会计学英文版作业

ACCOUNTING

M ATCHING

1- 1 Many accounting professionals work in one of the following three areas.

A. Financial accounting

B. Managerial accounting

C. Tax accounting

Identify the area of accounting that is most involved in each of the following responsibilities.

1. Internal auditing. 5. Investigating violations of tax laws.

2. Exter nal audit ing. 6. Planning tran sacti ons to mini mize taxes.

3. Cost accounting. 7. Preparing external financial statements.

4. Budgeti ng. 8. Reviewi ng reports for SEC complia nee.

1- 2 Identify the following users as either external users (E) or internal users (I).

1- 3 Match each of the numbered descriptions with the principle it best reflects. Indicate your

answer by writing the letter for the appropriate principle in the blank space next to each

description.

A. General accounting principle

B. Cost prin ciple

C. Busin ess en tity prin ciple E. Specific accounting

principle

F. Objectivity prin ciple

G. Goin g-c oncern prin ciple

D. Revenue recog niti on prin ciple

1. Usually created by a pronoun ceme nt from an authoritative body. ____________

2. Finan cial stateme nts reflect the assumpti on that the bus in ess con ti nues operati ng.

3. Derived from Ion g-used and gen erally accepted acco un ti ng practices.

4. Every bus in ess is acco un ted for separately from its owner or own ers.

5. Reve nue is recorded only whe n the earnings process is complete.

6. In formati on is based on actual costs in curred in tran sact ions.-

7. Finan cial stateme nt data are supported by evide nee other tha n some one belief.-

1-4 Identify the items from the following list that are likely to serve as source documents.

a. Sales ticket d. Teleph one bill g. Bala nee sheet

b. I ncome stateme nt e. I nvoice from supplier h. Prepaid in sura nce

c. Trial bala nce f. Compa ny revenue acco un t i. Bank stateme nt

1-5 Identify the financial statement(s) where each of the following items appears. Use I for

income statement, E for statement of owner ' s equity, and B for balance sheet.

a. Customers

b. Suppliers

c. Brokers

d. Busin ess press

e. Man agers

f. District attor ney

g. Shareholders

h. Len ders

i. Con trollers

j. FBI and IRS

k. Con sumer group

l. Sales staff

s opinion or

1-6 The following are common categories on a classified balance sheet.

A. Current assets

D. Intan gible assets B. Lon g-term in vestme nts

E. Current liabilities C. Plant assets

F. Lon g-term liabilities For each of the following items, select the letter that identifies the balance sheet category where the

item typically would appear.

_____ 1. Land not curre ntly used in operati ons _____ 5. Acco unts payable

_____ 2. Notes payable (due in three years) ______ 6. Store equipme nt

_____ 3. Acco unts receivable _____ 7. Wages payable

_____ 4. Trademarks ______ 8. Cash 1-7 In the blank space beside each numbered balance sheet item, enter the letter of its

balance sheet classification. If the item should not appear on the balance sheet, enter a Z in

the blank.

1-8 In the blank space beside each numbered balance sheet item, enter the letter of its

balance sheet classfication. If the item should not appear on the balance sheet, enter a Z in

the blank.

A. Current assets E. Curren t liabilities

B. Long-term investments F. Long-term liabilities

C. Pla nt assets G. Equity

D. Intan gible assets

_____ 1. Commissi ons earned

______ 11. Rent receivable _____ 2. In terest receivable ______ 12. Salaries payable

_____ 3. Lon g-term in vestme nt in stock ________ 13. I ncome taxes payable

a. Cash withdrawal by owner

b. Office equipme nt

c. Acco unts payable

d. Cash

e. Utilities expe nses

f. Office supplies

g. Prepaid rent

h. Unearned fees

i. Service fees earned

A. Current assets

D. Intan gible assets

B. Lon g-term in vestme nts E. Curre nt liabilities

C. Plant assets

_____ 1. Lon g-term in vestme nt in stock

_____ 2. Depreciatio n expe nse — Buildi ng

_____ 3. Prepaid rent

_____ 4. I nterest receivable

_____ 5. Taxes payable

_____ 6. Automobiles

_____ 7. Notes payable (due in 3 years)

_____ 8. Acco unts payable ___ 9. Prepaid in sura nce 10. Owner,

Capital 11. Unearned services revenue

F. Lon g-term liabilities

G. Equity _____ 12. Accumulated depreciatio n — Trucks _____ 13. Cash _____ 14. Build ings _____ 15. Store supplies _____ 16. Office equipme nt _____ 17. Land (used in operatio ns) __ 18. Repairs expe nse __ 19. Office supplies

__ 20. Current portion of Ion g-term note payable