会计英语489章练习题
会计专业英语章节练习题及答案(共17章)chapter 10
Chapter 10Discussion Questions:1. Cost behavior is the manner in which expenses are impacted by changes in business activity. The general types of cost behavior fall into three categories. First is variable costs. Second is fixed costs, which do not change in response to business activity levels. Finally, there are mixed costs, which contain fixed and variable elements.2. General cost classifications:product cost; manufacturing cost; period costCost classifications for predicting cost behavior: variable cost; fixed cost; mixed cost Cost classification for assigning costs to cost objects: direct cost; indirect costCost classifications for decision marking: differential cost; differential revenue;opportunity cost; sunk cost3. Variable cost is a cost that varies in relation to changes in the volume of activity. The variable cost concept can be used to model the future financial performance of a business, as well as to set minimum price points. The most common variable costs are: direct materials; commissions; billable labor; piece rate labor; credit card fees.Fixed cost is a cost that does not vary in the short term, irrespective of changes in production or sales levels, or other measures of activity, and it is a basic operating expense of a business that cannot be avoided.Examples of fixed costs are: amortization; depreciation; insurance; interest expense; property taxes; rent.4. the high-low method; Scatter Graph Method; the least-squares regression method; Multiple regression.5. Omitted. Please refer to topic 3.Exercise:1-7：CDADABD8. (a) Mixed (b) Fixed (c) Fixed (d) Variable (e) Variable9. (a) Variable cost = $50 per employee per month(b) Fixed costs = $10,000 per monthActivity Cost$ High 1,300 75,000 Low 1,175 68,750125 6,250 Variable cost per employee = $6,250/125 = $50For 1,175 employees, total cost = $68,750Total cost = variable cost + fixed cost$68,750 = (1,175 × $50) + fixed costSo Fixed cost = $68,750 – $58,750 = $10,00010. (a) $ Contribution from Mills (unit contribution = $20 – $16 = $4×10,000) 40,00 Contribution from Streams (unit contribution = $30 – $20 = $10×5,000) 50,000 Total contribution 90,000 Fixed costs for the period 80,000 Profit 10,000 (b) At a higher volume of sales, profit would be as follows.$ Contribution from sales of 15,000 Mills (×$4) 60,000Contribution from sales of 6,000 Streams (× $10) 60,000 Total contribution 120,000 Less fixed costs 80,000Profit 40,000。
会计专业英语习题答案
会计专业英语习题答案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'sequity f. asset1-6a. 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................ 61,000 Leo 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. The ratio of liabilities to stockholders’ equity increased from2002 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 Insurance15Equipment2. Liabilities21 Accounts Payable22Unearned Rent3. Owner's Equity31 Millard Fillmore, Capital32 Millard Fillmore, Drawing4. Revenue41Fees Earned5. Expenses51 Wages Expense52 Rent Expense53 Supplies Expense59 Miscellaneous Expense2-3a. andb.Account Debited Account Credited Transaction T ype 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 .............................. 1,0502-51. 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 a negative balance means that the liabilities of Seth’s business exceed the assets.b. Y es. The balance sheet prepared at December 31will balance, with Seth Fite, Capital, being reported in the owner’s equity section as a negative $1,500.2-9a. T he increase of $28,750 in the cash accountdoes not indicate earnings of that amount.Earnings will represent the net change in allassets and liabilities from operatingtransactions.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 1,320Purchased 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 ........................................... 13,375 Accounts Receivable .......................... 24,600Prepaid Insurance .............................. 8,000 Equipment ...................................... 75,000 Accounts Payable .............................. 11,180 Unearned Rent ................................. 4,250 Erin Capelli, Capital ........................... 82,420 Erin Capelli, Drawing .......................... 10,000Service Revenue ................................ 83,750 Wages Expense ................................ 42,000 Advertising Expense ........................... 7,200 Miscellaneous Expense ....................... 1,425 181,600 181,6002-15a. Gerald Owen, Drawing ................ 15,000Wages Expense ..................... 15,000b. Prepaid Rent ............................ 4,500Cash................................... 4,5002-16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 .......................... $ 1,1033.1%2. Cost of sales ................ (29,658)(28,111) ......................... 1,5475.5%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 revealsdeteriorating operating results from 1999 to 2000.While sales increased by $1,103 million, a 3.1%increase, cost of sales increased by $1,547 million, a5.5% increase. Selling, general, and administrativeexpenses also increased by $901 million, a 13.8%increase. The end result was that operating incomedecreased by $1,345 million, over a 100% decrease,and created a $45 million loss in 2000. Little over ayear later, Kmart filed for bankruptcy protection. It hasnow emerged from bankruptcy, hoping to return toprofitability.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 will be overstated.b. Prepaid insurance (or assets) will be overstated.Owner’s equity will be overstated.3-5a.Insurance Expense ............................ 1,215Prepaid Insurance ...................... 1,215 b.Insurance Expense ............................ 1,215Prepaid Insurance ...................... 1,2153-6Unearned Fees ................................... 9,570Fees Earned ............................ 9,5703-7a.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. Own er’s equity at December 31would be ......................... 0 6,900 3,740 03-11$175,840 ($172,680 + $6,900 – $3,740)3-12a.Accounts Receivable .......................... 11,500Fees Earned ............................ 11,500b. No. If the cash basis of accounting is used, revenuesare recognized only when the cash is received.Therefore, earned but unbilled revenues would not berecognized in the accounts, and no adjusting entrywould be necessary.3-13a. Fees earned (or revenues) will be understated. Netincome will be understated.b. Accounts (fees) receivable (or assets) will beunderstated. Owner’s equity 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 theequipment to the periods benefiting from its use. Itdoes not necessarily relate to value or 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 avaluation method. That is, depreciation allocates thecost of a fixed asset over its useful life. Depreciationdoes not attempt to measure market values, whichmay vary significantly from year to year.3-17a.Depreciation Expense ......................... 7,500Accumulated Depreciation ............ 7,500 b. (1) D epreciation expense would be understated. Netincome would be overstated.(2) A ccumulated depreciation would be understated,and total assets would be overstated. Owner’sequity would be overstated.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 of goods sold of 82.1% is significantly less(4.3%) than Gateway’s cost of goods sold of 86.4%.In addition, Gateway’s operating expenses are over one-fourth of sales, while Dell’s operating expenses are 9.9% of sales. The result is that Dell generates an operating income of 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 in business 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 TrialBalanceAccount Title Dr. Cr. Dr. Cr. Dr. Cr.1 Cash 8 8 12 Accounts Receivable50 (a) 7 57 23 Supplies 8 (b) 5 3 34 Prepaid Insurance 12 (c) 6 6 45 Land 50 50 56 Equipment 32 32 67 Accum. Depr.—Equip. 2 (d) 5 7 78 Accounts Payable 26 26 89 Wages Payable 0 (e) 1 1 910 Terry Dagley, Capital 112 112 1011 Terry Dagley, Drawing8 8 1112 Fees Earned 60 (a) 7 67 1213 Wages Expense 16 (e) 1 17 1314 Rent Expense 8 8 1415 Insurance Expense 0 (c) 6 6 1516 Utilities Expense 6 6 1617 Depreciation Expense0 (d) 5 5 1718 Supplies Expense 0 (b) 5 5 1819 Miscellaneous Expense 2 2 120 Totals 200 200 24 24213 213 20ContinueITHACA SERVICES CO.Work SheetFor the Year Ended January 31, 2006Adjusted Income BalanceTrial Balance StatementSheetAccount Title Dr. Cr. Dr. Cr. Dr. Cr.1 Cash 8 8 12 Accounts Receivable57 57 23 Supplies 3 3 34 Prepaid Insurance 6 6 45 Land 50 50 56 Equipment 32 32 67 Accum. Depr.—Equip. 7 7 78 Accounts Payable 26 26 89 Wages Payable 1 1 910 Terry Dagley, Capital 112 112 1011 Terry Dagley, Drawing8 8 1112 Fees Earned 67 67 1213 Wages Expense 17 17 1314 Rent Expense 8 8 1415 Insurance Expense 6 6 1516 Utilities Expense 6 6 1617 Depreciation Expense5 5 1718 Supplies Expense 5 5 1819 Miscellaneous Expense 2 2 120 Totals 213 213 49 67 164 146 2021 Net income (loss) 18 18 2122 67 67 164 164 224-6ITHACA 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.Statement of Owner’s EquityFor the Year Ended January 31, 2006 Terry Dagley, capital, February 1, 2005 .... $112 Net income for the year ....................... $18 Less 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 $26 Accounts receivable 57 .. Wages payable 1 Supplies ........... 3 Total liabilities . $ 27 Prepaid insurance 6Total current assets $ 74Property, plant, and Owner’s Equityequipment: Terry Dagley, capital (12)Land ............... $50Equipment ........ $32Less accum. depr. 7 25Total property, plant,and equipment 75 Total liabilities andTotal assets ......... $149 owner’s equity .. $1494-72006Jan.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 531 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, 2006 Suzanne Jacob, capital, November 1, 2005$173,750Net income for year ........................... $44,250 Less withdrawals ............................... 12,000 Increase 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, 2006AssetsLiabilitiesCurrent assetsCurrent liabilities:Cash $31,500Accounts payable ........... $9,500Accounts receivable 21,850 Salaries payable1,750Supplies ............ 1,800 Unearned fees ............... Prepaid insurance 7,200 Total liabilitiesPrepaid rent ....... 4,800Total current assets $67,150 Owner’s E Property, plant, and equipment: Vernon Posey,capital 114,200Equipment ....... $80,600Less accumulated depreciation 21,100 59,500Total liabilities andTotal assets $126,650 owner’s equity ...............4-14Accounts 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 2,800 Wages Expense ........................ 1,000Wages Payable ...................... 1,000 Unearned Rent .......................... 2,500Rent Revenue ........................ 2,5004-15c. 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 detectingand 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 ................. 25,000b. $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 December31, 2002 and 2001. In addition, the current ratio is below one at the end of both years. While the working capital and current ratios have improved from 2001 to 2002, creditors would likely be concerned about the ability of 7 Eleven to meet its short-term credit obligations. This concern would warrant further investigation to determine whether this is a temporaryissue (for example, an end-of-the-periodphenomenon) and the company’s plans to address itsworking capital shortcomings.4-20a. (1) Sales Salaries Expense ................ 6,480Salaries Payable ........................ 6,480(2) Accounts Receivable ................... 10,250Fees Earned ............................. 10,250b. (1) Salaries Payable ........................ 6,480Sales Salaries Expense ................ 6,480(2) Fees Earned ............................. 10,250Accounts Receivable ................... 10,2504-21a. (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) W ages 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 ofcredit sales supported by promissory notes, a notesreceivable ledger should be maintained. Failure tomaintain a subsidiary ledger when there are asignificant number of notes receivable transactionsviolates the internal control procedure that mandates proofs and security. Maintaining a notes receivable ledger will allow Fridley to operate more efficiently and will increase the chance that Fridley will detect accounting errors related to the notes receivable. (The total of the accounts in the notes receivable ledger must match the balance of notes receivable in the general ledger.)b. Inappropriate. The procedure of proper separation ofduties is violated. The accounts receivable clerk is responsible for too many related operations. The clerk also has both custody of assets (cash receipts) and accounting responsibilities for those assets.c. Appropriate. The functions of maintaining theaccounts receivable account in the general ledger should be performed by someone other than the accounts receivable clerk.d. Appropriate. Salespersons should not be responsiblefor approving credit.e. Appropriate. A promissory note is a formal creditinstrument that is frequently used for credit periods over 45 days.Ex. 8–2-aa.Customer Due Date Number of DaysPast DueJanzen Industries August 29 93 days (2 + 30+ 31 + 30)Kuehn Company September 3 88 days (27 + 31+ 30)Mauer Inc. October 21 40 days (10 +30)Pollack Company November 23 7 daysSimrill Company December 3 Not past dueEx. 8–3Nov.30 Uncollectible Accounts Expense ..... 53,315*Allowances for Doubtful Accounts 53, *$60,495 – $7,180 = $53,315Ex. 8–4Estimated Uncollectible AccountsAge Interval Balance Percent AmountNot past due .............. $450,000 2% $9,0001–30 days past due...... 110,000 4 4,40031–60 days past due .... 51,000 6 3,06061–90 days past due .... 12,500 20 2,50091–180 days past due .. 7,500 60 4,500Over 180 days past due 5,500 80 4,400 Total .................... $636,500 $27,860Ex. 8–52006Dec. 31 Uncollectible Accounts Expense ..... 29,435*.A llowance for Doubtful Accounts 29,435 *$27,860 + $1,575 = $29,435Ex. 8–6a. $17,875 c. $35,750b. $13,600 d. $41,450Ex. 8–7a.Allowance for Doubtful Accounts ........... 7,130Accounts Receivable .................. 7,130b.Uncollectible Accounts Expense ............ 7,130Accounts Receivable .................. 7,130Ex. 8–8Feb.20 Accounts Receivable—Darlene Brogan 12,100 Sales .................................. 12,10020 Cost of Merchandise Sold ............ 7,260Merchandise Inventory .............. 7,260May30 Cash...................................... 6,000Accounts Receivable—Darlene Brogan 6,030 Allowance for Doubtful Accounts .... 6,100Accounts Receivable—Darlene Brogan 6,1Aug. 3Accounts Receivable—Darlene Brogan 6,100 Allowance for Doubtful Accounts . 6,1003 Cash...................................... 6,100Accounts Receivable—Darlene Brogan 6,1$223,900 [$212,800 + $112,350 –($4,050,000 × 21/2%)]Ex. 8–10Due Date Interesta. Aug. 31 $120b. Dec. 28 480c. Nov. 30 250d. May 5 150e. July 19 100Ex. 8–11a. August 8b. $24,480c. (1) N otes Receivable .......................... 24,000Accounts Rec.—Magpie Interior Decorators 24,(2) C ash......................................... 24,480Notes Receivable ....................... 24,000Interest Revenue (480)1. Sale on account.2. Cost of merchandise sold for the sale on account.3. A sales return or allowance.4. Cost of merchandise returned.5. Note received from customer on account.6. Note dishonored and charged maturity value of note tocustomer’s account receivable.7. Payment received from customer for dishonored noteplus interest earned after due date.Ex. 8–132005Dec.13 Notes Receivable ....................... 25,000Accounts Receivable—Visage Co. 25,31 Interest Receivable ..................... 75*Interest Revenue (75)31 Interest Revenue (75)Income Summary (75)2006。
会计英语课后习题参考答案资料
Suggested SolutionChapter 13.4.5.(b) net income = 9,260-7,470=1,790(c) net income = 1,790+2,500=4,290Chapter 21.a.To increase Notes Payable -CRb.To decrease Accounts Receivable-CRc.To increase Owner, Capital -CRd.To decrease Unearned Fees -DRe.To decrease Prepaid Insurance -CRf.To decrease Cash - CRg.To increase Utilities Expense -DRh.To increase Fees Earned -CRi.To increase Store Equipment -DRj.To increase Owner, Withdrawal -DR2.a.Cash 1,800Accounts payable ................................................... 1,800 b.Revenue ................................................................... 4,500Accounts receivable ...................................... 4,500c.Owner’s withdrawals ................................................ 1,500Salaries Expense ............................................ 1,500 d.Accounts Receivable (750)Revenue (750)3.Prepare adjusting journal entries at December 31, the end of the year.Advertising expense 600Prepaid advertising 600Insurance expense (2160/12*2) 360Prepaid insurance 360Unearned revenue 2,100Service revenue 2,100Consultant expense 900Prepaid consultant 900Unearned revenue 3,000Service revenue 3,000 4.1. $388,4002. $22,5203. $366,6004. $21,8005.1. net loss for the year ended June 30, 2002: $60,0002. DR Jon Nissen, Capital 60,000CR income summary 60,0003. post-closing balance in Jon Nissen, Capital at June 30, 2002: $54,000Chapter 31. Dundee Realty bank reconciliationOctober 31, 2009Reconciled balance $6,220 Reconciled balance $6,2202. April 7 Dr: Notes receivable—A company 5400Cr: Accounts receivable—A company 540012 Dr: Cash 5394.5Interest expense 5.5Cr: Notes receivable 5400June 6 Dr: Accounts receivable—A company 5533Cr: Cash 553318 Dr: Cash 5560.7Cr: Accounts receivable—A company 5533Interest revenue 27.73. (a) As a whole: the ending inventory=685(b) applied separately to each product: the ending inventory=6254. The cost of goods available for sale=ending inventory + the cost of goods=80,000+200,000*500%=80,000+1,000,000=1,080,0005.(1) 24,000+60,000-90,000*0.8=12000(2) (60,000+24,000)/( 85,000+31,000)*( 85,000+31,000-90,000)=18828Chapter 41. (a) second-year depreciation = (114,000 – 5,700) / 5 = 21,660;(b) second-year depreciation = 8,600 * (114,000 – 5,700) / 36,100 = 25,800;(c) first-year depreciation = 114,000 * 40% = 45,600second-year depreciation = (114,000 – 45,600) * 40% = 27,360;(d) second-year depreciation = (114,000 – 5,700) * 4/15 = 28,880.2. (a) weighted-average accumulated expenditures (2008) = 75,000 * 12/12 + 84,000 * 9/12 + 180,000 * 8/12 + 300,000 * 7/12 + 100,000 * 6/12 = 483,000(b) interest capitalized during 2008 = 60,000 * 12% + ( 483,000 –60,000) * 10% =49,5003. (1) depreciation expense = 30,000(2) book value = 600,000 – 30,000 * 2=540,000(3) depreciation expense = ( 600,000 – 30,000 * 8)/16 =22,500(4) book value = 600,000 – 30,000 * 8 – 22,500 = 337,5004. Situation 1:Jan 1st, 2008 Investment in M 260,000Cash 260,000June 30 Cash 6000Dividend revenue 6000Situation 2:January 1, 2008 Investment in S 81,000Cash 81,000June 15 Cash 10,800Investment in S 10,800December 31 Investment in S 25,500Investment Revenue 25,5005. a. December 31, 2008 Investment in K 1,200,000Cash 1,200,000June 30, 2009 Dividend Receivable 42,500Dividend Revenue 42,500December 31, 2009 Cash 42,500Dividend Receivable 42,500b. December 31, 2008 Investment in K 1,200,000Cash 1,200,000 December 31, 2009 Cash 42,500Investment in K 42,500Investment in K 146,000Investment revenue 146,000 c. In a, the investment amount is 1,200,000net income reposed is 42,500In b, the investment amount is 1,303,500Net income reposed is 146,000Chapter 51.a. June 1: Dr: Inventory 198,000Cr: Accounts Payable 198,000 June 11: Dr: Accounts Payable 198,000Cr: Notes Payable 198,000 June 12: Dr: Cash 300,000Cr: Notes Payable 300,000b. Dr: Interest Expenses (for notes on June 11) 12,100Cr: Interest Payable 12,100Dr: Interest Expenses (for notes on June 12) 8,175Cr: Interest Payable 8,175c. Balance sheet presentation:Notes Payable 498,000 Accrued Interest on Notes Payable 20,275d. For Green:Dr: Notes Payable 198,000 Interest Payable 12,100Interest Expense 7,700Cr: Cash 217,800For Western:Dr: Notes Payable 300,000Interest Payable 8,175Interest Expense 18,825Cr: Cash 327,0002.(1) 208 Deferred income tax is a liability 2,400Income tax payable 21,600 209 Deferred income tax is an asset 600 Income tax payable 26,100(2) 208: Dr: Tax expense 24,000Cr: Income tax payable 21,600 Deferred income tax 2,400 209: Dr: Tax expense 25,500 Deferred income tax 600Cr: Income tax payable 26,100 (3) 208: Income statement: tax expense 24,000Balance sheet: income tax payable 21,600 209: Income statement: tax expense 25,500 Balance sheet: income tax payable 26,1003.a. 1,560,000 (20000000*12 %* (1-35%))b. 7.8% (20000000*12 %* (1-35%)/20000000)5.Notes Payable 14,400 Interest Payable 1,296 Accounts Payable 60,000 +Unearned Rent Revenue 7,200 Current Liabilities 82,896Chapter 61. Mar. 1Cash 1,200,000Common Stock 1,000,000Paid-in Capital in Excess of Par Value 200,000Mar. 15Organization Expense 50,000Common Stock 50,000Mar. 23Patent 120,000Common Stock 100,000Paid-in Capital in Excess of Par Value 20,000The value of the patent is not easily determinable, so use the issue price of $12 per share on March 1 which is the issuing price of common stock.2. July.1Treasury Stock 180,000Cash 180,000The cost of treasury purchased is 180,000/30,000=60 per share.Nov. 1Cash 70,000Treasury Stock 60,000Paid-in Capital from Treasury Stock 10,000Sell the treasury at the cost of $60 per share, and selling price is $70 per share. The treasury stock is sold above the cost.Dec. 20Cash 75,000Paid-in Capital from Treasury Stock 15,000Treasury Stock 90,000The cost of treasury is $60 per share while the selling price is $50 which is lower than the cost.3. a. July 1Retained Earnings 24,000Dividends Payable—Preferred Stock 24,000b.Sept.1Dividends Payable—Preferred Stock 24,000Cash 24,000c. Dec.1Retained Earnings 80,000Dividends Payable—Common Stock 80,000d. Dec.31Income Summary 350,000Retained Earnings 350,0004.a. Preferred stock gives its owner certain advantages over common stockholders. These benefits include the right to receive dividends before the common stockholders and the right to receive assets before the common stockholders if the corporation liquidates. Corporation pay a fixed amount of dividends on preferred stock.The 7% cumulative term indicates that the investors earn 7% fixed dividends.b. 7%*120%*20,000=504,000c. If corporation issued debt, it has obligation to repay principald. The date of declaration decrease the stockholders’ equity; the date of record and the date of payment have no effect on stockholders.5.a. Jan. 15Retained Earnings 35,000Accumulated Depreciation 35,000To correct error in prior year’s depreciation.b. Mar. 20Loss from Earthquake 70,000Building 70,000c. Mar. 31Retained Earnings 12,500Dividends Payable 12,500d. Apirl.15Dividends Payable 12,500Cash 12,500e. June 30Retained Earnings 37,500Common Stock 25,000Additional Paid-in Capital 12,500To record issuance of 10% stock dividend: 10%*25,000=2,500 shares;2500*$15=$37,500f. Dec. 31Depreciation Expense 14,000Accumulated Depreciation 14,000Original depreciation: $40,000/40=$10,000 per year. Book value on Jan.1, 2009 is $350,000(=$400,000-5*$10,000). Deprecation for 2009 is $14,000(=$350,000/25).g. The company does not need to make entry in the accounting records. But the amount of Common Stock ($10 par value) decreases 275,000, while the amount of Common Stock ($5 par value) increases 275,000.Chapter 71.Requirement 1If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years:Year 1Inventory ....................................................................................... 480,000 Cash/Accounts payable .......................................................... 480,000 To record purchase of inventoryInventory ....................................................................................... 124,000 Cash/Accounts payable .......................................................... 124,000 To record refurbishment of inventoryAccounts receivable ...................................................................... 310,000 Sales revenue ......................................................................... 310,000 To record sale of goods on accountCost of goods sold ........................................................................ 220,000 Inventory ................................................................................. 220,000 To record the cost of the goods sold as an expenseSales returns (I/S) ......................................................................... 15,500* Allowance for sales returns (B/S) ........................................... 15,500 To record provision for return of goods sold under 30-day return period* 5% of $310,000Warranty expense ......................................................................... 31,000* Provision for warranties (B/S) ................................................. 31,000 To record provision, at time of sale, for warranty expenditures* 10% of $310,000Allowance for sales returns .......................................................... 12,400 Accounts receivable ............................................................... 12,400 To record return of goods within 30-day return period.It is assumed the returned goods have no value and are disposed of.Provision for warranties (B/S) ....................................................... 18,600 Cash/Accounts payable .......................................................... 18,600 To record expenditures in year 1 for warranty workCash .............................................................................................. 297,600*Accounts receivable ............................................................... 297,600 To record collection of Accounts Receivable* $310,000 – $12,400Year 2Provision for warranties (B/S) ....................................................... 8,400 Cash/Accounts payable .......................................................... 8,400 To record expenditures in year 2 for warranty workRequirement 2If revenue is recognized only when the warranty period has expired, the following journal entries would be used to record the transactions for the two years:Year 1Inventory ....................................................................................... 480,000 Cash/Accounts payable .......................................................... 480,000 To record purchase of inventoryInventory ....................................................................................... 124,000 Cash/Accounts payable .......................................................... 124,000 To record refurbishment of inventoryAccounts receivable ...................................................................... 310,000 Inventory ................................................................................. 220,000 Deferred gross margin ............................................................ 90,000 To record sale of goods on accountDeferred gross margin .................................................................. 12,400 Accounts receivable ............................................................... 12,400 To record return of goods within the 30-day return period. It is assumed the goods haveno value and are disposed of.Deferred warranty costs (B/S) ...................................................... 18,600 Cash/Accounts payable .......................................................... 18,600 To record expenditures for warranty work in year 1. The warranty costs incurred are deferred because the related revenue has not yet been recognizedCash .............................................................................................. 297,600* Accounts receivable ............................................................... 297,600 To record collection of Accounts receivable* $310,000 – $12,400Year 2Deferred warranty costs ................................................................ 8,400 Cash/Accounts payable .......................................................... 8,400 To record warranty costs incurred in year 2 related to year 1 sales. The warranty costs incurred are deferred because the related revenue has not yet been recognized.Deferred gross margin .................................................................. **77,600Cost of goods sold ........................................................................ 220,000 Sales revenue ......................................................................... 297,600* To record recognition of sales revenue from year 1 sales and related cost of goods sold at expiry of warranty period* $310,000 – $12,400** ($90,000 – $12,400)Warranty expense ......................................................................... 27,000* Deferred warranty costs ......................................................... 27,000 To record recognition of warranty expense at same time as related sales revenue recognition* $18,600 + $8,400Requirement 3Allied Auto Parts Inc. might choose to recognize revenue only after the warranty periodhas expired if they are not able to make a good estimate, at the time of sale, of the amount of warranty work that will be required under the terms of the one-year warranty. If Allied is not able, at the time of sale, to make a good estimate of the warranty work that will be required, then the measurability criterion of revenue recognition is not met at the time of sale. The measurability criterion means that the amount of revenue can be reliably measured. If the seller is not able to estimate the amount of work that will have to be done under the warranty agreement, then it is not able to reasonably measure the profit that itwill eventually earn on the sales. The performance criteria might also be invoked here.The performance criterion means that the seller has transferred the significant risks and rewards of ownership to the buyer. As long as there is warranty work to be performed after the sale that is the responsibility of the seller, you might argue that performance is not substantially complete. However, if the seller was able to reliably estimate the amount of warranty work, then performance would be satisfied on the assumption that we could measure the risk that remains with the seller, and make a provision for it.2.Percentage-of-completion method:The first step in applying revenue recognition using the percentage-of-completion method (using costs incurred to date compared to estimated total costs to determine the percentage of completion) is to estimate the percentage of completion of the project at the end of each year. This is done in the following table (in $000s):End of 2005 End of 2006 End of 2007Total costs incurred $ 5,400 $ 12,950 $ 18,800 Total estimated costs 18,000 18,500 18,800 % completed 30% 70% 100%Once the percentage of completion at the end of each year has been calculated as above, the next step is to allocate the appropriate amount of revenue to each year, based on the percentage completed to date, less what has previously been recorded in revenue. This is done in the following table (in $000s):2005 2006 20072005 $20,000 × 30% $ 6,0002006 $20,000 × 70% $ 14,0002007 $20,000 × 100% $ 20,000 Less: Revenue recognized in prior years (0) (6,000) (14,000) Revenue for year $ 6,000 $ 8,000 $ 6,000Therefore, the profit to be recognized each year on the construction project would be:2005 2006 2007 TotalRevenue recognized $ 6,000 $ 8,000 $ 6,000 $ 20,000 Construction costs incurred (expenses) (5,400) (7,550) (5,850) (18,800) Gross profit for the year $ 600 $ 450 $ 150 $ 1,200The following journal entries are used to record the transactions under thepercentage-of-completion method of revenue recognition:2005 2006 20071. Costs of construction:Construction in progress .................. 5,400 7,550 5,850 Cash, payables, etc. ..... 5,400 7,550 5,850 2. Progress billings:Accounts receivable ............ 3,100 4,900 12,000 Progress billings ............ 3,100 4,900 12,000 3. Collections on billings:Cash .................................... 2,400 4,000 12,400 Accounts receivable ...... 2,400 4,000 12,400 4. Recognition of profit:Construction in progress ..... 600 450 150Construction expense.......... 5,400 7,550 5,850 Revenue from long-termcontract ...................... 6,000 8,000 6,000 5. To close construction in progress:Progress billings .................. 20,000 Construction in progress .20,0002005 2006 2007Balance sheetCurrent assets:Accounts receivable $ 700 $ 1,600 $ 1,200 Inventory:Construction in process 6,000 14,000 Less: Progress billings (3,100) (8,000)Costs in excess of billings 2,900 6,000Income statementRevenue from long-term contracts $ 6,000 $ 8,000 $ 6,000 Construction expense (5,400) (7,550) (5,850) Gross profit $ 600 $ 450 $ 1503.a. The three criteria of revenue recognition are performance, measurability, andcollectibility.Performance means that the seller or service provider has performed the work.Depending on the nature of the product or service, performance may mean quitedifferent points of revenue recognition. For example, for the sale of products, IAS18 defines performance as the point when the seller of the goods has transferred therisks and rewards of ownership to the buyer. Normally, this means that performance is done at the time of sale. Although the seller may have performed much of the work prior to the sale (production, selling efforts, etc.), there is still significant risk to theseller that a buyer may not be found. Therefore, from a reliability point of view,revenue recognition is delayed until the point of sale. Also, there may be significant risks remaining with the seller of the product even after the sale. Warranties given by the seller are a risk that remains with the seller. However, if this risk can be reliably estimated at the time of sale, revenue can be recognized at the point of sale.Performance is quite different under a long-term construction contract. Here,performance really is considered to be a measure of the work done. Revenue isrecognized over the production period as the work is performed. It is intended toreflect the amount of effort expended by the seller (contractor). Although legal titlewon’t transfer to the buyer until the project is completed, revenue can be recognized because there is a known and committed buyer. If the contractor is not able toestimate how much of the work has been done (perhaps because he or she can’treliably estimate how much work must still be done), then profit would not berecognized until the extent of performance is known.Measurability means that the seller or service provider must be able to reliablyestimate the amount of the revenue from the sale or service. For the sale of products this is generally known at the time of sale (the sales price is set). However, if the seller provides a return period, it may be necessary to estimate the volume of returns at the time of sale in order to measure the revenue that will be recognized.Collectibility means that the seller or the service provider has reasonable assurance that the sales price will actually be collected. In most cases for the sales of products, the seller is able to recognize revenue at the time of sale even if the sale is on account.This is because the seller has experience with its customers and is able to estimate reliably the risk of non payment. As long as the seller is able to make this estimate, it is appropriate to recognize the revenue but to offset it with a provision for possible non collection. If the seller is unable to make reliable estimates of future collection ofamounts owing, the recognition of revenue would be delayed until the cash is actually received. This is what is done using the instalment sales method of revenuerecognition.b. Because of the performance criterion of revenue recognition, it would seem to bemost appropriate to recognize most revenue as the seller or service provider performs the work. This would be the best measure of performance. This would mean, for example,that sellers of products would recognize their revenue over the whole production, selling, and post sales servicing periods. As we saw above, this is not commonly done because,in many cases, there are still significant risks that are retained by the seller (risk of not being able to sell the product, for example). There are also measurement risks (knowingthe selling price) that exist prior to the sale. The percentage-of-completion method of revenue used for some long-term construction contracts would seem to most closely recognize revenue as the work is performed. As mentioned in Part 1, we are able to recognize revenue on this basis since a contract exists which commits the purchaser tobuy the project (assuming certain conditions are met) and the sales price is known because of the existence of the contract.4.If all revenue is recognized when a student registers for the course, profit for 2007 would be:Sales Revenue1:Manuals and initial lessons (200 × $100) $ 20,000 Additional lessons ((200 × 8) × $30) 48,000 Examinations ((200 × 80%) × $130) 20,800 Total sales revenue 88,800Cost of sales:Manuals and initial lessons (200 × ($15 + $3)) 3,600 Additional lessons ((200 × 8) × $3)) 4,800Examinations ((200 × 80%) × $30) 4,800 Total cost of sales 13,200Depreciation of development costs:$180,000 × (200/1,000) 36,000Profit $ 39,6005.FINISH ENTERPRISESIncome Statementfor the year ending December 31, 2005Continuing operations (excluding the chemical division)Sales ($35,000,000 – $5,500,000) $ 29,500,000Cost of sales ($15,000,000 – $2,800,000) (12,200,000)Gross profit 17,300,000Selling & administration expenses($18,000,000 – $3,200,000) (14,800,000)Profit from operations 2,500,000Income tax expense (40%) 1,000,000Profit after tax $ 1,500,000Discontinuing operations (Chemical division)Sales 5,500,000Cost of sales (2,800,000)Gross profit 2,700,000Selling & administration expenses (3,200,000)Loss from operations (500,000)Income tax expense(40%) 200,000Loss after tax (300,000) Gain on discontinuance of the Chemical division 3,500,000Tax thereon (1,400,000)After-tax gain on discontinuance of the Chemical division 2,100,000 Enterprise net profit $ 3,300,000Chapter 81.Payment of account payable. operatingIssuance of preferred stock for cash. financingPayment of cash dividend. financingSale of long-term investment. investingAmortization of bond discount. no effectCollection of account receivable. operatingIssuance of long-term note payable to borrow cash. financing Depreciation of equipment. no effectPurchase of treasury stock. financingIssuance of common stock for cash. financingPurchase of long-term investment. investingPayment of wages to employees. operatingCollection of cash interest. investingCash sale of land. InvestingDistribution of stock dividend. no effectAcquisition of equipment by issuance of note payable. no effect Payment of long-term debt. financingAcquisition of building by issuance of common stock. no effect Accrual of salary expense. no effect2.(a) Cash received from customers = 816,000(b) Cash payments for purchases of merchandise. =468,000(c) Cash payments for operating expenses. = 268,200(d) Income taxes paid. =36,9003.Cash sales …………………………………………... $9,000 Payment of accounts payable ……………………….-48,000 Payment of income tax ………………………………-13,000 Payment of interest ……………………………..…..-16,000 Collection of accounts receivable ……………………93,000 Payment of salaries and wages ……………………….. -34,000 Cash flows from operating activitiesby the direct method -9,0004.Operating activities:Net loss -200,000 Add: loss on sale of land 250,000 Add: depreciation 300,000Add: amortization of patents 20,000Less: increases in current assets other than cash -750,000Add: increases in current liabilities 180,000Net cash flows from operating -200,000Investing activitiesSale of land -50,000Purchase of PPE -1,500,000Net cash flows from investing -1,550,000Financing activitiesIssuance of common shares 400,000Payment of cash dividend -50,000Issuance of non-current liabilities 1,000,000Net cash flows from financing 1,350,000 Net changes in cash -400,000 5.。
会计英语试题及答案
会计英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a basic accounting element?A. AssetsB. LiabilitiesB. RevenuesD. Equity答案：C2. The accounting equation can be expressed as:A. Assets = Liabilities + EquityB. Assets + Liabilities = EquityC. Assets - Liabilities = EquityD. Liabilities - Equity = Assets答案：A3. What does the term "Double Entry Bookkeeping" refer to?A. Recording transactions in two accountsB. Recording transactions in two different currenciesC. Recording transactions in two different formatsD. Recording transactions in two different books答案：A4. Which of the following is not a type of adjusting entry?A. AccrualB. PrepaymentC. DepreciationD. Amortization答案：B5. The purpose of closing entries is to:A. Prepare financial statementsB. Adjust for accruals and deferralsC. Record the sale of inventoryD. Record the purchase of fixed assets答案：A6. Which of the following is a measure of a company's liquidity?A. Return on Investment (ROI)B. Debt to Equity RatioC. Current RatioD. Profit Margin答案：C7. The term "Depreciation" refers to:A. The decrease in value of an asset over timeB. The increase in value of an asset over timeC. The amount of an asset that is used upD. The process of selling an asset答案：A8. What is the purpose of a trial balance?A. To calculate net incomeB. To check the accuracy of accounting recordsC. To determine the value of assetsD. To calculate the cost of goods sold答案：B9. Which of the following is not a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Budget答案：D10. The accounting principle that requires expenses to be recorded in the same period as the revenues they generate is known as:A. Going ConcernB. Matching PrincipleC. Historical Cost PrincipleD. Materiality答案：B二、填空题（每题2分，共20分）1. The __________ is the process of recording financial transactions in a systematic way.答案：Journalizing2. The __________ is a summary of the financial transactionsof a business during a specific period.答案：Ledger3. __________ is the accounting principle that requires all accounting information to be based on historical cost.答案：Historical Cost Principle4. The __________ is a financial statement that shows a company's financial position at a specific point in time.答案：Balance Sheet5. __________ is the process of estimating revenues and expenses for a future period.答案：Budgeting6. __________ is the accounting principle that requires all transactions to be recorded in the period in which they occur.答案：Accrual Basis Accounting7. The __________ is a financial statement that shows the results of a company's operations over a period of time.答案：Income Statement8. __________ is the process of determining the value of a company's assets and liabilities.答案：Valuation9. __________ is the accounting principle that requires alltransactions to be recorded in the order in which they occur.答案：Chronological Order10. The __________ is a financial statement that shows the sources and uses of cash during a period of time.答案：Cash Flow Statement三、简答题（每题15分，共30分）1. 描述会计信息的质量特征有哪些，并简要解释它们的含义。
会计英语练习题
会计英语练习题一、词汇练习1. 请将下列会计术语的英文翻译成中文：- Assets:- Liabilities:- Equity:- Revenue:- Expense:- Depreciation:2. 请将下列中文会计术语翻译成英文：- 资产负债表:- 利润表:- 现金流量表:- 折旧:- 应收账款:- 存货:二、填空题1. The balance sheet is a statement of a company's financial position at a particular point in time, showing all the company's assets, liabilities, and __________.2. The income statement, also known as the profit and loss statement, is used to calculate the __________ of a business over a certain period of time.3. When a company purchases a new piece of equipment, it will record this as an __________ on the balance sheet.4. The __________ method of accounting records transactions when the cash is actually received or paid.5. If a company has a net loss, it will decrease the__________ on the balance sheet.三、简答题1. 请简述会计的四大基本假设。
2. 什么是会计准则？请举例说明。
会计英语练习
一.判断：1.在权责发生制下，收入是按照它在实际发生的期间，而不是实际收取现款的期间登记入账。
（）2. All inventories shall be disclosed at historical cost in accounting statement. ( )3. Long-term assets include cash, fixed assets, intangible assets and deferred assets. ( )4.Current liabilities are obligations that don’t need to be paid within one year or the operating cy cle (whichever is longer). ( )5. Total assets will be decreased by the act of borrowing money from a bank. ( )6.当一笔应收账款作为坏账被冲销时，顾客就没有偿还的义务了。
( )7.Receivables and prepayments shall be accounted for according to actual amount(实际发生额). ( )8.The values of all assets are to be recorded at historical costs at the time of acquisition(取得). （）9.The owners of a corporation（股份公司）are termed (称为) creditors.（）10.The statement of cash flows reports the entity’s cash receipts and cash payments during the p eriod. ( )二.单项选择题：）1.When an amount is entered on the ( ) side of an account, it is a debit, and the account is said t o be debited.A. leftB. rightC. left or rightD. others2.If a delivery truck costs ＄12,000 and has an estimated residual value of ＄2,000 at the end of i ts estimated useful life of five years, the annual depreciation would be( ) under the straight-line method.A.＄2,800B.＄2,000C.＄1,800D.＄1,6003.Accelerated methods of depreciation doesn’t include ( )A. the sum-of-the-years’-digits methodB. the production methodC. the declining-balance methodD.A and C4. Profits ( ) the owner’s equity in the business.A. decreaseB. increaseC. don’t changeD. uncertain5. Retained earning is not an ( ); it is an element of ( ).A. asset, assetB. owners’ equity, owners’ equityC. asset, owners’ equityD. owners’ equity, asset6.（）是指会计忽略通货膨胀影响，对货币价值变动不作调整。
会计专业英语章节练习题及答案(共17章)chapter 4
Chapter 4:Discussion Questions:1. Differences: (1) Current liabilities are amounts payable within one year from the date of the balance sheet or within the normal operating cycle, where this is longer than a year.(2)Non-current liabilities are those obligations not due for settlement within one year.2. Commons: (1) it must involve a future sacrifice of cash, goods, of services; (2) it must be an obligation of the enterprise; (3) the transaction or event giving rise to the enterprise’s obliga tion must already have occurred; (4) it is amount payable within one year from the date of the balance sheet or within the normal operating cycle.3. Omitted4. The Financial Accounting Standards Board (FASB) provides these guidelines to account for contingent losses (or expenses) and their related liabilities:(1) Record an actual liability if it is probable that the loss (or expenses) will occur and the amount can be reasonably estimated.(2) Report the contingency in a financial statement note if it is reasonably possible that a loss (or expense) will occur. Lawsuits in progress are a prime example.(3) There is no need to report a contingent loss that is remote-unlikely to occur. Instead wait until an actual transaction clears up the situation.Contingent liabilities may be reported in a short presentation, after total liabilities on the balance sheet, but with no amounts given.5.A bond is a fixed obligation to pay that is issued by a corporation or government entity to investors.Bonds are used to raise cash for operational or infrastructure projects. Bonds usually include a periodic coupon payment, and are paid off as of a specific maturity date. Bonds are a number of additional features that a bond may have, such as being convertible into the stock of the issuer, or callable prior to its maturity date.6. OmittedExercise:1-7：BACDBAB8. 答案：January 5：Fixed assets—office furniture 15,000 固定资产Account payable 15,000 应付账款July 1 ：Account payable—Y company 15,000 应付账款Cr：Notes payable 15,000 应付票据Interest: $15,000× 5% =$750July 31/August 31/Sept. 30:Interest expense 750Interest payable 750October 1: Notes payable 15,000Interest payable 2,250Bank deposit 17,2509 March 1st Cash 5,000Unearned revenue 5,000March 31st Unearned revenue 3,000Service revenue 3,00010. （a）Cash 2 125 000Premium on Bonds Payable 125 000Bond Payable 2 000 000(b) Interest Expense 140 000Cash 140 000(c) Premium on Bonds Payable 12 500Interest Expense 12 50011. The journal entry to record issued bondDr. Cash 482,000Discount on Bonds Payable 18,000Cr. Bonds Payable 500,000The journal entry to payment of bond interest and amortization of bond discount on the first interest date (July 1, 200X)Dr. Bond Interest Expense 31,800Discount on Bonds Payable 1,800($18,000/10)Cr. Cash 30,000($500,000x12%x6/12)The journal entry to the maturity date company redemption the bonds.Dr. Bonds Payable 500,000Bond Interest Payable 30,000Cr. Cash 530,000。
会计英语练习题
会计英语练习题在会计领域中，掌握好英语是非常重要的。
会计英语不仅可以帮助我们与国际行业保持联系，还能提高我们在职场中的竞争力。
下面是一些会计英语练习题，帮助你巩固相关的专业知识。
第一部分：词汇选择题1. The balance sheet provides a snapshot of a company's _____ position at a specific point in time.A. financialB. physicalC. managerialD. operational2. The process of recording, summarizing, and reporting financial transactions of a business is known as _____.A. auditingB. budgetingC. bookkeepingD. forecasting3. An asset acquired for use over a long period of time, such as land or buildings, is called a _____.A. liabilityB. revenueC. expenseD. fixed asset4. The amount of money a business has left after deducting its expenses from its revenue is called _____.A. profitB. lossC. turnoverD. equity5. The process of examining a company's financial records to ensure their accuracy and compliance with laws and regulations is called _____.A. taxationB. auditingC. financingD. investing第二部分：填空题6. The _____ department is responsible for preparing financial statements and analyzing financial data.7. The primary objective of the income statement is to measure a company's _____ performance over a period of time.8. The _____ method of inventory valuation assumes that the cost of goods sold is based on the cost of the most recent purchases.9. The _____ ratio measures a company's ability to meet its short-term financial obligations.10. The _____ principle requires that expenses be recognized in the same accounting period as the revenue they help generate.第三部分：阅读理解题请阅读以下会计报表的摘录，并回答问题。
会计专业英语练习
会计专业英语练习Ⅰ.Matching each of the following statements with its proper term.1. Temporary account ( )2. Working papers ( )3. Fiscal year ( )4. Accrual accounting ( )5. Posting6. General ledger ( )7. Liquidity ( )8. Withdrawals ( )9. CPA ( )10. Transaction ( )11. Accounting cycle ( )12. Closing entries ( )13. Reversing entry ( )14. Accounting equation( )15. Double entry accounting( )16. T account ( )17. Chart of accounts( )18. Account form ( )19. Business entity concept ( )20. Financial accounting ( )A. Assets taken from the business by the owner for personal use.B. The annual accounting period adopted by a business.C. Convertibility to cashD. Assets=liabil ities+ owner’s equity.E. Documents that help accountants organize their work.F. An condition or directly affects its results of accounting event or condition that directly changes an entity’s financial operation.G. The idea that revenues are recorded (recognized) when earned and that expenses are recorded when incurred.H. The book that contains the individual account (or control account), groupedaccording to the five elements of financial statements.I. Transferring data from the journal to the ledger.J. An expert accountant licensed by the state.K. The entries that transfer the balances of the revenue, expense, and dividends accounts to the retained earnings account.L. The opposite of an adjusting entry, journalized to facilitate routine bookkeeping entries.M. The process that begins with analyzing and journalizing transactions and ends with the post-closing balance.N. The simplest form of account.O. Income statement accountsP. A system of accounting for recording .transactions, based on recording increases and decreases in accounts so that debits equals credits.Q. A list of accounts in the ledgerR. The branch of accounting concerned with providing external users with financial information needed to make decisions.S. An concept of accounting that limits the economic data in the accounting system to data related directly to the activities of the business.T. The form of balance sheet that resembles the basic formatof the accounting equation, with assets on the left side and the liabilities and o wner’s equity sections on the right side.Ⅱ、Multiple choice questions1. A profit-making business that is a separate legal entity and in which ownership is divided into shares of stock is known as a: ( )A. proprietorshipB. partnershipC. service businessD. corporation2. The resources owned by a business is called :( )A. assetsB. liabilitiesC. the account equationD. owner’s equity3. A list of assets, liabilities, and owner’s equity of a business entity as of a specific date is :( )A. a balance sheetB. an income statementC. a retained earning statementD. a statement of cash flows。
会计英语习题
会计英语习题《会计英语》练习题I．Translate the following terms into English or Chinese (10%)1. Financial accounting2. Double-entry system3. Journal4. Balance Sheet5. Business Plan6. 分录7. 试算平衡表8. 结账9. 现金流量表10. 财务意识II．Match each of the following words and expressions with its definition. （20%）1. Dividend2. Invoice3. Liabilities4. Working capital5. Assets6. Float on the stock exchange7. Returns8. Equities9. Depreciation10. Creditor a. a payment to shareholders when a company has made a profitb. ordinary sharesc. when a company first sells its shares on the stock exchanged. possessions owned that have monetary value and can beconverted into cashe. goods which are not wanted after all, usually because they are faultyf. a list of goods which have been sent to a customer indicating the amount charged to their accountg. someone to whom we owe moneyh. debts which will have to be paid either now or in the futurei. capital that is used to run a business on a day-to-day basis and is not invested in buildings, equipmentj. the fall in the value of an asset as a result of usage or waste III. Fill the blanks and translate the sentences into Chinese （20%）1.The basic accounting equation is ___________ = ___________ + ___________.2.The left side of the account is known as ___________, while the right side is the ___________.3.__________ are the business papers support the existence of business transaction.4.Two groups of items that make up the income statement are ___________ and ___________.5.The basis of accounting that recognizes revenue when it is earned, regardless of when cash is received, andmatches the expenses to the revenue, regardless of when the cash is paid out, is known as the ___________. VI. Reading: Read the passages and answe r questions (10%)Steps in the Accounting CycleThe accounting cycle（会计循环）（see the following figure: Accounting Cycle）can be divided into the following steps:(1) Transactions, from information on source documents, are recorded in a journal.(2) Journal entries are posted to a ledger.(3) Worksheet, including a trial balance, is prepared from the ledger.(4) Financial statements are prepared from the worksheet.(5) Ledger is closed and accounts are balanced and ruled.(6) Post-closing trial balance of the ledger is taken.The various steps in the accounting cycle do not occur with equal frequency（频繁程度）. Usually, analyzing, journalizing and posting（steps (1)～(3)）take place during each operating period, whereas accounts are adjusted and statements are prepared only when management requires financial statements—usually at monthly or quarterly intervals（间隔）, but at least annually. Temporary accounts are customarily（通常）closed only at the end of the accounting year.Business firms whose accounting year ends on December 31 are said to be on a calendar-year（日历年度）basis. Many firms prefer to have their accounting year coincide with （与…一致）their "natural" business year; thus the year ends when business is slow and inventory quantities are small and easier to count. At this time, end-of-year accounting procedures are most efficiently accomplished. An accounting year ending with a month other than（而不是）December is called a fiscal year（财务年度）.Questions:1. How many steps are there in the accounting cycle?2. What should an accountant first do to record a transaction?3. How often do steps (1)～(3) take place?4. What is a fiscal year?5. How important is it for us to understand the accounting cycle?V. Solve Problems (30%)Record the following entries in the general journal for the Sam Cleaning Company and Post them into the ledger (T-account)1. Invested $4,000 cash in the business.2. Bought equipment costing $10,000，with a cash down payment of $6,000, the balance on account.3. Paid office rent $1,000 for month.4. Paid one-fourth of the amount owed on the equipment.5. Received $3,200 in cleaning income.VI. Writing (10%)Direction: Write a passage about 100 words to summarize what you have learned from the Accounting English.第 2 页共2 页。
会计专业英语章节练习题及答案(共17章)chapter 17
Chapter 17:Discussion Questions:1. Auditors express an unqualified opinion on the client's financial statements when they have no material exceptions as to the fairness of the application of accounting principles, and there have been no unresolved restrictions on the scope of their engagement.2. Circumstance may arise when it is inappropriate for the auditor to issue a standard report Departures from the standard report fall into one of two categories: standard report with explanatory language; other types of opinions。
3. An adverse opinion is used only when the auditor believes the overall financial statements are so materially misstated or misleading that they do not present fairly the financial position or results of operations and cash flows in conformity with generally accepted accounting principles. This is not a common occurrence and thus the adverse opinion is rarely employed.4. A disclaimer is issued whenever the auditor has been unable to satisfy himself or herself that the overall financial statements are fairly presented. The necessity for disclaiming an opinion may arise because of a severe limitation on the scope of the audit examination. It prevents the auditor from expressing an opinion on the financial statements as a whole.5. A qualified opinion expresses the auditors' reservations or uncertainty about fair presentation in some areas of the financial statements. The opinion states that except for the effects of some deficiency in the financial statements, or some limitation in the scope of the auditors’ examination, the financial statements are presented fairly. All qualified reports include a separate explanatory paragraph before the opinion paragraph disclosing the reasons for the qualification. The opinion paragraph of a qualified report includes the appropriate qualifying language and a reference to the explanatory paragraph.Auditors express an unqualified opinion on the client's financial statements when they have no material exceptions as to the fairness of the application of accounting principles, and there have been no unresolved restrictions on the scope of their engagement. The unqualified opinion is, of course, the most desirable report from the client's point of view.6. The scope of the auditor’s examination has been restricted. When the auditor has not accumulated sufficient evidence to conclude whether financial statements are stated in accordance with GAAP, a scope restriction exists. There are two major causes of scope limitations: limitations imposed by the client and those caused by circumstances beyond either the client's or auditor’s control.Exercise:1-4 BDDC5.(1)在特殊情况下,进行了所有必要的测试与调查后,仍然难以对会计记录的可靠性和财务状况形成审计意见。
会计英语课后练习题含答案
会计英语课后练习题含答案一、选择题1.Which of the following is an example of a current asset?A. LandB. BuildingsC. Accounts payableD. Long-term bonds payableAnswer: C2.Which of the following is an example of a non-current asset?A. InventoryB. Accounts receivableC. EquipmentD. Prepd expensesAnswer: C3.Which of the following is an example of a current liability?A. Long-term loans payableB. Owner’s equityC. Accounts receivableD. Accounts payableAnswer: D4.Which of the following is an example of a non-currentliability?A. Accounts payableB. Salaries payableC. Long-term loans payableD. Rent payableAnswer: C5.Which of the following is not included in the calculation ofreturn on equity (ROE)?A. Net incomeB. Total assetsC. Average stockholders’ equityD. SalesAnswer: D二、填空题1._________ is the process of recording, classifying, andsummarizing financial transactions to produce financial statements.Answer: Accounting2.The balance sheet reports the financial position of acompany as of a specific __________.Answer: Date3.The __________ principle states that expenses should berecognized when they are incurred, regardless of when they are pd.Answer: Expense recognition4.The __________ principle states that expenses should bematched to the revenues they help generate.Answer: Matching5.The __________ is the excess of total assets over totalliabilities.Answer: Stockholders’ equity三、简答题1.What is the difference between a current asset and a non-current asset?Answer: A current asset is an asset that is expected to beconverted to cash within one year or during the normal operating cycle of the business, whichever is longer. A non-current asset is an asset that is expected to be held for more than one year and is not expected to be converted to cash during the normal operating cycle of the business.2.What is the difference between a current liability and anon-current liability?Answer: A current liability is a liability that is expected to be pd off within one year or during the normal operating cycle of the business, whichever is longer. A non-current liability is aliability that is expected to be pd off more than one year in the future and is not expected to be pd off during the normaloperating cycle of the business.3.How is the income statement different from the balance sheet?Answer: The income statement reports a company’s revenues,expenses, and net income or net loss for a specific period of time, usually one year or a quarter. The balance sheet reports acompany’s financial position as of a specific date, showing it s assets, liabilities, and stockholders’ equity.4.What is the equation for the balance sheet?Answer: Assets = Liabilities + Stockholders’ equity5.What is the purpose of financial accounting?Answer: The purpose of financial accounting is to provide useful information to external users, such as investors, creditors, and regulators, to help them make informed decisions about the company. It does this by recording and reporting a company’s financial activities in a standardized format.。
会计英语练习题及答案
《会计英语》练习题及答案一、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 3B 1 and 4C 3 onlyD 2 and 32.Johnny had receivables of $5 500 at the start of 2010. During the year to 31 Dec 2010he makes credit sales of $55 000 and receives cash of $46 500 from credit customers. What is the balance on the accounts receivables at 31 Dec 2010?A.$8 500 DrB.$8 500 CrC.$14 000 DrD.$14 000 Cr3.Should dividends paid appear on the face of a company’s cash flow statement?A. YesB. NoC. Not sureD. Either4.Which of the following inventory valuation methods is likely to lead to the highestfigure for closing inventory at a time when prices are dropping?A. Weighted Average costB. First in first out (FIFO)C. Last in first out (LIFO)D. Unit cost5. Which of following items may appear as non-current assets in a company’s the statement of financial position?(1) plant, equipment, and property(2) company car(3) €4000 cash(4) €1000 chequeA. (1), (3)B. (1), (2)C. (2), (3)D. (2), (4)6. Which of the following items may appear as current liabilities in a company’s balance sheet?(1) investment in subsidiary(2) Loan matured within one year.(3) income tax accrued untill year end.(4) Preference dividend accruedA (1), (2) and (3)B (1), (2) and (4)C (1), (3) and (4)D (2), (3) and (4)7. The trial balance totals of Gamma at 30 September 2010 are:Debit $992,640Credit $1,026,480Which TWO of the following possible errors could, when corrected, cause the trial balance to agree?1. An item in the cash book $6,160 for payment of rent has not been entered in the rent payable account.2. The balance on the motor expenses account $27,680 has incorrectly been listed in the trial balance as a credit.3. $6,160 proceeds of sale of a motor vehicle has been posted to the debit of motor vehicles asset account.4. The balance of $21,520 on the rent receivable account has been omitted from the trial balance.A 1 and 2B 2 and 3C 2 and 4D 3 and 48. Listed below are some characteristics of financial information.(1) True(2) Prudence(3) Completeness(4) CorrectWhich of these characteristics contribute to reliability?A (1), (3) and (4) onlyB (1), (2) and (4) onlyC (1), (2) and (3) onlyD (2), (3) and (4) only9. Which of the following statements are correct?(1) to be prudent, company charge depreciation annually on the fixed asset(2) substance over form means that the commercial effect of a transaction must always be shown in the financial statements even if this differs from legal form(3) in order to achieve the comparable, items should be treated in the same way year on yearA. 2 and 3 onlyB. All of themC. 1 and 2 onlyD. 3 only10. which of the following about accruals concept are correct?(1) all financial statements are based on the accruals concept(2) the underlying theory of accruals concept and matching concept are same(3) accruals concept deals with any figure that incurred in the period irrelevant with it’s paid or notA. 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 (ignore all the tax):1)He invests $80 000 of his money in his business bank account2)He then buys goods from Isabel, a supplier for $4 000 and pays by cheque, the goods isdelivered right after the payment3) A sale is made for $3 000 –the customer pays by cheque4)Johnny makes another sale for $2 000 and the customer promises to pay in the future5)He then buys goods from another supplier, Kamen, for $2 000 on credit, goods isdelivered on time6)He pays a telephone bill of $800 by cheque7)The credit customer pays the balance on his account8)He returened some faulty goods to his supplier Kamen, which worth $400.9)Bank interest of $70 is received10)A cheque customer returned $400 goods to him for a refund参考答案1、单选题1-5 CCACB 6-10 DCABA2、翻译题1）中翻英1.Dr disposal of fixed assetDepreciationCr fixed asset2．Dr notes payableCr bank4、业务题1)Dr CashCr capital2)Dr finished goodsCr Cash3)Dr CashCr sales revenue4)Dr accounts receivableCr sales revenue5)Dr finished goodsCr accounts receivable6)Dr administrative expenseCr Cash7)Dr CashCr accounts receivable8)Dr CashCr finished goods9)Dr CashCr financial expense10)Dr sales revenueCr Cash。
会计英语相关练习题
会计英语相关练习题1. Vocabulary Exercise请将下列词汇翻译为英语：1.资产__________________________2.负债__________________________3.所有者权益__________________________4.收入__________________________5.成本__________________________6.支出__________________________7.费用__________________________8.账户__________________________9.账户余额__________________________10.记账__________________________2. Multiple Choice Questions选择正确答案并将其序号填入括号内：1.What is the accounting equation?a)Assets = Liabilities - Owner’s Equityb)Liabilities + Owner’s Equity = Assetsc)Assets + Owner’s Equity = Liabilities2.What is the purpose of an income statement?a)To calculate net worthb)To show the financial position of acompany at a specific point in timec)To show the profit or loss of acompany over a specific period of time3.What is the difference between revenue and expenses?a)Revenue represents money coming in,while expenses represent money going outb)Revenue represents money going out,while expenses represent money coming inc)There is no difference betweenrevenue and expenses4.What is the double-entry accounting system?a)A system that records eachtransaction in only one accountb)A system that records eachtransaction in two or more accountsc)A system that records each transaction in the owner’s equity account only5.What is the purpose of a trial balance?a)To calculate the net income of a companyb)To check the accuracy of the accounting recordsc)To record transactions that occurredduring a specific period3. Fill in the Blanks请填写下列句子中的空白处：1.The balance sheet shows a company’s_______________ at a specific point in time.2.The income statement shows the_______________ and _______________ of a company over a specific period of time.3.The _______________ equation is Assets = _______________ - Owner’s Equity.4.Recording a transaction in two or more accounts is known as the _______________.5.The _______________ is used to check the accuracy of the accounting records.4. Short Answer Questions请用一至两句话回答下列问题：1.What is the purpose of a balance sheet?2.What is the difference between an incomestatement and a balance sheet?3.What is the accounting equation?4.What is the double-entry accountingsystem?5. Practical Exercise请根据下列信息，完成一张简单的收入表和支出表，然后根据这些数据回答后续的问题。
会计英语489章练习题
Chapter 4 statement of cash flow1.The net income of the ZY Company for 1999 was $260000. Additional d ata available relative to activities for the year are given below:A. Depreciation expenses for the year, $90000;B. gains on sale of machinery used in operations was $2400;C. Accounts receivable increased by $2000;D. Accounts payable increased by $8400;E. Patent amortization for the year was $14800;RequiredPrepare the cash flows from operating activities section of a statement of cash flows under the indirect method.Cash flows from operating activities:Net income …………………………………………………………… $260000Adjustment for non cash revenue and expenses:expenses not requiring cashAdd depreciation 90000Patent amortization 14800cash change not from operationsdeduct gains on sale of machinery 2400 Current liabilities changes:Deduct Accounts receivable increase 2000Add Accounts payable increase 8400Cash flows from operating activities $3688001.Purchased material ,$200, and equipment, $3100，paid cash.2.Paid cash to acquire land, $ 270003.Performed service for a customer and received cash $160004.Issued common stock and received $39000 cash5.Prepaid insurance $1200 for next 12months6.Paid cash for employee salary $ 24007.Acquire a long-term loan from bank $400008.Paid $5000 for cash dividend10.Gains on sale of equipment of $3000Calculate cash flow from operations, financing and investing.12200,-27100,74000Chapter 8 accounts receivable1.T/FAn account receivable that has been determined to be uncollectible is still an asset.(F)We should debit bad debts expense and credit allowance for doubtful accounts for write off bad debts.(F)Allowance for doubtful accounts is contra-asset account that offsets account receivable.(T)Gross accounts receivable appears on the balance sheet.(F)When we write off a worthless receivables, the net accountsreceivable is less than before.(F)2.When we use the allowance method to record bad debts,there are three methods to estimate the amount of bad debtsPercentage of total accounts receivable outstanding(应收账款余额百分比法)Aging method（账龄分析法）Percentage-of-sales method(销货百分比法)（一）余额百分比法这是按照期末应收账款余额的一定百分比估计坏账损失的方法。
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Chapter 4 statement of cash flow1.The net income of the ZY Company for 1999 was $260000. Additional data available relative to activities for the year are given below:A. Depreciation expenses for the year, $90000;B. gains on sale of machinery used in operations was $2400;C. Accounts receivable increased by $2000;D. Accounts payable increased by $8400;E. Patent amortization for the year was $14800;RequiredPrepare the cash flows from operating activities section of a statement of cash flows un der the indirect method.Cash flows from operating activities:Net income …………………………………………………………… $260000Adjustment for non cash revenue and expenses:expenses not requiring cashAdd depreciation 90000Patent amortization 14800cash change not from operationsdeduct gains on sale of machinery 2400Current liabilities changes:Deduct Accounts receivable increase 2000Add Accounts payable increase 8400Cash flows from operating activities $3688001.Purchased material ,$200, and equipment, $3100，paid cash.2.Paid cash to acquire land, $ 270003.Performed service for a customer and received cash $160004.Issued common stock and received $39000 cash5.Prepaid insurance $1200 for next 12months6.Paid cash for employee salary $ 24007.Acquire a long-term loan from bank $400008.Paid $5000 for cash dividend10.Gains on sale of equipment of $3000Calculate cash flow from operations, financing and investing.12200,-27100,74000Chapter 8 accounts receivable1.T/FAn account receivable that has been determined to be uncollectible is still an asset.(F) We should debit bad debts expense and credit allowance for doubtful accounts for write off bad debts.(F)Allowance for doubtful accounts is contra-asset account that offsets account receivable.(T)Gross accounts receivable appears on the balance sheet.(F)When we write off a worthless receivables, the net accounts receivable is less than before.(F)2.When we use the allowance method to record bad debts,there are three methods to estimate the amount of bad debtsPercentage of total accounts receivable outstanding(应收账款余额百分比法)Aging method（账龄分析法）Percentage-of-sales method(销货百分比法)（一）余额百分比法（二）这是按照期末应收账款余额的一定百分比估计坏账损失的方法。
坏账百分比由企业根据以往的资料或经验自行确定期末应收账款的余额×坏账百分比=期末坏账准备账户余额，当期应计提的坏账准备金额=期末坏账准备余额加减调整坏账准备账户已有金额例：企业2006年末应收账款余额为80000元，估计坏账准备的提取比例为应收账款余额的10%，坏账准备期初无余额，本期也没有坏账的注销。
06年应计提的坏账准备？80000*10%=8000,本期应计提的坏账准备=8000-0=80002007年发生坏账4 000元，该年末应收账款余额为98000元，07年应计提的坏账准备?980098000*10%=9800 期末坏账准备的余额。
本期应计提的坏账准备=9800-8000+4000=5800（二）账龄分析法将企业的应收账款按账龄长短进行分组，分别确定不同的计提百分比估算坏账损失。
应收账款账龄应收账款余额坏账百分比估计的坏账损失的金额未逾期1000 1% 10逾期6个月以内3000 2% 60逾期6个月以上5000 3% 150期末坏账准备的余额为220本期应计提坏账准备的金额=期末余额+—调整前坏账准备的已有金额（三）销货百分比法这是根据企业本期赊销总额的百分比估计坏账损失的方法本期赊销总额*坏账百分比=本期应计提的坏账准备前两种方法计算出的是坏账准备的期末余额，结合坏账准备已有的金额，确定本期应计提的金额。
销货百分比法直接计算出本期应计提的坏账准备，无需考虑坏账准备已有的金额。
例：丙公司2006年赊销金额为20 000元，估计坏账损失率为1%，2006年初坏账准备账户余额为贷方200元。
计算2006年应计提的坏账准备和2006年末坏账准备科目余额。
本期应计提的坏账准备=20000*1%=200坏账准备期末余额=200+200=400Compute estimated bad debts expense and make journal entry.Beginning balance of accounts receivables is $50000. Allowances for doubtful accounts has credit amounts $500 at the beginning of 2006.2006.3.1 companies sold goods on account for $700002006.5.1 Company received the previous year's accounts receivable $300002006.5.2 company wrote off $200 bad debts2006.12.31 company used percentage of total accounts receivable outstanding method estimate uncollectible . Percent estimated uncollectible was 1%2006.12.31 company used percent-of-sales method to record bad debts .Percent estimated uncollectible of sale was 1%Chapter 9 inventoriesDefinition and classification of inventoryPerpetual inventory system and periodic inventory systemFIFO method,LIFO method and average methodLower-of-cost-or-marketFinancial statistics of inventory1.永续盘存制与实地盘存制(定期盘存制)的比较(1)存货在账簿中登记的方法不同。
永续盘存制对各项存货的增加数和减少数都要在帐簿中进行连续的登记，并随时在帐簿中结算出各项财产物资的账面结存数；实地盘存制只对存货的增加数记账，而不登记减少数，月末根据实地盘点的结存数，计算出本期减少数，并记入有关账簿。
(2)两者财产清查的目的不同。
永续盘存制下财产清查的目的是为了与账簿记录进行核对实地盘存制下财产清查的目的是计算期末财产的结存数。
（1）Perpetual versus periodic inventory systemPerpetual inventory system continually records additions or deletions of inventory. Cost of goods sold is recorded at the time of the sale rather than waiting until the end of the period. Perpetualinventory system updated values for inventory that company can know what items are sold and what remain in inventory at any time.Physical inventory counts are usually taken at least once a year in order to check on the validity of the book records. This inventory count enables a company to see the amount of inventory shrinkage from theft and other factors.（2）Periodic inventory system does not require a continual record of inventory changes. It only records additions of inventory. Costs of materials used and costs of goods sold cannot be calculated until ending inventories, determined by physical count. Cost of goods sold equals beginning inventory plus purchases minus ending inventory.Physical inventory counts are taken in order to compute ending inventory value.2.FIFO,LIFO and average methodThe selling price of merchandise inventory is $25.Compute cost of goods sold under FIFO,LIFO and average method.Make journal entry on May 10, May 30Make entry on May 10:Cash 22500Sales revenue 22500Cost of goods sold 13500 14000Merchandise inventory 13500 14000May 30:Cash 27500Sales revenue 27500100*15+500*16+500*17=18000Cost of goods sold 18000Merchandise inventory 18000800*17+300*15=18100Cost of goods sold 18100Merchandise inventory 18100Average cost per unit=1000*15+500*16+800*17/2300=15.9115.91*2000=31820Cost of goods sold 318203.Sales revenue :50000Cost of goods sold: 40000Beginning inventory : 8000Ending inventory: 12000Calculate following financial statistics1.Gross profit2.gross profit percentage3.Inventory turnover4.Days inventory held1.Gross profit=100002.gross profit percentage=10000/50000=20%3.Inventory turnover=40000/10000=44.Days inventory held=365/4=91.25。