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87. Ethical behavior requires:
A. That auditors' pay not depend on the success of the client's business. B. Auditors to invest in businesses they audit.
C. Analysts to report information favorable to their companies. D. Managers to use accounting information to benefit themselves. E. That auditors' pay depend on the success of the client's business. 88. Social responsibility:
A. Is a concern for the impact of our actions on society.
B. Is a code that helps in dealing with confidential information. C. Is required by the SEC.
D. Requires that all businesses conduct social audits. E. Is limited to large companies.
89. All of the following are true regarding ethics except: A. Ethics are beliefs that separate right from wrong. B. Ethics rules are often set for CPAs.
C. Ethics do not affect the operations or outcome of a company. D. Are critical in accounting. E. Ethics can be hard to apply.
90. The accounting concept that requires financial statement information to be
supported by independent, unbiased evidence other than someone's belief or opinion is:
A. Business entity assumption. B. Monetary unit assumption. C. Going-concern assumption. D. Time-period assumption. E. Objectivity 91. A corporation:
A. Is a business legally separate from its owners. B. Is controlled by the FASB.
C. Has shareholders who have unlimited liability for the acts of the corporation. D. Is the same as a limited liability partnership. E. Is not subject to double taxation.
92. The group that attempts to create more harmony among the accounting practices of different countries is the: A. AICPA. B. IASB. C. CAP. D. SEC. E. FASB.
93. The private group that currently has the authority to establish generally accepted accounting principles in the United States is the: A. APB. B. FASB. C. AAA. D. AICPA. E. SEC.
94. 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: A. Time-period assumption. B. Business entity assumption. C. Going-concern assumption. D. Revenue recognition principle. E. Cost principle.
95. The rule that requires financial statements to reflect the assumption that the
business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: A. Going-concern assumption. B. Business entity assumption. C. Objectivity principle. D. Cost Principle.
E. Monetary unit assumption.
96. If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at: A. $95,000. B. $137,000. C. $138,500. D. $140,000. E. $150,000.
97. To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the: A. Objectivity principle.
B. Monetary unit assumption. C. Business entity assumption. D. Going-concern assumption. E. Revenue recognition principle.
98. 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 cash-equivalent amount given in exchange, is the: A. Accounting equation. B. Cost principle.
C. Going-concern assumption. D. Realization principle.
E. Business entity assumption.
99. The rule that (1) requires revenue to be recognized at the time it is earned, (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:
A. Going-concern assumption. B. Cost principle.
C. Revenue recognition principle. D. Objectivity principle.
E. Business entity assumption.
100. The question of when revenue should be recognized on the income statement (according to GAAP) is addressed by the: A. Revenue recognition principle. B. Going-concern assumption. C. Objectivity principle.
D. Business entity assumption. E. Cost principle.
101. The International Accounting Standards Board (IASB):
A. Hopes to create harmony among accounting practices of different countries.
B. Is the government group that establishes reporting requirements for companies that issue stock to the public.
C. Has the authority to impose its standards on companies.
D. Is the only source of generally accepted accounting principles (GAAP). E. Only applies to companies that are members of the European Union.
102. The Maxim Company acquired a building for $500,000. Maxim had the building appraised, and found that the building was easily worth $575,000. The seller had paid $300,000 for the building 6 years ago. Which accounting principle would require Maxim to record the building on its records at $500,000? A. Monetary unit assumption. B. Going-concern assumption. C. Cost principle.
D. Business entity assumption. E. Revenue recognition principle.
103. On December 15 of the current year, Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in the following year. Which accounting principle would require Myers Legal Services to record the legal fees revenue in the following year and not the year the cash was received? A. Monetary unit assumption. B. Going-concern assumption. C. Cost principle.
D. Business entity assumption. E. Revenue recognition principle.
104. Marian Mosely is the owner of Mosely Accounting Services. Which accounting principle requires Marian to keep her personal financial information separate from the financial information of Mosely Accounting Services? A. Monetary unit assumption. B. Going-concern assumption. C. Cost principle.
D. Business entity assumption. E. Matching principle.
105. A limited partnership:
A. Includes a general partner with unlimited liability. B. Is subject to double taxation. C. Has owners called stockholders. D. Is the same as a corporation. E. May only have two partners. 106. A partnership:
A. Is also called a sole proprietorship. B. Has unlimited liability for its partners.
C. Has to have a written agreement in order to be legal. D. Is a legal organization separate from its owners. E. Has owners called shareholders.
107. Which of the following accounting principles would require that all goods and services purchased be recorded at cost? A. Going-concern assumption. B. Matching principle. C. Cost principle.
D. Business entity assumption. E. Consideration assumption.
108. Which of the following accounting principles prescribes that a company record its expenses incurred to generate the revenue reported? A. Going-concern assumption. B. Matching principle. C. Cost principle.
D. Business entity assumption. E. Consideration assumption.