《财务会计1-4章习题参考答案》.pdf

财务会计习题答案2012 春 财务会计课后习题参考答案 Chapter 1 Accounting Matters! Question 7 The monetary unit assumption requires that only transaction data capable of being expressed in terms of money be included in the accounting records. An important part of the monetary unit assumption is the added assumption that the unit of measure remains sufficiently constant over time. The assumption of a stable monetary unit has been challenged because of the significant decline in the purchasing power of the dollar. The profession has recognized this problem and encourages companies to disclose the effects of changing prices. Question 10 One of the advantages Teresa Speck would enjoy is that ownership of a corporation is represented by transferable shares of stock. This would allow Teresa to raise money easily by selling a part of her ownership in the company. Another advantage is that because holders of the shares (stockholders) enjoy limited liability, they are not personally liable for the debts of the corporate entity. Also, because ownership can be transferred without dissolving the corporation, the corporation enjoys an unlimited life. EXERCISE 1-3 1. (c) 5. (d) 2. (d) 6. (b) 3. (a) 7. (e) 4. (b) 8. (f) EXERCISE 1-7 (a) Total assets (beginning of year) $ 97,000 Total liabilities (beginning of year) ,,,,,,,,,,,,,,,,,, 85,000 Total stockholders’ equity (beginning of year) …………..$ 12,000 (b) Total stockholders’ equity (end of year) ……..$ 40,000 Total stockholders’ equity (beginning of year) 12,000 Increase in stockholders’ equity ………….$ 28,000 Total revenues $215,000 Total expenses 175,000 Net income ……..$ 40,000 Increase in stockholders’ equity ………………………$ 28,000 Less: Net income $(40,000)