Unlimited liability is an advantage of a sole proprietorship. ×
A sole proprietorship is a business owned by one or more persons. ×
As a general rule, revenues should not be recognized in the accounting records until it is received in cash. ×
In the partnership form of business, the owners are called stockholders. ×
考研英语国家线The area of accounting aimed at rving the decision making needs of internal urs is:
A Financial accounting.
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B Managerial accounting.
C External auditing.
D SEC reporting.
E Bookkeeping.
The accounting concept that requires financial statement information to be supported by independent, unbiad evidence other than someone's belief or opinion is:
A Business entity assumption.
B Monetary unit assumption.
C Going-concern assumption.
D Time-period assumption.
E Objectivity
External urs of accounting information include all of the following except:
A Shareholders.
B Customers.
C Purchasing managers.
D Government regulators.
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E Creditors.
The accounting assumption that requires every business to be accounted for parately from other business entities, including its owner or owners is known as the:
A Time-period assumption.
mystery shoppingB Business entity assumption.
C Going-concern assumption.
D Revenue recognition principle.
E Cost principle.
If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assd for tax purpos at $95,000, is recognized by its purchars as easily being
worth $140,000, and is sold for $137,000, the land should be recorded in the purchar's books at:
A $95,000.
B $137,000.
C $138,500.
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D $140,000.
E $150,000.
The Maxim Company acquired a building for $500,000. Maxim had the building appraid, and found that the building was easily worth $575,000. The ller had paid $300,000 for the building 6 years ago. Which accounting principle would require Maxim to record the building on its records at $500,000?
A Monetary unit assumption. B Going-concern assumption.
C Cost principle. D Business entity assumption.
E Revenue recognition principle.
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If the liabilities of a business incread $75,000 during a period of time and the owner's equity in the business decread $30,000 during the same period, the asts of the business must have:
A Decread $105,000. B Decread $45,000.
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C Incread $30,000. D Incread $45,000. E Incread $105,000.佳能广告曲
If the asts of a business incread $89,000 during a period of time and its liabilities incread $67,000 during the same period, equity in the business must have:
A Incread $22,000. B Decread $22,000.
C Incread $89,000. D Decread $156,000. E Incread $156,000.
If a company paid $38,000 of its accounts payable in cash, what was the effect on the asts, liabilities, and equity?
A Asts would decrea $38,000, liabilities would decrea $38,000, and equity would decrea $38,000.
B Asts would decrea $38,000, liabilities would decrea $38,000, and equity would increa $38,000.
C Asts would decrea $38,000, liabilities would decrea $38,000, and equity would not change.
D There would be no effect on the accounts becau the accounts are affected by the same amount.
E None of the.
How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?
A +$10,000 accounts receivable, -$10,000 accounts payable.
考研政治预测B +$10,000 accounts receivable, +$10,000 accounts payable.
C +$10,000 accounts receivable, +$10,000 cash.
D +$10,000 accounts receivable, +$10,000 revenue.
E +$10,000 accounts receivable, -$10,000 revenue
Asts created by lling goods and rvices on credit are:
A Accounts payable. B Accounts receivable.
C Liabilities. D Expens. E Equity.
On June 30 of the current year, the asts and liabilities of Phoenix, Inc. are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of June 30 of the current year?
A $8,300 B $13,050
C $20,500 D $31,100
E $40,400
The excess of expens over revenues for a period is: clouda
A Net asts. B Equity. C Net loss.
D Net income. E A liability.
The accounting equation implies that: Asts + Liabilities = Equity. ×
