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,todeterminewhethertheorganization

iscomplyingwithregulations.Otherusersarevoters,legislators,government

officials,contributorstononprofits,suppliersandcustomers.

4.Businessownersandmanagersuseaccountinginformationtohelpanswer

questionssuchas:

Whatresourcesdoesanorganizationown?

Whatdebtsareowed?

Howmuchincomeisearned?

Areexpensesreasonableforthelevelofsales?

Are

customers‘accountsbeingpromptlycollected?

5.Servicebusinessesinclude:

StandardandPoor‘s,Dun&Bradstreet,MerrillLynch,

SouthwestAirlines,CitiCorp,Humana,CharlesSchwab,andPrudential.Businesses

offeringproductsincludeNike,Reebok,Gap,AppleComputer,FordMotorCo.,

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

Oneowner