财务会计英语练习及答案ch10

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财务英语试卷含答案

一、单项选择题，每道题只有一个正确选项（20 题，每题2 分，共40 分）（1）In the process of investment, enterprises must take into account(考虑) what factors（因素）first?A. the scale of investmentB. the risk of investment（2）In order to ensure correct and effective business investment(为了确保正确有效的商业投资), the firm should make good deal with the relationship between ( ) and ( )A. the investment direction and financing structureB. the inner conditions of enterprise and its macroeconomic environment.（3）In terms of profit maximization, in the free competition capital markets, the right of using capital belongs to () enterprises.A. the most profitable enterprisesB. the most advanced enterprises（4）The shareholders wealth is determined by ( ) and ( ).A. the number of shares owned and the stock market priceB. the size of the company and the stage of development（5）Municipal bonds are also referred to as 也partnership.A. individuallyB. jointly（7）All partners have ( ) liability.A.limitedB.unlimited（8）The investors receive in exchange for their funds usually ( ) in the company.A. take the form of stockB. take the form of debt（9）The only way for equity investors to recover（vt.重新获得；弥补）their investment is ( ).A. to sell the stock at a higher value laterB. to get the dividend of the stock later（10）The main disadvantage of equity financing is that ( ).A. the entrepreneur must make monthly principal and interest paymentB. the founders must give up some control of the business.（11）The second factor that the company considered for choosing a method of financing is that ( ).A. capacity to make set monthly payments on a loanB. Leverage and ratio of debt to equity（12）Closed-up investment 封闭式投资companies usually concentrate on ( ) rather than start-up companies.A. low-growth companies with good track recordsB. high-growth companies with good track r B. should not be considered（19）Sunk costs are （）for project valuation because they remain unaffected by the decision to accept or reject a project.A. irrelevantB. relevant（20）”The ability to meet credit obligations from existing assets if necessary.” This statement is to describe which “C” within The Five C’s of Credit ?A. CapitalB. Capacity二、单词翻译，英译中（20 题，每题1 分，共20 分）（1）Hedging risk（2）Sunk Cost（3）Securities and Exchange Commission（4）ESOP（5）Initial Public Offerings（6）NPV（7）PP（8）IRR（9）Acid test（10）The current ratio（11）Liquidity（12）Credit-worthy customer（13）Legal filings（14）JIT System（15）EOQ Model（16）Solvency（17）ROCE（18）Inventory Turnover Period（19）ROE（20）Dividend Yield三、判断题，请用T 或F 作答（15 题，每题1 分，共15 分）（1）在Equity Financing 中，“ Equity Investors ”需要每月偿还贷款。

财务英语试题及答案

财务英语试题及答案一、选择题（每题2分，共20分）1. What is the term for the process of recording, summarizing, and reporting financial transactions?A. BudgetingB. AccountingC. AuditingD. Forecasting答案：B2. Which of the following is a financial statement that showsa company's financial position at a specific point in time?A. Income StatementB. Balance SheetC. Cash Flow StatementD. Statement of Retained Earnings答案：B3. The difference between the purchase price and the fair market value of an asset is known as:A. DepreciationB. AmortizationC. GoodwillD. Capital Gains答案：C4. What is the term for the systematic allocation of the cost of a tangible asset over its useful life?A. DepreciationB. AmortizationC. AccrualD. Provision答案：A5. Which of the following is not a type of revenue recognition?A. Cash basisB. Accrual basisC. Installment methodD. All of the above答案：D6. The process of estimating the cost of completing a project is known as:A. BudgetingB. Cost estimationC. Project managementD. Cost accounting答案：B7. Which of the following is a non-current liability?A. Accounts payableB. Wages payableC. Long-term debtD. Income tax payable答案：C8. The term used to describe the process of adjusting the accounts at the end of an accounting period is:A. Closing the booksB. JournalizingC. PostingD. Adjusting entries答案：D9. What is the term for the financial statement that shows the changes in equity of a company over a period of time?A. Balance SheetB. Income StatementC. Statement of Changes in EquityD. Cash Flow Statement答案：C10. The process of verifying the accuracy of financial records is known as:A. BudgetingB. AuditingC. ForecastingD. Valuation答案：B二、填空题（每空1分，共10分）1. The __________ is the process of determining the value of an asset or liability.答案：valuation2. A __________ is a type of financial instrument that represents a creditor's claim on a company's assets.答案：bond3. The __________ is the difference between the cost of an asset and its depreciation.答案：book value4. __________ is the process of converting non-cash items into cash equivalents.答案：Liquidation5. A __________ is a financial statement that provides information about a company's cash inflows and outflows during a specific period.答案：Cash Flow Statement6. The __________ is the process of estimating the useful life of an asset.答案：depreciation schedule7. __________ is the practice of recording revenues and expenses when they are earned or incurred, not when cash is received or paid.答案：Accrual accounting8. __________ is the process of recording transactions in the order they are received.答案：Journalizing9. __________ is the practice of matching expenses with the revenues they helped to generate.答案：Matching principle10. A __________ is a document that provides evidence of a transaction.答案：voucher三、简答题（每题5分，共20分）1. What are the main components of a balance sheet?答案：The main components of a balance sheet are assets, liabilities, and equity.2. Explain the concept of "double-entry bookkeeping."答案：Double-entry bookkeeping is a system of recording financial transactions in which every entry to an account requires a corresponding and opposite entry to another account, ensuring that the total of debits equals the total of credits.3. What is the purpose of an income statement?答案：The purpose of an income statement is to summarize a company's revenues, expenses, and profits or losses over a specific period of time.4. Describe the role of a financial controller in anorganization.答案：A financial controller is responsible for overseeing the financial operations of an organization, including budgeting, financial reporting, and ensuring compliance with financial regulations and policies.四、论述题（每题15分，共30分）1. Discuss the importance of financial planning in business management.答案：Financial planning is crucial in business management as it helps in setting financial goals。

financial-accounting-习题答案文档

Chapter. 11-1As in many ethics issues, there is no one right answer. The local newspaper reported on this issue in these terms: "The company covered up the first report, and the local newspaper uncovered the company's secret. The company was forced to not locate here (Collier County). It became patently clear that doing the least that is legally allowed is not enough."1-21. B2. B3. E4. F5. B6. F7. X 8. E 9. X 10. B1-3a. $96,500 ($25,000 + $71,500)b. $67,750 ($82,750 – $15,000)c. $19,500 ($37,000 – $17,500)1-4a. $275,000 ($475,000 – $200,000)b. $310,000 ($275,000 + $75,000 – $40,000)c. $233,000 ($275,000 – $15,000 – $27,000)d. $465,000 ($275,000 + $125,000 + $65,000)e. Net income: $45,000 ($425,000 – $105,000 – $275,000)1-5a. owner's equityb.liabilityc.assetd.assete.owner's equityf. asset 1-6a. Increases assets and increases owner’s equity.b. Increases assets and increases owner’s equity.c. Decreases assets and decreases owner’s equity.d. Increases assets and increases liabilities.e. Increases assets and decreases assets.1-71. increase2. decrease3.increase4. decrease1-8a. (1) Sale of catering services for cash, $25,000.(2) Purchase of land for cash, $10,000.(3) Payment of expenses, $16,000.(4) Purchase of supplies on account, $800.(5) Withdrawal of cash by owner, $2,000.(6) Payment of cash to creditors, $10,600.(7) Recognition of cost of supplies used, $1,400.b. $13,600 ($18,000 – $4,400)c. $5,600 ($64,100 – $58,500)d. $7,600 ($25,000 – $16,000 – $1,400)e. $5,600 ($7,600 – $2,000)1-9It would be incorrect to say that the business had incurred a net loss of $21,750. The excess of the withdrawals over the net income for the period is a decrease in the amount of owner’s equity in the business.1-10Balance sheet items: 1, 3, 4, 8, 9, 101-11Income statement items: 2, 5, 6, 71-12MADRAS COMPANYStatement of Owner’s EquityFor the Month Ended April 30, 2006Leo Perkins, capital, April 1, 2006 ............................. $297,200 Net income for the month ........................................... $73,000Less withdrawals ........................................................ 12,000Increase in owner’s equity ......................................... 61,000Leo Perkins, capital, April 30, 2006 ........................... $358,2001-13HERCULES SERVICESIncome StatementFor the Month Ended November 30, 2006Fees earned ................................................................. $232,120 Operating expenses:Wages expense ........................................................ $100,100Rent expense ........................................................... 35,000Supplies expense .................................................... 4,550Miscellaneous expense ........................................... 3,150Total operating expenses ................................... 142,800 Net income ................................................................... $ 89,3201-14Balance sheet: b, c, e, f, h, i, j, l, m, n, oIncome statement: a, d, g, k1-151. b–investing activity2.a–operating activity3. c–financing activity4.a–operating activity1-16a. 2003: $10,209 ($30,011 – $19,802)2002: $8,312 ($26,394 – $18,082)b. 2003: 0.52 ($10,209 ÷ $19,802)2002: 0.46 ($8,312 ÷ $18,082)c. T he ratio of liabilities to stockholders’ equity increased from 2002 to 2003,indicating an increase in risk for creditors. However, the assets of The Home Depot are more than sufficient to satisfy creditor claims. Chapter. 22-1AccountAccount NumberAccounts Payable 21Accounts Receivable 12Cash 11Corey Krum, Capital 31Corey Krum, Drawing 32Fees Earned 41Land 13Miscellaneous Expense 53Supplies Expense 52Wages Expense 512-2Balance Sheet Accounts Income Statement Accounts1. Assets11 Cash12 Accounts Receivable13 Supplies14 Prepaid Insurance15 Equipment2. Liabilities21 Accounts Payable22 Unearned Rent3. Owner's Equity31 Millard Fillmore, Capital32 Millard Fillmore, Drawing4. Revenue41 Fees Earned5. Expenses51 Wages Expense52 Rent Expense53 Supplies Expense59 Miscellaneous Expense2-3a. andb.Account Debited Account Credited Transaction Type Effect Type Effect(1) asset + owner's equity +(2) asset + asset –(3) asset + asset –liability +(4) expense + asset –(5) asset + revenue +(6) liability –asset –(7) asset + asset –(8) drawing + asset –(9) expense + asset –Ex. 2–4(1) Cash ...................................................................... 40,000Ira Janke, Capital ............................................ 40,000(2) Supplies ............................................................... 1,800Cash ................................................................ 1,800(3) Equipment ............................................................ 24,000Accounts Payable .......................................... 15,000Cash ................................................................ 9,000(4) Operating Expenses ............................................ 3,050Cash ................................................................ 3,050(5) Accounts Receivable .......................................... 12,000Service Revenue ............................................ 12,000(6) Accounts Payable ................................................ 7,500Cash ................................................................ 7,500(7) Cash ...................................................................... 9,500Accounts Receivable ..................................... 9,500(8) Ira Janke, Drawing ............................................... 5,000Cash ................................................................ 5,000(9) Operating Expenses ............................................ 1,050Supplies .......................................................... 1,050 2-51. debit and credit (c)2. debit and credit (c)3. debit and credit (c)4. credit only (b)5. debit only (a)6. debit only (a)7. debit only (a)2-6a. Liability—credit f. Revenue—creditb. Asset—debit g. Asset—debitc. Asset—debit h. Expense—debitd. Owner's equity i. Asset—debit(Cindy Yost, Capital)—credit j. Expense—debite. Owner's equity(Cindy Yost, Drawing)—debit2-7a. credit g. debitb. credit h. debitc. debit i. debitd. credit j. credite. debit k. debitf. credit l. credit2-8a. Debit (negative) balance of $1,500 ($10,500 – $4,000 – $8,000). Such anega tive balance means that the liabilities of Seth’s busine ssexceed the assets.b. Yes. The balance sheet prepared at December 31 will balance, withSeth Fite, Capital, being reported in the owner’s equity section as anegative $1,500.2-9a. The increase of $28,750 in the cash account does not indicateearnings of that amount. Earnings will represent the net change inall assets and liabilities from operating transactions.b. $7,550 ($36,300 – $28,750)2-10a. $40,550 ($7,850 + $41,850 – $9,150)b. $63,000 ($61,000 + $17,500 – $15,500)c. $20,800 ($40,500 – $57,700 + $38,000)2-112005Aug. 1 Rent Expense ....................................................... 1,500Cash ................................................................ 1,5002 Advertising Expense (700)Cash (700)4 Supplies ............................................................... 1,050Cash ................................................................ 1,0506 Office Equipment ................................................. 7,500Accounts Payable .......................................... 7,5008 Cash ...................................................................... 3,600Accounts Receivable ..................................... 3,60012 Accounts Payable ................................................ 1,150Cash ................................................................ 1,15020 Gayle McCall, Drawing ........................................ 1,000Cash ................................................................ 1,00025 Miscellaneous Expense (500)Cash (500)30 Utilities Expense (195)Cash (195)31 Accounts Receivable .......................................... 10,150Fees Earned .................................................... 10,15031 Utilities Expense (380)Cash (380)2-12a.JOURNAL Page 43Post.Date Description Ref. Debit Credit 2006Oct. 27 Supplies .................................................. 15 1,320Accounts Payable .............................. 21 1,320 Purchased supplies on account.b.,c.,d.Supplies 15Post.BalanceDate Item Ref. Dr. Cr. Dr. Cr. 2006Oct. 1 Balance ................................. ✓ ........... ........... 585 ...........27 ............................................... 43 1,320 ........... 1,905 ........... Accounts Payable 21 2006Oct. 1 Balance ................................. ✓ ........... ........... ........... 6,15027 ............................................... 43 ........... 1,320 ........... 7,4702-13Inequality of trial balance totals would be caused by errors described in(b) and (d).2-14ESCALADE CO.Trial BalanceDecember 31, 2006Cash ................................................................... 13,375Accounts Receivable ......................................................... 24,600Prepaid Insurance .............................................................. 8,000Equipment .......................................................................... 75,000Accounts Payable .............................................................. 11,180 Unearned Rent ................................................................... 4,250 Erin Capelli, Capital ........................................................... 82,420 Erin Capelli, Drawing ......................................................... 10,000Service Revenue ................................................................ 83,750 Wages Expense .................................................................. 42,000Advertising Expense ......................................................... 7,200 Miscellaneous Expense ..................................................... 1,425 181,600 181,6002-15a. Gerald Owen, Drawing ........................................ 15,000Wages Expense .............................................. 15,000b. Prepaid Rent ........................................................ 4,500Cash ................................................................ 4,500 2-16题目的资料不全, 答案略.2-17a. KMART CORPORATIONIncome StatementFor the Years Ending January 31, 2000 and 1999(in millions)Increase (Decrease)2000 1999 Amount Percent1. Sales .................................................. $ 37,028 $ 35,925 $ 1,103 3.1%2. Cost of sales ..................................... (29,658) (28,111) 1,547 5.5%3. Selling, general, and admin.expenses ........................................... (7,415) (6,514) 901 13.8%4. Operating income (loss)before taxes ...................................... $ (45) $ 1,300 $(1,345) (103.5%) b. The horizontal analysis of Kmart Corporation reveals deterioratingoperating results from 1999 to 2000. While sales increased by $1,103million, a 3.1% increase, cost of sales increased by $1,547 million, a5.5% increase. Selling, general, and administrative expenses alsoincreased by $901 million, a 13.8% increase. The end result was thatoperating income decreased by $1,345 million, over a 100%decrease, and created a $45 million loss in 2000. Little over a yearlater, Kmart filed for bankruptcy protection. It has now emerged frombankruptcy, hoping to return to profitability.3-11. Accrued expense (accrued liability)2. Deferred expense (prepaid expense)3. Deferred revenue (unearned revenue)4. Accrued revenue (accrued asset)5. Accrued expense (accrued liability)6. Accrued expense (accrued liability)7. Deferred expense (prepaid expense)8. Deferred revenue (unearned revenue)3-2Supplies Expense (801)Supplies (801)3-3$1,067 ($118 + $949)3-4a. Insurance expense (or expenses) will be understated. Net income willbe overstated.b. Prepaid insurance (or assets) will be overstated. Owner’s equity willbe overstated.3-5a.Insurance Expense ............................................................ 1,215Prepaid Insurance ............................................... 1,215 b.Insurance Expense ............................................................ 1,215Prepaid Insurance ............................................... 1,215 3-6Unearned Fees ...................................................................... 9,570Fees Earned ......................................................... 9,570 3-7a.Salary Expense .................................................................. 9,360Salaries Payable .................................................. 9,360 b.Salary Expense .................................................................. 12,480Salaries Payable .................................................. 12,480 3-8$59,850 ($63,000 – $3,150)3-9$195,816,000 ($128,776,000 + $67,040,000)3-10Error (a) Error (b)Over- Under- Over- Under-stated stated stated stated1. Revenue for the year would be ............... $ 0 $6,900 $ 0 $ 02. Expenses for the year would be ............. 0 0 0 3,7403. Net income for the year would be .......... 0 6,900 3,740 04. Assets at December 31 would be ........... 0 0 0 05. Liabilities at December 31 would be ...... 6,900 0 0 3,7406. Owner’s equity at December 31would be ................................................... 0 6,900 3,740 0 3-11$175,840 ($172,680 + $6,900 – $3,740)3-12a.Accounts Receivable ......................................................... 11,500Fees Earned ......................................................... 11,500 b. No. If the cash basis of accounting is used, revenues are recognizedonly when the cash is received. Therefore, earned but unbilledrevenues would not be recognized in the accounts, and no adjustingentry would be necessary.3-13a. Fees earned (or revenues) will be understated. Net income will beunderstated.b. Accounts (fees) receivable (or assets) will be understated. Owner’sequity will be understated.3-14Depreciation Expense .......................................................... 5,200Accumulated Depreciation ................................. 5,200 3-15a. $204,600 ($318,500 – $113,900)b. No. Depreciation is an allocation of the cost of the equipment to theperiods benefiting from its use. It does not necessarily relate to valueor loss of value.3-16a. $2,268,000,000 ($5,891,000,000 – $3,623,000,000)b. No. Depreciation is an allocation method, not a valuation method.That is, depreciation allocates the cost of a fixed asset over its usefullife. Depreciation does not attempt to measure market values, whichmay vary significantly from year to year.3-17a.Depreciation Expense ....................................................... 7,500Accumulated Depreciation ................................. 7,500 b. (1) Depreciation expense would be understated. Net income wouldbe overstated.(2) Accumulated depreciation would be understated, and total assetswould be overstated. Owner’s equity would be ove rstated.3-181.Accounts Receivable (4)Fees Earned (4)2.Supplies Expense (3)Supplies (3)3.Insurance Expense (8)Prepaid Insurance (8)4.Depreciation Expense (5)Accumulated Depreciation—Equipment (5)5.Wages Expense (1)Wages Payable (1)3-19a. Dell Computer CorporationAmount Percent Net sales $35,404,000 100.0Cost of goods sold (29,055,000) 82.1Operating expenses (3,505,000) 9.9Operating income (loss) $ 2,844,000 8.0b. Gateway Inc.Amount Percent Net sales $ 4,171,325 100.0Cost of goods sold (3,605,120) 86.4Operating expenses (1,077,447) 25.8Operating income (loss) $ (511,242) (12.2)c. Dell is more profitable than Gateway. Specifically, Dell’s cost ofg oods sold of 82.1% is significantly less (4.3%) than Gateway’s costof goods sold of 86.4%. In addition, Gateway’s operating expensesare over one-fourth of sales, while Dell’s operating expenses are9.9% of sales. The result is that Dell generates an operating incomeof 8.0% of sales, while Gateway generates a loss of 12.2% of sales.Obviously, Gateway must improve its operations if it is to remain inbusiness and remain competitive with Dell.4-1e, c, g, b, f, a, d4-2a. Income statement: 3, 8, 9b. Balance sheet: 1, 2, 4, 5, 6, 7, 104-3a. Asset: 1, 4, 5, 6, 10b. Liability: 9, 12c. Revenue: 2, 7d. Expense: 3, 8, 114-41. f2. c3. b4. h5. g6. j7. a8. i9. d10. e4–5ITHACA SERVICES CO.Work SheetFor the Year Ended January 31, 2006AdjustedTrial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr.1Cash 8 8 1 2Accounts Receivable 50 (a) 7 57 2 3Supplies 8 (b) 5 3 3 4Prepaid Insurance 12 (c) 6 6 4 5Land 50 50 5 6Equipment 32 32 6 7Accum. Depr.—Equip. 2 (d) 5 7 7 8Accounts Payable 26 26 8 9Wages Payable 0 (e) 1 1 9 10Terry Dagley, Capital 112 112 10 11Terry Dagley, Drawing 8 8 11 12Fees Earned 60 (a) 7 67 12 13Wages Expense 16 (e) 1 17 13 14Rent Expense 8 8 1415Insurance Expense 0 (c) 6 6 15 16Utilities Expense 6 6 16 17Depreciation Expense 0 (d) 5 5 17 18Supplies Expense 0 (b) 5 5 18 19Miscellaneous Expense 2 2 19 20Totals 200 200 24 24 213 213 20 ContinueITHACA SERVICES CO.Work SheetFor the Year Ended January 31, 2006Adjusted Income BalanceTrial Balance StatementSheetAccount Title Dr. Cr. Dr. Cr. Dr. Cr.1Cash 8 8 1 2Accounts Receivable 57 57 2 3Supplies 3 3 3 4Prepaid Insurance 6 6 4 5Land 50 50 5 6Equipment 32 32 6 7Accum. Depr.—Equip. 7 7 7 8Accounts Payable 26 26 8 9Wages Payable 1 1 9 10Terry Dagley, Capital 112 112 10 11Terry Dagley, Drawing 8 8 11 12Fees Earned 67 67 12 13Wages Expense 17 17 13 14Rent Expense 8 8 14 15Insurance Expense 6 6 15 16Utilities Expense 6 6 16 17Depreciation Expense 5 5 17 18Supplies Expense 5 5 18 19Miscellaneous Expense 2 2 19 20Totals 213 213 49 67 164 146 20 21Net income (loss) 18 1821 2267 67 164 164 22 4-6ITHACA SERVICES CO.Income StatementFor the Year Ended January 31, 2006Fees earned ........................................................................ $67Expenses:Wages expense ........................................................... $17Rent expense (8)Insurance expense (6)Utilities expense (6)Depreciation expense (5)Supplies expense (5)Miscellaneous expense (2)Total expenses ........................................................49Net income ......................................................................... $18ITHACA SERVICES CO.Statemen t of Owner’s EquityFor the Year Ended January 31, 2006Terry Dagley, capital, February 1, 2005 ............................ $112Net income for the year ..................................................... $18Less withdrawals (8)Increase in owner’s equity................................................10Terry Dagley, capital, January 31, 2006 ........................... $122ITHACA SERVICES CO.Balance SheetJanuary 31, 2006Assets LiabilitiesCurrent assets: Current liabilities:Cash ............................. $ 8 Accounts payable ....... $26Accounts receivable ... 57 Wages payable (1)Supplies ....................... 3 Total liabilities ......... $ 27 Prepaid insurance . (6)Total current assets . $ 74Property, plant, and Owner’s E quity equipment: Terry Dagley, capital (122)Land ............................. $50Equipment ................... $32Less accum. depr........ 7 25Total property, plant,and equipment 75 Total liabilities andTotal assets ..................... $149 owner’s equity.......... $149 4-72006Jan. 31 Accounts Receivable (7)Fees Earned (7)31 Supplies Expense (5)Supplies (5)31 Insurance Expense (6)Prepaid Insurance (6)31 Depreciation Expense (5)Accumulated Depreciation—Equipment (5)31 Wages Expense (1)Wages Payable (1)4-82006Jan. 31 Fees Earned (67)Income Summary (67)31 Income Summary (49)Wages Expense (17)Rent Expense (8)Insurance Expense (6)Utilities Expense (6)Depreciation Expense (5)Supplies Expense (5)Miscellaneous Expense (2)31 Income Summary (18)Terry Dagley, Capital (18)31 Terry Dagley, Capital (8)Terry Dagley, Drawing (8)4-9SIROCCO SERVICES CO.Income StatementFor the Year Ended March 31, 2006Service revenue .................................................................$103,850Operating expenses:Wages expense ........................................................... $56,800Rent expense .............................................................. 21,270Utilities expense ......................................................... 11,500Depreciation expense ................................................. 8,000Insurance expense ..................................................... 4,100Supplies expense ....................................................... 3,100Miscellaneous expense .............................................. 2,250Total operating expenses ............................ 107,020Net loss .............................................................................. $ (3,170)4-10SYNTHESIS SYSTEMS CO.Statement of Owner’s EquityFor the Year Ended October 31, 2006Suzanne Jacob, capital, November 1, 2005 ..................... $173,750Net income for year ........................................................... $44,250Less withdrawals ............................................................... 12,000Increase in owner’s equity................................................32,250Suzanne Jacob, capital, October 31, 2006 ....................... $206,0004-11a. Current asset: 1, 3, 5, 6b. Property, plant, and equipment: 2, 44-12Since current liabilities are usually due within one year, $165,000 ($13,750 ×12 months) would be reported as a current liability on the balance sheet. The remainder of $335,000 ($500,000 – $165,000) would be reported as a long-term liability on the balance sheet.4-13TUDOR CO.Balance SheetApril 30, 2006Assets LiabilitiesCurrent assets Current liabilities:Cash $31,500 Accounts payable $9,500Accounts receivable ....................... 21,850 Salaries payable1,750Supplies................................................. 1,800 Unearned fees1,200Prepaid insurance ................................ 7,200 Total liabilities$12,450Prepaid rent ........................................... 4,800Total current assets $67,150 Owner’s EquityProperty, plant, and equipment: Vernon Posey, capital 114,200 Equipment ......................................... $80,600Less accumulated depreciation 21,100 59,500 Total liabilities andTotal assets $126,650 owner’s equity $126,6504-14Accounts Receivable ............................................................ 4,100Fees Earned .................................................... 4,100 Supplies Expense ................................................ 1,300Supplies .......................................................... 1,300 Insurance Expense .............................................. 2,000Prepaid Insurance .......................................... 2,000 Depreciation Expense ......................................... 2,800Accumulated Depreciation—Equipment ...... 2,800Wages Expense ................................................... 1,000Wages Payable ............................................... 1,000 Unearned Rent ..................................................... 2,500Rent Revenue ................................................. 2,500 4-15c. Depreciation Expense—Equipmentg. Fees Earnedi. Salaries Expensel. Supplies Expense4-16The income summary account is used to close the revenue and expense accounts, and it aids in detecting and correcting errors. The $450,750 represents expense account balances, and the $712,500 represents revenue account balances that have been closed.4-17a.Income Summary ............................................................... 167,550Sue Alewine, Capital ........................................... 167,550 Sue Alewine, Capital ............................................................. 25,000Sue Alewine, Drawing ......................................... 25,000 b. $284,900 ($142,350 + $167,550 – $25,000)4-18a. Accounts Receivableb. Accumulated Depreciationc. Cashe. Equipmentf. Estella Hall, Capitali. Suppliesk. Wages Payable4-19a. 2002 2001Working capital ($143,034) ($159,453)Current ratio 0.81 0.80b. 7 Eleven has negative working capital as of December 31, 2002 and2001. In addition, the current ratio is below one at the end of bothyears. While the working capital and current ratios have improvedfrom 2001 to 2002, creditors would likely be concerned about theability of 7 Eleven to meet its short-term credit obligations. Thisconcern would warrant further investigation to determine whetherthis is a temporary issue (for example, an end-of-the-periodphenomenon) and the company’s plans to address its workingcapital shortcomings.4-20a. (1) Sales Salaries Expense ............................................. 6,480Salaries Payable ................................................... 6,480(2) Accounts Receivable ................................................. 10,250Fees Earned .......................................................... 10,250 b. (1) Salaries Payable ......................................................... 6,480Sales Salaries Expense ........................................ 6,480(2) Fees Earned ................................................................ 10,250Accounts Receivable ............................................ 10,250 4-21a. (1) Payment (last payday in year)(2) Adjusting (accrual of wages at end of year)(3) Closing(4) Reversing(5) Payment (first payday in following year)b. (1) Wages Expense .......................................................... 45,000Cash ....................................................................... 45,000(2) Wages Expense .......................................................... 18,000Wages Payable ...................................................... 18,000(3) Income Summary ....................................................... 1,120,800Wages Expense .................................................... 1,120,800(4) Wages Payable ........................................................... 18,000Wages Expense .................................................... 18,000(5) Wages Expense .......................................................... 43,000Cash ....................................................................... 43,000 Chapter6（找不到答案，自己处理了哦）Ex. 8–1a. Inappropriate. Since Fridley has a large number of credit salessupported by promissory notes, a notes receivable ledger should bemaintained. Failure to maintain a subsidiary ledger when there are asignificant number of notes receivable transactions violates theinternal control procedure that mandates proofs and security.Maintaining a notes receivable ledger will allow Fridley to operatemore efficiently and will increase the chance that Fridley will detectaccounting errors related to the notes receivable. (The total of theaccounts in the notes receivable ledger must match the balance ofnotes receivable in the general ledger.)b. Inappropriate. The procedure of proper separation of duties isviolated. The accounts receivable clerk is responsible for too many。

英语财务笔试题库及答案

英语财务笔试题库及答案1. What is the difference between a balance sheet and an income statement?Answer: A balance sheet is a snapshot of a company's financial condition at a specific point in time, showing assets, liabilities, and equity. An income statement, on the other hand, reports a company's financial performance over a period of time, including revenues, expenses, and net income.2. Define the term 'Depreciation'.Answer: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life to reflect the consumption of the asset.3. Explain the concept of 'Accrual Accounting'.Answer: Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, not when cash is received or paid.4. What is 'Capital Budgeting' and why is it important?Answer: Capital budgeting is the process of evaluating investment opportunities to determine whether they are financially viable and beneficial for a company. It is important as it helps in making long-term financial decisions.5. How do you calculate 'Net Present Value' (NPV)?Answer: Net Present Value (NPV) is calculated bysubtracting the present value of cash outflows (includinginitial investment) from the present value of cash inflows over a period of time, using a discount rate.6. What is 'Financial Leverage' and how does it affect a company?Answer: Financial leverage refers to the use of borrowed funds to increase the return on equity. It affects a company by increasing the risk and potential return on investment.7. Describe the 'Time Value of Money'.Answer: The time value of money is the concept that a sum of money is worth more now than the same sum in the future due to its potential earning capacity.8. What is 'Earnings Per Share' (EPS)?Answer: Earnings Per Share (EPS) is a financial metric calculated as the company's net income divided by the outstanding shares of its common stock, indicating the profit allocated to each share.9. Explain the 'Cash Conversion Cycle'.Answer: The cash conversion cycle is the length of time it takes for a company to convert its investment in inventory and receivables into cash.10. What is 'Break-Even Analysis' and how is it used?Answer: Break-even analysis is a method used to determine the number of units a company must sell to cover its costs and make a profit. It is used to evaluate the financial viability of a project or business.11. Define 'Working Capital'.Answer: Working capital is the difference between a company's current assets and current liabilities, representing the funds available for day-to-day operations.12. What is 'Liquidity Ratio' and how is it calculated?Answer: Liquidity ratio is a measure of a company'sability to pay short-term obligations. It is calculated by dividing current assets by current liabilities.13. Explain 'Return on Investment' (ROI).Answer: Return on Investment (ROI) is a financial metric that measures the profitability of an investment. It is calculated by dividing the net profit from the investment by the initial cost of the investment.14. What is 'Inflation' and how does it affect financial statements?Answer: Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. It affects financial statements by reducing the real value of assets and increasing the cost of goods and services.15. Define 'Audit' in the context of finance.Answer: An audit is a systematic review and examination of a company's financial records, typically performed by an independent third party, to ensure accuracy, compliance with regulations, and to detect fraud.。

财务会计英文影印版第十版课后练习题含答案 (2)

财务会计英文影印版第十版课后练习题含答案简介本文档为《财务会计英文影印版第十版》的课后练习题及答案。

该书是一本介绍财务会计的教材，涵盖了财务会计理论和实践，适用于财务会计初学者。

练习题Chapter 11.1 Expln the difference between management accounting and financial accounting.1.2 Expln the purpose of financial statements.1.3 Expln the role of the audit committee.1.4 Expln the difference between the balance sheet and the income statement.Chapter 22.1 Expln the difference between revenue and profit.2.2 Expln the difference between cash basis accounting and accrual basis accounting.2.3 Expln the purpose of the statement of cash flows.Chapter 33.1 Expln the difference between current and non-current assets.3.2 Expln the difference between current and non-current liabilities.3.3 Expln the difference between financing activities and investing activities.Chapter 44.1 Expln the purpose of the double-entry accounting system.4.2 Expln the difference between debits and credits.4.3 Expln the purpose of the trial balance.Chapter 55.1 Expln the difference between the cost of goods sold and operating expenses.5.2 Expln the purpose of the income statement.5.3 Expln the difference between gross profit and net profit.答案Chapter 11.1 Management accounting is concerned with providing information for internal decision-making, while financial accounting is concerned with providing information to external users.1.2 The purpose of financial statements is to provide information about an entity’s financial performance, financial position, and cash flows.1.3 The audit committee is responsible for overseeing the financial reporting process and ensuring the integrity of financial statements.1.4 The balance sheet shows an entity’s financial position at a specific point in time, while the income statement shows an entity’s financial performance over a period of time.Chapter 22.1 Revenue represents the amounts earned from the sale of goods or services, while profit represents the difference between revenue and expenses.2.2 Cash basis accounting recognizes revenue and expenses when cash is received or pd, while accrual basis accounting recognizes revenue and expenses when they are earned or incurred, regardless of when cash is received or pd.2.3 The statement of cash flows is used to show the inflows and outflows of cash from operating, investing, and financing activities.Chapter 33.1 Current assets are expected to be converted to cash within one year, while non-current assets are expected to be held for more than one year.3.2 Current liabilities are expected to be pd within one year, while non-current liabilities are expected to be pd after one year.3.3 Financing activities involve obtning funds from external sources and paying dividends to shareholders, while investing activities involve acquiring and disposing of property, plant, and equipment, and other long-term investments.Chapter 44.1 The double-entry accounting system ensures that everytransaction is recorded in two accounts, with equal debits and credits,in order to mntn the equality of debits and credits in the accounting equation.4.2 Debits are used to record increases in assets and expenses and decreases in liabilities and equity, while credits are used to record increases in liabilities and equity and decreases in assets and expenses.4.3 The trial balance is a list of all the accounts in the ledgerwith their balances, used to ensure that the total of the debits equals the total of the credits.Chapter 55.1 The cost of goods sold represents the cost of the goods or services sold by a company, while operating expenses represent the other costs of running a business.5.2 The income statement shows a company’s revenue, expenses, andnet income or loss for a period of time.5.3 Gross profit represents revenue minus the cost of goods sold, while net profit represents gross profit minus operating expenses.结论本文档为《财务会计英文影印版第十版》课后练习题及答案，涵盖了财务会计的基本理论和实践。

会计英语试题及答案

会计英语试题及答案1. Multiple Choice QuestionsChoose the correct option for each question.1. What is the main objective of financial accounting?a) To provide information for internal decision makingb) To provide information for external partiesc) To prepare budgets and forecastsd) To ensure tax compliance2. The matching principle in accounting suggests:a) Expenses should be recognized when incurredb) Revenues should be recognized when cash is receivedc) Expenses should be recognized when cash is paidd) Revenues should be recognized when earned3. Which financial statement reports the financial position of a company at a specific point in time?a) Income statementb) Cash flow statementc) Balance sheetd) Statement of retained earnings4. An increase in accounts payable would be recorded as a:a) Debit to accounts payableb) Credit to accounts payablec) Debit to accounts receivabled) Credit to accounts receivable5. Under the accrual basis of accounting, revenue is recognized:a) When cash is receivedb) When goods are deliveredc) When services are providedd) When accounts receivable are collected2. Fill in the BlanksComplete the following sentences with the appropriate accounting terms.1. The ___________________ is the owner's claim on the assets of a business.2. _________________ is the process of allocating the cost of an asset over its useful life.3. The ___________________ is the amount by which current assets exceed current liabilities.4. A _________________ is a decrease in equity resulting from the sale of goods or services.5. The process of converting assets, liabilities, and owners' equity from one currency to another is called _________________.3. True or FalseDetermine whether the following statements are true or false.1. Accrual accounting recognizes revenue and expenses when cash is exchanged.2. The accounting equation is Assets = Liabilities + Owners' Equity.3. The statement of cash flows reports the cash inflows and outflows during a specific period.4. An audit is an examination of financial statements to ensure their accuracy.5. Liabilities represent the claims of owners on the assets of a business.4. Short AnswerProvide a brief answer to the following questions.1. What is the difference between a debit and a credit in accounting?2. Define the term "fixed assets" and provide an example.3. What is the purpose of adjusting entries in the accounting cycle?4. What are the main components of the income statement?5. How does the accrual basis of accounting differ from the cash basis of accounting?答案：1. Multiple Choice Questions1. b) To provide information for external parties2. a) Expenses should be recognized when incurred3. c) Balance sheet4. b) Credit to accounts payable5. c) When services are provided2. Fill in the Blanks1. Equity2. Depreciation3. Working capital4. Expense5. Foreign currency translation3. True or False1. False2. True3. True4. True5. False4. Short Answer1. In accounting, a debit represents an increase in assets or expenses anda decrease in liabilities or equity. A credit represents an increase in liabilities or equity and a decrease in assets or expenses.2. Fixed assets, also known as property, plant, and equipment, are long-term assets with a useful life of more than one year. An example of a fixed asset is a building or a vehicle.3. Adjusting entries are made at the end of the accounting period to ensure that revenues and expenses are recognized in the correct period. These entries are necessary to comply with the matching principle and accrual accounting.4. The main components of the income statement are revenues, expenses, gains, and losses. Revenues represent the income generated from the primary operations of the business, while expenses are the costs incurred to generate that revenue. Gains and losses are non-operating items that result from activities outside the normal course of business.5. The accrual basis of accounting recognizes revenue and expenses when they are earned or incurred, regardless of the actual cash flow. In contrast, the cash basis of accounting recognizes revenue and expenses only when cash is received or paid. The accrual basis provides a more accurate picture of the financial performance and position of a business over a specific period of time.。

会计试题英语答案及解析

会计试题英语答案及解析1. Question: What is the purpose of the balance sheet in accounting?Answer: The balance sheet serves as a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and equity. It is used to assess the solvency and liquidity of a business.Analysis: The balance sheet is crucial for stakeholders as it provides insights into the company's ability to meetshort-term and long-term obligations. Assets represent whatthe company owns, liabilities represent what the company owes, and equity represents the net worth of the company.2. Question: Explain the difference between revenue andprofit.Answer: Revenue is the total amount of money a company receives from its business activities, without any expenses deducted. Profit, on the other hand, is the amount of money remaining after all expenses have been deducted from the revenue.Analysis: Understanding the distinction between revenueand profit is important for evaluating a company's financial health. While revenue indicates the total income, profit reflects the company's operational efficiency andprofitability.3. Question: What is the accounting equation?Answer: The accounting equation is Assets = Liabilities + Owner's Equity. It represents the fundamental relationship between a company's assets, liabilities, and equity.Analysis: The accounting equation is the foundation of double-entry bookkeeping, ensuring that every transaction is recorded twice, once as a debit and once as a credit, maintaining the balance of the equation.4. Question: Define the term "depreciation" in accounting.Answer: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life, reflecting the consumption of the asset's economic benefits.Analysis: Depreciation is used to match the expense of using an asset with the revenue it generates over its useful life, adhering to the matching principle in accounting.5. Question: What is the purpose of adjusting entries in accounting?Answer: Adjusting entries are made at the end of an accounting period to ensure that the financial statements accurately reflect the company's financial position and performance. They bring the accounts up to date and correct any errors or omissions.Analysis: Adjusting entries are crucial for maintaining the integrity of financial statements. They ensure that revenues and expenses are recognized in the correct accounting period, in accordance with the accrual basis ofaccounting.6. Question: Explain the concept of "cash flow" in accounting. Answer: Cash flow refers to the inflow and outflow of cash in a business over a period of time. It is a measure of the liquidity of a business and its ability to generate cash.Analysis: Cash flow is vital for assessing a company's financial health and its ability to pay debts, invest in new projects, and pay dividends. It is different from profit, asit considers the actual movement of cash rather than the accounting recognition of revenues and expenses.7. Question: What is the purpose of an income statement?Answer: An income statement, also known as a profit andloss statement, reports a company's financial performanceover a specific period of time. It shows the revenues, expenses, and net income of the business.Analysis: The income statement is essential for evaluating a company's profitability and operational efficiency. It provides information on how much profit a company has madeand where that profit came from.8. Question: Define "inventory" in accounting.Answer: Inventory is a current asset account in accounting that represents the goods available for sale in the ordinary course of business.Analysis: Inventory management is critical for businessesas it affects cost of goods sold, valuation, and the accuracyof financial statements. Proper inventory accounting ensures that the cost of goods sold is accurately matched with the revenue they generate.9. Question: What is the purpose of a statement of cash flows? Answer: The statement of cash flows provides information about a company's cash inflows and outflows during a period.It categorizes these cash flows into operating, investing,and financing activities.Analysis: The statement of cash flows is important for understanding the liquidity and solvency of a business. It helps stakeholders to see where the cash is coming from and how it is being used, which is crucial for making informed financial decisions.10. Question: Explain the concept of "cost-volume-profit (CVP) analysis."Answer: Cost-volume-profit (CVP) analysis is a financial tool used to determine the relationship between costs, sales volume, and profit. It helps in understanding how changes in sales volume affect the company's profitability.Analysis: CVP analysis is essential for making pricing decisions, setting sales targets, and evaluating the impactof cost changes on profitability. It is a valuable tool for budgeting and financial planning。

财务会计英文影印版第十版课后练习题含答案

Financial and Managerial Accounting English Version Photocopy Tenth Edition Exercise Questions withAnswersIntroductionThe Financial and Managerial Accounting English Version Photocopy Tenth Edition Exercise Questions with Answers is a comprehensive guide for accounting students to practice and sharpen their skills infinancial and managerial accounting. This guide includes a wide range of exercise questions with detled answers to help students better understand complex accounting concepts. The guide is designed to be an essential study tool for accounting students and professionals who are preparing for certification exams or looking to improve their accounting skills.FeaturesThe guide contns the following features:prehensive coverage of financial and managerialaccounting topics.2.A wide range of exercise questions with detled answers.3.Clear and concise explanations of complex accountingconcepts.4.Easy-to-use format.5.All questions are organized by chapter and topic for easyreference.ContentsThe guide includes the following chapters:1.Accounting in Action2.The Recording Process3.Adjusting the Accountspleting the Accounting Cycle5.Accounting for Merchandising Operations6.Inventories7.Fraud, Internal Control, and Cash8.Accounting for Receivables9.Plant Assets, Natural Resources, and Intangible Assets10.Liabilities11.Corporations: Organization, Stock Transactions, andDividends12.Long-Term Liabilities: Bonds and Notes13.Investments and Fr Value Accounting14.Statement of Cash Flows15.Financial Statement Analysis16.Managerial Accounting Concepts and Principles17.Job Order Costing18.Process Costing19.Cost Behavior and Cost-Volume-Profit Analysis20.Budgeting21.Performance Evaluation Using Variances from StandardCosts22.Performance Evaluation for Decentralized Operations23.Differential Analysis and Product PricingEach chapter includes a series of exercise questions with answers.How to Use the GuideThe guide is designed to be an essential study tool for accounting students and professionals who are preparing for certification exams or looking to improve their accounting skills. Students can use the guide to practice and sharpen their accounting skills. The guide can be used in conjunction with textbooks, lectures, and other study materials. Students are encouraged to work through e ach chapter’s exercises in order, starting with the easier exercises and progressing to the more difficult exercises.ConclusionThe Financial and Managerial Accounting English Version Photocopy Tenth Edition Exercise Questions with Answers is a comprehensive guide for accounting students to practice and sharpen their skills infinancial and managerial accounting. This guide includes a wide range of exercise questions with detled answers to help students better understand complex accounting concepts. The guide is an essential study tool for accounting students and professionals who are preparing for certification exams or looking to improve their accounting skills.。

财务面试英语试题及答案

财务面试英语试题及答案一、选择题1. What is the primary purpose of financial accounting?A. To provide information for internal managementB. To provide information for external stakeholdersC. To assist in budgeting and forecastingD. To support tax compliance答案：B2. Which of the following is NOT a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Project Proposal答案：D3. What does the term "depreciation" refer to?A. The increase in the value of an assetB. The decrease in the value of an asset over timeC. The sale of an assetD. The purchase of an asset答案：B二、填空题4. The process of recording financial transactions in acompany's books is known as __________.答案：bookkeeping5. The __________ is responsible for the day-to-day management of the company's finances.答案：finance manager6. When a company issues shares, it is said to be engaging in __________.答案：equity financing三、简答题7. Explain the difference between "revenue" and "profit".答案：Revenue is the total amount of money that a company receives from its business activities before any costs are deducted. Profit, on the other hand, is the amount of money remaining after all expenses have been subtracted from the revenue.8. What are the main components of a balance sheet?答案：The main components of a balance sheet are assets, liabilities, and shareholders' equity.四、论述题9. Discuss the importance of financial planning for a business.答案：Financial planning is crucial for a business as it helps in setting financial goals, allocating resourcesefficiently, managing cash flow, and ensuring the long-term viability of the company. It also aids in risk management and provides a roadmap for the company's growth and expansion.10. Describe the role of an auditor in a company.答案：An auditor's role in a company is to provide an independent assessment of the company's financial statements to ensure they are accurate, complete, and in compliance with relevant accounting standards and regulations. They also help identify potential fraud and recommend improvements in financial controls and processes.。

财务英语练习题(含答案)

Question1.What are the three basic types of accounts and two additional ones?2.Describe the effects of each of the following business transactions on assets, liabilities, and owners’ equity.(写出借方发生的变化及贷方发生的变化)A.bought equipment on creditAssets , debit for increaseLiabilities , credit for increaseB.Paid salaries to employeesLiabilities , debit for decreaseAssets , credit for decreaseC.Sold services for cashAssets , debit for increaseOwners’ equaties , credit for increaseD.Paid cash to a creditorLiabilities , debit for decreaseAssets , credit for decreaseE.Paid cash for furnitureAssets , debit for increaseAssets , credit for decreaseF.Sold services on creditAssets , debit for increaseOwners’ equaties , credit for increase3.Describe the rules of debit and credit（只需填入debit/credit）Requirement: Complete each of the following statement by using the word debit and credit wherever appropriate.1.Assets accounts normally have debit balances. These accounts increase on the debit side and decrease on the credit side.2.Liabilities accounts normally have credit balances. These accounts increase on the credit side and decrease on the debit side.3.The owners’ capital account normally has credit balance. This account increase on the credit side and decrease on the debit side.。

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会计学英语试题及答案一、单项选择题（每题2分，共10题）1. Which of the following is not a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Tax Return2. The process of recording all financial transactions in a company is known as:A. BudgetingB. ForecastingC. BookkeepingD. Auditing3. What does the term "Depreciation" refer to?A. The increase in value of an asset over timeB. The decrease in value of an asset over timeC. The sale of an assetD. The purchase of an asset4. Which of the following is not a type of receivable?A. Accounts ReceivableB. Notes ReceivableC. InventoryD. Trade Receivables5. What is the purpose of an audit?A. To ensure compliance with tax lawsB. To verify the accuracy of financial recordsC. To prepare financial statementsD. To manage the company's budget6. The term "Equity" in accounting refers to:A. The total assets of a companyB. The total liabilities of a companyC. The owner's investment in the companyD. The company's net income7. Which of the following is not a component of a balance sheet?A. AssetsB. LiabilitiesC. EquityD. Revenue8. The accounting equation is represented as:A. Assets = Liabilities + EquityB. Assets = Liabilities - EquityC. Assets - Liabilities = EquityD. Assets + Equity = Liabilities9. What is the term used to describe the conversion of cash into other assets?A. InvestingB. FinancingC. OperatingD. Spending10. Which of the following is a non-current asset?A. CashB. InventoryC. LandD. Office Supplies二、多项选择题（每题3分，共5题）1. Which of the following are considered as current assets?A. CashB. Accounts ReceivableC. InventoryD. Land2. The following are examples of liabilities except:A. Accounts PayableB. Long-term DebtC. Common StockD. Retained Earnings3. The following are types of expenses in an income statement except:A. Cost of Goods SoldB. Salaries and WagesC. DividendsD. Depreciation4. Which of the following are considered as equity transactions?A. Issuance of SharesB. Declaration of DividendsC. EarningsD. Payment of Dividends5. The following are true statements about accountingprinciples except:A. The going concern assumptionB. The matching principleC. The cash basis of accountingD. The accrual basis of accounting三、判断题（每题1分，共5题）1. True or False: The accounting cycle includes the processof closing the books at the end of an accounting period.2. True or False: All prepaid expenses are considered current assets.3. True or False: Revenue recognition is based on the cash received.4. True or False: The statement of cash flows is preparedusing the cash basis of accounting.5. True or False: The accounting equation must always balance.四、简答题（每题5分，共2题）1. Explain the difference between revenue and profit.2. Describe the role of the statement of cash flows infinancial reporting.五、计算题（每题10分，共1题）A company has the following transactions during the month:- Cash sales: $10,000- Accounts receivable: $5,000- Accounts payable: $3,000- Inventory purchased on credit: $2,000- Cash paid for expenses: $1,500Calculate the company's cash flow from operating activities for the month.答案：一、单项选择题1. D2. C3. B4. C5. B6. C7. D8. A9. A10. C二、多项选择题1. A, B, C2. C, D3. C4. A, D5. C三、判断题1. True2. True3. False4. False5. True四、简答题1. Revenue is the income generated from the normal business activities of a company over a specific period, before any expenses are deducted. Profit, on the other hand, is the amount of money remaining after all expenses have been deducted from the revenue. It represents the net income or net loss of a company.2. The statement of cash flows is a financial statement that provides information about the cash receipts。

财务会计英语练习及答案ch

财务会计英语练习及答案ch个人收集整理勿做商业用途CHAPTER 16 STATEMENT OF CASH FLOWS个人收集整理勿做商业用途Chapter 16—Statement of Cash FlowsTRUE/FALSE1. The statement of cash flows is not one of the basic financial statements.ANS: F DIF: 1 OBJ: 012. Cash, as the term is used for the statement of cash flows, could indicate either cash or cashequivalents.ANS: T DIF: 1 OBJ: 013. The statement of cash flows is an optional financial statement.ANS: F DIF: 1 OBJ: 014. The statement of cash flows shows the effects on cash ofa company's operating, investing,and financing activities.ANS: T DIF: 1 OBJ: 015. The statement of cash flows reports a firm's major sources of cash receipts and major uses ofcash payments for a period.ANS: T DIF: 1 OBJ: 016. Cash flows from operating activities, as part of the statement of cash flows, include cashtransactions that enter into the determination of net income.ANS: T DIF: 1 OBJ: 017. To arrive at cash flows from operations, it is necessary toconvert the income statement froman accrual basis to the cash basis of accounting.ANS: T DIF: 2 OBJ: 018. Cash flows from investing activities, as part of the statement of cash flows, include receiptsfrom the sale of land.ANS: T DIF: 2 OBJ: 019. Cash flows from financing activities, as part of the statement of cash flows, include paymentsfor dividends.ANS: T DIF: 2 OBJ: 0110. Cash flows from investing activities, as part of the statement of cash flows, include paymentsfor the purchase of treasury stock.ANS: F DIF: 2 OBJ: 0111. Cash flows from investing activities, as part of the statement of cash flows, include receiptsfrom the issuance of bonds payable.ANS: F DIF: 2 OBJ: 0112. There are two alternatives to reporting cash flows from operating activities in the statement ofcash flows: (1) the direct method and (2) the indirect method.ANS: T DIF: 1 OBJ: 0113. The direct method of preparing the operating activities section of the statement of cash flowsreports major classes of gross cash receipts and gross cash payments.ANS: T DIF: 1 OBJ: 0114. Under the direct method of reporting cash flows from operations, the major source of cash iscash received from customers.ANS: T DIF: 1 OBJ: 0115. The main disadvantage of the direct method of reporting cash flows from operating activitiesis that the necessary data are often costly to accumulate.ANS: T DIF: 2 OBJ: 0116. A major disadvantage of the indirect method of reporting cash flows from operating activitiesis that the difference between the net amount of cash flows from operating activities and net income is not emphasized.ANS: F DIF: 2 OBJ: 01个人收集整理勿做商业用途17. Cash outflows from financing activities include the payment of cash dividends, theacquisition of treasury stock, and the repayment of amounts borrowed.ANS: T DIF: 2 OBJ: 0118. Cash flows from investing activities, as part of the statement of cash flows, include paymentsfor the acquisition of fixed assets.ANS: T DIF: 2 OBJ: 0119. The acquisition of land in exchange for common stock is an example of noncash investing andfinancing activity.ANS: T DIF: 2 OBJ: 0120. If a business issued bonds payable in exchange for land, the transaction would be reported in aseparate schedule on the statement of cash flows.ANS: T DIF: 2 OBJ: 0121. A cash flow per share amount should be reported on thestatement of cash flows.ANS: F DIF: 1 OBJ: 0122. Although there is no order in which the noncash balance sheet accounts must be analyzed indetermining data for preparing the statement of cash flows by the indirect method, time can be saved and greater accuracy can be achieved by selecting the accounts in the reverse order in which they appear on the balance sheet.ANS: T DIF: 1 OBJ: 0223. The 2002 edition of Accounting Trends and Techniques reported that 90% of the companiessurveyed used the indirect method to report changes in cash flows from operations.ANS: F DIF: 2 OBJ: 0224. Rarely would the cash flows from operating activities, as reported on the statement of cashflows, be the same as the net income reported on the income statement.ANS: T DIF: 2 OBJ: 0225. If land costing $75,000 was sold for $135,000, the amount reported in the investing activitiessection of the statement of cash flows would be $75,000.ANS: F DIF: 2 OBJ: 0226. If land costing $150,000 was sold for $205,000, the $55,000 gain on the sale would be addedto net income in converting the net income reported on the income statement to cash flows from operating activities for the statement of cash flows prepared by the indirect method.ANS: F DIF: 2 OBJ: 0227. In preparing the cash flows from operating activitiessection of the statement of cash flows bythe indirect method, the net decrease in inventories from the beginning to the end of the period is added to net income for the period.ANS: T DIF: 2 OBJ: 0228. In determining the cash flows from operating activities for the statement of cash flows by theindirect method, the depreciation expense for the period is added to the net income for the period.ANS: T DIF: 2 OBJ: 0229. In preparing the cash flows from operating activities section of the statement of cash flows bythe indirect method, the amortization of bond discount for the period is deducted from the net income for the period.ANS: F DIF: 2 OBJ: 02个人收集整理勿做商业用途30. If cash dividends of $145,000 were declared during the year and the decrease in dividendspayable from the beginning to the end of the year was $7,000, the statement of cash flows would report $152,000 in the financing activities section.ANS: T DIF: 2 OBJ: 0231. The declaration and issuance of a stock dividend would be reported on the statement of cashflows.ANS: F DIF: 2 OBJ: 0232. If 900 shares of $40 par common stock are sold for $48,000, the $48,000 would be reported inthe cash flows from financing activities section of the statement of cash flows.ANS: T DIF: 2 OBJ: 0233. If $500,000 of bonds payable are sold at 101, $500,000 would be reported in the cash flowsfrom financing activities section of the statement of cash flows.ANS: F DIF: 2 OBJ: 0234. Net income was $ 52,000 for the year. The accumulated depreciation balance increased by$17,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. The cash flow from operations is $35,000ANS: F DIF: 2 OBJ: 0235. Net income for the year was $29,000. Accounts receivable increased $2,500, and accountspayable increased $5,100. The cash flow from operations is $31,600.ANS: T DIF: 2 OBJ: 0236. A building with a cost of $153,000 and accumulated depreciation of $42,000 was sold for an$11,000 gain. The cash generated from this investing activity was $121,000.ANS: F DIF: 2 OBJ: 0237. The indirect method reports cash received from customers in the cash flows from operatingactivities section of the statement of cash flows.ANS: F DIF: 2 OBJ: 0238. Cash paid to acquire treasury stock should be shown on the statement of cash flows frominvesting activities.ANS: F DIF: 2 OBJ: 0239. Repayments of bonds would be shown as a cash outflow in the investing section of thestatement of cash flows.ANS: F DIF: 2 OBJ: 0240. Acquiring equipment by issuing a six-month note should be shown on the statement of cashflows under the investing activities section.ANS: F DIF: 2 OBJ: 0241. In reporting cash flows from investing activities on the statement of cash flows, the cashinflows are usually reported first, followed by the cash outflows.ANS: T DIF: 1 OBJ: 0242.Cash inflows and outflows are not netted in any activity section of the statement of cash flows but are separately disclosed to give the reader full information.ANS: T DIF: 1 OBJ: 0243. The manner of reporting cash flows from investing and financing activities will be differentunder the direct method as compared to the indirect method.ANS: F DIF: 1 OBJ: 0344. Sales reported on the income statement were $375,000. The accounts receivable balancedeclined $6,500 over the year. The amount of cash received from customers was $368,500.个人收集整理勿做商业用途ANS: F DIF: 2 OBJ: 0345. To determine cash payments for merchandise for the cash flow statement using the directmethod, a decrease in accounts payable is added to the cost of merchandise sold.ANS: T DIF: 2 OBJ: 0346. To determine cash payments for operating expenses for the cash flow statement using thedirect method, a decrease in prepaid expenses is added to operating expenses other thandepreciation.ANS: F DIF: 2 OBJ: 0347. To determine cash payments for operating expenses for the cash flow statement using thedirect method, a decrease in accrued expenses is added to operating expenses other thandepreciation.ANS: T DIF: 2 OBJ: 0348. To determine cash payments for income tax for the cash flow statement using the directmethod, an increase in income taxes payable is added to the income tax expense.ANS: F DIF: 2 OBJ: 0349. Free cash flow is cash flow from operations, less cash used to purchase fixed assets tomaintain productive capacity and cash used for dividends.ANS: T DIF: 1 OBJ: 0450. Free cash flow is the measure of operating cash flow available for corporate purposes afterproviding sufficient fixed asset additions to maintain current productive capacity anddividends.ANS: T DIF: 1 OBJ: 04MULTIPLE CHOICE1. Which of the following is not one of the four basic financial statements?a. balance sheetb. statement of cash flowsc. statement of changes in financial positiond. income statementANS: C DIF: 1 OBJ: 012. Which of the following concepts of cash is not appropriate to use in preparing the statementof cash flows?a. cashb. cash and money market fundsc. cash and cash equivalentsd. cash and U.S. treasury bondsANS: D DIF: 2 OBJ: 013. The statement of cash flows reportsa. cash flows from operating activitiesb. total assetsc. total changes in stockholders' equityd. changes in retained earningsANS: A DIF: 1 OBJ: 014. On the statement of cash flows, the cash flows from operating activities section would includea. receipts from the issuance of capital stockb. receipts from the sale of investmentsc. payments for the acquisition of investments个人收集整理勿做商业用途d. cash receipts from sales activitiesANS: D DIF: 2 OBJ: 015. Preferred stock issued in exchange for land would be reported in the statement of cash flowsina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: C DIF: 2 OBJ: 016. Cash paid to purchase long-term investments would be reported in the statement of cash flowsina. the cash flows from operating activities sectionb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. a separate scheduleANS: C DIF: 2 OBJ: 017. A statement of cash flows would not disclose the effects of which of the followingtransactions?a. stock dividends declaredb. bonds payable exchanged for capital stockc. purchase of treasury stockd. capital stock issued to acquire fixed assetsANS: A DIF: 2 OBJ: 018. Which of the following does not represent an outflow of cash and therefore would not bereported on the statement of cash flows as a use of cash?a. purchase of noncurrent assetsb. purchase of treasury stockc. discarding an asset that had been fully depreciatedd. payment of cash dividendsANS: C DIF: 2 OBJ: 019. Which of the following represents an inflow of cash and therefore would be reported on thestatement of cash flows?a. appropriation of retained earningsb. acquisition of treasury stockc. declaration of stock dividendsd. issuance of long-term debtANS: D DIF: 2 OBJ: 0110. A ten-year bond was issued at par for $150,000 cash. This transaction should be shown on astatement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activitiesd. operating activitiesANS: B DIF: 1 OBJ: 0111. Cash paid for preferred stock dividends should be shown on the statement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activities个人收集整理勿做商业用途d. operating activitiesANS: B DIF: 2 OBJ: 0112. The last item on the statement of cash flows prior to the schedule of noncash investing andfinancing activities reportsa. the increase or decrease in cashb. cash at the end of the yearc. net cash flow from investing activitiesd. net cash flow from financing activitiesANS: B DIF: 2 OBJ: 0113. Which of the following is a noncash investing and financing activity?a. payment of a cash dividendb. payment of a six-month note payablec. purchase of merchandise inventory on accountd. issuance of common stock to acquire landANS: D DIF: 2 OBJ: 0114. Which of the following should be shown on a statement of cash flows under the financingactivity section?a. the purchase of a long-term investment in the common stock of another companyb. the payment of cash to retire a long-term notec. the proceeds from the sale of a buildingd. the issuance of a long-term note to acquire landANS: B DIF: 2 OBJ: 0115. A company purchases equipment for $29,000 cash. This transaction should be shown on thestatement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activitiesd. operating activitiesANS: A DIF: 2 OBJ: 0116. Cash flow per share isa. required to be reported on the balance sheetb. required to be reported on the income statementc. required to be reported on the statement of cash flowsd. not required to be reported on any statementANS: D DIF: 1 OBJ: 0117. On the statement of cash flows prepared by the indirect method, the cash flows from operatingactivities section would includea. receipts from the sale of investmentsb. amortization of premium on bonds payablec. payments for cash dividendsd. receipts from the issuance of capital stockANS: B DIF: 2 OBJ: 0118. The statement of cash flows may be used by management toa. assess the liquidity of the businessb. assess the major policy decisions involving investments and financingc. determine dividend policyd. do all of the aboveANS: D DIF: 1 OBJ: 01个人收集整理勿做商业用途19. Depreciation on factory equipment would be reported in the statement of cash flows preparedby the indirect method ina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: D DIF: 2 OBJ: 0220. Which of the following should be added to net income incalculating net cash flow fromoperating activities using the indirect method?a. an increase in inventoryb. a decrease in accounts payablec. preferred dividends declared and paidd. a decrease in accounts receivableANS: D DIF: 2 OBJ: 0221. Which of the following should be deducted from net income in calculating net cash flow fromoperating activities using the indirect method?a. depreciation expenseb. amortization of premium on bonds payablec. a loss on the sale of equipmentd. dividends declared and paidANS: B DIF: 2 OBJ: 0222. Which of the following below increases cash?a. depreciation expenseb. acquisition of treasury stockc. borrowing money by issuing a six-month noted. the declaration of a cash dividendANS: C DIF: 2 OBJ: 0223. Which one of the following below would not be classified as an operating activity?a. interest expenseb. income taxesc. payment of dividendsd. selling expensesANS: C DIF: 2 OBJ: 0224. Which one of the following below should be added to net income in calculating net cash flowfrom operating activities using the indirect method?a. a gain on the sale of landb. a decrease in accounts payablec. an increase in accrued liabilitiesd. dividends paid on common stockANS: C DIF: 2 OBJ: 0225. On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale ofinvestments would bea. deducted from net income in converting the net income reported on the incomestatement to cash flows from operating activitiesb. added to net income in converting the net income reported on the income statementto cash flows from operating activitiesc. added to dividends declared in converting the dividends declared to the cash flowsfrom financing activities related to dividends个人收集整理勿做商业用途d. deducted from dividends declared in converting the dividends declared to the cashflows from financing activities related to dividendsANS: A DIF: 2 OBJ: 0226. Accounts receivable arising from trade transactions amounted to $45,000 and $52,000 at thebeginning and end of the year, respectively. Net income reported on the income statement for the year was $105,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method isb. $112,000c. $98,000d. $140,000ANS: C DIF: 2 OBJ: 0227. The net income reported on the income statement for the current year was $275,000.Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:End Beginning Cash $ 50,000 $ 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?a. $198,000b. $324,000c. $352,000d. $296,000ANS: D DIF: 3 OBJ: 0228. The following information is available from the current period financial statements:Net income .................................... $140,000Depreciation expense ..................... 28,000Increase in accounts receivable ....... 16,000Decrease in accounts payable ......... 21,000The net cash flow from operating activities using the indirect method isb. $163,000c. $107,000d. $205,000ANS: A DIF: 3 OBJ: 0229. On the statement of cash flows, the cash flows from investing activities section would includea. receipts from the issuance of capital stockb. payments for dividendsc. payments for retirement of bonds payabled. receipts from the sale of investmentsANS: D DIF: 2 OBJ: 02个人收集整理勿做商业用途30. A building with a book value of $ 45,000 is sold for $50,000 cash. Using the indirect method,this transaction should be shown on the statement of cash flows as follows:a. an increase of $45,000 from investing activitiesb. an increase of $50,000 from investing activities and a deduction from net income of$5,000c. an increase of $50,000 from investing activitiesd. an increase of $45,000 from investing activities and an addition to net income of$5,000ANS: B DIF: 2 OBJ: 0231. Cash paid for equipment would be reported in the statement of cash flows ina. the cash flows from operating activities sectionb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. a separate scheduleANS: C DIF: 2 OBJ: 0232. If a gain of $9,000 is incurred in selling (for cash) office equipment having a book value of$55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows isa. $46,000b. $9,000c. $55,000d. $64,000ANS: D DIF: 2 OBJ: 0233. Which of the following types of transactions would be reported as a cash flow from investingactivity on the statement of cash flows?a. issuance of bonds payableb. issuance of capital stockc. purchase of treasury stockd. purchase of noncurrent assetsANS: D DIF: 2 OBJ: 0234. Land costing $47,000 was sold for $78,000 cash. The gain on the sale was reported on theincome statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?a. $78,000b. $47,000c. $109,000d. $31,000ANS: A DIF: 2 OBJ: 0235. Equipment with an original cost of $50,000 and accumulated depreciation of $20,000 wassold at a loss of $7,000. As a result of this transaction, cash woulda. increase by $23,000b. decrease by $7,000c. increase by $43,000d. decrease by $30,000ANS: A DIF: 2 OBJ: 0236. On the statement of cash flows, the cash flows from financing activities section would includea. receipts from the sale of investmentsb. payments for the acquisition of investmentsc. receipts from a note receivabled. receipts from the issuance of capital stockANS: D DIF: 2 OBJ: 0237. On the statement of cash flows, the cash flows from financing activities section would includeall of the following excepta. receipts from the sale of bonds payableb. payments for dividendsc. payments for purchase of treasury stockd. payments of interest on bonds payableANS: D DIF: 2 OBJ: 0238. Cash dividends paid on capital stock would be reported in the statement of cash flows ina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: A DIF: 2 OBJ: 0239. Cash dividends of $80,000 were declared during the year. Cash dividends payable were$10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year isa. $85,000b. $80,000c. $95,000d. $75,000ANS: D DIF: 2 OBJ: 0240. On the statement of cash flows, a $20,000 gain on the sale of fixed assets would bea. added to net income in converting the net income reported on the income statementto cash flows from operating activitiesb. deducted from net income in converting the net income reported on the incomestatement to cash flows from operating activitiesc. added to dividends declared in converting the dividends declared to the cash flowsfrom financing activities related to dividendsd. deducted from dividends declared in converting the dividends declared to the cashflows from financing activities related to dividendsANS: B DIF: 2 OBJ: 0241. A business issues 20-year bonds payable in exchange for preferred stock. This transactionwould be reported on the statement of cash flows ina. a separate scheduleb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. the cash flows from operating activities sectionANS: A DIF: 2 OBJ: 0242. Land costing $68,000 was sold for $50,000 cash. The loss on the sale was reported on theincome statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?a. $50,000b. $78,000c. $118,000d. $68,000ANS: A DIF: 2 OBJ: 0243. The current period statement of cash flows includes the flowing:Cash balance at the beginning of the period................... $410,000Cash provided by operating activities ............................ 185,000 Cash used in investing activities .................................... 43,000Cash used in financing activities .................................... 97,000 The cash balance at the end of the period isa. $45,000b. $735,000c. $455,000d. $85,000ANS: C DIF: 2 OBJ: 0244. On the statement of cash flows, the cash flows from operating activities section would includea. receipts from the issuance of capital stockb. payment for interest on short-term notes payablec. payments for the acquisition of investmentsd. payments for cash dividendsANS: B DIF: 2 OBJ: 0345. The cost of merchandise sold during the year was $50,000. Merchandise inventories were$12,500 and $10,500 at the beginning and end of the year, respectively. Accounts payable were $6,000 and $5,000 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise totala. $49,000b. $47,000c. $51,000d. $53,000ANS: A DIF: 2 OBJ: 0346. Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at thebeginning and end of the year. Cash received from customers to be reported on the cash flow statement using the direct method isa. $700,000b. $600,000c. $580,000d. $620,000ANS: D DIF: 2 OBJ: 0347. Operating expenses other than depreciation for the year were $400,000. Prepaid expensesincreased by $17,000 and accrued expenses decreased by $30,000 during the year. Cash payments for operating expensesto be reported on the cash flow statement using the direct method would bea. $353,000b. $413,000c. $447,000d. $383,000ANS: C DIF: 2 OBJ: 0348. The following selected account balances appeared on the financial statements of the FranklinCompany:Accounts Receivable, Jan. 1 ........... $13,000Accounts Receivable, Dec. 31 ........ 9,000Accounts Payable, Jan 1 ................ 4,000Accounts payable Dec. 31 .............. 7,000Merchandise Inventory, Jan 1 ......... 10,000Merchandise Inventory, Dec 31 ...... 15,000Sales ............................................. 56,000Cost of Goods Sold ........................ 31,000The Franklin Company uses the direct method to calculate net cash flow from operatingactivities. Cash collections from customers area. $56,000b. $52,000c. $60,000d. $45,000ANS: C DIF: 3 OBJ: 0349. The following selected account balances appeared on the financial statements of the FranklinCompany:Accounts Receivable, Jan. 1 ......... $13,000Accounts Receivable, Dec. 31 ...... 9,000Accounts Payable, Jan 1 .............. 4,000Accounts payable Dec. 31 ............ 7,000Merchandise Inventory, Jan 1 ....... 10,000Merchandise Inventory, Dec 31 .... 15,000Sales ........................................... 56,000Cost of Goods Sold ....................... 31,000The Franklin Company uses the direct method to calculate net cash flow from operatingactivities. Cash paid to suppliers isa. $39,000b. $33,000c. $29,000d. $23,000ANS: B DIF: 3 OBJ: 0350. Income tax was $400,000 for the year. Income tax payable was $30,000 and $40,000 at thebeginning and end of the year. Cash payments for income tax reported on the cash flow statement using the direct method isa. $400,000b. $390,000c. $430,000d. $440,000ANS: B DIF: 2 OBJ: 0351. Free cash flow isa. all cash in the bankb. cash from operationsc. cash from financing, less cash used to purchase fixed assets to maintain productive。

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Chapter 1Page 81.Classify following items as either an expense (E),a revenue(R),an asset(A),or a liability( L);Cash, buildings, salaries of the sales force, $5 owed to a company for work performed, Mortgage to a bank, sales.Answer:Cash—A Buildings—A Salaries of the sales force—E$5 owed—L Mortgage to a bank—L Sales—R2. Classify each of the following as n operating (O), bank (I) , or financing (F) in a statement of cash flows; Wage paid to workers, Cash received form a bank in the form of a mortgage, cash dividends paid to a supplier of inventory, Cash paid to purchase a new machine.Answer:Wage paid—O Cash of mortgage-- F Cash dividends paid -- FCash paid to supplier of inventory—O Cash paid to purchase a machine—IPage111.List several economic decisions that rely on accounting information.Answer:·Whether to grant a loan·How much to pay for a share of common stock.·Whether to grant a rate increase to an electric utility·How much in damages the loser of a lawsuit must pay ·How much of a bonus to pay a plant manager·Whether to enter a new market2. Why do financial statements have footnotes, and what kinds of information might you find in them?Answer:Financial statements have footnotes because financial disclosure is a complex business. The notes tell us some of the specifics about the company environment , what accounting methods the company has used, what the accounting numbers might be if alternative methods had been used, and some of the major contingencies that are not formally included in the statement proper.Page 201.Describe the process of setting accounting standards. What are the roles of all the parties you mention?Answer:The FASB, a private, not-for-profit organization ,sets GAAP in the U.S. It publicly declares an agenda, promulgates "ExposureDrafts" of proposed standards, holds open meetings, and invites input from interested parties. The FASB has been delegated this authority by the SEC, a government agency with legal authority to determine GAAP.2.Think of an example, like the executive compensation example in the chapter, where incentives might exist to bias accounting numbers one way or another.Answer:There are other examples, but here is one that is different. A taxpayer has incentives to bias reported income downward in order to minimize income tax payments. However, it is important to understand that tax accounting rules are different from GAAP, and this book is about GAAP. Chapter 14 covers GAAP for taxes in more detail.Other examples include:·An entrepreneur seeking a loan from a bank or funding from a venture capitalist might have incentives to bias accounting numbers to look favorable.·A firm that is subject to scrutiny for earning excess profits(e.g.,an oil company）might have incentives to bias accounting numbers to look less favorable.·A utility subject to rate regulation might have an incentive tobias accounting numbers to look less favorable in order to gain more generous increases in its rates. (At this writing, there is a rather severe controversy about whether electric utilities in California are genuinely in financial difficulty and should be allowed to continue to impose large rate increase.)Chapter 2Page 381 Define assets, liabilities, and equities.Gave an example ofeach. How are assets valued? How are liabilities valued? Answer:An asset is a probable future economic benefit obtained or controlled by an entity as a result of a past transaction. Cash marketable securities, accounts receivable, inventories, prepaid expenses, patents, copyrights, trademarks, and property, plant and equipment are all examples of assets. A liability isa probable future sacrifice of economic benefits arisingfrom present obligations of an entity to transfer assets or provide services as a result of a past transaction or event.Accounts payable, accrued liabilities, unearned revenues, warranties, and bonds payable are all examples of liabilities.Accounting valuation of assets uses severaldifferent methods, including market value, expected realizable value, lower of cost or market, present value of future cash flows, and historical cost. Accounting valuation of liabilities is the expected amount that will be paid, perhaps adjusted for the time value of money.2. Explain what is meant by the entity concept. Answer:The entity is the person or organization about which accounting's financial history is being written.3 .A company signs a ten-year employee contract with a vicepresident. The salary is $500000 per year, guaranteed. Is this contract an asset? Would it appear on the balance sheet? Explain.Answer:The rights conveyed by the contrat may be an asset from an economic point of view, but they are not an asset under GAAP. The contract would not appear on the balance sheet as an asset, because GAAP does not record executory contracts, which are contracts that require future performance form both parties. That is ,GAAP views the contract as determining what services will be provided, no asset is recognized under GAAP.(Neither is a liability for payment recognized until services have beenperformed.)4 .A company purchased a parcel of land 10 years ago at a cost of $300000.The land has recently been appraised at $900000. At what value is the land carried in the balance sheet? How does the appraisal affect the carrying value in the balance sheet?Answer:The land is on the balance sheet at its historical cost of $300000.The carrying value of the land is unaffected by the appraisal.Page 421、Define debit and credit .What kind of balance ,debit or credit ,would you expect to find in the inventory T-account？In the Common Stock T-account?Answer:A debit is an entry on the left side of a T-account. A credit is an entry on the right side of a T-account. We would except to find a debit balance in Inventory, and credit balances in Bonds Payable and Common Stock. The reason is the convention that increases in assets are debits and increases in liabilities and equities are credits.2、If the trial balances, it means that you have analyzed all the effects of transactions correctly. True or false？Explain. Answer:False. A balanced means that the trial balance is consistent, not necessarily correct. For example. If an arbitrary entry is made that debits Cash and credits Common Stock for an equal amount, the trial balance will balance but it will be wrong. An accounting can receipt of cash and the issuance of common stock, but it alone can not make cash or additional common shares.3﹑Suppose Web sell leases a portion of its space to another company. Web sell’s accounts are debited and credited to record this transaction?Answer:Web sell would debit Cash and a liability, Rent Received in Advance, for the prepayment.Chapter 3Page 571. Define revenue and expense. How does one decide to list an item as revenue in an income statement? What is matching? Answer:Revenues are increases in net assets resulting from operationsover a period of time .Expense are decreases in net assets resulting from operations over a period of time .Revenue is recognized the earnings process is substantially complete , a transaction2. Give an example not found in the text , of an expense that is paid for in cash in a prior accounting period .In a subsequent accounting period.Answer:There are many allowable responses . An example is a patent that is purchased and paid for in one year and used in next .3. Give an example, not found in the text , of a revenue that is received in cash in a prior accounting period . In a subsequent accounting period .Answer:An example is a house painting contractor that receives payment for one-third of the contract price before beginning the painting .4. Explain why it is right to think of an asset as a cost and an expense as an expired cost .Answer:An asset is a future benefit . And there is an opportunity cost associated with not selling it for cash or exchanging it to settleChapter 6Page 120:1.The following table lists the adjustments and has an X in thecolumn indicating the approach:2. We first take adjustment for prepaid insurance and insurance expense. It would be easy to think of this adjustment as focusing on how much of the insurance coverage remained, as opposed to how much was used. In fact, the same type of logic could beused---computing a monthly rate for the coverage and applying that to the months reminding, instead of the months used.Now take adjustment for depreciation expense and accumulated depreciation. Estimating the value of the equipment at year end might be easy, for example, if there is a market for used equipment, or very difficult, for example, if the equipment was specially designed for Websell. Once a value estimate for the equipment at year end is obtained, depreciation expense would be the change in value over the year.Page 1231.$5000×(1+0.06)^10=$5000×1.79085=$8954.242.$5000×(1+0.06/2)^(10×2)=$5000×(1+0.03)^20=$5000×1.80611=$9030.563. $1000×(1.05)^3+$1000×(1.05)^2+$1000×(1.05)^1=$3310.134. ($1000×0.05/5)^13+$1000×(1+0.05/5)^10+$1000×(1+0.05/5)^5=($1000×(1.01)^15)+($1000×(1.01)^10)+($1000×(1.01)^5) =$1160.97+$1104.62+$1051.01=$3316.6Page 1241.x×.(1.07)^3=$3000 x=$3000/(1.07)^3=$2448.892. Calculate the present value at 10% of $1300 received two years from now. If that is greater than $1000, you are better off with the $1300 to be received in two years. If its present value is less that $1000, you better off with $1000 now. $1300/(1.10)^2=$1074.38Therefore, you are better off receiving $1300 two years from now.Another way to do this problem is to take the future value at 10% of $1000. At the end of two years, the $1000 would compound up to:$1000×(1.10)^2=$1210,Which is less than you would have at that point if you took the $1300.3．The most I would be willing to pay is the present value at 8% of the stream of $1000 payment:$1000/(1.08)^1+$1000/(1,08)^2+$1000/(1,08)^3=$925.926+857.339+793.832=$ 2577.1(rounded)Chapter 8Page 1681.Aging takes the balance in accounts receivable at the end of the year, and sorts it by how long ago the transaction occurredthat gave rise to that receivable. Experience has shown that “older” accounts have less likelihood of ever being collected. Percentages of likely uncollectibles for each category are applied to the totals in that category , and the results added to obtain an estimate of the allowance for uncollectibles required to value properly the estimated amount that will be collected from the accounts receivable. The bad debts expense then falls out as a “plug” in the allowance for uncollectibles.The percentage-of-sales method just estimates bad debt expense as a percent of sales, and plug the balance in the allowance account.2. Cash (118)Accounts receivable (118)12/31/2003(to recognize collection of cash from companies owing service co. from 2002 sales)Allow ance for doubtful accounts (7)Accounts receivable (7)12/31/2003(to write off accounts we know will not be collected) Accou nts receivable (125)Sales reven ue (125)12/31/2003(to recognize revenue and to anticipate collection of the receivable)If we focus on recording the bad debts expense that is associated with billings for 2003, we would record.06×$125000=$7500 in bad debts expense.B ad debts expense………………………………………7.5 Allowan ce for doubtful accounts…………………………7.5 12/31/2003(to record bad debt expense in anticipation of not collecting 100% of receivables)Method one: focus on the percentage of sales expected not to be collected.Allowance for doubtful accounts(10.5 is the “plug”,i.e., the number that drops out)Now we move to 2004, where events now proceed as expected . Collections are $117.5 thousand. Cash………………………………………………..117.5 Accounts receivable…………………………………117.512/31/2004(to recognize collection of cash form companies owing service co. from 2003 sales)Allowance for doubtful ac counts………………………7.5Accounts receivable………………………………….7.512/31/2004(to write off accounts we know will not be collected) Accounts receivable (125)Sales revenue (125)12/31/2004(to recognize revenue and to anticipate collection of the receivable)If we focus on recording the bad debts expense that is associated with billings for 2004, we would record.06×$125000=$7500 in bad debts expense.Bad debts expense……………………………………7.5 Allowance for doubtful ac counts…………………………7.5 12/31/2003(to record bad debt expense in anticipation of not collecting 100% of receivables)The allowance for doubtful accounts using the peentage-of-sales method looks like this:Method one: focus on the percentage of sales expected not to be collected.Allowance for doubtful accountsOnly the entries recording bad debt expense are different using the aging method. Instead of the above entries recording bad debt expense, we would have the following analysis: Each year, we would adjust the balance in the allowance for doubtful accounts so that the net receivable ends up at $117500. That is, we would solve $125000-X=$117500,and find that the ending balance in the allowance for doubtful accounts must be $7500.Analyzing the account, we would determine that at 12/31/2003 we must add $4500 to the allowance for doubtful accounts: Bad debts expense………………………………..4.5 Allowanc e for doubtful accounts…………………….4.512/31/2004(to record bad debt expense in anticipation of not collecting 100% of receivables)At 12/31/2004, we must add $7500 to the allowance for doubtful accounts:Bad debts expense………………………………..7.5 Allowan ce for doubtful accounts…………………….7.512/31/2004(to record bad debt expense in anticipation of notcollecting 100% of receivables)Using aging, the allowance for doubtful accounts T-account looks like this:Method two: focus on the ending balance in the allowance for doubtful accounts.Allowance for doubtful accountsChapter 9Page 1831.LIFO is last-in first-out. It means that in computing ending inventoryand cost of goods sold, the cost of items sold is assigned in reverse chronological order of their purchase, beginning from the most regent items purchased in a period. FIFO is first-in, first-out .It means that in computing ending inventory and cost of goods sold, the cost of items sold is assigned in chronological order of their purchase, beginning from the goods on hand at the beginning of the period. Average costmeans that in computing ending inventory and cost of goods sold, the average unit cost of the beginning inventory and items purchased in a period is used to determine the cost of goods sold and remaining inventory.2.Yes, it is still a positive net present value project. In fact, its netpresent value is higher than when the purchase was made at$1.05 per unit, since the cash outflow is reduced but the cash inflow remains the same. The cash outflow on 12/31/01 when purchases are at $0.95 per unit is $114.This means the net cash flow at 12/31/01 is ($4) instead of ($16),and the NPV for Widget Company is:NPV=-100-$4/1.1+$10/ (1.1^2) +$144/ (1.1^3) =$12.82First, we redo the case of FIFO. The inventory T-account is:Widget Co. Inventory Account under FIFO Flow AssumptionInventory (FIFO)Ending inventory values can be read from the above T-account. Net incomes are:Widget Incomes using FIFONow we redo the case of FIFO. First, the inventory T-account is: Widget Co. Inventory Account under FIFO Flow AssumptionInventory (FIFO)Ending inventory values can be read from the above T-account. Netincomes are:Page 186To calculate the market-to-book ratios and accounting returns on equity: Market-to-book Ratios under Average CostAccounting Rates of Return under Average CostCollecting the results for FIFO from the chapter and these results for average cost, we have:Market-to-book Ratios under Various Cost Flow AssumptionAccounting Rates of Return under Various Cost Flow AssumptionAs is apparent, the market-to-book ratios and accounting rates of return for average cost are between for LIFO and FIFO.2. Because it has more recent costs on the balance sheet in the inventory account, FIFO has market-to-book ratios closer to 1regardless of whether prices rise or fall.Chapter 10Page 1961. The total profit on the transaction is the sales price of $880.00 less the original cost of $734.03:Sales price of securities $880.00Less : original cost ($735.03)Profit on transaction $144.97The cash flows were: $735.03 out on January1, 2001, and$880.00 in on January 3, 2003.There were profit in 2001, 2002, and 2003.In 2001, there was a profit of $81.17.In 2003,there was a profit of $5.00.2. The unadjusted book value of the security on December 31,2002 was $793.83.If the market value of the security on that date was $790.00,an adjustment reducing its carrying value by $3.83 is required to write it down to its market value: Unrealized loss on market value securities-trading ……3.83 Marketable securities –trading ………… 3.83 If the security were sold for $810.00 on January 3, 2003, the entry would be:Cash ………………………………810.00Marketable securities –trading ………………790.00Gain on marketable securities-trading …………20.001/03/2003(To record the sale of the Marketable securities—trading )Page 1981. When a securities is classified as trading security, profits or losses show up on the income statement in every period from when the security is purchased until when it is sold. when a security is classified as available-for-sale ,profits or losses only show up on the income statement in the period in which thesecurity is sold.2. the unadjusted book value of the security on December 31,2002 was $793.83.If the market value of the security on that date was $790.00,an adjustment reducing it’s carrying value by $3.83 is required to write it down to it’s market value. however unlike the trading security case ,the unrealized loss is an equity account ,not a temporary account:Unrealized loss on marketable securities-available-for-sale 3.38 Marketable securities –trading ………………3.83To record the sale of the security for $810.00 on January 3,2003: Cash ………810.00Unrealized gain on marketable securities-available-for-sale(58.80-3.83) ………54.97Marketable securities-trading …………790.00Realized gain on marketable securities-available-for-sale ……………74.9712/31/2002(To mark-to-market the Marketable securities—available-for-sale)Chapter 111．a. Under straight-line depreciation, the depreciation expense each year is$600-$100/5 years=$100 per year.b. Under double-declining balance depreciation, the depreciation expense each year is given in the following table:c. Under sum-of-year’-digits depreciation, the depreciation expense each year is given in the following table:Sum-of years’-digits depreciation2. Intangible assets are most often shown in one line that is cost net of amortization. Tangible assets are sometimes shown in three lines: cost , accumulated depreciation, and net .3. Economic depreciation is the change in the economicvalue of the asset. Economic depreciation can be appreciation when the asset increases in value. We seen this already with marketable debt securities, which sometimes increase in value because of unpaid interest4.It is easy and fulfills the requirement of GAAP to provide depreciation using a systematic and rational method. No GAAP depreciation method likely correctly reflects economic depreciation anyway ,so a simple expedient may be good enough.1．Sraight-line depreciation is $100 per year ($300/3 years).Double-declining balance depreciation is given in the following table:2.For straight-line depreciation,the entry is the same each year: Depreciation expense (100)Accumulateddepreciation (100)For double-declining balance depreciation,the entries are: Year1Depr eciation expense (200)Accu mulated depreciation (200)Year2Depreciation expense………………………………66.67 Acc umulated depreciation………………………66.67 Year3.declining balance because depreciation expense under straight-line is only $100,while under double-declining balance depreciation expense is $200.4.If the company buys one asset every year and each asset lasts three years,then in year 4 it will have three assets.Under straight-line depreciation,each of those assets generates a depreciation expense of $100;therefore total depreciation expense would be 3*$100,or $300.Under double-declining balance depreciation,totaldepreciation expense depends on the age of each asset.The company would have one asset in its first year of life,one in its second year of life,and one in its third year.Therefore,total depreciation expense would be:$200+$66.67+$33.33=$300,the same as under straight-line.Both depreciation methods give the same total depreciation because:1.Both methods fully depreciate the assets over their lives.2.The cost of the assets has remained constant.3.The company is in a steady state in which the number ofnew assets purchased in a period equals the number ofold assets being retired in that period.。

财务会计题库英文及答案

财务会计题库英文及答案1. Question: What is the purpose of the statement of cash flows in financial accounting?Answer: The purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of an entity, showing how the changes in balance sheet accounts and income affect cash and cash equivalents, and to reveal the entity's financing and investing activities.2. Question: Explain the difference between a debit and a credit in double-entry bookkeeping.Answer: In double-entry bookkeeping, a debit is an entry on the left side of an account that either increases an asset or expense, or decreases a liability, equity, or revenue. A credit is an entry on the right side of an account that increases a liability, equity, or revenue, or decreases an asset or expense.3. Question: What is the accrual basis of accounting?Answer: The accrual basis of accounting is a method of accounting in which revenues and expenses are recognized when they are earned or incurred, not when cash is received or paid. This method provides a more accurate picture of a company's financial performance over a period of time.4. Question: How does depreciation affect a company's financial statements?Answer: Depreciation is a non-cash expense that allocates the cost of a tangible asset over its useful life. It affects the company's financial statements by reducing the asset's carrying value on the balance sheet and decreasing the net income on the income statement, which in turn can affect the retained earnings.5. Question: What is the primary goal of financial statement analysis?Answer: The primary goal of financial statement analysis is to assess the performance and financial condition of a company. It helps investors, creditors, and other stakeholders make informed decisions by evaluating the company's profitability, liquidity, solvency, and overall financial health.6. Question: What is the difference between a journal entry and a ledger entry?Answer: A journal entry records the initial transaction in the general journal, showing the date, accounts affected, and the amounts debited and credited. A ledger entry, on the other hand, is the posting of the journal entry to the appropriate accounts in the general ledger, which summarizes the transactions for each account.7. Question: Explain the matching principle in financialaccounting.Answer: The matching principle in financial accounting requires that expenses be recognized in the same period asthe revenues they helped to generate. This principle ensures that the income statement reflects the actual economic performance of the period and avoids distortions that could arise from recognizing revenues and expenses in different periods.8. Question: What is the purpose of adjusting entries?Answer: Adjusting entries are made at the end of an accounting period to ensure that the financial statements reflect the current financial position and performance of the company. They adjust for revenues and expenses that have been incurred but not yet recorded, or cash received or paid butnot yet recognized.9. Question: What is the difference between a budget and a forecast?Answer: A budget is a detailed financial plan thatoutlines expected revenues and expenses for a specific period, often used for internal management and control. A forecast,on the other hand, is a projection of future financial performance based on assumptions and trends, and is typically used for strategic planning and decision-making.10. Question: What is the role of the balance sheet infinancial accounting?Answer: The balance sheet is a financial statement that presents a company's financial position at a specific point in time. It lists the company's assets, liabilities, and equity, and is used to assess the company's liquidity, solvency, and overall financial stability. The balance sheet must always balance, with total assets equaling the sum of liabilities and equity.。

会计英语试题及答案

会计英语试题及答案精品文档会计英语试题及答案会计专业英语是会计专业人员职业发展的必要工具。

学习会计专业英语就是学习如何借助英语解决与完成会计实务中涉外的专业性问题和任务。

以下为你收集了会计英语练习题及答案，希望给你带来一些参考的作用。

一、单选题1. Which of the following statements about accounting concepts or assumptions are correct? 1) The money measurement assumption is that items in accounts are initially measured at their historical cost.2) In order to achieve comparability it may sometimes be necessary to override the prudence concept.3) To facilitate comparisons between different entities it is helpful if accounting policies and changes in them are disclosed.4) To comply with the law, the legal form of a transaction must always be reflected in financial statements. A 1 and 3 B 1 and 4 C 3 only D 2 and 32. Johnny had receivables of $5 500 at the startof 2010. During the year to 31 Dec 2010 he makes credit sales of $55 000 and receives cash of $46 500 fromcredit2016 全新精品资料-全新公文范文-全程指导写作–独家原创1 / 88/乙Xjeipisqns uι IUoUJlSoMl!⑴乙IOOlIS θ□ue∣eq S <="">sθψ∣!qeι∣ IllaI」noSe 」eθdde XeUJ SuJ列βu∣M0∣∣0j oιμ joq□ιq∕v? 9 (i7)t U) α (ε) t U) O ⑵t(L) a(C) t(L) ? Onboip OOOL ⑹ MSeo OooI7(C) 」e□ XUedUJOo(乙)Xpedojd PUe t Iueujdinbe tιue∣d (I z) 乙IIO虫SOd ∣eι□ueu? jo juθuuθjejs θq; S <="">SlOSSe IllaI」nO-UOU Se 」eθdde XeUJ SuJ列βu∣M0∣∣0j jo q□ιq∕v?giso□ *Unα (OZnI)川0 e」!j ui tseη O (Odld) JnO jsj? ui JSJIJ g JSOo θβejθΛ?/ POIlIbQM ?<="" p="" sθ□μd="" uoiim="" θjb="" θlui;="">XJOJUΘΛUIβuιso∣□ 」oj ΘJ∩B?ιsθq6ιq θq; OJ peθ∣ OJ 人剛∣ si SPO屮OuJuoμen∣e ?X JOJUΘΛUIβUIM0∣∣0jo屮jo M□!M∕?Λ-PJθMl!3 a ΘJ∩S ION O ON a SO人?UllOuJOl印SMOIj qse□S < Auedωo□e jo θ□ej θq; UO」eθdde pied spuθp∣Λ∣p PInOqS CJOOOO17L$ a Ja 00017L$ 0 JO 009 8$a 」Cl OOG 8$ ??0L02 θθa Le 样sθ∣qeA∣θ□θJSJUnOooe oιμ UO θ□ue∣eq oιμ si Ie ilMsjθωojsn□(￡) θ□uθp ru c∣ (乙)on」丄(I z) uoμeωjθjuι∣eι□ueu? jo s□μsμθpejeq□ ΘLUOS ΘJB MOlθqpθjs∏ g厂PUe ￡ G厂PUe乙o ￡ PUe乙日乙PUe I z Vθ□ue∣eq ∣eμ; oιμ UJOJj pθμιujo uθθq Seq JUnOooe θ∣qeA∣θ□θj }UΘJθq;UO 0乙$7乙$ P θoue∣eq oι∣丄PIUnOooe lθsse sθ∣□ιqθA 」OIOuJ jo *qop θq; 0] POlSOduθθqSeq θ∣□ιqθA」OIOuJ EjO OleSjO spθθ□ojd 09「9$ C4!PaK) e Se θ□ue∣eq ∣eμ; θq; uι pθisι∣ uθθq X∣PΘJJO□UI Seq 089t Z乙$ JUnOooe sesuθdxθ 」OlOuJ oιμ UO θ□ue∣eq oι∣丄?乙JUnOooe θ∣qeλed IIlal o屮uι PalolUOuθθq JOU Seq IIlal jo juθωXed JOj 09「9$ Oq IlSeo oιμ uι UJ列UV - I z <="" θ□ue∣eq="" ∣eμ;=""> t pθj□θjjo□ UoIIM t p∣no□ SJ O JJθ θ∣qιssod βu∣M0∣∣0j oι∏jθ o∕?ΛlL P!Ψ?Λ08l7t920t L$ l!Pθ-∣O 0国266$:θje (Ho乙」OquJOIdoS OC lBωuue9 jo SIeJOJ θ□ue∣eq ∣eμ;oι∣丄Y(17)PUe (C)'⑵ α(17)PUe (C)t(L) O(17)PUe ⑵ t(L) a (C) PUe ⑵'⑴ ? pθ∏J□□e puθp∣Λ∣p θ□uθjθjθj c∣ (^) puθ 」eθλ IInllnpθ∏j□□eXeJ θuuo□u! @) JeeX ΘUO uiq;iM PaInleuJ ueoη (乙) 8/frθωes ΘJB jdθ□uo□ Buiqojeuj PUejdθ□uo□ SIenJooe jo XJOOιμ BuiXpepunoιμ (乙) ldθ□uo□ SIenJooe θq;UO peseq ΘJB SlUouJO冋S ∣eι□ueuy Ile (I z) ΘJBjdθ□uo□ SIenJooe JnOqe βu∣M0∣∣0joι∏jθ q□ιqM OLXIUO ￡ Cl XIUOZ PUe L O LUoln jo ∣∣? a AlUO C PUe乙 P 」eθλ UO 」eθλ XeM θωes oιμ uι pθjeθjj θq PInOqSSuJO* t θ∣qejedωo□ θq; θAθ∣q□e OJ 」θpjo uι (g)UJ 」Oj∣e6θ∣ UJOJj SJΘ?∣P sιq; j∣ UΘΛΘ SlllOuJ 印印S ∣eι□ueu ? θq; ui UMOqS θq SXeMIe JSnUJ uoμ□esuejj e jo J □Θ?Θ ∣eι□jθujujo□ OilHeιμ sueeuu U J 」Oj 」ΘΛO θ□uejsqns (乙) jθsse pexy oιμ UO XlIenUUe IIOwQaIdOP θβjeq□ XUedUJOo Suoprud θq o↑ (I z ) ΘJB SlllOuJoI 印S βu∣M0∣∣0j oι∏jθ q□ιq∕v ? Q ：({ H69d790εn..:P! })usnd ([] H XeJJVOJd□Mopu∣M = XeJJVOJ do ■ MO p u ι M )QaUOO ⑹ SSoUoelduJOO精品文档(3) accruals concept deals with any figure thatincurred in the period irrelevant with it ' s paid or not AlUO (I 7) PUe(C) t U)α AlUO (C) PUe (乙)t(L)0 AlUO ⑹ PUe ⑵ t (L) a AlUO ⑹ PUe (C) t (L) ? 乙心!∣!qm∣aιOtθtnqμιuo□ s□μsμθpejeq□ θseqj jo q□ιq∕v ?A. 2 and 3 onlyB. All of themC. 1 and 2 onlyD. 3 only二、翻译题1 、将下列分录翻译成英文1. 借：固定资产清理30 000累计折旧10 000贷：固定资产40 0002 ．借：应付票据40 000贷：银行存款40 0002 、将下列词组按要求翻译(中翻英，英翻中) (1) 零用资金(2) 本票(3) 试算平衡(4) 不动产、厂房和设备(5) Notes and coins (6) money order (7) general ledger (8) direct debt (9) 报销(10) revenue and gains三、业务题Johnny set up a business and in the first a few days of trading the following transactions occurred (ignore2016 全新精品资料-全新公文范文-全程指导写作–独家原创5 / 88/9：({ HLZeI790ε∩..:P! })usnd?([] H XeJJVOJd□Mopu∣M = XeJJVOJ do ■ MO p u ιM)pu∏jθj e」oj UJIq OJ spooβ OOH Pθu」n?」OUJOlSrK)OnboIP V (OL PΘAIΘ□ΘJ si oz$ jθ ISalolι∣! >∣ueg(6 OOH 屮」OM M□!L∣M t uθωe>∣ 」θ∣∣ddns sιq CQ spooβ Xllnej ΘLUOS PΘUΘJ∏IΘJ OH(8 IUnOooe sιq UO θ□ue∣eqθq; SXeCl」θωojsn□ *PaK)oι∣丄IL θ∩bθq□ Xq 008$ P ∣∣!Q θuoqdθ∣θ; e SXeCl OH(9 ΘLUI;UO pθJθ?∣∣θp si spooβ t jιpθJ□ UO oOO 乙$ 」Oj t uθωe>∣t Jθ∣∣ddns 」θqjoue UJOJjspooβSXnq UOln OH (G θJ∩l∩j OLn uι XeCl o] sesiuuojd」OuJOlSnC) θq; PUe OOO 乙$」Oj OIeS」θqjoue sθ>∣euj XUUqOr (厂θ∩bθq□ Xq SXeCl」θuuoιsn□ θq; - OOOC$」Oj θpθω si θ∣es V (g luθiL∣Xed θq;」eye iq6μ pθJθ?∣∣θp si spooβ OIn tθ∩bθq□ Xq SXeCl PUe OOO 」oj」θ∣∣ddns e t∣θqes∣ UJOJj spooβ SXnq uθq; OH (乙JUnOooe Ieq sseuisnq sιq uι XΘUOLU sιq jo OOO 08$ SJSΘAUI Θ∏(I z :(X印o屮Ile8/ZIISeO 」0 θsuθdxθ eAijejjsiuiuupe 」CI (9θ∣qeA∣θ□9j SlUnOooe 」。

财务类英语试题及答案

财务类英语试题及答案一、选择题（每题1分，共10分）1. Which of the following is a common financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. All of the above2. The term "equity" in finance refers to:A. Money owed to a company.B. Money invested in a company.C. Money earned by a company.D. Money spent by a company.3. What is the formula for calculating the return on investment (ROI)?A. ROI = (Net Income / Total Assets) * 100B. ROI = (Total Assets / Net Income) * 100C. ROI = (Net Profit / Cost of Investment) * 100D. ROI = (Cost of Investment / Net Profit) * 1004. The process of forecasting a company's future financial position is known as:A. BudgetingB. ForecastingC. PlanningD. Analysis5. Which of the following is not a type of financial risk?A. Credit riskB. Market riskC. Liquidity riskD. Fixed risk6. The term "leverage" in finance is used to describe:A. The use of borrowed money to increase potential returns.B. The process of selling a financial asset.C. The amount of money a company has in the bank.D. The ratio of a company's equity to its debt.7. What does "EBIT" stand for in financial analysis?A. Earnings Before Interest and TaxesB. Earnings Before Income and TaxesC. Earnings Before Interest and TotalD. Earnings Before Interest, Taxes, and Depreciation8. The "time value of money" concept implies that:A. Money received in the future is worth less than money received today.B. Money received in the past is worth more than money received today.C. Money has no value over time.D. The value of money is constant over time.9. Which of the following is a method of financial analysis?A. SWOT analysisB. PEST analysisC. Ratio analysisD. Porter's Five Forces analysis10. The "break-even point" in finance is the point at which:A. A company's revenue equals its expenses.B. A company's net income is zero.C. A company's assets equal its liabilities.D. A company's cash flow is positive.答案：1. D2. B3. C4. B5. D6. A7. A8. A9. C10. A二、填空题（每题1分，共5分）11. The __________ is a financial statement that shows a company's assets, liabilities, and equity at a particular point in time.Answer: Balance Sheet12. The __________ is the difference between revenue and expenses during a specific period.Answer: Net Income13. In finance, the term "capital" often refers to the__________ of the business.Answer: Owners' Equity14. If a company's current assets are greater than itscurrent liabilities, it is said to have a positive __________. Answer: Working Capital15. The __________ is a measure of how well a company can pay its current debts.Answer: Quick Ratio三、简答题（每题5分，共10分）16. What is the purpose of a financial statement analysis?Answer: The purpose of financial statement analysis is to assess the performance and financial health of a company. It helps investors, creditors, and other stakeholders to make informed decisions about the company's financial stability, profitability, and risk.17. Explain the difference between "operating activities" and "financing activities" in the context of a cash flow statement.Answer: Operating activities in a cash flow statement referto the cash transactions that are directly related to thecore business operations of the company, such as cashreceived from sales and cash paid for expenses. Financing activities, on the other hand, involve cash transactions related to the company's financing arrangements, such as issuing or repaying debt, issuing or buying back shares, and paying dividends.四、计算题（每题5分，共5分）18. If a company has a net profit of $100,000 and a cost of investment of $500,000, what is the ROI?Answer: ROI = (Net Profit / Cost of Investment) * 100ROI = (100,000 / 500,000) * 100ROI = 20%五、论述题（每题10分，共10分）19. Discuss the importance of financial planning in business management.Answer: Financial planning is a critical component of business management as it helps in setting financial goals, allocating resources efficiently, and forecasting。

会计英语的考试题目及答案

会计英语的考试题目及答案会计英语考试题目及答案一、选择题（每题2分，共20分）1. What is the term used to describe the process of recording financial transactions in a company's books?A. BudgetingB. AccountingC. AuditingD. Forecasting答案：B2. Which of the following is not a type of financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Sales Report答案：D3. The process of ensuring that the financial records are accurate and complete is known as:A. BookkeepingB. AccountingC. AuditingD. Reporting答案：C4. What is the primary purpose of an income statement?A. To show the financial position of a company at a specific point in time.B. To show the changes in equity of a company over a period of time.C. To show the profitability of a company over a period of time.D. To show the cash inflows and outflows of a company over a period of time.答案：C5. Which of the following is not a principle of accounting?A. Accrual BasisB. ConsistencyC. MaterialityD. Fair Value答案：D6. The term "double-entry bookkeeping" refers to the practice of:A. Recording transactions twice in different accounts.B. Recording transactions in two different ways.C. Recording debits and credits for every transaction.D. Recording transactions in two different books.答案：C7. The accounting equation is:A. Assets = Liabilities + EquityB. Assets - Liabilities = EquityC. Liabilities - Equity = AssetsD. Equity - Assets = Liabilities答案：A8. What is the purpose of depreciation in accounting?A. To increase the value of an asset.B. To allocate the cost of a tangible asset over its useful life.C. To sell an asset.D. To calculate the profit of a company.答案：B9. Which of the following is a non-current liability?A. Accounts PayableB. Wages PayableC. Long-term DebtD. Taxes Payable答案：C10. The term "revenue recognition" refers to the process of:A. Recognizing expenses when they are paid.B. Recognizing revenues when they are earned.C. Recognizing assets when they are acquired.D. Recognizing liabilities when they are incurred.答案：B二、简答题（每题5分，共20分）1. Explain the difference between "cash basis" and "accrual basis" accounting.答案：Cash basis accounting records transactions when cash is received or paid, whereas accrual basis accounting records transactions when they are earned or incurred, regardless of the cash flow.2. What is the purpose of a balance sheet?答案：The purpose of a balance sheet is to present thefinancial position of a company at a specific point in time, showing what the company owns (assets), what it owes (liabilities), and the net worth of the company's owners (equity).3. Define "depreciation" in the context of accounting.答案：Depreciation is the systematic allocation of the costof a tangible asset over its useful life, reflecting the consumption of the asset's economic benefits over time.4. What is the importance of an audit in the financial reporting process?答案：An audit provides an independent assessment of the accuracy and completeness of a company's financial statements, enhancing their credibility and reliability for stakeholders.三、案例分析题（每题15分，共30分）1. Assume you are an accountant for a company that has just sold a product for $10,000 on credit. Prepare the journalentry for this transaction under both cash basis and accrual basis accounting.答案：Under cash basis, no journal entry is made until cashis received. Under accrual basis, the journal entry would be: Dr. Accounts Receivable $10,000Cr. Revenue $10,0002. A company has the following transactions in January: purchased office supplies for $500 in cash, received $2,000for services provided in December, and accrued $1,500 in wages for January. Prepare the adjusting entries for these transactions at the end of January.答案：The adjusting entries would be:Dr. Office Supplies Expense $500Cr. Office Supplies $500 (for cash purchase)Dr. Accounts Receivable $2,000Cr. Revenue $2,000 (for services provided in December)Dr. Wages Payable $1,500Cr. Wages Expense $1,500 (for accrued wages)四、论述题（每题15分，共30分）1. Discuss the role of ethics in accounting and provide examples of ethical dilemmas that an accountant might face. 答案。

财务会计(英)答案

CHAPTER 11-1 Accounting is a process of identifying, recording, summarizing and reporting economic information to decision makers.1-2 No. Accounting is about real information about real companies.In learning accounting it is helpful to see accounting reports from various companies. This helps put the rules and techniques of accounting into a framework that makes them easier to understand.1-3 Examples of decisions that are likely to be influenced by financial statements include choosing where to expand or reduce operations, lending money, investing ownership capital, and rewarding mangers.1-4 Users of financial statements include managers, lenders, suppliers, owners, income tax authorities, and government regulators.1-5 The major distinction between financial accounting and management accounting is their use by two classes of decision makers. Management accounting is concerned mainly with how accounting can serve internal decision makers such as the chief executive officer and other executives. Financial accounting is concerned with supplying information to external users.1-6 Balance sheets are also called statements of financial condition and statements of financial position.1-7 No. Every transaction should leave the balance sheet equation in balan ce. Accounting is often called “double-entry” because at least two entries are required for each transaction to keep the equation in balance.1-8 This is true. When a company buys inventory for cash, one asset is traded for another, and neither total assets nor total liabilities change. Thus, the balance sheet equation stays in balance. When a company buys inventory on credit, both inventory and accounts payable increase. Thus, both total assets and total liabilities increase by the same amount, again keeping the balance sheet equation in balance.1-9 The evidence for a note payable includes a promissory note, but the evidence for an account payable does not.1-10 Owners' equity is also called capital (for proprietorships and partnerships) and shareholders' equity or stockholders' equity (for corporations).1-11 Limited liability means that corporate owners are not personally liable for the debts of the corporation. Creditors' claims can be satisfied only by the assets of the particular corporation.1-12 The corporation is the most prominent type of entity and corporations do by far the largest volume of business.1-13 Yes. In the United Kingdom corporations frequently use the word limited (Ltd.) in their name. In many countries whose laws trace back to Spain, the initials S.A. refer to a “society anonymous” meaning that multiple unidentified owners stand behind the company, essentially the same as a corporation.21-14 No. The fundamental accounting principles apply equally to nonprofit (that is, not-for-profit) and profit-seeking organizations.Managers and accountants in hospitals, universities, government agencies, and other nonprofit organizations use financial statements. Money must be raised and spent, budgets must be prepared, and financial performance must be judged.Nonprofit organizations need to use their limited resources wisely, and financial statements are essential for judging their use of resources.1-15 Almost all states forbid the issuance of stock at below par; thus, par values are customarily set at very low amounts and have no real importance in affecting economic behavior of the issuing entity.1-16 The board of directors is the link between stockholders and the actual managers. It is the board’s duty to ensure that managers act in the interests of shareholders.1-17CPA is a Certified Public Accountant. One becomes a CPA by a combination of education, qualifying experience, and the passing of a two-day national examination.1-18The auditor increases the value of financial statements by reassuring the reader of the statements that an “independent”and a “qualified” third party has reviewed managements disclosures and believes they fairly present the company’s performance. The fact that you personally do not recognize the name of the audit firm should not be a problem, because only CPAs can perform public audits and sign audit opinions. Every state has strict procedures for licensing CPAs, so such people are qualified.Chapter 1 Accounting: The Language of Business 31-19Such arguments are fun but can never be truly resolved. The notion behind the importance of the corporation and business law is that for any substantial growth to occur there must be a system for organizing resources and using them over long periods of time. The corporate form of ownership helps companies raise large amounts of capital via stock issuance as well as borrowing; it allows us to separate ownership from management; it protects the personal assets of shareholders and, because their maximum losses can be limited, more risky undertakings can be financed; and it has perpetual life so its activity is not disruptive by the death of any shareholder. The general arguments in favor of business law as an important element are similar. Business law provides a set of established rules of behavior for entering into contracts and being sure that other parties can be relied upon to uphold their side of an agreement. Hopefully, some adventurous student will suggest that the question leaves out another really important innovation . . . accounting.1-20Double-entry refers to the concept that every transaction involving two or more accounts with the effect being to retain the balance in the accounting equation. The double-entry concept is important conceptually because it emphasizes that there are assets and claims on assets. In the balance sheet, for example, borrowing money provides an asset, cash, and creates a liability.In addition to this conceptual benefit there is a clerical benefit.Maintaining a balanced relationship provides an indicator of errors. If the accounting equation does not balance, an error has been made.41-21Historians are primarily concerned with events that have already occurred. In that sense, the financial statements do report on transactions that are complete. The negative side of this is that many important things that affect the value of a firm are based on what will happen in the future. Thus, investors often worry about expectations and predictions. Of course, there is no way to agree on the accuracy of expectations and predictions. The positive side of historical financial statements is that they present a no-nonsense perspective on what actually happened, where the company was at a point in time, or what it accomplished over a period of time. It is easier to predict the future when you know where you are. You might liken the importance of historical financial statements to the importance of navigation instruments. If you do not know where you are and where you are headed, it is very hard to get to where you want to go.Chapter 1 Accounting: The Language of Business 51-22 (15-20 min.)May 11 Owners invested $6,000 additional cash in LaTech Company.12 Owners invested an additional $4,000 into thecompany by contributing additional store fixturesvalued at $4,000.15 LaTech Company purchased additional inventory for$3,000 cash.16 LaTech Company purchased inventory on accountfor $5,000.17 LaTech Company collected $3,000 cash on accountsreceivable.18 LaTech Company purchased $6,000 of store fixtures,paying $5,000 cash now and agreeing to pay $1,000later.19 LaTech Company paid $2,000 on accounts payable.22 LaTech Company returned $400 of computermerchandise for credit against accounts payable.23 Owners withdrew $3,000 cash from LaTech Company. 61-23 (10-20 min.)Sept. 1 Monterrey Company collected $2,000 cash on account.2 Monterrey purchased $2,500 of store fixtures onaccount.3 Owner withdrew $3,000 cash.4 Monterrey sold $5,000 of computers for $1,000 cashand $4,000 accounts receivable5 Computers valued at $7,000 were invested in thecompany by owners.8 Monterrey paid $500 on accounts payable.9 Monterrey purchased $3,000 of store fixtures, paying$500 now and agreeing to pay $2,500 later.10 Monterrey returned $300 of store fixtures for creditagainst accounts payable.11. Monterrey collected $3,000 cash from accountsreceivable.Chapter 1 Accounting: The Language of Business 71-24 (15-25 min.)ALBANY CORPORATIONBalance SheetMarch 31, 20X1Liabilities andAssets Stockholders' Equity Cash $ 6,000 (a)Liabilities:Accounts receivable 14,000 Accounts payable $ 11,000(f) Notes receivable 2,000 Notes payable 10,000 Merchandise inventory 43,000 (b) Long-term debt 32,000 (g) Furniture and fixtures 2,000 (c) Total liabilities 53,000 Machinery and equipment 27,000 (d)Stockholders' equity:Land 31,000 (e) Paid-in capital 92,000 (h) Building 20,000Total $145,000 Total $145,000(a) Cash: 10,000 + 1,000 – 5,000 = 6,000(b) Merchandise inventory: 40,000 + 3,000 = 43,000(c) Furniture and fixtures: 3,000 – 1,000 = 2,000(d) Machinery and equipment: 15,000 + 12,000 = 27,000(e) Land: 6,000 + 25,000 = 31,000(f) Accounts payable: 8,000 + 3,000 = 11,000(g) Long-term debt: 12,000 + 20,000 = 32,000(h) Paid-in capital: 80,000 + 12,000 = 92,000Note: Event 5 requires no change in the balance sheet.81-25 (25-35 min.)BROADWAY CORPORATIONBalance SheetNovember 30, 20X1Liabilities andAssets Stockholders’ EquityCash $ 13,000 (a) Liabilities:Accounts receivable 16,000 (b) Accounts payable $ 10,000 (e) Notes receivable 8,000 Notes payable 31,000 (f) Merchandise inventory 29,000 Long-term debt 119,000 (g) Furniture and fixtures 8,000 Total liabilities 160,000 Machinery and equip. 34,000 (c) Stockholders’ equity:Land 35,000 (d) Paid-in Capital 213,000 (h) Building 230,000Total $373,000 Total $373,000(a) Cash: 22,000 – 6,000 – 3,000 = 13,000(b) Accounts receivable: 10,000 + 6,000 = 16,000(c) Machinery and equipment: 20,000 + 14,000 = 34,000(d) Land: 41,000 – 6,000 = 35,000(e) Accounts payable: 16,000 – 6,000 = 10,000(f) Notes payable: 20,000 + (14,000 – 3,000) = 31,000(g) Long-term debt: 142,000 – 23,000 = 119,000(h) Paid-in capital: 190,000 + 23,000 = 213,000Note: Event 4 requires no change in the balance sheet.Chapter 1 Accounting: The Language of Business 91-26 (5-10 min.)1. Total liabilities = Total assets -stockholders’ equity= $405,000,000,000 - $43,000,000,000= $362,000,000,0002. Common stock, par value = $.16 x 3,715,018,000 =$594,402,880.Like other items on General Electric’s balance sheet, the amount would be rounded off to millions:Common stock, par value $5941-27 (15-20 min.)SOPHIA BRENTANO, REALTORBalance SheetNovember 30, 20X1Liabilities andAssets Owners' EquityCash $ 9,000 Liabilities:Accounts receivable 1,000 Accounts payable $ 6,000 Undeveloped land 180,000 Mortgage payable 95,000 Office furniture 16,000 (a) Total liabilities 101,000 Franchise 15,000 (b)Owner's equity:Lisa Angelo, capital 120,000 (c)Total liabilities andTotal assets $221,000 owner's equity $221,000 a$17,000 – $1,000 = $16,000b A franchise is an economic resource that has been purchased tobenefit future operations.c$221,000 – $101,000 = $120,000101-27 (continued)Note that Goldstein's death may have considerable negative influence on future operations, but the account does not formally measure its monetary impact. Moreover, transactions 3 and 4 are personal rather than business transactions.1-28 (20-30 min.) See Exhibit 1-28, on the following page.1-29 (15-25 min.) See Exhibit 1-29 on page 13.Chapter 1 Accounting: The Language of Business 11EXHIBIT 1–28CRYSTAL CLEANERSAnalysis of April 20X1 Transactions(In Thousands of Dollars)Assets Liabilities and Owners' EquityAccounts Equipment Note Accounts Stockholders' Description of Transactions Cash + Receivable + and Furniture = Payable + Payable + Equity1. Issuance of stock +40 = +402. Issuance of stock +20 = +203. Borrowing +35 = +354. Acquisition for cash –30 +30 =5. Acquisition on account +10 = +106. Payments to creditors – 4 = – 47. Sale of equipment +8 – 8 =8. No entry =9. Cash collections + 3 –3 =+44 +5 +52 = +35 + 6 + 60CRYSTAL CLEANERSBalance SheetApril 30, 20X1Assets Liabilities and Stockholders' EquityLiabilities:Cash $ 44,000 Note payable $ 35,000Accounts receivable 5,000 Accounts payable 6,000Equipment and furniture 52,000 Total liabilities $ 41,000Owners' equity 60,000 Total $101,000 Total $101,00012EXHIBIT 1–29WALGREEN COMPANYAnalysis of Transactions(In Millions of Dollars)Assets Liabilities and Owners' EquityAccounts Inven- and Other Notes Accounts Other holders' Description of Transactions Cash + Receivable + tories + Assets = Payable + Payable + Liabilities + Equity Balance August 31 13 614 2,831 3,646 = 1,364 1,506 4,2341. Issuance of stock +30 = + 302. Issuance of stock +45 = + 453. Borrowing +12 = +124. Acquisition for cash –13 +13 =5. Acquisition on account +90 = +906. Payments to creditors –35 = –357. Sale of equipment +1 –1 =8. Cash collections +8 – 8 =Balance September 2 15 607 2,921 3,703 = 12 1,419 1,506 4,309WALGREEN COMPANYBalance SheetSeptember 2, 2000(In Thousands of Dollars)Assets Liabilities and Stockholders' EquityCash $ 15 Notes payable $ 12Accounts receivable 607 Accounts payable 1,419Inventories 2,921 Other liabilities 1,506Property and other assets 3,703 Stockholders' equity 4,309Total $7,246 Total $7,246Chapter 1 Accounting: The Language of Business 131-30 (20-35 min.)1. See Exhibit 1-30 on the following page.2. NIKE, INC.Balance SheetJune 3, 2000Liabilities andAssets Shareholders' Equity Cash $ 376 Total liabilities 2,778 Accounts receivable 1,589 Shareholders' equity 3,226 Inventories 1,477Equipment and otherassets 2,562Total $6,004 Total $6,004 14EXHIBIT 1–30NIKE, INC.Analysis of Transactions(In Millions of Dollars)AssetsLiabilities and Owners’ EquityDescription of Transactions Cash + AccountsReceiv-able +Inven-tories +Equipmentand OtherAssets =TotalLiabil-ities +Share-holders’EquityBalance May 31 254 1,567 1,446 2,590 2,721 3,1361. Inventory purchased -16 +16 =2. Inventory purchased +19 = +193. Return of Inventoryto supplier -4 = -44. Purchase of equipment -3 +12 = +95. Sale of equipment +40 -40 =6. No entry =7. Payment to creditor -17 = -178. Collection from debtor +18 -18 =9. Borrowed from bank +50 = +5010. Issued common stock +90 = +9011. No entry except ondetailed underlyingrecords = Balance, June 3 376 1,589 1,477 2,562 =Chapter 1 Accounting: The Language of Business 151-31 (20-35 min.)1. See Exhibit 1-31 on the following page.2. XYZ CORPORATIONJanuary 31,20X1Analysis of Transactions(In Thousands of Dollars)Liabilities andAssets Stockholders' EquityLiabilities:Cash $142 Note payable $ 30 Accounts receivable 2 Accounts payable 104 Merchandise inventory 254 Total liabilities $134 Equipment 36 Stockholders' equity:Capital stock, common,$1 par,60,000 sharesissued and outstanding $ 30Additional paid-in capitalin excess of par value 270 300 Total $434 Total $434 16EXHIBIT 1–31XYZ CORPORATIONJanuary 20X1Analysis of Transactions(In Thousands of Dollars)Assets Liabilities + Owners' EquityAccounts Merch- Capital AdditionalReceiv- andise Equip- Notes Accounts Stock Paid-in Description of Transactions Cash + able + Inventory + ment = Payable + Payable + (at par) + Capital1. Original incorporation +300 = + 30 + 2702. Inventory purchased –80 +80 =3. Inventory purchased +85 = + 854. Return of inventory tosupplier –11 = – 115. Purchase of equipment –10 +40 = +306. Sale of equipment + 4 – 4 =7. Payment to creditor –20 = – 208. Collection from debtor + 2 – 2 =9. Inventory purchased –50 +100 = + 5010. No entry except ondetailed underlyingrecords =Balance, January 31, 19X1=Chapter 1 Accounting: The Language of Business 171-32 (20-35 min.)1. See Exhibit 1-32 on the following page.2. YUKON PRODUCTSBalance SheetMarch 31, 20X1Liabilities andAssets Stockholders' EquityCash $41,800 Liabilities:Receivables 2,600 Accounts payable $ 4,500 Inventory 16,600 Note payable 9,000 Equipment 17,500 Total liabilities $13,500You, capital 65,000 Total $78,500 Total $78,500 The individual receivables and payables could be identified separately18EXHIBIT 1–32YUKON PRODUCTSAnalysis of TransactionsFor the Month Ended March 31, 20X1Assets Liabilities + Owners' EquityReceiv- Equip- Accounts Note You, Description of Transactions Cash + ables +Inventory + ment = Payable + Payable + Capital1. Initial investment +60,000 = +60,0002. Inventory acquired for cash 10,000 +10,000 =3. Inventory acquired on credit + 8,000 = + 8,0004. Equipment acquired – 5,000 +15,000 = +10,0005. No entry =6. Gloves for family + 600 – 600 =7. Gloves returned tosupplier for cash + 300 – 300 =8. No effect on total inventory =9. Caps returned tosupplier for credit – 500 = – 50010. Payment on note – 1,000 = –1,00011. Equipment acquired + 5,000 = +5,00012. Payment to creditors – 3,000 = –3,00013. No entry14. No entry15. Exchange of equipment + 500 +2,000 – 4,000 =+ 1,500+41,800 +2,600 +16,600 +17,500 =Chapter 1 Accounting: The Language of Business 191-33 (25-40 min.)1. See Exhibit 1-33 on the following page.2. JOSE GOMEZ, ATTORNEY-AT-LAWBalance SheetDecember 31, 20X1Liabilities andAssets Owners' EquityLiabilities:Cash in bank $31,000 Note payable $ 2,000 Note receivable 2,000 Account payable 1,000 Rental damage deposit 1,000 Total liabilities $ 3,000 Legal supplies on hand 1,000 Owner's equity:Computer 4,000 Jose Gomez, capital 40,000 Office furniture 4,000 Total liabilities andTotal assets $43,000 owner's equity $43,0001-34 (10 min.)1. Cash would rise by $1,000 and the liability, Deposits,would rise by the same amount.2. Deposits are liabilities because Citigroup owes theseamounts to depositors. They are depositors' claims on the assets of the bank.3. Loans receivable would increase and Cash woulddecrease by $50,000.4. Deposits would decrease and Cash would decrease by$4,000.20EXHIBIT 1–33JOSE GOMEZ ATTORNEYAnalysis of Business Transactions(In Thousands of Dollars)Assets = Liabilities & Owner's EquityOwner's Cash Note Rental Legal Office Liabilities Equity Description in Receiv- Damage Supplies Furni- Note Account K. Green of Transactions Bank able Deposit on Hand Computer ture Payable Payable Capital 2. Openinginvestment +40 = +404. Rental deposit – 1 +1 =5. Computer – 2 +4 = +26. Purchased supplies +1 = +17. Purchasedfurniture – 4 +4 =9. Note receivablefrom G. Kulp – 2 +2 =Balance, December31, 20X1 +31 +2 +1 +1 +4 +4 = +2 +1 +40General Comments:•Transactions 1 and 3 are personal rather than business transactions.•In transaction 4, no obligation (liability) is set up for the rent because it is not payable until January 2 and no rental services will occur until January.•Transaction 8 requires no entry because no services have been performed during December.Chapter 1 Accounting: The Language of Business 211-35 (10 min.) Amounts are in millions.1. a. Cash = Total assets - Noncash assets= $10,549 - $9,046= $1,503b. Stockholders’ equity = Total assets - Total liabilities= $10,549 - $8,105= $2,4442. Total liabilities and stoc kholders’ equity = total assets =$10,549.1-36 (10 min.)1. The par value line would increase by 1,000,000,000 x$.01 = $10,000,000 and the number of shares outstanding would increase by 1 billion. Additional paid-in capital would increase by 1,000,000,000 x ($70.00 –$.01) = $69,990,000,000.2. IBM shows all of its paid-in capital as a one-line item.Therefore, its common stock line would increase by $100,000,000 and the number of outstanding shares would increase by 1 million.221-37 (5-10 min.)The common stock line should show 957,599,006 x $1.00 = $957,599,006. The average price per share paid by the original investors for the Honeywell common stock was $957,599,006 + $2,318,000,000 = $3,275,599,006 ÷ 957,599,006 = $3.42. Note that the par value is small, $1.00 as compared to $3.42. (Avoid introducing any complications such as the effects of common-on-common stock dividends.)The relatively large difference between the original issuance price ($3.42) and the current market price ($50) is quite typical of many large successful companies. This is usually caused by increased investment attractiveness based on a record of profitable operations over many years.1-38 (5-10 min.)1. The common stock line should show 974 x ¥50 = ¥48,700 million.2. The average price per share paid by the original investors was¥226.5: ¥48,700 + ¥171,910 = ¥220,610 million; ¥220,610 ÷ 974 = ¥226.5. Note that the ¥226.5 easily exceeds the par value of ¥50.(Avoid introducing any complications such as the effects of common-on-common stock dividends.)3. The large difference between the original issuance price of¥226.5 and the current market price of ¥580 is typical for many successful companies. This phenomenon is usually caused by increased investment attractiveness based on a record of profitable operations over many years.Chapter 1 Accounting: The Language of Business 231-39 (20-30 min.)AMAZONBalance SheetDecember 31, 1999(In Millions of Dollars)Liabilities andAssets Stockholders' EquityCash $ 590 (1)Accounts payable $ 463 Property, plant and Other liabilities 276` equipment 317 Long term debt 1,466 Other assets 1,564 Total liabilities 2,205 (3)Capital stock $ 3Additional stockequity 263 (2b)Total stockholders'equity 266 (2a)Total liabilities andTotal assets $2,471 stockholders' equity $2,471 Notations (1), (2), and (3) designate the answers to the requirements. (1) The $590 cash was computed by taking total assets minus all assets except cash. To calculate (2) and (3) note that total assets must equal total liabilities plus stockholders' equity, $2,471 million. Furthermore, (3), total liabilities, is $463 + $276 + $1,466 = $2,205. Therefore, total stockholders' equity is $2,471 – $2,205 = $266, denoted by (2a) above. Additional stockholders' equity is $266 –$3 = $263, denoted by (2b) above.This condensed balance sheet simplifies an important issue. Amazon has an accumulated deficit of $882 million as of the 1999 Balance Sheet date. You may want to introduce this fact into the discussion.241-40 (20 min.)MAY DEPARTMENT STORESBalance SheetJanuary 29, 2000(In Millions of Dollars)Liabilities andAssets Stockholders' EquityCash $ 16*(1)Accounts payable $ 1,030 Accounts receivable 2,173 Long-term debt payable 3,560 Inventories 2,817 Other liabilities 2,268 Property, plant, Total liabilities $ 6,858 (3) and equipment 4,769 Common stock $ 163Other assets 1,160 Additional stock-holders' equity 3,914Total stockholders'equity 4,077 (2)Total liabilities andTotal assets $10,935 stockholders’ equity$10,935*Amount computed by taking total assets minus all assets except cash.Notations (1), (2), and (3) designate the answers to the requirements. Cash is calculated by subtracting the values given for the other assets from total assets: $10,935 - $2,173 -$2,817 -$4,769 -$1,160 = $16. Cash is the smallest individual asset. Companies try to keep cash balances small because they do not earn large returns on cash accounts. To calculate (2) simply add the components $163 + $3,914; similarly for (3), $1,030 + $3,560 + $2,268.Chapter 1 Accounting: The Language of Business 251-41 (10 min)Credibility of accounting reports is essential. Decision makers both within and outside of an organization rely on accounting reports for important decisions. For accounting reports to have credibility, users must have confidence in both the preparers and the auditors of those reports.Internal accountants have access to much sensitive data, and they have access to information across an entire organization. They need to be trusted to keep certain types of information confidential as well as to report fully and accurately to managers who need information for their decisions. Because of their access to so much information, accountants also often act as the conscience of an organization, identifying areas where managers may intentionally or unintentionally be misusing organizational resources. This is a large responsibility, and it requires the trust of managers throughout the organization.External audits have value because they add credibility to the financial statements. Management prepares the financial statements and may be prone to overstate operating results either because of natural optimism or because their reputation or compensation is linked to operating performance. If investors and other users of financial statement do not have faith in the competence, fairness, and objectivity of the auditors, audits will have little value. Therefore, developing and maintaining high ethical standards is a hallmark of the auditing profession.261-41 (continued)Not only are individual accountants cognizant of the need to develop and maintain a reputation for ethical behavior, but they recognize the need to be collectively regarded as highly ethical. Any breach of ethical conduct by one accountant has spillover effects on others. It is important to all accountants that the profession of accounting be regarded as highly ethical. Therefore, professional accounting organizations have developed standards of ethical conduct. Certification examinations, such as the Certified Public Accountant (CPA) and Certified Management Accountant (CMA) exams, test applicants’ knowledge of ethical standards, and the associations enforce compliance to ethical standards by penalizing those who violate the standards. In this way the public can be reasonably assured that when they deal with a certified accountant he or she will be familiar with ethical standards and will have been in compliance with them.1-42 (10-15 min.) ($ in millions)1. Cash = $4,2342. Total assets = $32,870 on July 29, 200014,893 on July 31, 19993. Assets = Liabilities + Stockholders' Equity$32,870 = $6,373 + $26,497NOTE: The statement does not give a subtotal for liabilities.It must be backed out. Some analysts treat minorityinterests or deferred taxes as if they were notliabilities.Chapter 1 Accounting: The Language of Business 271-43 (15-30 min.)Each solution is unique and will change each year. The purpose of this problem is for students to recognize the format of a balance sheet and to see how it relates to the balance sheet equation.1-44 (60 or more min.)The purpose of this exercise is to learn how to find a company’s balance sheet, to pick out significant items on it, and to understand how basic transactions affect the balance sheet. Each student will become an “expert” on one or two types of transactions and will be required to explain the accounting for that transaction to the rest of the group. Requirement 2 is a test of how well the “experts” explained the effects of their transactions1-45 (30-60 min.)A solution to this Internet case is located on Prentice Hall's PHLIP web site (/phlip). Because companies' web sites change often, the student web site contains an up-to-date URL for accessing the information and any changes in the case requirement necessitated by changes in the information available. We encourage you to visit the PHLIP web site before assigning this problem.28。

财务会计课后习题答案(英文原版)第10单元

BLOOM'S TAXONOMY TABLE
4.
Describe the procedure for revising periodic depreciation.
5.
Distinguish between revenue and capital expenditures, and explain the entries for these expenditures.
Questions 20, 21, 23
Exercises 10
*10. Explain how to account for the exchange of plant assets.
25, 26, 27
14, 15
11, 12, 13
*Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix *to the chapter.
Knowledge Q10-1 Q10-2 Q10-3 Q10-5 Q10-6 Q10-7 Q10-22 Q10-8 P10-4A P10-4B BE10-7 E10-5 Q10-9 Q10-24 Q10-11 BE10-8 BE10-9 E10-6 BE10-10 E10-7 BE10-11 P10-7A P10-8B P10-8A E10-8 P10-7B E10-9 BE10-12 Q10-20 P10-5B BE10-13 Q10-21 P10-7B P10-5A E10-10 P10-7A BE10-14 BE10-15 E10-11 E10-12 E10-13 Communication Group Decision Case Exploring the Web Research Case Financial Interpreting Group Decision Reporting Financial Ethics Case Comp. Analysis Comp. Analysis Sts. Global Focus Cookie Chronicle P10-9A P10-9B P10-5A P10-6A P10-5B P10-6B BE10-3 BE10-4 BE10-5 BE10-6 E10-3 P10-2B E10-4 P10-4B P10-2A P10-4A P10-3A P10-3B Q10-4 E10-1 P10-1A P10-1B BE10-1 BE10-2 E10-2 Comprehension Application Analysis Synthesis Evaluation

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