大学《会计学原理》经典练习题.pdf

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1、 True/False Questions True/False Questions1.Accounting is an informationt system that identifies,records,andcommunicates relevant,reliable,and comparable formation about anorganizations business activities.TRUETRUE2.An accounting information system communicates data to help businesses makebetter dec

2、isions.TRUETRUE3.Managerial accounting is the area of accounting that provides internalreports to assist the decision making needs of internal users.TRUETRUE4.Internal operating activities include research and development,distribution,and human resources.TRUETRUEs5.External users include lenders,sha

3、reholders,customers,and regulators.TRUETRUE6.Regulators often have legal authority over certain activities oforganizations.TRUETRUE7.Internal users include lenders,shareholders,brokers and managers.FALSEFALSE8.Opportunities in accounting include auditing,consulting,market research,and tax planning.T

4、RUETRUE9.Identifying the proper ethical path is easy.FALSEFALSE10.Good ethics are good business.TRUETRUE11.The Sarbanes-Oxley Act(SOX)does not require public companies to apply bothaccounting oversight and stringent internal controls.FALSEFALSE12.Owners of a corporation are called shareholders or st

5、ockholders.TRUETRUE13.In the partnership form of business,the owners are called stockholders.FALSEFALSE14.A sole proprietorship is one or more individuals selling products orservices for profit.FALSEFALSE15.Accounting information is communicated to various parties through financialstatements.TRUETRU

6、E16.The Financial Accounting Standards Board is the private group that sets bothbroad and specific accounting principles.TRUETRUE17.The business entity principle means that a business will continue operatingfor an indefinite period of time.FALSEFALSE18.Generally accepted accounting principles are th

7、e basic assumptions,concepts,and guidelines for preparing financial statements.TRUETRUE19.The business entity principle means that a business is accounted forseparately from other business entities,including its owner or owners.TRUETRUE20.As a general rule,revenues should not be recognized in the ac

8、countingrecords until it is received in cash.FALSEFALSE21.Specific accounting principles are basic assumptions,concepts,andguidelines for preparing financial statements and arise out of long-usedaccounting practice.FALSEFALSE22.General accounting principles arise from long-usedaccounting practice.TR

9、UETRUE23.A sole proprietorship is a business owned by one or more persons.FALSEFALSE24.Unlimited liability is an advantage of a sole proprietorship.FALSEFALSE25Understanding generally accepted accounting principles is not necessary touse and interpret financial statements.FALSEFALSE26.The Internatio

10、nal Accounting Standards board(IASB)has the authority toimpose its standards on companies around the world.FALSEFALSE27.The idea that a business will continue to operate until it can sell itsassets to pay its creditors underlies the going-concern assumption.FALSEFALSE28.A limited liabilitycompany of

11、fers the limited liabilityof a partnershipor proprietorship and the tax treatment of a corporation.FALSEFALSE29.The Securities and Exchange Commission(SEC)is the government group thatestablishes reporting requirements for companies that issue stock to thepublic.TRUETRUE30.The Securities and Exchange

12、 Commission(SEC)is the private group that setsboth broad and specific accounting standards.FALSEFALSE31.The three common forms of business ownership include sole proprietorship,partnership,and non-profit.FALSEFALSE32.The three major types of business activities are operating,financing,andinvesting.T

13、RUETRUE33.Planning is defining an organizations ideas,goals,and actions.TRUETRUE45.Strategic management is the process of determining the right mix ofoperating activities for the type of organization,its plans,and its markets.TRUETRUE46.Planning activities are the means an organization uses to pay f

14、or resourceslike land,buildings,and equipment to carry out its plans.FALSEFALSEve:C647.The three major activities of a business are recording,financing,andinvesting.FALSEFALSE48.Investing activities are the acquiring and selling of resources that anorganization uses to acquire and sell its products

15、or services.TRUETRUEy:C649.Owner financing refers to resources contributed by creditors or lenders.FALSEFALSEy50.Revenues are increases in equity from a companys earning activities.TRUETRUEsy51.A net loss occurs when revenues exceed expenses.FALSEFALSEt52.Net income occurs when revenues exceed expen

16、ses.TRUETRUEt53.Expenses decrease equity and are the costs of assets or services used toearn revenues.TRUETRUEt54.Liabilities are the owners claim on assets.FALSEFALSEsy55.Assets are the resources owned or controlled by a business.TRUETRUEsy56.Withdrawals are expenses.FALSEFALSEsy57.The accounting e

17、quation can be restated as:Assets-Equity=Liabilities.TRUETRUEt58.The accounting equation implies that:Assets+Liabilities=Equity.FALSEFALSEt59.The balance sheet is also called the statement of financial position becauseit describes the financial position of the business at a point in time.TRUETRUEsy6

18、0.Revenues occur when expenses exceed assets.FALSEFALSEsy61.A company might provide a service or product on credit.On credit impliesthat the cash payment will occur on a later date.TRUETRUEt62.Owners investments are gross increases in equity from a companys earningsactivities.FALSEFALSEt63.The legit

19、imate claims of a businesss creditors take precedence over theclaims of the business owner.TRUETRUElt64.Net income is the excess of expenses over revenues,whereas net loss isthe excess of revenues over expenses.FALSEFALSEt65.Every business transaction leaves the accounting equation in balance.TRUETR

20、UEsy66.An external transactionis an exchange ofvalue within an organization.FALSEFALSEsy67.From an accounting perspective,an event is a happening that affects anentitys accounting equation,but cannot be measured.FALSEFALSEsy68.Owners equity is increased when cash is received from customers in paymen

21、tof previously recorded accounts receivable.FALSEFALSEt69.An owners investment in a business always creates an asset(cash),aliability(note payable),and owners equity(investment.)FALSEFALSEt70.Net assets always increase when revenue is recorded.TRUETRUEt71.Return on assets is often stated in ratio fo

22、rm as the amount of averagetotal assets divided by income.FALSEFALSEt72.Return on assets is also known as return on investment.TRUETRUEsy73.Return on assets is useful to decision makers for evaluating management,analyzing and forecasting profits,and in planning activities.TRUETRUEsy74.Reeboks net in

23、come of$117 million and average assets of$1,400 millionresults in a return on assets of%.TRUETRUEt75.Return on assets measures the effectiveness of an organizations abilityto generate profit using its assets.TRUETRUEt:A476.Risk is the amount of uncertainty about the return we expect to earn.TRUETRUE

24、gy:A477.Generally the lower the risk,the lower the return that can be expected.TRUETRUEg:A478.U.S.Government Treasury bonds provide high return and low risk toinvestors.FALSEFALSEg:A479.The four basic financial statements include the balance sheet,incomestatement,statement of owners equity,and state

25、ment of cash flows.TRUETRUEsy80.An income statement reports on investing and financing activities.FALSEFALSEy81.A balance sheet covers a period of time such as a month or year.FALSEFALSEy82.The income statement is a financial statement that shows revenues earnedand expenses incurred during a specifi

26、ed period of time.TRUETRUEy83.The statement of cash flows shows the net effect of revenues and expensesfor a reporting period.FALSEFALSEy84.The income statement shows the financial position of a business on aspecific date.FALSEFALSEy85.The first sectionof the income statementreports cash from operat

27、ions.FALSEFALSEy86.The balance sheet is based on the accounting equation.TRUETRUEy87.Owners contributions and withdrawals are reported on the incomestatement.FALSEFALSEy88.Investing activities involve the buying and selling of assets such as landand equipment that are held for long-term use in the b

28、usiness.TRUETRUEy89.Operating activities include long-term borrowing and repaying cash fromlenders,and cash investments or withdrawals by the owner.FALSEFALSEy90.The purchase of supplies appears on the statement of cash flows as aninvesting activity because it involves the purchase of assets.FALSEFA

29、LSEy91.The income statement reports on operating activities at a point in time.FALSEFALSEy92.The statement of cash flows reports on cash flows separated into operating,investing,and financing activities over a period of time.TRUETRUEy93.Chuck Taylor invested$175,000 cash in FastForward.This amount w

30、ould bereported in the statement of cash flows under financing activities.TRUETRUEy94.Chuck Taylor withdrew$6,000 in cash from FastForward.This amount shouldbe included as an expense on the income statement.FALSEFALSEy Multiple Choice Questions Multiple Choice Questions95.Accounting is an informatio

31、nt system that:A.Identifies business activities.B.Records business activities.C.Communicates business activities.D.Helps people make better decisions.E.All of these.y:C196.TechnologyA.Has replaced accounting.B.Has not changed the work that accountants do.C.C.Has closely linked accounting with consul

32、ting,planning,and other financialservices.D.In accounting has replaced the need for decision makers.E.In accounting is only available to large corporations.AACSB:TechnologyyAICPA FN:Leveraging Technology:C197.The primary objective of financial accounting is:A.To serve the decision-making needs of in

33、ternal users.B.B.To provide financial statements to help external users analyze anorganizations activities.C.To monitor and control company activities.D.To provide information on both the costs and benefits of looking afterproducts and services.E.To know what,when,and how much to produce.sy:C298.Int

34、ernal users of accounting information include:A.Shareholders.B.Managers.C.Lenders.D.Suppliers.E.Customers.sy:C299.The area of accounting aimed at serving the decision making needs ofinternal users is:A.Financial accounting.B.B.Managerial accounting.C.External auditing.D.SEC reporting.E.Bookkeeping.s

35、y:C2100.The operating functions of a business include:A.Research and development.B.Purchasing.C.Marketing.D.Distribution.E.E.All of these.sy:C2101.sy:C3102.Career opportunities in accounting include:A.Auditing.B.Management consulting.C.Tax accounting.D.Cost accounting.E.E.All of these.sy:C3103.Caree

36、r opportunities in accounting include:A.Budgeting.B.Auditing.C.Cost accounting.D.Internal Auditing.E.E.All of these.sy:C3104.Accounting certifications include the:A.Certified Public Accountant.B.Certified Management Accountant.C.Certified Internal Auditor.D.Personal Financial SpecialistE.All of thes

37、e.sy:C3105.A Certified Public AccountantA.Must meet education and experience requirementsB.Must pass an examinationC.Must exhibit ethical characterD.May also be a Certified Management Accountant.E.E.All of these.sy:C3106.Ethical behavior requires:A.A.That auditors pay not depend on the figures in th

38、e clients reports.B.Auditors to invest in businesses they audit.C.Analysts to report information favorable to their companies.D.Managers to use accounting information to benefit themselves.E.All of these.AACSB:Ethicsl:C4107.Social responsibility:A.A.Is a concern for the impact of our actions on soci

39、ety.B.Is a code that helps in dealing with confidential information.C.Is required by the SEC.D.Requires that all businesses conduct social audits.E.All of these.AACSB:Ethicsy:C4108.AACSB:Ethicsy:C4109.slt:C5110.Businesses can take the following form(s):A.Sole proprietorship.B.Common stock.C.Partners

40、hip.D.A and C only.E.All of these.sl:C5111.A corporation:A.A.Is a business legally separate from its owners.B.Is controlled by the FASB.C.Has shareholders who have unlimited liability for the acts of thecorporation.D.Is the same as a limited liability partnership.E.All of these.sl:C5112.The rules ad

41、opted by the accounting profession as guides in preparingfinancial statements are:A.Comprised of both general and specific principles.B.Known as generally accepted accounting principles.C.Abbreviated as GAAP.D.Intended to make information in financial statements relevant,reliable,and comparable.E.E.

42、All of these.sy:C5113.The committee that attempts to create more harmony among the accountingpractices of different countries by identifying preferred practices andencouraging their worldwide acceptance is the:A.AICPA.B.FASB.C.CAP.D.SEC.E.IASB.sAICPA BB:Global:C5114.The private group that currently

43、has the authority to establish generallyaccepted accounting principles is the:A.APB.B.B.FASB.C.AAA.D.AICPA.E.SEC.slt:C5115.The accounting assumption that requires every business to be accountedfor separately from other business entities,including its owner or owners isknown as the:A.Objectivity prin

44、ciple.B.B.Business entity assumption.C.Going-concern assumption.D.Revenue recognition principle.E.Cost principle.sl:C5116.The rule that requires financial statements to reflect the assumption thatthe business will continue operating instead of being closed or sold,unlessevidence shows that it will n

45、ot continue,is the:A.Going-concern principle.B.Business entity principle.C.Objectivity principle.D.Cost Principle.E.Monetary unit principle.sl:C5117.Rules adopted by the accounting profession as guides in measuring,recording,and reporting the financial condition and activities of a business:A.Are co

46、mprised of both general and specific principles.B.Are known as generally accepted accounting principles.C.Are abbreviated as GAAP.D.Arise from both long-used practices and from rulings of authoritativegroups.E.All of these.sy:C5119.To include the personal assets and transactions of a businesss owner

47、 inthe records and reports of the business would be in conflict with the:A.Objectivity principle.B.Realization principle.C.C.Business entity principle.D.Going-concern principle.E.Revenue recognition principle.sl:C5120.The accounting principle that requires accounting information to be basedon actual

48、 cost and requires assets and services to be recorded initially at thecash or cash-equivalent amount given in exchange,is the:A.Accounting equation.B.B.Cost principle.C.Going-concern principle.D.Realization principle.E.Business entity principle.sl:C5121.Generally accepted accounting principles:A.Are

49、 based on long used accounting practices.B.Are basic assumptions,concepts,and guidelines in preparing financialstatements.C.Are detailed rules used in reporting on business transactions and events.D.Arise from the rulings of authoritative bodies.E.All of these.sl:C5122.The objectivity principle:A.A.

50、Means that information is supported by independent,unbiased evidence.B.Means that information can be based on what the preparer thinks is true.C.Means that financial statements should contain information that isoptimistic.D.Means that a business may not reorganize revenue until cash is received.E.Al