会计英语期末总复习.docVIP

会计英语 单元题 第一章 Answer of these questions appears at the end of lesson cases. Which of the following statements is false?____A____. The partnership form of business organization protects the personal assets of the owners from creditors of the business A proprietorship has a single owner Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers The FASB determines how accounting is practiced in the United States The primary objective of financial reporting is _______C_. to present information in an ethical manner to provide information to the federal government to provide information useful for investment and lending decisions to provide information useful to managers in making daily decisions The principle or concept that holds that an entity will remain in operation for the foreseeable future is the_____A____. going-concern concept stable-monetary-unit concept reliability principle cost principle Which of the following statements is true?___B_____. Revenues are assets because they represent economic benefits Assets are economic resources that are expected to benefit future periods The accounting equation can be stated as Assets +Liabilities =Owner’s Equity Liabilities are economic obligations to insiders Aftin Co. performed services on account. When Aftin collects the account receivable, ____B____. assets increase assets do not change owner’s equity decreases liabilities decrease Which of the following transactions would not affect ower’s equity?___A_____. Payment of an account payable Payment of salary expense Service provided on account Withdrawal of cash by owner An income statement reports___D______. The assets, liabilities, and owner’s equity on a patticular date the change in the owner’s capital during the period the cash receipts and cash payments during the period the difference between revenues and expenses during the period 8. If assets increase $80000