商业英语选择题.docVIP

which of the following statements is false? A. The partnership form of business organization protects the personal assets of the owners from creditors of the business. B. A proprietorship has a single owner. C. Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers. D. The FASB determines how accounting is practiced in the United States. The primary objective of financial reporting is ______. A. to present information in an ethical manner B. to provide information to the federal government C. to provide information useful for investment and lending decisions D. to provide information useful to managers in making daily decisions The principle or concept that holds that an entity will remain in operation for the foreseeable future is the ______. A. going-concern concept B. stable-monetary-unit concept C. reliability principle D. cost principle Which of the following statements is true? A. Revenues are assets because they represent economic benefits B. Assets are economic resources that are expected to benefit future periods C. The accounting equation can be stated as Assets+Liabilities = Owner’s Equity D. Liabilities are economic obligations to insiders Aftin Co. performs services on account. When Aftin collects the account receivable ______. A. assets increase B. assets do not change C. owner’s equity decreases D. liabilities decrease Which of the following transactions would not affect owner’s equity? A. Payment of an account payable B. Collection of service revenue C. Service provided on account D. Withdrawal of cash by owner An income statement reports ______. A. the assets, liabilities, and owner’s equity on a particular date B. the change in the owner’s capital during the period C. the cash receipts and cash payments during the period D. the difference between revenues and expenses during the period If assets increase $80000 during the period and own