8 Which of the following statements about accounting concepts and conventions are correct?(1) The money measurement concept requires all assets and liabilities to be accounted for at historical cost.(2) The substance over form. convention means that the e
题目
8 Which of the following statements about accounting concepts and conventions are correct?
(1) The money measurement concept requires all assets and liabilities to be accounted for at historical cost.
(2) The substance over form. convention means that the economic substance of a transaction should be reflected in
the financial statements, not necessarily its legal form.
(3) The realisation concept means that profits or gains cannot normally be recognised in the income statement until
realised.
(4) The application of the prudence concept means that assets must be understated and liabilities must be overstated
in preparing financial statements.
A 1 and 3
B 2 and 3
C 2 and 4
D 1 and 4.
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更多“8 Which of the following statements about accounting concepts and conventions are correct?(1) The money measurement concept requires all assets and liabilities to be accounted for at historical cost.(2) The substance over form. convention means that the e”相关问题
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第1题：
5 Financial statements have seen an increasing move towards the use of fair values in accounting. Advocates of ‘fair
value accounting’ believe that fair value is the most relevant measure for financial reporting whilst others believe that
historical cost provides a more useful measure.
Issues have been raised over the reliability and measurement of fair values, and over the nature of the current level
of disclosure in financial statements in this area.
Required:
(a) Discuss the problems associated with the reliability and measurement of fair values and the nature of any
additional disclosures which may be required if fair value accounting is to be used exclusively in corporate
reporting. (13 marks)
正确答案：
(a) Reliability and Measurement
Fair value can be defined as the price that would be received to sell an asset or paid to transfer a liability. The fair value can
be thought of as an ‘exit price’. A fair value measurement assumes that the transaction to sell the asset or transfer the liability
occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market
for the asset or liability which is the market in which the reporting entity would sell the asset or transfer the liability with the
price that maximises the amount that would be received or minimises the amount that would be paid. IAS39 ‘Financial
Instruments: Recognition and Measurement’ requires an entity to use the most advantageous active market in measuring the
fair value of a financial asset or liability when multiple markets exist whereas IAS41 ‘Agriculture’ requires an entity to use the
most relevant market. Thus there can be different approaches for estimating exit prices. Additionally valuation techniques and
current replacement cost could be used.
A hierarchy of fair value measurements would have to be developed in order to convey information about the nature of the
information used in creating the fair values. For example quoted prices (unadjusted) in active markets would provide better
quality information than quoted prices for similar assets and liabilities in active markets which would provide better quality
information than prices which reflect the reporting entity’s own thinking about the assumptions that market participants would
use in pricing the asset or liability. Enron made extensive use of what it called ‘mark-to-market’ accounting which was based
on valuation techniques and estimates. IFRSs currently do not have a single hierarchy that applies to all fair value measures.
Instead individual standards indicate preferences for certain inputs and measures of fair value over others, but this guidance
is not consistent among all IFRSs.
Some companies, in order to effectively manage their businesses, have already developed models for determining fair values.
Businesses manage their operations by managing risks. A risk management process often requires measurement of fair values
of contracts, financial instruments, and risk positions.
If markets were liquid and transparent for all assets and liabilities, fair value accounting clearly would give reliable information
which is useful in the decision making process. However, because many assets and liabilities do not have an active market,
the inputs and methods for estimating their fair value are more subjective and, therefore, the valuations are less reliable. Fair
value estimates can vary greatly, depending on the valuation inputs and methodology used. Where management uses
significant judgment in selecting market inputs when market prices are not available, reliability will continue to be an issue.
Management can use significant judgment in the valuation process. Management bias, whether intentional or unintentional,
may result in inappropriate fair value measurements and consequently misstatements of earnings and equity capital. Without
reliable fair value estimates, the potential for misstatements in financial statements prepared using fair value measurements
will be even greater.
Consideration must be given to revenue recognition issues in a fair value system. It must be ensured that unearned revenue
is not recognised early as it recently was by certain high-tech companies.
As the variety and complexity of financial instruments increases, so does the need for independent verification of fair value
estimates. However, verification of valuations that are not based on observable market prices is very challenging. Users of
financial statements will need to place greater emphasis on understanding how assets and liabilities are measured and how
reliable these valuations are when making decisions based on them.
Disclosure
Fair values reflect point estimates and do not result in transparent financial statements. Additional disclosures are necessary
to bring meaning to these fair value estimates. These disclosures might include key drivers affecting valuations, fair-valuerange
estimates, and confidence levels. Another important disclosure consideration relates to changes in fair value amounts.
For example, changes in fair values on securities can arise from movements in interest rates, foreign-currency rates, and credit
quality, as well as purchases and sales from the portfolio. For users to understand fair value estimates, they must be given
adequate disclosures about what factors caused the changes in fair value. It could be argued that the costs involved in
determining fair values may exceed the benefits derived therefrom. When considering how fair value information should be
presented in the financial statements, it is important to consider what type of financial information investors want. There are
indications that some investors desire both fair value information and historical cost information. One of the issues affecting
the credibility of fair value disclosures currently is that a number of companies include ‘health warnings’ with their disclosures
indicating that the information is not used by management. This language may contribute to users believing that the fair value
disclosures lack credibility.
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第2题：
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 the
highest possible values to expenses and liabilities.
(4) The money measurement concept means that only assets capable of being reliably measured in monetary terms
can be included in the balance sheet of a business.
A 1 and 2
B 2 and 3
C 3 and 4
D 1 and 4
正确答案：D
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第3题：
21 Which of the following statements about contingent assets and contingent liabilities are correct?
1 A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
2 A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it
will be required, with no provision being made.
3 No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle
it will be required.
4 No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or
receipt is remote.
A 1 and 4 only
B 2 and 3 only
C 2, 3 and 4
D 1, 2 and 4
正确答案：A
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第4题：
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 2
B 2 and 4
C 3 and 4
D 1 and 3
正确答案：B
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第5题：
Which of the following statements about internet is (are) correct?
Ⅰ.Each host in internet only has a IP address.
Ⅱ.It is possible to have multiple names corresponding to the same IP address.
Ⅲ.In users' points, Internet means a virtual network.
A．None
B．Ⅰ and Ⅱ
C．Ⅱ and Ⅲ
D．All
正确答案：C
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第6题：
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 Joss
B．Owner's equity.
C．Liabilities
D．Assets.
正确答案：A
解析：根据女士回答资产负债表分为三部分，即"assets", "liabilities" 和"owner's equity"，A项未提及。 -
第7题：
What is the stable-monetary-unit concept?
A．It is the prime means of measuring assets.
B．It is the common denominator in business transactions.
C．It is an orderly basis for handling account balances to produce the financial statements.
D．It is monetary terms in accounting information.
正确答案：C
解析：文章第一段最后一句提到The stable—monetary—unit concept provides…produce the financial statements．货币计量单位的理念，使处理账户余额，生成财务报表能够有序进行。 -
第8题：
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.
正确答案：B
解析：文章第二段提到The business records all assets…individual dollar amounts added over time．资产在资产负债表上通常以单个资产的总和来呈现。 -
第9题：
Which of the following are correct statements？（）
- A、EIGRP advertises the best routes to its neighbor
- B、EIGRP uses "cost" to determine best path
- C、EIGRP allows unequal cost load balancing
- D、OSPF requires neighbor adjacencies before updates are sent
- E、EIGRP advertises all routes to its neighbor
- F、OSPF allows unequal cost load balancing
正确答案:A,C,D -
第10题：
Which one of the following statements about the TNSPING utility is correct？（）
- A、It helps you to determine whether or not the Oracle database is running.
- B、It requires the username and password to check the connectivity of the service.
- C、It does not require the username and password to check the connectivity of the service.
- D、It establishes a session with the database and checks the connectivity of the service.
正确答案:B -
第11题：
单选题Which of the following statements is correct concerning the “flash point ” of a liquid?（）AIt is lower than the ignition temperature
BIt is the temperature at which a substance will spontaneously ignite
CIt is the temperature at which a substance, when ignited, will continue to bum
DIt is the temperature at which the released vapors will fall within the explosive range
正确答案： A解析： 暂无解析 -
第12题：
单选题Which of the following revisions of sentence 7 most clearly and logically introduces the second paragraph?AThis historical episode is something that all students should learn about in school.
BUnderstanding this phenomenon may help students to improve their studies.
CNevertheless, this episode is something that all students should know.
DUnderstanding this episode requires a more thorough understanding of its historical setting.
EMany have tried to understand this phenomenon, but few have succeeded.
正确答案： C解析：
第一段话以对那个思想的描述结尾。第二段开头阐释了学生怎样在日常生活中体验那个思想的，并进一步解释它是如何帮助学生们度过思维冷却期。B选项是对这段话内容的引入，因为它解释了会运用这个现象的学生能提高他们的学习。 -
第13题：
5 An enterprise has made a material change to an accounting policy in preparing its current financial statements.
Which of the following disclosures are required by IAS 8 Accounting policies, changes in accounting estimates
and errors in these financial statements?
1 The reasons for the change.
2 The amount of the consequent adjustment in the current period and in comparative information for prior periods.
3 An estimate of the effect of the change on future periods, where possible.
A 1 and 2 only
B 1 and 3 only
C 2 and 3 only
D All three items
正确答案：A
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第14题：
19 Which of the following statements about intangible assets in company financial statements are correct according
to international accounting standards?
1 Internally generated goodwill should not be capitalised.
2 Purchased goodwill should normally be amortised through the income statement.
3 Development expenditure must be capitalised if certain conditions are met.
A 1 and 3 only
B 1 and 2 only
C 2 and 3 only
D All three statements are correct
正确答案：A
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第15题：
22 Which of the following statements about limited liability companies’ accounting is/are correct?
1 A revaluation reserve arises when a non-current asset is sold at a profit.
2 The authorised share capital of a company is the maximum nominal value of shares and loan notes the company
may issue.
3 The notes to the financial statements must contain details of all adjusting events as defined in IAS10 Events after
the balance sheet date.
A All three statements
B 1 and 2 only
C 2 and 3 only
D None of the statements
正确答案：D
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第16题：
17 Which of the following statements are correct?
(1) All non-current assets must be depreciated.
(2) If goodwill is revalued, the revaluation surplus appears in the statement of changes in equity.
(3) If a tangible non-current asset is revalued, all tangible assets of the same class should be revalued.
(4) In a company’s published balance sheet, tangible assets and intangible assets must be shown separately.
A 1 and 2
B 2 and 3
C 3 and 4
D 1 and 4
正确答案：C
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第17题：
The accounting equation shows the relationship among ______.
A．assets, liabilities and investor's yield
B．assets, liabilities and owner's equity
C．capital, liabilities and profits
D．capital, costs and profits
正确答案：B
解析：会计等式(accounting equation)：资产=负债+所有者权益。investor's yield投资者的收益。assets, liabilities and owner's equity分别是指：资产、负债、所有者权益。 -
第18题：
"Balance Sheet" means the statement on which a bank's assets and liabilities are listed.
A．Right
B．Wrong
C．Doesn't say
正确答案：A
解析：从文中第二句后半部分other on-and-off balance sheet exposures such as guarantees, acceptances and securities investments. 可以倒推出来。资产负债表外业务没有涉及资产和负债，那么资产负债表就应该包含资产和负债。on-and-off balance sheet资产负债表内外，balance sheet。 -
第19题：
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.
正确答案：A
解析：一个企业资产和负债的情况是用货币单位来计量。所以A选项符合题意。 -
第20题：
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.
正确答案：D
解析：文章最后一段提到The stable-monetary-unit concept is the accountant's…the changing value of the dollar。统一货币计量单位使得会计在编制资产负债表的时候不用去考虑 通货膨胀和美元贬值的影响。所以D选项符合题意。 -
第21题：
Which two statements about OSPF IPv6 routing are true？（）
- A、It requires OSPF version 3.
- B、automatically detects neighbors over NHMA interfaces
- C、It supports encryption using
- D、It uses LSA type 9
- E、It uses LSA type 8
正确答案:A,E -
第22题：
多选题Which of the following are correct statements？（）AEIGRP advertises the best routes to its neighbor
BEIGRP uses cost to determine best path
CEIGRP allows unequal cost load balancing
DOSPF requires neighbor adjacencies before updates are sent
EEIGRP advertises all routes to its neighbor
FOSPF allows unequal cost load balancing
正确答案： E,B解析： 暂无解析 -
第23题：
单选题Which of the following statements about pump operations is NOT a correct statement?（）AIn order for a fluid to be pumped, a fluid must be made to flow
BA substance must be cold in order for it to be pumped
CThe kinetic energy imparted by the pump can be used to force a liquid through a hydraulic system
DA pump must receive its energy from an external source
正确答案： C解析： 暂无解析