Chapter 1-2

1. 姓名

2. 班级

3. 名词翻译

Certified public accountants (CPA)
Reliable
Comparability
Cost principle
Objectivity
Fair value
Revenue recognition principle
Credit sales
Expense recognition pricinple / matching principle
Full disclosure principle
Going concern assumption
Monetary unit assumption
Time period assumption
Business entity assumption
Liability
Materiality
Conservatism

The accounting concept that requires financial statement information to be supported by independent, unbiased evidence is:

Revenue recognition principle.Time-period assumption.Objectivity principle.Going-concern assumption.Business entity assumption.

The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the:

Objectivity principle.Monetary unit assumption.Business entity assumption.Going-concern assumption.Measurement (Cost) Principle.

If a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000, is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by the purchaser as easily being worth $140,000, and is purchased for $137,000, the land should be recorded in the purchaser's books at:

$140,000.$137,000.$150,000.$138,500.$95,000.

To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:

Going-concern assumption.Business entity assumption.Objectivity principle.Revenue recognition principle.Monetary unit assumption.

Which of the following accounting principles prescribes that a company record its expenses incurred to generate the revenue reported?

Expense recognition (Matching) principle.Going-concern assumption.Measurement (Cost) principle.Consideration assumption.Business entity assumption.

Revenue is properly recognized:

Only if the transaction creates an account receivable.At the end of the accounting period.When the customer makes an order.Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price.When cash from a sale is received.

10.

The full disclosure principle:

Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.Prescribes that a company record the expenses it incurred to generate the revenue reported.Prescribes that a company report the details behind financial statements that would impact users' decisions.Prescribes that accounting information is based on actual cost.Provides guidance on when a company must recognize revenue.

11.

The materiality constraint:

Prescribes that only information that would influence the decisions of a reasonable person need be disclosed.Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.Provides guidance on when a company must recognize revenue.Prescribes that accounting information is based on actual cost.Prescribes that a company record the expenses it incurred to generate the revenue reported.

12.

The monetary assumption:

Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods.Means that we can express transactions and events in monetary, or money, units.Prescribes that a company record the expenses it incurred to generate the revenue reported.Means that a business is accounted for separately from other business entities, including its owner.

13.

The time period assumption:

Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods.Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.Means that we can express transactions and events in monetary, or money, units.Means that a business is accounted for separately from other business entities, including its owner.Prescribes that a company record the expenses it incurred to generate the revenue reported.

更多问卷复制此问卷