怀尔德会计学原理21版英语题库答案.docx

怀尔德会计学原理21版英语题库答案.docx

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怀尔德会计学原理21版英语题库答案

怀尔德会计学原理21版英语题库答案

Chapter1

AccountinginBusiness

QUESTIONS

1・Thepurposeofaccountingistoprovidedecisionmakerswithrelevantandreliable

informationtohelpthemmakebetterdecisions・Examplesincludeinformationfor

peoplemakinginvestments,loans,andbusinessplans・

2・Technologyreducesthetime,effort,andcostofrecordkeeping・Thereisstilla

demandforpeoplewhocandesignaccountingsystems,supervisetheiroperation,

analyzecomplextransactions,andinterpretreports・Demandalsoexistsforpeople

whocaneffectivelyusecomputerstoprepareandanalyzeaccountingreports・

Technologywillneversubstituteforqualifiedpeoplewithabilitiestoprepare,use,

analyze,andinterpretaccountinginformation.

3.Externalusersandtheirusesofaccountinginformationinclude:

（a）lenders,to

measuretheriskandreturnofloans;（b）shareholders,toassesswhethertobuy,

sell,orholdtheirshares;（c）directors,tooverseetheirinterestsintheorganization;

（d）employeesandlaborunions,tojudgethefairnessofwagesandassessfuture

employmentopportunities;and（e）regulators,todeterminewhether

theorganization

iscomplyingwithregulations・Otherusersarevoters,legislators,government

officials,contributorstononprofits,suppliersandcustomers・

4.Businessownersandmanagersuseaccountinginformationtohelpanswer

questionssuchas:

Whatresourcesdoesanorganizationown?

Whatdebtsareowed?

Howmuchincomeisearned?

Areexpensesreasonableforthelevelofsales?

Are

customers'accountsbeingpromptlycollected?

3・Servicebusinessesinclude:

StandardandPoor4s,Dun&Bradstreet,Merril1Lynch,

SouthwestAirlines,CitiCorp,Humana,CharlesSchwab,andPrudential.

Businesses

MotorCo.,

PhilipMorris,Coca-Cola,BestBuy,andCircuitCity・

6・Theinternalroleofaccountingistoservetheorganization"sinternaloperating

functions・Itdoesthisbyprovidingusefulinformationforinternalusersin

completingtheirtasksmoreeffectivelyandefficiently.Byprovidingthisinformation,

accountinghelpstheorganizationreachitsoverallgoals・

7・Accountingprofessionalsoffermanyservicesincludingauditing,management

advice,taxplanning,businessvaluation,andmoneymanagement・

8.Marketingmanagersarelikelyinterestedininformationsuchassalesvolume,

advertisingcosts,promotioncosts,salariesofsalespersonnel,andsales

commissions・

9.Accountingisdescribedasaserviceactivitybecauseitservesdecisionmakersby

providinginformationtohelpthemmakebetterbusinessdecisions・

10.Someaccounting-relatedprofessionsincludeconsultant,financialanalyst,

underwriter,financialplanner,appraiser,FBIinvestigator,marketresearcher,and

systemdesigner.

11・Ethicsrulesrequirethatauditorsavoidauditingclientsinwhichtheyhaveadirect

investment,oriftheauditor"sfeeisdependentonthefiguresintheclient"sreports・

Thiswillpreventothersfromdoubtingthequalityoftheauditor"sreport・

12.Inadditiontopreparingtaxreturns,taxaccountantshelpcompaniesandindividuals

planfuturetransactionstominimizetheamountoftaxtobepaid・Theyarealso

activelyinvolvedinestateplanningandinhelpingsetuporganizations・Sometax

accountantsworkforregulatoryagenciessuchastheIRSorthevariousstate

departmentsofrevenue・Thesetaxaccountantshelptoenforcetaxlaws・13.Theobjectivityconceptmeansthatfinancialstatementinformationissupportedby

independent,unbiasedevidenceotherthansomeone"sopinionorimagination.This

conceptincreasesthereliabilityandverifiabilityoffinancialstatementinformation.14.Thistreatmentisjustifiedbyboththecostprincipleandthegoing-concern

assumption.

15.Therevenuerecognitionprincipleprovidesguidanceformanagersandauditorsso

theyknowwhentorecognizerevenue・Ifrevenueisrecognizedtooearly,the

businesslooksmoreprofitablethanitis.Ontheotherhand,ifrevenueis

recognizedtoolatethebusinesslookslessprofitablethanitis.Thisprinciple

demandsthatrevenueberecognizedwhenitisbothearnedandcanbemeasured

reliably.Theamountofrevenueshouldequalthevalueoftheassetsreceivedor

expectedtobereceivedfromthebusiness"soperatingactivitiescoveringaspecific

timeperiod・

16.Businessorganizationscanbeorganizedinoneofthreebasicforms:

sole

proprietorship,partnership,orcorporation.Theseformshaveimplicationsforlegal

liability,taxation,continuity,numberofowners,andlegalstatusasfollows：

ProprietorshipPartnershipCorporation

Businessentityyesyesyes

Legalentitynonoyes

Limitedliabilityno*no*yes

Unlimitedlifenonoyes

Businesstaxednonoyes

Oneownerallowedyesnoyes

*ProprietorshipsandpartnershipsthataresetupasLLCsprovidelimitedliability.

17.（a）Assetsareresourcesownedorcontrolledbyacompanythatareexpectedto

yieldfuturebenefits・（b）Liabilitiesarecreditors4claimsonassetsthatreflect

obligationstoprovideassets,productsorservicestoothers・（c）Equityisthe

owner4sclaimonassetsandisequaltoassetsminusliabilities・

（d）Netassetsrefer

toequity・

18.Equityisincreasedbyinvestmentsfromtheownerandbynetincome・Itis

decreasedbywithdrawalsbytheownerandbyanetloss（whichistheexcessof

expensesoverrevenues）・

19.Accountingprinciplesconsistof（a）generaland（b）specificprinciples・Generalpreparing

financialstatements・Theystemfromlong-usedaccountingpractices.Specific

principlesaredetailedrulesusedinreportingonbusinesstransactionsandevents・

Theyusuallyarisefromtherulingsofauthoritativeandregulatorygroupssuchas

theFinancialAccountingStandardsBoardortheSecuritiesandExchange

Commission.

20.Revenue（orsales）istheamountreceivedfromsellingproductsandservices・21・Netincome（alsocalledincome,profitorearnings）equalsrevenuesminusexpenses

（ifrevenuesexceedexpenses）・Netincomeincreasesequity・Ifexpensesexceed

revenues,thecompanyhasaNetLoss・Netlossdecreasesequity・

22.Thefourbasicfinancialstatementsare:

incomestatement,statementofowner"s

equity,balancesheet,andstatementofcashflows・

23.Anincomestatementreportsacompany"srevenuesandexpensesalongwiththe

resultingnetincomeorlossoveraperiodoftime・

24.Rentexpense,utilitiesexpense,administrativeexpenses,advertisingandpromotion

expenses,maintenanceexpense,andsalariesandwagesexpensesaresome

examplesofbusinessexpenses・

25.Thestatementofowner"sequityexplainsthechangesinequityfromnetincomeor

loss,andfromanyownercontributionsandwithdrawalsoveraperiodoftime・26.Thebalancesheetdescribesacompany"sfinancialposition（typesandamountsof

assets,liabilities,andequity）atapointintime・

27.Thestatementofcashflowsreportsonthecashinflowsandoutflowsfroma

company"soperating,investing,andfinancingactivities・

28.Returnonassets,alsocalledreturnoninvestment,isaprofitabilitymeasurethatis

usefulinevaluatingmanagement,analyzingandforecastingprofits,andplanning

activities・Itiscomputedasnetincomedividedbytheaveragetotalassets・For

example,ifwehaveanaverageannualbalanceof$100inabankaccountandit

earnsinterestof$5fortheyear,thenourreturnonassetsis$5/$100or5%.The

returnonassetsisapopularmeasureforanalysisbecauseitallowsustocompare

companiesofdifferentsizesandindifferentindustries・

A29.Returnreferstoincome,andriskistheuncertaintyaboutthereturnweexpectto

make・Thelowertheriskofaninvestment,thelowertheexpectedreturn.For

example,savingsaccountspayalowreturnbecauseofthelowrisk

ofabanknot

returningtheprincipalwithinterest・Higherriskimplieshigher,

butriskier,expected

returns・

B30.Organizationscarryoutthreemajoractivities:

financing,investing,andoperating・

Financingprovidesthemeansusedtopayforresources・Investingreferstothe

acquisitionanddisposingofresourcesnecessarytocarryouttheorganization"s

plans・Operatingactivitiesaretheactualcarryingoutoftheseplans・（Planningisthe

gluethatconnectstheseactivities,includingtheorganization"sideas,goalsand

strategies・）

B31・Anorganization"sfinancingactivities（liabilitiesandequity）payforinvesting

activities（assets）・Anorganizationcannothavemoreorlessassetsthanits

liabilitiesandequitycombinedand,similarly,itcannothavemoreorlessliabilities

andequitythanitstotalassets・Thismeans:

assets=liabilities+equity・This

relationiscalledtheaccountingequation（alsocalledthebalancesheetequation）,

anditappliestoorganizationsatalltimes・

32.ThedollaramountsinBestBuy4sfinancialstatementsareroundedtothenearest

$1,000,000.BestBuy4sconsolidatedstatementofearnings（orincomestatement）

coversthefiscalyear（consistingof53weeks）endedMarch3,2007.BestBuyalso

reportscomparativeincomestatementsfortheprevioustwoyears（consistingof52

weeks）・

33.Inthousands,CircuitCity4saccountingequationis:

Assets=Liabilities+Equity

$4,007,283=$2,216,039+$1,791,244

34.AtDecember31,2006,RadioShackhad（inmillions）assetsof

$2,070.0,liabilitiesof

$1,4162andequityof$653・8・

35.TheindependentauditorforApple,Inc・,isKPMGLLP・Theauditorexpresslystates

that—ourresponsibilityistoexpressanopinionontheseconsolidatedfinancial

statementsbasedonouraudits・IITheauditoralsostatesthat

—theseconsolidated

financialstatementsaretheresponsibilityoftheCompany"smanagement・II

Chapter21

EXERCISES

Exercise21-1（25minutes）

1.Alloc