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concern企业
reversingentry转回分录
找零change
报销turnover
pastdue过期
inflation通货膨胀
onaccount赊账
miscellaneousexpense其他费用
charge收费
汇票draft
权益equity
accrualbasis应计制
retainedearnings留存收益
trad-in易新,以旧换新
intransit在途
collection托收款项
资产asset
proceeds现值
dishonor拒付
utilityexpenses水电费
outlay花费
IOU欠条
Going-concernconcept持续经营
运费freight
Multiple-choicequestion
1.Whichofthefollowingdoesnotdescribeaccounting?
(C)
A.LanguageofbusinessB.UsefulofrdecisionmakingC.Isanendrathethanameanstoanend.
D.Usedbybusiness,government,nonprofitorganizations,andindividuals.
2.Anobjectiveoffinancialreportingisto(B)
A.Assesstheadequacyofinternalcontrol.
B.Provideinformationusefulforinvestordecisions.C.Evaluatemanagementresultscomparedwithstandards.D.Provideinformationoncompliancewithestablishedprocedures.
3.Whichofthefollowingstatementsis(are)correct?
(B)
A.Accumulateddepreciationrepresentsacashfundbeingaccumulatedforthereplacementofplantassets.
B.Acompanymayusedifferentdepreciationmethodsinitsfinancialstatementsanditsincometaxreturn.
C.Thecostofamachineincludesthecostofrepairingdamagetothemachineduringtheinstallationprocess.
D.Theuseofanaccelerateddepreciationmethodcausesanassettowearoutmorequicklythandoesuseoftheunit-of-productmethod.
4.Whichofthefollowingis(are)correctaboutacompany’sbalancesheet?
(B)
A.Itdisplayssourcesandusesofcashfortheperiod.
B.Itisanexpansionofthebasicaccountingequation
C.Itisnotsometimesreferredtoasastatementoffinancialposition.
D.Itisunnecessaryifbothanincomestatementandstatementofcashflowsareavailabe.
5.Objectivesoffinancialreportingtoexternalinvestorsandcreditorsincludepreparinginformationaboutallofthefollowingexcept.(A)
A.Informationusedtodeterminewhichproductstopoduce
B.Informationabouteconomicresources,claimstothoseresources,andchangesinbothresourcesandclaims.
C.Informationthatisusefulinassessingtheamount,timing,anduncertaintyoffuturecashflows.
D.Informationthatisusefulinmakingivestmentandcreditdecisions.
6.Eachofthefollowingmeasuresstrengthensinternalcontrolovercashreceiptsexcept.(C)
A.Theuseofapettycashfund.B.Preparationofadailylistingofallchecksreceivedthroughthemail.
C.Theuseofcashregisters.D.Thedepositofcashreceiptsinthebankonadailybasis.
7.Theprimarypurposeforusinganinventoryflowassumptionisto.(A)
A.Offsetagainstrevenueanappropriatecostofgoodssold.B.Parallelthephysicalflowofunitsofmerchandise.C.Minimizeincometaxes.D.Maximizethereportedamountofnetincome.
8.Ingeneralterms,financialassetsappearinthebalancesheetat.(B)
A.CurrentvalueB.FacevalueC.CostD.Estimatedfuturesalesvalue.
9.Ifthegoing-concemassumptionisnolongervalidforacompanyexcept.(C)
A.Landheldasanivestmentwouldbevaluedatitsliquidationvalue.
B.Allprepaidassetswouldbecompletelywrittenoffimmediately.
C.Totalcontributedcapitalandretainedearningswouldremainunchanged.
D.Theallowanceforuncollectibleaccountswouldbeeliminated.
10.Whichofthefollowingexplainsthedebitandcreditrulesrelatingtotherecordingofrevenueandexpenses?
(C)
A.Expensesappearontheleftsideofthebalancesheetandarerecordedbydebits;
revenueappearsontherightsideofthebalancesheetandisreoordedbycredits.
B.Expensesappearontheleftsideoftheincomestatementandarerecordedbydebits;
Revenueappearsontherightsideoftheincomestatementandisrecordedbycredits.C.Theeffectsofrevenueandexpensesonowners’equity.
D.Therealizationprincipleandthematchingprinciple.
11.Whichofthefollowingstatementsis(are)correct?
B.Thecostofamachinedonotincludesthecostofrepairingdamagetothemachineduringtheinstallationprcess.
C.Acompanymayusesamedepreciationmethodsinitsfinacialstatementsanditsincometaxreturn.
D.Theuseofanaccelerateddepreciationmethodcausesanassettowearoutmorequicklythandoesuseofthestraight-linemethod.
12.Asetoffinancialstatements(B)except.
A.Isintendedtoassistusersinevaluatingthefinancialposition,profitability,andfutureprospectsofanentity.
B.IsintendedtoassisttheIntemalRevenueServiceindeteminingtheamountofincometaxesowedbyabusinessorganization.C.Includesnotesdisclosinginformationnecessaryfortheproperinterpretationofthestatements.
D.Isintendedtoassistinvestorsandcreditorsinmakingdecisionsinventorytheallocationofeconomicresources.
13.Theprimarypurposeforusinganinventoryflowassumptionisto.(B)
A.Parallelthephysicalflowofunitsofmerchandise.B.OffsetagainstrevenueanappropriatecostofgoodssoldC.Minimizeincometaxes.D.Maximizethereportedamountofnetincome.
14.Indicateallcorrectanswers.Intheaccountingcycle.(D)
A.Transactionsarepostedbeforetheyarejournalized.
B.Atrialbalanceispreparedafterjournalentrieshaven’tbeenposted.
C.TheRetainedEarningsaccountisnotshownasanup-to-datefigureinthetrialbalance.
D.Joumalentriesarepostedtoappropriateledgeraccounts.
15.Accordingtotext,ObjectivesofFinancialReportingbyBusinessEnterprises.(D)
A.Extemalusershavetheabilitytoprescribeinformationtheywant.
B.Informationisalwaysbasedonexactmeasures.
C.Financialreportingisusuallybasedonindustriesortheeconomyasawhole.
D.Financialaccountingdoesnotdirectlymeasurethevalueofabusinessenterprise.
16.Indicateallcorrectanswers.Dividendsexcept(A)
A.Decreaseowners’equity.B.DecreasenetincomeC.ArerecordedbydebitingtheCashaccount
D.Areabusinessexpense
17.Whichofthefollowingpracticescontributestoefficientcashmanagement?
A.Neverborrowmoney-maintainacashbalancesufficienttomakeallnecessarypayments.
B.Recordallcashreceiptsandcashpaymentsattheendofthemonthwhenreconcilingthebankstatements.
C.Preparemonthlyforecastsofplannedcashreceipts,payments,andanticipatedcashbalancesuptoayearinadvance.D.Payeachbillassoonastheinvoicearrives.
18.Whichofthefollowingwouldyouexpecttofindinacorrectlypreparedincomestatement?
(A)
A.Revenuesearnedduringtheperiod.B.Cashbalanceattheendoftheperiod.
C.Contributionsbytheownerduringtheperiod.D.Expensesincurredduringthenextperiodtoearnrevenues.
19.Whichofthefollowingareimportantfactorsinensuringtheintegrityofaccountinginformation?
(D)
A.Institutionalfactors,suchasstandardsforpreparinginformation.B.Professionalorganizations,suchastheAmericanInstituteofCPAs.C.Competence’judgment’andethicalbehaviorofindividualaccountants’D.Alloftheabove.
Practices1
1.OnJan.1,2000,MarkCo,acquiredequipmenttouseinitsoperations.Theequipmenthasanestimatedusefullifeof10yearsandanestimatedsalvagevalueof$5,000.Thedepreciationapplicabletothisequipmentwas$40,000for2000,calculatedunderthesum-of–the-years’–digitsmethod.Required:
Determinetheacquisitioncostoftheequipment.(C)
A.$210,000B.$250,000C.$225.000D.$200,000
2.OnJan.2,2002,MarkCo,acquiredequipmenttouseinitsoperations.Theequipmenthasanestimatedusefullifeof10yearsandanestimatedsalvagevalueof$5,000.Thedepreciationapplicabletothisequipmentwas$24,000for2004,calculatedunderthesum-of–the-years’–digitsmethod(4%).Required:
A.$220,000B.$250,000C.$224.000D.$200,000
3.October1,2005,CoastFinancialIoanedBartCorporation$3000,000,receivinginexchangeanine-month,12percentnotereceivable.CoastendsitsfiscalyearonDecember31andmakesadjustingentriestoaccrueinterestearnedonallnotesreceivable.TheinterestearnedonthenotereceivablefromBartCorporationduring2006willamountto.(A)
A.$9,000B.$18,000C.$27.000D.$36,000
Question:
Whatisthereconciledbalance?
A.$4,187B.$4,085C.$4,090D.$4,000
Required:
Choosethereconciledbalance.(D)
A.$3,220B.$3,250C.$3,200D.$3,225
Calculatethecostofgoodsavailableforsale(C)
A.$475,000B.$474,000C.$470,000D.$473,000
Calculatethecostofgoodssold(D)
A.$225,000B.$254,000C.$250,000D.$253,000
8.Attheendofthecurrentyear,theaccountsreceivableaccounthasadebitbalanceof$60,000andnetsalesfortheyeartotal$100,000.Theallowanceaccountbeforeadjunstmenthasadebitbalanceofa$500,anduncollectibleaccountsexpenseisestimatedat1%ofnetsales.Question:
Theentryfortheabovebaddebtsis(A)
A.Dr.BadDebtAccts.$1,500B.Dr.BadDebtAccts.$500
Cr.AllowanceDoubtfulAccts.$1,500Cr.AllowanceDoubtfulAccts.$500
C.Dr.BadDebtAccts.$1,000D.Dr.BadDebtAccts.$1,500
Cr.AcctsRec.$1,000Cr.AcctsRec.$1,500
9.ThebalancesheetitemstoTheOvenBakery(arrangedinalphabeticalorder)wereasfollowsatAugust1,2005.(Youaretocomputethemissingfigureforretainedearnings.)(4%)
REQUIRED:
FindRetainedearningsatAugust12005(D)
A.$420,000B.$44,000C.$40,000D.$48,000
Practices2
Suebeganapublicaccountingpracticeandcompletedthesetransactionsduringfirstmonthofthecurrentyear.
Choose