Accounting会计习题答案

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会计英语第四版参考答案

会计英语第四版参考答案Chapter 1: Introduction to Accounting1. What is accounting?- Accounting is the systematic recording, summarizing, and reporting of financial transactions and events of a business entity.2. What are the main functions of accounting?- The main functions of accounting are to providefinancial information for decision-making, ensure compliance with laws and regulations, and facilitate the management of a business.3. What are the two main branches of accounting?- The two main branches of accounting are financial accounting and management accounting.4. What is the purpose of financial accounting?- The purpose of financial accounting is to provide an accurate and fair representation of an entity's financial position and performance to external users.5. What is the double-entry bookkeeping system?- The double-entry bookkeeping system is a method of recording financial transactions in which every transactionis recorded twice, once as a debit and once as a credit, to maintain the equality of the accounting equation.Chapter 2: Accounting Concepts and Principles1. What are the fundamental accounting concepts?- The fundamental accounting concepts include the accrual basis of accounting, going concern, consistency, and materiality.2. What is the accrual basis of accounting?- The accrual basis of accounting records transactions when they occur, regardless of when cash is received or paid.3. What is the going concern assumption?- The going concern assumption is the premise that a business will continue to operate for the foreseeable future.4. What is the principle of consistency?- The principle of consistency requires that an entity should apply accounting policies consistently over time.5. What is the principle of materiality?- The principle of materiality states that only items that could potentially affect the decisions of users of financial statements are included in the financial statements.Chapter 3: The Accounting Equation and Financial Statements1. What is the accounting equation?- The accounting equation is Assets = Liabilities +Owner's Equity.2. What are the four main financial statements?- The four main financial statements are the balance sheet, income statement, statement of changes in equity, and cashflow statement.3. What is the purpose of the balance sheet?- The balance sheet provides a snapshot of an entity's financial position at a specific point in time.4. What is the purpose of the income statement?- The income statement reports the revenues, expenses, and net income of an entity over a period of time.5. What is the purpose of the cash flow statement?- The cash flow statement reports the cash inflows and outflows of an entity over a period of time.Chapter 4: Recording Transactions1. What is a journal entry?- A journal entry is the initial recording of atransaction in the general journal.2. What are the steps in the accounting cycle?- The steps in the accounting cycle are analyzing transactions, journalizing, posting, preparing a trial balance, adjusting entries, preparing financial statements, and closing entries.3. What is the difference between a debit and a credit?- A debit is an increase in assets or a decrease inliabilities or equity, while a credit is an increase in liabilities or equity or a decrease in assets.4. What are adjusting entries?- Adjusting entries are made at the end of an accounting period to ensure that revenues and expenses are recorded in the correct period.5. What is the purpose of closing entries?- Closing entries are made to transfer the balances of temporary accounts to the owner's equity account and to prepare the accounts for the next accounting period.Chapter 5: Accounting for Merchandising Businesses1. What is a merchandise inventory?- A merchandise inventory is the stock of goods held by a business for sale to customers.2. What is the cost of goods sold?- The cost of goods sold is the direct cost of producing the merchandise sold during an accounting period.3. What is the gross profit?- The gross profit is the difference between the sales revenue and the cost of goods sold.4. What is the difference between a perpetual and a periodic inventory system?- A perpetual inventory system updates inventory records in real-time with each sale or purchase, while a periodicinventory system updates inventory records at specific intervals, such as at the end of an accounting period.5. What is the retail method of inventory pricing?- The retail method of inventory pricing is a method of estimating the cost of ending inventory by applying a cost-to-retail ratio to the retail value of the inventory.Chapter 6: Accounting for Service Businesses1. What are the main differences in accounting for service businesses compared to merchandise businesses?- Service businesses do not have inventory and their primary expenses are typically labor and overhead costs.2. What is the main source of revenue for service businesses? - The main source of revenue for service businesses is the fees charged for the services provided.3. What are the typical expenses。

accounting初级考试题目及答案

Question 1You are the assistant accountant with IDS plc. Your boss has asked you to prepare the draft Trading and Profit and Loss Account for the year ended 31 December 2003, based on the following Trial Balance (extracted from the computerised record keeping system) and the additional information shown below. In undertaking this task you may refer to the attached pro forma layout.Please note — a Balance Sheet is not required£00£000Trade Debtors1,50Trade Creditors1,050 Administration Expenses22010% Debentures (2009)1,600 Stock at 1 January 2003600Distribution Costs340Purchases2,00Sales3,5501,090 Profit and Loss Account at 1January 2003Land and Buildings (NBV 2,50@ 31/12/02)0650Plant and Machinery (NBV@ 31/12/02)150Fixture and Fittings (NBV@ 31/12/02)Motor Vehicles (NBV @15031/12/02)Discount Received220 Ordinary Shares of £1 each900 Preference Shares 5%200 Bank5008,618,610Additional Information1Clerical and management staff were awarded a bonus amounting to £25,000 in mid December 2003. This bonus has not been paid yet and it should be classified as an administrative expense.2Distribution costs include £15,000 for a maintenance contract for motor vehicles which relates to the coming year.3Closing stock at 31 December 2003 was valued at £290,000.4It is estimated that corporation tax of £190,000 will be payable on the profits for the year.5Interest on the debentures for the full year should be provided.6The directors propose that a dividend should be paid on ordinary shares of 3p per share, and that the preference dividend be paid in full.7The directors propose to provide for the depreciation of fixed assets for the year as follows:Land and Buildings£50,000Plant and Machinery£40,000Fixtures and Fittings£30,000Motor Vehicles£60,000Question 2IDS plc, who are a major sports equipment manufacturer, have recently developed and tested a new trail running shoe.The management are now considering a limited launch of the new shoe over a six month period.As the project manager for the development of the new product you have compiled and collated the following sales and cost information for the review period.1Expected sales are:Month Number of shoesJanuary200February200March260April300May350June400Projected selling price £50All sales are expected to be on credit and customers are to pay in the month following the month of sale.2The number of shoes produced each month is based on expected sales. It is planned to keep stock levelsconstant at their current level throughout the trial period.3Each pair of shoes requires 0.2 kg of raw materials, which costs £10 per kg. All purchases of materials are on credit and suppliers are to be paid in the secondmonth following the month of purchase.4To produce one pair of shoes requires two hours of direct labour at £6 per hour. Wages are paid in themonth the shoes are produced.5Variable production overheads are to be charged at the rate of £2 per unit (pair of shoes) produced. These are to be paid in the month the units are produced.6Fixed monthly production overheads are as follows:£1,000Rent andratesInsurance£400£800Heat andlightDepreciation£200Other£250These are to be paid in the month the units are produced.7Other monthly fixed overheads are as follows:Manager’s salary£2,000Selling/distribution £1,000These are to be paid in the month the units areproduced/sold.In order that senior management can assess the viability of the project and ascertain the cash flow implications, you are required to prepare and present the following information:1An income and expenditure budget in tabular format for the six month period.2 A cash budget for the period (assume initial cash balance is zero).3Using the appropriate formula calculate and show the number of shoes that are required to be sold to break-even over the trial period.Question 1IDC plcTrading and Profit and Loss Account for year ending 31 December 2003£000£000 Sales3,550 Cost of goods soldOpening stock600 Purchases2,0002,600Closing stock2902,310 Gross Profit1,240 Other IncomeDiscount received2201,460 ExpensesAdministration 245 Distribution costs325Interest payable160 Depreciation180910550 Profit on ordinary activitiesbefore taxationCorporation tax190 Profit on ordinary activities after360 taxationAppropriationsPreference dividend10Ordinary dividend2737 Profit for the year323 Retained profit b/f1,090 Retained profit c/f1,413Question 1 (alternative/re-assessment)IDC plcBalance Sheet as at 31 December 2003£000£000£000 Fixed AssetsLand and Buildings2,450 Plant and Machinery610 Fixtures and Fittings120 Motor Vehicles903,270 Current AssetsStock 290Debtors1,500Prepayments15Bank5002,305 Creditors: amounts falling due within 1 yearCreditors1,050Accruals25Corporation tax due190Interest due160Dividends due371,462Net Current Assets843 Total Assets less Current Liabilities4,113 Creditors: amounts falling due after more than 1yearDebentures1,600 Net Assets2,513 Capital and ReservesOrdinary share capital900 Preference share capital200 Profit and Loss account1,4132,513Question 21Income and expenditure budget for six monthsJan Feb March April May June Total Income£££££££Sales10,00010,00013,00015,00017,50020,00085,500 ExpenditureMaterial cost4004005206007008003,420 Direct Labour2,4002,4003,1203,6004,2004,80020,5204004005206007008003,420 Variable ProductionOverheadsFixed Production OverheadsRent1,0001,0001,0001,0001,0001,0006,000 Insurance4004004004004004002,400 Power8008008008008008004,800 Depreciation2002002002002002001,200 Other2502502502502502501,500 Other Fixed OverheadsManagement Salary2,0002,0002,0002,0002,0002,00012,000 Selling/Distribution1,0001,0001,0001,0001,0001,0006,000 Total8,8508,8509,81010,45011,25012,05061,2602Cash Budget for six monthsCash Receipts Jan Feb March April May June££££££Sales010,00010,00013,00015,00017,500 Cash PaymentsMaterials00400400520600 Direct Labour2,4002,4003,1203,6004,2004,800 Variable Production Overheads400400520600700800 Fixed Production Overheads:Rent1,0001,0001,0001,0001,0001,000 Insurance400400400400400400 Power800800800800800800 Other250250250250250250 Other Fixed OverheadsManagement Salary2,0002,0002,0002,0002,0002,000 Selling/Distribution1,0001,0001,0001,0001,0001,000 Total8,2508,2509,49010,05010,87011,650Opening Balance0(8,250)(6,500)(5,990)(3,040)1,090 Receipts010,00010,00013,00015,00017,50001,7503,5007,01011,96018,590 Payments8,2508,2509,49010,05010,87011,650 Closing Balance(8,250)(6,500)(5,990)(3,040)1,0906,9403Break-even point:Selling Price/unit = £40Marginal Cost/unit = £16 (mats £2, labour £12, Var OHD £2)Contribution/unit = £40 − £16 = £24Break-even point = Fixed costs = £33,900 = 1,413 pairs of shoesCont/unit £24。

国际会计考试题及答案英文

国际会计考试题及答案英文International Accounting Exam Questions and AnswersQuestion 1: Define the term "Double Entry Accounting" and explain its significance in the accounting process.Answer 1: Double Entry Accounting is a system of recording financial transactions in which every entry to the debit side of an account must be balanced with an entry of equal value to the credit side of another account. It is significant because it ensures that all financial transactions are accurately recorded and that the accounting equation (Assets = Liabilities + Owner's Equity) remains balanced.Question 2: What is the purpose of the statement of cash flows in a set of financial statements?Answer 2: The statement of cash flows provides information about a company's cash receipts and cash payments during a particular period. It helps investors and creditors to understand the liquidity and solvency of the company, as well as its ability to generate cash and support its operations.Question 3: Explain the difference between "Historical Cost" and "Fair Value" in accounting.Answer 3: Historical Cost is the original purchase price of an asset or the original cost of a liability, while FairValue is the estimated amount for which an asset could be exchanged or a liability settled between knowledgeable,willing parties in an arm's length transaction. Historical Cost is used in the preparation of financial statements under the accrual basis of accounting, whereas Fair Value is often used for valuation purposes, particularly in the context of financial instruments.Question 4: What are the main components of the International Financial Reporting Standards (IFRS)?Answer 4: The main components of IFRS include the IFRS Standards, the International Accounting Standards (IAS), the Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC), and theStandards Advisory Council (SAC). These components provide a comprehensive set of rules and guidelines for the preparation and presentation of financial statements.Question 5: Describe the process of preparing a balance sheet.Answer 5: Preparing a balance sheet involves listing all of a company's assets, liabilities, and equity at a specific point in time. Assets are listed on the left side of the balance sheet and are categorized as current (short-term) or non-current (long-term). Liabilities are listed on the right side and are also categorized as current or non-current. Theequity section shows the owner's investment and retained earnings. The balance sheet must always balance, reflectingthe equation: Assets = Liabilities + Equity.Question 6: What is the role of an auditor in the financial reporting process?Answer 6: An auditor's role is to provide an independent assessment of a company's financial statements to ensure they are free from material misstatement and are presented fairly, in all material respects, in accordance with the applicable financial reporting framework, such as IFRS or Generally Accepted Accounting Principles (GAAP). The auditor's report provides assurance to stakeholders that the financial statements are reliable.Question 7: Explain the concept of "Conservatism" infinancial accounting.Answer 7: Conservatism is a principle in financial accounting that suggests that accountants should exercise caution when making estimates and judgments. It involves recognizing potential losses immediately but delaying the recognition of gains until they are realized. This principle helps to avoid overstatement of assets and income, thus providing a more prudent and cautious view of a company's financial position.Question 8: What is the difference between "Revenue Recognition" and "Matching Principle"?Answer 8: Revenue Recognition is the process of recognizing revenue in the accounting records when it is earned or realizable and has been measured reliably. The Matching Principle, on the other hand, is the accounting concept that requires expenses to be recognized in the same period as therevenues they helped to generate. This ensures that the financial statements reflect the actual performance of the company for a given period.Question 9: Describe the purpose of the "Going Concern" assumption in financial accounting.Answer 9: The Going Concern assumption is the basis for preparing financial statements under the accrual basis of accounting. It assumes that the business will continue to operate for the foreseeable future and that it is not in the process of liquidation or bankruptcy. This assumption allows accountants to spread the costs of assets over their useful lives and to recognize revenues and expenses when they are earned or incurred, rather than when cash is received or paid.Question 10: What is the "Materiality" concept in the context of financial statements?Answer 10: Materiality is a concept in financial accounting that refers to the significance of an item or event inrelation to the financial statements. Information is considered material if its omission or misstatement could influence the economic decisions of users taken on the basisof the financial statements. The assessment of materiality depends on the size and nature of the item, the nature of the financial statements, and the needs of the users.End of Exam。

基础会计 Accounting

1. Which of the following should be classified as a current asset?A. Accounts Receivable.B. Accumulated Depreciation.C. Franchises.D. Land Held for Future Use.2. A company purchased land by issuing a note payable. What was the effect on the accounting equation?3. Which of the following financial statements is concerned with the financial position of an enterprise at a point in time?A. Retained Earnings Statement.B. Balance Sheet.C. Income Statement.D. Statement of Cash Flows.4. Cash was collected from a customer on account. Which accounts were debited and credited?5. A company received cash and issued common stock. What was the effect on the accounting equation?6. Which of the following errors will cause a trial balance to be out of balance?A. A debit to Office Equipment is incorrectly debited to Office Supplies.B. The bookkeeper forgot to journalize a transaction.C. The bookkeeper forgot to post a journal entry to the ledger.D. A credit was posted to an account as a debit.7. When a magazine company receives advance payment for a subscription, itA. Debits Cash and credits Subscriptions Revenue.B. Debits Cash and credits Unearned Subscriptions Revenue.C. Debits Unearned Subscriptions Revenue and credits Cash.D. Debits Prepaid Subscriptions and credits Cash.8. The Supplies account had a $360 debit balance at the end of the accounting period before adjustment for supplies used, and an inventory of $80 worth of unused supplies were on hand. Which of the following is the required adjusting entry?A. Debit Supplies $280 and credit Supplies Expense $280.B. Debit Supplies Expense $280 and credit Supplies $280.C. Debit Supplies $80 and credit Supplies Expense $80.D. Debit Supplies Expense $80 and credit Supplies $80.9. A company’s weekly payroll of $750 is paid on Fridays. There are five days in a pay period. Assume that the last day of the month falls on Wednesday. Which of the following is the required adjusting entry?A. Debit Unpaid Salaries and credit Salaries Payable for $450.B. Debit Salaries Expense and credit Salaries Payable for $450.C. Debit Salaries Expense and credit Salaries Payable for $300.D. Debit Salaries Payable and credit Salaries Expense for $450.10.What is the balance of the Common Stock account?A. $76,000B. $68,000C. $60,000D. $52,00011. A company declared cash dividends of $0.20 per share. If there are500,000 shares of common stock authorized, 100,000 shares issued, and 80,000 shares outstanding at the date of declaration, what is the amount that the company should record for the dividend?A. $4,000B. $16,000C. $20,000D. $100,00012. A company sold equipment for $100,000; the equipment had cost $300,000 and had accumulated depreciation of $180,000. The company’s journal entry to record the sale of the equipment would includeaA. Credit to Sale of Equipment for $100,000.B. Credit to Equipment for $120,000.C. Debit to Equipment for $300,000.D. Debit to Loss on Sale of Equipment for $20,000.13. Which of the following is most likely to appear on the balance sheet as a current liability?A. Bonds Payable.B. Accumulated Depreciation.C. Long-term Notes Payable.D. Wages Payable.14. Gross profit equals the difference between net sales andA. Net Income.B. Operating Expenses.C. Cost of Goods Sold plus Operating Expenses.D. Cost of Goods Sold.15. Interest on a 3-month, 10 percent, $10,000 note receivable isA. $ 250.B. $2,500.C. $ 288.D. $1,000.16. The inventory costing method that matches recent costs with recent revenues isA. Last-in, First-out (LIFO).B. First-in, First-out (FIFO).C. Average Cost.D. Specific Identification.17. The following data are available for Allen Clapp Corporation:How much is cash provided by operating activities using the indirect method for the statement of cash flows?A. $240,000B. $280,000C. $160,000D. $220,00018. The following are data concerning cash received or paid from various transactions for Orange Peels Corporation:How much is net cash provided by investing activities in the statement of cash flows?A. $190,000B. $120,000C. $130,000D $150,00019. A store that sells expensive custom-made jewelry is most likely todetermine its cost of goods sold usingA. LIFOB. FIFOC. Specific identificationD. Average cost20. Which of the following is not a standard financial statement:A. Income statement C. Shareholder sheetB. Balance sheet D. Cash flow statement21. What does an income statement show about a company over a period of time?A. Profitability C. EquityB. Reliability D. Liabilities22. Which of the following is the basic calculation used to analyze an income statement:A. Assets minus liabilities C. Income minus expensesB. Revenue plus sales D. Sales plus operating costs23. Which of the following is not an asset?A. FactoryB. BuildingC. Cash at bankD. Loan from another company24. Which one of the following is a liability?A. An overdrawn balance on the firm’s bank accountB. Money owed by the firm by its debtorsC. Cash in the firm’s safeD. A factory owned by the firm.25. An example of an asset isA. Factory owned by the companyB. A loan given to the companyC. Amount owed by the company to one of its suppliers for purchase of goodson creditD. The capital of the company26. Which of the following statements is correct?A. When assets increase, are creditedB. When assets increase, are debited and creditedC. When assets increase, are not entered into the booksD. When assets increase, are debited27. On balance sheet, accruals, notes payable, and account payable are listed under which category?A) Current LiabilitiesB) Accumulated LiabilitiesC) Noncurrent LiabilitiesD) Accrued Liabilities28. Inventories, cash and equivalents, and accounts receivables are listed asA) Earnings on Income StatementB) Payments on Income StatementC) Assets on the Balance SheetD) Liabilities on the Balance Sheet29. Which of the following is not a current assetA) SuppliesB) LandC) Accounts ReceivableD) Prepaid Insurance30. In a balance sheet, the total of common stock and retained earnings are denoted asA) Common EquityB) Due EquityC) Preferred EquityD) Common Perpetuity1. The cost that tends to remain constant irrespective of the level of activity is called _____.A. Variable costB. Fixed costC. Total costD. All of the above2. Cost Accounting restrict itself with _______ transactions.A. FinancialB. SpotC. HistoricalD. Administrative3. Management accounting is primarily concerned with:A. providing investors with useful information for valuing securities.B. providing creditors information on the status of their loans.C. providing managers with relevant information to help achieve organizational goals.D. providing the relevant taxation authorities with information to determine the amount of taxes owed.4. Management accounting:A. provides a framework to evaluate information in light of an organization's goals.B. provides relevant information to managers.C. provides relevant information to meet specific needs of persons inside the organization.D. all of the above5. Which of the following costing activities is associated with the financial accounting system?A. determining the cost of a departmentB. determining the cost of goods sold for financial statementsC. preparing budgetsD. determining the cost of a customer6. The main objective of depreciation isA. To show the previous profitB. To calculate net profitC. To reduce taxD. To satisfy the tax department7. According to straight line method of providing depreciation, the depreciationA. Remains constantB. Increase each year.C. Decrease each yearD. None of them.8. Total amount of depreciation of an asset cannot exceed itsA. Depreciation valueB. Scrap valueC. Market valueD. None of these9. Depreciation amount charged on a machinery will be debited to:A. Repair accountB. Cash accountC. Depreciation accountD. Machinery account10. Which pair of accounts is increased by recording a credit?A. Common Stock and Rent Expense.B. Cash and Accounts Receivable.C. Treasury Stock and Common Stock.D. Notes Payable and Service Revenue.11. A single deposit of $800 made at the beginning period 1 would grow to how much at the end of three years, assuming a 12 percent interest rate?A. $1,254.B. $ 896.C. $1,124.D. $2,699.12. If an accumulation of $500 is desired at the end of three years, what amount must be deposited now to accomplish that goal, assuming a 12 percent interest rate?A. $148.B. $356.C. $446.D. $268.13. A deposit of $200 made at the end of each year for three years would grow to how much, assuming a 12 percent rate?A. $843.B. $841.C. $675.D. $672.14. What is Hasbro’s profit margin ratio for 2010?A. 0.1%B. 9.9%C. 14.7%D. 57.2%15. What is Hasbro’s current ratio for 2010?A. $1,502,248B. 0.3 : 1C. 1.7 : 1D. 3.1 : 116. What is Hasbro’s debt-to-total assets ratio for 2010?A. 60.5%B. 43.0%C. 39.5%D. 32.4%17. What is Hasbro’s 2010 return on assets?A. 14.36 %B. 9.96 %C. 9.72 %D. 0.10 %18. The general ledger account for Accounts Receivable shows a debitbalance of $50,000. The Allowance for Doubtful Accounts has a creditbalance of $1,000. If management estimates that 5% of Accounts Receivable will prove uncollectible, Bad Debts Expense would be recorded forA. $1,500.B. $2,540.C. $2,500.D. $3,500.19. What is ending inventory under the average cost method?A. $1,200.B. $2,000.C. $ 300.D. $ 500.20. What is cost of goods sold under LIFO?A. $1,100.B. $1,700.C. $1,500.D. $2,100.21. What is cost of goods sold under FIFO?A. $1,500.B. $1,100.C. $1,700.D. $2,100.22. The amount of depreciation to be recorded for year 2 using the straight-line method of calculating depreciation, isA. $ 7,500.B. $ 6,750.C. $15,000.D. $13,500.23. The amount of depreciation to be recorded for year 1 using the double-declining balance method, isA. $13,500.B. $ 6,000.C. $15,000.D. $12,000.24. The amount of depreciation to be recorded in year 1 using the units-of-activity method and assuming that 6,500 units are produced, isA. $4,680.B. $7,800.C. $5,200.D. $7,020.25. Jones borrowed $960 from the bank, issuing a 12.5%, 4-month promissory note. Assuming that the note is issued and paid in the same accounting period, Jones’ entry on the date of payment will include aA. Debit to Notes Payable for $960.B. Debit to Interest Payable for $40.C. Credit to Cash for $960.D. Debit to Interest Receivable for $40.26. On June, 30, 2011, Riddle Corporation issued $500,000 of 8%, 5-year bonds at 100. Interest is payable semi-annually. The journal entry to record the semiannual interest payment on December 31, 2011 would creditA. Interest Expense for $20,000.B. Cash for $20,000.C. Cash for $200,000.D. Bonds Payable for $500,000.27. Discount on bonds payable should be reported on the balance sheet of the issuing corporation as a(n)A. Direct deduction from the face amount of the bonds payable in the long-term liability section.B. Direct deduction from retained earnings in the stockholders’ e quity section.C. Asset.D. Direct addition to the face amount of the bonds payable in the long-term liability section.28. Bonds with a face value of $10,000 were issued at 97. The Cash account will be debited forA. $970.B. $10,097.C. $10,000.D. $9,700.29. The following accounts appear in the ledger of Saphire Corporation on December 31, 2011:Preferred Stock $30,000Common Stock 60,000Paid-in Capital in Excess of Par Value, Preferred 7,000Paid-in Capital in Excess of Par Value, Common 18,000Retained Earnings 40,000Treasury Stock 5,000A balance sheet prepared on December 31, 2011, would report total paid-in capital ofA. $115,000.B. $ 90,000.C. $155,000.D. $160,000.30. If Saphire Corporation has 80,000 shares of common stock authorized,50,000 shares of common stock issued, and holds 4,000 shares of common stock as treasury stock, the total number of outstanding common shares isA. 34,000.B. 76,000.C. 46,000.D. 30,000.31. The Paid-in Capital in Excess of Par Value account normally is credited ina journal entry to record the issuance of stock whenA. The earnings per share of the stock exceeds par value.B. The number of shares issued exceeds the par value.C. Stock is sold at an amount greater than par value.D. The stated value of the capital stock is greater than the par value.32. What effect will the purchase of treasury stock have on total stockholders’ equity?A. Increase.B. Decrease.C. No effect.D. Cannot determine from the information given.33. Martinez Corporation has 30,000 shares of $10 par value common stock outstanding. On March 17, the Board of Directors declared a 10 percent stock dividend. Market value of the stock was $13 on March 17. The effect of the declaration and issuance of the stock dividend for Martinez would include aA. Decrease to Cash for $39,000.B. Decrease to Retained Earnings for $39,000.C. Decrease to Retained Earnings for $30,000.D. Increase to Common Stock for $39,000.34. The primary purpose of the statement of cash flows is to provide informationA. Regarding the results of operations for a period of time.B. Regarding a company’s financial position at the end of an accountingperiod.C. About a company’s cash receipts and cash payments during an accounting period.D. About a company’s investing and financing activities.35. The following data are available for Allen Clapp Corporation:Net income $200,000Depreciation expense 40,000Dividends paid 60,000Gain on sale of land 10,000Decrease in accounts receivable 20,000Decrease in accounts payable 30,000How much is cash provided by operating activities using the indirect method for the statement of cash flows?A. $240,000B. $280,000C. $160,000D. $220,00036. The following are data concerning cash received or paid from various transactions for Orange Peels Corporation:Sale of land $100,000Sale of equipment 50,000Issuance of common stock 70,000Purchase of equipment 30,000Payment of cash dividends 60,000How much is net cash provided by investing activities in the statement of cash flows?A. $190,000B. $120,000C. $130,000D $150,00037. Ibram Corporation had 200,000 shares of $1 par value common stock outstanding. If Ibram announces a 4-for-1 stock split, the par value and number of shares outstanding after the stock split would be:A. $.25 par; 800,000 shares.B. $.25 par; 200,000 shares.C. $1 par; 50,000 shares.D. $1 par; 800,000 shares.38. A company has budgeted $328,000 to be used by both the marketing department and the finance department. The marketing department uses cash at the rate of $42,000 per month, which is three times the rate of the finance department. How many months until the budgeted amount is used up? Round all amounts to the nearest tenth.A. 7.8 monthsB. 5.9 monthsC. 2.6 monthsD. 6.2 months39. At the end of a year, a company's net income increased 30%. At the end of the second year, the income decreased 25% from the previous year. What was the percentage change for the two years?A. (2.5%) decreaseB. 2.5% increaseC. (5.0%) decreaseD. 5.0% increase40. You just paid $35,640 for a car, including sales tax. The sales tax rate is 8%. What is the pre-tax price of the car?A. $35,640B. $32,789C. $33,000D. $35,35541. The Ames and Johnson partnership allocates profits and losses 80% toAmes and 20% to Johnson. Smith enters the partnership and receives a 25% share of profits and losses. What share of profits and losses does Ames now share?A. 80%B. 70%C. 55%D. 60%42. At the beginning of last year your departmental budget was 40% of the total budget. This year it was 30% of the total budget. What percent did your budget decrease from last year?A. 25%B. 10%C. 12%D. 33%43. Johnson Company purchased merchandise with an invoice cost of $90,000. The vendor's terms offered a 4% discount on any part of the invoice paid within 10 days. Johnson Company made a cash payment of $48,000 within the 10 days. How much did Johnson Company still owe after making the payment?A. $42,000B. $40,000C. $43,920D. $40,08044. In which year was Matrix Connections’ highest overall reven ue based on these three products?A. 2010B. 2011C. 2012D. Cannot be determined45. On December 31, 20XX, the accounting records of Sky Corporation contain the items below.What is the amount of Cash owned by Sky on December 31, 20XX?A. $46,000B. $86,000C. $94,000D. $686,00046. Sally enters into a partnership by contributing the following: Cash $15,000;Accounts Receivable$4,500; machinery that cost $3,000 and has a fair market value of $2,125;and Accounts Payableof $1,200. What amount will be recorded in her capital account?A. $20,425B. $21,300C. $21,625D. $22,50047. What is the correct order of the accounts in the adjusted trial balance?A. Revenues, expenses, assets, liabilities, owner’s equityB. Liabilities, assets, revenues, owner’s equity, expensesC. Assets, liabilities, owner’s equity, revenues, expensesD. Expenses, liabilities, revenues, assets, owner’s equity48. On November 1, Delphi Corporation sold merchandise in return for a 7%, 90-day note receivablein the amount of $30,000. What does the proper adjusting entry at December 31 (the end ofDelphi’s fiscal year) include?A. Credit to Interest Revenue of $350B. Credit to Notes Receivable of $525C. Debit to Cash of $350D. Debit to Interest Receivable of $17549. At the beginning of the current year, Wilson Corporation had 200,000 shares of $1 par commonstock outstanding and had retained earnings of $4,800,000. During the year, the company earned$1,675,000 and paid a year-end cash dividend of $3 per share. What was Wilson’s retainedearnings at the end of the year?a. $4,800,000b. $5,875,000c. $6,275,000d. $6,475,00050. When stock that was issued by a corporation is later reacquired it isclassified asa. Treasury stockb. non-participating preferred stockc. restricted stockd. issued shares。

会计试题英语答案及解析

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

Accounting《会计学：教程与案例》财务会计答案解析第一章

《会计学：教程与案例》财务会计答案第一章案例一：Case 1-1: Ribbons an’ Bows, Inc.Note: This case is unchanged from the Twelfth Edition.注：本案与第十二版持平。

Approach方法This is an introductory case and it should be taught as an introductory case. There will be plenty of time in the course for the students to learn the correct form of financial statements and details of accounting standards. In short, the instructor should be prepared to allow a variety of formats for the financial statements and tolerate some “not quite correct” accounting.这是一个介绍性案例，应该作为一个介绍性案例来教授。

课程中有足够的时间让学生学习财务报表的正确格式和会计准则的细节。

简言之，教师应准备好允许各种财务报表格式，并容忍一些“不太正确”的会计。

The instructor may want to have students discuss Carmen’s March 31 statement, but the bulk of the class should focus on the three case questions. Any discussion of the March 31 statement should deal with the nature of the various accounts (i.e. prepaid rent is rent paid in advance of using the property and it is an asset because it has future economic benefits for the company, etc), rather than the format of the statement. It is better to leave the beginning of the course’s instruction in financial statement formats to the assigned case question discussions.讲师可能希望学生讨论卡门3月31日的声明，但大部分的课应该集中在三个问题上。

英语会计考试题目及答案

英语会计考试题目及答案一、选择题（每题2分，共20分）1. What is the basic equation of accounting?A. Assets = Liabilities + EquityB. Revenue - Expenses = ProfitC. Depreciation - Amortization = LossD. Cost of Goods Sold + Operating Expenses = Net Income答案：A2. Which of the following is NOT a type of intangible asset?A. TrademarkB. PatentC. CopyrightD. Inventory答案：D3. The process of allocating the cost of a tangible asset over its useful life is known as:A. AmortizationB. DepreciationC. AccrualD. Provision答案：B4. What is the purpose of adjusting entries at the end of anaccounting period?A. To increase the company's profitB. To ensure the financial statements are accurate and up-to-dateC. To reduce the company's tax liabilityD. To prepare for the next accounting period答案：B5. The term "Double Entry Bookkeeping" refers to the practice of:A. Recording transactions twiceB. Recording debits and credits for every transactionC. Keeping two sets of booksD. Using two different accounting software答案：B...二、简答题（每题10分，共30分）1. Explain the difference between "revenue recognition" and "matching principle".答案：Revenue recognition is the process of recognizing income in the accounting records as it is earned, regardless of when payment is received. The matching principle, on the other hand, is an accounting concept that requires expenses to be recognized in the same accounting period as the revenue they helped generate. This ensures that the financial statements reflect the actual performance of the business fora given period.2. What are the main components of a balance sheet?答案：The main components of a balance sheet are assets, liabilities, and equity. Assets represent what the company owns, liabilities represent what the company owes, and equity represents the residual interest in the assets of the entity after deducting liabilities....三、计算题（每题15分，共30分）1. Given the following information for XYZ Corp., calculate the net income for the year ended December 31, 2023:- Sales revenue: $500,000- Cost of goods sold: $300,000- Operating expenses: $100,000- Depreciation expense: $20,000- Interest expense: $10,000答案：Net Income = Sales Revenue - (Cost of Goods Sold + Operating Expenses + Depreciation Expense + Interest Expense) Net Income = $500,000 - ($300,000 + $100,000 + $20,000 + $10,000)Net Income = $500,000 - $440,000Net Income = $60,0002. If a company purchased a machine for $50,000 and expectsit to have a useful life of 5 years with no residual value, calculate the annual depreciation expense using the straight-line method.答案：Annual Depreciation Expense = (Cost of Asset - Residual Value) / Useful LifeAnnual Depreciation Expense = ($50,000 - $0) / 5Annual Depreciation Expense = $10,000...结束语：希望这份英语会计考试题目及答案对您的学习和复习有所帮助。

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。

会计基础考试题库及答案英文版

会计基础考试题库及答案英文版Accounting Fundamentals Exam Question Bank and Answers - English VersionQuestion 1: What is the primary purpose of financial accounting?Answer 1: The primary purpose of financial accounting is to provide financial information about a company to external users such as investors, creditors, and government agencies, which helps them make informed decisions.Question 2: Define the term "Double Entry Bookkeeping."Answer 2: Double Entry Bookkeeping is a system of recording financial transactions in which every transaction is recorded twice, once as a debit and once as a credit, to maintain the equality of the accounting equation.Question 3: Explain the difference between "Liabilities" and "Equity."Answer 3: Liabilities are the obligations of a company, which represent the amounts owed to external parties. Equity, on the other hand, represents the ownership interest in the company and the residual interest in the assets after deducting the liabilities.Question 4: What is the accounting equation?Answer 4: The accounting equation is Assets = Liabilities + Equity. It is the fundamental equation that underlies the double-entry bookkeeping system and shows the relationship between a company's assets, liabilities, and equity.Question 5: Describe the "Accrual Basis" of accounting.Answer 5: The accrual basis of accounting records revenues and expenses 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.Question 6: What is the purpose of a "Trial Balance"?Answer 6: A trial balance is a report that lists all the account balances from the general ledger at a particularpoint in time. It is used to check the accuracy of the accounting records by ensuring that the total of debitsequals the total of credits.Question 7: Differentiate between "Cash Flow Statement" and "Income Statement."Answer 7: The income statement reports a company's financial performance over a period of time, showing revenues, expenses, and net income or loss. The cash flow statement, however, shows the inflows and outflows of cash during the same period, focusing on the company's liquidity and ability to generate cash.Question 8: What is the role of "Depreciation" in accounting?Answer 8: Depreciation is the systematic allocation of thecost of a tangible asset over its useful life. It reflectsthe consumption of the asset's economic benefits over timeand is used to match the expense with the revenue generatedby the asset.Question 9: Explain the concept of "Financial Statements." Answer 9: Financial statements are formal records of acompany's financial activities, including the balance sheet, income statement, and cash flow statement. They provide a snapshot of the company's financial position and performance over a specific period.Question 10: What is the "Going Concern" assumption in accounting?Answer 10: The going concern assumption is the belief that a business will continue to operate for the foreseeable future. It is a fundamental assumption in accounting that allows for the preparation of financial statements based on the continuity of the business.End of Exam Question BankPlease note that this question bank is designed to provide a general overview of accounting fundamentals and should be used as a study aid. For a comprehensive understanding, further study and practical application are recommended.。

会计英语参考答案

会计英语参考答案会计英语参考答案会计是一门重要的商科学科，涉及到财务记录、报表分析和财务决策等方面。

在学习会计的过程中，掌握好会计英语是必不可少的。

下面是一些常见的会计英语参考答案。

1. What is accounting?（会计是什么？）Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or organization. It provides information about the financial position and performance of a company.2. What are the basic accounting principles?（基本会计原则有哪些？）The basic accounting principles include the accrual principle, the consistency principle, the materiality principle, the prudence principle, the going concern principle, the cost principle, and the matching principle. These principles guide accountants in preparing financial statements and ensuring the accuracy and reliability of financial information.3. What is the difference between financial accounting and managerial accounting?（财务会计和管理会计的区别是什么？）Financial accounting focuses on the preparation of financial statements for external users, such as investors, creditors, and government agencies. It provides information about the financial performance and position of a company. Managerial accounting, on the other hand, is concerned with providing financial information for internal users, such as managers and decision-makers, tosupport planning, controlling, and decision-making processes within the organization.4. What is the double-entry accounting system?（什么是复式记账系统？）The double-entry accounting system is a method of recording financial transactions that requires every transaction to have equal and opposite effects on at least two accounts. It follows the principle that for every debit, there must be a corresponding credit, and vice versa. This system ensures that the accounting equation (assets = liabilities + equity) is always in balance.5. What is the difference between assets and liabilities?（资产和负债的区别是什么？）Assets are resources owned by a company that have economic value and can be used to generate future benefits. They include cash, accounts receivable, inventory, property, and equipment. Liabilities, on the other hand, are obligations or debts owed by a company to external parties, such as loans, accounts payable, and accrued expenses.6. What is the purpose of financial statements?（财务报表的目的是什么？）The purpose of financial statements is to provide information about the financial performance, position, and cash flows of a company. The main financial statements include the income statement, balance sheet, statement of cash flows, and statement of changes in equity. These statements help users, such as investors, creditors, and management, to evaluate the financial health and make informed decisions.7. What is depreciation?（什么是折旧？）Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It represents the decrease in value of an asset due to wear and tear, obsolescence, or other factors. Depreciation expense is recorded on the income statement and reduces the net income of a company.8. What is the difference between gross profit and net profit?（毛利和净利的区别是什么？）Gross profit is the difference between net sales revenue and the cost of goods sold. It represents the profit generated from the core operations of a business before deducting other expenses. Net profit, on the other hand, is the residual profit after deducting all expenses, including operating expenses, interest expenses, and taxes, from gross profit.以上是一些常见的会计英语参考答案。

财务会计(英)答案

1-9The evidence for a note payable includes a promissory note, but the evidence for an account payable does not.
1-10Owners' equity is also called capital (for proprietorships and partnerships) and shareholders' equity or stockholders' equity (for corporations).
1-3Examples of decisions that are likely to be influenced by financial statements include choosing where to expand or reduce operations, lending money, investing ownership capital, and rewarding mangers.
1-17CPA is a Certified Public Accountant. One becomes a CPA by a combination of education, qualifying experience, and the passing of a two-day national examination.
1-16The board of directors is the link between stockholders and the actual managers. It is the board’s duty to ensure that managers act in the interests of shareholders.

英语会计考试题目及答案

英语会计考试题目及答案一、单项选择题（每题2分，共20分）1. 会计的基本职能包括：A. 核算和监督B. 计划和预算C. 决策和控制D. 预测和分析答案：A2. 资产负债表中，资产和负债的排列顺序是：A. 按金额大小B. 按流动性大小C. 按重要性D. 按时间顺序答案：B3. 会计信息的质量要求中，要求信息具有可比性，这体现了：A. 相关性原则B. 可靠性原则C. 可理解性原则D. 可比性原则答案：D4. 以下哪项不是会计要素？A. 资产B. 负债C. 所有者权益D. 利润答案：D5. 会计分期假设是基于以下哪个假设？A. 持续经营假设B. 会计主体假设C. 货币计量假设D. 会计分期假设答案：A6. 以下哪项不是会计信息的使用者？A. 投资者B. 债权人C. 政府机构D. 竞争对手答案：D7. 会计恒等式“资产=负债+所有者权益”体现了：A. 资产的来源B. 资产的去向C. 资产和负债的关系D. 资产和所有者权益的关系答案：A8. 会计核算中，以下哪项不是收入的确认条件？A. 收入的实现B. 收入的可计量性C. 收入的可预测性D. 收入的可实现性答案：C9. 会计政策变更时，应采用以下哪种方法进行会计处理？A. 追溯调整法B. 未来适用法C. 重述法D. 修正法答案：A10. 会计估计变更时，应采用以下哪种方法进行会计处理？A. 追溯调整法B. 未来适用法C. 重述法D. 修正法答案：B二、多项选择题（每题3分，共15分）1. 会计核算的基本原则包括：A. 客观性原则B. 及时性原则C. 明晰性原则D. 重要性原则答案：ABCD2. 以下哪些项目属于流动资产？A. 现金B. 应收账款C. 长期股权投资D. 存货答案：ABD3. 会计信息的质量要求中，以下哪些体现了可靠性原则？A. 真实性B. 可验证性C. 完整性D. 及时性答案：ABC4. 以下哪些因素会影响会计政策的选择？A. 经济环境B. 行业特点C. 企业规模D. 管理层意图答案：ABC5. 以下哪些项目属于负债？A. 应付账款B. 预收账款C. 长期借款D. 股本答案：ABC三、判断题（每题2分，共10分）1. 会计分期假设允许企业在不同会计期间之间转移收入和费用。

IntermediateAccountingChapter4中级会计学第四章课后习题答案

Chapter 4The Income Statement and Statement of Cash FlowsQUESTIONS FOR REVIEW OF KEY TOPICSQuestion 4-5The term earnings quality refers to the ability of reported earnings (income) to predict a company’s future earnings. After all, an income statement simply reports on events that already have occurred. The relevance of any historical-based financial statement hinges on its predictive value.Question 4-7The process of intraperiod tax allocation matches tax expense or tax benefit with each major component of income, specifically continuing operations and any item reported below continuing operations. The process is necessary to achieve the desired result of separating the total income effects of continuing operations from the two separately reported items - discontinued operations and extraordinary items, and also to show the after-tax effect of each of those two components.Question 4-9Extraordinary items are material gains and losses that are both unusual in nature and infrequent in occurrence, taking into account the environment in which the entity operates.Question 4-11GAAP permit alternative treatments for similar transactions. Common examples are the choice among FIFO, LIFO, and average cost for the measurement of inventory and the choice among alternative revenue recognition methods. A change in accounting principle occurs when a company changes from one generally accepted treatment to another.In general, we report voluntary changes in accounting principles retrospectively. This means revising all previous periods’ financial statements as if the new method were used in those periods. In other words, for each year in the comparative statements reported, we revise the balance of each account affected. Specifically, we make those statements appear as if the newly adopted accounting method had been applied all along. Also, if retained earnings is one of the accounts whose balance requires adjustment (and it usually is), we revise the beginning balance of retained earnings for the earliest period reported in the comparative statements of shareholders’ equity (or statements of retained earnings if they’re presented instead).Then we create a journal entry to adjust all account balances affected as of the date of the change. In the first set of financial statements after the change, a disclosure note would describe the change and justify the new method as preferable. It also would describe the effects of the change on all items affected, including the fact that the retained earnings balance was revised in the statement of shareholders’ equity along with the cumulative effect of the change in retained earnings.An exception is a change in depreciation, amortization, or depletion method. These changes are accounted for as a change in estimate, rather than as a change in accounting principle. Changes in estimates are accounted for prospectively. The remaining book value is depreciated, amortized, or depleted, using the new method, over the remaining useful life.Question 4-15Comprehensive income is the total change in equity for a reporting period other than from transactions with owners. Reporting comprehensive income can be accomplished with a separate statement or by including the information in either the income statement or the statement of changes in shareholders’ equity.Question 4-22U.S. GAAP designates cash outflows for interest payments and cash inflows from interest and dividends received as operating cash flows. Dividends paid to shareholders are classified as financing cash flows. IFRS allows more flexibility. Companies can report interest and dividends paid as either operating or financing cash flows and interest and dividends received as either operating or investing cash flows. Interest and dividend payments usually are reported as financing activities. Interest and dividends received normally are classified as investing activitiesBRIEF EXERCISESBrief Exercise 4-6*$850,000 x 40%Note: Restructuring costs, interest revenue, and loss on sale of investments are included in income before income taxes and extraordinary item.Brief Exercise 4-9*$5,800,000 x 30%** Loss from operations of discontinued component:Impairment loss ($8 million book value less$7 million net fair value) $(1,000,000) Operating loss (3,600,000) Total before-tax loss $(4,600,000)EXERCISES Exercise 4-3* 30% x $440,000Pretax income from continuing operations $14,000,000Income tax expense (5,600,000) Income from continuing operations 8,400,000 Less: Net income 7,200,000 Loss from discontinued operations $1,200,000 $1,200,000 60%* = $2,000,000 = before tax loss from discontinued operations.*1-tax rate of 40% = 60%Pretax income of division $4,000,000 Add: Loss from discontinued operations 2,000,000 Impairment loss $6,000,000 Fair value of division’s assets$11,000,000 Add: Impairment loss 6,000,000 Book value of division’s assets$17,000,000Requirement 1This is a change in accounting estimate.Requirement 2$2,400,000 Cost$240,000 Previous annual amortization ($2,400,000 ÷ 10 years) x 21/2 yrs. 600,000 Amortization to date (2009-2011)1,800,000 Book value÷ 5 yrs. Estimated remaining life(given)$ 360,000 New annual amortizationTiger EnterprisesStatement of Cash FlowsFor the Year Ended December 31, 2011($ in thousands)Cash flows from operating activities:Net income $ 900Adjustments for noncash effects:Depreciation expense 240Changes in operating assets and liabilities:Decrease in accounts receivable 80Increase in inventory (40)Increase in prepaid insurance (30)Decrease in accounts payable (60)Decrease in administrative and other payables (100)Increase in income taxes payable 50Net cash flows from operating activities $1,040 Cash flows from investing activities:Purchase of plant and equipment (300) Cash flows from financing activities:Proceeds from issuance of common stock 100Proceeds from note payable 200Payment of dividends (1) (940)Net cash flows from financing activities(640)Net increase in cash 100 Cash, January 1 200 Cash, December 31 $ 300(1)Retained earnings, beginning $540+ Net income 900- Dividends x x = $940Retained earnings, ending $500The T-account analysis of the transactions related to operating cash flows is shown below. To derive the cash flows, the beginning and ending balances in the related assets and liabilities are inserted, together with the revenue and expense amounts from the income statements. In each balance sheet account, the remaining (plug) figure is the other half of the cash increases or decreases.Based on the information in the T-accounts above, the operating activities section of the SCF for Tiger Enterprises would be as shown next.Exercise 4-23 (concluded)Tiger EnterprisesStatement of Cash FlowsFor the Year Ended December 31, 2011($ in thousands)Cash flows from operating activities:Collections from customers $ 7,080Prepayment of insurance (130)Payment to inventory suppliers (3,460)Payment for administrative & other exp. (1,900)Payment of income taxes (550)Net cash flows from operating activities $ 1,040CPA / CMA REVIEW QUESTIONSCPA Exam Questions1. c. U.S. GAAP requires that discontinued operations be disclosed separatelybelow income from continuing operations.2. d.Other than sales, COGS, and administrative expenses, only the gain or lossfrom disposal of equipment is considered part of income from continuingoperations. Income from continuing operations was ($5,000,000 - 3,000,000- 1,000,000 + 200,000) = $1,200,000.3. a. In a single-step income statement, revenues include sales as well as otherrevenues and gains.Sales revenue $187,000Interest revenue 10,200Gain on sale of equipment 4,700Total $201,900The discontinued operations and the extraordinary gain are reported belowincome from continuing operations.4.a.The $400,000 impairment loss and the $1,000,000 loss from operationsshould be combined for a total loss of $1,400,000.5.d. The change in the estimate for warranty costs is based on new informationobtained from experience and qualifies as a change in accounting estimate. Achange in accounting estimate affects current and future periods and is notaccounted for by restating prior periods. The accounting change is a part ofcontinuing operations.6. a. Dividends paid to shareholders is considered a financing cash flow, not anoperating cash flow.7. c. Issuing common stock for cash is considered a financing cash flow, not aninvesting cash flow.CMA Exam Questions1.d. Discontinued operations and extraordinary gains and losses are shownseparately in the income statement, below income from continuing operations.The cumulative effect of most voluntary changes in accounting principle isaccounted for by retrospectively revising prior years’ financial statements.2.c.The operating section of a retailer’s income statement includes all revenuesand costs necessary for the operation of the retail establishment, e.g., sales,cost of goods sold, administrative expenses, and selling expenses.3 a. Extraordinary items should be presented net of tax after income fromoperations.PROBLEMSProblem 4-9Requirement 1Diversified Portfolio CorporationStatement of Cash FlowsFor the Year Ended December 31, 2011Cash flows from operating activities:Collections from customers (1)$880,000Payment of operating expenses (2)(660,000)Payment of income taxes (3)(85,000)Net cash flows from operating activities $135,000Cash flows from investing activities:Sale of investments 50,000Net cash flows from investing activities 50,000Cash flows from financing activities:Proceeds from issue of common stock 100,000Payment of dividends (80,000)Net cash flows from financing activities 20,000Increase in cash 205,000Cash and cash equivalents, January 1 70,000Cash and cash equivalents, December 31 $275,000(1)$900,000 in service revenue less $20,000 increase in accounts receivable.(2) $700,000 in operating expenses less $30,000 in depreciation less $10,000 increase in accounts payable.(3)$80,000 in income tax expense plus $5,000 decrease in income taxes payable.Problem 4-9 (concluded)Requirement 2Diversified Portfolio CorporationStatement of Cash FlowsFor the Year Ended December 31, 2011Cash flows from operating activities:Net income $120,000Adjustments for noncash effects:Depreciation expense 30,000Changes in operating assets and liabilities:Increase in accounts receivable (20,000)Increase in accounts payable 10,000Decrease in income taxes payable (5,000)Net cash flows from operating activities $135,000。

会计英文版十三单元答案

Solutions Manualto accompanyPrinciples of Accounting2nd editionbyJerry Weygandt, Keryn Chalmers, Lorena Mitrione Michelle Fyfe, Susana Yuen, Donald Kieso, Paul KimmelChapter 13Accounting for partnershipsJohn Wiley & Sons Australia, LtdCHAPTER 13 Accounting for Partnerships ASSIGNMENT CLASSIFICATION TABLELearning Objectives QuestionsBriefExercises Exercises Problems1. Identify thecharacteristics of thepartnership form ofbusiness entity.1, 2, 32. Explain the accountingentries for the formationof a partnership.4 1, 2 1 1, 33. Identify the bases fordividing profit or loss. 5, 6, 7, 8,93, 4, 5 2 2, 35. Explain the effects ofthe entries when a newpartner is admitted.11,12,13 6, 7 4,5,6, 46. Describe the effects ofthe entries when apartner withdraws fromthe partnership.14,15,16,17 8, 9 7,8,9 54. Describe the form andcontent of partnershipfinancial statements.10 3 1, 27. Explain the effects ofthe entries to record theliquidation of apartnership. 18,19,20,21,2210 10,11,12,136,7ASSIGNMENT CHARACTERISTICS TABLEProblemNumber Description DifficultyLevelTimeAllotted (min.)1 Prepare entries for formation of a partnership and astatement of financial position.Simple 20-302 Journalise divisions of profit and prepare a partnershipstatement of changes in equity.Moderate 30-403 Prepare entries for formation of a partnership, statementof financial position and show division of profit andprepare partners current accounts.Moderate 30-404 Journalise admission of a partner under differentassumptions.Moderate 30-405 Journalise withdrawal of a partner under differentassumptions.Moderate 30-406 Prepare entries and schedule of cash payments inliquidation of a partnership.Moderate 30-407 Journalise entries in a liquidation of a partnership withcapital deficiency.Moderate 30-4013-4✓ Accuracy checkedBLOOM’S TA XONOMY TABLECorrelation Chart between Bloom’s Taxonomy, Learning Objectives and End -of-Chapter Exercises and ProblemsLearning Objective Knowledge Comprehension ApplicationAnalysis SynthesisEvaluation1. Identify the characteristics of the partnership form of business organisation. Q13-1 Q13-2 Q13-32. Explain the accounting entries for the formation of a partnership. Q13-4 BE13-1 BE13-2 E13-1P13-13. Identify the bases for dividing profit or loss. Q13-5 Q13-6 Q13-8 Q13-7 Q13-9 BE13-3 BE13-4 BE13-5 E13-2P13-2P13-35. Explain the effects of the entries when a new partner is admitted. Q13-11 Q13-12 Q13-13 BE13-7 BE13-8E13-4 E13-5 E13-6 P13-46. Describe the effects of the entries when a partner withdraws from the partnership. Q13-14 Q13-15 Q13-16 Q13-17 BE13-9 BE13-10E13-7 E13-8 E13-9P13-5*4. Describe the form and content of partnership financial statements. Q13-10 E13-3E13-27. Explain the effects of the entries to record the liquidation of a partnership. Q13-18 Q13-19 Q13-20 Q13-21 Q13-22 BE13-6 E13-10 E13-11 E13-12E13-13P13-6P13-7Broadening Your Perspective Exploring the Web Group Decision CaseCommunication Group DecisionCaseEthics CaseANSWERS TO QUESTIONS1.(a) Association of individuals. A partnership is a voluntary association of two or moreindividuals based on as simple an act as a handshake. Preferably, however, theagreement should be in writing. A partnership is an accounting entity, but it is not ataxable entity.(b) Limited life. A partnership does not have unlimited life. A partnership may be endedvoluntarily or involuntarily. Thus, the life of a partnership is indefinite. Any change in themembers of a partnership results in the dissolution of the partnership.(c) Co-ownership of property. Partnership assets are co-owned by all the partners. If thepartnership is terminated, the assets do not legally revert to the original contributor.Each partner has a claim on total assets equal to his or her capital balance. This claimdoes not attach to specific assets the individual partner contributed to the partnership.2.(a) Mutual agency. This characteristic means that the act of any partner is binding on allother partners when engaging in partnership business. This is true even when thepartners act beyond the scope of their authority, so long as the act appears to beappropriate for the partnership.(b) Unlimited liability. Each partner is personally and individually liable for all partnershipliabilities. Creditors’ claims attach first to partnership assets and then to personalresources of any part ner, irrespective of that partner’s equity in the partnership.3.The advantages of a partnership are: (1) combining skills and resources of two or moreindividuals,(2) ease of formation, (3) not subject to as much governmental regulation as companies, (4) ease of decision making, and (5) no taxation of partnership profit.Disadvantages are: (1) mutual agency, (2) limited life, (3) unlimited liability, and (4) partners may not be able to work together.4.The capital balance should be $112 000, comprised of land $75 000, and equipment$57 000, less debt $20 000.5.When the partnership agreement does not specify the division of profit or loss, profit and lossshould be divided equally.6.Factors to be considered in determining how profit and loss should be divided are: (1) afixed ratio is easy to apply and it may be an equitable basis in some circumstances; (2) capital balance ratios when the funds invested in the partnership are considered the most critical factor; and (3) salary allowance and/or interest allowance coupled with a fixed ratio. This last approach gives specific recognition to differences that may exist among partners by providing salary allowances for time worked and interest allowances for capital invested.7.The profit of $24 000 should be divided equally — $12 000 to M. Marion and $12 000 to R.Hood.8.(a) Account debited: Profit and Loss Summary; accounts credited: S. Tortoise, Current andF. Hare, Current.(b) Account debited: S. Tortoise, Drawings; account credited: Cash.ANSWERS TO QUESTIONS (continued)9.Division of ProfitT. Ng R. Hong TotalSalary AllowanceDeficiency:($5000), ($50 000 – $55 000) T. Ng (60% × $5000)R. Hong (40% × $5000)Total division $30 000(3 000)$27 000)$25 000(2 000)$23 000)$55 000(3 000)(2 000)$50 000Insert the answer to 10 here.11.This transaction represents the purchase of a partner’s interest. It is a personaltransaction that has no effect on partnership net assets.12.Partnership net assets increase $25 000. No, Derek Hodges does not necessarilyacquire a 1/6 profit and loss ratio. Unless stated otherwise, profit or loss is divided evenly.13.Mary Garden, Capital .......................................................................... 63 000Isabella Dillon, Capital ................................................................. 63 000 14.Montgomery Smith, Capital ................................................................. 37 000Rebecca Barrett, Capital .............................................................. 37 000 15.Taylor’s share of the bonus is $6 000 computed as follows:Partnership assets ....................................................................... $89 000Capital credit, Jacobs ................................................................. 77 000Bonus to retiring partner .............................................................. 12 000Allocated to:Garland: $12 000 × 1/2 = ..................................................... $6 000Taylor: $12 000 × 1/2 = ..................................................... 6 000 12 000............................................................................................ $0 16.It is important to provide the withdrawing partner with their share of the partnershipassets. Having an independent valuation ensures that the partner receives or shares in any market value changes that their efforts have caused.17.When a p artner dies, it is usually necessary to determine the partner’s equity at the date ofdeath by: (1) determining the profit or loss for the year to date, (2) closing the books, and (3) preparing financial statements. The partnership agreement may also require an audit of the financial statements by independent auditors and a revaluation of assets by an independent appraisal firm.10.The financial statements of a partnership are similar to those of a proprietorship. Thedifferences are generally related to the fact that a number of partners are involved in a partnership. The income statement for a partnership is identical to the income statement for a proprietorship except for the division of profit. The statement of changes in equity shows the changes in each partner’s capital account and in total partnership equity during the year. On the statement of financial position each partner’s capital balance is re ported in the owners’ equity se ction.18.Liquidation of a partnership ends the life of the entity. In the dissolution of a partnership,the economic life of the entity continues.19.No, Jerry is not correct. All gains and losses on liquidation should be allocated to thepartners on the basis of their profit-and loss-sharing ratio. However, final cashdistributions should be based on their capital balances.20.Yes, Dean is correct. Capital balances are used because they represent the individualpartner’s equity in the partnership. The objective of the distribution is to eliminate thebalance in each p artner’s capital account.21.Total cash after paying liabilities ....................................................................... $119 000Total capital balances ($34 000 + $31 000 + $28 000) ..................................... 93 000Excess (gain on sale of noncash assets) .......................................................... $26 000Allocated to Mooney ($26 000 × 3/10) .............................................................. $7 800Cash to Mooney ($31 000 + $7800) ................................................................. $38 80022.Capital deficiency M. Davey ........................................................................... $7 200Loss allocated to:L. Dong, capital ($7200 × 45%) ........................................... $3 240Cash to L. Dong ($23 200 – $3240) ................................................................. $19 960The following accounts may assist in the determination of the amount paid to Dong.RealisationNon-cash assets 71 000 Cash 75 000 Capital – Peters 2 000Capital – Dong 1 200Capital – Davey 80075 000 75 000CashBalance 25 000 Liabilities 55 000 Realisation 75 000 Capital – Peters 25 040Capital – Dong 19 960100 000 100 000 Peters CapitalCapital – Davey 3 960 Balance 27 000 Cash 25 040 Realisation 2 00029 000 29 000Dong CapitalCapital – Davey 3 240 Balance 22 000 Cash 19 960 Realisation 1 20023 200 23 200Davey CapitalBalance 8 000 Realisation 800Capital – Peters 3 960Capital – Dong 3 2408 000 8 000The share of the deficiency is calculated using the Garner v. Murray Rule. Deficiency is$7200 split between Peters and Dong based on the capital balances before liquidation(rounded).Calculated as follows: Peters — $7200 x 27 000/49 000 = $3960Dong — $7200 x 22 000/49 000 = $3240.SOLUTIONS TO BRIEF EXERCISESBRIEF EXERCISE 13-1Cash ....................................................................................................... 10 000 Equipment................................................................................................ 9 000 Andy Moran, Capital ....................................................................... 19 000 BRIEF EXERCISE 13-2Accounts Receivable ............................................................................... $32000Less: Allowance for impairment .............................................................. 7000 $25000 Equipment (22000)Accumulated depreciation should not be shown because a new business cannot have any accumulated depreciation.BRIEF EXERCISE 13-3The division is: Lauren $30 000 ($50 000 × 60%) and Daniel $20 000 ($50 000 × 40%). The entry is:Profit and Loss Summary ............................................................... 50 000 Lauren, Current .................................................................... 30 000Daniel, Current ..................................................................... 20 000 BRIEF EXERCISE 13-4Division of ProfitCharlie Sonja Nedh TotalSalary allowance Remaining profit, $ 44000: ($ 71500 - 27500)C ($44000 × 50%)S ($44000 × 30%)N ($44000 × 20%)Total remainder Total division$ 1650022000$38500$ 550013200$ 18700$ 55008800$14300$ 2750044000$71500BRIEF EXERCISE 13-5Division of ProfitBob Ray TotalSalary allowanceInterest allowanceRemaining deficiency, ($13 000): [($25 000 + $12 000) – $24 000] Bob ($13 000 × 50%)Ray ($13 000 × 50%)Total remainderTotal division $15 0007 000(6 500)$15 500$10 0005 000(6 500)$8 500$25 00012 000(13 000)$24 000BRIEF EXERCISE 13-6Foe, Capital (22000)Fum, Capital (22000)BRIEF EXERCISE 13-7Cash ........................................................................................................... 42 000Carina, Capital (50% × $17 400*)................................................................. 8 700Adam, Capital (50% × $17 400) ................................................................... 8 700 Ricky, Capital (45% × $132 000) ........................................................ 59 400 *[($40 000 + $50 000 + $42 000) × 45%] – $42 000 = $17 400.BRIEF EXERCISE 13-8Elroy, Capital ............................................................................................... 20 000 George, Capital .................................................................................. 10 000Jane, Capital ...................................................................................... 10 000BRIEF EXERCISE 13-9Elroy, Capital ............................................................................................... 20 000George, Capital (50% × $8000) ................................................................... 4 000Jane, Capital (50% × $8000) ........................................................................ 4 000 Cash................................................................................................... 28 000 BRIEF EXERCISE 13-10R, Capital (15000)E, Capital (10500)O, Capital (6000)Cash (31500)SOLUTIONS TO EXERCISESEXERCISE 13-1Jan. 1 Cash (18000)Accounts Receivable (21000)Equipment (26250)Allowance for impairment (4500)Fred Flintstone, Capital (60750)EXERCISE 13-2(a) (1) DIVISION OF PROFITF. AinsleyG. Ng TotalSalary allowance .................................................... Interest allowanceF. Ainsley ($50 000 × 10%) .............................G. Ng ($40 000 × 10%) ...................................Total interest ............................................ Total salaries and interest ...................................... Remaining profit, $14 000 ($55 000 – $41 000) .....F. Ainsley ($14 000 × 60%) .............................G. Ng ($14v000 × 40%) ..................................Total remainder ........................................ Total division .......................................................... $20 0005 000000 00025 0008 400$33 400$12 0004 000000 00016 0005 600$21 600$32 0009 00041 00014 000$55 000(2) DIVISION OF PROFITF. AinsleyG. Ng TotalSalary allowance ........................................... Interest allowance ......................................... Total salaries and interest ............................. Remaining deficiency, ($11,000)($41,000 – $30,000)F. Ainsley ($11,000 × 60%) ...................G. Ng ($11,000 × 40%) .........................Total remainder ............................. Total division $20 000( 5 000)25 000(6 600)($18 400)$12 0004 000)16 000(4 400)($11 600)$32 0009 00041 000(11 000$30 000)(b) (1) Profit and Loss Summary .......................................................... 55 000F. Ainsley, Current .......................................................... 33 400G. Ng, Current ................................................................. 21 600(2) Profit and Loss Summary .......................................................... 30 000F. Ainsley, Current .......................................................... 18 400G. Ng, Current ................................................................. 11 600(a) AMAZING SOAPSPartnership Statement of Changes in EquityFor the Year Ending 30 June 2011M. Rowling D. Martin TotalCapital, 1 January Add: ProfitLess: Drawings Capital, 31 December $20 00016 00036 0008 000$28 000$18 00016 00034 0005 000$29 000$38 00032 00070 00013 000$57 000(b) AMAZING SOAPSPartial Statement of Financial Positionas at 30 June 2011Owners’ equityM. Rowling, Capital .................................................................... $28 000D. Martin, Capital ....................................................................... 29 000T otal owners’ equity ......................................................... $57 000 EXERCISE 13-4(a) J. Kirk, Capital ($64 000 × 50%) (32000)P. Armstrong, Capital (32000)(b) M. Spock, Capital ($ 52 000 × 50%) .................................................... 26 000P. Armstrong, Capital .................................................................. 26 000 (c) F. Scott, Capital ($30 000 × 33 1/3%) .. (10000)P. Armstrong, Capital .................................................................. 10 000(a) Cash.................................................................................................... 110 000G. Zeus, Capital (6/10 × $20 900) ................................................. 12 540R. Apollo, Capital (4/10 × $ 20 900) (8360)K. Athena, Capital (89100)Total capital of existing partnership ......................... $187 000Investment by new partner Athena ......................... 110 000Total capital of new partnership ............................... $297 000Athena’s capital credit ............................................. $89 100(30% × $297 000)Investment by new partner Athena ......................... $110 000Athena’s capital credit ............................................. 89 100Bonus to old partners .............................................. $20 900(b) Cash................................................................................................... 39 600G. Zeus, Capital (6/10 × $28 380) ...................................................... 17 028R. Apollo, Capital (4/10 × $28 380) ..................................................... 11 352 K. Athena, Capital ........................................................................ 67 980 Total capital of existing partnership ......................... $187 000Investment by new partner Athena ......................... 39 600Total capital of new partnership ............................... $226 600Athena’s capital credit (30% × $226 600) ................ $67 980Investment by new partner Athena ......................... $39 600Athena’s capital credit ............................................. 67 980Bonus to new partner .............................................. $28 380EXERCISE 13.6(a) Dr Capital – S. Spencer ................................................................... 20 000Cr Capital – R. Roberts ............................................................. 20 000 (b) Dr Cash ........................................................................................... 24 000Cr Capital – S. Spencer ($1670 x 2/5) (668)Cr Capital – L. Loren ($1670 x 2/5) (668)Cr Capital – D. Donaldson ($1670 x 1/5) (334)Cr Capital – R. Roberts ............................................................. 22 330 Total capital of existing partnership .................................... $110 000Investment by new partner, R. Roberts .............................. 24 000Total capital of new partnership ................................ $134 000R. Robert’s capital credit ($134 000 x 1/6) ......................... 22 330 (rounded)Investment by new partner, R. Roberts .............................. 24 000R. Roberts capital credit ..................................................... 22 330Bonus to old partners ............................................... $ 1 670(c) Dr Cash .......................................................................................... 20 800Dr Capital – S. Spencer ($1000 x 2/5) (400)Dr Capital – L. Loren ($1000 x 2/5) (400)Dr Capital – D. Donaldson ($1000 x 1/5) (200)Cr Capital – R. Roberts .......................................................... 21 800 Total capital of existing partnership .................................... $110 000Investment by new partner R. Roberts ............................... 20 800Total capital of new partnership ......................................... $130 800R. Robert’s capital credit ($130 800 x 1/6) ......................... 21 800 (rounded)Investment by new partner R. Roberts ............................... 20 800R. Roberts capital credit ..................................................... 21 800Bonus to new partner ......................................................... $ 1 000EXERCISE 13-71. S. Michael, Capital ............................................................................. 30 000B. Amber, Capital...................................................................... 15 000V. Colin, Capital ........................................................................ 15 000 2. S. Michael, Capital ............................................................................. 30 000V. Colin, Capital ........................................................................ 30 0003. S. Michael, Capital ............................................................................. 30 000B. Amber, Capital...................................................................... 30 000H. Wong, Capital ($10 500 × 4/7) ........................................................ 6 000R. Cameo, Capital ($10 500 × 3/7) ...................................................... 4 500 Cash .......................................................................................... 85 500 Capital balance of withdrawing partner ....................... $75 000Payment to withdrawing partner ................................. 85 500Bonus to retiring partner ............................................. $10 500Allocation of bonusWong, Capital ............................... $6 000($10 500 × 4/7)Cameo, Capital ............................. 4 500 $10 500($10 500 × 3/7)2. T. Prince, Capital ................................................................................. 75 000H. Wong, Capital ($7000 × 4/7) ................................................. 4 000R. Cameo, Capital ($7000 × 3/7) ............................................... 3 000Cash .......................................................................................... 68 000 Capital balance of withdrawing partner ....................... $75 000Payment to withdrawing partner ................................. 68 000Bonus to remaining partners ...................................... $7 000Allocation of bonusWong, Capital ................................. $4 000($7000 × 4/7)Cameo, Capital ............................... 3 000 $7 000($7000 × 3/7)Cr Cash .................................................................................... 20 000 (2) Dr Capital – Peter ............................................................................ 20 000Dr Capital – Paul ............................................................................. 2 500Dr Capital – Mary ............................................................................ 2 500Cr Cash .................................................................................... 25 000 Capital balance of withdrawing partner ..................... $20 000Payment to withdrawing partner ............................... 25 000Bonus to retiring partner ............................... $5 000Allocation of bonusPaul ($5 000 × .5) .............................................. 2 500Mary ($5 000 × .5) ............................................. 2 500 5 000(3) Dr Capital – Peter ............................................................................ 20 000Cr Capital – Paul ...................................................................... 1 250 Cr Capital – Mary ...................................................................... 1 250 Cr Cash .................................................................................... 17 500 Capital balance of withdrawing partner .................... $20 000Payment to withdrawing partner .......................... 17 500Bonus to retiring partner .............................. $2 500Allocation of bonusPaul ($2 500 × .5) ............................................. 1 250Mary ($2 500 × .5) ............................................ 1 250 2 500EXERCISE 13-10THE APPLE PARTNERSHIPSchedule of Cash PaymentsItem Cash NoncashAssets LiabilitiesCassandraCapitalPenelopeCapitalBalances before liquidation Sale of noncash assets and allocation of gainNew balancesPay liabilitiesNew balancesCash distribution to partners Final balances $20 000120 000140 000(55 00085 000(85 000$0))$100 000(100 000)$0)$55 000(0000 00)55 000(55 000)$0)$45 00012 00057 0000000 0057 000(57 000)$ 0$20 0008 00028 0000000 0028 000(28 000)$ 0Noncash Assets ..................................................................... 100 000Realisation ............................................................................. 20 000 (b) Realisation ..................................................................................... 20 000Cassandra, Capital ($20 000 × 60%) ..................................... 12 000Penelope, Capital ($20 000 × 40%) ....................................... 8 000 (c) Liabilities ........................................................................................ 55 000Cash ...................................................................................... 55 000 (d) Cassandra, Capital ........................................................................ 57 000Penelope, Capital .......................................................................... 28 000 Cash ..................................................................................... 85 000 EXERCISE 13-12(a) (1) Cash ........................................................................................... 2 200Humphries, Capital .............................................................. 2 200(2) Ming, Capital ............................................................................... 18 700Polka, Capital ............................................................................. 16 500Cash .................................................................................... 35 200 (b) (1) Ming, Capital ($2 200 × 60%) ..................................................... 1 320Polka, Capital ($ 2 200 × 40%) (880)Humphries, Capital .............................................................. 2 200(2) Ming, Capital ($18 700 - $1 320) ................................................. 17 380Polka, Capital ($16 500 - 880) .................................................... 15 620Cash .................................................................................... 33 000。

会计英语

一．单选10个1. Which of the following does not describe accounting?答案：An end rather than a means to an end .2.To understand and use accounting information in making economic decisions, you must understand :答案：All of above3.Exterbal users of financial accounting information include all of the following except:答案：Line managers 部门经理4.Objectives of financial reporting to external investors and creditors include preparing information about all of the following except:答案Information used to determine which products to produce5.Which of the following are important factors in ensuring确认 the integrity完整 of accounting information？答案：All of the above6. According to the rules of debit and credit for balance sheet account :答案：Decreases in liability and owner’s equity accounts are recorded by debits 7.Which of the following is provided by a trial balance in which total debits equal total credits?答案：Proof that the ledger is in balance8.Which of the following explains the debit and credit rules relating to the recording of revenue and expenses?答案：The effects of revenue and expenses on owners’ equity.9.A transaction caused a 15000 decrease in both total assets and total liabilities is ？答案：Repayment偿还 of a 15000 bank loan10. In general terms ,financial assets appear in the balance sheer at :答案：Cost历史成本11.Which of the following practices contributes to efficient cash management答案：Prepare monthly forecasts预测 of planned cash receipts收据, payments and anticipated预期的 cash balances up to a year in advance12.Each of the following measures strengthens internal control over cash receipts except :答案：The use of a petty cash fund零用现金13.Co. sold marketable securities cost 80000 for 92000 cash. In the company’s income statement and statement of cash flows答案：A 12000 gain and a 92000 cash gain14.Under the direct write-of直接转消法 of accounting for uncollectible accounts 坏账答案：Accounts receivable are not stated in the balance sheet at net realizable value, but at the balance of the Accounts Receivable control account.15.￥300000，receiving in exchange a nine-month,12%答案：9000 300000*12%/12*3=900016.If a corporation plains to issue1000000 of 12%bonds at a time when the rate for similar bonds is 10%.the bonds can be expected to sell at:答案：A premium溢价17.The balance in the discount on bonds payable account would usually be reported in the balance sheet in the:答案：Long-term liabilities section长期负债18. What type of analysis is indicated by the following?Amount PercentCurrent assets $100 000 20%Property, plant, and equipment 400 000 80%Total assets $500 000 100%A. Vertical analysis19. Which of the following measures indicates the ability of a firm to pay its current liabilities?D. All of the above20. The ratio determined by dividing total current assents by total current liabilities is:D. All of the above21. The ratio of the quick assets to currents liabilities , which indicates the "instant" debt-paying ability of a firm , is:C. Acid-test ratio22. A measure useful in evaluating the efficiency in the management of inventories is:C. Number of days' sales in inventory.二、多选 5-10个1.Indcate all of the following statements that correctly describe net income .Net income答案：a.Is equal to revenue mintus expensesc.Increases owner’equityd.Is reported by a company for a specific period of time2.Indicate all correct answers ,In the accounting cycle答案：b.A trial balance is prepared after journal entries have been postedc.The Rentainde Earnings account is not shown as an up-to-date figure in zhe trial balanced.Journal entries are posted to appropriate ledger accounts3.Idicate all correct answers.Dividends答案：a.Decrease owners’equityc.Are recorded by debiting the Dividend account4.A set of financial statements答案： a.Is intended to assist users in evaluating the financial position,profitability,and future prospects of an entity.c.Includes notes disclosing information necessary for the proper involving the allocating of economic organizationd.Is intended to assist investors and creditors in making decisions involviong the allocation of economic resources.5.Waterworld Boat Shop purchased a truck for $12000,making a down payment of $5000 cash and signing a $7000 note payable due in 60 days,As a result of this transaction:答案：b.Total liabilities increased by $7000.d.This transaction had no immediate effect on the owners’ equity in the business6.Which of the following is (are)correct about a company’s balance sheet ?答案： b.It is an expension of the basic accouting equation: assets=liabilities+owners’equityc.It is sometimes referrded to as a statement of financial position7.Which of the following would you expect to find in a correctly prepared income statement?答案：b.Renvenues earned during the periodd.Expense incurred during the period to earn revenues8.Which of the follow statements is(are) correct?答案：a.A bond issue is a technique for subdividing a very large loan into many small,transferable units.b.Bond interest payments are contractual obligations ,whereas the board of directors determines whether or not dividends will be paidc.As market interest rates rise,the market prices of bonds fall; as market interest rates fall, bonds prices tend to rised.Bond interest payments are deductible in determining income subject to income taxes,whereas dividends paid to stockholders are not deductible9.Identify all statements that are consistene with the concept of present value 答案：a.The present value of a future amount always is less than that future amount b.An amount of money available today is considered more valuable than the same sum that will not become available until a future datec.A bond’s issue price is equal to the present value of its future cash flowsd.The liability for an installment note payable is recorded at only the prinpal amount, rather than the sum of the scheduled future payments10.Identify those trends that are unfaborable from the viewpoint of a bondholder. 答案：a.Market interest rates are steadily risingc.The issuing company’s net cash flow from operating activities is steadily declining11. Identify the types of information that can readily be determined from an amortization table for an installment loan.答案：a.Interest expense on this liability for the current year,c.The unpaid balance remaining after each paymentd.The portion of unpaid balance that is a current liability三、会计分录 5个① Truck 12000Cash 5000Note Payable 7000Purchase of a delivery truck② TruckCashAn assets with cost of 15000 was destroyed by fire③ Extra PayingAssetRepayment of a 15000 account receivable④ Bank LoanCashCollection of a 15000 account receivable⑤ CashAccounts Receivable四、翻译：英译5个单词 1个句子汉译英 5个单词 1个句子（1）P4: The accounting process produces accounting information used by decision makers in making economic decisions and taking specific actions. These decisions and actions result in economic activities that continue the cycle.会计程序产生了会计信息，会计信息帮助做出经济决策并采取一定的行为，这些行为导致了一定的经济活动，并不断循环。

IntermediateAccountingChapter3中级会计学课后习题答案.doc

Chapter 3 The Balance Sheet and Financial DisclosuresQUESTIONS FOR REVIEW OF KEY TOPICSQuestion 3-2The balance sheet does not portray the market value of the entity (number of common stock shares outstanding multiplied by price per share) for a number of reasons. Most assets are not reported at fair value, but instead are measured according to historical cost・ Also, there are certain resources, such as trained employees, an experienced management team, and a good reputation, that are not recorded as assets at all. Therefore, the assets of a company minus its liabilities, as shown in the balanee sheet, will not be representative of the company's market value.Question 3-6Investments in equity securities are classified as current if the company's management (1) intends to liquidate the investment in the next year or operating cycle, whichever is longer, and (2) has the ability to do so, ie，the investment is marketable. If either of these criteria does not hold, the investment is classified as noncurrent.Question 3-9A note payable of $100,000 due in five years would be classified as a long-term liability. A $100,000 note due in five annual installments of $20,000 each would be classified as a $20,000 current liability — current maturities of long-term debt — and an $80,000 long-term liability.Question 3-11Disclosure notes provide additional detail concerning specific financial statement items. Included are such data as the fair values of financial instruments and off-balance-sheet risk associated with financial instruments and details of pension plans, leases, debt, and assets. Common to all companies9 disclosures are certain specific notes such as a summary of significant accounting policies, descriptions of subsequent events, and related third-party transactions. However, many notes are designed to fit the disclosure needs of the particular reporting company. In fact, any explanation that helps investors and creditors make decisions should be included・Question 3-14The discussion provides management^ views on significant events, trends and uncertainties pertaining to the company(a) operations, (b) liquidity, and (c) capital resources. Certainly the Management Discussion and Analysis section may be slanted to management's biased perspective and therefore can lack objectivity. However, management can offer an informed insight that might not be available elsewhere, so if the reader maintains awareness of the information^ source, it can offer a unique view of the situation.Question 3-20Differences in balance sheet presentation between U.S. GAAP and IFRS include:1.International standards specify a minimum list of items to be presented in the balance sheet. U.S.GAAP has no minimum requirements.2.IAS No. /, revised, changed the title of the balance sheet to statement of financial position, althoughcompanies are not required to use that title. Some U.S. companies use the statement of financial position title as well.3.Under U.S. GAAP, we present current assets and liabilities before noncurrent assets and liabilities.IAS No. 1 doesn^t prescribe the format of the balance sheet, but balance sheets prepared using IFRS often report noncurrent items first.Question 3-23U.S. GAAP requires companies to report information about reported segment profit or loss, including certain revenues and expenses included in reported segment profit or loss, segment assets, and the basis of measurement. The international standard on segment reporting, IFRS No. & requires that companies also disclose the total liabilities of its reportable segments- EXERCISESExercise 3-21. c Equipment 10. a Inventories2. f Accounts payable 11. d Patent3. -a Allowance for uncollectible accounts 12. c Land, in use4. b Land, held for investment 13. f Accrued liabilities5. 2 Note payable, due in 5 years 14. a Prepaid rent6. f Unearned rent revenue 15. h Common stock7. f Note payable, due in 6 months 16. c Building, in use& ■1 Income less dividends, accumulated 17. a Cash9. b Investment in XYZ Corp., long-term 1& f Taxes payableExercise 3・9See calculations below the balance sheet.Korver Supply CompanyBalance SheetAt December 31, 2011AssetsCurrent assets:Cash .............................................................................................. $168,000 Accounts receivable ........................................................................ 320,000 Inventories ..................................................................................... 250,000 Total current assets ................................................................... 738,000 Property, plant, and equipment:Furniture and fixtures ........................................ $300,000Less: Accumulated depreciation ......................... (170,000)Net property, plant, and equipment .............. 13(),()00Total assets ............................................................................ $868.000Liabilities and Shareholders1 Equity Current liabilities:Accounts payable .......................................................................... $180,000 Interest payable ................................................................................... 6,000 Note payable ................................................................................... 200Q00 Total current liabilities ............................................................. 386,000 Shareholders' equity:Common stock .................................................... $100,000Retained earnings ................................................... 382,00()Total shareholders9 equity ........................................................ 482,000Total liabilities and shareholders9 equity $86&000Chapter 03 - The Balance Sheet and Financial Disclosures Exercise 3-9 (concluded)Beginning balance in cash+ Cash collected from customers -Cash paid to suppliers-Cash paid for operating expenses -Cash paid for interestEnding cash balance $ 120,000 780,000 (560,000) (160,000) (12,000) $168,000Beginning balance in accounts receivable + Credit sales-Cash collected from customersEnding balance in accounts receivable $300,000 800,000 (780,000) $320,000Beginning balance in inventories + Purchases -Cost of merchandise soldEnding balance in inventories $200,000 550,000 (500,000) $250,000Beginning balance in furniture and fixtures, net -Depreciation for the yearEnding balance in furniture and fixtures, net $ 150,000 (20,000) $130,000Beginning balance in accounts payable + Purchases on account-Cash paid to suppliersEnding balance in accounts payable $190,000 550,000 (560,000) $180,000Beginning balance in retained earnings + Sales revenue-Cost of goods sold-Operating expenses-Depreciation expense-Interest expenseEnding balance in retained earnings $274,000 800,000 (500,000) (160,000) (20,000) (12,000) $382,000Accrued interest on note ($200,000、i 6% x 6/12) $6,000Exercise 3・15List A List Bd 1. Balance sheet a. Will be satisfied through the use of currentassets.h 2. Liquidity b. Items expected to be converted to cash orconsumed within one year or the operatingcycle, whichever is longer・b 3. Current assets c. The statements are presented fairly inconformity with GAAP.• 4. Operating cycle d. An organized array of assets, liabilities, andequit y.a 5. Current liabilities e. Important to a user in comparing financialinformation across companies.k 6. Cash equivalent f. Scope limitation or a departure from GAAP.m 7. Intangible asset g. Recorded when an expense is incurred but notyet paid ・1 & Working capital h. Relates to the amount of time before an assetis converted to cash or a liability is paid.g 9. Accrued liabilities i. Occurs after the fiscal year-end but before thestatements are issued・e10. Summary of significantaccounting policiesj. Cash to cash.■1 11. Subsequent events k. One-month U.S. treasury bill.c 12. Unqualified opinion 1. Current assets minus current liabilities.f 13. Qualified opinion m. Lacks physical substance.$& 192 ^$8,435 = .97 [$498 + 11 + 1,868] m $8,435 = .28 [$8,435 + 2,748] m $4,643 = 2.4 [$ 1,003 + 94 + 674] m $94 = 19 times Requirement 2Best Buy's current and acid-test ratios both are lower than the industry averages, indicating questionable liquidity ・ The debt to equity ratio is significantly higher than the industry average, indicating that the company's assets are primarily financed with liabilities rather than equity. However, the company's times interest earned ratio is significantly higher than the industry average ・ Even with high leverage, Best Buy seems quite capable of meeting its debt interest obligations ・Exercise 3-17Requirement 1 a. Current ratio b. Acid-test ratio c. Debt to equity ratio d ・ Times interest earned ratioExercise 3-181 ・ Acid-test ratio 二Quick assets m Current liabilities = 1.20Quick assets = Current assets - InventoriesQuick assets 二Current assets ・ $840,000Curi'ent assets 4- Current liabilities = 2.25Cun*ent assets - $840,000 m Cun*ent liabilities 二 1.20$840,000 m Current liabilities = 1.05Current liabilities = $800,000Current assets 4- $800,000 二2.25Current assets = $1,800,0002.Debt to equity ratio = Total liabilities Shareholders, equity = 1.8Total liabilities + Shareholders1 equity = Total assetsTotal liabilities + Shareholders* equity = $2,800,000Let x equal shareholders* equity1.8 x + x = $2,800,000x = $1,000,000 = Shareholders1 equity3.Noncurrent assets 二Total assets - Current assetsNoncurrent assets = $2,800,000 一1,800,000 = $1,000,0004.Long-term liabilities = Total assets ・ Current liabilities ・ Shareholders' equityLong-term liabilities 二$2,800,000 - 800,000 - 1,000,000 二$1,000,000CPA / CMA REVIEW QUESTIONSCPA Exam Questions1. b. The principal would have to be due after April 3(), 2012 to be considered as anoncurrent asset at April 30, 2011. The accrued interest for eight months (since August 31, 2010) is a current asset at April 30, 2011. Since the principal is due August 31,2012, additional interest would have to be recorded for the period September 1, 2011 to August 31, 2012.2. a> Current liabilities are obligations that are expected to be paid within one yearor the operating cycle whichever is longer.Accounts payable Bonds payable Dividends payableTotal current liabilitiesThe notes payable are not classified as current liabilities because they are not due until 2013-3. a. Inventory pricing is a significant accounting policy which should be disclosed according to generally accepted accounting principles, but the composition of plant assets is not a policy disclosure.$15,000 22,000 &000 $45,000CPA Exam Questions (concluded)4.c・The auditors5 standard report includes a statement that the financialstatements are the responsibility of the Company's management and that the auditors, responsibility is to express an opinion on the financial statements.5.b・ Current ratio — increased; Quick ratio decreased.Current ratio = Current assets m Current liabilities・When the current ratio is greater than 1 to 1, an equal decrease in currentassets and current liabilities will result in an increase in the current ratio. The decrease in current liabilities (the smaller number) is proportionately greater than the decrease in current assets, resulting in an increase in the ratio.Quick ratio 二(Cash + Marketable Securities + Accounts receivable) — Current liabilities When the quick ratio is less than 1:1, an equal decrease in quick assets andcurrent liabilities will result in a decrease in the ratio. The decrease in current liabilities (the larger number) is proportionately smaller than the decrease in quick assets, resulting in a decrease in the ratio.6.a・ Since inventory is not included in the quick ratio, the write-off of obsoleteinventory would have no effect on the quick ratio; however, it would decrease the current ratio as the write・off would reduce current assets.Problem 3-4WEISMULLER PUBLISHING COMPANYBalance SheetAt December 31,2011AssetsCurrent assets:Cash and cash equivalents (1) ................................................. $ 95,000 Short-term investments ............................................................. 110,000 Accounts receivable, net of allowance for uncollectibleaccounts of $16,000 .............................................................. 144,000 Inventories ............................................................................... 285,000 Prepaid expenses (2) ................................................................. 88,000 Total cuirent assets ............................................................ 722,000 Property, plant, and equipment:Machinery and equipment ....................................................... $320,000Less: Accumulated depreciation ............................................... (110,000) Net property, plant, and equipment ................................... 210,000 Other assets:Prepaid expenses 60,000 Total assets ..................................................................... $992.000Liabilities and Shareholders1 2 EquityCurrent liabilities:Accounts payable .................................................................... $ 60,000 Interest payable......................................................................... 20,000 Unearned revenues .................................................................. 80,000 Taxes payable ........................................................................... 30,000 Note payable ............................................................................. 40,000 Current maturities of long-term debt ....................................... 20,000 Total current liabilities ...................................................... 250,000 Longterm liabilities:Notes payable .......................................................................... 140,000 Shareholders' equity:Common stock, no par value; 800,000 sharesauthorized; 400.000 shares issued and outstanding ............... 400,000Retained earnings .................................................................... 202,000 Total shareholders，equity ................................................ 602,000 Total liabilities and shareholders9 equity........................ $992,0001 Includes $30,000 in U.S. treasury bills.2 Excludes $60,000 in prepaid rent for the second year on the building lease.CASESJudgment Case 3-11Comparative income for the first year of operations resulting from the two alternative financing choices is illustrated below.DEBT Versus EQUITYComparative Income for Two Financing AlternativesIncome before interest and taxes Less: InterestIncome before taxes Less: Income taxes Net Income* 8%x $20,000,000.50% x Income before taxes ・ Return on investment (Net income = investment)We can see that Alternative 1 generated a higher net income. However, the return on shareholders ，investment is actually higher for Alternative 2.Alternative 2 generated a higher return for each dollar invested by shareholders. This was made possible because the corporation was able to generate income on borrowed funds at a higher rate than the cost of the debt. This represents financial leverage ・ However, alternative 2 also results in a riskier capital structure. The debt in Alternative 2 requires fixed payments of interest and principal to be made. TheAlternative 1 Alternative 2 $5,000,000$5,000,000(1,600,000)* 5,000,000 3,400,000 (2,500,000)** (1,700,000)** $2,500,000$1,700,000$2,500,000-50/ $1,700,000 =5.67%J /o$50,000,000$30,000,000company's income before interest and income taxes could drop to zero under Alternative 1 and the company would still be solvent (i.e., able to pay its debts). Under Alternative 2, however, if income before interest and taxes drops below the required interest payments of $ 1,600,000, the company could become insolvent and eventually go bankrupt.。

会计英语复习资料答案

会计英语复习资料答案会计英语复习资料答案⼀、单词1.accounting 会计学2.accounting elements 会计要素3.accounting equation 会计等式4.assets 资产5.liabilities 负债6.owner`s equity 所有者权益7.revenue 收⼊8.expenses 费⽤9.profits 利润10.accounting period 会计期间11.transaction 经济业务/会计事项12.double-entry system 复式记账法13.debit 借⽅14.credit 贷⽅15.ledger 分类账16.chart of accounts 会计科⽬表17.journal ⽇记账18.current assets 流动资产19.cash 现⾦20.cash equivalents 现⾦等价物21.check ⽀票22.bank deposits 银⾏存款23.cash in bank 银⾏存款24.money orders 汇票25.cash on band 库存现⾦26.accounts receivable 应收账款27.allowance for bad debts 坏账准备/doc/6dfd370b4b35eefdc8d3335f.html realizable value 可变现净值29.inventory 存货30.finished goods 产成品31.semi-finished goods 半成品32.goods in process 在产品33.historical cost 历史成本34.specific identification 个别计价法35.first-in, first-out 先进先出法/doc/6dfd370b4b35eefdc8d3335f.html st-in, first-out 后进先出法37.weighted average 加权平均法38.raw materials 原材料39.short-term investment 短期投资40.marketable securities 有价证券41.shareholder 股东42.bonds 债券43.debentures 债券44.long-term assets 长期资产45.fixed assets 固定资产46.intangible assets ⽆形资产47.deferred assets 递延资产/doc/6dfd370b4b35eefdc8d3335f.html eful life 使⽤寿命49.depreciation 折旧50.depreciable amount 应计折旧额51.depreciation method 折旧⽅法52.estimated net residual value 预计净残值53.straight-line method 直线法54.units of production method ⼯作量法55.double declining balance method 双倍余额递减法56.sum-of-the-years-digits method 年数总和法57.amortization 摊销58.impairment 减值59.current liabilities 流动负债60.accounts payable 应付账款61.notes payable 应付票据62.unearned revenue 预收账款63.income taxes payable 应交所得税64.contingent liabilities 或有负债65.long-term liabilities 长期负债66.bonds payable 应付债券67.ownership 所有权68.sole proprietorship 独资企业69.partnership 合伙企业70.corporation 公司/doc/6dfd370b4b35eefdc8d3335f.html mon shareholders 普通股股东72.preferred shareholders 优先股股东/doc/6dfd370b4b35eefdc8d3335f.html mon stock 普通股74.preferred stock 优先股75.dividends 股利76.retained earnings 留存收益77.paid-in capital 实收资本78.capital stock 股本79.addtional paid-in capital 附加投⼊资本80.capital surplus 资本公积81.undistributed profit 未分配利润82.par value ⾯值83.fair value 公允价值84.reserve fund 盈余公积85.legal reserve 法定盈余86.stock split 股利分割87.cash dividends 现⾦股利88.stock dividends 股票股利89.sales revenue 销售收⼊90.service revenue 劳务收⼊91.product costs 产品成本92.direct material costs 直接材料成本93.direct labor costs 直接⼈⼯成本94.indirect costs 间接成本95.manufacturing overhead 制造费⽤96.period expenses 期间费⽤97.operating expense 营业费⽤98.administrative expense 管理费⽤99.finance expense 财务费⽤100.balance sheet 资产负债表101.income statement 利润表/损益表102.cash flow statement 现⾦流量表⼆、填空1. The accounting elements include assets, liabilities, owner`s equity, revenue, expenses, and profits.2. Liabilities are debts of a business.3. Borrowing cash from a bank does not belong to assets; it simply belongs to liability.4. Profit is the excess of revenue over expenses for the accounting period.5. The accounting equation is :assets = liabilities + owner`s equity.6.“Dr.” stands for debits ,while “Cr.” is the abbreviation for credit.7. Liability, owner`s equity, revenue and profit decreases are recorded as debits.8. Short-term investments refer to various of marketable securities.9. Marketable securities include stock and debentures to be realized within one year from the balance sheet date and shall be accounted for at cost.10. Depreciation refers to the systematic allocation of the depreciable amount of a fixed asset over its useful life.11. The four common depreciation methods are the straight-line method, the units of production method.12. The straight –line method shall be employed when it is assumed that an asset`s economic revenue is the same each year, and the repair and maintenance cost is also the same for each period.13. When depreciation is mainly due to wear and tear, the units of production method are usually used.14. The two types of intangible assets are finite and indenfinite intangibles.15. Please name five most commonly seen intangibles , i.e., patents, trademarks, copyrights, franchises and licenses, internet domain names and construction permit.16. Intangible assets do not include internally generated goodwill, brands and publishing titles.17. Intangible assets should be measured initially at cost.18. For intangible assets with finite useful lives enterprises shall consider their amortization while intangible assets with indefinite useful lives shall not be amortized.19. The account of unearned revenue should be decreased when the service paid for in advance has been provided.20. The account of accounts payable should be recorded when the business purchased supplies on credit.21. The account of notes payable used to show what the business owes the bank.22. A corporation`s balance sheet contains assets, liabilities, and shareholders` equity.23. Preferred stock and common stock are the two common capital stocks issued by a corporation.24. Cash dividends and stock dividend are the usual forms of distribution to share holders.25. A stock dividend is a proportional distribution to shareholders of additional shares of the corporation`s common or preferred stocks.26. Retained Earnings represents the corporation`s accumulated net income, less accumulated dividends and other amounts transferred to paid-in capital accounts.三、单选1. Matching each of the following statements with its poper term.(1) accounts receivable ( B )(2) dishonored notes receivable ( C )(3) allowance method ( A )(4) direct write-off method ( D )A. The method of accounting for un-collectible accounts that provides an expense for un-collectible receivables in advance of their write-off.B. A receivable created by selling merchandise or service on credit.C. A note that maker fails to pay on the due date.D. The method of accounting for un-collectible accounts that recognizes the expense only when accounts are judged to be worthless.2. At the end of the fiscal year, accounts receivable has a balance of $100000 and allowance for doubtful accounts has a balance of $7000, The expected net realizable value of the accounts receivable is ( B )A. $7000B. $93000C. $100000D. $1070003. If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the higher net income is ( B )A.LIFOB.FIFOC.AverageD.Periodic4. Given the following information, which of the following accounting transactions is true?( B )Gross payroll $20000Federal income tax withheld $4000Social security tax withheld $1600A. $1600 is recorded as salary expense.B. $14400 is recorded as salary payableC. The $1600 deducted for employee social security tax belongs to the companyD. Payroll is an example of an estimated liability5.If a corporation has outstanding 1000 shares of $9 cumulative preferred stock of $100 par and dividends have been passed for the preceding three years, what is the amount of preferred dividends that must be declared in the current year before a dividend can be declared on common stock?( C ) A. $9000 B. $27000 C. $36000 D. $450006. All of the following are reasons for purchasing treasury stock except to ( B )A. make a market for the stockB. increase the number of shareholdersC. increase the earnings per share and return on equityD. give employee as compensation7. Paid-in capital for a corporation may arise from which of the following sources?( D )A. Issuing cumulative preferred stockB. Receiving donations of real estateC. Selling the corporation`s treasury stockD. All of the above8. Under the equity method, the investment account is decreased by all of the following except the investor`s proportionate share of ( B )A. dividends paid by the investeeB. declines in the fair value of the investmentC. the losses of the investeeD. all of the options9. Cash dividends are paid on the basis of the number of shares ( C )A. authorizedB. issuedC. OutstandingD. outstanding less the number of treasury shares10. The stockholders` equity section of the balance sheet may include ( D )A. common stockB. preferred stockC. donated capitalD. all of the above11. Declaration and issuance of a dividend in stock ( D )A. increases the current ratioB. decreases the amount of working capitalC. decreases total stockholders` equityD. has no effect on total assets, liabilities, or stockholders` equity12. If a corporation reacquires its own stock, the stock is listed on the balance sheet in the ( C )A. current assets sectionB. long term liability sectionC. stockholders` equity sectionD. investments section13. A corporation has issued 25000 shares of $100 par common stock and holds 3000 of these shares as treasury stock. If the corporation declares a $2 per share cash dividend, what amount will be recorded as cash dividend?( C )A. $22000B. $25000C. $44000D. $5000014. A company declared a cash dividend on its common stock on December 15, 2004, payable on January 12, 2005. How would this dividend affect shareholders` equity on the following dates? ( B ) December 15, January 122004 2005A. Decrease. Decrease.B. No effect. No effect.C. No effect. No effect.D. Decrease. Decrease.15. An example of a cash flow from an operating activity is ( D )A. the receipt of cash from issuing stockB. the receipt of cash from issuing bondsC. the payment of cash for dividendsD. the receipt of cash from customers on account16. An example of a cash flow from an investing activity is ( A )A. the receipt of cash from the sale of equipmentB. the receipt of cash from issuing bondsC. the payment of cash for dividendsD. the payment of cash to acquire treasury stock17. An example of a cash flow from a financing activity is ( C )A. the receipt of cash from customers on accountB. the receipt of cash from the sale of equipmentC. the payment of cash for dividendsD. the payment of cash to acquire marketable securities18. A receivable created by selling merchandise or services on credit. ( A )A. accounts receivableB. dishonored notes payableC. allowance methodD. direct write-off method19. At the end of the fiscal year, accounts receivable has a balance of $100000 and allowance for doubtful accounts has a balance of $7000. The expected net realizable value of the accounts receivable is ( B )A. $7000B. $93000C. $100000D. $10700020.( B ) are valuable resources owned by the entity.A. LiabilityB. AssetsC. EquityD. None of them21. Which is intangible asset ( C )A. internally generated goodwillB. internally generated publishing titlesC. franchises and licenseD. internally generated brands22.( A ) shall be employed when it is assumed that an asset`s economic revenue is the same each year, and the repair and maintenance cost is also the same for each period.A. straight-line methodB. units of production methodC. double declining balance methodD. sum-of-the-years-digits(SYD) method四、判断1. Fixed assets are intangible assets. ( F )2. Internally generated goodwill can be viewed as intangible assets. ( F )3. Land doesn`t need depreciation and is considered to have an infinite life. （ T ）4. Fixed assets are usually subjected to depreciation. ( T )5. Bonds and stocks are classified as intangible assets.( F )6. Once the expected useful life and estimated net residual value are determined, they shall notbe changed under any circumstances.( F )7. When a corporation issues one type of capital stocks, common stocks are always issued. ( T )8. Par value is strictly a legal matter, and it establishes the legal capital of a corporation. ( T )9. The balance of the additional paid-in capital account represents a gain on the sale of stocks and increases net income. ( F )10. A corporation must, by law, pay a dividend once a year. ( T )11. Dividends are an expense of a corporation and should be charged to the periodic income. ( T )12. Revenue increase owner`s equity. ( T )13. Revenue is recognized when we receive cash from the buyers. ( F )14. Advertising expense is usually collected as period expense. ( T )15. Interest revenue should be measured based on the length of time. ( T )16. If revenue exceed expenses for the same accounting period, the entity is deemed to suffera loss. ( F )17. Asset = liabilities + Expense. ( F )18. Liabilities are debts of a business. ( T )19. Borrowing cash from a bank belongs to revenue. ( F )20. Increase in asset is recorded in credit side. ( F )21. When depreciation is mainly due to wear and tear, straight-line method shall be employed. ( F )22. Bonds payable belong to current liabilities.( F )23. All fixed assets are depreciable over their limited useful life.( F )24. Fixed assets are intangible assets. ( F )25. Internally generated goodwill can be viewed as intangible assets. ( F )26. Land doesn`t need depreciation and is considered to have an infinite life. ( T )五、翻译1. Accounting contains elements both of science and art. The important thing is that it is not merely a collection of arithmetical techniques but a set of complex processes depending on and prepared for people.会计既是科学，也是艺术。

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