【正文】 liabilities, no effect。 equity, no effect.C.169.An exchange of value between two entities is called:A.$8,300B.166.A.Debits equal credits.C.Assets.D.Contribution.E.All of these.sy160.Another name for equity is:A.Identifies, records, and municates information about business activitiesC.The gross increase in equity from a pany39。s personal use.155.A.Ine statement equation.B.Accounting equation.C.Owner39。sytCreditors39。A.The excess of revenues over expenses.C.Owner39。sytResources owned or controlled by a pany that are expected to yield future benefits are:Is the excess of revenues over expenses.E.Contribution from owner.sy: C6sy: C6141.A.Paying wages.B. liabilities decrease $30,000E. liabilities decrease $30,000C.A.s equity increases $137,000D.Assets increase $52,000。$85,000 decreaseC.Cost principle.D.The best estimate of a certified internal auditor.E.131.A partnership:A.Monetary unit principleB.Is the government group that establishes reporting requirements for panies that issue stock to the public.C.Objectivity principle.D.Objectivity principle.E.All of these.sl: C5121.The accounting principle that requires accounting information to be based on actual cost and requires assets and services to be recorded initially at the cash or cashequivalent amount given in exchange, is the:A.Are known as generally accepted accounting principles.C.Objectivity principle.D.Revenue recognition principle.E.SEC.sAICPA BB: Global: C5113.The rules adopted by the accounting profession as guides in preparing financial statements are:A.Sole proprietorship.B.108.Social responsibility: pay not depend on the figures in the client39。Must exhibit ethical characterD.Personal Financial SpecialistE.All of these.sy: C3102.Research and development.B.Managerial accounting.C.Lenders.D.To provide information on both the costs and benefits of looking after products and services.E.AACSB: TechnologyyAICPA FN: Leveraging Technology: C196.Accounting is an informationt system that:yyyy86.84.82.80.U. S. Government Treasury bonds provide high return and low risk to investors.Risk is the amount of uncertainty about the return we expect to earn.TRUEsytAn owner39。FALSEsylts investments are gross increases in equity from a pany39。FALSEFALSEFALSEFALSEtsy49.47.s ideas, goals, and actions.FALSE28.2522.19.16.In the partnership form of business, the owners are called stockholders.Good ethics are good business.Internal users include lenders, shareholders, brokers and managers.TRUE4. True / False Questions 1.Internal operating activities include research and development, distribution, and human resources.FALSE8.TRUE11.FALSEThe Financial Accounting Standards Board is the private group that sets both broad and specific accounting principles.The business entity principle means that a business is accounted for separately from other business entities, including its owner or owners.General accounting principles arise from longused accounting practice.Understanding generally accepted accounting principles is not necessary to use and interpret financial statements.A limited liability pany offers the limited liability of a partnership or proprietorship and the tax treatment of a corporation.31.TRUEThe three major activities of a business are recording, financing, and investing.Owner financing refers to resources contributed by creditors or lenders.51.53.sysytsys earnings activities.64.66.sys investment in a business always creates an asset (cash), a liability (note payable), and owner39。71.73.tTRUEFALSEAn ine statement reports on investing and financing activities.The ine statement is a financial statement that shows revenues earned and expenses incurred during a specified period of time.The ine statement shows the financial position of a business on a specific date.The balance sheet is based on the accounting equation.88.90.92.94.A.Technology97.To know what, when, and how much to produce.Suppliers.E.External auditing.D.Purchasing.C.Career opportunities in accounting include:103.sy: C3All of these.May also be a Certified Management Accountant.E.s reports.B.A.Common stock.C.Is a business legally separate from its owners.B.A.The mittee that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the:114.slt: C5Cost principle.Cost Principle.E.Are abbreviated as GAAP.D.Objectivity principle.B.A.Generally accepted accounting principles:122.sl: C5Business entity principleBusiness entity principle.E.Has the authority to impose its standards on panies.D.Goingconcern principleC.Includes a general partner with unlimited liability.B.A.According to generally accepted accounting principles, a pany39。The objective value to external users.Business entity principle.E.$137,000 increaseD. owner39。Assets increase $140,000。Assets increase $52,000。Assets increase $22,000。Assets decrease $55,000。Purchasing office equipment.C.Are the means organizations use to pay for resources.B.Operating activities:142.143.l: C6Represents owners39。A.147.s Equity.E.An asset.D.Net ine.B. claim