习题答案

1 A _______Partnership __ is an entity owned by two or more persons, and the owners are personally responsible for entity’s debts.2 A double entry requires at least one ___ debit_____ entry and at least another ____credit_____entry.3 The __Full Disclosure______ principle requires we must report all relevant information.4 ____Financial__ Accounting is primarily recording of events, while Managerial Accounting mainly involves planning of events.5 Cash sales from a customer is a part of cash inflows from ____operating____ activities in a cash flow statement.6 The ____conservatism____ principle stresses that it is better to underestimate than overestimate.7 The Income Statement is also known as the __financial__ statement.8 Spell the full name of GMAT.Graduate Management Admission Test 研究生入学考试9 Spell the full name of CMA.Certified Management Accountants 注册管理会计10 Spell the full name of CICPA.Chinese Institute of Certified Public Accountants 中国注册会计师协会CFP 注册金融规划师– Certified Financial PlannersCIA 注册内部审计师– Certified Internal AuditorsNDFNDF 无本金交割远期交易– Non-Deliverable Forward11 __Government__ accountants work for municipal, provincial, and federal agencies.12 Spell the full name of IPO.Initial Public Offering 首次公开募股13 Spell the full name of TOEFL.Test of English as a Foreign Language 托福14 Using ___T-accounts__ debits are recorded on the left side, and credits are recorded on the right side.15 Please spell out the full terminology for the accounting abbreviation C.O.A. chart of accounts 会计科目16 Please spell out the full terminology for the accounting abbreviation G/L. general ledger 总账17 The process of daily recording debits and credits in the general journal is known as ____journalizing.____.18 The ___ Matching___ principle requires revenue & expenses must be recorded only in the period when they are incurred.19 The account of Common Stock is in the _________ section ofa balance sheet.20 At the end of each accounting period, we need to make ___adjusting__ entries to bring accounts up to date for the financial statements.21 Please spell out the full terminology for the accounting abbreviation P.R. posting reference 过账参考22 Adjusting entries are used to record a company's internal transactions on ___accrual_____ basis.权责发生制23 The __adjusted ___trial___ balance is used to prepare the financial statements.24 The ___monetary unit______ principle requires transactions recorded based on one common currency.25 The cash flow statement shows the cash __inflows__ and __outflows___ from operating activities, investing activities, and financing activities.26 Please list the three basic components in an balance sheet. Assets Liabilities Equity27 The __Consistency___ principle requires an entity must use the same accounting methods for each period.28 ___Internal___ Transactions require adjusting entries include depreciation, inventory shrinkage and LCM.29 Please spell out the full terminology for the accountingabbreviation L.C.M.lowest common multiple 最小公倍数30 Balance sheet accounts ___Carry Forward__ their balances from one period to the next, while income statement accounts do not.31 The first trial balance before any adjusting entries are prepared is the _______ Trial Balance.32 A _sole proprietorship个人独资企业_ is an entity owned by one person and the owner is personally responsible for business debts.33 The ___business entity______ principle requires each entity keeps accounting records as a separate entity.34 GAAP Generally Accepted Accounting Principles 公认会计准则35 The ____cost___ principle requires all transactions recorded on historical cost basis.36 Trial Balance is a listing of account balances copied from the _general ledger_.37 Adjusting entries are also known as ________ ________.38 Please provide two typical examples of G&A expenses.39 The ____income statement_____ summarizes net profit (or net loss) resulting from income less expenses.40 The ______objectivity__ principle requires transaction recorded on independent, unbiased & verifiable basis.41 Please provide two typical examples of Accrued Expenses. Accrued interest , Accrued taxes <预提>42 _____Depreciation 折旧___ applies to physical assets that retain their size and shape but lose their economic usefulness over time.43 _____Accrual权责发生制___ accounting reports revenues when earned and expenses when incurred.44 Equipments are in the __debit__ section of a balance sheet. 借方45 ________ is a field of accounting that involves the review of financial books & systems.46 Please spell out the full terminology for the accounting abbreviation C.I.P.construction in progress 在建工程47 ________ is the systematic cost allocation of an intangible asset to expense.48 Accrued Expense is in the ________ section of a financialstatement.49 ________ basis accounting system is not generally accepted per GAAP.50 Please spell out the full terminology for the financial abbreviation W.T.O.世界贸易组织 World Trade OrganizationCPI消费者物价指数 - Consumer Price Index55 GDP 国内生产总值 - Gross Domestic Product56 Reconciling items on the __books__ side require an adjusting entry to the company’s cash account. 账面57 A company’s ___credit department__ evaluates customers who apply for credit limits.信贷部58 A __debit memorandum___ is a document issued by the buyer for a debit to a seller’s Accounts Payable.59 A __credit memorandum __ is a document issued by the seller for a credit to a buyer’s Accounts Receivable.60 Cost of Good Available for Sale less ___Ending Inventory __ = Cost of Goods Sold.期末盘存61 When wholesalers sell their products on account, the __credit terms__, e.g. 2/10, n/30, are stated in the invoice.信用条件62 A company’s Petty Cash Fund is usually appointed to one ________.63 Collection of previously written-off accounts is known as Bad Debt ________.64 ________ ________ is an inventory costing method for custom built, big ticket and uniquely identified items.65 Inventory ________ = cost of goods sold / average inventory66 Special journals save much time in recording __repetitive__transactions. 重复67 Transportation costs incurred by the sellers are debited to __delivery_ Expense, an operating expense. 运营68 Please spell out the full terminology for the accounting abbreviation R.M.69 ________ is the systematic cost allocation of an intangible asset to expense.70 ______ ______ ______ accounting is to adjust inventory value to the lower of historical cost or net realizable value.71“Cost of asset/Estimated useful life” is a formula of ________ depreciation.72 Under perpetual system, two entries are made for each sales:i) a sales entry; ii) a cost or __inventory__ entry. 库存73 To ensure the accuracy of perpetual records, most businesses take a __physical __inventory_ of their merchandise at least once a year.实地盘存74 Net Sales = Gross Sales - __Sales Returns and Allowances___.销售退回及折让75 A __retailer_ sells merchandise directly to the public.零售商76 Please spell out the full terminology for the accounting abbreviation L.I.F.O.77 Full disclosure principle requires the disclosure in annual report any pledged accounts receivable amount and contingent liabilities ______ ______.78 ______ ______ procedures are designed to protect assets against theft or misappropriation.79 ______ ______ ______ requires custody for cash must be separated from recordkeeping for cash.80 In international accounting, cash usually comprises of: i) ___petty __cash_ /Cash on Hand; ii) Bank Account Deposits; and iii) Cash Equivalents. 小额现金81 ________ refers to how readily an asset can be convertedinto common currency to be used to purchase goods and services.82 Please spell out the full terminology for the accounting abbreviation C.O.G.S.83 In the ___perpetual_____ inventory system, the inventory account is continuously updated to reflect items on hand.84 Step 8 of the accounting cycle requires closing the _______ accounts at the end of each accounting period.85 Revenues and expenses are closed to the ______ ______ account which is finally closed to retained earnings.87 Please spell out the full terminology for the financial abbreviation I.M.F.88 Please spell out the full terminology for the financial abbreviation S.O.E.89 LCM is a reflection of the ________ accounting principle.90 Income Statement accounts are ________ accounts to be closed at the end of each accounting period.91 Revenue and expense accounts are closed to the _income summary__ account at the end of each accounting period.92 ________ basis accounting system is not generally accepted per GAAP.93 Reasonable amounts of inventory _shrinkage_ are a normal cost of doing business.94 Purchase discounts taken are recorded when payment is made __inside__ the discount period.95 Transportation costs paid by the buyer are recorded as a part of the cost of __asset__ being acquired.96 At month end, we must foot and ____cross__foot____ the special journals before posting to the general ledger.97 A ____subsidiary____ ledger is often used to provide details on individual balances of general ledger accounts.98 Balance per Bank plus Deposits in Transit less ____outstanding checks___ equals Adjusted Balance per Bank.99 Balance per Book plus Bank Collection less __sevice charge NSF checks _ equals Adjusted Balance per Book.100____Depreciation____ applies to physical assets that retain their size and shape but lose their economic usefulness over time.101____Accrual____ accounting reports revenues when earned and expenses when incurred.简答1 Please list 7 examples of source documents for recording accounting transactions. 请列出7个原始凭证记录会计交易的例子。