会计英语课后题.pdfVIP

Unlimitedliabilityisanadvantageofasoleproprietorship.×

Asoleproprietorshipisabusinessownedbyoneormorepersons.×

Asageneralrule,revenuesshouldnotberecognizedintheaccountingrecordsuntil

itisreceivedincash.×

Inthepartnershipformofbusiness,theownersarecalledstockholders.×

Theareaofaccountingaimedatservingthedecisionmakingneedsofinternalusers

is:

AFinancialaccounting.

BManagerialaccounting.

CExternalauditing.

DSECreporting.

EBookkeeping.

Theaccountingconceptthatrequiresfinancialstatementinformationtobesupported

byindependent,unbiasedevidenceotherthansomeonesbelieforopinionis:

ABusinessentityassumption.

BMonetaryunitassumption.

CGoing-concernassumption.

DTime-periodassumption.

EObjectivity

Externalusersofaccountinginformationincludeallofthefollowingexcept:

AShareholders.

BCustomers.

CPurchasingmanagers.

DGovernmentregulators.

ECreditors.

Theaccountingassumptionthatrequireseverybusinesstobeaccountedfor

separatelyfromotherbusinessentities,includingitsownerorownersisknownas

the:

ATime-periodassumption.

BBusinessentityassumption.

CGoing-concernassumption.

DRevenuerecognitionprinciple.

ECostprinciple.

Ifaparceloflandthatwasoriginallyacquiredfor$85,000isofferedforsaleat

$150,000,isassessedfortaxpurposesat$95,000,isrecognizedbyitspurchasers

aseasilybeingworth$140,000,andissoldfor$137,000,thelandshouldbe

recordedinthepurchasersbooksat:

A$95,000.

B$137,000.

C$138,500.

D$140,000.

E$150,000.

TheMaximCompanyacquiredabuildingfor$500,000.Maximhadthebuilding

appraised,andfoundthatthebuildingwaseasilyworth$575,000.Thesellerhad

paid$300,000forthebuilding6yearsago.Whichaccountingprinciplewouldrequire

Maximtor