会计学学习资料：01第1章答案.docVIP

Answer to ch1 Self-Study Questions 3.c 6.d 7.b 9.b Questions 5.”Bookkeeping and accounting are the same.” Do you agree? Explain. Bookkeeping is about keeping a companys day-to-day financial records by manually recording every business transaction into a journal. The HYPERLINK /terms/J/journal-entry.htmljournal entry included the date, the name of the accounts to be debited and credited, and the amounts. Accounting is an information system. And one of the most important functions of accounting is to accumulate and report financial information that shows an organization’s financial position and the results of its operations to its interested users. Bookkeeping usually involves only the recording of economic events. It is just one part of the accounting process. In total, accounting involves the entire process of indentifying, recording, and communicating economic events. 8. What is the economic entity assumption? Economic entity assumption is an assumption under the Generally Accepted Accounting Principles that separates the stakeholders from the business itself. The business is its own entity. An economic entity can be any organization or unit in society. 11. What is the basic accounting equation? The basic accounting equation is the foundation for the HYPERLINK /wiki/Double-entry_bookkeeping_system \o Double-entry bookkeeping systemdouble-entry bookkeeping system. For each transaction, the total debits equal the total credits. The financial position of a company is measured by the following items: 1. Assets (what it owns) 2. Liabilities (what it owes to others) 3. Owner’s Equity (the difference between assets and liabilities) The accounting equation (or basic accounting equation) offers us a simple way to understand how these three amounts relate to each other. The accounting equation for a sole proprietorship is: Assets = Liabilities + Owner’s Equity The accounting equation for a corporation is: Assets = Liabilities + Stockholders’ Equity