基础会计英文版复习参考题

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会计学英语试题及答案

会计学英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Sales Report2. The term "Double Entry Accounting" refers to the practice of recording:A. All transactions twiceB. Transactions in two different accountsC. Transactions in two different currenciesD. Transactions in two different formats3. What is the purpose of an "Adjusting Entry"?A. To close the books at the end of the yearB. To correct an error in the accounting recordsC. To ensure that the accounting equation is balancedD. To update the accounts to reflect the current financial position4. The "Accrual Basis" of accounting records revenues and expenses when:A. They are received or paidB. They are earned or incurredC. They are budgetedD. They are forecasted5. What does the term "Depreciation" represent?A. The increase in the value of an assetB. The decrease in the value of an asset over time due to useC. The sale of an assetD. The purchase of an asset6. Which of the following is an example of a "Liability"?A. Cash on handB. Accounts ReceivableC. Accounts PayableD. Inventory7. The "Net Income" is calculated by:A. Subtracting expenses from revenuesB. Adding expenses to revenuesC. Multiplying expenses by revenuesD. Dividing expenses by revenues8. A "Journal Entry" is used to:A. Record the initial transactionB. Adjust the trial balanceC. Close the booksD. Prepare financial statements9. What is the formula for calculating "Return on Investment" (ROI)?A. ROI = (Net Income / Total Assets) * 100B. ROI = (Net Income / Investment) * 100C. ROI = (Total Assets / Net Income) * 100D. ROI = (Investment / Net Income) * 10010. The "Going Concern" assumption in accounting means that:A. The business will always be profitableB. The business will continue to operate indefinitelyC. The business will be sold in the near futureD. The business will stop operating in the next year二、填空题（每题1分，共10分）11. The __________ is a record of all financial transactions of a business.12. In accounting, the __________ is the difference between the total debits and total credits.13. The __________ is the process of allocating the cost of a tangible asset over its useful life.14. An __________ is a financial statement that shows the changes in equity during a period.15. The __________ is the amount of money that a company owes to its creditors.16. The __________ is the process of estimating the value ofa company's assets.17. The __________ is the amount of money that a company has earned but has not yet received.18. The __________ is the amount of money that a company is owed by others.19. The __________ is the process of preparing financial statements at the end of an accounting period.20. The __________ is the amount of money that a company has spent but has not yet been billed.三、简答题（每题5分，共30分）21. Explain the difference between "Cash Basis" and "AccrualBasis" accounting.22. What is the purpose of "Bad Debts" in accounting?23. Describe the "Matching Principle" in accounting.24. What is the significance of "Financial Statement Analysis"?四、案例分析题（共40分）25. A company has the following transactions for the year: - Sales revenue of $500,000- Cost of goods sold of $300,000- Depreciation expense of $20,000- Interest expense of $10,000- Income tax expense of $30,000- Dividends paid of $15,000Calculate the company's net income and explain how each item affects the calculation.答案一、选择题1. D2. B3. D4. B5. B6. C7. A8. A9. B10. B二、填空题11. General Journal12. Trial Balance13. Depreciation14. Statement of Changes in Equity15. Liabilities16. Valuation17. Unearned Revenue18. Accounts Receivable19. Closing the Books20. Prepaid Expenses三、简答题21. Cash Basis accounting records transactions when cash is received。

会计专业英文笔试题及答案

会计专业英文笔试题及答案一、选择题（每题2分，共20分）1. What is the primary purpose of financial statements?A. To provide information for decision-makingB. To promote the company's imageC. To comply with tax regulationsD. To attract investors答案：A2. Which of the following is not a fundamental accounting principle?A. Going concernB. Historical costC. Accrual basis of accountingD. Cash basis of accounting答案：D3. The matching principle is used to:A. Match expenses with the revenues they generateB. Match assets with the liabilities they generateC. Match revenues with the assets they generateD. Match liabilities with the expenses they generate答案：A4. What is the formula for calculating return on investment (ROI)?A. ROI = Net Income / Total AssetsB. ROI = (Net Income / Sales) * 100C. ROI = (Return on Sales + Return on Assets) / 2D. ROI = (Net Income / Average Investment) * 100答案：D5. Which of the following is not a type of depreciation method?A. Straight-lineB. Double-declining balanceC. Units of productionD. FIFO (First-In, First-Out)答案：D二、简答题（每题5分，共30分）6. Define "Double-Entry Accounting" and explain its importance in maintaining the integrity of financial records.答案：Double-entry accounting is a system of accounting where every transaction is recorded twice, once as a debit and once as a credit. This system ensures that the accounting equation remains balanced and helps in maintaining the integrity of financial records by providing a check and balance mechanism to prevent errors and fraud.7. Explain the difference between "Liabilities" and "Equity".答案：Liabilities are obligations of a company to pay cash, provide services, or give up assets to other entities in the future. They represent the company's debts and are a source of funds that the company is obligated to repay. Equity, on the other hand, represents the ownership interest of the shareholders in the company. It is the residual interest in the assets of the company after deducting liabilities.8. What is the purpose of "Financial Statement Analysis"?答案：The purpose of financial statement analysis is to assess the financial health and performance of a company. It involves evaluating the company's liquidity, profitability, solvency, and efficiency. This analysis helps investors, creditors, and other stakeholders make informed decisions about the company.9. Describe the "Balance Sheet" and its components.答案：The balance sheet is a financial statement that presents the financial position of a company at a specific point in time. It includes assets, liabilities, and equity. Assets are what the company owns, liabilities are what the company owes, and equity is the net worth of the company, calculated as assets minus liabilities.10. What is "Cash Flow Statement" and why is it important?答案：The cash flow statement is a financial statement that provides information about the cash inflows and outflows of a company over a period of time. It is important because it shows the company's ability to generate cash and meet its financial obligations, which is crucial for the survival and growth of the business.三、案例分析题（每题25分，共50分）11. Assume you are a financial analyst for a company. The company has reported the following financial data for the current year:- Sales: $500,000- Cost of Goods Sold: $300,000- Operating Expenses: $100,000- Depreciation: $20,000- Interest Expense: $10,000- Taxes: $30,000Calculate the company's net income.答案：Net Income = Sales - Cost of Goods Sold - Operating Expenses - Depreciation - Interest Expense - TaxesNet Income = $500,000 - $300,000 - $100,000 - $20,000 - $10,000 - $30,000Net Income = $50,00012. A company is considering purchasing a new machine for $100,000. The machine is expected to generate additional annual revenue of $30,000 and will have annual operating costs of $15,000. The machine is expected to last for 5 years and will have no residual value. Calculate the payback period for the machine.答案：Payback Period = Initial Investment / Annual Cash Inflow Annual Cash Inflow = Additional Revenue。

会计基础试题及答案英语

会计基础试题及答案英语一、选择题（每题1分，共10分）1. What is the primary purpose of financial accounting?A. To provide information for internal management decisionsB. To provide information for external stakeholdersC. To record daily transactionsD. To calculate taxes2. Which of the following is not an accounting principle?A. ConsistencyB. MaterialityC. RelevanceD. Efficiency3. What does the term "Double Entry" refer to in accounting?A. Recording transactions twiceB. Recording both the debit and credit effects of a transactionC. Recording only the debit side of a transactionD. Recording only the credit side of a transaction4. Which of the following is an example of a liability?A. CashB. Accounts ReceivableC. Accounts PayableD. Inventory5. What is the formula for calculating the current ratio?A. Current Assets / Current LiabilitiesB. Total Assets / Total LiabilitiesC. Current Assets / Total AssetsD. Current Liabilities / Total Liabilities6. Which of the following is a non-current asset?A. Prepaid RentB. LandC. SuppliesD. Salaries Payable7. What is the purpose of adjusting entries?A. To distribute expenses over the period in which they are incurredB. To increase the company's reported profitC. To reduce the company's reported profitD. To prepare the financial statements for the next year8. What is the accounting equation?A. Assets = Liabilities + EquityB. Assets - Liabilities = EquityC. Equity = Assets - LiabilitiesD. All of the above9. What is the term for the systematic allocation of the cost of a tangible asset over its useful life?A. AmortizationB. DepreciationC. AccrualD. Provision10. Which of the following is not a type of revenue?A. Sales RevenueB. Interest RevenueC. Dividend RevenueD. Cost of Goods Sold二、简答题（每题5分，共10分）1. Explain the concept of "matching principle" in accounting.2. What are the main components of a balance sheet?三、计算题（每题5分，共15分）1. If a company has current assets of $100,000 and current liabilities of $50,000, calculate the company's current ratio.2. A company purchased equipment for $80,000 on January 1, 2023. The equipment is expected to last for 5 years and will have no residual value at the end of its useful life.Calculate the annual depreciation expense using the straight-line method.四、案例分析题（每题25分，共25分）A company reported the following transactions for the year 2023:- Sales Revenue: $500,000- Cost of Goods Sold: $300,000- Operating Expenses: $150,000- Depreciation Expense: $20,000- Interest Expense: $10,000Calculate the company's net income for the year 2023.答案：一、选择题1. B2. D3. B4. C5. A6. B7. A8. D9. B10. D二、简答题1. The matching principle in accounting requires that expenses be recognized in the same period as the revenues they helped to generate. This ensures that the financial statements reflect the true economic performance of the company.2. The main components of a balance sheet are Assets, Liabilities, and Equity.三、计算题1. Current Ratio = Current Assets / Current Liabilities = $100,000 / $50,000 = 22. Annual Depreciation Expense = (Cost of Equipment - Residual Value) / Useful Life = ($80,000 - $0) / 5 = $16,000四、案例分析题Net Income = Sales Revenue - Cost of Goods Sold - Operating Expenses - Depreciation Expense - Interest ExpenseNet Income = $500,000 - $300,000 - $150,000 - $20,000 - $10,000 = $20,000结束语：本试题涵盖了会计基础的多个方面，包括基本概念、原则、财务报表的构成以及简单的会计计算。

英语会计复习题

英语会计复习题英语会计复习题在学习会计的过程中，复习题是非常重要的一部分。

通过做题，我们可以巩固知识点，检验自己的理解程度，并且为考试做好准备。

下面是一些英语会计复习题，希望对大家的学习有所帮助。

1. What is the basic accounting equation?The basic accounting equation is Assets = Liabilities + Equity. It represents the fundamental relationship between a company's assets, liabilities, and owner's equity.2. What is the difference between accrual accounting and cash accounting? Accrual accounting records revenue and expenses when they are incurred, regardless of when the cash is received or paid. Cash accounting, on the other hand, only records revenue and expenses when the cash is actually received or paid. Accrual accounting provides a more accurate picture of a company's financial performance, while cash accounting is simpler and easier to understand.3. What is depreciation?Depreciation is the allocation of the cost of an asset over its useful life. It represents the decrease in value of an asset due to wear and tear, obsolescence, or other factors. Depreciation is recorded as an expense on the income statement and reduces the value of the asset on the balance sheet.4. What is the difference between a current asset and a fixed asset?A current asset is an asset that is expected to be converted into cash or used upwithin one year or the normal operating cycle of a business. Examples of current assets include cash, accounts receivable, and inventory. A fixed asset, on the other hand, is an asset that is used in the production of goods or services and is not expected to be converted into cash within one year. Examples of fixed assets include buildings, machinery, and vehicles.5. What is the purpose of the statement of cash flows?The statement of cash flows provides information about the cash inflows and outflows of a company during a specific period of time. It helps users of financial statements understand how a company generates and uses cash, and provides insights into its liquidity and cash flow management.6. What is the difference between gross profit and net profit?Gross profit is the difference between net sales and the cost of goods sold. It represents the profit a company makes from its core operations before deducting operating expenses. Net profit, on the other hand, is the final profit after deducting all expenses, including operating expenses, interest, and taxes. 7. What is the purpose of the balance sheet?The balance sheet provides a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and owner's equity, and helps stakeholders assess its solvency, liquidity, and financial stability.8. What is the difference between accounts payable and accounts receivable? Accounts payable is the amount of money a company owes to its suppliers or creditors for goods or services purchased on credit. Accounts receivable, on theother hand, is the amount of money owed to a company by its customers for goods or services sold on credit. Accounts payable represents a liability, while accounts receivable represents an asset.通过以上的复习题，我们可以回顾和巩固会计的基础知识。

英文版会计学考试题及答案

英文版会计学考试题及答案English Accounting Exam Questions and AnswersQuestion 1: Define the term "Double Entry Bookkeeping" and explain its significance in accounting.Answer 1: Double Entry Bookkeeping is a system of recording financial transactions in which every entry to an account requires a corresponding and opposite entry to a different account. This ensures that the accounting equation (Assets = Liabilities + Owner's Equity) remains in balance. The significance of double entry bookkeeping lies in its ability to provide an accurate and comprehensive picture of a business's financial status, facilitating better decision-making and financial control.Question 2: What is the purpose of a trial balance, and how does it help in the preparation of financial statements?Answer 2: A trial balance is a report that lists the balances of all general ledger accounts at a particular point in time, with debit and credit amounts. It is used to ensure that the debits and credits have been recorded correctly. The trial balance helps in the preparation of financial statements by identifying any discrepancies in the accounting records, which can then be rectified before finalizing the statements.Question 3: Explain the difference between "AccrualAccounting" and "Cash Accounting."Answer 3: Accrual Accounting is a method of accounting where revenues and expenses are recognized when they are earned or incurred, not necessarily when cash is received or paid. This method provides a more accurate representation of a company's financial performance over a period. Cash Accounting, on the other hand, records transactions only when cash is exchanged. It is simpler and is often used by small businesses or those that operate on a cash basis.Question 4: Describe the process of preparing an income statement.Answer 4: Preparing an income statement involves several steps:1. List all the revenues for the period, such as sales and service income.2. Deduct all the expenses incurred to generate those revenues, including cost of goods sold, operating expenses, and taxes.3. Calculate the net income by subtracting total expenses from total revenues.4. The income statement should reflect the company's profitability over a specified period, typically a month, quarter, or year.Question 5: What are the main components of a balance sheet, and how do they relate to each other?Answer 5: The main components of a balance sheet are:1. Assets: What the company owns or controls with future economic benefit, divided into current assets (short-term) and non-current assets (long-term).2. Liabilities: Obligations the company owes to others, classified as current liabilities (due within one year) and long-term liabilities (due after one year).3. Owner's Equity: The residual interest in the assets of the entity after deducting liabilities, also known as shareholders' equity or net assets.These components are related through the fundamental accounting equation: Assets = Liabilities + Owner's Equity.Question 6: How does depreciation affect a company'sfinancial statements?Answer 6: Depreciation is a non-cash accounting method used to allocate the cost of tangible assets over their useful lives. It affects a company's financial statements in the following ways:1. It reduces the book value of the asset on the balance sheet.2. It increases the accumulated depreciation account, whichis a contra-asset account.3. It decreases net income on the income statement, as depreciation is an expense.4. It can lower taxable income, potentially reducing the company's tax liability.Question 7: What is the purpose of the statement of cash flows, and how does it differ from the income statement?Answer 7: The purpose of the statement of cash flows is to provide information about a company's cash receipts and payments during a period, showing how these cash flows affect the company's financial position. It differs from the income statement in that:1. It focuses on cash transactions, not accrual-basis accounting.2. It categorizes cash flows into operating, investing, and financing activities.3. It does not report net income but rather the net change in cash and cash equivalents.Question 8: Explain the concept of "Going Concern" and its importance in financial reporting.Answer 8: The Going Concern concept assumes that a businesswill continue to operate for the foreseeable future, allowing it to realize its assets and discharge its liabilities in the normal course of business. It is important in financial reporting because it underpins the accrual basis of accounting, which assumes that the business will continue to operate and therefore can recognize revenues and expensesover time.Question 9: What are the ethical considerations in accounting, and why are they important?Answer 9: Ethical considerations in accounting include honesty, integrity, objectivity, and confidentiality. Theyare important because they ensure the reliability andcredibility of financial information, which is crucial for stakeholders to make informed decisions. Ethical behavior also helps maintain public trust。

会计英语基础试题及答案

会计英语基础试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a basic accounting element?a. Assetsb. Liabilitiesc. Equityd. Revenue2. The term "Double Entry Bookkeeping" refers to:a. Recording transactions twiceb. Keeping two sets of booksc. Recording both the debit and credit aspects of a transactiond. Using two different currencies in accounting3. What is the purpose of adjusting entries?a. To correct past errorsb. To update the financial statementsc. To prepare for the closing of the accounting periodd. To calculate the final profit or loss4. The financial statement that shows the financial performance of a company over a period of time is:a. Balance Sheetb. Income Statementc. Cash Flow Statementd. Statement of Changes in Equity5. Which of the following is an example of a current asset?a. Landb. Buildingsc. Inventoryd. Patents6. In accounting, what does the term "Accrual Basis" mean?a. Cash received is recorded as revenueb. Revenue is recognized when it is earnedc. Expenses are recorded when cash is paidd. All of the above7. A company's financial statements are audited to ensure:a. Accuracyb. Compliance with accounting standardsc. Fair presentationd. All of the above8. The accounting equation is:a. Assets = Liabilities + Equityb. Liabilities - Equity = Assetsc. Revenue - Expenses = Net Incomed. Assets - Liabilities = Net Worth9. What is the purpose of depreciation in accounting?a. To increase the value of assetsb. To allocate the cost of a tangible asset over its useful lifec. To sell the asset at a lower priced. To reduce the company's taxable income10. Which of the following is not a type of intangible asset?a. Trademarksb. Copyrightsc. Cash on handd. Goodwill答案：1. d2. c3. c4. b5. c6. b7. d8. a9. b10. c二、填空题（每题1分，共10分）1. The basic accounting equation can be expressed as ________ = Assets.2. The process of adjusting entries is known as the ________ of the accounting period.3. When a company purchases inventory on credit, it is recorded as an ________ asset.4. The ________ is the document that summarizes the financial transactions of a business.5. A ________ is a liability that a company owes to its suppliers for goods or services received on credit.6. The ________ statement shows the changes in equity duringa specific period.7. An ________ is a non-monetary asset that lacks physical substance.8. The ________ method of accounting recognizes revenue when cash is received.9. The term "Bad Debts" refers to ________ that a company has written off as uncollectible.10. The ________ is the difference between the cost and accumulated depreciation of a fixed asset.答案：1. Liabilities + Equity2. Closing3. Current4. Journal5. Accounts Payable6. Statement of Changes in Equity7. Intangible8. Cash Basis9. Uncollectible Accounts10. Book Value三、简答题（每题5分，共30分）1. 简述会计信息质量要求中的“可靠性”。

会计英语基础试题及答案

会计英语基础试题及答案一、单项选择题（每题2分，共20分）1. The term "accounting" refers to:A. The process of recording, summarizing, analyzing, and interpreting financial informationB. The science of cookingC. The study of plantsD. The practice of law答案：A2. Which of the following is not a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Payroll Report答案：D3. The process of identifying, measuring, and communicating economic information is known as:A. AuditingB. BudgetingC. AccountingD. Taxation答案：C4. What is the purpose of an income statement?A. To show the financial position of a company at a specific point in timeB. To show the changes in equity of a company over a period of timeC. To show the results of a company's operations over a period of timeD. To show the cash inflows and outflows of a company over a period of time答案：C5. The accounting equation is:A. Assets = Liabilities + EquityB. Assets - Liabilities = EquityC. Liabilities - Equity = AssetsD. Equity - Assets = Liabilities答案：A6. Which of the following is an example of a tangible asset?A. GoodwillB. PatentsC. MachineryD. Trademarks答案：C7. The term "double-entry bookkeeping" refers to the practice of:A. Recording transactions in two different accountsB. Recording transactions in two different ledgersC. Recording each transaction with a corresponding debit and creditD. Recording each transaction with a corresponding increase and decrease答案：C8. The accounting principle that requires companies to match expenses with revenues in the same period is known as:A. The matching principleB. The accrual basis of accountingC. The cash basis of accountingD. The historical cost principle答案：A9. What is the purpose of depreciation?A. To increase the value of an assetB. To reduce the value of an asset over timeC. To dispose of an assetD. To sell an asset答案：B10. The process of adjusting the accounts at the end of an accounting period to ensure they reflect the actual financial position of the company is called:A. Closing the booksB. Adjusting entriesC. AuditingD. Budgeting答案：B二、多项选择题（每题3分，共15分）1. Which of the following are considered current assets? (Choose all that apply)A. CashB. Accounts ReceivableC. InventoryD. Land答案：A, B, C2. The following are examples of liabilities except:A. Accounts PayableB. Bonds PayableC. Common StockD. Long-term Debt答案：C3. The accrual basis of accounting is different from the cash basis of accounting in that it:A. Recognizes revenues when cash is receivedB. Recognizes revenues when earnedC. Recognizes expenses when cash is paidD. Recognizes expenses when incurred答案：B, D4. Which of the following are considered as equity accounts? (Choose all that apply)A. Retained EarningsB. Common StockC. DividendsD. Treasury Stock答案：A, B, D5. The following are examples of adjusting entries except:A. Accrued RevenueB. Accrued ExpensesC. Prepaid ExpensesD. Depreciation Expense答案：C三、填空题（每题2分，共20分）1. The basic accounting equation is _______ = _______ +_______.答案：Assets, Liabilities, Equity2. The two main types of business entities are _______ and_______.答案：Sole Proprietorship, Corporation3. The process of preparing financial statements is known as _______.答案：Accounting Cycle4. The term used to describe the cost of an asset is _______.答案：Historical Cost5. The accounting principle that requires companies to provide full disclosure in financial reports is known as_______.答案：Full Disclosure Principle6. The _______ statement shows the changes in equity of a company over a period of time.答案：Statement of Changes in Equity7. The _______ statement shows the cash inflows and outflows of a company over a period of time.答案：Cash Flow Statement8. The process of determining the value of an asset is called _______.答案：Valuation9. The _______ principle states that a company should not anticipate revenues or expenses before they are earned or incurred.答案：Cons。

会计基础考试题库及答案英文版

会计基础考试题库及答案英文版Accounting Fundamentals Exam Question Bank and Answers - English VersionQuestion 1: What is the primary purpose of financial accounting?Answer 1: The primary purpose of financial accounting is to provide financial information about a company to external users such as investors, creditors, and government agencies, which helps them make informed decisions.Question 2: Define the term "Double Entry Bookkeeping."Answer 2: Double Entry Bookkeeping is a system of recording financial transactions in which every transaction is recorded twice, once as a debit and once as a credit, to maintain the equality of the accounting equation.Question 3: Explain the difference between "Liabilities" and "Equity."Answer 3: Liabilities are the obligations of a company, which represent the amounts owed to external parties. Equity, on the other hand, represents the ownership interest in the company and the residual interest in the assets after deducting the liabilities.Question 4: What is the accounting equation?Answer 4: The accounting equation is Assets = Liabilities + Equity. It is the fundamental equation that underlies the double-entry bookkeeping system and shows the relationship between a company's assets, liabilities, and equity.Question 5: Describe the "Accrual Basis" of accounting.Answer 5: The accrual basis of accounting records revenues and expenses when they are earned or incurred, not when cash is received or paid. This method provides a more accurate picture of a company's financial performance over a period of time.Question 6: What is the purpose of a "Trial Balance"?Answer 6: A trial balance is a report that lists all the account balances from the general ledger at a particularpoint in time. It is used to check the accuracy of the accounting records by ensuring that the total of debitsequals the total of credits.Question 7: Differentiate between "Cash Flow Statement" and "Income Statement."Answer 7: The income statement reports a company's financial performance over a period of time, showing revenues, expenses, and net income or loss. The cash flow statement, however, shows the inflows and outflows of cash during the same period, focusing on the company's liquidity and ability to generate cash.Question 8: What is the role of "Depreciation" in accounting?Answer 8: Depreciation is the systematic allocation of thecost of a tangible asset over its useful life. It reflectsthe consumption of the asset's economic benefits over timeand is used to match the expense with the revenue generatedby the asset.Question 9: Explain the concept of "Financial Statements." Answer 9: Financial statements are formal records of acompany's financial activities, including the balance sheet, income statement, and cash flow statement. They provide a snapshot of the company's financial position and performance over a specific period.Question 10: What is the "Going Concern" assumption in accounting?Answer 10: The going concern assumption is the belief that a business will continue to operate for the foreseeable future. It is a fundamental assumption in accounting that allows for the preparation of financial statements based on the continuity of the business.End of Exam Question BankPlease note that this question bank is designed to provide a general overview of accounting fundamentals and should be used as a study aid. For a comprehensive understanding, further study and practical application are recommended.。

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1. A business entity is regarded as separate from the personal activities of its owners whether it is a sole proprietorship, a partnership, or a corporation. True False2. Assets need not always have physical characteristics such as buildings, machinery or inventory.True False3. The going concern principle assumes that the business will continue indefinitely.True False4. Notes payable and accounts payable are written promises to pay an amount owed by a certain date. Notes payable generally have interest but accounts payable generally do not.True False5. A net profit results from having more revenues than liabilities.True False6. The sale of additional shares of capital stock will cause treasury stock to increase.True False7. Articulation between the financial statements means that they relate closely to each other.True False8. Limited liability means that owners of a business are only liable for the debts of the business up to the amounts they can afford.True False9. In a business organized as a corporation, it is not necessary to list the equity of each stockholder on the balance sheet.True False10. Total assets always equal total liabilities plus total owners' equity. True False11. A cash flow statement reports revenue and expense activities for a specific time period such as one month or one year.True False12. Any business event that might affect the future profitability of a business should be reported in its balance sheet.True False13. Total assets plus total liabilities equals total owners' equity.True False14. The practice of showing assets on the balance sheet at their cost rather than at their current market value is explained in part by the fact that cost is supported by objective evidence that can be verified by independent experts.True False15. The realization principle states that the activities of an entity should be kept separate from those of its owner.True False16. The entity principle states that the affairs of the owners are not part of the financial operations of a business entity and should be separated.True False17. The accounting equation may be stated as "assets minus liabilities equals owners' equity."True False18. A transaction that causes an increase in an asset may also cause a decrease in another asset, an increase in a liability, or an increase in owners' equity.True False19. The collection of an account receivable will cause total assets to decrease.True False20. The payment of a liability causes an increase in owners' equity.True False21. When a business borrows money from a bank, the immediate effect is an increase in total assets and a decrease in liabilities or owners' equity. True False22. The purchase of an asset such as office equipment, for cash will cause owners' equity to decrease.True False23. The owner of a sole proprietorship is personally liable for the debts of the business, whereas the stockholders of a corporation are not personally liable for the debts of the business.True False24. If a company purchases equipment for cash, its total assets will increase. True False25. If a company purchases equipment by issuing a note payable, its total assets will not change.True False26. It is not unusual for an entity to report a significant increase in cash from operating activities, but a decrease in the total amount of cash.True False27. The cash flow statement provides a link between two balance sheets by showing how net income (or loss) has changed owners' equity from one balance sheet date to the next.True False28. According to Sarbanes-Oxley, internal controls must be audited by the same accounting firm that audits the financial statements.True False29. The Public Company Accounting Oversight Board was created by the American Institute of CPAs to oversee the public accounting profession. True False30. The major outgrowth from business failures and allegations of fraudulent financial reporting during the 1990's was the passage of the Securities and Exchange Act.True FalseChapter 02 Basic Financial Statements Answer KeyTrue / False Questions1. A business entity is regarded as separate from the personal activities of its owners whether it is a sole proprietorship, a partnership, or a corporation. TRUEAACSB: Reflective ThinkingAICPA BB: LegalAICPA FN: ReportingLearning Objective: 2Learning Objective: 82. Assets need not always have physical characteristics such as buildings, machinery or inventory.TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 23. The going concern principle assumes that the business will continue indefinitely.TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 1Learning Objective: 24. Notes payable and accounts payable are written promises to pay an amount owed by a certain date. Notes payable generally have interest but accounts payable generally do not.TRUEAACSB: Reflective ThinkingAICPA BB: Resource ManagementAICPA FN: MeasurementLearning Objective: 45. A net profit results from having more revenues than liabilities. FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 3Learning Objective: 56. The sale of additional shares of capital stock will cause treasury stock to increase.FALSEAACSB: Reflective ThinkingAICPA BB: Resource ManagementAICPA FN: MeasurementLearning Objective: 3Learning Objective: 47. Articulation between the financial statements means that they relate closely to each other.TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 78. Limited liability means that owners of a business are only liable for the debts of the business up to the amounts they can afford.FALSEAACSB: Reflective ThinkingAICPA BB: LegalAICPA FN: MeasurementLearning Objective: 89. In a business organized as a corporation, it is not necessary to list the equity of each stockholder on the balance sheet.TRUEAACSB: Reflective ThinkingAICPA BB: LegalAICPA FN: ReportingLearning Objective: 810. Total assets always equal total liabilities plus total owners' equity. TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 311. A cash flow statement reports revenue and expense activities for a specific time period such as one month or one year.FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: ReportingLearning Objective: 612. Any business event that might affect the future profitability of a business should be reported in its balance sheet.FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: ReportingLearning Objective: 3Learning Objective: 413. Total assets plus total liabilities equals total owners' equity.FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 314. The practice of showing assets on the balance sheet at their cost rather than at their current market value is explained in part by the fact that cost is supported by objective evidence that can be verified by independent experts.TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 215. The realization principle states that the activities of an entity should be kept separate from those of its owner.FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 216. The entity principle states that the affairs of the owners are not part of the financial operations of a business entity and should be separated.TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 217. The accounting equation may be stated as "assets minus liabilities equals owners' equity."TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 318. A transaction that causes an increase in an asset may also cause a decrease in another asset, an increase in a liability, or an increase in owners' equity.TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 319. The collection of an account receivable will cause total assets to decrease.FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 320. The payment of a liability causes an increase in owners' equity. FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 321. When a business borrows money from a bank, the immediate effect is an increase in total assets and a decrease in liabilities or owners' equity. FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 322. The purchase of an asset such as office equipment, for cash will cause owners' equity to decrease.FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 323. The owner of a sole proprietorship is personally liable for the debts of the business, whereas the stockholders of a corporation are not personally liable for the debts of the business.TRUEAACSB: Reflective ThinkingAICPA BB: LegalAICPA FN: MeasurementLearning Objective: 824. If a company purchases equipment for cash, its total assets will increase. FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 325. If a company purchases equipment by issuing a note payable, its total assets will not change.FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 326. It is not unusual for an entity to report a significant increase in cash from operating activities, but a decrease in the total amount of cash.TRUEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 627. The cash flow statement provides a link between two balance sheets by showing how net income (or loss) has changed owners' equity from one balance sheet date to the next.FALSEAACSB: Reflective ThinkingAICPA BB: Critical ThinkingAICPA FN: MeasurementLearning Objective: 628. According to Sarbanes-Oxley, internal controls must be audited by the same accounting firm that audits the financial statements.TRUEAACSB: EthicsAICPA BB: LegalAICPA FN: ReportingLearning Objective: 929. The Public Company Accounting Oversight Board was created by the American Institute of CPAs to oversee the public accounting profession. FALSEAACSB: EthicsAICPA BB: LegalAICPA FN: ReportingLearning Objective: 930. The major outgrowth from business failures and allegations of fraudulent financial reporting during the 1990's was the passage of the Securities and Exchange Act.FALSEAACSB: EthicsAICPA BB: LegalAICPA FN: ReportingLearning Objective: 9。