财务会计英语练习及答案ch01.doc

CHAPTER 1 INTRODUCTION TO ACCOUNTING AND BUSINESS  Chapter 1—Introduction to Accounting and Business TRUE/FALSE 1. The main objective of a not-for-profit business is not to make a profit. ANS: F DIF: 2 OBJ: 01 2. An example of a business stakeholder is the federal government. ANS: T DIF: 2 OBJ: 01 3. A corporation is a business that is legally separate and distinct from its owners. ANS: T DIF: 1 OBJ: 01 4. About 90% of the businesses in the United States are organized as corporations. ANS: F DIF: 2 OBJ: 01 5. A value chain is the way a business adds value for its customers by processing inputs into a product or service. ANS: T DIF: 1 OBJ: 01 6. Once a business has chosen a strategy, it must implement the strategy in its value chain. ANS: T DIF: 1 OBJ: 01 7. A successful entrepreneur could be someone who is independent, self confident, and therefore does not need the ability to interact with others. ANS: F DIF: 3 STO: 01 8. Primary users of accounting information are accountants. ANS: F DIF: 3 OBJ: 02 9. Accounting is thought to be the language of business because business information is communicated to stakeholders. ANS: T DIF: 2 OBJ: 02 10. Accounting is a service that provides many different users with financial information to make economic decisions. ANS: T DIF: 2 OBJ: 02 11. Proper ethical conduct implies that you only consider whats in your best interest. ANS: F DIF: 1 OBJ: 03 12. Small ethical lapses are harmless in and of themselves. ANS: F DIF: 2 OBJ: 03 13. CMA is an acronym that stands for Certified Manufacturing Accountant. ANS: F DIF: 1 OBJ: 04 14. Individuals who wish to practice public accounting as a CPA must meet the requirements of the state in which they reside. ANS: T DIF: 2 OBJ: 04 15. 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. ANS: F DIF: 2 OBJ: 04 16. The Financial Accounting Stan