会计专业英语.docx

会计专业英语.docx

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会计专业英语

一、wordsandphrases

1.残值scripvalue

2.分期付款installment

3.concern企业

4.reversingentry转回分录

5.找零change

6.报销turnover

7.pastdue过期

8.inflation通货膨胀

9.onaccount赊账

10.miscellaneousexpense其他费用

11.charge收费

12.汇票draft

13.权益equity

14.accrualbasis应计制

15.retainedearnings留存收益

16.trad-in易新，以旧换新

17.intransit在途

18.collection托收款项

19.资产asset

20.proceeds现值

21.报销turnover

22.dishonor拒付

23.utilityexpenses水电费

24.outlay花费

25.IOU欠条

26.Going-concernconcept持续经营

27.运费freight

二、Multiple-choicequestion

ofthefollowingdoesnotdescribeaccounting（C）

A.LanguageofbusinessB.UsefulofrdecisionmakingC.Isanendrathethanameanstoanend.

bybusiness,government,nonprofitorganizations,andindividuals.

objectiveoffinancialreportingisto（B）

A.Assesstheadequacyofinternalcontrol.

informationusefulforinvestordecisions.managementresultscomparedwithstandards.informationoncompliancewithestablishedprocedures.

ofthefollowingstatementsis（are）correct（B）

depreciationrepresentsacashfundbeingaccumulatedforthereplacementofplantassets.

companymayusedifferentdepreciationmethodsinitsfinancialstatementsanditsincometaxreturn.

costofamachineincludesthecostofrepairingdamagetothemachineduringtheinstallationprocess.

useofanaccelerateddepreciationmethodcausesanassettowearoutmorequicklythandoesuseoftheunit-of-productmethod.

4.Whichofthefollowingis（are）correctaboutacompany’sbalancesheet（B）

displayssourcesandusesofcashfortheperiod.

isanexpansionofthebasicaccountingequation

isnotsometimesreferredtoasastatementoffinancialposition.

isunnecessaryifbothanincomestatementandstatementofcashflowsareavailabe.

offinancialreportingtoexternalinvestorsandcreditorsincludepreparinginformationaboutallofthefollowingexcept.（A）

usedtodeterminewhichproductstopoduce

abouteconomicresources,claimstothoseresources,andchangesinbothresourcesandclaims.

thatisusefulinassessingtheamount,timing,anduncertaintyoffuturecashflows.

thatisusefulinmakingivestmentandcreditdecisions.

ofthefollowingmeasuresstrengthensinternalcontrolovercashreceiptsexcept.（C）

useofapettycashfund.ofadailylistingofallchecksreceivedthroughthemail.

useofcashregisters.depositofcashreceiptsinthebankonadailybasis.

primarypurposeforusinganinventoryflowassumptionisto.（A）

againstrevenueanappropriatecostofgoodssold.thephysicalflowofunitsofmerchandise.incometaxes.thereportedamountofnetincome.

generalterms,financialassetsappearinthebalancesheetat.（B）

valuevaluefuturesalesvalue.

thegoing-concemassumptionisnolongervalidforacompanyexcept.（C）

heldasanivestmentwouldbevaluedatitsliquidationvalue.

prepaidassetswouldbecompletelywrittenoffimmediately.

contributedcapitalandretainedearningswouldremainunchanged.

allowanceforuncollectibleaccountswouldbeeliminated.

ofthefollowingexplainsthedebitandcreditrulesrelatingtotherecordingofrevenueandexpenses（C）

appearontheleftsideofthebalancesheetandarerecordedbydebits;revenueappearsontherightsideofthebalancesheetandisreoordedbycredits.

B.Expensesappearontheleftsideoftheincomestatementandarerecordedbydebits;Revenueappearsontherightsideoftheincomestatementandisrecordedbycredits.effectsofrevenueandexpensesonowners’equity.

realizationprincipleandthematchingprinciple.

ofthefollowingstatementsis（are）correct（B）

depreciationrepresentsacashfundbeingaccumulatedforthereplacementofplantassets.

costofamachinedonotincludesthecostofrepairingdamagetothemachineduringtheinstallationprcess.

companymayusesamedepreciationmethodsinitsfinacialstatementsanditsincometaxreturn.

useofanaccelerateddepreciationmethodcausesanassettowearoutmorequicklythandoesuseofthestraight-linemethod.

setoffinancialstatements（B）except.

intendedtoassistusersinevaluatingthefinancialposition,profitability,andfutureprospectsofanentity.

intendedtoassisttheIntemalRevenueServiceindeteminingtheamountofincometaxesowedbyabusinessorganization.notesdisclosinginformationnecessaryfortheproperinterpretationofthestatements.

intendedtoassistinvestorsandcreditorsinmakingdecisionsinventorytheallocationofeconomicresources.

primarypurposeforusinganinventoryflowassumptionisto.（B）

thephysicalflowofunitsofmerchandise.againstrevenueanappropriatecostofgoodssoldincometaxes.thereportedamountofnetincome.

allcorrectanswers.Intheaccountingcycle.（D）

arepostedbeforetheyarejournalized.

trialbalanceispreparedafterjournalentrieshaven’tbeenposted.

RetainedEarningsaccountisnotshownasanup-to-datefigureinthetrialbalance.

entriesarepostedtoappropriateledgeraccounts.

totext,ObjectivesofFinancialReportingbyBusinessEnterprises.（D）

usershavetheabilitytoprescribeinformationtheywant.

isalwaysbasedonexactmeasures.

reportingisusuallybasedonindustriesortheeconomyasawhole.

accountingdoesnotdirectlymeasurethevalueofabusinessenterprise.

allcorrectanswers.Dividendsexcept（A）

owners’equity.netincomerecordedbydebitingtheCashaccount

abusinessexpense

ofthefollowingpracticescontributestoefficientcashmanagement（C）

borrowmoney-maintainacashbalancesufficienttomakeallnecessarypayments.

allcashreceiptsandcashpaymentsattheendofthemonthwhenreconcilingthebankstatements.

monthlyforecastsofplannedcashreceipts,payments,andanticipatedcashbalancesuptoayearinadvance.eachbillassoonastheinvoicearrives.

ofthefollowingwouldyouexpecttofindinacorrectlypreparedincomestatement（A）

earnedduringtheperiod.balanceattheendoftheperiod.

bytheownerduringtheperiod.incurredduringthenextperiodtoearnrevenues.

ofthefollowingareimportantfactorsinensuringtheintegrityofaccountinginformation（D）

factors,suchasstandardsforpreparinginformation.organizations,suchastheAmericanInstituteofCPAs.’judgment’andethicalbehaviorofindividualaccountants’oftheabove.

三、Practices1

2000,MarkCo,acquiredequipmenttouseinitsoperations.Theequipmenthasanestimatedusefullifeof10yearsandanestimatedsalvagevalueof$5,000.Thedepreciationapplicabletothisequipmentwas$40,000for2000,calculatedunderthesum-of–the-years’–digitsmethod.Required:

Determinetheacquisitioncostoftheequipment.（C）

A.$210,000B.$250,000C.$D.$200,000

2.On,2002,MarkCo,acquiredequipmenttouseinitsoperations.Theequipmenthasanestimatedusefullifeof10yearsandanestimatedsalvagevalueof$5,000.Thedepreciationapplicabletothisequipmentwas$24,000for2004,calculatedunderthesum-of–the-years’–digitsmethod（4%）.Required:

Determinetheacquisitioncostoftheequipment.（C）

A.$220,000B.$250,000C.$D.$200,000

3.October1,2005,CoastFinancialIoanedBartCorporation$3000,000,receivinginexchangeanine-month,12percentnotereceivable.CoastendsitsfiscalyearonDecember31andmakesadjustingentriestoaccrueinterestearnedonallnotesreceivable.TheinterestearnedonthenotereceivablefromBartCorporationduring2006willamountto.（A）

A.$9,000B.$18,000C.$D.$36,000

Question:

Whatisthereconciledbalance（B）

A.$4,187B.$4,085C.$4,090D.$4,000

Required:

Choosethereconciledbalance.（D）

A.$3,220B.$3,250C.$3,200D.$3,225

Required:

Calculatethecostofgoodsavailableforsale（C）

A.$475,000B.$474,000C.$470,000D.$473,000

Required:

Calculatethecostofgoodssold（D）

A.$225,000B.$254,000C.$250,000D.$253,000

theendofthecurrentyear,theaccountsreceivableaccounthasadebitbalanceof$60,000andnetsalesfortheyeartotal$100,000.Theallowanceaccountbeforeadjunstmenthasadebitbalanceofa$500,anduncollectibleaccountsexpenseisestimatedat1%ofnetsales.Question:

Theentryfortheabovebaddebtsis（A）

.BadDebtAccts.$1,500.BadDebtAccts.$500

Cr.AllowanceDoubtfulAccts.$1,500Cr.AllowanceDoubtfulAccts.$500

C.Dr.BadDebtAccts.$1,000D.Dr.BadDebtAccts.$1,500

Cr.AcctsRec.$1,000Cr.AcctsRec.$1,500

balancesheetitemstoTheOvenBakery（arrangedinalphabeticalorder）wereasfollowsatAugust1,2005.（Youaretocomputethemissingfigureforretainedearnings.）（4%）

REQUIRED:

FindRetainedearningsatAugust12005（D）

A.$420,000B.$44,000C.$40,000D.$48,000

Practices2

Suebeganapublicaccountingpracticeandcompletedthesetransactionsduringfirstmonthofthecurrentyear.

Required:

Choosetheentriestorecordthefollowingtransactons.

$50,000cashinapublicaccountingpracticebegunthisday.（A）

.Cash$50,000.CapitalStock$50,000

Cr.CapitalStock$50,000Cr.Cash$50,000

cashforthreemonts’officerentinadvance$900（B）

.RentExp.$900.PrepaidRent$900

Cr.Cash$900Cr.Cash$900

thepremiumontwoinsurancepolicies,$300.（）

.PrepaidInsurance$300.InsuranceExp$300

Cr.Cash$300Cr.Cash$300

accountingworkforSunBankoncredit$1000.（A）

.AcctsRec$1000.Cash$1000

Revenue$1000Revenue$1000

themonthlyutilitybillsoftheaccountingoffice$300（A）

UtilityExp$300officeExp$300

Cr.Cash$300Cr.Cash$300

Lindabeganapublicaccountingpracticeandcompletedthesetransactonsduringfirstmonthofthecurrentyear.

Required:

Choosetheentries