财务管理专业英语复习题(参考答案)

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财务管理试卷及答案(英文版)

Examination Problems for Fundamentals of Financial Management 2004-2005 (Paper B)overall goal in mind.A. Financial managementB. Profit maximizationC. Agency theoryD. Social responsibility2.A major disadvantage of the corporate form of organization is the ( ).A. double taxation of dividendsB. inability of the firm to raise large sums of additional capitalC. limited liability of shareholdersD. limited life of the corporate form.3. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).A. present valueB. simple interestC. future valueD. compound interest4. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion?A. The stock has a low level of risk.B. The stock offers a high dividend payout ratio.C. The market is undervaluing the stock.D. The market is overvaluing the stock.5. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?A. approximately 26B. approximately 10C. approximately 6D. approximately 16. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 300,000 and a net profit margin of 5 percent. What are its sales?A. 3,750,000B. 480,000C. 300,000D. 1,500,0007. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?A. Borrow more.B. Shift short-term to long-term debt.C. Shift long-term to short-term debt.D. isssue common stock.8. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).A. Net profit margin × Total asset turnover × Equity multiplierB. Total asset turnover × Gross profit margin × Debt ratioC. Total asset turnover × Net profit marginD. Total asset turnover × Gross profit margin × Equity multiplier9. Which of the following items concerns financing decision? ( )A. sales forecastingB. bond issuingC. receivables collectionD. investment project selection10. Which of the following items is the function of a treasurer? ( )A. cost accountingB. internal controlC. capital budgetingD. general ledger11. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities in a short period of time without significant price concession.A. maturityB. marketabilityC. defaultD. inflation12. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market value13.Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 6% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( )A. 6%B.3%C. 12%D. (1+6%/2)2-114. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )A. mB. m+DC. m+D/rD. D/r15. Which of the following items has the most risk? ( )A. treasury billB. corporate bondC. preferred stockD. common stock16. ( ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity17. ( A ) is the ratios that measure a firm’s ability to meet short-term obligationsA. liquidity ratiosB. leverage ratios c. coverage ratios D. activity ratios18. ( A ) is the result of Net Profi t Margin × total asset turnover × (total assets/shareholders’ equity)A. Return on equityB. return on investmentC. current ratioD. quick ratio19. Government tax law adjustment is ( A ) to a firm.A. general economic riskB. inflation and deflation riskC. firm-specific riskD. international risk20 ( A ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity II. Statement judgement (10 Points) (Please write your answer in the following1. Until around the first half of the 1900s, financial managers primarily raised funds and managed their firm’s cash positions. ( )2. In general, the higher the marketability of a security, the greater the yield necessary to attract investors ( )3. Discount Rate is the interest rate used to convert future values to present values. ( )4. The expected return of a portfolio is simply a weighted average of the expected return of the securities comprising that portfolio ( )5. The type of analysis varies according to the specific interests of the party involved ( )6. In a sole proprietorship, the owner is personally responsible for all financial obligations of thefirm. ( )7. When a stock goes "ex-rights, " its market price theoretically declines. ( )8. The market price of a particular bond is much greater today than it was yesterday. The calculated yield to maturity (YTM) based on today's market price would, therefore, be greater than the calculated YTM based on yesterday's market price. ( )9. A short average collection period assures us that accounts receivable are being efficiently managed. ( )10. Simple interest is interest that is paid on only the original amount borrowed (lent) ( )III. Questions (10 points) (Please write your answer on the answer paper)1. The method of depreciation does not alter the total amount deducted from income during the life of an asset. What does it alter and why is that important? (5 )2. What is primary and secondary market? (5)IV. Problems (60 Points) (Please write your answer on the answer paper)1. you need to have $100000 at the end of 10 years. To accumulate this sum, you have decided to save a certain amount at the end of each next 10 years and deposit it in the bank. The bank pays 8% interest compounded annually for long-term deposit. How much will you have to save each year? (PVIF(8%,10)=0.463, PVIFA(8%,10)=0.671, FVIF(8%,10)=2.159, FVIFA(8%,10)=14.487)2.Just today, Bird Seed Company’s common stock paid a $1.50 annual dividend per share and hada closing price of $24. Assume that the market’s required return for this investment is 12% and that dividends are expected to grow at a constant rate forever.a. calculate the implied growth rate in dividends.b. what is expected dividend yield and capital gains yield?3. The data for various companies in the same industry are as follows: (amounts are in millionDetermine the total asset turnover, net profit margin, and write your computation result in the table.4. You expect to deposit the following cash flows at the end of years 1 through 5, 1,000; 4,000; 9,000; 5,000; and 2,000 respectively. Alternatively, you could deposit a single amount today at the beginning of year 1 (end of year 0). How much is the single deposit needed to be today if you can earn 10% compounded annually? (10/ )5.Stock A has an expected growth rate of 16% for the first 3 years and 8% thereafter. Each share of stock just received an annual 3.24 dividend per share. The appropriate discount rate is 15%.What is the value of the common stock under this scenario? (10/ )6. The following common stocks are available for investment:COMMON STOCK (TICKER SYMBOL) BETANanyang Business Systems (NBS) 1.40Yunnan Garden Supply, Inc. (YUWHO) .80Bird Nest Soups Company (SLURP) .60! (WACHO) 1.80Park City Cola Company (BURP) 1.05Oldies Records, Ltd. (SHABOOM) .90a. If you invest 20 percent of your funds in each of the first four securities, and 10 percent in each of the last two, what is the beta of your portfolio? (5/ )b. If the risk-free rate is 8 percent and the expected return on the market portfolio is 14 percent, what will be the portfolio's expected return? (5/ )Solutions (B)1. Depreciation changes the timing of tax payments. The longer these payments can be delayed, the better off the business is.2. A primary market is a “new issues” market. Here, funds raised through the sale of new securities flow from ultimate savers to the ultimate investors in real assetsIn a secondary market, existing securities are bought and sold. Transactions in these already existing securities do not provide additional funds to finance capital investmentIV. Problems (60 Points) (Please write your answer on the answer paper)1. Answer:100000=A FVIF(8%,10)=14.487A A=100000/14.487=69032. Answer:a. 24=1.5(1+g)/(0.12-g), g=0.054b. dividend yield=0.12-g=0.066, capital gains yield=0.0541. (10/ ) Many different methods to lead to a correct solution.PV of this mixed flows problem = 1,000(PVIF10%,1) + 4,000(PVIF10%,2) + 9,000(PVIF10%,3) + 5,000(PVIF10%,4) + 2,000(PVIF10%,5) = 15,633.62.5. (1) Determine the annual dividends.D0 = $3.24 (this has been paid already)D1 = D0(1+g1)1 = $3.24(1.16)1 =3.76D2 = D0(1+g1)2 = $3.24(1.16)2 =4.36D3 = D0(1+g1)3 = $3.24(1.16)3 =5.06D4 = D3(1+g2)1 = $5.06(1.08)1 =5.46P3 = 5.46 / (.15 - .08) = $78 [CG Model](2) Determine the PV of cash flows.PV(D1) = D1(PVIF15%, 1) = 3.76 (.870) = 3.27PV(D2) = D2(PVIF15%, 2) = 4.36 (.756) = 3.30PV(D3) = D3(PVIF15%, 3) = 5.06 (.658) = 3.33PV(P3) = P3(PVIF15%, 3) = 78 (.658) = 51.32(3) Calculate the intrinsic value by summing all the cash flow present values.V = 3.27 + 3.30 + 3.33 + 51.326. a) (5/) The beta of a portfolio is simply a weighted average of the betas of the individual securities that make up the portfolio.TICKER SYMBOL BETA PROPORTION WEIGHTED BETANBS 1.40 .2 .280YUWHO .80 .2 .160SLURP .60 .2 .120W ACHO 1.80 .2 .360BURP 1.05 .1 .105SHABOOM .90 .1 .0901.0 1.115The portfolio beta is 1.115.b) (5/ ) Expected portfolio return=.08 + (.14 - .08)(1.115)= .08 + .0669 = .1469 or 14.69%。

财务管理英语试题及答案

财务管理英语试题及答案一、选择题（每题2分，共20分）1. 财务管理的主要目标是（）。

A. 利润最大化B. 股东财富最大化C. 企业价值最大化D. 产品成本最小化答案：C2. 企业进行长期投资决策时，主要考虑的是（）。

A. 短期收益B. 长期收益C. 短期现金流D. 长期现金流答案：B3. 下列哪项不是财务杠杆的表现形式？（）A. 债务融资B. 权益融资C. 经营杠杆D. 财务杠杆答案：B4. 企业进行资本结构决策时，主要考虑的因素不包括（）。

A. 债务成本B. 权益成本C. 税收影响D. 市场风险答案：D5. 企业进行股利政策决策时，主要考虑的因素不包括（）。

A. 企业的盈利能力B. 企业的资本需求C. 股东的偏好D. 企业的行业地位答案：D6. 下列哪项不是影响企业价值的因素？（）A. 企业的盈利能力B. 企业的资本结构C. 企业的市场规模D. 企业的社会责任答案：D7. 企业进行财务预测时，通常不使用的方法包括（）。

A. 销售百分比法B. 现金流量表法C. 资产负债表法D. 历史数据法答案：B8. 企业进行财务分析时，主要分析的财务报表不包括（）。

A. 利润表B. 资产负债表C. 现金流量表D. 所有者权益变动表答案：D9. 企业进行风险管理时，通常不采用的方法是（）。

A. 风险分散B. 风险转移C. 风险接受D. 风险创造答案：D10. 企业进行跨国财务管理时，主要考虑的因素不包括（）。

A. 汇率变动B. 政治风险C. 经济周期D. 企业规模答案：D二、判断题（每题1分，共10分）1. 财务管理的核心是资金的筹集、使用和分配。

（）答案：√2. 企业的财务目标与股东的财富最大化目标是一致的。

（）答案：×3. 财务杠杆可以增加企业的财务风险，但不会提高企业的收益。

（）答案：×4. 企业的资本结构决策只与债务和权益的相对比例有关。

（）答案：×5. 股利政策对企业的市场价值没有影响。

财务管理试卷(英文版)答案

《财务管理(英）》课程期末考试试卷标准（参考）答案及评分标准Part 1: Choice Questions (16 questions, 1 point each, 16 points total)Part 2: Calculation Questions (3 questions, 8 points each, 24 points total)1.Answer:CAPM is: E(R i) = R f + [E(R M) – R f] × iSubstituting the values we are given, we find:E(R i) = .05 + (.14 – .05)(1.3) = .1670 or 16.70% (4 points)P0 = D0×(1+g)/(R-g) = 2×1.08/(16.7%-8%)=$24.83 ( 4 points)2.Answer: (10 points)The economic order quantity is:EOQ = [(2T × F)/CC]1/2EOQ = [2(52)(4,000)($2,600)/$40]1/2EOQ = 5,2003.Answer: (8 points)Bond value = 50×(P/A, 6%, 40) + 1000×(P/s, 6%,40 )=50×15.0463 ＋1000×0.0972=$849.54Part 3: Comprehensive Questions (4 questions, 15 points each, 60 points total ) 1.Answer:1)Compute the following ratios: ( 7 points)Current ratio: = 11,000/10,000 =1.1Total debt ratio (10,000+12,000)/ 38,000 = 57.9%Total asset turnover = 10,400/ 38,000 = 27.4%Profit margin = 2,327/10,400 = 22.375%Equity multiplier = 38,000 / 16,000 = 2.375ROA = 2327 / 38000 = 6.12%ROE = 2327 / 16000 = 14.54%2)Using Du Pont Identity to compute the ROE ( 4 points)ROE = Profit margi n×Equity multiplier×Total asset turnover= 22.375%×2.375 ×27.4% = 14.56%3)( 4 points)The plowback ratio, b, is one minus the payout ratio, so:b = 1 – .20 = .80we can use the sustainable growth rate equation to get:Sustainable growth rate = (ROE × b) / [1 – (ROE × b)]= [0.1454(.80)] / [1 – 0.1454(.80)]= .1317 or 13.17%2.Answer:( 15 points)3.Answer:1) Annual depreciation = $618,000 ÷ 3 = $206,000Taxes = ($265,000 - $206,000) ⨯ .34 = $20,060OCF = $265,000 – $20,060 = $244,940 (4 points)2) After tax Salvage value = $60,000 ⨯ (1 - .34)] = 39,600 ( 3 points)CF 0 = -$618,000 + (-$23,000) = -$641,000 CF1—CF2 = $244,940CF 3 = $244,940 + [$60,000 ⨯ (1 - .34)] + $23,000 = $307,5404)321)09.1(540,307$)09.1(940,244$)09.1(940,244$000,641$NPV +++++-== $27,354.00 ( 4 points)4. (15 points)The Capital Structure QuestionCapital Structure and the Cost of CapitalThe Effect of Financial LeverageThe Basics of Financial LeverageCorporate Borrowing and Homemade Leverage ( 3 points)Case I: M&M Capital Structure and the Cost of Equity Capital ( 3 points)M&M Proposition I: The Pie ModelThe Cost of Equity and Financial Leverage: M&M Proposition II Business and Financial RiskCase II: M&M Propositions I and II with Corporate Taxes ( 4 points)The Interest Tax ShieldTaxes and M&M Proposition ITaxes, the WACC, and Proposition IICase III: M&M Propositions I and II with Corporate Taxes and Bankruptcy Costs ( 4 points)Direct Bankruptcy Costs Indirect Bankruptcy CostsTaxes and Bankruptcy Costs , M&M Proposition ITaxes and Bankruptcy Costs , the WACC, Proposition IISummery: Optimal Capital Structure ( 1 point)Optimal Capital Structure and the Cost of Capital。

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。

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.。

财务管理专业英语第三版课后答案

财务管理专业英语第三版课后答案1、I was astonished when I heard that Louise was getting married. [单选题] *A. 惊讶(正确答案)B. 气愤C. 高兴D. 想念2、He usually ________ at 6:30 a.m. [单选题] *A. gets toB. gets up(正确答案)C. gets overD. gets in3、Sitting at the back of the room（）a very shy girl with two bright eyes. [单选题] *A. is(正确答案)B. areC. hasD. there was4、My watch usually _______ good time, but today it is five minutes fast. [单选题] *A. goesB. makesC. keeps(正确答案)D. gains5、Medicines are to be taken according to the doctor’s advice. [单选题] *A. 发放B. 提取C. 配方D. 服用(正确答案)6、Modern plastics can（）very high and very low temperatures. [单选题] *A. stand(正确答案)B. sustainC. carryD. support7、2．The villagers want to have a bridge. Can this dream ________? [单选题] * A．come outB．get awayC．come true(正确答案)D．get out8、--How is your friend coming?--I’m not sure. He _______ drive here. [单选题] *A. may(正确答案)B. canC. mustD. will9、Chinese is one of ____ most widely used languages in ____ world. [单选题] *A. a, theB. /, theC. the, the(正确答案)D. a, /10、94．—Let’s go out for a picnic on Sunday.—________. [单选题] * A．Nice to meet youB．Here you areC．The same to youD．Good idea(正确答案)11、He was born in Canada, but he has made China his _______. [单选题] *A. familyB. addressC. houseD. home(正确答案)12、I couldn’t find Peter,_____did I know where he had gone. [单选题] *A.nor(正确答案)B.eitherC.neverD.as13、If you had told me earlier, I _____ to meet you at the hotel. [单选题] *A. had comeB. will have comeC. would comeD. would have come(正确答案)14、The teacher has his students_____a composition every other week. [单选题] *A.to writeB.writtenC.writingD.write(正确答案)15、In the future, people ______ a new kind of clothes that will be warm when they are cold, and cool when they’re hot.（）[单选题] *A. wearB. woreC. are wearingD. will wear(正确答案)16、--What would you like to say to your _______ before leaving school?--I’d like to say"Thank you very much!" [单选题] *A. workersB. nursesC. waitersD. teachers(正确答案)17、—When are you going to Hainan Island for a holiday? —______ the morning of 1st May.（）[单选题] *A. InB. AtC. On(正确答案)D. For18、93．Welcome ________ our school! [单选题] *A．to(正确答案)B．inC．atD．/19、Across the river（）. [单选题] *A. lies a new built bridgeB.lies a newly built bridge(正确答案)C. a new built bridge liesD.a newly built bridge lies20、28．The question is very difficult. ______ can answer it. [单选题] * A．EveryoneB．No one(正确答案)C．SomeoneD．Anyone21、People always _____ realize the importance of health _____ they lose it. [单选题] *A. not... untilB. don't... until(正确答案)C. /; untilD. /; not until22、40．Star wars is ______ adventure film and it is very interesting. [单选题] *A．aB．an (正确答案)C．theD．/23、11．No one ________ on the island(岛). [单选题] *A．liveB．lives(正确答案)C．livingD．are living24、The manager demanded that all employees _____ on time. [单选题] *A. be(正确答案)B. areC. to beD. would be25、Alice is a ______ girl. She always smiles and says hello to others.（）[单选题] *A. shyB. strictC. healthyD. friendly(正确答案)26、I saw the boy _______?the classroom. [单选题] *A. enter intoB. enter(正确答案)C. to enter intoD. to enter27、The little boy saved his money ______ he could buy his mother a gift on Mother’s Day.（）[单选题] *A. butB. such thatC. in order toD. so that(正确答案)28、He spoke too fast, and we cannot follow him. [单选题] *A. 追赶B. 听懂(正确答案)C. 抓住D. 模仿29、33．Will Mary's mother ______ this afternoon? [单选题] * A．goes to see a filmB．go to the filmC．see a film(正确答案)D．goes to the film30、The story has _______ a lot of students in our class. [单选题] *A. attracted(正确答案)B. attackedC. appearedD. argued。

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.。

财经英语试题及答案

财经英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a financial instrument?A. StockB. BondC. CommodityD. Insurance policyAnswer: D2. In financial markets, what is the term for the difference between the buying and selling prices of a security?A. SpreadB. DividendC. YieldD. Interest rateAnswer: A3. What is the term used to describe the risk of a security's value changing due to market fluctuations?A. Credit riskB. Market riskC. Liquidity riskD. Operational riskAnswer: B4. Which of the following is not a type of financial statement?A. Balance sheetB. Income statementC. Cash flow statementD. Profit and loss statementAnswer: D5. What is the term for the process of evaluating an investment based on various factors to determine its potential return and risk?A. Due diligenceB. Portfolio managementC. Financial analysisD. Risk assessmentAnswer: C6. What does GDP stand for in economics?A. Gross Domestic ProductB. Gross Domestic ProfitC. Gross Domestic PerformanceD. Gross Domestic PriceAnswer: A7. In the context of finance, what does the acronym "IPO" stand for?A. Initial Public OfferingB. International Profit OrganizationC. International Portfolio OrganizationD. International Product OfferingAnswer: A8. What is the term for a financial contract that gives the buyer the right, but not the obligation, to buy or sell anunderlying asset at a specified price on or before a certain date?A. Call optionB. Put optionC. Forward contractD. Futures contractAnswer: A9. Which of the following is not a component of the financial system?A. BanksB. Securities exchangesC. Insurance companiesD. Manufacturing companiesAnswer: D10. What is the term used to describe the process of determining a company's value based on its financial performance and potential for future growth?A. ValuationB. ForecastingC. BudgetingD. AuditingAnswer: A二、填空题（每题2分，共20分）1. The process of converting cash into other assets is known as ____________.Answer: investing2. A __________ is a financial institution that acceptsdeposits, offers loans, and provides other financial services. Answer: bank3. The __________ is a document that outlines the terms and conditions of a loan, including the interest rate and repayment schedule.Answer: loan agreement4. __________ is the risk that a borrower may default ontheir loan payments.Answer: credit risk5. A __________ is a financial statement that shows acompany's financial position at a specific point in time. Answer: balance sheet6. __________ is the process of evaluating a company'sfinancial health by analyzing its financial statements. Answer: financial analysis7. The __________ is a financial statement that shows a company's revenues, expenses, and net income over a specific period.Answer: income statement8. __________ is the risk that a security's value maydecrease due to a decline in the overall market.Answer: market risk9. A __________ is a financial instrument that represents an ownership interest in a company.Answer: stock10. __________ is the risk that a security may be difficult to sell at a desired price.Answer: liquidity risk三、简答题（每题10分，共20分）1. Explain the difference between a stock and a bond. Answer: A stock represents ownership in a company and typically offers the potential for capital appreciation and dividends. A bond, on the other hand, is a debt instrument issued by a company or government, promising to pay periodic interest and return the principal at maturity.2. What are the main factors that influence a company'scredit rating?Answer: The main factors that influence a company's credit rating include its financial stability, debt levels, profitability, management quality, industry position, and economic conditions. Credit rating agencies assess these factors to determine the likelihood of the company meetingits financial obligations.四、论述题（每题15分，共30分）1. Discuss the importance of diversification in an investment portfolio.Answer: Diversification is crucial in an investment portfolio as it helps to spread risk across a variety of investments, reducing the impact of a poor-performing asset on the overall portfolio. By investing in different asset classes, sectors, and geographical regions, investors can potentially achievebetter returns and lower volatility. Diversification also allows for the exploitation of different market opportunities and can protect against unforeseen events that may affect specific investments.2. Explain the role of financial statements in business decision-making.Answer: Financial statements play a vital role in business decision。

财务管理专业英语练习及答案

The following information is available for T om, a limited liability company:Summarized income statement for the year ended 31 December 2010.$’000Profit from operations 3,650Finance cost (loan note interest) (300)3,350Income tax expense (700)Net profit for the period 2,650Notes:1.The additional loan notes were issued on 1 January 2010. Interest was paid on 30 June2010 and 31 December 2010.2.Dividends paid during the year amounted to $750,000.RequiredPrepare the company’s cash flow statement for the year ended 31 December 2010.Cash flow statement for the year ended 31 December 2010$’000 Net profit 2,650 Add: depreciation [5,600-4,800] 800 Operating profit before working capital changes 3,450 Decrease in inventories (3,400-3,800) 400 Increase in receivables (3,800-2,900) (900) Increase in payables (3,700-3,200) 500 Increase in accruals (700-600) 100 Cash generated from operations 3,550Cash flows from investing activitiesPayments to acquire non-current assets (5,400-3,200+800) (3,000) Net cash used in investing activities (3,000)Cash flow from financing activitiesProceeds from issue of loan notes (3,000-2,000) 1,000 Dividends paid (750) Net cash from financing activities 250 Net increase in cash 800 Cash at 1 January 2010 400 Cash at 31 December 2010 1,200Below are the most recent financial statements for Wildhack. Based on the balance sheet and income statement, calculate the following ratios for 2010:(1)Current ratio; (2) Quick ratio; (3) Cash ratio; (4) Debt ratio; (5) Long-term debt ratio;(6) Times interest earned; (7) Cash flow coverage ratio; (8) Accounts receivable turnover ratio; (9) Inventory turnover ratio; (10) Accounts payable turnover ratio; (11) T otal asset turnover ratio; (12) Gross profit margin; (13) Net profit margin; (14) ROA (use net income in the numerator); (15) ROEWildhack Corporation2010 Income StatementWildhack CorporationBalance Sheet as of December 31, 2009 and 20101、Current ratio=648/1183=0.552、Quick ratio=(88+192)/1183=0.243、Cash ratio=88/1183=0.074、Debt ratio=(1183+2077)/6002=0.545、Long-term debt ratio=2077/6002=0.356、Times interest earned=813/613=1.337、Cash flow coverage ratio=(813+490)/613=2.138、Accounts receivable turnover ratio=2*3756/(224+192)=18.069、Inventory turnover ratio=2*2453/(424+368)=6.1910、Accounts payable turnover ratio=2*2453/(124+144)=18.3111、T otal assets turnover ratio=2*3756/(5996+6002)=0.6312、Gross profit margin=(3756-2453)/3756=0.3513、Net profit margin=132/3756=0.0414、ROA=2*132/(5996+6002)=0.0215、ROE=2*132/(2656+2742)=0.05Gross Sales 销售总额Less: Sales Returns and Allowances 销售退回及折让Sales Discounts 销售折扣Net Sales 销售净额Less: Cost of Goods Sold 销售成本Gross Profit on Sales 销售毛利Net Sales=Net Cash Sale + Net Credit Sale销售净额=现销净额+赊销净额。

财务管理专业英语练习题

专业英语作业Topic 1:Agency is an area of commercial institution dealing with a contractual or quasi-contractual, or non-contractual set of relationships when a person, called the agent, is authorized to act on behalf of another (called the principal) to create a legal relationship with a third party.Money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames.Capital market is a market for securities (debt or equity), where business enterprises and governments can raise long-term funds. It is defined as a market in which money is provided for periods longer than a year.Spontaneous financing refers to the automatic source of short term funds arising in the normal course of short term course of business. Trade credit and out standing expenses are examples of spontaneous financing.Financial intermediary is a financial institution that connects surplus and deficit agents. Secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.Unsecured Loan A loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral.Marketability is a measure of the ability of a security to be bought and sold for a price at which similar items are dealling.Perpetuity is an annuity that has no end, or a stream of cash payments that continues forever. Hedge-matching In asset management, the coordination of an organization's cash inflows with cash outflows by matching the maturity of income generating assets (such as certificates of deposit) with the maturity of interest incurring liabilities (debts).Topic 2:美国IBM从1984年左右开始由兴到衰，由年盈利66亿美元到1992年亏损达49.7亿美元。

财务管理英文题库及答案

财务管理英文题库及答案1. Question: What is the primary goal of financial management in a business?Answer: The primary goal of financial management in a business is to maximize the value of the firm to its shareholders by making optimal investment and financing decisions.2. Question: What is the difference between a current asset and a non-current asset?Answer: A current asset is an asset that is expected to be converted to cash or used up within one year or one operating cycle of the business. A non-current asset, on the other hand, is an asset that is not expected to be converted to cash or used up within one year or one operating cycle.3. Question: Explain the concept of Time Value of Money (TVM).Answer: The Time Value of Money (TVM) is a financial concept that states that a sum of money received today isworth more than the same sum received in the future due toits potential earning capacity. This principle is fundamental to finance and is used to evaluate the relative worth of money at different points in time.4. Question: What is the formula for calculating the presentvalue of a future sum of money?Answer: The formula for calculating the present value (PV) of a future sum of money (FV) is: PV = FV / (1 + r)^n, where r is the discount rate and n is the number of periods.5. Question: Define the term 'Leverage' in the context of financial management.Answer: Leverage in financial management refers to the use of borrowed funds to increase the potential return of an investment. It is a strategy that can amplify gains but also increases the risk of losses if the investment does not perform as expected.6. Question: What is the DuPont Identity and how is it usedin financial analysis?Answer: The DuPont Identity is a formula used to break down the return on equity (ROE) into three parts: net profit margin, asset turnover, and financial leverage. It is used in financial analysis to understand the drivers of a company's profitability and to compare it with other companies.7. Question: How does inflation affect a company's financial statements?Answer: Inflation affects a company's financial statements by reducing the purchasing power of money. It can lead to higher costs for raw materials and labor, which can decrease profit margins. Additionally, inflation can cause assets andliabilities to be understated, and it may affect the real value of reported earnings.8. Question: Explain the concept of Capital Budgeting and its importance.Answer: Capital Budgeting is the process of evaluating the profitability of long-term investments or projects. It is important because it helps a company decide which projects to undertake based on their potential to generate returns over time, considering the time value of money and the risks involved.9. Question: What is the difference between a fixed cost anda variable cost?Answer: A fixed cost is a cost that does not change with the level of production or sales, such as rent or salaries. A variable cost, however, changes in direct proportion to the level of production or sales, such as raw materials or direct labor costs.10. Question: Define the term 'Liquidity Ratios' and provide examples.Answer: Liquidity Ratios are financial metrics used to measure a company's ability to pay off its short-term debts. Examples include the Current Ratio (current assets divided by current liabilities) and the Quick Ratio (current assets minus inventory divided by current liabilities). These ratios help assess the liquidity position of a business.。

财务管理考研英语真题答案

财务管理考研英语真题答案财务管理考研英语真题答案在财务管理考研英语真题中，考生们常常面临着各种各样的难题。

解答这些问题需要一定的知识基础和解题技巧。

下面，我们将针对几道典型的考题进行解析，帮助考生更好地备考。

首先，我们来看一道关于财务报表的题目。

题目如下：1. What is the purpose of financial statements?解析：这道题目考察的是对财务报表目的的理解。

财务报表是用来反映企业财务状况和经营成果的重要工具。

它的主要目的是向各方面的利益相关者提供有关企业财务状况和经营成果的信息，帮助他们做出决策。

因此，正确答案是：The purpose of financial statements is to provide information about the financial position and operating results of a company to various stakeholders.接下来，我们来看一道关于财务风险管理的题目。

题目如下：2. What are the main types of financial risks that companies face?解析：这道题目考察的是对财务风险种类的了解。

公司面临的主要财务风险包括市场风险、信用风险、流动性风险和操作风险等。

市场风险是指由于市场价格波动导致的资产价值损失风险；信用风险是指公司在交易过程中遭受的对方违约风险；流动性风险是指公司无法及时获得足够的现金以满足支付义务的风险；操作风险是指公司由于内部操作失误或管理不善导致的风险。

因此，正确答案是：The main types of financial risks that companies face include market risk, credit risk, liquidity risk, and operational risk.最后，我们来看一道关于财务决策的题目。

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。

《财会专业英语》期末试卷及答案

《财会专业英语》期终试卷I。

Put the following into corresponding groups。

(15 points）1.Cash on hand2.Notes receivable3.Advances to suppliers 4。

Other receivables 5。

Short—term loans 6。

Intangible assets 7。

Cost of production 8。

Current year profit 9。

Capital reserve 10。

Long-term loans 11.Other payables 12. Con-operating expenses 13。

Financial expenses 14。

Cost of sale 15。

Accrued payrollII.Please find the best answers to the following questions. (25 Points)1. Aftin Co。

performs services on account when Aftin collects the accountreceivableA。

assets increase B.assets do not changeC。

owner’s equity decreases D.liabilities decrease2. A balance sheet report 。

A. the assets, liabilities, and owner’s equity on a particular dateB。

t he change in the owner's capital during the periodC. the cash receipt and cash payment during the periodD. the difference between revenues and expenses during the period3. The following information about the assets and liabilities at the end of 20 x1 and 20 x2 is given below：20 x 1 20 x 2Assets $ 75,000 $ 90，000Liabilities 36，000 45,000how much the o wner’sequity at the end of 20 x 2 ?A。

财务管理专业英语复习题

《11级财务管理专业英语》复习资料考试题型：一、短语中英互译(20x1=20分)二、从下列选项中选出最佳答案(20x1=20分)三、计算题（25分）四、段落中英互译（35分）同学们:考试的时候请带上没有存储功能的计算器，试卷上只要是涉及到计算的题里面的数字可能与复习资料上的数字不完全一样，但是计算方法是完全一样的，所以大家要掌握计算方法，考试的时候要自己计算。

预祝同学们取得好成绩。

Part I terminology translation (1*20 points)Directions: interpret the following terminology in English or Chinese.（范围课后核心词汇）e.g.：1. financial management---译成汉语2.普通股----译成英语Part II Choice questions (1*20 points) (Please write your answer in the following table)1. Financial statement does not include ( )A. balance sheetB. income statementC. cash flow statementD. working sheet2. An increase in which one of the following will increase the operating cash flow?A.employee salariesB. office rentC. building maintenanceD. equipment depreciation3. The process of planning and managing a firm’s long-term investments is called:A. working capital management.B. financial depreciation.C. capital budgeting.D. capital structure.4. Cash equivalents include ( )A. time depositsB. inventoriesC. accounts receivableD. prepaid expenses5. The internal rate of return for a project will increase if:A. the initial cost of the project can be reduced.B. the total amount of the cash inflows is reduced.C. the required rate of return is reduced.D. the salvage value of the project is omitted from the analysis.6. Which of the following belongs to current liabilities?( )A. mortgages payableB. prepaid expensesC. notes payableD. bonds payable7. You spent $500 last week fixing the transmission in your car. Now, the brakes are acting up and you are trying to decide whether to fix them or trade the car in for a newer model. In analyzing the brake situation, the $500 you spent fixing the transmission is a(n) ___ cost.A. opportunityB. sunkC. incrementalD. fixed8. Which of the following statements are correct concerning diversifiable risks?I. Diversifiable risks can be essentially eliminated by investing in several securities.II. The market rewards investors for diversifiable risk by paying a risk premium.III. Diversifiable risks are generally associated with an individual firm or industry.IV. Beta measures diversifiable risk.A. I and III onlyB. II and IV onlyC. I and IV onlyD. II and III only9. Which of the following is a liability account?（）A. prepaid insuranceB. additional paid-in capitalC. salaries payableD. accumulated depreciation10. Accountants employed by large corporations may work in the areas of the following except ( )A. product costing and pricingB. budgetingC. internal auditingD. product producing11. A corporation’s first sale of equity made available to the public is called a(n):（）A. share repurchase program.B. private placement.C. initial public offering (IPO).D.seasoned equity offering (SEO).12. Standard deviation measures ____ risk.A. totalB. nondiversifiableC. unsystematicD. systematic13. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market value14. Ellesmere Corporation issues 1 million $1 par value bonds. The stated interest rate is 8% per year and the interest is paid twice a year. What is the real interest rate of the bond? ( )A. 6%B.4%C. 10%D. (1+8%/2)2-115. Your firm purchased a warehouse for $335,000 six years ago. Four years ago, repairs were made to the building which cost $60,000. The annual taxes on the property are $20,000. The warehouse has a current book value of $268,000 and a market value of $295,000. The warehouse is totally paid for and solely owned by your firm. If the company decides to assign this warehouse to a new project, what value, if any, should be included in the initial cash flow of the project for this building? （）A. $268,000B. $295,000C. $395,000D. $515,00016.Which one of the following will decrease the operating cycle?A. paying accounts payable fasterB. discontinuing the discount given for early payment of an accounts receivableC. decreasing the inventory turnover rateD. collecting accounts receivable faster17. Assume that dividends of a common stock will be maintained at D forever, and the required return of the stockholder is r, the par value of the stock is m, the value of the stock is ( )A. mB. m+DC. m+D/rD. D/r18. Which of the following items has the most risk? ( )A. treasury billB. corporate bondC. preferred stockD. common stock19. ( ) equals the gross profit divided by net sales of a firm.A. gross profit marginB. net profit marginC. return on investmentD. return on equity20. ( ) is the ratios that measure a firm’s ability to meet short-term obligationsA. liquidity ratiosB. leverage ratiosC. coverage ratiosD. activity ratios21.Sensitivity analysis helps you determine the:A. range of possible outcomes given possible ranges for every variable.B. degree to which the net present value reacts to changes in a single variable.C. net present value given the best and the worst possible situations.D. degree to which a project is reliant upon the fixed costs.22. According GAAP revenue is recognized as income when: （）A. a contract is signed to perform a service or deliver a good.B. the transaction is complete and the goods or services delivered.C. payment is received.D. income taxes are paid.E. all of the above.23. ( ) is the result of Net Profit Margin × total asset turnover × (total assets/shareholders’ equity)A. Return on equityB. return on investmentC. current ratioD. quick ratio24. Government tax law adjustment is ( ) to a firm.A. general economic riskB. inflation and deflation riskC. firm-specific risk25.Which of the following statements concerning the income statement is not true?A. It measures performance over a specific period of time.B. It determines after-tax income of the firm.C. It includes deferred taxes.D. It does not include depreciation.E. it treats interest as an expense.26.Which of the following is not a noncash deduction?A. Depreciation.B. Deferred taxes.C. Interest.D. Two of the aboveE. All of the above.27.Sasha Corp had an ROA of 10%. Sasha’s profit margin was 6% on sales of $180. What are total assets? （）A.$300B.$108C.$48. D$162.28. Calculate net income based on the following information ( )Sales = $200.00Cost of goods sold = $100.00Depreciation = $18.00Interest paid = $25.00Tax rate = 34%A. $16.50B. $37.62C. $34.60D. $4.6029.Which of the following is not true? （）A. Financial markets can be used to adjust consumption patterns over time.B. Corporate investment decisions have nothing to do with financial markets,C. Financial markets deal with cash flows over time.D. Investment decisions rely on the economic principles of financial markets.E. None of the above.30. ( ) is concerned with the acquisition, financing, and management of assets with some overall goal in mind.A. Financial managementB. Profit maximizationC. Agency theoryD. Social responsibility31. A major disadvantage of the corporate form of organization is the ( ).A. double taxation of dividendsB. inability of the firm to raise large sums of additional capitalC. limited liability of shareholdersD. limited life of the corporate form.32. Interest paid (earned) on both the original principal borrowed (lent) and previous interest earned is often referred to as ( ).A. present valueB. simple interestC. future valueD. compound interest33. If the intrinsic value of a share of common stock is less than its market value, which of the following is the most reasonable conclusion? ( )A. The stock has a low level of risk.B. The stock offers a high dividend payout ratio.C. The market is undervaluing the stock.D. The market is overvaluing the stock.34. A 250 face value share of preferred stock, pays a 20 annual dividend and investors require a 7% return on this investment. If the security is currently selling for 276, what is the difference (overvaluation) between its intrinsic and market value (rounded to the nearest whole dollar)?A. approximately 26B. approximately 10C. approximately 6D. approximately 135. Felton Farm Supplies, Inc., has an 8 percent return on total assets of 480,000 and a net profit margin of 6percent. What are its sales? ( )A. 3,750,000B.640,000C. 480,000D. 1,500,00036. A company can improve (lower) its debt-to-total asset ratio by doing which of the following?A. Borrow more.B. Shift short-term to long-term debt.C. Shift long-term to short-term debt.D. issue common stock.37. The DuPont Approach breaks down the earning power on shareholders' book value (ROE) as follows: ROE = ( ).A. Net profit margin × Total asset turnover × Equity multiplierB. Total asset turnover × Gross profit margin × Debt ratioC. Total asset turnover × Net profit marginD. Total asset turnover × Gross profit margin × Equity multiplier38. Which of the following items concerns financing decision? ( )A. sales forecastingB. bond issuingC. receivables collectionD. investment project selection39. Which of the following items is the function of a treasurer? ( )A. cost accountingB. internal controlC. capital budgetingD. general ledger40. For financial instruments, ( ) is judged in relation to the ability to sell a significant volume of securities ina short period of time without significant price concession.A. maturityB. marketabilityC. defaultD. inflation41. ( ) is the value at some future time of a present amount of money, or a series of payments, evaluated at a given interest rate.A. future valueB. present valueC. intrinsic valueD. market valuePart III: Calculation Questions ( 2*10 points)（注意：要写出计算公式和计算过程，否则不得分；需要用文字描述的问题回答内容要详细，语句正确、完整。

{财务管理财务会计}会计专业英语习题答案

{财务管理财务会计}会计专业英语习题答案Chapter.11-1Asinmanyethicsissues,thereisnoonerightanswer.Thelocalnewsp aperreportedonthisissueintheseterms:"Thepanycoveredupthefi rstreport,andthelocalnewspaperuncoveredthepany'ssecret.The panywasforcedtonotlocatehere(CollierCounty).Itbecamepatent lyclearthatdoingtheleastthatislegallyallowedisnotenough." 1-21.B2.B3.E4.F5.B6.F7.X8.E9.X10.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)ine:$45,000($425,000–$105,000–$275,000)1-5a.owner'sequityb.liabilityc.assetd.assete.owner'sequityf.a sset1-6a.Increasesassetsandincreasesowner’sequity.b.Increasesassetsandincreasesowner’sequity.c.Decreasesassetsanddecreasesowner’sequity.d.Increasesassetsandincreasesliabilities.e.Increasesassetsanddecreasesassets.1-71.increase2.decrease3.increase4.decrease1-8a.(1)Saleofcateringservicesforcash,$25,000.(2)Purchaseoflandforcash,$10,000.(3)Paymentofexpenses,$16,000.(4)Purchaseofsuppliesonaccount,$800.(5)Withdrawalofcashbyowner,$2,000.(6)Paymentofcashtocreditors,$10,600.(7)Recognitionofcostofsuppliesused,$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)1-9 Itwouldbeincorrecttosaythatthebusinesshadincurredanetlos sof$21,750.Theexcessofthewithdrawalsoverthenetinefortheper iodisadecreaseintheamountofowner’sequityinthebusiness.1-10Balancesheetitems:1,3,4,8,9,101-11Inestatementitems:2,5,6,71-12MADRASCOMPANYStatementofOwner’sEquityFortheMonthEndedApril30,2006LeoPerkins,capital,April1,2006$297,200 Netineforthemonth$73,000 Lesswithdrawals..................12,000 Increaseinowner’sequity.........61,000LeoPerkins,capital,April30,2006$358,2001-13HERCULESSERVICESIneStatementFortheMonthEndedNovember30,2006Feesearned$232,120Operatingexpenses:Wagesexpense$100,100Rentexpense35,000Suppliesexpense4,550 Miscellaneousexpense..............3,150 Totaloperatingexpenses..........142,800Netine$..........................89,3201-14Balancesheet:b,c,e,f,h,i,j,l,m,n,oInestatement:a,d,g,k1-151.b–investingactivity2.a–operatingactivity3.c–financingactivity4.a–operatingactivity1-16a.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.Theratioofliabilitiestostockholders’equityincreasedfrom2002to2003,indicatinganincreaseinriskforcreditors.However, theassetsofTheHomeDepotaremorethansufficienttosatisfycredi torclaims.Chapter.22-1AccountAccountNumberAccountsPayable21AccountsReceivable12Cash11CoreyKrum,Capital31CoreyKrum,Drawing32FeesEarned41Land13MiscellaneousExpense53SuppliesExpense52WagesExpense512-2Balance Sheet Accounts Ine Statement Accounts1.Assets 11Cash 12AccountsReceivable 13Supplies14PrepaidInsurance15Equipment2.Liabilities21AccountsPayable22UnearnedRent3.Owner's Equity31MillardFillmore,Capital 32MillardFillmore,Drawing 4.Revenue41FeesEarned5.Expenses51WagesExpense52RentExpense53SuppliesExpense59MiscellaneousExpense2-3a.andb.Account Debited Account Credited TransactionTypeEffectTypeEffect(1)asset+owner'sequity+(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)Cash40,000IraJanke,Capital40,000 (2)Supplies1,800Cash1,800(3)Equipment24,000 AccountsPayable15,000Cash9,000(4)OperatingExpenses3,050 Cash3,050(5)AccountsReceivable12,000 ServiceRevenue12,000(6)AccountsPayable7,500 Cash7,500(7)Cash9,500 AccountsReceivable9,500 (8)IraJanke,Drawing5,000 Cash5,000(9)OperatingExpenses1,050 Supplies1,0502-51.debitandcredit(c)2.debitandcredit(c)3.debitandcredit(c)4.creditonly(b)5.debitonly(a)6.debitonly(a)7.debitonly(a)2-6a.Liability—creditf.Revenue—creditb.Asset—debitg.Asset—debitc.Asset—debith.Expense—debitd.Owner'sequityi.Asset—debit (CindyYost,Capital)—creditj.Expense—debite.Owner'sequity(CindyYost,Drawing)—debit2-7a.creditg.debitb.credith.debitc.debiti.debitd.creditj.credite.debitk.debitf.creditl.credit2-8a.Debit(negative)balanceof$1,500($10,500–$4,000–$8,000).Suchanegativebalancemeansthattheliabilitieso fSeth’sbusinessexceedtheassets.b.Yes.ThebalancesheetpreparedatDecember31willbalanc e,withSethFite,Capital,beingreportedintheowner’seq uitysectionasanegative$1,500.2-9a.Theincreaseof$28,750inthecashaccountdoesnotindicateearningsofthatamount.Earningswillrepresentthenetchangeinallassetsandliabilitiesfromoperatingtransactions.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.1RentExpense1,500Cash1,5002AdvertisingExpense700Cash7004Supplies1,050Cash1,0506OfficeEquipment7,500 AccountsPayable7,5008Cash3,600 AccountsReceivable3,60012AccountsPayable1,150 Cash1,15020GayleMcCall,Drawing1,000 Cash1,00025MiscellaneousExpense500 Cash50030UtilitiesExpense195 Cash19531AccountsReceivable10,150 FeesEarned10,15031UtilitiesExpense380 Cash3802-12a.JOURNALPage43Post.DateDescriptionRef.DebitCredit2006Oct.27Supplies151,320 AccountsPayable211,320 Purchasedsuppliesonaccount.b.,c.,d.Supplies15Post.Balance DateItemRef.Dr.Cr.Dr.Cr.2006Oct.1Balance✓58527431,3201,905AccountsPayable212006Oct.1Balance✓6,15027431,3207,4702-13 Inequalityoftrialbalancetotalswouldbecausedbyerrors describedin(b)and(d).2-14ESCALADECO.TrialBalanceDecember31,2006Cash13,375AccountsReceivable24,600PrepaidInsurance8,000Equipment75,000AccountsPayable11,180UnearnedRent4,250ErinCapelli,Capital82,420ErinCapelli,Drawing10,000ServiceRevenue83,750WagesExpense42,000AdvertisingExpense7,200 MiscellaneousExpense..............1,425181,600181,6002-15a.GeraldOwen,Drawing15,000WagesExpense15,000b.PrepaidRent4,500Cash4,5002-16题目的资料不全,答案略.2-17a.KMARTCORPORATIONIneStatementFortheYearsEndingJanuary31,2000and1999 (inmillions)Increase (Decrease)20001999AmountPercent1.Sales$37,028$35,925$1,1033.1%2.Costofsales(29,658)(28,111)1,5475.5%3.Selling,general,andadmin. expenses..............(7,415)(6,514)90113.8%4.Operatingine(loss)beforetaxes$............(45)$1,300$(1,345)(103.5%) b.ThehorizontalanalysisofKmartCorporationrevealsdet erioratingoperatingresultsfrom1999to2000.Whilesales increasedby$1,103million,a3.1%increase,costofsalesincreasedby$1,547million,a5.5%increase.Selling,gener al,andadministrativeexpensesalsoincreasedby$901mill ion,a13.8%increase.Theendresultwasthatoperatingined ecreasedby$1,345million,overa100%decrease,andcreate da$45millionlossin2000.Littleoverayearlater,Kmartfi ledforbankruptcyprotection.Ithasnowemergedfrombankr uptcy,hopingtoreturntoprofitability.3-11.Accruedexpense(accruedliability)2.Deferredexpense(prepaidexpense)3.Deferredrevenue(unearnedrevenue)4.Accruedrevenue(accruedasset)5.Accruedexpense(accruedliability)6.Accruedexpense(accruedliability)7.Deferredexpense(prepaidexpense)8.Deferredrevenue(unearnedrevenue)3-2SuppliesExpense801Supplies8013-3$1,067($118+$949)3-4a.Insuranceexpense(orexpenses) inewillbeoverstated.b.Prepaidinsurance(orassets)willbeoverstated.Owner ’sequitywillbeoverstated.3-5a.InsuranceExpense1,215PrepaidInsurance1,215b.InsuranceExpense1,215PrepaidInsurance1,2153-6UnearnedFees9,570FeesEarned9,5703-7a.SalaryExpense9,360SalariesPayable9,360b.SalaryExpense12,480SalariesPayable12,4803-8$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-statedstatedstatedstated1.Revenuefortheyearwouldbe$0$6,900$0$02.Expensesfortheyearwouldbe0003,740inefortheyearwouldbe06,9003,74004.AssetsatDecember31wouldbe00005.LiabilitiesatDecember31wouldbe6,900003,7406.Owner’sequityatDecember31wouldbe06,9003,74003-11$175,840($172,680+$6,900–$3,740)3-12a.AccountsReceivable11,500FeesEarned11,500b.No.Ifthecashbasisofaccountingisused,revenuesarere cognizedonlywhenthecashisreceived.Therefore,earnedb utunbilledrevenueswouldnotberecognizedintheaccounts ,andnoadjustingentrywouldbenecessary.3-13a.Feesearned(orrevenues)inewilb.Accounts(fees)receivable(orassets)willbeunderstat ed.Owner’sequitywillbeunderstated.3-14DepreciationExpense5,200 AccumulatedDepreciation5,2003-15a.$204,600($318,500–$113,900)b.No.Depreciationisanallocationofthecostoftheequipm enttotheperiodsbenefitingfromitsuse.Itdoesnotnecess arilyrelatetovalueorlossofvalue.3-16a.$2,268,000,000($5,891,000,000–$3,623,000,000)b.No.Depreciationisanallocationmethod,notavaluation method.Thatis,depreciationallocatesthecostofafixeda ssetoveritsusefullife.Depreciationdoesnotattempttom easuremarketvalues,whichmayvarysignificantlyfromyea rtoyear.3-17a.DepreciationExpense7,500 AccumulatedDepreciation7,500b.(1)inewo(2)Accumulateddepreciationwouldbeunderstated,andtot alassetswouldbeoverstated.Owner’sequitywouldbeover stated.3-181.AccountsReceivable4FeesEarned42.SuppliesExpense3Supplies33.InsuranceExpense8PrepaidInsurance84.DepreciationExpense5 AccumulatedDepreciation—Equipment55.WagesExpense1WagesPayable13-19a.DellComputerCorporationAmount PercentNetsales$35,404,000100.0Costofgoodssold(29,055,000)82.1 Operatingexpenses(3,505,000)9.9 Operatingine(loss)$2,844,0008.0b.GatewayInc.Amount PercentNetsales$4,171,325100.0Costofgoodssold(3,605,120)86.4 Operatingexpenses(1,077,447)25.8 Operatingine(loss)$(511,242)(12.2)c.DellismoreprofitablethanGateway.Specifically,Dell ’scostofgoodssoldof82.1%issignificantlyless(4.3%)t hanGateway’scostofgoodssoldof86.4%.Inaddition,Gate way’soperatingexpensesareoverone-fourthofsales,whi leDell’soperatingexpensesare9.9%ofsales.Theresulti sthatDellgeneratesanoperatingineof8.0%ofsales,while Gatewaygeneratesalossof12.2%ofsales.Obviously,Gatew aymustimproveitsoperationsifitistoremaininbusinessa ndremainpetitivewithDell.4-1e,c,g,b,f,a,d4-2a.Inestatement:3,8,9b.Balancesheet: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.e4–5ITHACASERVICESCO.WorkSheet FortheYearEndedJanuary31,2006 AdjustedTrial BalanceAdjustmentsTrial Balance AccountTitleDr.Cr.Dr.Cr.Dr.Cr.1Cash8812AccountsReceivable50(a)75723Supplies8(b)5334PrepaidInsurance12(c)6645Land505056Equipment323267Accum.Depr.—Equip.2(d)5778AccountsPayable262689WagesPayable0(e)11910TerryDagley,Capital011TerryDagley,Drawing881112FeesEarned60(a)7671213WagesExpense16(e)1171314RentExpense881415InsuranceExpense0(c)661516UtilitiesExpense661617DepreciationExpense0(d)551718SuppliesExpense0(b)551819MiscellaneousExpense2219 20Totals20021321320 ContinueITHACASERVICESCO.WorkSheet FortheYearEndedJanuary31,2006 AdjustedIneBalanceTrial BalanceStatement Sheet AccountTitleDr.Cr.Dr.Cr.Dr.Cr. 1Cash8812AccountsReceivable575723Supplies3334PrepaidInsurance6645Land505056Equipment323267Accum.Depr.—Equip.7778AccountsPayable262689WagesPayable11910TerryDagley,Capital011TerryDagley,Drawing881112FeesEarned67671213WagesExpense17171314RentExpense881415InsuranceExpense661516UtilitiesExpense661617DepreciationExpense551718SuppliesExpense551819MiscellaneousExpense2219 20Totals21321Netine(loss)181821 226767164164224-6ITHACASERVICESCO.IneStatementFortheYearEndedJanuary31,2006 Feesearned$67Expenses:Wagesexpense$17Rentexpense8Insuranceexpense6Utilitiesexpense6Depreciationexpense5Suppliesexpense5 Miscellaneousexpense (2)Totalexpenses (49)Netine$18ITHACASERVICESCO.StatementofOwner’sEquityFortheYearEndedJanuary31,2006 TerryDagley,capital,February1,2005$112 Netinefortheyear$18 Lesswithdrawals (8)Increaseinowner’sequity (10)TerryDagley,capital,January31,2006$122 ITHACASERVICESCO.BalanceSheetJanuary31,2006AssetsLiabilitiesCurrentassets:Currentliabilities:Cash$8Accountspayable$26 Accountsreceivable57Wagespayable1 Supplies3Totalliabilities$27 Prepaidinsurance6Totalcurrentassets$74Property,plant,andOwner’s Equity equipment:TerryDagley,capital122Land$50Equipment$32Lessaccum.depr (725)Totalproperty,plant,andequipment75Totalliabilitiesand Totalassets$149owner’sequity$149 4-72006Jan.31AccountsReceivable7 FeesEarned731SuppliesExpense5Supplies531InsuranceExpense6 PrepaidInsurance631DepreciationExpense5 AccumulatedDepreciation—Equipment5 31WagesExpense1WagesPayable14-82006Jan.31FeesEarned67IneSummary6731IneSummary49WagesExpense17RentExpense8InsuranceExpense6UtilitiesExpense6 DepreciationExpense5SuppliesExpense5 MiscellaneousExpense231IneSummary18TerryDagley,Capital1831TerryDagley,Capital8TerryDagley,Drawing84-9SIROCCOSERVICESCO.IneStatementFortheYearEndedMarch31,2006 Servicerevenue$103,850 Operatingexpenses:Wagesexpense$56,800Rentexpense21,270Utilitiesexpense11,500 Depreciationexpense8,000 Insuranceexpense4,100 Suppliesexpense3,100 Miscellaneousexpense..............2,250 Totaloperatingexpenses..........107,020Netloss$ (3,170)4-10SYNTHESISSYSTEMSCO.StatementofOwner’sEquity FortheYearEndedOctober31,2006SuzanneJacob,capital,November1,2005$173,750 Netineforyear$44,250 Lesswithdrawals..................12,000 Increaseinowner’sequity.........32,250 SuzanneJacob,capital,October31,2006$206,0004-11a.Currentasset:1,3,5,6b.Property,plant,andequipment:2,44-12 Sincecurrentliabilitiesareusuallyduewithinoneyear,$ 165,000($13,750×12months)wouldbereportedasacurrentl iabilityonthebalancesheet.Theremainderof$335,000($5 00,000–$165,000)wouldbereportedasalong-termliabilityontheb alancesheet.4-13TUDORCO.BalanceSheetApril30,2006AssetsLiabilities CurrentassetsCurrentliabilities:Cash$31,500Accountspayable$9,500 Accountsreceivable21,850Salariespayable1,750 Supplies1,800Unearnedfees1,200 Prepaidinsurance7,200Totalliabilities$12,450 Prepaidrent4,800Totalcurrentassets$67,150Owner’s Equity Property,plant,andequipment:VernonPosey,capital114, 200Equipment$80,600Lessaccumulateddepreciation21,10059,500Totalliabili tiesandTotalassets$126,650owner’sequity$126,6504-14AccountsReceivable4,100FeesEarned4,100SuppliesExpense1,300Supplies1,300InsuranceExpense2,000PrepaidInsurance2,000DepreciationExpense2,800 AccumulatedDepreciation—Equipment2,800 WagesExpense1,000WagesPayable1,000UnearnedRent2,500RentRevenue2,5004-15c.DepreciationExpense—Equipmentg.FeesEarnedi.SalariesExpensel.SuppliesExpense4-16 Theinesummaryaccountisusedtoclosetherevenueandexpen seaccounts,anditaidsindetectingandcorrectingerrors. The$450,750representsexpenseaccountbalances,andthe$ 712,500representsrevenueaccountbalancesthathavebeen closed.4-17a.IneSummary167,550SueAlewine,Capital167,550SueAlewine,Capital25,000SueAlewine,Drawing25,000b.$284,900($142,350+$167,550–$25,000)4-18a.AccountsReceivableb.AccumulatedDepreciationc.Cashe.Equipmentf.EstellaHall,Capitali.Suppliesk.WagesPayable4-19a.1Workingcapital($143,034)($159,453)Currentratio0.810.80b.7ElevenhasnegativeworkingcapitalasofDecember31,20 02and2001.Inaddition,thecurrentratioisbelowoneatthe endofbothyears.Whiletheworkingcapitalandcurrentrati oshaveimprovedfrom2001to2002,creditorswouldlikelybe concernedabouttheabilityof7Eleventomeetitsshort-ter mcreditobligations.Thisconcernwouldwarrantfurtherin vestigationtodeterminewhetherthisisatemporaryissue( forexample,anend-of-the-periodphenomenon)andthepany’splanstoaddressitsworkingcapitalshortings. 4-20a.(1)SalesSalariesExpense6,480 SalariesPayable6,480(2)AccountsReceivable10,250FeesEarned10,250b.(1)SalariesPayable6,480 SalesSalariesExpense6,480(2)FeesEarned10,250AccountsReceivable10,2504-21a.(1)Payment(lastpaydayinyear)(2)Adjusting(accrualofwagesatendofyear)(3)Closing(4)Reversing(5)Payment(firstpaydayinfollowingyear)b.(1)WagesExpense45,000Cash45,000(2)WagesExpense18,000WagesPayable18,000(3)IneSummary1,120,800WagesExpense1,120,800(4)WagesPayable18,000WagesExpense18,000(5)WagesExpense43,000Cash43,000Chapter6（找不到答案，自己处理了哦）Ex.8–1a.Inappropriate.SinceFridleyhasalargenumberofcredit salessupportedbypromissorynotes,anotesreceivableled gershouldbemaintained.Failuretomaintainasubsidiaryl edgerwhenthereareasignificantnumberofnotesreceivabl etransactionsviolatestheinternalcontrolproceduretha tmandatesproofsandsecurity.Maintaininganotesreceiva bleledgerwillallowFridleytooperatemoreefficientlyan dwillincreasethechancethatFridleywilldetectaccounti ngerrorsrelatedtothenotesreceivable.(Thetotalofthea ccountsinthenotesreceivableledgermustmatchthebalanc eofnotesreceivableinthegeneralledger.)b.Inappropriate.Theprocedureofproperseparationofdut iesisviolated.Theaccountsreceivableclerkisresponsib lefortoomanyrelatedoperations.Theclerkalsohasbothcu stodyofassets(cashreceipts)andaccountingresponsibil itiesforthoseassets.c.Appropriate.Thefunctionsofmaintainingtheaccountsr eceivableaccountinthegeneralledgershouldbeperformed bysomeoneotherthantheaccountsreceivableclerk.d.Appropriate.Salespersonsshouldnotberesponsiblefor approvingcredit.e.Appropriate.Apromissorynoteisaformalcreditinstrum entthatisfrequentlyusedforcreditperiodsover45days. Ex.8–2-aa.Customer Due DateNumber of Days Past Due JanzenIndustriesAugust2993days(2+30+31+30) KuehnCompanySeptember388days(27+31+30)MauerInc.October2140days(10+30) PollackCompanyNovember237days SimrillCompanyDecember3NotpastdueEx.8–3Nov.30UncollectibleAccountsExpense53,315* AllowancesforDoubtfulAccounts53,315*$60,495–$7,180=$53,315Ex.8–4Estimated Uncollectible Accounts AgeIntervalBalancePercentAmountNotpastdue$450,0002%$9,0001–30dayspastdue110,00044,40031–60dayspastdue51,00063,06061–90dayspastdue12,500202,50091–180dayspastdue7,500604,500Over180dayspastdue5,500804,400Total$636,500$27,860Ex.8–52006Dec.31UncollectibleAccountsExpense29,435* AllowanceforDoubtfulAccounts29,435*$27,860+$1,575=$29,435Ex.8–6a.$17,875c.$35,750b.$13,600d.$41,450Ex.8–7a.AllowanceforDoubtfulAccounts7,130 AccountsReceivable7,130b.UncollectibleAccountsExpense7,130 AccountsReceivable7,130Ex.8–8Feb.20AccountsReceivable—DarleneBrogan12,100Sales12,10020CostofMerchandiseSold7,260 MerchandiseInventory7,260May30Cash6,000 AccountsReceivable—DarleneBrogan6,00030AllowanceforDoubtfulAccounts6,100 AccountsReceivable—DarleneBrogan6,100Aug.3AccountsReceivable—DarleneBrogan6,100 AllowanceforDoubtfulAccounts6,1003Cash6,100 AccountsReceivable—DarleneBrogan6,100Ex.8–9$223,900[$212,800+$112,350–($4,050,000×21/2%)] Ex.8–10Due DateInteresta.Aug.31$120b.Dec.28480c.Nov.30250d.May5150e.July19100Ex.8–11a.August8b.$24,480c.(1)NotesReceivable24,000 AccountsRec.—MagpieInteriorDecorators24,000(2)Cash24,480NotesReceivable24,000InterestRevenue480Ex.8–121.Saleonaccount.2.Costofmerchandisesoldforthesaleonaccount.3.Asalesreturnorallowance.4.Costofmerchandisereturned.5.Notereceivedfromcustomeronaccount.6.Notedishonoredandchargedmaturityvalueofnotetocust omer’saccountreceivable.7.Paymentreceivedfromcustomerfordishonorednoteplusi nterestearnedafterduedate.Ex.8–132005Dec.13NotesReceivable25,000 AccountsReceivable—VisageCo.25,00031InterestReceivable75*InterestRevenue7531InterestRevenue75IneSummary752006Apr.12Cash25,500NotesReceivable25,000InterestReceivable75InterestRevenue425*$25,000×0.06×18/360=$75Ex.8–14Mar.1NotesReceivable15,000 AccountsReceivable—AbsarokaCo.15,00018NotesReceivable12,000 AccountsReceivable—SturgisCo.12,000Apr.30AccountsReceivable—AbsarokaCo.15,125 NotesReceivable15,000InterestRevenue125June16AccountsReceivable—SturgisCo.12,270 NotesReceivable12,000InterestRevenue270July11Cash15,367 AccountsReceivable—AbsarokaCo.15,125 InterestRevenue242**$15,125×0.08×72/360=$242Oct.12AllowanceforDoubtfulAccounts12,270 AccountsReceivable—SturgisCo.12,270Ex.8–151.Theinterestreceivableshouldbereportedseparatelyas acurrentasset.Itshouldnotbedeductedfromnotesreceiva ble.2.Theallowancefordoubtfulaccountsshouldbedeductedfr omaccountsreceivable. Acorrectedpartialbalancesheetwouldbeasfollows: PEMBROKECOMPANYBalanceSheetJuly31,2006AssetsCurrentassets:Cash$43,750Notesreceivable300,000Accountsreceivable$576,180 Lessallowancefordoubtfulaccounts71,200504,980 Interestreceivable18,000Ex.8–16a.2003:53.0{$9,953,530÷[($216,200+$159,477)÷2]}2002:44.8{$9,518,231÷[($159,477+$265,515)÷2]}b.Theaccountsreceivableturnoverindicatesanincreasei ntheefficiencyofcollectingaccountsreceivablebyincre asingfrom44.8to53.0,afavorabletrend.Beforereachinga moredefinitiveconclusion,theratiosshouldbeparedwith industryaveragesandsimilarfirms.AppendixEx.8–17a.$20,300b.60daysc.$271($20,300×0.08×60/360)d.$20,029($20,300–$271)e.Cash20,029InterestRevenue29NotesReceivable20,000Ex.9–1 SwitchingtoaperpetualinventorysystemwillstrengthenO nsiteHardware’sinternalcontrolsoverinventory,since thestoremanagerswillbeabletokeeptrackofhowmuchofeac hitemisonhand.Thisshouldminimizeshortagesofgood-sel lingitemsandexcessinventoriesofpoor-sellingitems. Ontheotherhand,switchingtoaperpetualinventorysystem willnoteliminatetheneedtotakeaphysicalinventorycount.Aphysicalinventorymustbetakentoverifytheaccuracyo ftheinventoryrecordsinaperpetualinventorysystem.Ina ddition,aphysicalinventorycountisneededtodetectshor tagesofinventoryduetodamageortheft.Ex.9–2Includeininventory:c,e,g,i Excludefrominventory:a,b,d,f,hEx.9–3a.Balance SheetMerchandiseinventory$1,950understated Currentassets$1,950understatedTotalassets$1,950understatedOwner’sequity$1,950understatedb.Ine StatementCostofmerchandisesold$1,950overstatedGrossprofit$1,950understatedNetine$1,950understatedEx.9–4 Whenanerrorisdiscoveredaffectingthepriorperiod,itsh ouldbecorrected.Inthiscase,themerchandiseinventoryaccountshouldbedebitedandtheowner’scapitalaccountcreditedfor$12,800.Failuretocorrecttheerrorfor2005andpurposelymisstatingtheinventoryandthecostofmerchandisesoldin2006wouldcausethebalancesheetsandtheinestatementsforthetwoyearstonotbeparable.Ex.9–5PortableCDPlayersPurchases CostofMerchandiseSoldInventoryDate Quantity UnitCostTotalCostQuantityUnitCostTotalCost QuantityUnitCostTotalCostApril135501,750 526501,300950450111553795915505345079521935053450159125363628453212853424PortableCDPlayersPurchases CostofMerchandiseSoldInventoryDate Quantity UnitCostTotalCostQuantityUnitCostTotalCost QuantityUnitCostTotalCost30754378875354424378Totalcostofmerchandisesold2,121Inventory,April30:$802($424+$378)Ex.9–6CellPhonesPurchases CostofMerchandiseSoldInventoryDate Quantity UnitCostTotalCostQuantityUnitCostTotalCost QuantityUnitCostTotalCostMar.125902,250 520941,8825902,250CellPhonesPurchases CostofMerchandiseSoldInventoryDate Quantity UnitCostTotalCostQuantityUnitCostTotalCost QuantityUnitCostTotalCost 020941,880918941,69225290942,2501881321894901881,6207906302115951,42571590956301,42531895760779095630665Totalcostofmerchandisesold4,260Inventory,March31:$1,295($630+$665)Ex.9–7a.$700($50×14units)b.$663[($45×5units)+($47×4units)+($50×5units)]Ex.9–8a.$360(8unitsat$33plus3unitsat$32)b.$318(6unitsat$28plus5unitsat$30)c.$341(11unitsat$31;$1,240÷40units=$31) Costofmerchandiseavailableforsale:6unitsat$28$16812unitsat$3036014unitsat$324488unitsat$33 (264)40units(ataveragecostof$31)$1,240Ex.9–91.a.LIFOinventory<(lessthan)FIFOinventoryb.LIFOcostofgoodssold>(greaterthan)FIFOcostofgoodss oldc.LIFOnetine<(lessthan)FIFOnetined.LIFOinetax<(lessthan)FIFOinetax2.Underthelifoconformityruleapanyselectinglifoforta xpurposesmustalsouselifoforfinancialreportingpurpos es.Thus,inperiodsofrisingpricesthereportednetinewou ldbelowerthanwouldbethecaseunderfifo.However,thelow erreportedinewouldalsobeshownonthecorporation’stax return;thus,thereisataxadvantagefromusinglifo.Firmselectingtouselifobelievethetaxadvantagefromusinglif ooutweighsanynegativeimpactfromreportingalowerearni ngsnumbertoshareholders.Lifoissupportedbecausetheta ximpactisarealcashflowbenefit,whilealowerlifoearnin gsnumber(paredtofifo)ismerelytheresultofareportinga ssumption.Ex.9–10UnitUnit TotalInventoryCostMarketLower CommodityQuantityPricePriceCostMarketofCorMM768$150$160$1,200$1,280$1,200T01,5001,4001,400A,7502,6002,600JK1052,5252,6252,525Total$8,725$8,505$8,325Ex.9–11 ThemerchandiseinventorywouldappearintheCurrentAsset ssection,asfollows: Merchandiseinventory—atlowerofcost,fifo,ormarket$8 ,325Alternatively,thedetailsofthemethodofdeterminingcostandthemethodofvaluationcouldbepresentedinanote. Ex.9–12Cost Retail Merchandiseinventory,June1$160,000$180,000 PurchasesinJune(net)680,0001,020,000 Merchandiseavailableforsale$840,000$1,200,000 Ratioofcosttoretailprice:SalesforJune(net)875,000 Merchandiseinventory,June30,atretailprice$ 325,000Merchandiseinventory,June30,atestimatedcost($325,000×70%)$227,500Ex.9–13a.Merchandiseinventory,Jan.1$180,000Purchases(net),Jan.1–May17750,000 Merchandiseavailableforsale$930,000Sales(net),Jan.1–May17$1,250,000 Lessestimatedgrossprofit($1,250,000×35%)437,500 Estimatedcostofmerchandisesold812,500 Estimatedmerchandiseinventory,May17$117,500b.Thegrossprofitmethodisusefulforestimatinginventor iesformonthlyorquarterlyfinancialstatements.Itisalsousefulinestimatingthecostofmerchandisedestroyedbyf ireorotherdisasters.Ex.9–14a.Apple:147.8{$4,139,000,000÷[($45,000,000+$11,000, 000)÷2]}AmericanGreetings:3.1{$881,771,000÷[($278,807,000+$ 290,804,000)÷2]}b.Lower.AlthoughAmericanGreetings’businessisseason alinnature,withmostofitsrevenuegeneratedduringthema jorholidays,muchofitsnonholidayinventorymayturnover veryslowly.Apple,ontheotherhand,turnsitsinventoryov erveryfastbecauseitmaintainsalowinventory,whichallo wsittorespondquicklytocustomerneeds.Additionally,Ap ple’sputerproductscanquicklybeeobsolete,soitcannot riskbuildinglargeinventories.Ex.9–15a.Numberofdays’salesininventory=Albertson’s,=43daysKroger,=40daysSafeway,=42daysInventoryturnover=Albertson’s,=8.2。