The accounting concept that maintains that each organization or section of an organization stands apart from other organizations and individuals is known as the:
A) reliability principle
B) going-concern assumption
C) entity assumption
D) monetary unit assumption
2) The ________ assumption assumes that the organization will remain in operation long enough to use existing assets.
B) stable monetary unit
A) objectivity assumption
B) stable monetary unit assumption
C) cost assumption
D) reliability assumption
4) The relevant measure of value of the assets of a company that is going out of business is its:
A) historical cost
B) recorded value
C) book value
D) Liquidation value
5) The CEO of a business owns a home and two automobiles. The company the CEO works for also owns automobiles and a home in a remote area used for strategic planning meetings by its executives. Which principle or assumption "draws a sharp boundary" around the possessions of the CEO and the assets of the business for which he works?
A) the entity assmption
B) the stable-monetary-unit assumption
C) the going-concern assumption
D) the objectivity assumption
6) Which of the following statements below is true?
A) The value of a dollar changes over time.
B) British accountants are required to record transactions in dollars.
C) The stable-monetary-unit assumption requires adjustments to the accounting records for the effects of inflation.
D) High inflation rates indicate a dollar's purchasing power is stable when compared with other currencies.
7) The stable-monetary-unit assumption is the basis for ignoring:
A) the possibility that the value of inventory might drop below its historical cost
B) fluctuations in the value of the Canadian dollar relative to foreign currencies
C) the effect of inflation in the accounting records
D) the difference between the appraised value and the actual cost when recording an asset at its historical cost
8) Cash spent to purchase a new building would appear on the cash flow statement as:
A) a financing activity
B) an operating activity
C) an investing activity
D) purchases of new equipment do not appear on a cash flow statement
9) Which financial statement is based on the accounting equation?
A) statement of retained earnings
B) income statement
C) cash flow statement
D) balance sheet
10) The main source of cash for a business stems from:
A) current assets
B) operating activities
C) financing activities
D) investing activities
11) Retained earnings appears on which of the following financial statements?
A) statement of retained earnings, cash flow statement, and income statement, but not the balance sheet
B) statement of retained earnings and balance sheet, but not the income statement or cash flow statement
C) statement of retained earnings, cash flow statement, and balance sheet, but not the income statement
D) statement of retained earnings and cash flow statement, but not the income statement or balance sheet
12) Generally accepted accounting principles, or GAAP, are the rules and procedures established by the Canadian Institute of Chartered Accountants, or CICA.
13) All corporations have to follow the same sections of the CICA Handbook.
14) The reliability principle states that assets and services should be recorded at their actual cost, since cost is a reliable measure to use in financial accounting.
15) Choose the appropriate definition for the terms below.
a.professional guidelines followed by accountants
b.corporations that have issued shares in public markets
c.organizations that do not issue information used by the public
d.set of standards used by public corporations
e.the group responsible for Canadian GAAP
f.issues International Financial Reporting Standards
g.designates the CICA handbook as GAAP
h.this group was established to oversee accounting and reporting standards for both Canadian companies and not-for-profits
________1.International Accounting Standards Board
________2.Canadian Business Corporations Act
________3.publically accountable enterprises
________4.Canadian Institute of Chartered Accountants
________6.Accounting Standards Board
________7.International Financial Reporting Standards
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