What is the short-coming of the concept?A．The accountant has to restate the assets and liabilities on the balance sheet.B．It is difficult to compare the balance sheets of different companies.C．The balance sheet can not reflect the precise worth of the assets and liabilities.D．Another company will not decide whether to buy the piece of land.
What is the short-coming of the concept?
A．The accountant has to restate the assets and liabilities on the balance sheet.
B．It is difficult to compare the balance sheets of different companies.
C．The balance sheet can not reflect the precise worth of the assets and liabilities.
D．Another company will not decide whether to buy the piece of land.
相关考题：
During the closing process, some balance sheet accounts are closed and end the period with a zero balance.() 此题为判断题(对，错)。
During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory. ( ) A、average methodB、LIFO methodC、FIFO methodD、can not tell without more information
In which section of the balance sheet would Treasury Stock be reported?() A、Fixed assetsB、Long-term liabilitiesC、Stockholders' equityD、Intangible assets
(b) Prepare the balance sheet of York at 31 October 2006, using International Financial Reporting Standards,discussing the nature of the accounting treatments selected, the adjustments made and the values placedon the items in the balance sheet. (20 marks)
16 Which of the following statements about accounting concepts and conventions are correct?(1) The entity concept requires that a business is treated as being separate from its owners.(2) The use of historical cost accounting tends to understate assets and profit when prices are rising.(3) The prudence concept means that the lowest possible values should be applied to income and assets and thehighest possible values to expenses and liabilities.(4) The money measurement concept means that only assets capable of being reliably measured in monetary termscan be included in the balance sheet of a business.A 1 and 2B 2 and 3C 3 and 4D 1 and 4
20 Which of the following events occurring after the balance sheet date are classified as adjusting, if material?1 The sale of inventories valued at cost at the balance sheet date for a figure in excess of cost.2 A valuation of land and buildings providing evidence of an impairment in value at the year end.3 The issue of shares and loan notes.4 The insolvency of a customer with a balance outstanding at the year end.A 1 and 3B 2 and 4C 2 and 3D 1 and 4
5 Which of the following events after the balance sheet date would normally qualify as adjusting events accordingto IAS 10 Events after the balance sheet date?1 The bankruptcy of a credit customer with a balance outstanding at the balance sheet date.2 A decline in the market value of investments.3 The declaration of an ordinary dividend.4 The determination of the cost of assets purchased before the balance sheet date.A 1, 3, and 4B 1 and 2 onlyC 2 and 3 onlyD 1 and 4 only
12 Which of the following statements are correct?(1) Contingent assets are included as assets in financial statements if it is probable that they will arise.(2) Contingent liabilities must be provided for in financial statements if it is probable that they will arise.(3) Details of all adjusting events after the balance sheet date must be given in notes to the financial statements.(4) Material non-adjusting events are disclosed by note in the financial statements.A 1 and 2B 2 and 4C 3 and 4D 1 and 3
听力原文：If a statement that presents a summary of the revenues and expenses of a business unit for a specific period, what is it called?(3)A．the income statementB．the balance sheetC．the financial statementD．the statement of cash flow
The balance sheet is divided into ______ sections: ______.A．two.., assets and liabilitiesB．two.., incomes and expendituresC．three.., assets, liabilities and owner's equityD．three.., incomes, expenditures, and equity
听力原文： At the end of the total accounting period and after all transactions have been journalized and posted, the equality of the debit and credit entries is checked by preparing a trial balance. A trial balance is a schedule that lists the titles of the accounts in the general ledger and their debit or credit balances. If the trial balance is in balance, the financial statements can be prepared. If a trial balance does not agree, it implies that an error or errors have been made. The account balances, postings and the journal entries must be checked until the error is found. A trial balance does not prove that all transactions have been recorded or that the ledger is correct. The trial balance may still agree when a transaction is not journalized, a journal entry is not posted, an entry is posted twice, incorrect accounts are used in journalizing or posting, or offsetting errors are made in recording the amount of a transaction.24. How does the accountant check the equality of the debit and credit entries?25.What is a trial balance?26.What is implied if a trial balance does not agree?(24)A．By posting all the entries.B．By preparing a trial balance.C．By comparing the entries on both sides.D．By recording all the entries once more.
On the balance sheet, assets and liabilities are classified as either (61) or long-term to indicate their relative liquidity. Liquidity is a (62) of how quickly an item may be converted to cash. Therefore, (63) is the most liquid asset. Accounts receivable are a (64) liquid asset because the business expects to collect the amount in cash in the near future. (65) are less liquid than accounts receivable, and furniture and buildings are even less so.(46)A．short-termB．currentC．circulatingD．futures
What made dealers believe that the yen should be stronger?A．The dollar's weakness.B．The huge surplus in trade balance.C．Japanese interest rate cut.D．The market' focus turning on it.
The main liability on a bank balance sheet is ______.A．depositsB．capital and reservesC．loans and overdraftsD．cash
A small child has to learn to keep its ( ) before he can walk far.A. borderB. blockC. baggageD. balance
During a period of falling prices, which of the following inventory s generally results in the lowest balance sheet amount for inventory. () A.can not tell without more inationB.averageC.LIFOD.FIFO
The income statement is prepared from (). A.the income statement columns of the work sheetB.the adjusted trial balanceC.either the adjusted trial balance or the income statement columns of the work sheetD.both the adjusted trial balance and the income statement columns of the work sheet
听力原文：M: Can you tell me something about a balance sheet?W: Yes. It is divided into three sections: assets, liabilities, and owner's equity and it is used to summarize a company's financial position on a given date.Q: Which of the following is not a section of a balance sheet?(15)A．Profit and JossB．Owner's equity.C．LiabilitiesD．Assets.
A balance sheet is simply the enumeration of the various assets of a business on one side of a ledger and the enumeration of various liabilities and (61) accounts on the other side. The two sides must be equal, or balance. Only one further point should be (62) : A balance sheet refers to a single point in time, for example, the close of business on December 31. Taken by itself, a balance sheet does not show (63) over time. It is what economists call a stock concept, not a (64) concept. That is, the balance sheet shows the stock of goods a firm has on hand at any particular instant and does not show the flow of goods through the firm over time. For this reason, a balance sheet does not show business (65) , which are a flow.(46)A．profitB．capitalC．incomeD．cash
"Balance Sheet" means the statement on which a bank's assets and liabilities are listed.A．RightB．WrongC．Doesn't say
By what means does a business measure the worth of assets and liabilities?A．The monetary unit.B．Dollar.C．The value of the monetary unit.D．The sum of all the individual amounts added together.
What does an asset mean on the balance sheet?A．It means all the assets recorded in a period of time.B．It means the sum of all the individual asset amounts added over time.C．It means the individual dollar amount.D．It means accounting information expressed in special terms.
What does the accountant do in recording assets and liabilities according to the stable-monetary-unit concept?A．He simply adds all the amounts together.B．He puts the assets and liabilities on the balance sheet objectively.C．He makes restatement if the value of money depreciates.D．He records the assets and liabilities on the balance sheet ignoring the change in purchasing power value of the currency.
The balance of the allowance for doubtful accounts is added to accounts receivable on the balance sheet.()
The book value of a fixed asset reported on the balance sheet represents its market value on that date.()
名词解释题Balance sheet