Self Study
I. Choo the best answer for each question below.
1. What is the time period assumption?
A) Companies should recognize revenue in the accounting period in which it is earned.
B) Companies should match expens with revenues.
C) The economic life of a business can be divided into artificial time periods.
D) The fiscal year should correspond with the calendar year.
2. An interim period is generally ______.
A) less than one year
B) more than one year
C) more than one year but less than the life of the company
D) the life of the company
3. Which principle dictates that efforts (expens) be recorded with accomplishments (revenues)?
A) Matching principle.
B) Cost principle.
C)河神肖兰兰 Periodicity principle.
D) Revenue recognition principle.
4. The objectivity principle of accounting ______.
A) maintains that each organization or ction of an organization stands apart from other organizations and individuals
B) ensures that accounting records and statements are bad on the most reliable data available
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C) holds that the entity will remain in operation for the foreeable future
D) enables accountants to ignore the effect of inflation in the accounting records
食指带戒指5. The stable-monetary-unit concept of accounting ______.
A) maintains that each organization or ction of an organization stands apart from other organizations and individuals
B) ensures that accounting records and statements are bad on the most reliable data available
C) holds that the entity will remain in operation for the foreeable future
D) enables accountants to ignore the effect of inflation in the accounting records
6. The going-concern concept of accounting ______.
A) maintains that each organization or ction of an organization stands apart from other organizations and individuals
B) ensures that accounting records and statements are bad on the most reliable data available
C) holds that the entity will remain in operation for the foreeable future
D) enables accountants to ignore the effect of inflation in the accounting records
7. The principle which states that asts acquired by the business should be recorded at their actual price is the ______.
A) objectivity principle
B) stable dollar principle
C) cost principle
D) 风诗句reliability principle
8. The CEO of a business owns a residence in Phoenix. The company the CEO works for
owns a residence in Tucson ud for strategic planning meetings by its executives. Which of the properties is considered asts of the business?
A) The Phoenix residence only.
B) The Tucson residence only.
C) Both the Phoenix and Tucson residences.
D) Neither the Phoenix nor Tucson residences.
9. Generally accepted accounting principles are ______.
A) a t of standards and rules that are recognized as a general guide for financial reporting
B) usually established by tax bureau
C) the guidelines ud to resolve ethical dilemmas宪法主题班会
D) fundamental truths that can be derived from the laws of nature
10.个体工商户登记管理办法 There are two methods ud to account for transactions. The methods are ______.
A) cash and deferral
B) cash and accrual
C) accrual and deferral
D) 版心尺寸deferral and prepaid
11. Which of the following generally provides a better indication of an enterpri’s prent and continuing ability to generate favorable cash flows?
A) Cash basis accounting.
B) Accrual basis accounting.
C) Managerial basis accounting.
D) Financial basis accounting.
12. Financial statements are ______.
A) reports issued by outside consultants who are hired to analyze key operations of the business
B) reports created by management that states it is responsible for the acts of the corporation
C) standard documents that tell us how well a business is performing and where it stands in financial terms
D) standard documents issued by outside consultants who are hired to analyze key operations of the business in financial terms
13. Which of the following best describes a liability?
A) Liabilities are a form of paid-in capital.
B) Liabilities are future economic benefits to which a company is entitled.
C) Liabilities are accounts receivable of the corporation.
D) Liabilities are economic obligations to creditors to be paid at some future date by the corporation.
芋儿鸡的做法14. The owners’ interest in the asts of a corporation is known as ______.
A) long-term asts
B) stockholders’ equity
C) operating expens
