财务会计相关复习题(英文版)
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.。
财务会计英文影印版第十版课后练习题含答案
Financial and Managerial Accounting English Version Photocopy Tenth Edition Exercise Questions withAnswersIntroductionThe Financial and Managerial Accounting English Version Photocopy Tenth Edition Exercise Questions with Answers is a comprehensive guide for accounting students to practice and sharpen their skills infinancial and managerial accounting. This guide includes a wide range of exercise questions with detled answers to help students better understand complex accounting concepts. The guide is designed to be an essential study tool for accounting students and professionals who are preparing for certification exams or looking to improve their accounting skills.FeaturesThe guide contns the following features:prehensive coverage of financial and managerialaccounting topics.2.A wide range of exercise questions with detled answers.3.Clear and concise explanations of complex accountingconcepts.4.Easy-to-use format.5.All questions are organized by chapter and topic for easyreference.ContentsThe guide includes the following chapters:1.Accounting in Action2.The Recording Process3.Adjusting the Accountspleting the Accounting Cycle5.Accounting for Merchandising Operations6.Inventories7.Fraud, Internal Control, and Cash8.Accounting for Receivables9.Plant Assets, Natural Resources, and Intangible Assets10.Liabilities11.Corporations: Organization, Stock Transactions, andDividends12.Long-Term Liabilities: Bonds and Notes13.Investments and Fr Value Accounting14.Statement of Cash Flows15.Financial Statement Analysis16.Managerial Accounting Concepts and Principles17.Job Order Costing18.Process Costing19.Cost Behavior and Cost-Volume-Profit Analysis20.Budgeting21.Performance Evaluation Using Variances from StandardCosts22.Performance Evaluation for Decentralized Operations23.Differential Analysis and Product PricingEach chapter includes a series of exercise questions with answers.How to Use the GuideThe guide is designed to be an essential study tool for accounting students and professionals who are preparing for certification exams or looking to improve their accounting skills. Students can use the guide to practice and sharpen their accounting skills. The guide can be used in conjunction with textbooks, lectures, and other study materials. Students are encouraged to work through e ach chapter’s exercises in order, starting with the easier exercises and progressing to the more difficult exercises.ConclusionThe Financial and Managerial Accounting English Version Photocopy Tenth Edition Exercise Questions with Answers is a comprehensive guide for accounting students to practice and sharpen their skills infinancial and managerial accounting. This guide includes a wide range of exercise questions with detled answers to help students better understand complex accounting concepts. The guide is an essential study tool for accounting students and professionals who are preparing for certification exams or looking to improve their accounting skills.。
中级财务会计习题(英文)
Chapter 1 A. An example of a business stakeholder is the federal government.B. A corporation is a business that is legally separate and distinct from its owners.C. Accounting is a service that provides many different users with financial information to make economic decisions.D. Small ethical lapses are harmless in and of themselves.E. Managerial accounting is primarily concerned with the recording and reporting of economic data and activities of an entity for use by owners, creditors, governmental agencies, and the public.F. The unit of measurement concept requires that economic data be recorded in a common unit of measurement.G. If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000 cash for it, the buyer would record the building at $90,000.H. The owner’s rights to the assets rank ahead of the creditors’ rights to the assets.I. Business transactions are economic events that directly or indirectly change an entity’s financial condition or results f rom operations.J. If net income for a proprietorship was $25,000, the owner withdrew $10,000 in cash and the owner invested $5,000 in cash, the capital of the owner increased by $20,000. K. The owner is only allowed to withdraw cash from the business.L. Receiving a bill or otherwise being notified that an amount is owed is amount is paid.M. The principal financial statements of a proprietorship are the income statement, statement of owner’s equity, and the balance sheet.N. An income statement is a summary of the revenues and expenses of a business as of a specific date.O. A low ratio of liabilities to owner’s equity indicates that a business is near bankruptcy. 1. Profit is the difference betweena. assets and liabilitiesb. the incoming cash and outgoing cashc. the assets purchased with cash contributed by the owner and the cash spent to operate the businessd. the assets received for goods and services and the amounts used to provide the goods and services2. Which of the items below is not a business organization form?a. entrepreneurshipb. proprietorshipc. partnershipd. corporation3. Which of the following is not a step in providing accounting information to stakeholders? a. design the accounting information systemb. prepare accounting surveysc. identify stakeholdersd. record economic data4. For accounting purposes, the business entity should be considered separate from its owners if the entity isa. a corporationb. a proprietorshipc. a partnershipd. all of the above5. Which of the following is not a business transaction?a. make a sales offerb. sell goods for cashc. receive cash for services to be rendered laterd. pay for supplies6. The Reynolds Company estimated that the value of its land had increased from $10,000 to $16,000 and therefore wrote up the land account to $16,000. Which accounting concept(s) was (were) violated?a. cost conceptb. objectivity conceptc. all of the aboved. none of the above7. Goods purchased on account for future use in the business, such as supplies, are called a. prepaid liabilities b. revenuesc. prepaid expensesd. liabilities8. All of the following are financial statement(s) of a proprietorship except thea. statement of retained ear ningsb. statement of owner’s equityc. income statementd. statement of cash flowsChapter 2 A. A chart of accounts is a listing of accounts that make up the journal.B. Drawings are an example of an expense.C. To determine the balance in an account, always subtract credits from debits.D. The double-entry accounting system records each transaction twice.E. The increase side of all accounts is the normal balance.F. The journal is the book of original entry.G. Journalizing transactions using the double-entry bookkeeping system will eliminate fraud. H. The process of transferring the data from the journal to the ledger accounts is posting. I. The post reference notation used in the journal is the page number.J. When a business receives a bill from the utility company, no entry should be made until the invoice is paid.K. A proof of the equality of debits and credits in the ledger at the end of an accounting period is called a balance sheet.L. Even when a trial balance is in balance, there may be errors in the individual accounts. M. Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.N. Horizontal analysis is used to compare the financial statements of the same company for different periods. 1. A group of related accounts that comprise a complete unit is called aa. Journalb. liability2.3.4.5.6. c. ledger d. transaction Which statement(s) concerning cash is (are) true? a. cash will always have more debits than credits b. cash will never have a credit balance c.cash is increased by debiting d. all of the above Which of the following types of accounts have a normal credit balance? a. assets and liabilities b. liabilities and expenses c. revenues and liabilities d. capital and drawing Which of the following entries records the receipt of cash from patients on account? a. Accounts Payable, debit; Fees Earned, credit b. Accounts Receivable, debit; Fees Earned, credit c. Accounts Receivable, debit; Cash, credit d. Cash, debit; Accounts Receivable, credit If the two totals of a trial balance are not equal, it could be due to a. failure to record a transaction b. recording the same erroneous amount for both the debit and the credit parts of a transaction c. an error in determining the account balances, such as a balance being incorrectly computed d. recording the same transaction more than once Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?a. a transaction was not postedb. a payment of $96 for insurance was posted as a debit of $46 to Prepaid Insurance and a credit of $46 to Cashc. a payment of $311 to a creditor was posted as a debit of $3,111 to Accounts Payable and a debit of $311 to Accounts Receivabled. cash received from customers on account was posted as a debit of $140 to Cash and a credit of $140 to Accounts PayableChapter 3 1. The accrual basis of accounting requires revenue be recorded when cash is received from customers.2. The matching concept requires expenses be recorded in the same period that the related revenue is recorded.3. Adjusting entries are made at the end of an accounting period to adjust accounts on the balance sheet.4. The difference between deferred revenue and accrued revenue is that accrued revenue has been recorded and needs adjusting and deferred revenue has never been recorded.5. The systematic allocation of land’s cost to expense is called depreciation.6. The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset.7. If the adjustment for accrued salaries at the end of the period is inadvertently omitted, both liabilities and owner’s equity will be overstated for the period.8. The financial statements are prepared from the unadjusted trial balance.9. Vertical analysis compares each item in a statement with another item in the same statement.The correct: 2,6,91. Which account would normally not require an adjusting entry?a. Wages Expenseb. Accounts Receivablec. Accumulated Depreciationd. Smith, Capital2. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500?a. debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500b. debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500c. debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,0003. Depreciation Expense and Accumulated Depreciation are classified, respectively, asa. expense, contra assetb. asset, contra liabilityc. revenue, assetd. contra asset, expense4. If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n)a. deferralb. accrualc. drawingd. revenue5. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $15,500, and unexpired amounts per analysis of policies, $4,500?a. debit Insurance Expense, $4,500; credit Prepaid Insurance, $4,500b. debit Insurance Expense, $15,500; credit Prepaid Insurance, $15,500c. debit Prepaid Insurance, $11,500; credit Insurance Expense, $11,500d. debit Insurance Expense, $11,000; credit Prepaid Insurance, $11,0006. Depreciation Expense and Accumulated Depreciation are classified, respectively, asa. expense, contra assetb. asset, contra liabilityc. revenue, assetd. contra asset, expense7. If there is a balance in the unearned subscriptions account after adjusting entries are made, it represents a(n)a. deferralb. accrualc. drawingd. revenueMultiple choice: d d a aChapter 41. The most important output of the accounting cycle is the financial statements.2. A net loss is shown on the work sheet in the credit columns of both the Income Statement columns and the Balance Sheet columns.3. The difference between a classified balance sheet and one that is not classified is that the classified one has subheadings.4. Since the adjustments are entered on the work sheet, it is not necessary to record them in the journal or post them to the ledger.5. The post-closing trial balance will generally have fewer accounts than the trial balance.6. Solvency is essentially the ability of an organization to pay its bills.7. Working capital is current assets plus current liabilities.ANS:T F T F T T F1. The worksheeta. is an integral part of the accounting cycleb. eliminates the need to rewrite the financial statementsc. is a working paper that is requiredd. is used to summarize account balances and adjustments for the financial statements2. Which one of the fixed asset accounts listed below will not have a related contra asset account? a. Office Equipment b. Land c. Delivery Equipment d. Building3. Which of the accounts below would be closed by making a debit to the account?a. Unearned Revenueb. Fees Earnedc. Jeff Ritter, Drawingd. Rent Expense4. Which of the following accounts ordinarily appears in the post-closing trial balance?a. Bill Smith, Drawingb. Supplies Expensec. Fees Earnedd. Unearned Rent5. A fiscal yeara. ordinarily begins on the first day of a month and ends on the last day of the following twelfth monthb. for a business is determined by the federal governmentc. always begins on January 1 and ends on December 31 of the same yeard. should end at the height of the business’s annual operating cycle6. A current ratio of 4.3 means thata. there are $4.30 in current assets available to pay each dollar of current liabilitiesb. the company cannot pay its debts as they come duec. there are $4.30 in current assets for every $4.30 in current liabilitiesd. there are $4 in current assets for every $3 in current liabilitiesANS: dbbdaaChapter 61. In a merchandise business, sales minus operating expenses equals net income.2. In a perpetual inventory system, the Merchandise Inventory account is only used to reflect the beginning inventory.3. The single-step income statement is easier to prepare, but a criticism of this format is that gross profit and income from operations are not readily available.4. Under the perpetual inventory system, when a sale is made, both the retail and cost values are recorded.5. Sales Discounts is a revenue account with a credit balance.6. Discounts taken by the buyer for early payment of an invoice are credited to Cash Discounts by the buyer.7. If the ownership of merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated as FOB destination.8. If merchandise costing $2,500, terms FOB destination, 2/10, n/30, with prepaid transportation costs of $100, is paid within 10 days, the amount of the purchases discount is $50.9. The adjusting entry to record inventory shrinkage would generally include a debit to Cost of Merchandise Sold. 1. The primary difference between a periodic and perpetual inventory system is that aa. periodic system determines the inventory on hand only at the end of the accounting periodb. periodic system keeps a record showing the inventory on hand at all timesc. periodic system provides an easy means to determine inventory shrinkaged. periodic system records the cost of the sale on the date the sale is made2. A sales invoice included the following information: merchandise price, $4,000; transportation, $300; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of $600 is granted prior to payment, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller? a.$3,366 b.$3,400c.$3,666d.$3,9503. The net sales to asset s ratio measures a company’sa. working capitalb. net worthc. effective use of sales to support the purchase of new assetsd. effective use of assets to generate salesThe correct: 3,4,8,9 Multiple choice: a c dChapter 74. A customer’s c heck received in settlement of an account receivable is considered cash.5. If the balance in Cash Short and Over at the end of a period is a credit, it indicates that cash shortages have exceeded cash overages for the period.6. A voucher system is an example of an internal control procedure over cash payments.7. A remittance advice is the notification accompanying the check issued to a creditor that states the specific invoice being paid.8. The amount of the "adjusted balance" appearing on the bank reconciliation as ofa given date is the amount that is shown on the balance sheet for that date.9. When the petty cash fund is replenished, the petty cash account is credited for the total of all expenditures made since the fund was last replenished.10. Cash equivalents are short -term investments that will be converted to cash within 120 days.11. The doomsday ratio is almost always less than one.ANS:T F T T T F F T1. Credit memorandums from the banka. decrease a bank custom er’s accountb. are used to show a bank service chargec. show that a company has deposited a customer’s NSF checkd. show the bank has collected a note receivable for the customer2. Journal entries based on the bank reconciliation are required in the depositor’s accounts for a. outstanding checks b. deposits in transitc. bank errorsd. book errorsANS: d dChapter 81. Receivables from company owners and officers should be disclosed separately on the balance sheet.2. Since those responsible for receivables record keeping and credit approval do not handle cash, these duties do not need to be separated to maintain good internal control.3. Of the two methods of accounting for uncollectible receivables, the allowance method provides inadvance for uncollectible receivables.4. Although Allowance for Doubtful Accounts normally has a credit balance, it may have either a debit or a credit balance before adjusting entries are recorded at the end of the accounting period.5. At the end of a period, before the accounts are adjusted, Allowance for Doubtful Accounts has a debit balance of $2,000. If the estimate of uncollectible accounts determined by aging the receivables is $30,000, the current provision to be made for uncollectible accounts expense is $30,000.6. The due date of a 60-day note dated July 10 is September 10.7. If the maker of a note fails to pay the debt on the due date, the note is said to be dishonored.8. The discounting of a note receivable creates a contingent liability that continues in effect until the due date of the note. ANS: T F T T F F T T 1. Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is a. $18,500 b. $17,500 c. $18,000 d. none of the above 2. On the balance sheet, the amount shown for the Allowance for Doubtful Accounts is equal to the a. Uncollectible accounts expense for the year b. total of the accounts receivables written-off during the year c. total estimated uncollectible accounts as of the end of the year d. sum of all accounts that are past due. 3. What is the type of account and normal balance of Allowance for Doubtful Accounts? a. Contra asset, credit b. Asset, debit c. Asset, credit d. Contra asset, debit 4. If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer’s account as uncollectible? a. Uncollectible Accounts Expense b. Accounts Receivable c. Allowance for Doubtful Accounts d. Interest Expense 5. A 90-day, 12% note for $10,000, dated May 1, is received from a customer on account. Thematurity value of the note isa. $10,000b. $10,300c. $450d. $9,550ANS: c c a b bChapter 91. 2. 3. 4. A business using the perpetual inventory system, with its detailed subsidiary records, does not need to take a physical inventory. Purchased goods in transit, shipped FOB destination, should be excluded from ending inventory. Unsold consigned merchandise should be included in the consignee’s inventory. Of the three widely used inventory costing methods (FIFO, LIFO, and average), the LIFO method of costing inventory is based on the assumption that costs are charged against revenues in the reverse order in which they were incurred.During inflationary periods, the use of the FIFO method of costing inventory will yield an inventory amount for the balance sheet approximating the current replacement cost.When using the FIFO inventory costing method, the most recent costs are assigned to the cost of goods sold.The use of the lower-of-cost-or-market method of inventory valuation increases net income for the period in which the inventory replacement price declined. Generally, the lower the number of days’ sales in inventory, the better.ANS: F F F T T F F TTaking a physical count of inventorya. is not necessary when a periodic inventory system is usedb. is a detective controlc. has no internal control relevanced. is not necessary when a perpetual inventory system is usedMerchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets, and owner’s equity?a. net income is overstated, assets are overstated, owner’s equity is understatedb. net income is overstated, assets are overstated, ow ner’s equity is overstatedc. net income is understated, assets are understated, owner’s equity is understatedd. net income is understated, assets are understated, owner’s equity is overstated Inventory costing methods place primary emphasis on assumptions abouta. flow of goodsb. flow of costsc. flow of goods or costs depending on the methodd. flow of valuesIf merchandise inventory is being valued at cost and the purchase price is steadily falling, which method of costing will yield the largest net income?a. average costb. LIFO 5. 6. 7. 8. 1. 2. 3. 4.c. FIFOd. weighted average 5. On the basis of the following data, what is the estimated cost of the merchandise inventory on October 31 by the retail method? Oct. 1 Merchandise Inventory $225,000 $324,500 Oct. 1-31 Purchases (net) 335,000 475,500 Oct. 1-31 Sales (net) 700,000 a. $372,000 b. $140,000 c. $100,000 d. $ 70,000 6. If the estimated rate of gross profit is 40%, what is the estimated cost of the merchandise inventory on June 30, based on the following data? June 1 Merchandise inventory $ 75,000 June 1-30 Purchases (net) 150,000 June 1-30 Sales (net) 135,000 a. $144,000 b. $140,000 c. $ 81,000 d. $ 54,500 7. Too much inventory on handa. reduces solvencyb. increases the cost to safeguard the assetsc. increases the losses due to price declinesd. all of the aboveANS: b b b b d a dChapter 10 1. The acquisition costs of property, plant, and equipment should include all normal, reasonable and necessary costs to get the asset in place and ready for use.2. Land acquired as a speculation is reported under Investments on the balance sheet.3. Standby equipment held for use in the event of a breakdown of regular equipment is reported as property, plant, and equipment on the balance sheet.4. As a company depreciates a piece of equipment, it cash flow goes up.5. All property, plant, and equipment assets are depreciated over time.6. The declining-balance method is an accelerated depreciation method.7. The cost of replacing an engine in a truck is an example of ordinary maintenance.8. The cost of new equipment is called a revenue expenditure because it will help generate revenues in the future.9. A gain can be realized when a fixed asset is discarded.10. When exchanging equipment, if the trade-in allowance is greater than the book value a loss results.11. The cost of a patent with a remaining legal life of 10 years and an estimated useful life of 7 years is amortized over 10 years.12. The method used to calculate the depletion of a natural resource is the straight line method.13. The higher the ratio of fixed assets to long-term liabilities the greater the margin of safety.ANS: T T T F F T F F F F F F T1. Factors contributing to a decline in the usefulness of a fixed asset may be divided into the following two categoriesa. salvage and functionalb. physical and functionalc. residual and salvaged. functional and residual2. Accumulated Depreciationa. is used to show the amount of cost expiration of intangiblesb. is the same as Depreciation Expensec. is a contra asset accountd. is used to show the amount of cost expiration of natural resources3. Equipment with a cost of $80,000, an estimated residual value of $5,000, and an estimated life of 15 years was depreciated by the straight-line method for 5 years. Due to obsolescence, it was determined that the useful life should be shortened by 5 years and the residual value changed to zero. The depreciation expense for the current and future years isa. $5,500b. $11,000c. $10,000d. $5,0004. A fixed asset with a cost of $42,000 and accumulated depreciation of $38,500 is traded for a similar asset priced at $60,000. Assuming a trade-in allowance of $5,000, the cost basis of the new asset isa. $58,000b. $58,500c. $60,000d. $61,5005. A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the declining-balance method at double the straight-line rate?a. $15,000b. $30,000c. $16,250d. $32,500ANS: b c b b cChapter 11 1. For a current liability to exist, the following two tests must be met. The liability must be due usually within a year and must be paid out of current assets.2. For an interest bearing note payable, the amount borrowed is equal to the face value of the note.3. The proceeds of a discounted note are equal to the face value of the note.4. Obligations that depend on past events and that are based on future transactions are contingent liabilities.5. The journal entry to record the cost of warranty repairs that were incurred during the current period, but related to sales made in prior years, includes a debit to Warranty Expense.6. Generally, all deductions made from an employee’s gross pay are required by law.7. FICA tax is a payroll tax that is paid only by employers.8. The higher the quick ratio, the more liquid a company is.ANS: T T F F F F F T1. On June 8, Acme Co. issued an $80,000, 6%, 120-day note payable to Still Co. Assume that the fiscal year of Acme Co. ends June 30. What is the amount of interest expense recognized by Acme in the current fiscal year?a. $293.33b. $400.00c. $391.11d. $1,600.002. Proceeds of $48,750 were received from discounting a $50,000, 90-day note at a bank. The discount rate used by the bank in computing the proceeds wasa. 6.25%b. 10.00%c. 10.26%d. 9.75%3. Pilgrim Company sells merchandise with a one year warranty. In 2005, sales consisted of 1,500 units. It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2005 and 70% in 2006. In the 2005 income statement, Pilgrim should show warranty expense ofa. $4,500b. $10,500c. $15,000d. $0ANS: a b cChapter 12 1. A corporation is a separate entity for accounting purposes but not for legal purposes.2. Double taxation is a disadvantage of a corporation because the same party has to pay taxes twice on the income.3. The two main sources of stockholders’ equity are investments contributed by stockholders and net income retained in the business.4. The balance in retained earnings should be interpreted as representing surplus cash left over for dividends.5. Preferred stock with a preferential right to dividends in arrears is referred to asparticipating preferred.6. If 50,000 shares are authorized, 37,000 shares are issued, and 2,000 shares are reacquired, the number of outstanding shares is 39,000.7. When a corporation issues stock at a premium, it reports the premium as an other income item on the income statement.8. If 100 shares of treasury stock were purchased for $50 per share and then sold at $60 per share, $1,000 of income is reported in the income statement.9. Since a stock split changes information of a business, this transaction needs to be recorded.10. If 20,000 shares are authorized, 14,000 shares are issued, and 500 shares are held as treasury stock, a cash dividend of $1 per share would amount to $14,000.11. The declaration and issuance of a stock dividend does not affect the total amount of a corporation’s assets, liabilities, or stockholders’ equity.12. The dividend yield indicates the rate of return to stockholders in terms of cash dividend distributions.ANS: F F T F F F F F F F T T1. The outstanding stock is composed of 10,000 shares of $100 par, cumulative preferred $8 stock, and 50,000 shares of no-par common stock. Preferred dividends have been paid every year except for the preceding year and the current year. If $380,000 is to be distributed as a dividend for the current year, what total amount will be distributed to the common stockholders? a. $380,000b. $220,000c. $80,000d. $160,0002. A corporation issues 2,000 shares of common stock for $ 32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock fora. $20,000b. $32,000c. $12,000d. $2,0003. When common stock is issued in exchange for a noncash asset, the transaction should be recorded ata. the par value of the stock issuedb. the fair market value of the stockc. the fair market value of the asset acquiredd. the fair market value of the asset acquired or the fair market value of the stock, whichever canbe determined more objectively.4. Treasury stock that had been purchased for $5,400 last month was reissued this month for $7,500. The journal entry to record the reissuance would include a credit。
会计专业英文笔试题及答案
会计专业英文笔试题及答案一、选择题（每题2分，共20分）1. What is the primary purpose of financial statements?A. To provide information for decision-makingB. To promote the company's imageC. To comply with tax regulationsD. To attract investors答案：A2. Which of the following is not a fundamental accounting principle?A. Going concernB. Historical costC. Accrual basis of accountingD. Cash basis of accounting答案：D3. The matching principle is used to:A. Match expenses with the revenues they generateB. Match assets with the liabilities they generateC. Match revenues with the assets they generateD. Match liabilities with the expenses they generate答案：A4. What is the formula for calculating return on investment (ROI)?A. ROI = Net Income / Total AssetsB. ROI = (Net Income / Sales) * 100C. ROI = (Return on Sales + Return on Assets) / 2D. ROI = (Net Income / Average Investment) * 100答案：D5. Which of the following is not a type of depreciation method?A. Straight-lineB. Double-declining balanceC. Units of productionD. FIFO (First-In, First-Out)答案：D二、简答题（每题5分，共30分）6. Define "Double-Entry Accounting" and explain its importance in maintaining the integrity of financial records.答案：Double-entry accounting is a system of accounting where every transaction is recorded twice, once as a debit and once as a credit. This system ensures that the accounting equation remains balanced and helps in maintaining the integrity of financial records by providing a check and balance mechanism to prevent errors and fraud.7. Explain the difference between "Liabilities" and "Equity".答案：Liabilities are obligations of a company to pay cash, provide services, or give up assets to other entities in the future. They represent the company's debts and are a source of funds that the company is obligated to repay. Equity, on the other hand, represents the ownership interest of the shareholders in the company. It is the residual interest in the assets of the company after deducting liabilities.8. What is the purpose of "Financial Statement Analysis"?答案：The purpose of financial statement analysis is to assess the financial health and performance of a company. It involves evaluating the company's liquidity, profitability, solvency, and efficiency. This analysis helps investors, creditors, and other stakeholders make informed decisions about the company.9. Describe the "Balance Sheet" and its components.答案：The balance sheet is a financial statement that presents the financial position of a company at a specific point in time. It includes assets, liabilities, and equity. Assets are what the company owns, liabilities are what the company owes, and equity is the net worth of the company, calculated as assets minus liabilities.10. What is "Cash Flow Statement" and why is it important?答案：The cash flow statement is a financial statement that provides information about the cash inflows and outflows of a company over a period of time. It is important because it shows the company's ability to generate cash and meet its financial obligations, which is crucial for the survival and growth of the business.三、案例分析题（每题25分，共50分）11. Assume you are a financial analyst for a company. The company has reported the following financial data for the current year:- Sales: $500,000- Cost of Goods Sold: $300,000- Operating Expenses: $100,000- Depreciation: $20,000- Interest Expense: $10,000- Taxes: $30,000Calculate the company's net income.答案：Net Income = Sales - Cost of Goods Sold - Operating Expenses - Depreciation - Interest Expense - TaxesNet Income = $500,000 - $300,000 - $100,000 - $20,000 - $10,000 - $30,000Net Income = $50,00012. A company is considering purchasing a new machine for $100,000. The machine is expected to generate additional annual revenue of $30,000 and will have annual operating costs of $15,000. The machine is expected to last for 5 years and will have no residual value. Calculate the payback period for the machine.答案：Payback Period = Initial Investment / Annual Cash Inflow Annual Cash Inflow = Additional Revenue。
财务会计练习（英语）
财务会计练习（英语）PRACTIC1.CHOICE QUESTIONS38. Preparing a work sheet involvesa. two steps.b. three steps.c. four steps.d. five steps.39. The adjustments entered in the adjustments columns of a work sheet area. not journalized.b. posted to the ledger but not journalized.c. not journalized until after the financial statements are prepared.d. journalized before the work sheet is completed.40. The information for preparing a trial balance on a work sheet is obtained froma. financial statements.b. general ledger accounts.c. general journal entries.d. business documents.41. An adjusted trial balancea. is prepared after the financial statements have been prepared.b. proves the equality of the debits and the credits of the ledger accounts.c. is required by GAAP.d. is prepared after the post-closing trial balance.42. The income statement columns of the DelMonico Company’s worksheet reports total debits of $50,000 and total credits of $35,000. This means thata. the company earned net income of $15,000 for the period.b. the worksheet has an error because debits do not equal credits.c. the company has a net loss of $15,000d. distributions to owners for the period totalled $15,000.43. A work sheet is a multiple column form that facilitates thea. identification of events.b. measurement process.c. preparation of financial statements.d. analysis process.44. Which of the following companies would be least likely to use a work sheet to facilitatethe adjustment process?a. Large company with numerous accountsb. Small company with numerous accountsc. All companies, since work sheets are required under generally acceptedaccounting principlesd. Small company with few accounts45. A work sheet can be thought of as a(n)a. permanent accounting record.b. optional device used by accountants.c. part of the general ledger.d. part of the journal.46. The account, Supplies, will appear in the following debit columns of the work sheet.a. Trial balanceb. Adjusted trial balancec. Balance sheetd. All of these47. When constructing a work sheet, accounts are often needed that are not listed in thetrial balance already entered on the work sheet from the ledger. Where should these additional accounts be shown on the work sheet?a. They should be inserted in alphabetical order into the trial balance accountsalready given.b. They should be inserted in chart of account order into the trial balance alreadygiven.c. They should be inserted on the lines immediately below the trial balance totals.d. They should not be inserted on the trial balance until the next accounting period.48. When using a work sheet, adjusting entries are journalizeda. after the work sheet is completed and before financial statements are prepared.b. before the adjustments are entered on to the work sheet.c. after the work sheet is completed and after financial statements have beenprepared.d. before the adjusted trial balance is extended to the proper financial statementcolumns.49. Closing entries are made for all accounts excepta. Revenuesb. Expensesc. Dividendsd. Common Stock50. Adjusting journal entries are prepared froma. source documents.b. the adjustment columns of the work sheet.c. the general ledger.d. last year's work sheet.51. The net income (or loss) for the perioda. is found by computing the difference between the income statement credit columnand the balance sheet credit column on the work sheet.b. cannot be found on the work sheet.c. is found by computing the difference between the income statement columns ofthe work sheet.d. is found by computing the difference between the trial balance totals and theadjusted trial balance totals.52. The work sheet does not showa. net income or loss for the period.b. revenue and expense account balances.c. the ending balance in the retained earnings account.d. the trial balance before adjustments.53. If the total debits exceed total credits in the balance sheet columns of the worksheet,retained earningsa. will increase because net income has occurred.b. will decrease because a net loss has occurred.c. is in error because a mistake has occurred.d. will not be affected.Use the following information for questions 54–55.The income statement and balance sheet columns of Pine Company's work sheet reflects the following totals: Income Statement Balance SheetDr. Cr. Dr.Cr.Totals $58,000 $45,000 $34,000 $47,00054. The net income (or loss) for the period isa. $45,000 income.b. $13,000 income.c. $13,000 loss.d. not determinable.55. To enter the net income (or loss) for the period into the above work sheet requires anentry to thea. income statement debit column and the balance sheet credit column.b. income statement credit column and to the balance sheet debit column.c. income statement debit column and the income statement credit column.d. balance sheet debit column and to the balance sheet credit column.56. Closing entries are necessary fora. permanent accounts only.b. temporary accounts only.c. both permanent and temporary accounts.d. permanent or real accounts only.57. Each of the following accounts is closed to Income Summary excepta. Expenses.b. Dividends.c. Revenues.d. All of these are closed to Income Summary.58. Closing entries are madea. in order to terminate the business as an operating entity.b. so that all assets, liabilities, and stockholders’ equity accounts will have zerobalances when the next accounting period starts.c. in order to transfer net income (or loss) and dividend to retained earnings.d. so that financial statements can be prepared.Use the following information from the Income Statement for the month of June, 2006 of Delgado Enterprises to answer questions 59 – 63.Revenues $7,000Expenses:Wages Expense $2,000Advertising Expense 200Rent Expense 1,000Supplies Expense 300Insurance Expense 100Total expenses 3,600Net income $3,40059. The entry to close the revenue account includesa. a debit to Income Summary for $3,400.b. a credit to Income Summary for $3,400.c. a debit to Income Summary for $7,000.d. a credit to Income Summary for $7,000.60. The entry to close the expense accounts includesa. a debit to Income Summary for $3,400.b. a credit to Rent Expense for $1,000,c. a credit to Income Summary for $3,600.d. a debit to Wages Expense for $2,000.61. After the revenue and expense accounts have been closed, the balance in IncomeSummary will bea. $0.b. a debit balance of $3,400.c. a credit balance of $3,400.d. a credit balance of $7,000.62. The entry to close Income Summary to Retained Earnings includesa. a debit to Revenue for $7,000.b. credits to Expenses totalling $3,600.c. a credit to Income Summary for $3,400d. a credit to Retained Earnings for $3,400.63. At June 1, 2006, Delgado reported Retained Earnings of $35,000. The companypaid no dividends during June. At June 30, 2006, the company will report a Retained Earnings balance ofa. $35,000 credit.b. $42,000 credit.c. $38,400 credit.d. $31,600 credit.64. Which of the following is a true statement about closing the books of a corporation?a. Expenses are closed to the Expense Summary account.b. Only revenues are closed to the Income Summary account.c. Revenues and expenses are closed to the Income Summary account.d. Revenues, expenses, and the Dividend account are closed to the IncomeSummary account.Use the following information from the Income Statement for the year 2006 of NOLA Inc. to answer questions 65 – 71. Revenues $70,000Expenses:Wages Expense $45,000Advertising Expense 6,000Rent Expense 12,000Supplies Expense 6,000Utilities Expense 2,500Insurance Expense 2,000Total expenses 73,500Net income (loss) $(3,500)65. The entry to close the revenue account includesa. a debit to Income Summary for $3,500.b. a credit to Income Summary for $3,500.c. a debit to Revenues for $70,000.d. a credit to Revenues for $70,000.66. The entry to close the expense accounts includesa. a debit to Income Summary for $3,500.b. a credit to Income Summary $3,500,c. a debit to Income Summary for $73,500.d. a debit to Wages Expense for $2,500.67. After the revenue and expense accounts have been closed, the balance in IncomeSummary will bea. $0.b. a debit balance of $3,500.c. a credit balance of $3,500.d. a credit balance of $70,000.68. The entry to close Income Summary to Retained Earnings includesa. a debit to Revenue for $70,000.b. credits to Expenses totalling $73,500.c. a credit to Income Summary for $3,500d. a credit to Retained Earnings for $3,500.69. At January 1, 2006, NOLA reported Retained Earnings of $50,000. Dividends for theyear totalled $10,000. At December 31, 2006, the company will report a Retained Earnings balance ofa. $13,500 debit.b. $36,500 credit.c. $40,000 credit.d. $43,500 credit.70. After all closing entries have been posted, the Income Summary account will have a balance ofa. $0.b. $3,500 debit.c. $3,500 credit.d. $36,500 credit.71. After all closing entries have been posted the Revenue account will have a balance ofa. $0.b. $70,000 credit.c. $70,000 debit.d. $3,500 credit.72. The Income Summary account is an important account that is useda. during interim periods.b. in preparing adjusting entries.c. annually in preparing closing entries.d. annually in preparing correcting entries.73. The balance in the income summary account before it is closed will be equal toa. the net income or loss on the income statement.b. the beginning balance in the retained earnings account.c. the ending balance in the retained earnings account.d. zero.74. After closing entries are posted, the balance in the Retained Earnings account in the ledger will be equal toa. the beginning Retained Earnings reported on the owner's equity statement.b. the amount of the Retained Earnings reported on the balance sheet.c. zero.d. the net income for the period.75. A post-closing trial balance is prepareda. after closing entries have been journalized and posted.b. before closing entries have been journalized and posted.c. after closing entries have been journalized but before the entries are posted.d. before closing entries have been journalized but after the entries are posted.76. All of the following statements about the post-closing trial balance are correct except ita. shows that the accounting equation is in balance.b. provides evidence that the journalizing and posting of closing entries have been properly completed.c. contains only permanent accounts.d. proves that all transactions have been recorded.77. A post-closing trial balance will showa. only permanent account balances.b. only temporary account balances.c. zero balances for all accounts.d. the amount of net income (or loss) for the period.78. A post-closing trial balance should be prepareda. before closing entries are posted to the ledger accounts.b. after closing entries are posted to the ledger accounts.c. before adjusting entries are posted to the ledger accounts.d. only if an error in the accounts is detected.79. A post-closing trial balance will showa. zero balances for all accounts.b. zero balances for balance sheet accounts.c. only balance sheet accounts.d. only income statement accounts.80. The purpose of the post-closing trial balance is toa. prove that no mistakes were made.b. prove the equality of the balance sheet account balances that are carried forwardinto the next accounting period.c. prove the equality of the income statement account balances that are carriedforward into the next accounting period.d. list all the balance sheet accounts in alphabetical order for easy reference.81. The balances that appear on the post-closing trial balance will match thea. income statement account balances after adjustments.b. balance sheet account balances after closing entries.c. income statement account balances after closing entries.d. balance sheet account balances after adjustments.82. Which account listed below would be double ruled in the ledger as part of the closing process?a. Cashb. Common Stockc. Dividendsd. Accumulated Depreciation83. A double rule applied to accounts in the ledger during the closing process implies thata. the account is a temporary account.b. the account is a balance sheet account.c. the account balance is not zero.d. a mistake has been made, since double ruling is prescribed.84. The heading for a post-closing trial balance has a date line that is similar to the one found ona. a balance sheet.b. an income statement.c. an owner's equity statement.d. the work sheet.85. Which one of the following is usually prepared only at the end of a company's annual accounting period?a. Preparing financial statementsb. Journalizing and posting adjusting entriesc. Journalizing and posting closing entriesd. Preparing an adjusted trial balance86. The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) isa. analyzing transactions.b. journalizing and posting adjusting entries.c. preparing a post-closing trial balance.d. posting to ledger accounts.87. Which one of the following is an optional step in the accounting cycle of a business enterprise?a. Analyze business transactionsb. Prepare a work sheetc. Prepare a trial balanced. Post to the ledger accounts88. The final step in the accounting cycle is to preparea. closing entries.b. financial statements.c. a post-closing trial balance.d. adjusting entries.89. Which of the following steps in the accounting cycle would not generally be performed daily?a. Journalize transactionsb. Post to ledger accountsc. Prepare adjusting entriesd. Analyze business transactions90. Which of the following steps in the accounting cycle may be performed more frequently than annually?a. Prepare a post-closing trial balanceb. Journalize closing entriesc. Post closing entriesd. Prepare a trial balance91. Which of the following depicts the proper sequence of steps in the accounting cycle?a. Journalize the transactions, analyze business transactions, prepare a trial balanceb. Prepare a trial balance, prepare financial statements, prepare adjusting entriesc. Prepare a trial balance, prepare adjusting entries, prepare financial statementsd. Prepare a trial balance, post to ledger accounts, post adjusting entries92. The two optional steps in the accounting cycle are preparinga. a post-closing trial balance and reversing entries.b. a work sheet and post-closing trial balances.c. reversing entries and a work sheet.d. an adjusted trial balance and a post-closing trial balance.93. The first required step in the accounting cycle isa. reversing entries.b. journalizing transactions in the book of original entry.c. analyzing transactions.d. posting transactions.94. Correcting entriesa. always affect at least one balance sheet account and one income statementaccount.b. affect income statement accounts only.c. affect balance sheet accounts only.d. may involve any combination of accounts in need of correction.95. Speedy Bike Company received a $740 check from a customer for the balance due.The transaction was erroneously recorded as a debit to Cash $470 and a credit to Service Revenue $470. The correcting entry isa. Debit Cash, $740; Credit Accounts Receivable, $740.b. Debit Cash, $270 and Accounts Receivable, $470; Credit Service Revenue, $740.c. Debit Cash, $270 and Service Revenue, $470; Credit Accounts Receivable, $740.d. Debit Accounts Receivable, $740; Credit Cash, $270 and Service Revenue, $470.96. If errors occur in the recording process, theya. should be corrected as adjustments at the end of the period.b. should be corrected as soon as they are discovered.c. should be corrected when preparing closing entries.d. cannot be corrected until the next accounting period.97. A correcting entrya. must involve one balance sheet account and one income statement account.b. is another name for a closing entry.c. may involve any combination of accounts.d. is a required step in the accounting cycle.98. An unacceptable way to make a correcting entry is toa. reverse the incorrect entry.b. erase the incorrect entry.c. compare the incorrect entry with the correct entry and make a correcting entry tocorrect the accounts.d. correct it immediately upon discovery.99. Cole Company paid the weekly payroll on January 2 by debiting Wages Expense for$40,000. The accountant preparing the payroll entry overlooked the fact that WagesExpense of $24,000 had been accrued at year end on December 31. The correctingentry isa. Wages Payable ............................................................................ 24,000Cash ................................................................................ 24,000b. Cash .......................................................................................... 16,000Wages Expense .............................................................. 16,000c. Wages Payable ............................................................................ 24,000Wages Expense .............................................................. 24,000d. Cash .......................................................................................... 24,000Wages Expense .............................................................. 24,000100. Tyler Company paid $630 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $360 and a credit to Accounts Receivable, $360. Thecorrecting entry isa. Accounts Payable (630)Cash (630)b. Accounts Receivable (360)Cash (360)c. Accounts Receivable (360)Accounts Payable (360)d. Accounts Receivable (360)Accounts Payable (630)Cash (990)101. A lawyer collected $860 of legal fees in advance. He erroneously debited Cash for $680 and credited Accounts Receivable for $680. The correcting entry isa. Cash (680)Accounts Receivable (180)Unearned Revenue (860)b. Cash (860)Service Revenue (860)c. Cash .............................................................................................180Accounts Receivable (680)Unearned Revenue (860)d. Cash (180)Accounts Receivable (180)102. All of the following are property, plant, and equipment excepta. supplies.b. machinery.c. land.d. buildings.Use the following information to answer questions 103-111.The following items are taken from the financial statements of Waters Company for the year ending 12/31/2006: Accounts payable $ 18,000Accounts receivable 11,000Accumulated depreciation – equipment 28,000Advertising expense 21,000Cash 15,000Common stock 90,000Depreciation expense 12,000Dividends 14,000Insurance expense 3,000Note payable, due 6/31/2007 70,000Prepaid insurance (12-month policy) 6,000Rent expense 17,000Retained earnings, 1/1/2006 12,000Salaries expense 32,000Service revenue 133,000Supplies 4,000Supplies expense 6,000Equipment 210,000103. What is the company’s net income for the year ending 12/31/2006?a. $133,000b. $42,000c. $28,000d. $12,000104. What is the balance that would be reported for Retained earnings at 12/31/2006?a. $12,000b. $40,000c. $42,000d. $56,000105. What are total current assets at 12/31/2006?a. $26,000b. $32,000c. $36,000d. $218,000106. What is the book value of the equipment at 12/31/2006?a. $238,000.b. $210,000c. $182,000d. $170,000107. What are total current liabililites at 12/31/2006?a. $18,000b. $70,000c. $88,000d. $0.108. What are total long-term liabilities at 12/31/2006?a. $0b. $70,000.c. $88,000d. $90,000109. What is total stockholders’ equity at 12/31/2006?a. $90,000.b. $102,000.c. $126,000.d. $130,000.110. The sub-classificatio ns for assets on the company’s classified balance sheet would include all of the following except:a. Current Assetsb. Property, Plant and Equipmentc. Intangible Assetsd. All of the above would be included as sub-classifications.111. The current assets should be listed on the balance sheet in the following order:a. cash, accounts receivable, prepaid insurance, equipmentb. cash, prepaid insurance, supplies, accounts receivablec. cash, accounts receivable, prepaid insurance, suppliesd. equipment, supplies, prepaid insurance, accounts receivable, cash112. The operating cycle of a company is the average time that is required to go from cash toa. sales in producing revenues.b. cash in producing revenues.c. inventory in producing revenues.d. accounts receivable in producing revenues.113. On a classified balance sheet, current assets are customarily listeda. in alphabetical order.b. with the largest dollar amounts first.c. in the order of liquidity.d. in the order of acquisition.114. Intangible assets include all of the following except:a. Marketable securities.b. Patents.c. Copyrights.d. Goodwill.115. The relationship between current assets and current liabilities is important in evaluating a company'sa. profitability.b. liquidity.c. market value.d. accounting cycle.116. The most important information needed to determine if companies can pay their current obligations is thea. net income for this year.b. projected net income for next year.c. relationship between current assets and current liabilities.d. relationship between short-term and long-term liabilities.a117. A reversing entrya. reverses entries that were made in error.b. is the exact opposite of an adjusting entry made in a previous period.c. is made when a business disposes of an asset it previously purchased.d. is made when a company sustains a loss in one period and reverses the effectwith a profit in the next period.a118. If a company utilizes reversing entries, they willa. be made at the beginning of the next accounting period.b. not actually be posted to the general ledger accounts.c. be made before the post-closing trial balance.d. be part of the adjusting entry process.119. The steps in the preparation of a work sheet do not includea. analyzing documentary evidence.b. preparing a trial balance on the work sheet.c. entering the adjustments in the adjustment columns.d. entering adjusted balances in the adjusted trial balance columns.120. Balance sheet accounts are considered to bea. temporary owner's equity accounts.b. permanent accounts.c. capital accounts.d. nominal accounts.121. Income Summary has a credit balance of $12,000 in J. Tayler Co. after closing revenues and expenses. The entry to close Income Summary isa. credit Income Summary $12,000, debit Retained Earnings $12,000.b. credit Income Summary $12,000, debit Dividends $12,000.c. debit Income Summary $12,000, credit Dividends $12,000.d. debit Income Summary $12,000, credit Retained Earnings $12,000.122. The post-closing trial balance contains onlya. income statement accounts.b. balance sheet accounts.c. balance sheet and income statement accounts.d. income statement, balance sheet, and owner's equity statement accounts.123. Which of the following is an optional step in the accounting cycle?a. Adjusting entriesb. Closing entriesc. Correcting entriesd. Reversing entries124. Which one of the following statements concerning the accounting cycle is incorrect?a. The accounting cycle includes journalizing transactions and posting to ledgeraccounts.b. The accounting cycle includes only one optional step.c. The steps in the accounting cycle are performed in sequence.d. The steps in the accounting cycle are repeated in each accounting period.125. Correcting entries are madea. at the beginning of an accounting period.b. at the end of an accounting period.c. whenever an error is discovered.d. after closing entries.126. On September 23, Reese Company received a $350 check from Mike Moluf for services to be performed in the future.The bookkeeper for Reese Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper shoulda. debit Cash $350 and credit Unearned Service Revenue $350.b. debit Accounts Receivable $350 and credit Unearned Service Revenue $350.c. debit Accounts Receivable $350 and credit Cash $350.d. debit Accounts Receivable $350 and credit Service Revenue $350.127. Fifth Dimension Inc. reported a balance in Retained Earnings of $45,000 on its post-closing trial balance at 12/31/2006. The company earned net income of $30,000 and paid dividends of $5,000 during the year. The 12/31/2006 balance sheet will report Retained Earnings ofa. $40,000b. $45,000c. $70,000d. $75,000128. Current liabilitiesa. must reasonably be expected to be paid from existing current assets or throughthe creation of other current liabilities.b. are listed in the balance sheet in order of their expected maturity.c. must reasonably be expected to be paid within one year or the operating cycle,whichever is shorter.d. should not include long-term debt that is expected to be paid within the next year.a129. The use of reversing entriesa. is a required step in the accounting cycle.b. changes the amounts reported in the financial statements.c. simplifies the recording of subsequent transactions.d. is required for all adjusting entries.2.MATCHING1 Match the items below by entering the appropriate code letter in the space provided.A. Intangible assets F. Book valueB. Permanent accounts G. Current assetsC. Closing entries H. Operating cycleD. Income Summary I. Current liabilitiesE. Reversing entry J. Correcting entries____ 1. Obligations expected to be paid within one year or one operating cycle out of current assets.____ 2. The difference between the cost and the accumulated depreciaion of a depreciable asset.____ 3. Noncurrent assets that do not have physical substance____ 4. A temporary account used in the closing process.____ 5. Balance sheet accounts whose balances are carried forward to the next period.____ 6. The average length of time to go from cash to cash in producing revenue.____ 7. Entries to correct errors made in recording transactions.____ 8. The exact opposite of an adjusting entry made in a previous period.____ 9. Entries at the end of an accounting period to transfer the balances of temporary accounts to a stockholders’ account. ____ 10. Resources which are expected to be realized in cash, sold, or consumed within one year of the balance sheet or the company's operating cycle,whichever is longer.2.MATCHING150. Match the items below by entering the appropriate code letter in the space provided.A. Cost of goods available for sale F. First-in, first-out (FIFO) methodB. Raw materials G. Last-in, first-out (LIFO) methodC. FOB shipping point H. Average cost methodD. FOB destination I. Inventory turnoverE. Net purchases J. Current replacement cost____ 1. Measures the number of times the inventory sold during the period.____ 2. Purchases less purchases returns and allowances and purchases discounts.____ 3. Goods that will be used in the production process but which have not yet been placed into production.____ 4. Cost of goods sold consists of the most recent inventory purchases.____ 5. Sum of beginning merchandise inventory and cost of goods purchased.____ 6. Title to the goods transfers when the public carrier accepts the goods from the seller.____ 7. Ending inventory valuation consists of the most recent inventory purchases.____ 8. The same unit cost is used to value ending inventory and cost of goods sold.____ 9. Title to goods transfers when the goods are delivered to the buyer.____ 10. The amount that would be paid at the present time to acquire an identical item.。
会计英语考试题目及答案
会计英语考试题目及答案一、选择题（每题2分，共20分）1. Which of the following is a basic accounting principle?A. The Going Concern PrincipleB. The Historical Cost PrincipleC. Both A and BD. Neither A nor BAnswer: C. Both A and B2. What is the term for the systematic arrangement of accounts in a specific order?A. JournalB. LedgerC. Trial BalanceD. Chart of AccountsAnswer: D. Chart of Accounts3. What does the term "Debit" mean in accounting?A. An increase in assetsB. A decrease in liabilitiesC. An increase in equityD. A decrease in expensesAnswer: A. An increase in assets4. Which of the following is not a type of financialstatement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Payroll ReportAnswer: D. Payroll Report5. What is the purpose of an adjusting entry?A. To update the financial recordsB. To prepare for the next accounting periodC. To correct errors in the accounting recordsD. All of the aboveAnswer: D. All of the above6. Which of the following is an example of a current asset?A. InventoryB. LandC. EquipmentD. Bonds PayableAnswer: A. Inventory7. What is the formula for calculating the return on investment (ROI)?A. (Net Income / Total Assets) * 100B. (Net Income / Total Equity) * 100C. (Net Income / Investment) * 100D. (Total Assets / Net Income) * 100Answer: C. (Net Income / Investment) * 1008. What is the accounting equation?A. Assets = Liabilities + EquityB. Liabilities - Equity = AssetsC. Assets + Liabilities = EquityD. Equity + Assets = LiabilitiesAnswer: A. Assets = Liabilities + Equity9. What is the purpose of depreciation?A. To reduce the value of an asset over timeB. To increase the value of an asset over timeC. To calculate the cost of an assetD. To determine the net income of a companyAnswer: A. To reduce the value of an asset over time10. Which of the following is not a function of a general ledger?A. To record daily transactionsB. To summarize financial informationC. To provide a detailed account of each transactionD. To prepare financial statementsAnswer: A. To record daily transactions二、简答题（每题5分，共30分）1. Explain the difference between an asset and a liability. Answer: An asset is a resource owned by a business that hasfuture economic benefit, such as cash, inventory, or property.A liability is an obligation or debt that a business owes to others, such as loans, accounts payable, or salaries payable.2. What is the purpose of a balance sheet?Answer: The purpose of a balance sheet is to provide a snapshot of a company's financial position at a specificpoint in time, showing the company's assets, liabilities, and equity.3. Define the term "revenue."Answer: Revenue is the income generated from the normal business operations of a company, such as the sale of goodsor services.4. What is the difference between a journal and a ledger?Answer: A journal is a book that records financialtransactions in chronological order, while a ledger is a book that summarizes and organizes the financial transactions by accounts.5. 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.6. What is the purpose of a trial balance?Answer: The purpose of a trial balance is to ensure that the total debits equal the total credits in the general ledger, indicating that the accounting records are in balance.三、案例分析题（每题25分，共50分）1. A company purchased equipment for $50,000 on January 1, 2023, with a useful life of 5 years and no residual value. Calculate the annual depreciation expense using the straight-line method.Answer: Using the straight-line method, the annual depreciation expense is calculated as follows:Depreciation Expense = (Cost of Equipment - Residual Value) / Useful LifeDepreciation Expense = ($50,000 - $0) / 5 = $10,000 per year2. A company has the following transactions for the month of March 2023:- Sold goods for $20,000 on credit.- Purchased inventory for $15,000 in cash.- Paid $2,000 in salaries.- Received $18,。
{财务管理财务会计}财务会计英语练习及答案
{财务管理财务会计}财务会计英语练习及答案CHAPTER13 ACCOUNTINGFORPARTNERSHIPSAND LIMITEDLIABILITYCORPORATIONSANS:TDIF:1OBJ:0320.Anewpartnercontributesaccountsreceivabletoapartnershipwhichappearinth eledgerofhissoleproprietorshipat$20,500andtherewasanallowancefordoubtful accountsof$750.If$600oftheaccountsreceivablesarepletelyworthless,thepart nershipaccountsreceivableshouldbedebitedfor$19,900.ANS:TDIF:2OBJ:0321.Onereasonthatdistributionsofineandlossarepreparedistoobtaintheinforma tiontorecordaclosingentry.ANS:TDIF:1OBJ:0422.Ifnothingisstated,partnershipineisdividedinproportiontotheindividualp artner'scapitalbalance.ANS:FDIF:2OBJ:0423.Thesalaryallocationtopartnersusedindividingnetinewouldalsoappearassal aryexpenseonthepartnershipinestatement.ANS:FDIF:2OBJ:0424.Ifthearticlesofpartnershipprovideforannualsalaryallowancesof$36,000an d$18,000toXandYrespectivelyandnetineis$30,000,X'sshareofnetineis$20,000. ANS:FDIF:2OBJ:0425.Ifthenetineofapartnershipislessthanthetotaloftheallowancesprovidedbyt hepartnershipagreement,thedifferencemustbedividedamongthepartnersinthein e-sharingratio.ANS:FDIF:2OBJ:0426.Theamountthatapartnerwithdrawsasamonthlysalaryallowancedoesnotaffectt hedivisionofnetine.ANS:TDIF:2OBJ:0427.AdevotesfulltimeandBdevotesone-halftimetotheirpartnership.Ifthepartne rshipagreementissilentconcerningthedivisionofnetine,Awillreceivea$20,000 shareofanetineof$30,000.ANS:FDIF:2OBJ:0428.Inthedistributionofine,thenetineislessthanthesalaryandinterestallowan cesgranted,theremainingbalancewillbeanegativeamountthatmustbedividedamon gthepartnersasthoughitwerealoss.ANS:TDIF:2OBJ:0429. Detailsofthedivisionofpartnershipineshouldnormallybedisclosedinthefinanc ialstatements.ANS:TDIF:2OBJ:0430.Wheneverapartnershipisdissolved,theassetsareliquidated.ANS:FDIF:1OBJ:0531.Whenapartnershipdissolves,anewpartnershipisformedandanewpartnershipag reementshouldbeprepared.ANS:TDIF:1OBJ:0532.Manypartnershipsprovidefortheadmissionofnewpartnersorwithdrawalsofpre sentpartnersinthepartnershipagreementsothatthefirmmaycontinuetooperatewi thoutexecutinganewagreement.ANS:TDIF:1OBJ:0533.Apersonmaybeadmittedtoapartnershiponlywiththeconsentofallthecurrentpa rtners.ANS:TDIF:1OBJ:0534.Partnership'sassetaccountsshouldbechangedfromcosttofairmarketvaluewhe nanewpartnerisadmittedtoafirmoranexistingpartnerwithdrawsanddies. ANS:TDIF:2OBJ:0535.Inadmittinganewpartner,thepanychoosestousethepurchaseofaninterestmeth od,thecapitalinterestofthenewpartnerisobtainedfromthecurrentpartnersandb oththetotalassetsandtotalcapitalareincreased.ANS:FDIF:2OBJ:0536.Whenanewpartnerpurchasestheentireinterestofanoldpartner,thenewpartner 'scapitalaccountshouldbecreditedfortheamountheorshepaidtotheoldpartner.46.Ifanewpartneristobeadmittedtoapartnershipandabonusisattributedtotheol dpartnership,thebonusshouldbedividedbetweenthecapitalaccountsoftheorigin alpartnersaccordingtotheircapitalbalances.ANS:FDIF:2OBJ:0547.IfretiringpartnerAsellshisorherinteresttoB,thepartnershipshouldrecord theassetspaidtoAinitsaccountsattheirbookvalues.ANS:FDIF:2OBJ:0548.Whenanewpartnerisadmittedtoapartnership,bonusesattributabletoeitherth eoldpartnershiportotheiningpartnermayberecognizedinaccordancewiththeagre ementamongthepartners.ANS:TDIF:1OBJ:0549.Dissolutionisthetermwhichsolelymeanstoliquidatethepartnership. ANS:FDIF:1OBJ:0650.Inapartnershipliquidation,gainsandlossesonthesaleofpartnershipassetsa redividedamongthepartners'capitalaccountsonthebasisoftheircapitalbalance s.ANS:FDIF:2OBJ:0651.Iftheshareoflossesonrealizationofthesaleofnoncashassetsexceedthebalan ceinapartner'scapitalaccount,theresultingbalanceiscalledadeficiency. ANS:TDIF:1OBJ:0652.Inapartnershipliquidation,ifapartnerhasadebitcapitalbalanceinhisorher capitalaccount,heorsheisresponsibleforcontributingpersonalassetssufficie nttoeliminatethedeficit.ANS:TDIF:2OBJ:0653.Theprocessofwindinguptheaffairsofapartnershipisreferredtoasrealizatio n.ANS:FDIF:1OBJ:0654.Thedistributionofcash,asthefinalprocessinwindinguptheaffairsofapartnership,isbasedontheine-sharingratio.ANS:FDIF:2OBJ:0655.Ifapartner'scapitalbalanceisadebitafterithasabsorbeditsshareoftheloss onrealization,thebalanceisreferredtoasadeficiency.ANS:TDIF:1OBJ:0656.Intheliquidatingprocess,anyuncollectedcashbeesalosstothepartnershipan disdividedamongtheremainingpartners'capitalbalancesbasedontheirine-shari ngratio.ANS:TDIF:2OBJ:0657.Afterallnoncashassetshavebeenconvertedtocashandallliabilitiespaid,A,B ,andChavecapitalbalancesof$10,000(debit),$5,000(debit),and$25,000(credit ).Thecashavailablefordistributiontothepartnersis$10,000.ANS:TDIF:2OBJ:0658.Afterallnoncashassetshavebeenconvertedtocashandallliabilitiespaid,A,B ,andChavecapitalbalancesof$15,000(credit),$10,000(debit),and$30,000(cred it).C'sshareofthecashtobedistributedis$30,000.ANS:FDIF:2OBJ:0659.Aventurecapitalistisanindividualorfirmthatprovidescreditfinancingtoth epany.ANS:FDIF:1OBJ:0760.IPOisanacronymthatstandsforinitialpublicofferingANS:TDIF:1OBJ:0761.Underwritingfirmsorinvestmentbankershelpapanynotonlydeterminetheoffer ingpriceforitstock,butalsohelpmarketthestocktotheirclientsandthepublic. ANS:TDIF:1OBJ:07MULTIPLECHOICE1.Whichofthefollowingischaracteristicofageneralpartnership?a.Thepartnershaveco-ownershipofpartnershipproperty.b.Thepartnershipissubjecttofederalinetax.10.Accountingfortheday-to-dayactivitiesforapartnershiporLimitedLiability Corporationisa.thesameastheaccountingforanyotherformofbusinessb.thesameastheaccountingforasoleproprietorshiponlyc.isnotthesameastheaccountingforanyotherformofbusinessd.thesameastheaccountingforacorporationonlyANS:ADIF:1OBJ:0211.Whenapartnershipisformed,assetscontributedbythepartnersshouldberecord edonthepartnershipbooksattheira.bookvaluesonthepartners'bookspriortotheirbeingcontributedtothepartnershipb.fairmarketvalueatthetimeofthecontributionc.originalcoststothepartnercontributingthemd.assessedvaluesforpropertypurposesANS:BDIF:2OBJ:0312.Aspartoftheinitialinvestment,apartnercontributesequipmentthathadorigi nallycost$100,000andonwhichaccumulateddepreciationof$75,000hasbeenrecord ed.Ifsimilarequipmentwouldcost$150,000toreplaceandthepartnersagreeonaval uationof$40,000forthecontributedequipment,whatamountshouldbedebitedtothe equipmentaccount?a.$40,000b.$150,000c.$100,000d.$75,000ANS:ADIF:2OBJ:0313.Aspartoftheinitialinvestment,Oswaldcontributesaccountsreceivablethath adabalanceof$25,000intheaccountsofasoleproprietorship.Ofthisamount,$1,25 0ispletelyworthless.Fortheremainingaccounts,thepartnershipwillestablisha provisionforpossiblefutureuncollectibleaccountsof$750.TheamountdebitedtoAccountsReceivableforthenewpartnershipisa.$23,000b.$25,000c.$24,250d.$23,750ANS:DDIF:2OBJ:0314.JackandJillshareineandlossesina2:1ratioafterallowingforsalariestoJack of$24,000and$30,ineforthepartnershipis$48,000.Ineshouldbedi videdasfollows:a.Jack,$24,000;Jill,$24,000b.Jack,$21,000;Jill,$27,000c.Jack,$32,000;Jill,$16,000d.Jack,$20,000;Jill,$28,000ANS:DDIF:2OBJ:0415.FredandEthelshareineequally.Duringthecurrentyearthepartnershipnetinew as$40,000.Fredmadewithdrawalsof$12,000andEthelmadewithdrawalsof$17,000.A tthebeginningoftheyear,thecapitalaccountbalanceswere:Fredcapital,$42,000 ;Ethelcapital,$58,000.Fred'scapitalaccountbalanceattheendoftheyearisa.$76,500b.$64,500c.$62,000d.$50,000ANS:DDIF:2REF:0416.Partnershipineandlossesareusuallydividedonthebasisofinterest,salaries ,andstatedratiosbecausea.partnersseldomcontributetimeandresourcesequallyb.thismethodreflectstheamountoftimedevotedtothepartnershipbythepartnersc.itissimplerthanfollowingthelegalrulesd.itpreventsargumentsamongthepartnersANS:ADIF:1OBJ:0417.Aratioof3:2:1isthesameasa.30%:20%:10%b.1/2:1/3:1/6c.3/10:2/10:1/20d.both(a)and(c)ANS:BDIF:2OBJ:0418.CandDformapartnershipinwhichCcontributes$50,000inassetsandagreestodev otehalftimetothepartnership.Dcontributed$40,000inassetsandagreestodevote fulltimetothepartnership.HowwillCandDshareinthedivisionofine?a.5:8b.1:2c.1:1d.5:4ANS:CDIF:2OBJ:0419.XandYhaveoriginalinvestmentsof$50,000and$100,000respectivelyinapartne rship.Thearticlesofpartnershipincludethefollowingprovisionsregardingthed ivisionofnetine:interestonoriginalinvestmentat10%,salaryallowancesof$27, 000and$18,000respectively,andtheremainderequally.Howmuchofthenetineof$90 ,000isallocatedtoX?a.$60,000b.$43,000c.$45,000d.$47,000ANS:DDIF:3OBJ:0420.XandYhaveoriginalinvestmentsof$50,000and$100,000respectivelyinapartnership.Thearticlesofpartnershipincludethefollowingprovisionsregardingthed ivisionofnetine:interestonoriginalinvestmentat10%,salaryallowancesof$27, 000and$18,000respectively,andtheremainderequally.Howmuchofthenetineof$50 ,000isallocatedtoX?a.$33,333b.$23,000c.$25,000d.$27,000ANS:DDIF:3OBJ:0421.XandYhaveoriginalinvestmentsof$50,000and$100,000respectivelyinapartne rship.Thearticlesofpartnershipincludethefollowingprovisionsregardingthed ivisionofnetine:interestonoriginalinvestmentat10%,salaryallowancesof$27, 000and$18,000respectively,andtheremainderequally.Howmuchofthenetlossof$1 0,000isallocatedtoX?a.$10,000b.$3,000c.$5,000d.$7,000ANS:CDIF:3OBJ:0422.ThearticlesofpartnershipforABPartnershipprovideforasalaryallowanceof$ 5,000permonthforpartnerB,withthebalanceofnetinetobedividedequally.IfBmad eanadditionalinvestmentof$10,000duringtheyearandwithdrew$4,000permonth,a ndnetinefortheyearwas$90,000,bywhatamountdidB'scapitalincreaseduringthey ear?a.$85,000b.$10,000c.$37,000ANS:CDIF:3OBJ:0423.Ifthereisnowrittenagreementastothewayinewillbedividedamongpartnersa.theywillshareineandlossesequallyb.theywillshareineandlossesaccordingtotheircapitalbalancesc.theywillshareineandlossesaccordingtothetimedevotedtothebusiness.d.therereallyisnopartnershipagreementANS:ADIF:1OBJ:0424.PartnerAhasacapitalbalanceof$20,000anddevotesfulltimetothepartnership .PartnerBhasacapitalbalanceof$30,000anddevoteshalftimetothepartnership.I nwhatratioisnetinetobedivided?a.3:5b.1:1c.2:3d.1:2ANS:BDIF:2OBJ:0425.Detailsofthedivisionofnetineforapartnershipshouldbediscloseda.intheassetsectionofthebalancesheetb.inthepartners’subsidiaryledgerc.inthestatementofcashflowsd.intheinestatementANS:DDIF:2OBJ:0426.DengandDangarepartnerswhoshareineintheratioof3:2.Theircapitalbalances are$40,000and$60,000respectively.IneSummaryhasacreditbalanceof$20,000.Wh atisDeng'scapitalbalanceafterclosingIneSummarytoCapital?a.$30,000b.$52,000c.$28,000ANS:BDIF:2OBJ:0427.SelmapaysSally$39,000forher30%interestinapartnershipwithtotalnetasset sof$120,000.Followingthistransaction,Selma'scapitalaccountshouldhaveacre ditbalanceofa.$36,000b.$39,000c.$33,000d.morethan$39,000ANS:ADIF:3OBJ:0528.Nellieisadmittedtoanexistingpartnershipbyinvestingcash.Nellieagreesto payabonusforherownershipinterestbecauseofthepastsuccessofthepartnership. WhenNellie'sinvestmentinthepartnershipisrecordeda.hercapitalaccountwillbecreditedformorethanthecashsheinvestedb.hercapitalaccountwillbecreditedfortheamountofcashsheinvestedc.abonuswillbecreditedfortheamountofcashsheinvestedd.abonuswillbedistributedtotheoldpartners'capitalaccounts.ANS:DDIF:3OBJ:0529.PeterandPaularepartners.ThepartnershipcapitalofPeteris$40,000andPauli s$70,000.PetersellshisinterestinthepartnershiptoMaryfor$50,000.Thejourna lentrytorecordtheadmissionofMaryasanewpartnerwouldincludea.acredittoMary'scapitalfor$40,000b.acredittoPaul'scapitalfor$10,000c.acreditMary'scapitalfor$50,000d.acredittoMary'scapitalfor$40,000andacredittoPaul'scapitalfor$10,00ANS:ADIF:3OBJ:0530.Whenapartnerdies,thecapitalaccountbalancesoftheremainingpartnersc.$25,000d.$35,000ANS:CDIF:3OBJ:0534.Anewpartnermaybeadmittedtoapartnershipbya.inheritingapartnershipinterestb.contributingassetstothepartnershipc.purchasingaspecificquantityofassetsfromthepartnershipd.theconsentofthemajorityofthecurrentpartnersANS:BDIF:2OBJ:0535.Achangeintheownershipofapartnershipresultsinthea.consolidatingofthepartnershipb.liquidatingofthepartnershipc.realizationofthepartnershipd.dissolutionofthepartnershipANS:DDIF:1OBJ:0536.Whenanewpartnerisadmittedtoapartnership,thereshouldbea(n)a.revaluationofassetsb.realizationofassetsc.allocationofassetsd.returnofassetsANS:ADIF:1OBJ:0537.Whenanewpartnerisadmittedtoapartnership,thereshouldbea(n)a.thetotalassetsofthepartnershipincreaseb.newcapitalaccountisaddedtotheledgerforthenewpartnerc.thetotalowner'sequityofthepartnershipincreasesd.thecashreceivedbythecurrentpartnerrepresentstheamountofthedebittothatpartner'scapitalaccount.ANS:BDIF:2OBJ:0538.Whenanadditionalpartnerisadmittedtoapartnershipbycontributionofassets tothepartnershipa.thetotalassetsofthepartnershipdonotchangeb.noliabilitiescanbecontributedatthesametimec.theamountofthecashcontributionisthesameastheamountofthedebittothenewpartner'scapitalaccountd.thetotaloftheowner'sequityaccountsincreasesANS:DDIF:2OBJ:0539.Whenanewpartnerisadmittedtoapartnershipa.abonusmaybeattributabletotheoldpartnerb.abonusmayonlyresultfrommorecashbeinggivenbythenewpartnerthanthevalueoftheoftheassetsbeingpurchasedc.abonusagreeduponbythepartnersisrecordedasanassetsolongastheamountiswithintherangesetbytheSECd.abonusisnotrecordedANS:ADIF:2OBJ:0540.TheCDPartnershipownsinventorythatwaspurchasedfor$65,000,hasacurrentre placementcostof$62,500,andispricedtosellfor$95,000.Atwhatamountshouldthe inventoryberecordedintheaccountsofthenewpartnershipifAistobeadmitted?a.$97,000b.$62,500c.$65,000d.$95,000ANS:BDIF:2OBJ:0541.ImmediatelypriortotheadmissionofA,theXYPartnershipassetshadbeenadjust edtocurrentmarketprices,andthecapitalbalancesofXandYwere$40,000and$60,00 0respectively.Ifthepartiesagreethatthebusinessisworth$150,000,whatisthea mountofbonusthatshouldberecognizedintheaccountsattheadmissionofA?b.$0c.$40,000d.$50,000ANS:DDIF:2OBJ:0542.StanandOlliearepartnerswhoshareineintheratioof2:3andhavecapitalbalanc esof$50,000and$30,000respectively.Rayisadmittedtothepartnershipandisgive na40%interestbyinvesting$20,000.WhatisStan'scapitalbalanceafteradmitting Ray?a.$20,000b.$25,000c.$42,000d.$18,000ANS:CDIF:3OBJ:0543.StanandOlliearepartnerswhoshareineintheratioof2:3andhavecapitalbalanc esof$30,000and$50,000respectively.Rayisadmittedtothepartnershipandisgive na10%interestbyinvesting$20,000.WhatisOllie'scapitalbalanceafteradmittin gRay?a.$56,000b.$34,000c.$20,000d.$44,000ANS:ADIF:3OBJ:0544.Tim,Don,andHansarepartnerswithcapitalbalancesof$20,000,$30,000,and$50 ,000respectively.Theyshareineintheratioof3:2:1.IneSummarywithadebitbalan ceof$30,000isclosedtothecapitalaccounts.Donwithdrawsfromthepartnership.H owmuchcashdoeshegetuponwithdrawal?a.$30,000c.$40,000d.$24,000ANS:BDIF:3OBJ:0545.AandBarepartnerswhoshareineintheratioof1:2andhavecapitalbalancesof$40 ,000and$70,000atthetimetheydecidetoterminatethepartnership.Afterallnonca shassetsaresoldandallliabilitiesarepaid,thereisacashbalanceof$80,000.Wha tamountoflossonrealizationshouldbeallocatedtoA?a.$80,000b.$10,000c.$20,000d.$30,000ANS:BDIF:3OBJ:0646.Apartnershipliquidationoccurswhena.anewpartnerisadmittedb.apartnerdiesc.theownershipinterestofonepartnerissoldtoanewpartnerd.theassetsaresold,liabilitiespaid,andbusinessoperationsterminated ANS:DDIF:1OBJ:0647.ThebalancesheetofMarilynandMonroewasasfollowsimmediatelypriortothepar tnershipbeingliquidated:cash,$20,000;otherassets,$160,000;liabilities,$4 0,000;Marilyncapital,$60,000;Monroecapital,$80,000.Theotherassetsweresol dfor$139,000.MarilynandMonroeshareprofitsandlossesina2:1ratio.Asafinalca shdistributionfromtheliquidation,Marilynwillreceivecashtotalinga.$46,000b.$51,000c.$60,000d.$49,500ANS:ADIF:3OBJ:0648.JimmyJerryandJohnnydecidetoliquidatetheirpartnership.Allassetsaresold andtheliabilitiesarepaid.Followingthesetransactions,thecapitalbalancesan dprofitandlosspercentagesareasfollows:Jimmy,$27,000and30%;Jerry,$(12,000 )and40%;Johnny,$43,000and30%.Jerryisunabletocontributeanyassetstoreducet hedeficit.HowmuchcashwillJimmyreceiveasaresultsofthepartnershipliquidati on?a.$27,000b.$21,000c.$23,400d.$15,000ANS:BDIF:3OBJ:0649.Theremainingcashofapartnership(aftercreditorshavebeenpaid)uponliquida tionisdividedamongpartnersaccordingtotheira.capitalbalancesb.contributionofassetsc.drawingbalancesd.inesharingratioANS:ADIF:2OBJ:0650.Againorlossonrealizationisdividedamongpartnersaccordingtotheira.inesharingratiob.capitalbalancesc.drawingbalancesd.contributionofassetsANS:ADIF:2OBJ:0651.AandBarepartnerswhoshareineintheratioof3:2andhavecapitalbalancesof$50 ,000and$90,000atthetimetheydecidetoterminatethepartnership.Afterallnonca shassetsaresoldandallliabilitiesarepaid,thereisacashbalanceof$90,000.How muchcashshouldbedistributedtoA?b.$20,000c.$30,000d.$45,000ANS:BDIF:3OBJ:0652.X,Y,andZarepartners,sharingine1:2:3.Aftersellingalloftheassetsforcash ,dividinglossesonrealization,andpayingliabilities,thebalancesinthecapita laccountsareasfollows:X,$50,000Cr.;Y,$40,000Dr.;andZ,$30,000Cr.Howmuchca shisavailablefordistributiontothepartners?a.$120,000b.$30,000c.$40,000d.$90,000ANS:CDIF:3OBJ:0653.X,Y,andZarepartners,sharingine1:2:3.Aftersellingalloftheassetsforcash ,dividinglossesonrealization,andpayingliabilities,thebalancesinthecapita laccountsareasfollows:X,$50,000Cr.;Y,$40,000Dr.;andZ,$30,000Cr.Howmuchca shshouldbedistributedtoXassumingthatYpaysthedeficiency?a.$50,000b.$20,000c.$30,000d.$40,000ANS:DDIF:3OBJ:0654.X,Y,andZarepartners,sharingine1:2:3.Aftersellingalloftheassetsforcash ,dividinglossesonrealization,andpayingliabilities,thebalancesinthecapita laccountsareasfollows:X,$50,000Cr.;Y,$20,000Cr.;andZ,$30,000Dr.Assumetha taftertheavailablecashisdistributedtothepartners,Zpays$15,000ofthedefici encytothefirm.Howmuchofthe$15,000shouldbedistributedtoX?b.$0c.$5,000d.$10,000ANS:CDIF:3OBJ:06PROBLEM1.EdandFrankformapartnershipbybiningtheassetsoftheirseparatebusinesses.E dcontributesaccountsreceivablewithafaceamountof$50,000andequipmentwithac ostof$180,000andaccumulateddepreciationof$100,000.Thepartnersagreethatth eequipmentistobepricedat$70,000,that$2,500oftheaccountsreceivableareplet elyworthlessandarenottobeacceptedbythepartnership,andthat$1,500isareason ableallowancefortheuncollectibilityoftheremainingaccountsreceivable.Fran kcontributescashof$20,000andmerchandiseinventoryof$49,500.Thepartnersagr eethatthemerchandiseinventoryistobepricedat$51,000.Journalizetheentriest orecordinthepartnershipaccounts(a)Ed'sinvestmentand(b)Frank'sinvestment. ANS:a)AccountsReceivable......................47,500 Equipment................................70,000 AllowanceforDoubtfulAccounts........1,500Ed,Capital............................116,000(b)Cash.....................................20,000 MerchandiseInventory.............51,000Frank,Capital.........................71,000DIF:2OBJ:032.MaryHartmann,soleproprietorofahardwarebusiness,decidestoformapartnersh ipwithNedIsaacs.Mary'saccountsareasfollows:BookValueMarketValue---------------------------------Cash$20,000$20,000AccountsReceivable(net)52,00045,000Inventory112,000125,000Land40,000100,000Building(net)300,000340,000AccountsPayable25,00025,000MortgagePayable75,00075,000Nedagreestocontribute$70,000fora20%interest.Journalizetheentriestorecord (a)Mary'sinvestmentand(b)Ned'sinvestment.ANS:(a)Cash......................20,000AccountsReceivable.....45,000 Inventory.................125,000 Land......................100,000 Building..................340,000AccountsPayable........25,000MortgagePayable........75,000MaryHartmann,Capital..530,000(b)Cash......................70,000MaryHartmann,Capital....50,000NedIsaacs,Capital.....120,000DIF:3OBJ:353.CarlandDavidhavecapitalbalancesof$100,000and$300,000respectively.Carld evotesfulltimeandDavidone-halftimetothebusiness.Determinethedivisionof$9 0,000ofnetineundereachofthefollowingassumptions:(a)Noagreementastodivisionofnetine.(b)Inratioofcapitalbalances.(c)Inratiooftimedevotedtobusiness.(d)Interestof10%oncapitalbalancesandremainderequally.(e)Interestof10%oncapitalbalances,salariesof$40,000toCarland$20,000toDavid,andtheremainderequally.ANS:CarlDavidComputations---------------------(a)$45,000$45,000Carl:50%$90,000David:50%$90,000(b)$22,500$67,500Carl:1/4$90,000David:3/4$90,000(c)$60,000$30,000Carl:2/3$90,000David:1/3$90,000(d)$35,000$55,000Carl:[(10%$100,000)+(1/2$50,000)]David:[(10%$300,000)+(1/2$50,000)](e)$45,000$45,000Carl:[(10%x$100,000)+$40,000-(1/2$(10,000)]David:[(10%$300,000)+$20,000-(1/2$(10,000)]DIF:3OBJ:044.ClintonandDolehadcapitalbalancesof$120,000and$180,000respectivelyatthe beginningofthecurrentfiscalyear.Thearticlesofpartnershipprovideforsalary allowancesof$18,000and$20,000respectively,anallowanceofinterestat12%onth ecapitalbalancesatthebeginningoftheyear,withtheremainingnetinedividedequ ineforthecurrentyearwas$100,000.(a)Presenttheinedivisionsectionoftheinestatementforthecurrentyear.(b)Assumingthatthenetinehadbeen$50,000insteadof$100,000,presenttheinediv isionsectionoftheinestatementforthecurrentyear.ANS:(a) Netine............................$100,000CDTotalDivisionofnetine:----------------------Salaryallowance...........$18,000$20,000$38,000Interestallowance.........14,40021,60036,000 Remainingine...........13,00013,00026,000----------------------Netine...................$45,400$54,600$100,000===============(b)Netine....................$50,000Divisionofnetine:Salaryallowance............$18,000$20,000$38,000 Interestallowance..........14,40021,60036,000----------------------Total.....................$32,400$41,600$74,000Excessofallowancesovernetine.12,00012,00024,000----------------------Netine....................$20,400$29,600$50,000==================DIF:3OBJ:02,045.CandDhadcapitalbalancesof$60,000and$120,000respectivelyonJanuary1ofthe currentyear.OnMay8,Cinvestedanadditional$10,000inthepartnership.Duringth eyear,CandDwithdrew$25,000and$35,000respectively.Afterclosingallexpensea ndrevenueaccountsattheendoftheyear,IneSummaryhasacreditbalanceof$90,000. Thenetineisdividedintheratioof2:3afterasalaryallowanceof$40,000toC.(a)Journalizetheentriestoclosetheinesummaryaccountandthedrawingaccounts.(b)Preparethestatementofowner'sequityforthecurrentyear.ANS:(a)IneSummary.......................90,000C,Capital.............................60,000D,Capital.............................30,000C,Capital...............................25,000D,Capital...............................35,000C,Drawing.............................25,000D,Drawing.............................35,000(b)CandDStatementofOwner'sEquityForYearEndedDecember31================================================== ===========CDTotal------------------------Capital,January1......$60,000$120,000$180,000Additionalinvestmentduringtheyear.............10,000----10,000------------------------$70,000$120,000$190,000Netinefortheyear......60,00030,00090,000------------------------$130,000$150,000$280,000Withdrawalsduringtheyear...25,00035,00060,000------------------------Capital,December31$105,000$115,000$220,000====================DIF:1OBJ:02,046.BenGumbelandFredHowe,partnerssharingnetineintheratioof2:1,admitAlanBro kawtothepartnershipinaccordancewiththefollowingagreement:(1)Merchandiseinventoryrecordedinthepartnershipaccountsat$62,500istobere valuedatitscurrentreplacementpriceof$67,000.(2)Brokawistoinvest$48,000incashfora30%interestinthepartnership,whichhastotalnetassets(assetsminusliabilities)of$130,000aftertheinventoryisreval ued.(3)Theine-sharingratioofGumbel,Howe,andBrokawistobe2:1:1.(a)Journalizetheentriestorecordtherevaluationofmerchandiseinventory,andt headmissionofBrokawtothepartnership.(b)Afewyearslater,thecapitalbalancesofGumbel,Howe,andBrokawwere$140,000, $90,000,and$55,000respectively.Atthistime,MarvinKingisadmittedtothepartn ershipbythepurchaseofone-halfofGumbel'sinterestfor$80,000.Journalizethee ntrytorecordtheadmissionofKingtothepartnership.ANS:(a)MerchandiseInventory...........4,500BenGumbel,Capital.....................3,000FredHowe,Capital......................1,500 Cash......................................48,000BenGumbel,Capital.....................6,000FredHowe,Capital......................3,000AlanBrokaw,Capital....................39,000(b)BenGumbel,Capital..............70,000MarvinKing,Capital....................70,000DIF:3OBJ:057.AnneKlineandBethLewis,partnersinClassyBoutique,havecapitalbalancesof$40, 000and$60,000respectively.CarolMartinjoinsthepartnershipbybuyingone-half ofAnne'sinterestfor$30,000.Inaddition,becauseofCarol'soutstandingsalessk ills,thepartnersagreetoincreaseherinterestto40%ifsheinvestsanother$10,000.Theine-sharingratioofKline,Lewis,andMartinis4:3:1.(a)JournalizetheentriestorecordtheadmissionofMartintothepartnership.(b)ImmediatelyafterMartin'sadmissiontothepartnership,Lewissellsone-fourt hofherinteresttoDebNewtonfor$35,000.Journalizetheentrytorecordthistransaction.ANS:(a)AnneKline,Capital..............20,000CarolMartin,Capital.............20,000 Cash................................10,000AnneKline,Capital...............8,000BethLewis,Capital...............6,000CarolMartin,Capital.............24,000(b)BethLewis,Capital.............13,500DebNewton,Capital...............13,500DIF:3OBJ:058.Immediatelypriortotheprocessofliquidation,partnersM,N,andOhavecapitalb alancesof$70,000,$20,000,and$30,000respectively.Thereisacashbalanceof$10 ,000,noncashassetstotal$160,000,andliabilitiestotal$50,000.Thepartnerssh arenetineandlossesintheratioof2:2:1. Journalizetheentriestorecordtheliquidationoutlinedbelow,usingAssetsasthe accounttitleforthenoncashassetsandLiabilitiesastheaccounttitleforallcred itors'claims.(a)Soldthenoncashassetsfor$80,000incash.(b)Dividedthelossonrealization.(c)Paidtheliabilities.(d)Receivedcashfromthepartnerwiththedeficiency.(e)Distributedthecashtothepartners.ANS:(a)Cash....................................80,000 LossonRealization..................80,000 Assets................................160,000(b)M,Capital..............................32,000N,Capital..............................32,000O,Capital..............................16,000 LossonRealization...................80,000(c)Liabilities.............................50,000 Cash..................................50,000(d)Cash....................................12,000N,Capital............................12,000(e)M,Capital..............................38,000O,Capital..............................14,000 Cash..................................52,000DIF:3OBJ:069.Afterdiscontinuingtheordinarybusinessoperationsandclosingtheaccountson May7,theledgerofthepartnershipofA,B,andCindicatedthefollowing: Cash..............................$7,500 NoncashAssets...............105,000 Liabilities.......................$27,500A,Capital........................45,000B,Capital........................15,000C,Capital........................25,000----------------$112,500$112,500================Thepartnerssharenetineandlossesintheratioof3:2:1.BetweenMay7-30,thenonca shassetsweresoldfor$120,000,theliabilitieswerepaid,andtheremainingcashwa sdistributedtothepartners.(a)Prepareastatementofpartnershipliquidation.(b)Assumethesamefactsasin(a),exceptthatthenoncashassetsweresoldfor$45,00 0andanypartnerwithacapitaldeficiencypaystheamountofthedeficiencytothepar tnership.Prepareastatementofpartnershipliquidation.ANS:。
财务会计英语练习及答案ch
财务会计英语练习及答案ch个人收集整理勿做商业用途CHAPTER 16 STATEMENT OF CASH FLOWS个人收集整理勿做商业用途Chapter 16—Statement of Cash FlowsTRUE/FALSE1. The statement of cash flows is not one of the basic financial statements.ANS: F DIF: 1 OBJ: 012. Cash, as the term is used for the statement of cash flows, could indicate either cash or cashequivalents.ANS: T DIF: 1 OBJ: 013. The statement of cash flows is an optional financial statement.ANS: F DIF: 1 OBJ: 014. The statement of cash flows shows the effects on cash ofa company's operating, investing,and financing activities.ANS: T DIF: 1 OBJ: 015. The statement of cash flows reports a firm's major sources of cash receipts and major uses ofcash payments for a period.ANS: T DIF: 1 OBJ: 016. Cash flows from operating activities, as part of the statement of cash flows, include cashtransactions that enter into the determination of net income.ANS: T DIF: 1 OBJ: 017. To arrive at cash flows from operations, it is necessary toconvert the income statement froman accrual basis to the cash basis of accounting.ANS: T DIF: 2 OBJ: 018. Cash flows from investing activities, as part of the statement of cash flows, include receiptsfrom the sale of land.ANS: T DIF: 2 OBJ: 019. Cash flows from financing activities, as part of the statement of cash flows, include paymentsfor dividends.ANS: T DIF: 2 OBJ: 0110. Cash flows from investing activities, as part of the statement of cash flows, include paymentsfor the purchase of treasury stock.ANS: F DIF: 2 OBJ: 0111. Cash flows from investing activities, as part of the statement of cash flows, include receiptsfrom the issuance of bonds payable.ANS: F DIF: 2 OBJ: 0112. There are two alternatives to reporting cash flows from operating activities in the statement ofcash flows: (1) the direct method and (2) the indirect method.ANS: T DIF: 1 OBJ: 0113. The direct method of preparing the operating activities section of the statement of cash flowsreports major classes of gross cash receipts and gross cash payments.ANS: T DIF: 1 OBJ: 0114. Under the direct method of reporting cash flows from operations, the major source of cash iscash received from customers.ANS: T DIF: 1 OBJ: 0115. The main disadvantage of the direct method of reporting cash flows from operating activitiesis that the necessary data are often costly to accumulate.ANS: T DIF: 2 OBJ: 0116. A major disadvantage of the indirect method of reporting cash flows from operating activitiesis that the difference between the net amount of cash flows from operating activities and net income is not emphasized.ANS: F DIF: 2 OBJ: 01个人收集整理勿做商业用途17. Cash outflows from financing activities include the payment of cash dividends, theacquisition of treasury stock, and the repayment of amounts borrowed.ANS: T DIF: 2 OBJ: 0118. Cash flows from investing activities, as part of the statement of cash flows, include paymentsfor the acquisition of fixed assets.ANS: T DIF: 2 OBJ: 0119. The acquisition of land in exchange for common stock is an example of noncash investing andfinancing activity.ANS: T DIF: 2 OBJ: 0120. If a business issued bonds payable in exchange for land, the transaction would be reported in aseparate schedule on the statement of cash flows.ANS: T DIF: 2 OBJ: 0121. A cash flow per share amount should be reported on thestatement of cash flows.ANS: F DIF: 1 OBJ: 0122. Although there is no order in which the noncash balance sheet accounts must be analyzed indetermining data for preparing the statement of cash flows by the indirect method, time can be saved and greater accuracy can be achieved by selecting the accounts in the reverse order in which they appear on the balance sheet.ANS: T DIF: 1 OBJ: 0223. The 2002 edition of Accounting Trends and Techniques reported that 90% of the companiessurveyed used the indirect method to report changes in cash flows from operations.ANS: F DIF: 2 OBJ: 0224. Rarely would the cash flows from operating activities, as reported on the statement of cashflows, be the same as the net income reported on the income statement.ANS: T DIF: 2 OBJ: 0225. If land costing $75,000 was sold for $135,000, the amount reported in the investing activitiessection of the statement of cash flows would be $75,000.ANS: F DIF: 2 OBJ: 0226. If land costing $150,000 was sold for $205,000, the $55,000 gain on the sale would be addedto net income in converting the net income reported on the income statement to cash flows from operating activities for the statement of cash flows prepared by the indirect method.ANS: F DIF: 2 OBJ: 0227. In preparing the cash flows from operating activitiessection of the statement of cash flows bythe indirect method, the net decrease in inventories from the beginning to the end of the period is added to net income for the period.ANS: T DIF: 2 OBJ: 0228. In determining the cash flows from operating activities for the statement of cash flows by theindirect method, the depreciation expense for the period is added to the net income for the period.ANS: T DIF: 2 OBJ: 0229. In preparing the cash flows from operating activities section of the statement of cash flows bythe indirect method, the amortization of bond discount for the period is deducted from the net income for the period.ANS: F DIF: 2 OBJ: 02个人收集整理勿做商业用途30. If cash dividends of $145,000 were declared during the year and the decrease in dividendspayable from the beginning to the end of the year was $7,000, the statement of cash flows would report $152,000 in the financing activities section.ANS: T DIF: 2 OBJ: 0231. The declaration and issuance of a stock dividend would be reported on the statement of cashflows.ANS: F DIF: 2 OBJ: 0232. If 900 shares of $40 par common stock are sold for $48,000, the $48,000 would be reported inthe cash flows from financing activities section of the statement of cash flows.ANS: T DIF: 2 OBJ: 0233. If $500,000 of bonds payable are sold at 101, $500,000 would be reported in the cash flowsfrom financing activities section of the statement of cash flows.ANS: F DIF: 2 OBJ: 0234. Net income was $ 52,000 for the year. The accumulated depreciation balance increased by$17,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. The cash flow from operations is $35,000ANS: F DIF: 2 OBJ: 0235. Net income for the year was $29,000. Accounts receivable increased $2,500, and accountspayable increased $5,100. The cash flow from operations is $31,600.ANS: T DIF: 2 OBJ: 0236. A building with a cost of $153,000 and accumulated depreciation of $42,000 was sold for an$11,000 gain. The cash generated from this investing activity was $121,000.ANS: F DIF: 2 OBJ: 0237. The indirect method reports cash received from customers in the cash flows from operatingactivities section of the statement of cash flows.ANS: F DIF: 2 OBJ: 0238. Cash paid to acquire treasury stock should be shown on the statement of cash flows frominvesting activities.ANS: F DIF: 2 OBJ: 0239. Repayments of bonds would be shown as a cash outflow in the investing section of thestatement of cash flows.ANS: F DIF: 2 OBJ: 0240. Acquiring equipment by issuing a six-month note should be shown on the statement of cashflows under the investing activities section.ANS: F DIF: 2 OBJ: 0241. In reporting cash flows from investing activities on the statement of cash flows, the cashinflows are usually reported first, followed by the cash outflows.ANS: T DIF: 1 OBJ: 0242.Cash inflows and outflows are not netted in any activity section of the statement of cash flows but are separately disclosed to give the reader full information.ANS: T DIF: 1 OBJ: 0243. The manner of reporting cash flows from investing and financing activities will be differentunder the direct method as compared to the indirect method.ANS: F DIF: 1 OBJ: 0344. Sales reported on the income statement were $375,000. The accounts receivable balancedeclined $6,500 over the year. The amount of cash received from customers was $368,500.个人收集整理勿做商业用途ANS: F DIF: 2 OBJ: 0345. To determine cash payments for merchandise for the cash flow statement using the directmethod, a decrease in accounts payable is added to the cost of merchandise sold.ANS: T DIF: 2 OBJ: 0346. To determine cash payments for operating expenses for the cash flow statement using thedirect method, a decrease in prepaid expenses is added to operating expenses other thandepreciation.ANS: F DIF: 2 OBJ: 0347. To determine cash payments for operating expenses for the cash flow statement using thedirect method, a decrease in accrued expenses is added to operating expenses other thandepreciation.ANS: T DIF: 2 OBJ: 0348. To determine cash payments for income tax for the cash flow statement using the directmethod, an increase in income taxes payable is added to the income tax expense.ANS: F DIF: 2 OBJ: 0349. Free cash flow is cash flow from operations, less cash used to purchase fixed assets tomaintain productive capacity and cash used for dividends.ANS: T DIF: 1 OBJ: 0450. Free cash flow is the measure of operating cash flow available for corporate purposes afterproviding sufficient fixed asset additions to maintain current productive capacity anddividends.ANS: T DIF: 1 OBJ: 04MULTIPLE CHOICE1. Which of the following is not one of the four basic financial statements?a. balance sheetb. statement of cash flowsc. statement of changes in financial positiond. income statementANS: C DIF: 1 OBJ: 012. Which of the following concepts of cash is not appropriate to use in preparing the statementof cash flows?a. cashb. cash and money market fundsc. cash and cash equivalentsd. cash and U.S. treasury bondsANS: D DIF: 2 OBJ: 013. The statement of cash flows reportsa. cash flows from operating activitiesb. total assetsc. total changes in stockholders' equityd. changes in retained earningsANS: A DIF: 1 OBJ: 014. On the statement of cash flows, the cash flows from operating activities section would includea. receipts from the issuance of capital stockb. receipts from the sale of investmentsc. payments for the acquisition of investments个人收集整理勿做商业用途d. cash receipts from sales activitiesANS: D DIF: 2 OBJ: 015. Preferred stock issued in exchange for land would be reported in the statement of cash flowsina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: C DIF: 2 OBJ: 016. Cash paid to purchase long-term investments would be reported in the statement of cash flowsina. the cash flows from operating activities sectionb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. a separate scheduleANS: C DIF: 2 OBJ: 017. A statement of cash flows would not disclose the effects of which of the followingtransactions?a. stock dividends declaredb. bonds payable exchanged for capital stockc. purchase of treasury stockd. capital stock issued to acquire fixed assetsANS: A DIF: 2 OBJ: 018. Which of the following does not represent an outflow of cash and therefore would not bereported on the statement of cash flows as a use of cash?a. purchase of noncurrent assetsb. purchase of treasury stockc. discarding an asset that had been fully depreciatedd. payment of cash dividendsANS: C DIF: 2 OBJ: 019. Which of the following represents an inflow of cash and therefore would be reported on thestatement of cash flows?a. appropriation of retained earningsb. acquisition of treasury stockc. declaration of stock dividendsd. issuance of long-term debtANS: D DIF: 2 OBJ: 0110. A ten-year bond was issued at par for $150,000 cash. This transaction should be shown on astatement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activitiesd. operating activitiesANS: B DIF: 1 OBJ: 0111. Cash paid for preferred stock dividends should be shown on the statement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activities个人收集整理勿做商业用途d. operating activitiesANS: B DIF: 2 OBJ: 0112. The last item on the statement of cash flows prior to the schedule of noncash investing andfinancing activities reportsa. the increase or decrease in cashb. cash at the end of the yearc. net cash flow from investing activitiesd. net cash flow from financing activitiesANS: B DIF: 2 OBJ: 0113. Which of the following is a noncash investing and financing activity?a. payment of a cash dividendb. payment of a six-month note payablec. purchase of merchandise inventory on accountd. issuance of common stock to acquire landANS: D DIF: 2 OBJ: 0114. Which of the following should be shown on a statement of cash flows under the financingactivity section?a. the purchase of a long-term investment in the common stock of another companyb. the payment of cash to retire a long-term notec. the proceeds from the sale of a buildingd. the issuance of a long-term note to acquire landANS: B DIF: 2 OBJ: 0115. A company purchases equipment for $29,000 cash. This transaction should be shown on thestatement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activitiesd. operating activitiesANS: A DIF: 2 OBJ: 0116. Cash flow per share isa. required to be reported on the balance sheetb. required to be reported on the income statementc. required to be reported on the statement of cash flowsd. not required to be reported on any statementANS: D DIF: 1 OBJ: 0117. On the statement of cash flows prepared by the indirect method, the cash flows from operatingactivities section would includea. receipts from the sale of investmentsb. amortization of premium on bonds payablec. payments for cash dividendsd. receipts from the issuance of capital stockANS: B DIF: 2 OBJ: 0118. The statement of cash flows may be used by management toa. assess the liquidity of the businessb. assess the major policy decisions involving investments and financingc. determine dividend policyd. do all of the aboveANS: D DIF: 1 OBJ: 01个人收集整理勿做商业用途19. Depreciation on factory equipment would be reported in the statement of cash flows preparedby the indirect method ina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: D DIF: 2 OBJ: 0220. Which of the following should be added to net income incalculating net cash flow fromoperating activities using the indirect method?a. an increase in inventoryb. a decrease in accounts payablec. preferred dividends declared and paidd. a decrease in accounts receivableANS: D DIF: 2 OBJ: 0221. Which of the following should be deducted from net income in calculating net cash flow fromoperating activities using the indirect method?a. depreciation expenseb. amortization of premium on bonds payablec. a loss on the sale of equipmentd. dividends declared and paidANS: B DIF: 2 OBJ: 0222. Which of the following below increases cash?a. depreciation expenseb. acquisition of treasury stockc. borrowing money by issuing a six-month noted. the declaration of a cash dividendANS: C DIF: 2 OBJ: 0223. Which one of the following below would not be classified as an operating activity?a. interest expenseb. income taxesc. payment of dividendsd. selling expensesANS: C DIF: 2 OBJ: 0224. Which one of the following below should be added to net income in calculating net cash flowfrom operating activities using the indirect method?a. a gain on the sale of landb. a decrease in accounts payablec. an increase in accrued liabilitiesd. dividends paid on common stockANS: C DIF: 2 OBJ: 0225. On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale ofinvestments would bea. deducted from net income in converting the net income reported on the incomestatement to cash flows from operating activitiesb. added to net income in converting the net income reported on the income statementto cash flows from operating activitiesc. added to dividends declared in converting the dividends declared to the cash flowsfrom financing activities related to dividends个人收集整理勿做商业用途d. deducted from dividends declared in converting the dividends declared to the cashflows from financing activities related to dividendsANS: A DIF: 2 OBJ: 0226. Accounts receivable arising from trade transactions amounted to $45,000 and $52,000 at thebeginning and end of the year, respectively. Net income reported on the income statement for the year was $105,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method isb. $112,000c. $98,000d. $140,000ANS: C DIF: 2 OBJ: 0227. The net income reported on the income statement for the current year was $275,000.Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:End Beginning Cash $ 50,000 $ 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?a. $198,000b. $324,000c. $352,000d. $296,000ANS: D DIF: 3 OBJ: 0228. The following information is available from the current period financial statements:Net income .................................... $140,000Depreciation expense ..................... 28,000Increase in accounts receivable ....... 16,000Decrease in accounts payable ......... 21,000The net cash flow from operating activities using the indirect method isb. $163,000c. $107,000d. $205,000ANS: A DIF: 3 OBJ: 0229. On the statement of cash flows, the cash flows from investing activities section would includea. receipts from the issuance of capital stockb. payments for dividendsc. payments for retirement of bonds payabled. receipts from the sale of investmentsANS: D DIF: 2 OBJ: 02个人收集整理勿做商业用途30. A building with a book value of $ 45,000 is sold for $50,000 cash. Using the indirect method,this transaction should be shown on the statement of cash flows as follows:a. an increase of $45,000 from investing activitiesb. an increase of $50,000 from investing activities and a deduction from net income of$5,000c. an increase of $50,000 from investing activitiesd. an increase of $45,000 from investing activities and an addition to net income of$5,000ANS: B DIF: 2 OBJ: 0231. Cash paid for equipment would be reported in the statement of cash flows ina. the cash flows from operating activities sectionb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. a separate scheduleANS: C DIF: 2 OBJ: 0232. If a gain of $9,000 is incurred in selling (for cash) office equipment having a book value of$55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows isa. $46,000b. $9,000c. $55,000d. $64,000ANS: D DIF: 2 OBJ: 0233. Which of the following types of transactions would be reported as a cash flow from investingactivity on the statement of cash flows?a. issuance of bonds payableb. issuance of capital stockc. purchase of treasury stockd. purchase of noncurrent assetsANS: D DIF: 2 OBJ: 0234. Land costing $47,000 was sold for $78,000 cash. The gain on the sale was reported on theincome statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?a. $78,000b. $47,000c. $109,000d. $31,000ANS: A DIF: 2 OBJ: 0235. Equipment with an original cost of $50,000 and accumulated depreciation of $20,000 wassold at a loss of $7,000. As a result of this transaction, cash woulda. increase by $23,000b. decrease by $7,000c. increase by $43,000d. decrease by $30,000ANS: A DIF: 2 OBJ: 0236. On the statement of cash flows, the cash flows from financing activities section would includea. receipts from the sale of investmentsb. payments for the acquisition of investmentsc. receipts from a note receivabled. receipts from the issuance of capital stockANS: D DIF: 2 OBJ: 0237. On the statement of cash flows, the cash flows from financing activities section would includeall of the following excepta. receipts from the sale of bonds payableb. payments for dividendsc. payments for purchase of treasury stockd. payments of interest on bonds payableANS: D DIF: 2 OBJ: 0238. Cash dividends paid on capital stock would be reported in the statement of cash flows ina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: A DIF: 2 OBJ: 0239. Cash dividends of $80,000 were declared during the year. Cash dividends payable were$10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year isa. $85,000b. $80,000c. $95,000d. $75,000ANS: D DIF: 2 OBJ: 0240. On the statement of cash flows, a $20,000 gain on the sale of fixed assets would bea. added to net income in converting the net income reported on the income statementto cash flows from operating activitiesb. deducted from net income in converting the net income reported on the incomestatement to cash flows from operating activitiesc. added to dividends declared in converting the dividends declared to the cash flowsfrom financing activities related to dividendsd. deducted from dividends declared in converting the dividends declared to the cashflows from financing activities related to dividendsANS: B DIF: 2 OBJ: 0241. A business issues 20-year bonds payable in exchange for preferred stock. This transactionwould be reported on the statement of cash flows ina. a separate scheduleb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. the cash flows from operating activities sectionANS: A DIF: 2 OBJ: 0242. Land costing $68,000 was sold for $50,000 cash. The loss on the sale was reported on theincome statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?a. $50,000b. $78,000c. $118,000d. $68,000ANS: A DIF: 2 OBJ: 0243. The current period statement of cash flows includes the flowing:Cash balance at the beginning of the period................... $410,000Cash provided by operating activities ............................ 185,000 Cash used in investing activities .................................... 43,000Cash used in financing activities .................................... 97,000 The cash balance at the end of the period isa. $45,000b. $735,000c. $455,000d. $85,000ANS: C DIF: 2 OBJ: 0244. On the statement of cash flows, the cash flows from operating activities section would includea. receipts from the issuance of capital stockb. payment for interest on short-term notes payablec. payments for the acquisition of investmentsd. payments for cash dividendsANS: B DIF: 2 OBJ: 0345. The cost of merchandise sold during the year was $50,000. Merchandise inventories were$12,500 and $10,500 at the beginning and end of the year, respectively. Accounts payable were $6,000 and $5,000 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise totala. $49,000b. $47,000c. $51,000d. $53,000ANS: A DIF: 2 OBJ: 0346. Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at thebeginning and end of the year. Cash received from customers to be reported on the cash flow statement using the direct method isa. $700,000b. $600,000c. $580,000d. $620,000ANS: D DIF: 2 OBJ: 0347. Operating expenses other than depreciation for the year were $400,000. Prepaid expensesincreased by $17,000 and accrued expenses decreased by $30,000 during the year. Cash payments for operating expensesto be reported on the cash flow statement using the direct method would bea. $353,000b. $413,000c. $447,000d. $383,000ANS: C DIF: 2 OBJ: 0348. The following selected account balances appeared on the financial statements of the FranklinCompany:Accounts Receivable, Jan. 1 ........... $13,000Accounts Receivable, Dec. 31 ........ 9,000Accounts Payable, Jan 1 ................ 4,000Accounts payable Dec. 31 .............. 7,000Merchandise Inventory, Jan 1 ......... 10,000Merchandise Inventory, Dec 31 ...... 15,000Sales ............................................. 56,000Cost of Goods Sold ........................ 31,000The Franklin Company uses the direct method to calculate net cash flow from operatingactivities. Cash collections from customers area. $56,000b. $52,000c. $60,000d. $45,000ANS: C DIF: 3 OBJ: 0349. The following selected account balances appeared on the financial statements of the FranklinCompany:Accounts Receivable, Jan. 1 ......... $13,000Accounts Receivable, Dec. 31 ...... 9,000Accounts Payable, Jan 1 .............. 4,000Accounts payable Dec. 31 ............ 7,000Merchandise Inventory, Jan 1 ....... 10,000Merchandise Inventory, Dec 31 .... 15,000Sales ........................................... 56,000Cost of Goods Sold ....................... 31,000The Franklin Company uses the direct method to calculate net cash flow from operatingactivities. Cash paid to suppliers isa. $39,000b. $33,000c. $29,000d. $23,000ANS: B DIF: 3 OBJ: 0350. Income tax was $400,000 for the year. Income tax payable was $30,000 and $40,000 at thebeginning and end of the year. Cash payments for income tax reported on the cash flow statement using the direct method isa. $400,000b. $390,000c. $430,000d. $440,000ANS: B DIF: 2 OBJ: 0351. Free cash flow isa. all cash in the bankb. cash from operationsc. cash from financing, less cash used to purchase fixed assets to maintain productive。
财会专业英语期末试卷及答案
《财会专业英语》期终试卷the following into corresponding groups. (15 points)on hand receivable to suppliers4. Other receivables loans assetsof production year profit 9. Capital reserveloans payables 12. Con-operating expensesexpenses 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 accountreceivableincrease do not change’s equity decreases decrease2. A balance sheet report .A. the assets, liabilities, and owner’s equity on a particular dateB. the 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 endof 20 x 1 and 20 x 2 is given below:20 x 1 20 x 2Assets $ 75,000 $ 90,000Liabilities 36,000 45,000how much the owner’sequity at the end of 20 x 2A.$ 4,500B.$ 6,000C.$ 45,000D.$ 43,0004. Traylor Company paid $ 2,850 on account. The effect of this transaction on the accounting equation is to .A. Decrease assets and decrease owner’s equityB. Increase liabilities and decrease owner’s equityC. Have no effect on total assetsD. Decrease assets and decrease liabilities5. The entry to record the collection of $ 890 from a customer on account is .A. Payable 890Cr. Cash 890B. 890Cr. Accounts Receivable 890C. 890Cr. Account Payable 890D. 890Cr. Service Revenue 8906. The ending Cash account balance is $ 57,600. During the period, cash receipts equal $ 124,300. If the cash payments during the period total $ 135,100, then the beginning Cash amount must haveA.$ 68,400B.$ 46,800C.$ 181,900 be determined from the informationgiven7. Use the following selected information for the Alecia Company to calculate the correct credit column total for a trial balance .Accounts receivable $ 7,200Accounts payable $ 6,900Building $ 179,400Cash $ 15,800Capital $ 64,000Insurance expense $ 6,500Salary expense $ 56,100Salary payable $ 3,600Service revenue $ 190,500A.$ 201,000B.$ 137,100C.$ 265,000D.$ 74,5008. ABC paid $500 for inventories in cash ,and purchased additional inventories on account for $700 in the month. At the end of the month,ABC paid $300 of the account is the balance in the inventoryies accountA $ 500B.$ 900C.$ 1,200D.$ 1,500debit side of an account is used to recordC. increases or decreases,depending on the type of account,began the year with total assets of $120,000,liabilities of $70,000,and owner’s equity of $50, the year ABC earned revenue of $110,000 and paid espenses of $30, also invensted an additional $20,000 in the business .how much is the owner’s equity at the end of the yearA. $150,000B.$180,000C.$190,000D.$220,00011．Which of the following is true __________.A. Owners’ Equity - Assets = LiabilitiesB. Assets –Owners’ Equity = LiabilitiesC. Assets + Liabilities = Owners’ EquityD. Liabilities = Owners’ Equity + Assets12．Which of these is an example of an liability account _____ ________.A. Service RevenueB. CashC. Accounts ReceivableD. Short-term loans13．Which of the following is a correct statement of the rules of debit and credit ______.A. Debits increase assets and decrease liabilitiesB. Debits increase assets and increase owners’ equityC. Credits decrease assets and decrease liabilitiesD. Credits increase assets and increase owners’ equity14．If earnings haven’t been distributed as dividends, it should have been retained in the company. The name of this portion of number listed in the balance sheet is ____________.A. paid-in capitalB. retained earningsC. dividendD. cash15．Please select the components which should be deducted from the original value of plant assets when we compute their net value _______.A. Merchandise inventoryB. Income tax payableC. Accumulated depreciationD. Retained earnings16． Which of the following would not be included on a balance sheetA. Accounts receivable.B. Accounts payable.C. Sales.D. Cash.17. Remington provided the following information about its balance sheet:Cash $ 100Accounts receivable 500Stockholders' equity 700Accounts payable 200Short-term loans 1,000Based on the information provided, how much are Remington's liabilitiesA. $200.B. $900.C. $1,200.D. $1,700.18. Gerald had beginning total stockholders' equity of $160,000. Duringthe year, total assets increased by $240,000 and total liabilities increased by $120,000. Gerald's net income was $180,000. No additional investments were made; however, dividends did occur during the year.How much were the dividendsA. $20,000.B. $60,000.C. $140,000.D. $220,000. the assets of a business are $162,600 and the liabilities are $86,000,how much is the owner’s equityA..$76,600B. $248,600.C. $147,000.D. $250,000. Co. purchases on account when Aftin pay the account payable increase do not change’s equity decreases decreaseincome statement reports .A. the assets, liabilities, and owner’s equity on a particular dateB. the 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 period following information about the assets and liabilities at the end of 20 x 1 and 20 x 2 is given below: 20 x 1 20 x 2Assets $ 75,000 $ 90,000Liabilities 36,000 45,000If net income in 20 x 2 was $ 1,500 and there were no withdrawals, how much did the owner investA.$ 4,500B.$ 6,000C.$ 45,000D.$ 43,000Company receive $ 2 850 on account. The effect of this transaction on the accounting equation is to .A. Decrease assets and decrease owner’s equityB. Increase liabilities and decrease owner’s equityC. Have no effect on total assetsD. Decrease assets and decrease liabilitiesentry to record the collection of $ 8000 from a customer on account is .A. Payable 80008000B. 8000Receivable 8000C. 8000Payable 8000D. 8000Revenue 8000list of a business entitys assests,liabilities,and owner’s equity ona given date isbalance sheet income statementstatement of cash flow C. A retained earnings statementIII. Translate the following sentences into Chinese.(10 points)1.The accounting profession today is changing rapidly.2.Assets are what you are what you ’s Equty is what’s left over .3.The original voucher is obtained or filled in what businesstransactions took place.4.Normally an asset account will have a debit balance.5.The term “debit” is often abbreviated to “Dr.”IV. Prepare a convenient bank reconciliation form according to thefollowing bank statement and depositor’s b ook.(10 points)Bank StatementDepositor’s RecordBank ReconciliationDate MonthV. Put the correct answer into the blanks.(6points)basic Accouting equation is: .rule of debits and credits is: ,.3. Using straight-line depreciation,Annual Dpreciation=( - )/VI. Translate The Following Terms Into Chinese . (10 points).1. surplus reserve machine3. Construction in progress worth5. promissory note6. in other wordsdistribution 8. storage roomplus interest 10. accounting statementVII. The following is transactions of ABC make entries.(24 poins) 1..ABC company was established on ,2010,when the owners,Mrs Smiths andhis friends,invested $30,000 in cash,patent X,valuing $24,000 and equipment A,valuing $40,000 into the company.2.ABC sells merchandise to another customer and send the customer a$2,500 bill for the products they provide. They allows the customer to pay these goods within 30 days.3.A customer buys $3,000 worth of goods from ABC ,and draws a promissorynote from a lacal bank.4.ABC buys a machine for $20,000,and pays the bill in cash.5.ABC paid the telephone bill for $700 in cash.6.ABC paid $3,800 on the accounts payable.7.ABC determine the month depreciation of the manufactory bulding for$5,000.8.ABC purchasese materials of $5,000 on account.9.ABC sells some goods to a client and receives a check from the customerfor $ 2,000 for the goods provided.issues a 9%-5， $100,000 bond at its face amount. The bond is dated January 1, 2010 and requires interest payments until the bond principal at the end of 5 years.(1) Entry to bonds issued;(2) Entry to record the accrual interest for each year;(3) 2014 the company repays the principal plus interest.《财会专业英语》期末试卷答卷the following into corresponding groups. (15 points)II. Please find the best answers to the following questions. (25 Points)III. Translate the following sentences into Chinese.(10 points) 1.2.3.4.5.IV. （10points） Bank ReconciliationDate MonthV. Put the correct answer into the blanks.(6points)basic Accouting equation is: .rule of debits and credits is: ,.3. Using straight-line depreciation,Annual Dpreciation=( - )/VI. Translate The Following Terms Into Chinese . (10 points).1. 2.3. 4.5. 6.7. 8.9. 10.VII. The following is transactions of ABC make entries.(24 poins)《财会专业英语》答案the following into corresponding groups. (15 points)II. Please find the best answers to the following questions. (25 Points)III. Translate the following sentences into Chinese.(10 points)（略）IV. （10points） Bank ReconciliationDate 31 Month MayV. Put the correct answer into the blanks.(6points)=Liabilities+Owner’s equity .2. Every debit must have a credit,all debits must equal all credits. ,3. Using straight-line depreciation,Annual Dpreciation=( Original Cost- Salvage Value) /Years of Service LifeVI. Translate The Following Terms Into Chinese . (10 points).（略）VII. The following is transactions of ABC make entries.(24 poins)（略）。
英文版会计学考试题及答案
英文版会计学考试题及答案English Accounting Exam Questions and AnswersQuestion 1: Define the term "Double Entry Bookkeeping" and explain its significance in accounting.Answer 1: Double Entry Bookkeeping is a system of recording financial transactions in which every entry to an account requires a corresponding and opposite entry to a different account. This ensures that the accounting equation (Assets = Liabilities + Owner's Equity) remains in balance. The significance of double entry bookkeeping lies in its ability to provide an accurate and comprehensive picture of a business's financial status, facilitating better decision-making and financial control.Question 2: What is the purpose of a trial balance, and how does it help in the preparation of financial statements?Answer 2: A trial balance is a report that lists the balances of all general ledger accounts at a particular point in time, with debit and credit amounts. It is used to ensure that the debits and credits have been recorded correctly. The trial balance helps in the preparation of financial statements by identifying any discrepancies in the accounting records, which can then be rectified before finalizing the statements.Question 3: Explain the difference between "AccrualAccounting" and "Cash Accounting."Answer 3: Accrual Accounting is a method of accounting where revenues and expenses are recognized when they are earned or incurred, not necessarily when cash is received or paid. This method provides a more accurate representation of a company's financial performance over a period. Cash Accounting, on the other hand, records transactions only when cash is exchanged. It is simpler and is often used by small businesses or those that operate on a cash basis.Question 4: Describe the process of preparing an income statement.Answer 4: Preparing an income statement involves several steps:1. List all the revenues for the period, such as sales and service income.2. Deduct all the expenses incurred to generate those revenues, including cost of goods sold, operating expenses, and taxes.3. Calculate the net income by subtracting total expenses from total revenues.4. The income statement should reflect the company's profitability over a specified period, typically a month, quarter, or year.Question 5: What are the main components of a balance sheet, and how do they relate to each other?Answer 5: The main components of a balance sheet are:1. Assets: What the company owns or controls with future economic benefit, divided into current assets (short-term) and non-current assets (long-term).2. Liabilities: Obligations the company owes to others, classified as current liabilities (due within one year) and long-term liabilities (due after one year).3. Owner's Equity: The residual interest in the assets of the entity after deducting liabilities, also known as shareholders' equity or net assets.These components are related through the fundamental accounting equation: Assets = Liabilities + Owner's Equity.Question 6: How does depreciation affect a company'sfinancial statements?Answer 6: Depreciation is a non-cash accounting method used to allocate the cost of tangible assets over their useful lives. It affects a company's financial statements in the following ways:1. It reduces the book value of the asset on the balance sheet.2. It increases the accumulated depreciation account, whichis a contra-asset account.3. It decreases net income on the income statement, as depreciation is an expense.4. It can lower taxable income, potentially reducing the company's tax liability.Question 7: What is the purpose of the statement of cash flows, and how does it differ from the income statement?Answer 7: The purpose of the statement of cash flows is to provide information about a company's cash receipts and payments during a period, showing how these cash flows affect the company's financial position. It differs from the income statement in that:1. It focuses on cash transactions, not accrual-basis accounting.2. It categorizes cash flows into operating, investing, and financing activities.3. It does not report net income but rather the net change in cash and cash equivalents.Question 8: Explain the concept of "Going Concern" and its importance in financial reporting.Answer 8: The Going Concern concept assumes that a businesswill continue to operate for the foreseeable future, allowing it to realize its assets and discharge its liabilities in the normal course of business. It is important in financial reporting because it underpins the accrual basis of accounting, which assumes that the business will continue to operate and therefore can recognize revenues and expensesover time.Question 9: What are the ethical considerations in accounting, and why are they important?Answer 9: Ethical considerations in accounting include honesty, integrity, objectivity, and confidentiality. Theyare important because they ensure the reliability andcredibility of financial information, which is crucial for stakeholders to make informed decisions. Ethical behavior also helps maintain public trust。
财务会计题库英文及答案
财务会计题库英文及答案1. Question: What is the purpose of the statement of cash flows in financial accounting?Answer: The purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of an entity, showing how the changes in balance sheet accounts and income affect cash and cash equivalents, and to reveal the entity's financing and investing activities.2. Question: Explain the difference between a debit and a credit in double-entry bookkeeping.Answer: In double-entry bookkeeping, a debit is an entry on the left side of an account that either increases an asset or expense, or decreases a liability, equity, or revenue. A credit is an entry on the right side of an account that increases a liability, equity, or revenue, or decreases an asset or expense.3. Question: What is the accrual basis of accounting?Answer: The accrual basis of accounting is a method of accounting in which revenues and expenses are recognized when they are earned or incurred, not when cash is received or paid. This method provides a more accurate picture of a company's financial performance over a period of time.4. Question: How does depreciation affect a company's financial statements?Answer: Depreciation is a non-cash expense that allocates the cost of a tangible asset over its useful life. It affects the company's financial statements by reducing the asset's carrying value on the balance sheet and decreasing the net income on the income statement, which in turn can affect the retained earnings.5. Question: What is the primary goal of financial statement analysis?Answer: The primary goal of financial statement analysis is to assess the performance and financial condition of a company. It helps investors, creditors, and other stakeholders make informed decisions by evaluating the company's profitability, liquidity, solvency, and overall financial health.6. Question: What is the difference between a journal entry and a ledger entry?Answer: A journal entry records the initial transaction in the general journal, showing the date, accounts affected, and the amounts debited and credited. A ledger entry, on the other hand, is the posting of the journal entry to the appropriate accounts in the general ledger, which summarizes the transactions for each account.7. Question: Explain the matching principle in financialaccounting.Answer: The matching principle in financial accounting requires that expenses be recognized in the same period asthe revenues they helped to generate. This principle ensures that the income statement reflects the actual economic performance of the period and avoids distortions that could arise from recognizing revenues and expenses in different periods.8. Question: What is the purpose of adjusting entries?Answer: Adjusting entries are made at the end of an accounting period to ensure that the financial statements reflect the current financial position and performance of the company. They adjust for revenues and expenses that have been incurred but not yet recorded, or cash received or paid butnot yet recognized.9. Question: What is the difference between a budget and a forecast?Answer: A budget is a detailed financial plan thatoutlines expected revenues and expenses for a specific period, often used for internal management and control. A forecast,on the other hand, is a projection of future financial performance based on assumptions and trends, and is typically used for strategic planning and decision-making.10. Question: What is the role of the balance sheet infinancial accounting?Answer: The balance sheet is a financial statement that presents a company's financial position at a specific point in time. It lists the company's assets, liabilities, and equity, and is used to assess the company's liquidity, solvency, and overall financial stability. The balance sheet must always balance, with total assets equaling the sum of liabilities and equity.。
财务会计模拟试卷（英文版）
TRUE/FALSE1.The excess of revenue over the expenses incurred in earning the revenue is called capital.FANS: F DIF: 2 OBJ: 082.Drawings are an example of an expense.ANS: F DIF: 2 OBJ: 013.An adjusting entry would adjust revenue so it is reported when earned and not when cash is received.ANS: T DIF: 2 OBJ: 024.A company depreciates its equipment $350 a year. The adjusting entry for December 31 is debitDepreciation Expense, $350 and credit Equipment, $350.TANS: F DIF: 4 OBJ: 035.After Net Income or Loss is entered on the work sheet, the debit column total must equal the creditcolumn total for the Balance Sheet pair of columns.TANS: T DIF: 3 OBJ: 026.The income summary account is closed to the owner's capital account.TANS: T DIF: 1 OBJ: 047.Accounts in the ledger are usually maintained in alphabetical order.ANS: F DIF: 2 OBJ: 018.The increase side of all accounts is the normal balance.FANS: T DIF: 2 OBJ: 039.The ending merchandise inventory for 2005 is the same as the beginning merchandise inventory for2006.TANS: T DIF: 2 OBJ: 0210.In a perpetual inventory system, when merchandise is returned to the seller, Cost of Merchandise Soldis one of the accounts debited to record the transaction.YANS: T DIF: 2 OBJ: 0311.When an account receivable that has been written off is subsequently collected, the accountreceivable is reinstated.YANS: T DIF: 2 OBJ: 0412.A note receivable can be sold to a financial institution to secure cash before the maturity date. Thistype of transaction is called discounting the note receivable.YANS: T DIF: 1 OBJ: App13.All property, plant, and equipment assets are depreciated over time.FANS: F DIF: 2 OBJ: 0114.Capital expenditures are costs that are charged to Stockholders' Equity accounts.YANS: F DIF: 1 OBJ: 0315.Interest expense is reported in the operating expense section of the income statement.FANS: F DIF: 2 OBJ: 0216.Dividends in arrears are liabilities of the corporation.FANS: F DIF: 2 OBJ: 0317.A large retained earnings account means that there is cash available to pay dividends.YANS: F DIF: 2 OBJ: 0718.The amortization of a premium on bonds payable decreases bond interest expense.ANS: T DIF: 2 OBJ: 0419.The effective-interest method of amortizing a bond discount or premium is the preferred methodANS: T DIF: 2 OBJ: 0420.If two companies have the same current ratio, their ability to pay short-term debt is the same.FANS: F DIF: 2 OBJ: 02MULTIPLE CHOICE1.Which of the following is not a step in providing accounting information to stakeholders?Aa. design the accounting information systemb. prepare accounting surveysc. identify stakeholdersd. record economic dataANS: B DIF: 3 OBJ: 022.Which of the following applications of the rules of debit and credit is true?a. decrease Prepaid Insurance with a credit and the normal balance is a creditb. increase Accounts Payable with a credit and the normal balance is a debitc. increase Supplies Expense with a debit and the normal balance is a debitd. decrease Cash with a debit and the normal balance is a creditANS: C DIF: 3 OBJ: 033.A debit may signify a(n)a. decrease in asset accountsb. decrease in liability accountsc. increase in the capital accountd. decrease in the drawing accountANS: B DIF: 1 OBJ: 034.Which of the following applications of the rules of debit and credit is true?a. decrease Prepaid Insurance with a credit and the normal balance is a creditb. increase Accounts Payable with a credit and the normal balance is a debitc. increase Supplies Expense with a debit and the normal balance is a debitd. decrease Cash with a debit and the normal balance is a creditANS: C DIF: 3 OBJ: 03ing accrual accounting, expenses are recorded and reported onlya. when they are incurred, whether or not cash is paidb. when they are incurred and paid at the same timec. if they are paid before they are incurredd. if they are paid after they are incurredANS: A DIF: 3 OBJ: 016.If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n)Aa. deferralb. accrualc. revenued. liabilityANS: A DIF: 2 OBJ: 037.A net loss appears on the work sheet in thea. debit column of the Balance Sheet columnsb. credit column of the Balance Sheet columnsc. debit column of the Income Statement columnsd. credit column of the Adjustments columnsANS: A DIF: 2 OBJ: 028.On August 1, a company collects revenue in advance for the next twelve months and credits a liabilityaccount. The adjusting entry at year end on the work sheet wouldABCa. increase a liability accountb. decrease an asset accountc. decrease a revenue accountd. decrease a liability accountANS: D DIF: 3 OBJ: 029. A company, using the periodic inventory system, has merchandise inventory costing $140 on handat the beginning of the period. During the period, merchandise costing $400 is purchased. At year-end, merchandise inventory costing $180 is on hand. The cost of merchandise sold for the year isa. $720b. $550c. $360d. none of the aboveANS: C DIF: 4 OBJ: 0210.Which of the following accounts should be closed to Income Summary at the end of the fiscalyear?ACD？a. Merchandise Inventoryb. Accumulated Depreciationc. Drawingd. Cost of Merchandise SoldANS: D DIF: 1 OBJ: Ap211.The two methods of accounting for uncollectible receivables are the allowance method and the Ba. equity methodb. direct write-off methodc. interest methodd. cost methodANS: B DIF: 2 OBJ: 0312.Allowance for Doubtful Accounts has a credit balance of $1,100 at the end of the year (beforeadjustment), and an analysis of customers' accounts indicates doubtful accounts of $12,900.Which of the following entries records the proper provision for doubtful accounts?Da. debit Uncollectible Accounts Expense, $14,000; credit Allowance for Doubtful Accounts,$14,000b. debit Allowance for Doubtful Accounts, $14,000; credit Uncollectible Accounts Expense,$14,000c. debit Allowance for Doubtful Accounts, $11,800; credit Uncollectible Accounts Expense,$11,800d. debit Uncollectible Accounts Expense, $11,800; credit Allowance for Doubtful Accounts,$11,800ANS: D DIF: 3 OBJ: 0413.A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 4years or 18,000 hours. What is the amount of depreciation for the second full year, using the declining-balance method at double the straight-line rate?Aa. $15,000b. $30,000c. $16,250d. $32,500ANS: C DIF: 3 OBJ: 0214.A capital expenditure results in a debit to Da. an expense accountb. a capital accountc. a liability accountd. an asset accountANS: D DIF: 1 OBJ: 0315.Pilgrim Company sells merchandise with a one year warranty. In 2008, sales consisted of 1,500 units.It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2008 and 70% in 2009. In the 2008 income statement, Pilgrim should show warranty expense of Aa. $4,500b. $10,500c. $15,000d. $0ANS: C DIF: 3 OBJ: 0316.The journal entry a company uses to record the issuance of a note for the purpose of borrowing funds forthe business is Ba. debit Accounts Payable; credit Notes Payableb. debit Cash; credit Notes Payablec. debit Notes Payable; credit Cashd. debit Cash and Interest Expense; credit Notes PayableANS: B DIF: 2 OBJ: 0217.The par value per share of common stock represents Aa. the minimum selling price of the stock established by the articles of incorporation.b. the minimum amount the stockholder will receive when the corporation is liquidatedc. an arbitrary amount established in the articles of incorporationd. the amount of dividends per share to be received each yearANS: C DIF: 1 OBJ: 03, 0418.Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At what amount should the building be recorded by Hurd Company?Aa. $50,000b. $150,000c. $160,000d. $200,000ANS: B DIF: 1 OBJ: 0419.The entry to record the amortization of a premium on bonds payable isa. debit Premium on Bonds Payable, credit Interest Expenseb. debit Interest Expense, credit Premium on Bond Payablec. debit Interest Expense, debit Premium on Bonds Payable, credit Cashd. debit Bonds Payable, credit Interest ExpenseANS: C DIF: 3 OBJ: 0420. The following information is available for Duncan Co.:2006 Dividends per share of common stock $ 1.40Market price per share of common stock 17.50Which of the following statements is correct?Ca. The dividend yield is 8.0%, which is of interest to investors seeking an increase in marketprice of their stocks.b. The dividend yield is 8.0%, which is of special interest to investors seeking current returns ontheir investments.c. The dividend yield is 12.5%, which is of interest to bondholders.d. The dividend yield is 8.0 times the market price, which is important in solvency analysis.ANS: B DIF: 3 OBJ: 03Problems8.The balances in the ledger of Landscape Services as of December 31, 2005 before adjustments, are asfollows:Cash $ 4,500 Capital Stock $20,000 Supplies 4,150 Retained Earnings 13,050 Prepaid Insurance 8,700 Dividends 2,900 Equipment 42,000 Service Revenue 52,500 Accumulated Salary Expense 28,500 Depreciation 10,200 Rent Expense 5,000Adjustment data are as follows: supplies on hand, December 31, $1,000; insurance expired for December, $900; depreciation on equipment for December, $1,500; salaries accrued, December 31, $1,000.(a) Prepare a ten-column worksheet for Landscape Services for December, 2005.(b) On the basis of the worksheet in (a), present the following in good order: (1) incomestatement, (2) retained earnings statement (no additional investments were made duringthe month), and (3) balance sheet.(c) On the basis of the worksheet in (a), journalize the closing entries as of December 31,2005.ANS:(a)Landscape ServicesWorksheetFor the Month Ended December 31, 2005 ) ) ) )Trial Balance Adjustments ) Account Title Dr. Cr. Dr. Cr. )Cash 4,500 ..... ..... ..... ) Supplies 4,150 ..... ..... (a) 3,150 ) Prepaid Insurance 8,700 ..... ..... (b) 900 ) Equipment 42,000 ..... ..... ..... ) Accumulated Depreciation ..... 10,200 ..... (c) 1,500 ) Capital Stock ..... 20,000 ..... ..... ) Retained Earnings ..... 13,050 ..... ..... ) Dividends 2,900 ..... ..... ..... ) Service Revenue ..... 52,500 ..... ..... ) Salary Expense 28,500 ..... (d) 1,000 ..... ) Rent Expense 5,000 ..... ..... ..... )95,750 95,750 )) Supplies Expense ..... ..... (a) 3,150 ..... ) Insurance Expense ..... ..... (b) 900 ..... ) Depreciation Expense ..... ..... (c) 1,500 ..... )Salaries Payable ..... ..... ..... d) 1,000 ) Net Income 6,550 6,550 )) (( Adjusted(Trial Balance Income Statement Balance Sheet( Dr. Cr. Dr. Cr. Dr. Cr. (( 4,500 ..... ..... ..... 4,500 ..... ( 1,000 ..... ..... ..... 1,000 ..... ( 7,800 ..... ..... ..... 7,800 ..... (42,000 ..... ..... ..... 42,000 ..... ( ..... 11,700 ..... ..... ..... 11,700 ( ..... 20,000 ..... ..... ..... 20,000 ( ..... 13,050 ..... ..... ..... 13,050 ( 2,900 ..... ..... ..... 2,900 ..... (...... 52,500 ..... 52,500 ..... ..... ( 29,500 ..... 29,500 ..... ..... ..... ( 5,000 ..... 5,000 ..... ..... ..... ( 3,150 ..... 3,150 ..... ..... ..... ( 900 ..... 900 ..... ..... ..... ( 1,500 ..... 1,500 ..... ..... ..... ( ..... 1,000 ..... ..... ..... 1,000 (98,250 98,250 40,050 52,500 58,200 45,750 (====== ====== 12,450 ...... ...... 12,450 ( 52,500 52,500 58,200 58,200 ( ====== ====== ====== ======(b) (1)Landscape ServicesIncome StatementFor the Month Ended December 31, 2005Service revenue $52,500 Operating expenses:Salary expense $29,500Rent expense 5,000Supplies expense 3,150 Depreciation expense 1,500Insurance expense 900Total operating expenses 40,050 Net income $12,450(2)Landscape ServicesRetained Earnings StatementFor the Month Ended December 31, 2005Retained Earnings, December 1, 2005 $13,050 Net income for the month $12,450Less dividends2,900Increase in owner's equity 9,550 Retained Earnings, December 31, 2005 $22,600(3)Landscape ServicesBalance SheetDecember 31, 2005Assets LiabilitiesCurrent assets:Cash $ 4,500 Current liabilities:Supplies 1,000 Salaries payable $ 1,000 Prepaid insurance 7,800Total currentassets $13,300 Stockholders' EquityCapital Stock 20,000 Property, plant, andRetained Earnings 13,050 equipment:Equipment... $42,000 Total stockholders' Equity 33,050 Less accumulated$43,600 depreciation 11,700 Total Liabilities andStockholders'Total property, Equityplant, andequipment 30,300Total assets $43,600(c)Closing EntriesJan. 31 Service Revenue 52,500Income Summary 52,50031 Income Summary 40,050Salary Expense 29,500Rent Expense 5,000Supplies Expense 3,150Insurance Expense 900Depreciation Expense 1,50031 Income Summary 12,450Retained Earnings 12,45031 Retained Earnings 2,900Dividends 2,900。
财务会计英文版选择判断题练习
14 Chapters’ MCQChapter 11. The functions of an accounting system include all of the following except to:a. gather marketing data.b. handle routine bookkeeping tasks.c. structure information so that it can be used to evaluate performance of a business.d. analyze transactions.--------------------------------------------------------------------------------2 Accounting information is useful for several kinds of decisions. For which decision situation would accounting information NOT be useful?a. Bankers evaluating the riskiness of loans.b. Corporate managers controlling costs.c. Production managers evaluating the quality of materials used in manufacturing.d. Corporate managers setting prices.--------------------------------------------------------------------------------3 The primary users of external financial reports are:a. those who direct day-to-day operations of a business enterprise.b. individuals who have an economic interest in the firm but who are not part of management.c. managers of an enterprise who plan, implement plans, and control costs.d. none of the above.--------------------------------------------------------------------------------4 Which primary financial statement shows a business enterprise's resources, obligations, and equities?a. Statement of cash flowsb. Balance sheetc. Income statementd. Statement of retained earnings--------------------------------------------------------------------------------5 Which primary financial statement shows a business enterprise's excess of revenues over expenses?a. Statement of cash flowsb. Balance sheetc. Income statementd. Statement of retained earnings--------------------------------------------------------------------------------6 Which of the following is NOT true of the Securities and Exchange Commission (SEC)?a. The SEC is charged with protecting investors from losing money.b. Congress has given the SEC specific legal authority to establish accounting standards.c. As a result of the accounting scandals of 2001-2002, the SEC was given more authority to set standards.d. The SEC could take over the role of standard setting in accounting if the FASB loses credibility.7 Which of the following is NOT true regarding the International Accounting Standards Board (IASB)?a. IASB standards are gaining increasing acceptance throughout the world.b. The purpose of the IASB is to harmonize conflicting accounting standards of various countries.c. The accounting standards produced by the IASB are referred to as International Financial Reporting Standards (IFRS's) Note: the 200 country reference was not cited in the text.d. The IASB standards are accepted in the United States.--------------------------------------------------------------------------------8 Several organizations have developed codes of ethics for accountants. Which of the following organizations did NOT develop a code of ethics for accountants?a. American Institute of Certified Public Accountants (AICPA)b. Institute of Management Accountants (IMA)c. Securities Exchange Commission (SEC)d. All of the above developed a code of ethics for accountants.--------------------------------------------------------------------------------9 Technology has impacted accounting in many ways. Which of the following is NOTa change in accounting due to technology?a. Technology has replaced judgment.b. Technology has allowed users access to more than just summarized data.c. Technology allows more detailed information to be gathered.d. Technology has reduced the likelihood of errors in accounting data.Chapter 21.Obligations to pay cash, transfer other assets, or provide services are:a. assets.b. liabilities.c. equities.d. expenses.--------------------------------------------------------------------------------2 The interrelationships among the financial statements is called:a. disclosure.b. articulation.c. recognition.d. reconciliation.--------------------------------------------------------------------------------3 The statement of financial position is also known as the:a. statement of cash flows.b. balance sheet.c. income statement.d. retained earnings statement.--------------------------------------------------------------------------------4 Which of the following is NOT normally considered to be an asset?a. Retained earningsb. Cashc. Buildingsd. Accounts receivable--------------------------------------------------------------------------------5 If a company has $15,000 in assets and $10,000 in equities, then liabilities are:a. $25,000.b. $10,000.c. $5,000.d. $0.--------------------------------------------------------------------------------6 Assets consumed through business operations are called:a. liabilities.b. expenses.c. equities.d. net income.--------------------------------------------------------------------------------7 Gross profit is calculated as:a. Sales - Cost of goods sold.b. Sales - Operating expenses.c. Sales - All expenses.d. Sales - Income tax expense.--------------------------------------------------------------------------------8 When preparing a statement of cash flows, activities associated with buying and selling assets are:a. operating activities.b. investing activities.c. financing activities.d. revenue activities.--------------------------------------------------------------------------------9 If a corporation has assets of $250,000, liabilities of $70,000, and capital stock of $120,000, what is the amount of retained earnings?a. $30,000b. $0c. $60,000d. $140,000--------------------------------------------------------------------------------10 The idea that the business will continue to operate for the foreseeable future is known as the:a. arm's-length transaction assumption.b. entity concept.c. going concern assumption.d. monetary measurement concept.--------------------------------------------------------------------------------11 The idea that a business is considered to be separate from its individual owners is known as the:a. arm's-length transaction assumption.b. entity concept.c. going concern assumption.d. monetary measurement concept.--------------------------------------------------------------------------------12 In order for the data of a transaction to be accurately represented, an assumption must be made that the transaction was conducted between buyer and seller with no bias toward either party. This concept is called the:a. arm's-length transaction assumption.b. entity concept.c. going concern assumption.d. monetary measurement concept. chapter 31 When owners invest money in their business, the effect on the accounting equation is that the investment:a. increases assets and decreases owners' equity.b. increases assets and increases liabilities.c. decreases assets and decreases owners' equity.d. increases assets and increases owners' equity.--------------------------------------------------------------------------------2 The purchase of inventory on credit:a. increases assets and decreases liabilities.b. increases liabilities and decreasesassets.c. increases assets and increases liabilities.d. decreases assets and decreases liabilities.--------------------------------------------------------------------------------3 A revenue account is increased with:a. debits.b. credits.c. equities.d. none of the above.--------------------------------------------------------------------------------4 A company's retained earnings balance is increased by:a. net income.b. expenses.c. investments by owners.d. the declaration and payment of dividends.--------------------------------------------------------------------------------5 Which of the following accounts would normally have a debit balance?a. Revenuesb. Expensesc. Liabilitiesd. Owner's Equity--------------------------------------------------------------------------------6 When transactions are posted from the book of original entry, they are posted to the:a. general journal.b. general ledger.c. work sheets.d. trial balance.--------------------------------------------------------------------------------7 Bosso Company repaid a note payable of $20,000 and the interest due of $400. The journal entry to record this transaction would include a:a. debit to cash.b. credit to notes payable.c. debit to interest expense.d. credit to interest revenue.--------------------------------------------------------------------------------8 The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:a. debit to wages expense.b. credit to accounts payable.c. debit to cash.d. credit to wages expense.--------------------------------------------------------------------------------9 The entry to record the collection of cash from customers would include a:a. debit to accounts receivable.b. debit to sales revenue.c. credit to cash.d. debit to cash.--------------------------------------------------------------------------------10 When a company earns revenue from sales to customers, the effects on the accounting equation may be:a. assets are increased, equities are decreased.b. assets are decreased, equities are decreased.c. assets are decreased, equities are increased.d. assets are increased, equities are increased.--------------------------------------------------------------------------------11 Wagner Inc. had a beginning cash balance of $14,000 on January 1, 2005. During January, the company recorded debits of $23,000 and credits of $25,000 to the cash account. The ending cash balance on January 31 would be a:a. debit balance of $16,000.b. credit balance of $16,000.c. debit balance of $12,000.d. credit balance of $12,000.--------------------------------------------------------------------------------12 On March 1, 2005, the Cruston Company had a beginning balance in the accounts payable account of $30,000. During March, the company recorded debits of $52,000 and credits of $47,000 to accounts payable. The ending accounts payable balance on March 31 would be a:a. debit balance of $35,000.b. credit balance of $35,000.c. debit balance of $25,000.d. credit balance of $25,000.--------------------------------------------------------------------------------13 The term "compound entry" means that the journal entry has:a. more than two accounts involved in the entry.b. a debit amount greater than the credit amount.c. a credit amount greater than the debit amount.d. a debit amount less than a credit amount.--------------------------------------------------------------------------------14 After preparing its trial balance, the Wright-Way Company found that total debits equaled total credits. This equality would assure the company that:a. there are no errors in the accounting records.b. no transactions were omitted from the accounting records.c. no transactions were recorded incorrectly.d. the accounting equation is in balance.Chapter 41 The idea that the expenses incurred to generate revenue for a given period should be matched against that revenue is called the:a. revenue recognition principle. 收入确认原则The idea that revenues should be recorded when 1the earnings process has been substantially completed and 2cash has either been collected or collectibility is reasonably assured.b. realization concept.c. time period concept. The idea that the life of a business is divided into distinct and relatively short time periods so that accounting information can be timelyd. matching principle. 配比原则the concept that all costs and expense incurred in generating revenues must be recognized in the same reporting period as the related revenues--------------------------------------------------------------------------------2 The process of dividing a company's operations into separate and distinct time periods so that reports can be prepared on a timely basis is the:a. fiscal year concept. --------------b. revenue recognition principle.c. matching concept.d. time period concept.3 During 2005, the Latrex Corporation had cash and credit sales of $47,000 and $45,500 respectively. The company also collected accounts receivable of $26,700 and incurred expenses of $68,500, 80 percent of which were paid during the year. In addition, Latrex paid $24,000 for a 12-month building rental, beginning on July 1, 2005. Latrex's accrual-basis (权责发生制)net income (loss) for 2005 was: a. $12,000. b. $25,700.c. $0.d. $38,700. --------------------------------------------------------------------------------4 No matter the type of adjusting entry , which of the following accounts would not be affected by an adjusting entry?a. Cashb. Unearned revenuec. Rent expensed. Prepaid insurance--------------------------------------------------------------------------------5 A revenue that is collected before it has been earned is called a(n):a. accrued revenue. 应计收入,是指已实现但尚未收到款项的收入。
财务会计 英文选择题
1. In which of the following depreciation methods are the depreciation costs the highest in the first year of the asset's life?Choose onea. decreasing residue methodb. production method of depreciationc. under none of the above depreciation methodsd. linear depreciation methodA2. Are not external users of accounting information:Choose onea. tax authoritiesb. suppliersc. trade unionsd. potential investorse. managersf. current creditorsE3.Which of the following does NOT belong to the minimum required information to be presented on the face of the statement of comprehensive income in accordance with International Financial Reporting Standards?Choose onea. the dividends distributed during the yearb. tax costsc. components of other comprehensive incomed. incomee. total comprehensive income for the periodf. profit or loss from discontinued operationsg. financial costsF4. The variable overhead costs are:Choose onea. those direct and indirect (indirect) costs that directly depend on changes in production volume, such as direct and indirect laborb. all major technological costs of productionc. any additional production costsd. those indirect costs that change directly or almost directly depending on changes in production volume, such as indirect labor and indirect materialse. those direct costs that change directly or almost directly depending on changes in production volume, such as direct labor and direct materialsD5.Which of the following is NOT a criterion for classifying a liability as current?Choose onea. the liability is held primarily for commercial purposesb. the liability is expected to be settled within 12 m after the end of the reporting periodc. the enterprise has no unconditional right to postpone the settlement of the obligation by at least 12 months after the end of the reporting periodd. the liability is expected to be settled within the normal operating cycle of the entitye. there is no correct answerE6. At the end of the reporting period it is established that the provision accrued during the previous reporting period was overestimated by BGN 20,000. What accounting item should be drawn up in this case?Choose onea. Debit account "Provisions for warranty service" 20 000, Credit account "Other income" 20 000b. Debit account "Provisions for warranty service" 20 000, Credit account "Sales revenues" 20 000c. Debit account "Provisions for warranty service" 20 000, Credit account "Other expenses" 20 000d. Debit account "Expenses for provisions" (20 000), Credit account "Provisions for warranty service" (20 000) - by the red reversal methodD7.Which of the following is NOT an outgoing cash flow from investing activities for a manufacturing enterprise?Choose onea. Repurchase of own sharesb. Cash payments for the purchase of a software productc. Loan granted to a subsidiaryd. Cash payments for the purchase of investments in associatese. All of the above are cash outflows from investing activitiesf. Advance paid for the purchase of a machineE8. The accounting of the impairment of materials is as follows:Choose onea. We debit the account "Expenses for impairment of inventories" and credit the account "Impairment of materials", but with negative amountsb. We debit the account "Impairment of materials" and credit the account "Expenses for impairment of inventories"c. We debit the "Materials" account and credit the "Materials Impairment" accountd. We debit the account "Impairment of materials" and credit the account "Expenses for impairment of inventories", but with negative amountse. We debit the account "Expenses for impairment of inventories" and credit the account "Impairment of materials"f. We debit the account "Impairment of materials" and credit the account "Other expenses"B9. The initial malt on the account "Provisions for warranty service" is BGN 12,000. The accrued expenses for provisions during the reporting period are BGN 45,000. the following accounting item is drawn up:Choose onea. Debit account "Costs for provisions" 60 000, Credit account "Provisions for warranty service"60 000b. Debit account "Provisions for warranty service" 45 000, Debit account "Other expenses" 15 000, Credit account "Cash" 60 000c. Debit account "Provisions for warranty service" 57 000, Debit account "Expenses for provisions" 3 000, Credit account "Cash" 60 000d. Debit account "Expenses for provisions" 60 000, Credit account "Cash" 60 000e. Debit account "Provisions for warranty service" 60 000, Credit account "Cash" 60 000f. Debit account "Provisions for warranty service" 45 000, Debit account "Expenses for provisions"15 000, Credit account "Cash" 60 000F10.Which of the following is NOT a component of equity?Choose onea. fixed capitalb. legal reservesc. revaluation reserved. uncovered loss from previous yearse. financing for the acquisition of a tangible fixed assetf. premium reserveE11. What accounting item is compiled for reporting a received bank loan in the amount of BGN 120,000. Upon concluding the loan agreement, the enterprise has paid a management fee for the bank's tariff in the amount of BGN 6,300?Choose onea. Dt s / ka Skonto by financial instruments 6 300 and Dt s / ka Current account in BGN 113 700; Long-term bank loans received 120,000b. Dt s / ka Current account in BGN 120,000; Kt s / ka Long-term bank loans received 120 100c. Dt s / ka Received long-term bank loans 120,000; Kt s / ka Skonto by financial instruments 6 300 and Kt s / ka Current account in BGN 113 700d. Dt s / ka Current account in BGN 113,700; Long-term bank loans received 113,700C12. For which inventory do special accounting regulations apply, given its characteristics? Choose onea. unfinished construction under construction contractsb. delivery of goods by importc. unfinished delivery of auxiliary materialsd. combustible materialse. productsf. work in progressA13.Which of the following statements concerning the exchange of a tangible fixed asset for another asset is true?Choose onea. The cost of acquiring the asset received is equal to the carrying amount of the leased asset, less any payments made by the enterprise, plus the payment received by the company that leases the asset to the enterprise.b. If the asset is acquired for exchange with another non-monetary asset or with a combination of monetary and non-monetary assets, then the acquisition cost is the fair value of the leased assetc. If the asset is acquired in exchange for another non-monetary asset or a combination of monetary and non-monetary assets, then the acquisition cost is the fair value of the asset received if the transaction is of a non-commercial natured. A transaction is considered to be of a commercial nature if the cash flow scheme associated with the asset received, in terms of time, amount and risk, coincides with the cash flow scheme of the leased asset.e. If the fair value of the asset received cannot be determined, then the cost of acquisition is equal to the carrying amount of the leased asset, adjusted for cash payments.f. All these statements are not trueE14.Which of the following is NOT incoming cash flow from operating activities?Choose onea. Cash receipts from sale of productsb. Cash receipts of an insurance company from insurance premiumsc. Dividends received from holding companiesd. Cash receipts from commissionse. Interest received on loans from a financial institutionf. All specified cash inflows are from core businessC15.Which of the following methods for writing off inventories and determining the cost of sales is NOT eligible under International Financial Reporting Standards?Choose onea. last incoming, first outgoing priceb. all the listed assessment methods are acceptablec. method of specific identificationd. first incoming, first outgoing pricee. floating weighted average priceA16. The cancellation of impairment of materials reported in previous reporting periods may occur as:Choose onea. We debit the account "Impairment losses" and credit the account "Impairment of materials"b. We debit the "Materials" account and credit the "Materials Impairment" accountc. We debit the account "Impairment of materials" and credit the account "Other income"d. We debit the account "Impairment of materials" and credit the account "Recovered impairment"e. We debit the "Materials" account and credit the "Impairment losses" accountf. We debit the account "Impairment of materials" and credit the account "Impairment costs", but with negative amountsg. We debit the account "Impairment of materials" and credit the account "Materials"F17.If the fair value less costs to sell of an item of property, plant and equipment exceeds its carrying amount, it:Choose onea. its value in use must be determinedb. the present value of the deferred sale value must also be calculatedc. the asset is not impaired and it is not necessary to determine its value in used. it must be assumed that the asset is impairedC18. Research costs incurred by the enterprise:Choose onea. should be recognized as an intangible assetb. they must be recorded as current expenses for the period in which they are incurredc. should be accounted for as a reduction in development costsd. must be accounted for as an expense for future periodsB19.Which of the following information should NOT be disclosed in the notes to the financial statements based on International Financial Reporting Standards?Choose onea. management's estimates to determine accounting estimatesb. the basis for the preparation of the financial statements of the enterprisec. selected accounting policies of the enterprised. the total amount of dividends offered or declared prior to the approval of the financial statements for publication that were not recognized as a distribution of equity to owners for the periode. information required by International Financial Reporting Standards that is not presentedelsewhere in the financial statementsf. each of the above information must be disclosedg. the valuation base (s) used in the preparation of the financial statementsh. the judgments made by management in the process of implementing its accounting policiesD20. The issue of 95,000 ordinary shares with a nominal value of BGN 1 per share and an issue value of BGN 1.10 / share by an enterprise shall be accounted for with the following accounting item:Choose onea. Dt s / ka Share capital 95 000 and Dt s / ka Reserve from issue of shares 9 500; Kt Current account in BGN 104,500b. Dt s / ka Share capital 95 000; Kt s / ka Reserve from issue of shares 95 000c. Dt s / ka Current account in BGN 104,500; Kt s / ka Share capital 95 000 and Kt s / ka Reserve from issue of shares 9 500d. Dt s / ka Current account in BGN 104,500; Kt s / ka Share capital 104 500C21.Which of the following is NOT included in the group of cash and cash equivalents?Choose onea. all of the above are includedb. current account balancesc. cashd. investments in quarterly government securitiese. quarterly bank depositf. long-term blocked fundsF22.Which of the following statements concerning property, plant and equipment is NOT true? Choose onea. Borrowing costs are always capitalized in the amount of the property, plant and equipment acquiredb. Spare parts are usually accounted for as inventories and current consumption is accounted for when usedc. If appropriate, the entity may group insignificant assets separately and apply the criteria for recognizing property, plant and equipment to their total value.d. Tangible fixed assets acquired for security or environmental reasons may be recognized as separate property, plant and equipment.e. The costs of major inspections must be added (capitalized) to the carrying amount of property, plant and equipment if the recognition criteria are met.f. If basic spare parts and service equipment are used during more than one reporting period or only in connection with a tangible fixed asset, they are reported as property, plant and equipment.g. Expenses related to the daily maintenance of property, plant and equipment are recognized ascurrent for the period in which they are incurred.A23.Which of the following is not a non-current asset under International Financial Reporting Standards?Choose onea. investments in associatesb. income for future periodsc. facilitiesd. software productse. investment propertyf. improvements on the groundB24.Which of the following does not fall within the scope of financial accounting?Choose onea. there is no correct answerb. annual accounting closingc. preparation of financial statementsd. presentation of financial statementse. current accountingf. preparation of the annual budget of revenues and expendituresF25. Which of the following accounting items will be used to report the printer purchased for the needs of the marketing department, worth BGN 2,400, incl. 20% VAT, as the threshold for capitalization of properties, machinery and equipment is BGN 2,200:Choose onea. Dt s / ka Expenses for materials - assets below the value threshold 2 000 and Dt s / ka VAT purchases 400; Kt s / ka Current account in BGN 2,400b. Dt s / ka Material costs - assets below the value threshold 2,000; Kt s / ka Current account in BGN 2,000c. Dt s / ka Printer 2,000; Kt s / ka Current account in BGN 2,000d. Dt s / ka Expenses for acquisition of tangible fixed assets 2 400; Kt s / ka Current account in BGN 2,400A26.In most business transactions leading to a trade receivable, it is initially assessed:Choose onea. based on the exchange price agreed between the two parties to the transactionb. at its value in usec. at its reproductive valued. at its net realizable valuee. at its recoverable amountf. at its current value at the date of saleA27.Which statement about the net realizable value of inventories is NOT true?Choose onea. Net realizable value is always determined based on the market price of inventoriesb. For each subsequent period a new estimate of the net realizable value is madec. The impairment to net realizable value takes place on separate items of inventoriesd. The determination of net realizable value is based on an approximate accounting estimatee. The net realizable value depends on the contracts concluded by the enterprise, if anyf. When the conditions that led to the depreciation of inventories below their cost are no longer present, the previous value of the impaired inventories is re-adopted.g. The net realizable value is an indicator of the recoverable amount of inventories, given their liquidityh. The net realizable value depends on the selling expenses, which are specific and may be different for different companiesA28.Bulgarian accounting legislation does NOT include:Choose onea. Independent Financial Audit Actb. Accountancy Actc. Value Added Tax Actd. National accounting standardse. Law on the Public Offering of Securitiesf. Corporate Income Tax Actg. International Financial Reporting StandardsG29. The delivery value of purchased inventories does NOT include:Choose onea. finishing costsb. loading and unloading costsc. transport costsd. customs duties and taxese. purchase pricef. overhead costsg. commissions paid in connection with the purchaseF30.Which of the following does NOT belong to the minimum required information to be presented on the face of the statement of changes in equity in accordance with International Financial Reporting Standards?Choose onea. all of the above belong to the minimum required informationb. correction of significant errors from previous periods, if anyc. share capitald. revaluation reservee. retained earnings / uncovered lossf. premiums from the issue of shares / unitsg. reserves from recalculations in foreign currencyA31.Which of the following costs is not included in the cost of an asset in the group of property, plant and equipment?Choose onea. installation costsb. all listed costs are included in the acquisition price (cost)c. the estimated costs of dismantling and removing the asset and restoring the sited. delivery costse. the costs of site preparationf. import dutiesg. the cost of training staff to work with the asseth. purchase priceG32. Development costs incurred by the enterprise:Choose onea. are recognized as an asset and the cost of research is added to themb. are recognized as an asset only if they meet certain criteriac. are recognized as current expenses for the period in which they are incurredd. are recognized as a loss because the expected economic benefit against them is uncertaine. are recognized as deferred expensesB33.Which of the following costs are included in the cost of inventories?Choose onea. selling expensesb. non-production costs incurred in connection with bringing the inventories in the required conditionc. administrative costsd. input materials outside the norme. warehouse costsf. costs of exchange rate changesB34. An enterprise issues 10,000 ordinary shares with a nominal value of BGN 1 per share. The issue value is BGN 1.10 per share. The following accounting item must be prepared for theaccounting reflection of the issue:Choose onea. Cash debit account 11,000, Fixed capital credit account 10,000, Issue premiums credit account 1,000b. Debit account "Cash" 11 000, Credit account "Fixed capital" 10 000, Credit account "Additional capital" 1 000c. Cash debit account 10,000, Issue premiums debit account 1,000, Fixed capital credit account 11,000d. Cash debit account 11 000, Credit account "Income from operations with financial assets" 1 000, Credit account "Fixed capital" 10 000e. Debit account "Cash" 11 000, Credit account "Fixed capital" 11 000A35.Which of the following statements is NOT true?Choose onea. It is required to preserve the presentation and classification of the items in the financial statements during the reporting periodsb. Each significant class of related items must be presented separately in the financial statementsc. Revenues and expenses can be reimbursed only under certain conditionsd. All statements are truee. Instead of one statement of comprehensive income for the period, companies may submit two statements - a profit or loss statement for the year and a statement of comprehensive income.f. Comparative information for the previous reporting period is required for all digital informationg. The financial statements are presented at least once a yearh. The financial review by the management of the company is an integral part of its financial statements prepared on the basis of International Financial Reporting Standards.H36. The purchased machine is included in the fixed tangible assets of the enterprise under inventory number 124 and is accounted for at the acquisition price of BGN 96,400. The accounting of this business operation is:Choose onea. Dt s / ka Costs for acquisition of a machine 96 400; Kt s / ka Machine 96 400b. Dt s / ka Costs for acquisition of a machine 96 400; Kt s / ka Suppliers 96 400c. Dt s / ka Machine 96 400; Kt s / ka Costs for acquiring a machine 96 400d. Dt s / ka Machine 96 400; Kt s / ka Delivery 96 400C37.Which of the following accounting items are accrued dividends for BGN 3,700 in connection with the owned investments of the enterprise in subsidiaries:Choose onea. Dt s / ka Dividend receivables 3,700; Kt s / ka Dividend income 3,700b. Dt s / ka Dividend income 3,700; Kt s / ka Dividend receivables 3,700c. Dt s / ka Investments in subsidiaries 3,700; Kt s / ka Dividend income 3,700d. Dt s / ka Dividend receivables 3,700; Kt s / ka Investments in subsidiaries 3 700A38.Which of the following statements about the differences between financial (FS) and management accounting (MB) is NOT true?Choose onea. All statements are trueb. FS and MB solve different tasksc. FS and MB use different methodologies and procedural techniquesd. All statements are wronge. FS and MB use the same classification and analyticity of the reporting objectsf. The FS and the MB apply the same accounting methodg. FS and MB have the same subjectE39. The management of Jasmine AD prepares a draft financial statement on January 17, which is submitted for approval by the Board of Directors on February 25. The Board of Directors authorized the report for issue on February 25. Shareholders approve the financial statements on March 17. On March 5, a major customer of the company was declared bankrupt. In this regard, the company has taken one of the following actions:Choose onea. adjusts the disclosures in the financial statements in connection with the event and takes action to authorize the report for issuanceb. does not take any action related to the financial statementsc. adjusts the financial statement by depreciating the receivable from the client and warns the Board of Directors of the adjustments maded. adjusts the financial statement by depreciating the receivable from the client and takes new actions for re-authorization of the financial statement for issuancee. there is no correct answerD40. The accounting of the actual costs incurred for warranty service requires the compilation of the following accounting item:Choose onea. Debit account "Guarantee service provisions", Credit account "Cash"b. Debit account "Costs for provisions", Credit account "Provisions for warranty service"c. Debit account "Provisions for warranty service", Credit account "Expenses for provisions"d. Debit account "Cash", Credit account "Provisions for warranty service"e. All listed accounting items are wrongf. Debit account "Guarantee service provisions", Credit account "Other income"A41.Which of the following statements about inventories is NOT true?Choose onea. There are difficulties in quantitative measurement of inventories due to the various costs that form their value (cost)b. The classification of inventories must be consistent with the nature of the enterprise's operationsc. A problem in practice is the write-off of inventories when used in the activity, as there is a difference between the physical flow of inventories and value movements (flows)d. Inventories must be presented in the financial statements at the higher of their delivery value (cost) and their net realizable value.e. Inventories are directly related to liquidity and turnover, which characterize the production activity of the enterprisef. Inventories are material goods and they are materially responsibleD42.Which of the following statements concerning intangible assets is NOT true?Choose onea. Intangible assets are stated in the statement of financial position at their carrying amountb. When amortizing intangible assets, the straight-line method is mandatoryc. The cost of acquiring an intangible asset does not include the cost of training staff to work with the assetd. Intangible assets are subject to impairmente. Subsequent measurement of intangible assets may take place at historical cost or at revalued (fair) valueB43.Which of the following is NOT an incoming cash flow from financing activities for a manufacturing enterprise?Choose onea. Cash proceeds from bond issueb. All of these are cash inflows from financing activitiesc. Bank loan receivedd. Funding received under a European programe. Cash proceeds from the issue of sharesf. Payment received on the principal of a loan granted to an associateB44.Which of the listed assets is NOT included in the group of inventories?Choose onea. goodsb. materialsc. goods on the roadd. productse. semi-finished productsf. all of the listed assets are includedF45.Which of the following factors should not be taken into account when determining the useful life of property, plant and equipment?Choose onea. the expected use of the asset by the enterpriseb. the expected physical depletion of the assetc. the technical obsolescence of the assetd. the depreciable value of the assete. legal or other restrictions on the use of the assetf. the commercial obsolescence of the assetD46. On 01.09.2019 Maritza OOD received a loan in the amount of BGN 320,000. The loan is repayable in 16 equal quarterly installments. The first installment is due on December 1, 2019. All installments are made on the due date. How should the balance of the debt be presented as of 31.12. 2020 in the statement of financial position as of that date?Choose onea. as a non-current liability of BGN 80,000 and a current liability of BGN 140,000.b. there is no correct answerc. as a non-current liability BGN 220,000.d. as a non-current liability of BGN 140,000 and a current liability of BGN 80,000.e. as a current liability BGN 220,000.D47. The increase of the fixed capital cannot take place:Choose onea. against in-kind contribution of a partnerb. against the destruction of repurchased sharesc. through a new issue of sharesd. against repayment of an obligation of the enterprise to a suppliere. at the expense of retained earnings from previous yearsf. against the conversion of bonds into sharesD48.Which of the following is NOT an outflow of cash from operating activities?Choose onea. Cash payments of benefits from an insurance companyb. Dividends paidc. Cash payments to staffd. Cash payments to suppliers of goodse. Corporate tax paidf. Loans from a financial institutionF49.Which accounting item reflects a shareholder's contribution to the company's capital in the form of a building worth BGN 98,000, corresponding to subscribed but unpaid shares of the company?Choose onea. Dt s / ka Building 98 000; Kt s / ka Receivables on subscribed share contributions 98 000b. Dt s / ka Building 98 000; Kt s / ka Fixed capital 98 000c. Dt s / ka Share capital 79 000; Kt s / ka Building 98 000d. Dt s / ka Receivables on subscribed share contributions 98 000; Kt s / ka Building 98 000D50.Which of the following costs are included in the cost of inventories?Choose onea. warehouse costsb. costs of exchange rate changesc. non-production costs incurred in connection with bringing the inventories in the required conditiond. selling expensese. administrative costsf. input materials outside the normC。
财务类英语试题及答案
财务类英语试题及答案一、选择题（每题1分，共10分）1. Which of the following is a common financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. All of the above2. The term "equity" in finance refers to:A. Money owed to a company.B. Money invested in a company.C. Money earned by a company.D. Money spent by a company.3. What is the formula for calculating the return on investment (ROI)?A. ROI = (Net Income / Total Assets) * 100B. ROI = (Total Assets / Net Income) * 100C. ROI = (Net Profit / Cost of Investment) * 100D. ROI = (Cost of Investment / Net Profit) * 1004. The process of forecasting a company's future financial position is known as:A. BudgetingB. ForecastingC. PlanningD. Analysis5. Which of the following is not a type of financial risk?A. Credit riskB. Market riskC. Liquidity riskD. Fixed risk6. The term "leverage" in finance is used to describe:A. The use of borrowed money to increase potential returns.B. The process of selling a financial asset.C. The amount of money a company has in the bank.D. The ratio of a company's equity to its debt.7. What does "EBIT" stand for in financial analysis?A. Earnings Before Interest and TaxesB. Earnings Before Income and TaxesC. Earnings Before Interest and TotalD. Earnings Before Interest, Taxes, and Depreciation8. The "time value of money" concept implies that:A. Money received in the future is worth less than money received today.B. Money received in the past is worth more than money received today.C. Money has no value over time.D. The value of money is constant over time.9. Which of the following is a method of financial analysis?A. SWOT analysisB. PEST analysisC. Ratio analysisD. Porter's Five Forces analysis10. The "break-even point" in finance is the point at which:A. A company's revenue equals its expenses.B. A company's net income is zero.C. A company's assets equal its liabilities.D. A company's cash flow is positive.答案：1. D2. B3. C4. B5. D6. A7. A8. A9. C10. A二、填空题（每题1分，共5分）11. The __________ is a financial statement that shows a company's assets, liabilities, and equity at a particular point in time.Answer: Balance Sheet12. The __________ is the difference between revenue and expenses during a specific period.Answer: Net Income13. In finance, the term "capital" often refers to the__________ of the business.Answer: Owners' Equity14. If a company's current assets are greater than itscurrent liabilities, it is said to have a positive __________. Answer: Working Capital15. The __________ is a measure of how well a company can pay its current debts.Answer: Quick Ratio三、简答题（每题5分，共10分）16. What is the purpose of a financial statement analysis?Answer: The purpose of financial statement analysis is to assess the performance and financial health of a company. It helps investors, creditors, and other stakeholders to make informed decisions about the company's financial stability, profitability, and risk.17. Explain the difference between "operating activities" and "financing activities" in the context of a cash flow statement.Answer: Operating activities in a cash flow statement referto the cash transactions that are directly related to thecore business operations of the company, such as cashreceived from sales and cash paid for expenses. Financing activities, on the other hand, involve cash transactions related to the company's financing arrangements, such as issuing or repaying debt, issuing or buying back shares, and paying dividends.四、计算题（每题5分，共5分）18. If a company has a net profit of $100,000 and a cost of investment of $500,000, what is the ROI?Answer: ROI = (Net Profit / Cost of Investment) * 100ROI = (100,000 / 500,000) * 100ROI = 20%五、论述题（每题10分，共10分）19. Discuss the importance of financial planning in business management.Answer: Financial planning is a critical component of business management as it helps in setting financial goals, allocating resources efficiently, and forecasting。
会计英语的考试题目及答案
会计英语的考试题目及答案会计英语考试题目及答案一、选择题（每题2分，共20分）1. What is the term used to describe the process of recording financial transactions in a company's books?A. BudgetingB. AccountingC. AuditingD. Forecasting答案：B2. Which of the following is not a type of financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Sales Report答案：D3. The process of ensuring that the financial records are accurate and complete is known as:A. BookkeepingB. AccountingC. AuditingD. Reporting答案：C4. What is the primary purpose of an income statement?A. To show the financial position of a company at a specific point in time.B. To show the changes in equity of a company over a period of time.C. To show the profitability of a company over a period of time.D. To show the cash inflows and outflows of a company over a period of time.答案：C5. Which of the following is not a principle of accounting?A. Accrual BasisB. ConsistencyC. MaterialityD. Fair Value答案：D6. The term "double-entry bookkeeping" refers to the practice of:A. Recording transactions twice in different accounts.B. Recording transactions in two different ways.C. Recording debits and credits for every transaction.D. Recording transactions in two different books.答案：C7. The accounting equation is:A. Assets = Liabilities + EquityB. Assets - Liabilities = EquityC. Liabilities - Equity = AssetsD. Equity - Assets = Liabilities答案：A8. What is the purpose of depreciation in accounting?A. To increase the value of an asset.B. To allocate the cost of a tangible asset over its useful life.C. To sell an asset.D. To calculate the profit of a company.答案：B9. Which of the following is a non-current liability?A. Accounts PayableB. Wages PayableC. Long-term DebtD. Taxes Payable答案：C10. The term "revenue recognition" refers to the process of:A. Recognizing expenses when they are paid.B. Recognizing revenues when they are earned.C. Recognizing assets when they are acquired.D. Recognizing liabilities when they are incurred.答案：B二、简答题（每题5分，共20分）1. Explain the difference between "cash basis" and "accrual basis" accounting.答案：Cash basis accounting records transactions when cash is received or paid, whereas accrual basis accounting records transactions when they are earned or incurred, regardless of the cash flow.2. What is the purpose of a balance sheet?答案：The purpose of a balance sheet is to present thefinancial position of a company at a specific point in time, showing what the company owns (assets), what it owes (liabilities), and the net worth of the company's owners (equity).3. Define "depreciation" in the context of accounting.答案：Depreciation is the systematic allocation of the costof a tangible asset over its useful life, reflecting the consumption of the asset's economic benefits over time.4. What is the importance of an audit in the financial reporting process?答案：An audit provides an independent assessment of the accuracy and completeness of a company's financial statements, enhancing their credibility and reliability for stakeholders.三、案例分析题（每题15分，共30分）1. Assume you are an accountant for a company that has just sold a product for $10,000 on credit. Prepare the journalentry for this transaction under both cash basis and accrual basis accounting.答案：Under cash basis, no journal entry is made until cashis received. Under accrual basis, the journal entry would be: Dr. Accounts Receivable $10,000Cr. Revenue $10,0002. A company has the following transactions in January: purchased office supplies for $500 in cash, received $2,000for services provided in December, and accrued $1,500 in wages for January. Prepare the adjusting entries for these transactions at the end of January.答案：The adjusting entries would be:Dr. Office Supplies Expense $500Cr. Office Supplies $500 (for cash purchase)Dr. Accounts Receivable $2,000Cr. Revenue $2,000 (for services provided in December)Dr. Wages Payable $1,500Cr. Wages Expense $1,500 (for accrued wages)四、论述题（每题15分，共30分）1. Discuss the role of ethics in accounting and provide examples of ethical dilemmas that an accountant might face. 答案。
《财务会计》相关复习题(英文版)(doc 12页)
《财务会计》相关复习题(英文版)(doc 12页)1．2．would reflect the most current value of the assets. Wilbur has violated which of the following principles or concepts? A．Reliability principleB．Cost principleC．Going-concern principleD．Stable-monetary-unit concept 3．Which of the following is true? A．Owners' Equity －Assets ＝LiabilitiesB．Assets －Owners' Equity ＝LiabilitiesC．Assets ＋Liabilities ＝Owners' EquityD．Liabilities ＝Owners' Equity ＋Assets4．G. Harrison Inc experienced a decrease in total assets of $2,000 during the current year. During the same year, total liabilities decreased $6,000. If dividends for the year were $10,000 and the owners made no additional investment, how much was netincome?A．$14,000B．$ 6,000C．$18,000D．$ 2,0005．Which of the following statements is true? A．The income statement reports all changes in assets, liabilities, and stockholders' equity of the business during the period.B．Revenues and expenses are reported only on the balance sheet.C．The statement of cash flows reports cash flows from three types of business activities——cash receipts, cash payments, and investing.D．On the statement of retained earnings, the net income for the period is added to the beginning balance of retained earnings. 6．Which of the following statements is not true?A．Investing activities relate to theinvestment by owners into the business. B．Paying dividends is an example of a financing activity.C．Operating activities are the most important type of business activity. D．Managers must make decisions about operating, investing, and financing activities.7．On which financial statement can the ending balance in retained earnings be found? A．Balance sheetB．Income statementC．Statement of retained earningsD．Both A and C8．Which of these is an example of an asset account?A．Service RevenueB．DividendsC．SuppliesD．All of the above are assets9．Dobson Company paid $1,200 on account. The effect of this transaction on Dobson'saccounting equation is to：A．decrease liabilities and increase stockholders’ equity.B．decrease assets and decrease liabilities. C．have no effect on total assets. D．decrease assets and decrease stockholders' equity.10．W hich of these statements is false? A．Decreases in liabilities and increases in revenues are recorded with a credit. B．Decreases in assets and increases in stockholders' equity are recorded with a credit.C．Increases in both assets and expenses are recorded with a debit.D．Increases in assets and decreases in liabilities are recorded with a debit.11．N ote Payable has a normal beginning balance of $40,200. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable.A．$39,200, debitB．$119,600, creditC．$39,200, creditD．$160,800, credit12．W hich of these statements is correct? A．The account is a basic summary device used in accounting.B．A business transaction is recorded first in the journal and then posted to the ledger. C．In the journal entry, all accounts that are increased are listed first and then all accounts that are decreased are listed next. D．Both A and B are correct.13．W hich of these accounts has a normal debit balance?A．Salary ExpenseB．Accounts PayableC．Service RevenueD．Both A and B14．T he May 31 trial balance reports a credit balance of $5,000 for Service Revenue. During the month, one entry for $10 had been postedin error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 ?A．$4,980B．$4,990C．$5,020D．$5,01015．T he beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, then cash receipts must have been：A．$105,900B．$234,500C．$132,100D．$157,10016．U se the following selected information for the Perriman Company to calculate the correct credit column total for a trial balance：Accounts receivable $ 27,200Accounts payable15,900Building359,600Cash55,600Common stock 155,000Dividends4,800Insurance expense 1,800Retained earnings 133,800Salary expense 52,500Salary payable 3,600Service revenue 193,200A．$365,600B．$304,700C．$501,500D．$506,30017．T he journal entry to record the performance of services on account for $1,200 is：A．Accounts Payable 1,200Service Revenue 1,200B．Accounts Receivable 1,200Service Revenue 1,200C．Cash 1,200Service Revenue 1,200D．Service Revenue 1,200Accounts Payable 1,20018．T he Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallwood collected $92,000 for management services. $12,000 of the amount collected was from a contract to provide management services for one year beginning November1,20X8. An additional $20,000 of management services had been earned but not collected by year end. The amount of revenue that should be reported for 20X8 under the cash-basis and accrual-basis is：Cash-BasisAccrual-BasisA．$92,000$80,000B．$80,000$100,000C．$100,000$112,000D．$92,000$102,00019．W hich of the following statements is false? A．The time-period concept requires companies to prepare financial statements at least quarterly.B．According to the revenue principle, revenue should be recorded when a product or service has been delivered to thecustomer.C．When possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded.D．The time-period concept, the revenue principle, and the matching principle all support the practice of preparing adjusting entries.20．T he Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be consideredA．an unearned revenue.B．a prepaid expense.C．an accrued revenue.D．an accrued expense.21．O n November 1 , 20X8 , the Jemigan Company paid $4,800 for a one-year insurance policy. On December 31 , 20X8, the adjusting entry would includeA．a debit to insurance Expense$4,800.B．a credit to insurance Payable, $800. C．a credit to Prepaid insurance, $800. D．a debit to Insurance Expense, $4,000. 22．W hich of these could not be a closing entry?A．Salary Expense XXRetained Earnings XX B．Retained Earnings XXDividends XX C．Service Revenue XXRetained Earnings XX D．Retained Earnings XXRent Expense XX 23．W hat type of account is Unearned Revenue (asset, liability, stockholders' equity, revenue, or expense) and what is its normal balance, respectively?A．asset, debitB．expense, debitC．liability, creditD．revenue, credit24．W hich of the following transactions isconsidered an accrued expense?Ⅰ．Salaries that employees have earned but not receivedII．Management fees received in advanceⅢ．Newspaper advertising that has been purchased but has not yet appeared in the newspaperA．I onlyB．II onlyC．ⅢonlyD．Both I and II25．W hich of the following accounts is not considered a current asset?A．Accounts ReceivableB．EquipmentC．InventoryD．Prepaid Rent26．T he balance sheet for Arnold's Cleaners appears below：Arnold's CleanersBalance sheetDecember 31, 20X8AssetsLiabilitiesCash $400 Accounts payable $300 Accounts receivable 460 Salary payable 20 Supplies 10 Unearned revenue 120 Prepaid insurance 60 Note payable (due in 5 years) 400 Equipment $400 Total liabilities 840 Less: Acc. depr. 40 360 Stockholders’ EquityLand 400 Common stock 370Retained earnings 480Total stockholders' equity 850Total assets $1,690 Total liabilities and stockholders' Equity $1,690 Arnold's current ratio for 20X8 isA．2.11B．2.09C．2D．1.5227．A n investment in debt securities may be classified as any of the following categories except：A．trading securitiesB．available-for-saleC．held-to-maturityD．All of the above are categories for Debt securities28．T he Boulder Co. purchased the following securities in 20X8.The year-end balances of their trading and available-for-sale portfoliosare given below：Trading portfolio: Cost Market ValueSecurity A $10,000 $12,000Security B 3,000 3,500Total $13,000 $15,500Available-for-sale portfolio:Security D $5,500 $3,000Security E 16,000 17,000Total $21,500 $20,000At what value should the trading securities and the available-for-sale securities be reported on the balance sheet?Trading Securities Available-for-Sale SecuritiesA．$13,000$21,500B．$13,000$20,000C．$15,500$21,500D．$15,500$20,00029．N et accounts receivable is calculated as：A．Sales less sales discounts.B．Accounts receivable plus the allowance for uncollectible accounts.C．Accounts receivable less the allowance for uncollectible accounts.D．Accounts receivable less the bad debts expense..30．W hen the allowance method is used, the entry to write off a customer’s account A．increases bad debts expense.B．has no effect on net accounts receivable. C．decreases net accounts receivable. D．Increases the balance of the allowance for uncollectible accounts.31．W hich of the following statements about the statement of cash flows is true?A．The purchase of a held-to-maturity security is considered an investing activity. B．Collection of interest is an investing activity.C．Sales on account is the largest cash flow from operating activities.D．Loaning money to others is a financing activity.Table 1On December 31, 20X8, Troy Inc., had the following accounts and balances（before adjustment）on its books：Accounts Receivable $80,000Allowance for Uncollectible Accounts 2,000 （credit balance）Net Sales 500,00032．R efer to Table 1. Troy estimates that its Bad Debts Expense is 2% of Net Sales. TheBad Debts Expense for 20X8 should be: A．$10,000B．$12,000C．$8,000D．$1,60033．R efer to Table 1. Troy uses an aging schedule to estimate its uncollectible accounts. The aging schedule and the percentage of each category that is estimated to be uncollectible is given below：Current $40,000 2%1-30 days past due 30,000 10%Over 30 days past due 10,000 40%The balance in the Allowance for Uncollectible Accounts after adjusting should be：A．$2,000 B．$5,800C．$7,800 D．$9,800 34．M artinez Co. paid Acme Co. formerchandise with a $2,000, 90-day, 8% note dated April 1. If Martinez pays off the note at maturity, what entry should Acme make on its books at that time?A．Cash 2,160Notes Receivable 2,160B．Notes Payable 2,000Interest Expense 160Cash2,160C．Cash 2,040Notes Receivable 2,000Interest Revenue40D．Cash 2,160Notes Receivable 2,000Interest Revenue 16035．W hich accounts would be debited andcredited in the entry to record accrued interest on a note receivable?DebitCreditA．Interest RevenueInterest ReceivableB．Interest ReceivableInterest RevenueC．CashInterest RevenueD．Interest ReceivableCash36．G iven the following information, compute the quick ratio.Salary Payable $4,000 Trading investments $10,000 Inventory 100,000 Equipment 96,000 Accounts Receivable 42,000 Cash 14,000 Supplies 8,000 Accounts Payable 62,000A．1 B．2.5C．1.2 D．2.45 37．T eresa Company began the period with 10 units in inventory, costing $5 each. During the period the company purchased 100 units at a cost of $5 each. At the end of the period there were 13 units left on hand. What is the correct amount that should appear on the income statement for the period and on the balance sheet at the end of the period?Income Statement Balance SheetA．Cost of goods sold, $500 Inventory, $550B．Inventory, $485 Cost of goods sold, $550C．Cost of goods sold, $65 Inventory, $485D．Cost of goods sold, $485 Inventory, $6538．S heridan Corp. has $10,000 of goods on hand at August 31, 20X8. Cost of goods soldaverages 40% of sale revenue. Sales for the month of September are budgeted to be $143,000. If ending inventory at the end of September is budgeted to be $10,500, what amount of inventory will Sheridan’s managers need to purchase during September in order to meet this goal?A．$57,700B．$86,300C．$56,700D．Cannot be determined from the information given.Table 2Consider the following data for Reed Company for the current year:UnitsUnit Cost TotalBeginning inventory 55 $10 $550Purchase February 4 22 12 264Purchase May 15 2013 260Purchase October 20 48 15 720Sales during the year, 84 units @ $30 each. 39．R efer to Table 2. What is the weighted-average cost per unit?A．$12.33 B．$12.37C．$12.50 D．$12.48 40．R efer to Table 2. What is the cost of ending inventory, assuming the LIFO method is used?A．$889 B．$905C．$622 D．$1,172 41．R efer to Table 2. What is the cost of goods sold, assuming the FIFO method is used?A．$889 B．$905C．$622 D．$1,172 42．R efer to Table 2. What is Reed Company’s gross profit percentage (rounded) for the year, assuming that ending inventory totaled $685?A．56% B．27%C．40% D．44%43．D uring a period of rising prices, the inventory method that yields the highest net income and the lowest inventory value, respectively, will be:A．LIFO and FIFO.B．Weighted-average and LIFO.C．LIFO and LIFO.D．FIFO and LIFO.44．P ittman Company management omitted $65,000 of inventory when calculating their 20X8 ending inventory. As a result of this error,A．20X9 total assets will be overstated. B．20X9 cost of goods sold will be understated.C．20X8 stockholders’equity will be overstated.D．20X9 net income will be understated. 45．W hich of these statements regarding GAAP as applied to inventories is true?A．The disclosure principle requires that a company disclose the inventories method(s)used.B．According to the consistency principle, the inventory method can never be changed.C．The lower-of-cost-or-market rule states that, in order to be conservative, declines in inventory prices should be recognized in the period in which the goods are actually sold. D．The materiality principle allows GAAP to be ignored when the result is material in amount.46．T he items below represent expenditures related to the construction of a new office building:Cost of land $210,000 Legal fees relating toland purchase$2,000Cost of removing old building 1,000Payment ofdelinquent propertytaxes4,50Grading the site 5,000Payment tocontractor1,000,000Cost of 4,5Interest cost 40,0building permits 00 incurred duringconstruction00Cost of paving parking lot 20,000Cost of fencing 5,00The proper balances for the Land account and the Building account should be:Land BuildingA. $217,000 $1,000,000B.. $213,500 $1,001,000C $222,500 $1,044,500D. $220,500 $1,041,000 47．W hich of the following statements is false?A.A ccelerated depreciation methods recordmore depreciation expense over the life of an asset than either the straight-line method or the units-of-production method.B.The cost of an asset, its residual value, andits estimated useful life are all used in computing depreciation.C.T he units-of-production method is mostappropriate for an asset that wears out due to physical use.D.L and is never depreciated.Table 3On January 1, 20X8, Guard Security Service purchased an alarm monitoring system for $80,000. The system is expected to be used for 4 years, after which it can be sold for $16,000. 48．R efer to Table 3. What is the book value of the equipment of December 31, 20X9, if Guard uses the straight-line method of depreciation?A. $64,000B. $60,000C. $40,000D. $48,00049．R efer to Table 3. If guard uses the double-declining-balance method of depreciation, what is depreciation expense for 20X9?A. $40,000B. $32,000C. $20,000D. $16,00050．R efer to Table 3. If Guard sells the equipment for $20,000 at the end of the four years, the journal entry to record the sale will include all of the following except aA．$20,000 debit to Cash.B．$4,000 credit to Gain on Sale of Equipment.C．$20,000 credit to Equipment. D．$64,000 debit to Accumulated Depreciation.51．W hich of the following statements is false? A．Straight-line depreciation can be used for financial reporting or for income tax purposes.B．Double-declining-balance depreciation is the most commonly used method of depreciation in financial reporting. C．The units-of-production method results in higher depreciation in the years when an asset is more productive and lower depreciation in the years when an asset is less productive.D．Accelerated depreciation creates a cash advantage over straight-line because higher amounts of depreciation are deducted on the tax return in the earlier years of anasset’s life resulting in lower taxes paid. 52．W hich of the following is not accounted for as an intangible asset?A. FranchisesB. GoodwillC. TrademarkD. Research and development53．W hich of the following statements about the statement of cash flows is false? A．Financing activities are not affected by plant asset transactions. B．Depreciation is not a cash flow. C．Amortization of intangibles is added to net income when calculating cash provided by operations.D．The sale of equipment at a loss is recorded as a cash outflow from investing activities.54．F rom the following list of account balances, calculate the correct amount of current liabilities:C$5,000AccountsreceivableAccounts payable 6,300900UnearnedrevenuesRent expense 1,200Sales revenue 46,300Sales tax payable 3,700800Estimatedwarranty payable1,300Note payable,due in 90 daysAccumulated700depreciationA. $12,100B. $61,200C. $13,000D. $59,30055．I f Roman company issues their $500,000, 10% bonds payable at a premium,A.t he debit to Cash is greater than the creditto Bonds Payable.B.The maturity value is greater than thepresent value of the interest and principal payments.C.t he market rate of interest must be lessthan the contract rate of interest.D.B oth A and C are true.56．S ister Company issued bonds payable at a discount and uses the effective-interest method of amortization. Which of these statements correctly describes Sister’s financial statements?A．The carrying amount of the bonds on the balance sheet will decrease each interest period.B．The interest expense each interest period will be greater than the cash paid for interest.C．The interest paid will be a constant percentage of the carrying amount. D．The Discount on Bonds Payable will be added to the liabilities on Sister’s financial statements.57．G reta Corporation has outstanding $600,000 of 5-year,8% bonds payable with a carrying value of $604,000. The bonds are retired at 101.5, 2 years ahead of theirscheduled maturity date. The journal entry to record the retirement will include all of the following except aA．debit to Extraordinary Loss on Retirement of Bonds Payable, $5,000. B．Credit to Cash, $609,000.C．Debit to Bonds Payable, $604,000. D．Debit to Premium on bonds Payable, $4,000.58．W hen a company reports liabilities on its financial statements:A．the fair market value of long-term debt appears as a part of long-term liabilities on the balance sheet.B．Borrowing and repayment of long-term debt appears as a part of investing activities of the statement of cash flows. C．Deferred credits and deferred income taxes may appear as a part of long-term liabilities on the balance sheet.D．Both operating leases and capital leases are a part of the liabilities section on thebalance sheet, and may be either long or short term.Table 4On December 31,20X8, the Orthon Co. reported the following in its comparative financial statement:12/31/20X8 12/31/20X7 10%cumulativepreferred stock, $50$50,000 $50,000 par and redemptionvalue, 2,000 sharesauthorized and ?shares issuedPaid-in capital in4,000 4,000 excess of par-preferred54,000 54,000 Common stock, $2 par,8,000 6,000 20,000 sharesauthorized and4,000(20X4) and3,000(20x3) shareissued and outstandingPaid-in capital in84,000 80,000 excess of par-common92,000 86,000 Total paid-in capital 146,000 140,000 Retained earnings 140,000 110,000 Total stockholders’$286,000 $250,000 equity59．T he number of preferred shares issued and outstanding at the end of 20X8 is :A.8,,000B. 2,000C.1,000D. 50060．R efer to table 4. Assume Orthon had not paid any dividends in 20X5-20X7. In 20X8, Orthon declared cash dividends of $48,000 to both the preferred and common stockholders. The total dividend received by the common stockholders was (assuming the number of preferred shares did not change):A. $48,,000B. $28,000C.$38,000D. $43,00061．R efer to Table 4. Assume net income for 20X8 is $66,000, and there are no dividends inarrears. What is Orthon’s return on common stockholders’ equity for 20X8?A.30.8%B. 28.5%C.24.6%D. 22.8%62．R efer to Table 4. Assume that there are no dividends in arrears. What is Orthon’s book value per share of common stock at the end of 20X8?A. $53B. $56.75C. $58D. $71.5063．W hich of the following transactions increases stockholders’ equity?A.A two-for-one stock splitB.Issuance of stock at a price above par valueC.A 20% stock dividendD.P urchase of treasury stock above par 64．T he journal entry to record the distribution of a large stock dividend would include all of the following except:A. Retained Earnings, debitB. Common Stock, creditC. Paid-in Capital in Excess of Par, creditD. All of the above are included in the entry 65．W hich one of the following statements is true?A. A large stock dividend increases the number of shares issued, but a stock split does not.B. A stock split reduces the market price of the stock, but a large stock dividend does not.C. A stock split does not decrease the par value of the stock, but a large stock dividend does not.D. Both stock splits and stock dividends have no effect on total stockholders’ equity. 66．O lson Inc. purchased 5,000 shares of its own $1 par value common stock for $16 per share. Later, Olson sold 200 shares of the treasury stock for $20 per share. The entry to record the sale of the treasury stock is:A. Cash 4,000Treasury Stock 4,000B. Cash 4,000Treasury Stock 200Paid-in Capital from Treasury Stock Transactions 3,800C. Cash 4,000Treasury Stock 3,200Paid-in Capital from Treasury Stock Transactions 800D. Cash 4,000Common Stock 200Gain on Sale of Stock 3,80067．W hich of the following transactions would not be found on the statement of cash flows? A．Declaration of a cash dividend B．Purchase of treasury stock above parC．Issuance of preferred stock at a price above parD．Sale of treasury stock at a price below the cost。
中级财务会计-英文版复习提纲-1
Chapter 9 &10Property, Plant and Equipment一、Acuisition1.购买取得：purchase price less any trade discount, less cash discounts available(现金折扣不计入取得成本，不包括在固定资产的入账价值——享受现金折扣则扣除；若不享受则作为费用)✓Devon Company purchases a machine with a contract price of $100,000 on terms of 2/10, n/30. The company does not take the cash discount and incurs transportation costs of $2,500, as well as installation and testing costs of $3,000. Sales taxes total $5,000 on the purchase. During installation, uninsured damages of $500 are incurred. What is the cost of the machine?Contract price $100,000Discount not taken (2,000)Transportation cost 2,500Installation and testing 3,000Sales tax 5,000Cost of machine $108,500•Dr. Machine 108,500•Discounts Lost 2,000•Repair Expense 500•Cr. Cash 111,000•Note: The company does not include the $500 damage as part of the cost of the machinery because it was not a necessary cost.2.Lump-sum purchase 一揽子采购：按公允价值分配，记录cost✓ A company pays $120,000 for land and a building. The land and building are appraised at $50,000 and $75,000, respectively.3.Deferred payments 延期付款：1)首先比较资产的公允价值（the fair value of the assets）与票据的公允价值(the fair value of the liability)哪个更可靠，record可靠的那个2)如果二者均没有，则用现值记录。
《财务会计》相关复习题英文版)
《财务会计》复习题Circle the letter of the best response.1．Which of the following statements is false?A．Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers.B．F inancial statements report financial information about a business entity to decision makers.C．O wners of a corporation are personally liable for the debts of the corporation.D．The purpose of financial accounting is to provide information to people outside of the entity, such as investors and creditors.2．Wilbur owns and operates a fishing tackle shop. Wilbur needs to borrow money to expand;therefore, he prepared financial statements to present to his banker. Wilbur obtained appraisals of all the assets of the business to ensure that the balance sheet would reflect the most current value of the assets. Wilbur has violated which of the following principles or concepts?A．Reliability principleB．C ost principleC．G oing-concern principleD．Stable-monetary-unit concept3．Which of the following is true?A．Owners' Equity －Assets ＝LiabilitiesB．A ssets －Owners' Equity ＝LiabilitiesC．A ssets ＋Liabilities ＝Owners' EquityD．Liabilities ＝Owners' Equity ＋Assets4．G. Harrison Inc experienced a decrease in total assets of $2,000 during the current year.During the same year, total liabilities decreased $6,000. If dividends for the year were $10,000 and the owners made no additional investment, how much was net income?A．$14,000B．$ 6,000C．$18,000D．$ 2,0005．Which of the following statements is true?A．The income statement reports all changes in assets, liabilities, and stockholders' equity of the business during the period.B．R evenues and expenses are reported only on the balance sheet.C．T he statement of cash flows reports cash flows from three types of business activities——cash receipts, cash payments, and investing.D．On the statement of retained earnings, the net income for the period is added to the beginning balance of retained earnings.6．Which of the following statements is not true?A．Investing activities relate to the investment by owners into the business.B．P aying dividends is an example of a financing activity.C．O perating activities are the most important type of business activity.D．Managers must make decisions about operating, investing, and financing activities. 7．On which financial statement can the ending balance in retained earnings be found?A．Balance sheetB．I ncome statementC．S tatement of retained earningsD．Both A and C8．Which of these is an example of an asset account?A．Service RevenueB．D ividendsC．S uppliesD．All of the above are assets9．Dobson Company paid $1,200 on account. The effect of this transaction on Dobson's accounting equation is to：A．decrease liabilities and increase stockholders’ equity.B．d ecrease assets and decrease liabilities.C．h ave no effect on total assets.D．decrease assets and decrease stockholders' equity.10．W hich of these statements is false?A．Decreases in liabilities and increases in revenues are recorded with a credit.B．D ecreases in assets and increases in stockholders' equity are recorded with a credit.C．I ncreases in both assets and expenses are recorded with a debit.D．Increases in assets and decreases in liabilities are recorded with a debit.11．N ote Payable has a normal beginning balance of $40,200. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable.A．$39,200, debitB．$119,600, creditC．$39,200, creditD．$160,800, credit12．W hich of these statements is correct?A．The account is a basic summary device used in accounting.B．A business transaction is recorded first in the journal and then posted to the ledger.C．I n the journal entry, all accounts that are increased are listed first and then all accounts that are decreased are listed next.D．Both A and B are correct.13．W hich of these accounts has a normal debit balance?A．Salary ExpenseB．A ccounts PayableC．S ervice RevenueD．Both A and B14．T he May 31 trial balance reports a credit balance of $5,000 for Service Revenue. During the month, one entry for $10 had been posted in error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 ?A．$4,980B．$4,990C．$5,020D．$5,01015．T he beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, then cash receipts must have been：A．$105,900B．$234,500C．$132,100D．$157,10016．U se the following selected information for the Perriman Company to calculate the correct credit column total for a trial balance：Accounts receivable $ 27,200Accounts payable 15,900Building 359,600Cash 55,600Common stock 155,000Dividends 4,800Insurance expense 1,800Retained earnings 133,800Salary expense 52,500Salary payable 3,600Service revenue 193,200A．$365,600B．$304,700C．$501,500D．$506,30017．T he journal entry to record the performance of services on account for $1,200 is：A．Accounts Payable 1,200Service Revenue 1,200B．A ccounts Receivable 1,200Service Revenue 1,200C．C ash 1,200Service Revenue 1,200D．Service Revenue 1,200Accounts Payable 1,20018．T he Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallwood collected $92,000 for management services. $12,000 of the amount collected was from a contract to provide management services for one year beginning November 1,20X8. An additional $20,000 of management services had been earned but not collected by year end.The amount of revenue that should be reported for 20X8 under the cash-basis and accrual-basis is：Cash-Basis Accrual-BasisA．$92,000 $80,000B．$80,000 $100,000C．$100,000 $112,000D．$92,000 $102,00019．W hich of the following statements is false?A．The time-period concept requires companies to prepare financial statements at least quarterly.B．A ccording to the revenue principle, revenue should be recorded when a product or service has been delivered to the customer.C．W hen possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded.D．The time-period concept, the revenue principle, and the matching principle all support the practice of preparing adjusting entries.20．T he Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be consideredA．an unearned revenue.B．a prepaid expense.C．a n accrued revenue.D．an accrued expense.21．O n November 1 , 20X8 , the Jemigan Company paid $4,800 for a one-year insurance policy.On December 31 , 20X8, the adjusting entry would includeA．a debit to insurance Expense$4,800.B．a credit to insurance Payable, $800.C．a credit to Prepaid insurance, $800.D．a debit to Insurance Expense, $4,000.22．W hich of these could not be a closing entry?A．Salary Expense XXRetained Earnings XXB．R etained Earnings XXDividends XXC．S ervice Revenue XXRetained Earnings XXD．Retained Earnings XXRent Expense XX23．W hat type of account is Unearned Revenue (asset, liability, stockholders' equity, revenue, or expense) and what is its normal balance, respectively?A．asset, debitB．e xpense, debitC．l iability, creditD．revenue, credit24．W hich of the following transactions is considered an accrued expense?Ⅰ．Salaries that employees have earned but not receivedII．Management fees received in advanceⅢ．Newspaper advertising that has been purchased but has not yet appeared in the newspaper A．I onlyB．I I onlyC．ⅢonlyD．Both I and II25．W hich of the following accounts is not considered a current asset?A．Accounts ReceivableB．E quipmentC．I nventoryD．Prepaid Rent26．T he balance sheet for Arnold's Cleaners appears below：Arnold's CleanersBalance sheetDecember 31, 20X8Assets LiabilitiesCash $400 Accounts payable $300 Accounts receivable 460 Salary payable 20 Supplies 10 Unearned revenue 120 Prepaid insurance 60 Note payable (due in 5 years) 400 Equipment $400 Total liabilities 840 Less: Acc. depr. 40 360 Stockholders’ EquityLand 400 Common stock 370Retained earnings 480Total stockholders' equity 850Total assets $1,690 Total liabilities and stockholders' Equity $1,690 Arnold's current ratio for 20X8 isA．2.11B．2.09C．2D．1.5227．A n investment in debt securities may be classified as any of the following categories except：A．trading securitiesB．a vailable-for-saleC．h eld-to-maturityD．All of the above are categories for Debt securities28．T he Boulder Co. purchased the following securities in 20X8.The year-end balances of their trading and available-for-sale portfolios are given below：Trading portfolio: Cost Market ValueSecurity A $10,000 $12,000Security B 3,000 3,500Total $13,000 $15,500Available-for-sale portfolio:Security D $5,500 $3,000Security E 16,000 17,000Total $21,500 $20,000At what value should the trading securities and the available-for-sale securities be reported on thebalance sheet?Trading Securities Available-for-Sale SecuritiesA．$13,000 $21,500B．$13,000 $20,000C．$15,500 $21,500D．$15,500 $20,00029．N et accounts receivable is calculated as：A．Sales less sales discounts.B．A ccounts receivable plus the allowance for uncollectible accounts.C．A ccounts receivable less the allowance for uncollectible accounts.D．Accounts receivable less the bad debts expense..30．W hen the allowance method is used, the entry to write off a customer’s account A．increases bad debts expense.B．h as no effect on net accounts receivable.C．d ecreases net accounts receivable.D．Increases the balance of the allowance for uncollectible accounts.31．W hich of the following statements about the statement of cash flows is true?A．The purchase of a held-to-maturity security is considered an investing activity.B．C ollection of interest is an investing activity.C．S ales on account is the largest cash flow from operating activities.D．Loaning money to others is a financing activity.Table 1On December 31, 20X8, Troy Inc., had the following accounts and balances（before adjustment）on its books：Accounts Receivable $80,000Allowance for Uncollectible Accounts 2,000 （credit balance）Net Sales 500,00032．R efer to Table 1. Troy estimates that its Bad Debts Expense is 2% of Net Sales. The Bad Debts Expense for 20X8 should be:A．$10,000B．$12,000C．$8,000D．$1,60033．R efer to Table 1. Troy uses an aging schedule to estimate its uncollectible accounts. The aging schedule and the percentage of each category that is estimated to be uncollectible is given below：Current $40,000 2%1-30 days past due 30,000 10%Over 30 days past due 10,000 40%The balance in the Allowance for Uncollectible Accounts after adjusting should be：A．$2,000 B．$5,800C．$7,800 D．$9,80034．M artinez Co. paid Acme Co. for merchandise with a $2,000, 90-day, 8% note dated April 1.If Martinez pays off the note at maturity, what entry should Acme make on its books at thattime?A．Cash 2,160Notes Receivable 2,160B．Notes Payable 2,000Interest Expense 160Cash 2,160C．Cash 2,040Notes Receivable 2,000Interest Revenue 40D．Cash 2,160Notes Receivable 2,000Interest Revenue 16035．W hich accounts would be debited and credited in the entry to record accrued interest on a note receivable?Debit CreditA．Interest Revenue Interest ReceivableB．Interest Receivable Interest RevenueC．Cash Interest RevenueD．Interest Receivable Cash36．G iven the following information, compute the quick ratio.Salary Payable $4,000 Trading investments $10,000 Inventory 100,000 Equipment 96,000 Accounts Receivable 42,000 Cash 14,000 Supplies 8,000 Accounts Payable 62,000 A．1 B．2.5C．1.2 D．2.4537．T eresa Company began the period with 10 units in inventory, costing $5 each. During the period the company purchased 100 units at a cost of $5 each. At the end of the period there were 13 units left on hand. What is the correct amount that should appear on the income statement for the period and on the balance sheet at the end of the period?Income Statement Balance SheetA．Cost of goods sold, $500 Inventory, $550B．Inventory, $485 Cost of goods sold, $550C．Cost of goods sold, $65 Inventory, $485D．Cost of goods sold, $485 Inventory, $6538．S heridan Corp. has $10,000 of goods on hand at August 31, 20X8. Cost of goods sold averages 40% of sale revenue. Sales for the month of September are budgeted to be $143,000.If ending inventory at the end of September is budgeted to be $10,500, what amount of inventory will Sheridan’s managers need to purchase during September in order to meet this goal?A．$57,700B．$86,300C．$56,700D．Cannot be determined from the information given.Table 2Consider the following data for Reed Company for the current year:Units Unit Cost TotalBeginning inventory 55 $10 $550Purchase February 4 22 12 264Purchase May 15 20 13 260Purchase October 20 48 15 720Sales during the year, 84 units @ $30 each.39．R efer to Table 2. What is the weighted-average cost per unit?A．$12.33 B．$12.37C．$12.50 D．$12.4840．R efer to Table 2. What is the cost of ending inventory, assuming the LIFO method is used?A．$889 B．$905C．$622 D．$1,17241．R efer to Table 2. What is the cost of goods sold, assuming the FIFO method is used?A．$889 B．$905C．$622 D．$1,17242．R efer to Table 2. What is Reed Company’s gross profit percentage (rounded) for the year, assuming that ending inventory totaled $685?A．56% B．27%C．40% D．44%43．D uring a period of rising prices, the inventory method that yields the highest net income and the lowest inventory value, respectively, will be:A．LIFO and FIFO.B．W eighted-average and LIFO.C．L IFO and LIFO.D．FIFO and LIFO.44．P ittman Company management omitted $65,000 of inventory when calculating their 20X8 ending inventory. As a result of this error,A．20X9 total assets will be overstated.B．20X9 cost of goods sold will be understated.C．20X8 stockholders’ equity will be overstated.D．20X9 net income will be understated.45．W hich of these statements regarding GAAP as applied to inventories is true?A．The disclosure principle requires that a company disclose the inventories method(s) used.B．A ccording to the consistency principle, the inventory method can never be changed.C．T he lower-of-cost-or-market rule states that, in order to be conservative, declines in inventory prices should be recognized in the period in which the goods are actually sold.D．The materiality principle allows GAAP to be ignored when the result is material in amount.47．W hich of the following statements is false?A.Accelerated depreciation methods record more depreciation expense over the life of anasset than either the straight-line method or the units-of-production method.B.The cost of an asset, its residual value, and its estimated useful life are all used incomputing depreciation.C.The units-of-production method is most appropriate for an asset that wears out due tophysical use.nd is never depreciated.Table 3On January 1, 20X8, Guard Security Service purchased an alarm monitoring system for $80,000. The system is expected to be used for 4 years, after which it can be sold for $16,000.48．R efer to Table 3. What is the book value of the equipment of December 31, 20X9, if Guard uses the straight-line method of depreciation?A. $64,000B. $60,000C. $40,000D. $48,000 49．R efer to Table 3. If guard uses the double-declining-balance method of depreciation, what is depreciation expense for 20X9?A. $40,000B. $32,000C. $20,000D. $16,000 50．R efer to Table 3. If Guard sells the equipment for $20,000 at the end of the four years, the journal entry to record the sale will include all of the following except aA．$20,000 debit to Cash.B．$4,000 credit to Gain on Sale of Equipment.C．$20,000 credit to Equipment.D．$64,000 debit to Accumulated Depreciation.51．W hich of the following statements is false?A．Straight-line depreciation can be used for financial reporting or for income tax purposes.B．D ouble-declining-balance depreciation is the most commonly used method of depreciation in financial reporting.C．T he units-of-production method results in higher depreciation in the years when an asset is more productive and lower depreciation in the years when an asset is less productive.D．Accelerated depreciation creates a cash advantage over straight-line because higher amounts of depreciation are deducted on the tax return in the earlier years of an asset’s life resulting in lower taxes paid.52．W hich of the following is not accounted for as an intangible asset?A. FranchisesB. GoodwillC. TrademarkD. Research and development 53．W hich of the following statements about the statement of cash flows is false?A．Financing activities are not affected by plant asset transactions.B．D epreciation is not a cash flow.C．A mortization of intangibles is added to net income when calculating cash provided byoperations.D．The sale of equipment at a loss is recorded as a cash outflow from investing activities. 54．F rom the following list of account balances, calculate the correct amount of currentD. $59,300 55．I f Roman company issues their $500,000, 10% bonds payable at a premium,A.the debit to Cash is greater than the credit to Bonds Payable.B.The maturity value is greater than the present value of the interest and principalpayments.C.the market rate of interest must be less than the contract rate of interest.D.Both A and C are true.56．S ister Company issued bonds payable at a discount and uses the effective-interest method of amortization. Which of these statements correctly describes Sister’s financial statements?A．The carrying amount of the bonds on the balance sheet will decrease each interest period.B．T he interest expense each interest period will be greater than the cash paid for interest.C．T he interest paid will be a constant percentage of the carrying amount.D．The Discount on Bonds Payable will be added to the liabilities on Sister’s financial statements.57．G reta Corporation has outstanding $600,000 of 5-year,8% bonds payable with a carrying value of $604,000. The bonds are retired at 101.5, 2 years ahead of their scheduled maturity date. The journal entry to record the retirement will include all of the following except aA．debit to Extraordinary Loss on Retirement of Bonds Payable, $5,000.B．C redit to Cash, $609,000.C．D ebit to Bonds Payable, $604,000.D．Debit to Premium on bonds Payable, $4,000.58．W hen a company reports liabilities on its financial statements:A．the fair market value of long-term debt appears as a part of long-term liabilities on the balance sheet.B．B orrowing and repayment of long-term debt appears as a part of investing activities of the statement of cash flows.C．D eferred credits and deferred income taxes may appear as a part of long-term liabilities on the balance sheet.D．Both operating leases and capital leases are a part of the liabilities section on the balance sheet, and may be either long or short term.Table 4On December 31,20X8, the Orthon Co. reported the following in its comparative financial59．T he number of preferred shares issued and outstanding at the end of 20X8 is :A.8,,000B. 2,000C.1,000D. 50060．R efer to table 4. Assume Orthon had not paid any dividends in 20X5-20X7. In 20X8, Orthon declared cash dividends of $48,000 to both the preferred and common stockholders. The total dividend received by the common stockholders was (assuming the number of preferred shares did not change):A. $48,,000B. $28,000C.$38,000D. $43,000 61．R efer to Table 4. Assume net income for 20X8 is $66,000, and there are no dividends in arrears. What is Orthon’s return on common stockholders’ equity for 20X8?A.30.8%B. 28.5%C.24.6%D. 22.8% 62．R efer to Table 4. Assume that there are no dividends in arrears. What is Orthon’s book value per share of common stock at the end of 20X8?A. $53B. $56.75C. $58D. $71.5063．W hich of the following transactions increases stockholders’ equity?A. A two-for-one stock splitB.Issuance of stock at a price above par valueC. A 20% stock dividendD.Purchase of treasury stock above par64．T he journal entry to record the distribution of a large stock dividend would include all of the following except:A. Retained Earnings, debitB. Common Stock, creditC. Paid-in Capital in Excess of Par, creditD. All of the above are included in the entry65．W hich one of the following statements is true?A. A large stock dividend increases the number of shares issued, but a stock split does not.B. A stock split reduces the market price of the stock, but a large stock dividend does not.C. A stock split does not decrease the par value of the stock, but a large stock dividend doesnot.D. Both stock splits and stock dividends have no effect on total stockholders’ equity. 66．O lson Inc. purchased 5,000 shares of its own $1 par value common stock for $16 per share.Later, Olson sold 200 shares of the treasury stock for $20 per share. The entry to record the sale of the treasury stock is:A. Cash 4,000Treasury Stock 4,000B. Cash 4,000Treasury Stock 200Paid-in Capital from Treasury Stock Transactions 3,800C. Cash 4,000Treasury Stock 3,200Paid-in Capital from Treasury Stock Transactions 800D. Cash 4,000Common Stock 200Gain on Sale of Stock 3,80067．W hich of the following transactions would not be found on the statement of cash flows?A．Declaration of a cash dividendB．P urchase of treasury stock above parC．I ssuance of preferred stock at a price above parD．Sale of treasury stock at a price below the costE．。
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《财务会计》复习题Circle the letter of the best response.1．Which of the following statements is false?A．Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers.B．Financial statements report financial information about a business entity to decision makers.C．Owners of a corporation are personally liable for the debts of the corporation.D．The purpose of financial accounting is to provide information to people outside of the entity, such as investors and creditors.2．Wilbur owns and operates a fishing tackle shop. Wilbur needs to borrow money to expand; therefore, he prepared financial statements to present to his banker.Wilbur obtained appraisals of all the assets of the business to ensure that the balance sheet would reflect the most current value of the assets. Wilbur has violated which of the following principles or concepts?A．Reliability principleB．Cost principleC．Going-concern principleD．Stable-monetary-unit concept3．Which of the following is true?A．Owners' Equity － Assets ＝ LiabilitiesB．Assets － Owners' Equity ＝ LiabilitiesC．Assets ＋ Liabilities ＝ Owners' EquityD．Liabilities ＝ Owners' Equity ＋ Assets4．G. Harrison Inc experienced a decrease in total assets of $2,000 during the current year. During the same year, total liabilities decreased $6,000. If dividends for the year were $10,000 and the owners made no additional investment, how much was net income?A．$14,000B．$ 6,000C．$18,000D．$ 2,0005．Which of the following statements is true?A．The income statement reports all changes in assets, liabilities, and stockholders' equity of the business during the period.B．Revenues and expenses are reported only on the balance sheet.C．The statement of cash flows reports cash flows from three types of business activities——cash receipts, cash payments, and investing.D．On the statement of retained earnings, the net income for the period is added to the beginning balance of retained earnings.6．Which of the following statements is not true?A．Investing activities relate to the investment by owners into the business.B．Paying dividends is an example of a financing activity.C．Operating activities are the most important type of business activity.D．Managers must make decisions about operating, investing, and financing activities.7．On which financial statement can the ending balance in retained earnings be found?A．Balance sheetB．Income statementC．Statement of retained earningsD．Both A and C8．Which of these is an example of an asset account?A．Service RevenueB．DividendsC．SuppliesD．All of the above are assets9．Dobson Company paid $1,200 on account. The effect of this transaction on Dobson's accounting equation is to：A．decrease liabilities and increase stockholders’ equity.B．decrease assets and decrease liabilities.C．have no effect on total assets.D．decrease assets and decrease stockholders' equity.10．W hich of these statements is false?A．Decreases in liabilities and increases in revenues are recorded with a credit.B．Decreases in assets and increases in stockholders' equity are recorded witha credit.C．Increases in both assets and expenses are recorded with a debit.D．Increases in assets and decreases in liabilities are recorded with a debit. 11．N ote Payable has a normal beginning balance of $40,200. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable.A．$39,200, debitB．$119,600, creditC．$39,200, creditD．$160,800, credit12．W hich of these statements is correct?A．The account is a basic summary device used in accounting.B．A business transaction is recorded first in the journal and then posted to the ledger.C．In the journal entry, all accounts that are increased are listed first and then all accounts that are decreased are listed next.D．Both A and B are correct.13．W hich of these accounts has a normal debit balance?A．Salary ExpenseB．Accounts PayableC．Service RevenueD．Both A and B14．T he May 31 trial balance reports a credit balance of $5,000 for Service Revenue.During the month, one entry for $10 had been posted in error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 ?A．$4,980B．$4,990C．$5,020D．$5,01015．T he beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, then cash receipts must have been：A．$105,900B．$234,500C．$132,100D．$157,10016．U se the following selected information for the Perriman Company to calculate the correct credit column total for a trial balance：Accounts receivable $ 27,200Accounts payable 15,900Building 359,600Cash 55,600Common stock 155,000Dividends 4,800Insurance expense 1,800Retained earnings 133,800Salary expense 52,500Salary payable 3,600Service revenue 193,200A．$365,600B．$304,700C．$501,500D．$506,30017．T he journal entry to record the performance of services on account for $1,200 is：A．Accounts Payable 1,200Service Revenue 1,200B．Accounts Receivable 1,200Service Revenue 1,200C．Cash 1,200Service Revenue 1,200D．Service Revenue 1,200Accounts Payable 1,20018．T he Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallwood collected $92,000 for management services. $12,000 of the amount collected was from a contract to provide management services for one year beginning November 1,20X8. An additional $20,000 of management services had been earned but not collected by year end. The amount of revenue that should be reported for 20X8 under the cash-basis and accrual-basis is：Cash-Basis Accrual-BasisA． $92,000 $80,000B． $80,000 $100,000C． $100,000 $112,000D． $92,000 $102,00019．W hich of the following statements is false?A．The time-period concept requires companies to prepare financial statements at least quarterly.B．According to the revenue principle, revenue should be recorded when a product or service has been delivered to the customer.C．When possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded.D．The time-period concept, the revenue principle, and the matching principle all support the practice of preparing adjusting entries.20．T he Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be consideredA．an unearned revenue.B．a prepaid expense.C．an accrued revenue.D．an accrued expense.21．O n November 1 , 20X8 , the Jemigan Company paid $4,800 for a one-year insurance policy. On December 31 , 20X8, the adjusting entry would includeA．a debit to insurance Expense$4,800.B．a credit to insurance Payable, $800.C．a credit to Prepaid insurance, $800.D．a debit to Insurance Expense, $4,000.22．W hich of these could not be a closing entry?A．Salary Expense XXRetained Earnings XXB．Retained Earnings XXDividends XXC．Service Revenue XXRetained Earnings XXD．Retained Earnings XXRent Expense XX23．W hat type of account is Unearned Revenue (asset, liability, stockholders' equity,revenue, or expense) and what is its normal balance, respectively?A．asset, debitB．expense, debitC．liability, creditD．revenue, credit24．W hich of the following transactions is considered an accrued expense?Ⅰ．Salaries that employees have earned but not receivedII．Management fees received in advanceⅢ．Newspaper advertising that has been purchased but has not yet appeared inthe newspaperA．I onlyB．II onlyC．Ⅲ onlyD．Both I and II25．W hich of the following accounts is not considered a current asset?A．Accounts ReceivableB．EquipmentC．InventoryD．Prepaid Rent26．T he balance sheet for Arnold's Cleaners appears below：Arnold's CleanersBalance sheetDecember 31, 20X8Assets LiabilitiesCash $400 Accounts payable $300Accounts receivable 460 Salary payable 20Supplies 10 Unearned revenue 120Prepaid insurance 60 Note payable (due in 5 years)400Equipment $400 Total liabilities 840Less: Acc. depr. 40 360 Stockholders’ EquityLand 400 Common stock 370Retained earnings 480Total stockholders' equity 850Total assets $1,690 Total liabilities and stockholders' Equity$1,690Arnold's current ratio for 20X8 isA．2.11B．2.09C．2D．1.5227．A n investment in debt securities may be classified as any of the followingcategories except：A．trading securitiesB．available-for-saleC．held-to-maturityD．All of the above are categories for Debt securities28．T he Boulder Co. purchased the following securities in 20X8.The year-end balances of their trading and available-for-sale portfolios are given below：Trading portfolio: Cost Market ValueSecurity A $10,000 $12,000Security B 3,000 3,500Total $13,000 $15,500Available-for-sale portfolio:Security D $5,500 $3,000Security E 16,000 17,000Total $21,500 $20,000At what value should the trading securities and the available-for-sale securities be reported on the balance sheet?Trading Securities Available-for-Sale Securities A． $13,000 $21,500B． $13,000 $20,000C． $15,500 $21,500D． $15,500 $20,00029．N et accounts receivable is calculated as：A．Sales less sales discounts.B．Accounts receivable plus the allowance for uncollectible accounts.C．Accounts receivable less the allowance for uncollectible accounts.D．Accounts receivable less the bad debts expense..30．W hen the allowance method is used, the entry to write off a customer’s account A．increases bad debts expense.B．has no effect on net accounts receivable.C．decreases net accounts receivable.D．Increases the balance of the allowance for uncollectible accounts. 31．W hich of the following statements about the statement of cash flows is true?A．The purchase of a held-to-maturity security is considered an investing activity.B．Collection of interest is an investing activity.C．Sales on account is the largest cash flow from operating activities.D．Loaning money to others is a financing activity.Table 1On December 31, 20X8, Troy Inc., had the following accounts and balances（before adjustment）on its books：Accounts Receivable $80,000Allowance for Uncollectible Accounts 2,000 （credit balance）Net Sales 500,00032．R efer to Table 1. Troy estimates that its Bad Debts Expense is 2% of Net Sales.The Bad Debts Expense for 20X8 should be:A．$10,000B．$12,000C．$8,000D．$1,60033．R efer to Table 1. Troy uses an aging schedule to estimate its uncollectible accounts. The aging schedule and the percentage of each category that is estimated to be uncollectible is given below：Current $40,000 2%1-30 days past due 30,000 10%Over 30 days past due 10,000 40%The balance in the Allowance for Uncollectible Accounts after adjusting should be：A．$2,000 B．$5,800C．$7,800 D．$9,80034．M artinez Co. paid Acme Co. for merchandise with a $2,000, 90-day, 8% note dated April 1. If Martinez pays off the note at maturity, what entry should Acme make on its books at that time?A．Cash 2,160Notes Receivable 2,160B．Notes Payable 2,000Interest Expense 160Cash 2,160C．Cash 2,040Notes Receivable 2,000Interest Revenue 40D．Cash 2,160Notes Receivable 2,000Interest Revenue 16035．W hich accounts would be debited and credited in the entry to record accrued interest on a note receivable?Debit CreditA．Interest Revenue Interest ReceivableB．Interest Receivable Interest RevenueC．Cash Interest RevenueD．Interest Receivable Cash36．G iven the following information, compute the quick ratio.Salary Payable $4,000 Trading investments $10,000 Inventory 100,000 Equipment 96,000 Accounts Receivable 42,000 Cash 14,000 Supplies 8,000 Accounts Payable 62,000 A．1 B．2.5C．1.2 D．2.4537．T eresa Company began the period with 10 units in inventory, costing $5 each.During the period the company purchased 100 units at a cost of $5 each. At the end of the period there were 13 units left on hand. What is the correct amount that should appear on the income statement for the period and on the balance sheet at the end of the period?Income Statement Balance SheetA． Cost of goods sold, $500 Inventory, $550B． Inventory, $485 Cost of goods sold, $550C． Cost of goods sold, $65 Inventory, $485D． Cost of goods sold, $485 Inventory, $6538．S heridan Corp. has $10,000 of goods on hand at August 31, 20X8. Cost of goods sold averages 40% of sale revenue. Sales for the month of September are budgeted to be $143,000. If ending inventory at the end of September is budgeted to be $10,500, what amount of inventory will Sheridan’s managers need to purchase during September in order to meet this goal?A．$57,700B．$86,300C．$56,700D．Cannot be determined from the information given.Table 2Consider the following data for Reed Company for the current year:Units Unit Cost TotalBeginning inventory 55 $10 $550Purchase February 4 22 12 264Purchase May 15 20 13 260Purchase October 20 48 15 720Sales during the year, 84 units @ $30 each.39．R efer to Table 2. What is the weighted-average cost per unit?A．$12.33 B．$12.37C．$12.50 D．$12.4840．R efer to Table 2. What is the cost of ending inventory, assuming the LIFO method is used?A．$889 B．$905C．$622 D．$1,17241．R efer to Table 2. What is the cost of goods sold, assuming the FIFO method is used?A．$889 B．$905C．$622 D．$1,17242．R efer to Table 2. What is Reed Company’s gross profit percentage (rounded) for the year, assuming that ending inventory totaled $685?A．56% B．27%C．40% D．44%43．D uring a period of rising prices, the inventory method that yields the highest net income and the lowest inventory value, respectively, will be:A．LIFO and FIFO.B．Weighted-average and LIFO.C．LIFO and LIFO.D．FIFO and LIFO.44．P ittman Company management omitted $65,000 of inventory when calculating their 20X8 ending inventory. As a result of this error,A．20X9 total assets will be overstated.B．20X9 cost of goods sold will be understated.C．20X8 stockholders’ equity will be overstated.D．20X9 net income will be understated.45．W hich of these statements regarding GAAP as applied to inventories is true?A．The disclosure principle requires that a company disclose the inventories method(s) used.B．According to the consistency principle, the inventory method can never be changed.C．The lower-of-cost-or-market rule states that, in order to be conservative, declines in inventory prices should be recognized in the period in which the goods are actually sold.D．The materiality principle allows GAAP to be ignored when the result is material in amount.46．T he items below represent expenditures related to the construction of a new47．W hich of the following statements is false?A.Accelerated depreciation methods record more depreciation expense over thelife of an asset than either the straight-line method or the units-of-production method.B.The cost of an asset, its residual value, and its estimated useful life areall used in computing depreciation.C.The units-of-production method is most appropriate for an asset that wearsout due to physical use.nd is never depreciated.Table 3On January 1, 20X8, Guard Security Service purchased an alarm monitoring system for $80,000. The system is expected to be used for 4 years, after which it can be sold for $16,000.48．R efer to Table 3. What is the book value of the equipment of December 31, 20X9, if Guard uses the straight-line method of depreciation?A. $64,000B. $60,000C. $40,000D. $48,000 49．R efer to Table 3. If guard uses the double-declining-balance method of depreciation, what is depreciation expense for 20X9?A. $40,000B. $32,000C. $20,000D. $16,000 50．R efer to Table 3. If Guard sells the equipment for $20,000 at the end of the four years, the journal entry to record the sale will include all of the following except aA．$20,000 debit to Cash.B．$4,000 credit to Gain on Sale of Equipment.C．$20,000 credit to Equipment.D．$64,000 debit to Accumulated Depreciation.51．W hich of the following statements is false?A．Straight-line depreciation can be used for financial reporting or for income tax purposes.B．Double-declining-balance depreciation is the most commonly used method of depreciation in financial reporting.C．The units-of-production method results in higher depreciation in the years when an asset is more productive and lower depreciation in the years when an asset is less productive.D．Accelerated depreciation creates a cash advantage over straight-line because higher amounts of depreciation are deducted on the tax return in the earlier years of an asset’s life resulting in lower taxes paid. 52．W hich of the following is not accounted for as an intangible asset?A. FranchisesB. GoodwillC. TrademarkD. Research anddevelopment53．W hich of the following statements about the statement of cash flows is false?A．Financing activities are not affected by plant asset transactions.B．Depreciation is not a cash flow.C．Amortization of intangibles is added to net income when calculating cash provided by operations.D．The sale of equipment at a loss is recorded as a cash outflow from investing activities.54．F rom the following list of account balances, calculate the correct amount ofA. $12,100B. $61,200C. $13,000D. $59,300 55．I f Roman company issues their $500,000, 10% bonds payable at a premium,A.the debit to Cash is greater than the credit to Bonds Payable.B.The maturity value is greater than the present value of the interest andprincipal payments.C.the market rate of interest must be less than the contract rate of interest.D.Both A and C are true.56．S ister Company issued bonds payable at a discount and uses the effective-interest method of amortization. Which of these statements correctly describes Sister’s financial statements?A．The carrying amount of the bonds on the balance sheet will decrease each interest period.B．The interest expense each interest period will be greater than the cash paid for interest.C．The interest paid will be a constant percentage of the carrying amount.D．The Discount on Bonds Payable will be added to the liabilities on Sister’s financial statements.57．G reta Corporation has outstanding $600,000 of 5-year,8% bonds payable with a carrying value of $604,000. The bonds are retired at 101.5, 2 years ahead of their scheduled maturity date. The journal entry to record the retirement will include all of the following except aA．debit to Extraordinary Loss on Retirement of Bonds Payable, $5,000.B．Credit to Cash, $609,000.C．Debit to Bonds Payable, $604,000.D．Debit to Premium on bonds Payable, $4,000.58．W hen a company reports liabilities on its financial statements: A．the fair market value of long-term debt appears as a part of long-term liabilities on the balance sheet.B．Borrowing and repayment of long-term debt appears as a part of investing activities of the statement of cash flows.C．Deferred credits and deferred income taxes may appear as a part of long-term liabilities on the balance sheet.D．Both operating leases and capital leases are a part of the liabilities section on the balance sheet, and may be either long or short term. Table 4On December 31,20X8, the Orthon Co. reported the following in its comparative financial statement:A.8,,000B. 2,000C.1,000D. 50060．R efer to table 4. Assume Orthon had not paid any dividends in 20X5-20X7. In 20X8, Orthon declared cash dividends of $48,000 to both the preferred and common stockholders. The total dividend received by the common stockholders was (assuming the number of preferred shares did not change):A. $48,,000B. $28,000C.$38,000D. $43,000 61．R efer to Table 4. Assume net income for 20X8 is $66,000, and there are no dividends in arrears. What is Orthon’s return on common stockholders’equity for 20X8?A.30.8%B. 28.5%C.24.6%D. 22.8% 62．R efer to Table 4. Assume that there are no dividends in arrears. What is Orthon’s book value per share of common stock at the end of 20X8?A. $53B. $56.75C. $58D. $71.50 63．W hich of the following transactions increases stockholders’ equity?A. A two-for-one stock splitB.Issuance of stock at a price above par valueC. A 20% stock dividendD.Purchase of treasury stock above par64．T he journal entry to record the distribution of a large stock dividend would include all of the following except:A. Retained Earnings, debitB. Common Stock, creditC. Paid-in Capital in Excess of Par, creditD. All of the above are included in the entry65．W hich one of the following statements is true?A. A large stock dividend increases the number of shares issued, but a stocksplit does not.B. A stock split reduces the market price of the stock, but a large stockdividend does not.C. A stock split does not decrease the par value of the stock, but a large stockdividend does not.D. Both stock splits and stock dividends have no effect on total stockholders’equity.66．O lson Inc. purchased 5,000 shares of its own $1 par value common stock for $16 per share. Later, Olson sold 200 shares of the treasury stock for $20 per share.The entry to record the sale of the treasury stock is:A. Cash 4,000Treasury Stock 4,000B. Cash 4,000Treasury Stock 200Paid-in Capital from Treasury Stock Transactions 3,800C. Cash 4,000Treasury Stock 3,200Paid-in Capital from Treasury Stock Transactions 800D. Cash 4,000Common Stock 200Gain on Sale of Stock 3,80067．W hich of the following transactions would not be found on the statement of cash flows?A．Declaration of a cash dividendB．Purchase of treasury stock above parC．Issuance of preferred stock at a price above parD．Sale of treasury stock at a price below the cost。