【正文】 arned, (2) allows the inflow of assets associated with revenue to be in a form other than cash, and (3) measures the amount of revenue as the cash plus the cash equivalent value of any noncash assets received from customers in exchange for goods or services, is called the:sl: C5Means that a business may not reorganize revenue until cash is received.E.Means that information can be based on what the preparer thinks is true.C.A.122.All of these.Are detailed rules used in reporting on business transactions and events.D.Are based on long used accounting practices.B.Generally accepted accounting principles:sl: C5Realization principle.E.Cost principle.C.A.120.Revenue recognition principle.Business entity principle.D.Objectivity principle.B.s owner in the records and reports of the business would be in conflict with the:119.All of these.Are abbreviated as GAAP.D.Are prised of both general and specific principles.B.Rules adopted by the accounting profession as guides in measuring, recording, and reporting the financial condition and activities of a business:sl: C5Cost Principle.E.Business entity principle.C.A.116.Cost principle.Goingconcern assumption.D.Objectivity principle.B.The accounting assumption that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:slt: C5AICPA.E.FASB.C.A.114.IASB.CAP.D.AICPA.B.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:sy: C5Intended to make information in financial statements relevant, reliable, and parable.E.Known as generally accepted accounting principles.C.A.112.All of these.Has shareholders who have unlimited liability for the acts of the corporation.D.Is a business legally separate from its owners.B.A corporation:sl: C5A and C only.E.Common stock.C.A.110.109.AACSB: Ethicsy: C4Requires that all businesses conduct social audits.E.Is a code that helps in dealing with confidential information.C.A.107.All of these.Analysts to report information favorable to their panies.D.s reports.B.That auditors39。Ethical behavior requires:sy: C3May also be a Certified Management Accountant.E.Must pass an examinationC.A.105.All of these.Certified Internal Auditor.D.Certified Public Accountant.B.Accounting certifications include the:sy: C3Internal Auditing.E.Auditing.C.A.103.All of these.Tax accounting.D.Auditing.B.Career opportunities in accounting include:sy: C3sy: C2Distribution.E.Purchasing.C.A.100.Bookkeeping.External auditing.D.Financial accounting.B.The area of accounting aimed at serving the decision making needs of internal users is:sy: C2Suppliers.E.Managers.C.A.98.To know what, when, and how much to produce.To monitor and control pany activities.D.To provide financial statements to help external users analyze an organization39。A.97.In accounting is only available to large corporations.Has closely linked accounting with consulting, planning, and other financial services.D.Has replaced accounting.B.Technologyy: C1Helps people make better decisions.E.Records business activities.C.A.95.FALSE94.TRUE93.TRUE92.FALSE91.FALSE90.FALSE89.TRUE88.FALSEOwner39。yThe balance sheet is based on the accounting equation.yThe first section of the ine statement reports cash from operations.yThe ine statement shows the financial position of a business on a specific date.yThe statement of cash flows shows the net effect of revenues and expenses for a reporting period.yThe ine statement is a financial statement that shows revenues earned and expenses incurred during a specified period of time.yA balance sheet covers a period of time such as a month or year.yAn ine statement reports on investing and financing activities.sys equity, and statement of cash flows.79.FALSE78.TRUE77.TRUE76.TRUEReturn on assets measures the effectiveness of an organization39。ts net ine of $117 million and average assets of $1,400 million results in a return on assets of %.74.TRUE73.TRUE72.FALSE71.TRUE70.FALSEs investment in a business always creates an asset (cash), a liability (note payable), and owner39。69.FALSEOwner39。sys accounting equation, but cannot be measured.67.FALSE66.TRUE65.FALSE64.TRUEThe legitimate claims of a business39。ts earnings activities.Owner39。tA pany might provide a service or product on credit. On credit implies that the cash payment will occur on a later date.syRevenues occur when expenses exceed assets.syThe balance sheet is also called the statement of financial position because it describes the financial position of the business at a point in time.tThe accounting equation implies that: Assets + Liabilities = Equity.tThe accounting equation can be restated as: Assets Equity = Liabilities.syWithdrawals are expenses.syAssets are the resources owned or controlled by a business.sys claim on assets.54.TRUE53.TRUE52.FALSE51.TRUERevenues are increases in equity from a pany39。yOwner financing refers to resources