsisNOTexpectedtochange.

1.2-4Sincecostisareliablemeasuretouseinfinancialaccounting,theobjectivityprinciplestatesthatassetsandservicesshouldberecordedattheiractualcost.

1.2-5TheFinancialAccountingStandardsBoardisresponsibleforestablishing:

A.thecodeofprofessionalconductforaccountants.

B.theSecuritiesandExchangeCommission.

C.generallyacceptedaccountingprinciples.

D.theAmericanInstituteofCertifiedPublicAccountants.

1.2-6TheacronymGAAPstandsfor:

A.generallyacceptableauthorizedpronouncements.

B.governmentauthorizedaccountantprinciples.

D.governmentauditedaccountingpronouncements.

E1-27

1.2-7AllofthefollowingarecharacteristicsofusefulaccountinginformationEXCEPT:

A.informative.

B.relevant.

C.consistent.

D.reliable.

1.2-8Theobjectivityprincipleofaccounting:

A.holdsthattheentitywillremaininoperationfortheforeseeablefuture.

B.enablesaccountantstoignoretheeffectofinflationintheaccountingrecords.

C.maintainsthateachorganizationorsectionofanorganizationstandsapartfromotherorganizationsandindividuals.

D.ensuresthataccountingrecordsandstatementsarebasedonthemostreliabledataavailable.

DLO:

1.2-9Thestable-monetary-unitconceptofaccounting:

A.ensuresthataccountingrecordsandstatementsarebasedonthemostreliabledataavailable.

B.holdsthattheentitywillremaininoperationfortheforeseeablefuture.

c.maintainsthateachorganizationorsectionofanorganizationstandsapartfromotherorganizationsandindividuals.

d.enablesaccountantstoignoretheeffectofinflationintheaccountingrecords.

1.2-10Thegoing-concernconceptofaccounting:

A.enablesaccountantstoignoretheeffectofinflationintheaccountingrecords.

d.ensuresthataccountingrecordsandstatementsarebasedonthemostreliabledataavailable.

P1-43A

1.2-11Theprinciplewhichstatesthatassetsacquiredbythebusinessshouldberecordedattheiractualpriceisthe:

A.costprinciple.

B.objectivityprinciple.

C.reliabilityprinciple.

D.stabledollarprinciple.

Q1-30

1.2-12Thereliabilityprincipleisalsocalledthe:

A.relevanceconcept.

B.truthfulnessconcept.

C.objectivityprinciple.

D.fullandfairprinciple.

1.2-13WhichofthefollowingstatementsisFALSE?

A.Reliabledatamaybesupportedbyobjectiveevidence.

B.Theinformedopinionofownersisanimportantsourceofobjectiveevidence.

C.Anindependentappraisal,conductedbyalicensedprofessional,isusuallyconsideredreliable.

D.Reliabledataareverifiable.

1-2Diff:

1.2-14Therelevantmeasureofthevalueoftheassetsofacompanythatisgoingoutofbusinessisthe:

A.bookvalue.

B.currentmarketvalue.

C.historicalcost.

D.recordedvalue.

1.2-15TheCEOofabusinessownsaresidenceinFlagstaff.ThecompanytheCEOworksforownsaresidenceinChandlerusedforstrategicplanningmeetingsbyitsexecutives.Whichofthesepropertiesisconsideredanasset（s）ofthebusiness?

A.TheFlagstaffresidenceonly

B.TheChandlerresidenceonly

C.BoththeFlagstaffandChandlerresidences

D.NeithertheFlagstaffnorChandlerresidences

1.2-16AnOklahomaCitybusinesspaid$15,000cashforequipmentusedinthebusiness.Atthetimeofpurchase,theequipmenthadalistpriceof$20,000.Whenthebalancesheetwasprepared,thevalueoftheequipmentlaterroseto$22,000.Whatistherelevantmeasureofthevalueoftheequipment?

A.Historicalcost,$15,000

B.Fairmarketcost,$20,000

C.Currentmarketcost,$22,000

D.$15,000onthedayofpurchase,$22,000onbalancesheetdate

1.3-1TheaccountingequationexpressestheideathatResources-Insiderclaims=Outsiderclaims.

1-3Diff:

3EOC:

S1-5

1.3-2Theaccountingequationmustalwaysbeinbalance.

S1-1

1.3-3Liabilitiesaredividedinto"

outsiderclaims"

and"

insiderclaims."

2EOC:

1.3-4"

Netassets"

asstockholders’equityisoftenreferredto,representstheresidualamountofbusinessassetswhichcanbeclaimedbytheowners.

QC12

1.3-5Commonstockandretainedearningsarethemaincomponentsofpaid-incapital.

S1-10

1.3-6Retainedearningsdonotrepresentcashthatisavailabletoacompanyforfutureoperationsandexpansion.

1.3-7Netincomeappearsonboththeincomestatementandthestatementofretainedearnings.

Q1-39

1.3-8Thestatementofcashflowsisorganizedintermsoftheorganization’soperating,investing,andfinancingactivities.

E1-25

1.3-9Expensesareincreasesinretainedearningsthatresultfromoperations.

S1-7

1.3-10DividendpaymentsareNOTclassifiedasexpenses.

S1-9

1.3-11Thecalculationofendingretainedearningsconsiderscurrentnetincomeornetlossanddividends.

1.3-12Theowners’equityofproprietorshipsandpartnershipsisthesame.

1.3-13Theaccountingequationcanbestatedas:

A.Assets+Stockholders’Equity=Liabilities

B.Assets-Liabilities=Stockholders’Equity

C.Assets=Liabilities-Stockholders’Equity

D.Assets-Stockholders’Equity+Liabilities=Zero

QC3

1.3-14Whichofthefollowingbestdescribesaliability?

Liabilitiesare:

A.aformofpaid-incapital.

B.futureeconomicbenefitstowhichacompanyisentitled.

C.payablesofthecorporation.

D.econo