會計英語作業(yè)

ExercisesforUnitTwo

MultipleChoices

A1.Whichofthefollowingusersarenotexternalusersofaccountinginformation?

A.ManagersB.Creditors

C.InvestorsD.Analysts

D2.Whichofthefollowingisnotanaccountingstandard-settingorganization?

A.FASBB.IASB

C.MOFD.GAAP

C3.Thediversityofinterestedpartiesleadstoalogicaldivisioninthedisciplineofaccounting:financialaccountingand_______.

A.costaccountingB.financialmanagement

C.managerialaccountingD.taxaccounting

D4.CPAsprovideservicesofthefollowingexcept________.

A.auditB.consulting

C.taxD.holdingexamination

A5.Whichofthefollowingserviceinvolvesprovidinganindependentreportontheappropriatenessoffinancialstatements?

A.AuditB.Tax

C.ConsultingD.Budgeting

D6.Accountantsemployedbylargecorporationsmayworkintheareasofthefollowingexcept_______.

A.productcostingandpricingB.budgeting

C.internalauditingD.productproducing

B7.______informationistrustedbyusers.______informationishelpfulincontrastingorganizations.

A.RelevantB.Reliable

C.ComparableD.Separate

A8.The______assumptionassumesthatabusinesswillcontinueinthesamelinesofthebusinessasthoseinwhichitiscurrentlyinvolved.

A.Going-concernB.accountingperiod

C.accountingentityD.monetaryunit

B9.The______assumptionassuresthataccountinginformationisreportedatregularintervals.

A.Going-concernB.accountingperiod

C.accountingentityD.monetaryunit

B10.Thepurposeof______principleistoallowmeaningfulinter-periodcomparisonofanentity.

A.matchingB.consistency

C.materialityD.conservatism

True-False

T1.Accountingisasetofconceptsandtechniquesthatareusedtomeasureandreportfinancialinformationaboutanlegalunit.

T2.Businessmanagersneedaccountinginformationtomakesoundleadershipdecisions.

F3.Managerialaccountingisprimarilyconcernedwithprovidinginformationtopartiesoutsidethefirm.

F4.ExternaluserscontroltheactualpreparationoffinancialreportsanddonotrelyonCPA’sopiniononfinancialreports.

T5.Investorsandcreditorsplacegreatrelianceonfinancialstatementsinmakingtheirinvestmentandcreditdecisions.

F6.Codeofethicscanresolveallproblemsofaccountingethics.

T7.Ifadepartmentinonestorehasitsownaccountingsystemandrecordstransactionswithotherdepartment,thenitisanaccountingentity.

T8.Financialstatementsarepresentedinthecurrencyofthecountrywhereanentityoperates.

T9.Thevalueofmoneyisconstantovertime.

T10.Thehistoricalcosthasanimportantadvantageoverothervaluations:itisreliable.

F11.Companiesaccountforliabilitiesonacostbasis.

T12.Ifaccountingproceduresarechanged,thefactofthechangeanditseffectonreportedresultaresupposedtobedisclosedinthefinancialstatements.

T13.Ingeneral,expensesarenotrecordedassoonastheybecomeprobable.

Afterseveralmonthsofplanning,JasmineWorthystartedshaircuttingbusinesscalledExpressions.Thefollowingevents(nextpage)occurredduringitsfirstmonthofbusiness.

Indicatetheeffectofeachtransactionontheaccountingequation,usingthefollowingtabularheadings.

a.OnAugust1,Worthyinvested$3,000cashand$15,000ofequipmentinExpressions.

b.OnAugust2,Expressionspaid$600cashforfurniturefortheshop.

c.OnAugust3,Expressionspaid$500cashtorentspaceinastripmallforAugust.

d.OnAugust4,itpurchased$1,200ofequipmentoncreditfortheshop(usingalong-termnotepayable).

e.OnAugust5,Expressionsopenedforbusiness.Cashreceivedfromhaircuttingservicesinthefirstweekandahalfofbusiness(endedAugust15)was$825.

f.OnAugust15,itprovided$100ofhaircuttingservicesonaccount.

g.OnAugust17,itreceived$100checkforservicespreviouslyrenderedonaccount.

h.OnAugust17,itpaid$125cashtoanassistantforhoursworkedduringthegrandopening.

i.CashreceivedfromservicesprovidedduringthesecondhalfofAugustwas$930.

j.OnAugust31,itpaida$400installmenttowardprincipalonthenotepayableenteredintoonAugust4.

k.OnAugust31,Worthymadea$900cashwithdrawalfromthecompanyforpersonaluse.

Liabilities

Owner’sEquity

Assets

Cash

Furniture

J.Worthy,

capital

+

==

+

Explanationofchange

inequity

Equipment

+

+

NotePayable

a.$3,000$15,000$18,000investment

b.-$600$600expenses

c,-$500-$500expenses

d,$1,200$1,200expense