财务会计相关复习题(英文版)

财务英语试题及答案一、选择题（每题2分，共20分）1. What is the term for the process of recording, summarizing, and reporting financial transactions?A. BudgetingB. AccountingC. AuditingD. Forecasting答案：B2. Which of the following is a financial statement that showsa company's financial position at a specific point in time?A. Income StatementB. Balance SheetC. Cash Flow StatementD. Statement of Retained Earnings答案：B3. The difference between the purchase price and the fair market value of an asset is known as:A. DepreciationB. AmortizationC. GoodwillD. Capital Gains答案：C4. What is the term for the systematic allocation of the cost of a tangible asset over its useful life?A. DepreciationB. AmortizationC. AccrualD. Provision答案：A5. Which of the following is not a type of revenue recognition?A. Cash basisB. Accrual basisC. Installment methodD. All of the above答案：D6. The process of estimating the cost of completing a project is known as:A. BudgetingB. Cost estimationC. Project managementD. Cost accounting答案：B7. Which of the following is a non-current liability?A. Accounts payableB. Wages payableC. Long-term debtD. Income tax payable答案：C8. The term used to describe the process of adjusting the accounts at the end of an accounting period is:A. Closing the booksB. JournalizingC. PostingD. Adjusting entries答案：D9. What is the term for the financial statement that shows the changes in equity of a company over a period of time?A. Balance SheetB. Income StatementC. Statement of Changes in EquityD. Cash Flow Statement答案：C10. The process of verifying the accuracy of financial records is known as:A. BudgetingB. AuditingC. ForecastingD. Valuation答案：B二、填空题（每空1分，共10分）1. The __________ is the process of determining the value of an asset or liability.答案：valuation2. A __________ is a type of financial instrument that represents a creditor's claim on a company's assets.答案：bond3. The __________ is the difference between the cost of an asset and its depreciation.答案：book value4. __________ is the process of converting non-cash items into cash equivalents.答案：Liquidation5. A __________ is a financial statement that provides information about a company's cash inflows and outflows during a specific period.答案：Cash Flow Statement6. The __________ is the process of estimating the useful life of an asset.答案：depreciation schedule7. __________ is the practice of recording revenues and expenses when they are earned or incurred, not when cash is received or paid.答案：Accrual accounting8. __________ is the process of recording transactions in the order they are received.答案：Journalizing9. __________ is the practice of matching expenses with the revenues they helped to generate.答案：Matching principle10. A __________ is a document that provides evidence of a transaction.答案：voucher三、简答题（每题5分，共20分）1. What are the main components of a balance sheet?答案：The main components of a balance sheet are assets, liabilities, and equity.2. Explain the concept of "double-entry bookkeeping."答案：Double-entry bookkeeping is a system of recording financial transactions in which every entry to an account requires a corresponding and opposite entry to another account, ensuring that the total of debits equals the total of credits.3. What is the purpose of an income statement?答案：The purpose of an income statement is to summarize a company's revenues, expenses, and profits or losses over a specific period of time.4. Describe the role of a financial controller in anorganization.答案：A financial controller is responsible for overseeing the financial operations of an organization, including budgeting, financial reporting, and ensuring compliance with financial regulations and policies.四、论述题（每题15分，共30分）1. Discuss the importance of financial planning in business management.答案：Financial planning is crucial in business management as it helps in setting financial goals。

会计英语练习题会计英语练习题在全球化的今天，学习外语已经成为了必不可少的技能。

对于会计专业的学生来说，掌握会计英语更是至关重要。

会计英语是会计学中的一门专业英语，它涵盖了会计的各个方面，包括财务报表、成本管理、税务等。

为了帮助大家更好地掌握会计英语，下面将提供一些练习题，希望能对大家的学习有所帮助。

1. What is the English term for "资产负债表"?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Statement of Retained Earnings2. Which of the following is not an expense?A. RentB. SalaryC. Accounts ReceivableD. Utilities3. What is the English term for "总账"?A. General LedgerB. Trial BalanceC. Income StatementD. Cash Flow Statement4. What is the English term for "应收账款"?A. Accounts PayableB. Accounts ReceivableC. InventoryD. Prepaid Expenses5. What is the English term for "固定资产"?A. Current AssetsB. Fixed AssetsC. Intangible AssetsD. Accounts Payable6. What is the English term for "净利润"?A. Gross ProfitB. Operating IncomeC. Net IncomeD. Retained Earnings7. What is the English term for "应付账款"?A. Accounts PayableB. Accounts ReceivableC. Accrued ExpensesD. Prepaid Expenses8. What is the English term for "现金流量表"?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Statement of Retained Earnings9. What is the English term for "财务报表分析"?A. Financial Statement AnalysisB. Cost AccountingC. TaxationD. Budgeting10. What is the English term for "税务"?A. Financial Statement AnalysisB. Cost AccountingC. TaxationD. Budgeting以上是一些关于会计英语的练习题，希望大家能够认真思考并给出正确答案。

英语财务笔试题库及答案1. What is the difference between a balance sheet and an income statement?Answer: A balance sheet is a snapshot of a company's financial condition at a specific point in time, showing assets, liabilities, and equity. An income statement, on the other hand, reports a company's financial performance over a period of time, including revenues, expenses, and net income.2. Define the term 'Depreciation'.Answer: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life to reflect the consumption of the asset.3. Explain the concept of 'Accrual Accounting'.Answer: Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, not when cash is received or paid.4. What is 'Capital Budgeting' and why is it important?Answer: Capital budgeting is the process of evaluating investment opportunities to determine whether they are financially viable and beneficial for a company. It is important as it helps in making long-term financial decisions.5. How do you calculate 'Net Present Value' (NPV)?Answer: Net Present Value (NPV) is calculated bysubtracting the present value of cash outflows (includinginitial investment) from the present value of cash inflows over a period of time, using a discount rate.6. What is 'Financial Leverage' and how does it affect a company?Answer: Financial leverage refers to the use of borrowed funds to increase the return on equity. It affects a company by increasing the risk and potential return on investment.7. Describe the 'Time Value of Money'.Answer: The time value of money is the concept that a sum of money is worth more now than the same sum in the future due to its potential earning capacity.8. What is 'Earnings Per Share' (EPS)?Answer: Earnings Per Share (EPS) is a financial metric calculated as the company's net income divided by the outstanding shares of its common stock, indicating the profit allocated to each share.9. Explain the 'Cash Conversion Cycle'.Answer: The cash conversion cycle is the length of time it takes for a company to convert its investment in inventory and receivables into cash.10. What is 'Break-Even Analysis' and how is it used?Answer: Break-even analysis is a method used to determine the number of units a company must sell to cover its costs and make a profit. It is used to evaluate the financial viability of a project or business.11. Define 'Working Capital'.Answer: Working capital is the difference between a company's current assets and current liabilities, representing the funds available for day-to-day operations.12. What is 'Liquidity Ratio' and how is it calculated?Answer: Liquidity ratio is a measure of a company'sability to pay short-term obligations. It is calculated by dividing current assets by current liabilities.13. Explain 'Return on Investment' (ROI).Answer: Return on Investment (ROI) is a financial metric that measures the profitability of an investment. It is calculated by dividing the net profit from the investment by the initial cost of the investment.14. What is 'Inflation' and how does it affect financial statements?Answer: Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. It affects financial statements by reducing the real value of assets and increasing the cost of goods and services.15. Define 'Audit' in the context of finance.Answer: An audit is a systematic review and examination of a company's financial records, typically performed by an independent third party, to ensure accuracy, compliance with regulations, and to detect fraud.。

会计专业英文笔试题及答案一、选择题（每题2分，共20分）1. What is the primary purpose of financial statements?A. To provide information for decision-makingB. To promote the company's imageC. To comply with tax regulationsD. To attract investors答案：A2. Which of the following is not a fundamental accounting principle?A. Going concernB. Historical costC. Accrual basis of accountingD. Cash basis of accounting答案：D3. The matching principle is used to:A. Match expenses with the revenues they generateB. Match assets with the liabilities they generateC. Match revenues with the assets they generateD. Match liabilities with the expenses they generate答案：A4. What is the formula for calculating return on investment (ROI)?A. ROI = Net Income / Total AssetsB. ROI = (Net Income / Sales) * 100C. ROI = (Return on Sales + Return on Assets) / 2D. ROI = (Net Income / Average Investment) * 100答案：D5. Which of the following is not a type of depreciation method?A. Straight-lineB. Double-declining balanceC. Units of productionD. FIFO (First-In, First-Out)答案：D二、简答题（每题5分，共30分）6. Define "Double-Entry Accounting" and explain its importance in maintaining the integrity of financial records.答案：Double-entry accounting is a system of accounting where every transaction is recorded twice, once as a debit and once as a credit. This system ensures that the accounting equation remains balanced and helps in maintaining the integrity of financial records by providing a check and balance mechanism to prevent errors and fraud.7. Explain the difference between "Liabilities" and "Equity".答案：Liabilities are obligations of a company to pay cash, provide services, or give up assets to other entities in the future. They represent the company's debts and are a source of funds that the company is obligated to repay. Equity, on the other hand, represents the ownership interest of the shareholders in the company. It is the residual interest in the assets of the company after deducting liabilities.8. What is the purpose of "Financial Statement Analysis"?答案：The purpose of financial statement analysis is to assess the financial health and performance of a company. It involves evaluating the company's liquidity, profitability, solvency, and efficiency. This analysis helps investors, creditors, and other stakeholders make informed decisions about the company.9. Describe the "Balance Sheet" and its components.答案：The balance sheet is a financial statement that presents the financial position of a company at a specific point in time. It includes assets, liabilities, and equity. Assets are what the company owns, liabilities are what the company owes, and equity is the net worth of the company, calculated as assets minus liabilities.10. What is "Cash Flow Statement" and why is it important?答案：The cash flow statement is a financial statement that provides information about the cash inflows and outflows of a company over a period of time. It is important because it shows the company's ability to generate cash and meet its financial obligations, which is crucial for the survival and growth of the business.三、案例分析题（每题25分，共50分）11. Assume you are a financial analyst for a company. The company has reported the following financial data for the current year:- Sales: $500,000- Cost of Goods Sold: $300,000- Operating Expenses: $100,000- Depreciation: $20,000- Interest Expense: $10,000- Taxes: $30,000Calculate the company's net income.答案：Net Income = Sales - Cost of Goods Sold - Operating Expenses - Depreciation - Interest Expense - TaxesNet Income = $500,000 - $300,000 - $100,000 - $20,000 - $10,000 - $30,000Net Income = $50,00012. A company is considering purchasing a new machine for $100,000. The machine is expected to generate additional annual revenue of $30,000 and will have annual operating costs of $15,000. The machine is expected to last for 5 years and will have no residual value. Calculate the payback period for the machine.答案：Payback Period = Initial Investment / Annual Cash Inflow Annual Cash Inflow = Additional Revenue。

会计英语考试试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a financial statement?A. Balance SheetB. Income StatementB. Cash Flow StatementD. Payroll Report2. What is the term for the process of recording transactions in the accounting records?A. JournalizingB. PostingC. ClosingD. Adjusting3. The matching principle is a fundamental concept in accounting that requires:A. Revenues to be recognized when earnedB. Expenses to be recognized when paidC. Expenses to be recognized in the same period as the revenues they generateD. Both A and B4. What is the formula for calculating the return on investment (ROI)?A. ROI = (Net Income / Total Assets) x 100B. ROI = (Net Income / Total Liabilities) x 100C. ROI = (Net Income / Investment) x 100D. ROI = (Total Assets / Net Income) x 1005. Which of the following is not a type of depreciation method?A. Straight-lineB. Declining balanceC. Units of productionD. FIFO (First-In, First-Out)6. What is the purpose of an audit?A. To ensure that financial statements are accurate and completeB. To provide tax adviceC. To prepare financial statementsD. To manage a company's finances7. The term "double-entry bookkeeping" refers to the practice of:A. Recording transactions twiceB. Recording transactions in two different accountsC. Recording transactions in two different waysD. Recording transactions in two different books8. What is the accounting equation?A. Assets = Liabilities + EquityB. Revenue - Expenses = Net IncomeC. Assets - Liabilities = Net IncomeD. Assets + Liabilities = Equity9. Which of the following is not a component of the statement of cash flows?A. Operating activitiesB. Investing activitiesC. Financing activitiesD. Non-operating activities10. What is the purpose of adjusting entries?A. To correct errors in the accounting recordsB. To update the financial statementsC. To ensure that the accounting equation is balancedD. To allocate expenses and revenues to the correct accounting periods答案：1. D2. A3. C4. C5. D6. A7. B8. A9. D10. D二、简答题（每题5分，共30分）1. 简述会计的四大基本原则。

财务会计练习（英语）PRACTIC1.CHOICE QUESTIONS38. Preparing a work sheet involvesa. two steps.b. three steps.c. four steps.d. five steps.39. The adjustments entered in the adjustments columns of a work sheet area. not journalized.b. posted to the ledger but not journalized.c. not journalized until after the financial statements are prepared.d. journalized before the work sheet is completed.40. The information for preparing a trial balance on a work sheet is obtained froma. financial statements.b. general ledger accounts.c. general journal entries.d. business documents.41. An adjusted trial balancea. is prepared after the financial statements have been prepared.b. proves the equality of the debits and the credits of the ledger accounts.c. is required by GAAP.d. is prepared after the post-closing trial balance.42. The income statement columns of the DelMonico Company’s worksheet reports total debits of $50,000 and total credits of $35,000. This means thata. the company earned net income of $15,000 for the period.b. the worksheet has an error because debits do not equal credits.c. the company has a net loss of $15,000d. distributions to owners for the period totalled $15,000.43. A work sheet is a multiple column form that facilitates thea. identification of events.b. measurement process.c. preparation of financial statements.d. analysis process.44. Which of the following companies would be least likely to use a work sheet to facilitatethe adjustment process?a. Large company with numerous accountsb. Small company with numerous accountsc. All companies, since work sheets are required under generally acceptedaccounting principlesd. Small company with few accounts45. A work sheet can be thought of as a(n)a. permanent accounting record.b. optional device used by accountants.c. part of the general ledger.d. part of the journal.46. The account, Supplies, will appear in the following debit columns of the work sheet.a. Trial balanceb. Adjusted trial balancec. Balance sheetd. All of these47. When constructing a work sheet, accounts are often needed that are not listed in thetrial balance already entered on the work sheet from the ledger. Where should these additional accounts be shown on the work sheet?a. They should be inserted in alphabetical order into the trial balance accountsalready given.b. They should be inserted in chart of account order into the trial balance alreadygiven.c. They should be inserted on the lines immediately below the trial balance totals.d. They should not be inserted on the trial balance until the next accounting period.48. When using a work sheet, adjusting entries are journalizeda. after the work sheet is completed and before financial statements are prepared.b. before the adjustments are entered on to the work sheet.c. after the work sheet is completed and after financial statements have beenprepared.d. before the adjusted trial balance is extended to the proper financial statementcolumns.49. Closing entries are made for all accounts excepta. Revenuesb. Expensesc. Dividendsd. Common Stock50. Adjusting journal entries are prepared froma. source documents.b. the adjustment columns of the work sheet.c. the general ledger.d. last year's work sheet.51. The net income (or loss) for the perioda. is found by computing the difference between the income statement credit columnand the balance sheet credit column on the work sheet.b. cannot be found on the work sheet.c. is found by computing the difference between the income statement columns ofthe work sheet.d. is found by computing the difference between the trial balance totals and theadjusted trial balance totals.52. The work sheet does not showa. net income or loss for the period.b. revenue and expense account balances.c. the ending balance in the retained earnings account.d. the trial balance before adjustments.53. If the total debits exceed total credits in the balance sheet columns of the worksheet,retained earningsa. will increase because net income has occurred.b. will decrease because a net loss has occurred.c. is in error because a mistake has occurred.d. will not be affected.Use the following information for questions 54–55.The income statement and balance sheet columns of Pine Company's work sheet reflects the following totals: Income Statement Balance SheetDr. Cr. Dr.Cr.Totals $58,000 $45,000 $34,000 $47,00054. The net income (or loss) for the period isa. $45,000 income.b. $13,000 income.c. $13,000 loss.d. not determinable.55. To enter the net income (or loss) for the period into the above work sheet requires anentry to thea. income statement debit column and the balance sheet credit column.b. income statement credit column and to the balance sheet debit column.c. income statement debit column and the income statement credit column.d. balance sheet debit column and to the balance sheet credit column.56. Closing entries are necessary fora. permanent accounts only.b. temporary accounts only.c. both permanent and temporary accounts.d. permanent or real accounts only.57. Each of the following accounts is closed to Income Summary excepta. Expenses.b. Dividends.c. Revenues.d. All of these are closed to Income Summary.58. Closing entries are madea. in order to terminate the business as an operating entity.b. so that all assets, liabilities, and stockholders’ equity accounts will have zerobalances when the next accounting period starts.c. in order to transfer net income (or loss) and dividend to retained earnings.d. so that financial statements can be prepared.Use the following information from the Income Statement for the month of June, 2006 of Delgado Enterprises to answer questions 59 – 63.Revenues $7,000Expenses:Wages Expense $2,000Advertising Expense 200Rent Expense 1,000Supplies Expense 300Insurance Expense 100Total expenses 3,600Net income $3,40059. The entry to close the revenue account includesa. a debit to Income Summary for $3,400.b. a credit to Income Summary for $3,400.c. a debit to Income Summary for $7,000.d. a credit to Income Summary for $7,000.60. The entry to close the expense accounts includesa. a debit to Income Summary for $3,400.b. a credit to Rent Expense for $1,000,c. a credit to Income Summary for $3,600.d. a debit to Wages Expense for $2,000.61. After the revenue and expense accounts have been closed, the balance in IncomeSummary will bea. $0.b. a debit balance of $3,400.c. a credit balance of $3,400.d. a credit balance of $7,000.62. The entry to close Income Summary to Retained Earnings includesa. a debit to Revenue for $7,000.b. credits to Expenses totalling $3,600.c. a credit to Income Summary for $3,400d. a credit to Retained Earnings for $3,400.63. At June 1, 2006, Delgado reported Retained Earnings of $35,000. The companypaid no dividends during June. At June 30, 2006, the company will report a Retained Earnings balance ofa. $35,000 credit.b. $42,000 credit.c. $38,400 credit.d. $31,600 credit.64. Which of the following is a true statement about closing the books of a corporation?a. Expenses are closed to the Expense Summary account.b. Only revenues are closed to the Income Summary account.c. Revenues and expenses are closed to the Income Summary account.d. Revenues, expenses, and the Dividend account are closed to the IncomeSummary account.Use the following information from the Income Statement for the year 2006 of NOLA Inc. to answer questions 65 – 71. Revenues $70,000Expenses:Wages Expense $45,000Advertising Expense 6,000Rent Expense 12,000Supplies Expense 6,000Utilities Expense 2,500Insurance Expense 2,000Total expenses 73,500Net income (loss) $(3,500)65. The entry to close the revenue account includesa. a debit to Income Summary for $3,500.b. a credit to Income Summary for $3,500.c. a debit to Revenues for $70,000.d. a credit to Revenues for $70,000.66. The entry to close the expense accounts includesa. a debit to Income Summary for $3,500.b. a credit to Income Summary $3,500,c. a debit to Income Summary for $73,500.d. a debit to Wages Expense for $2,500.67. After the revenue and expense accounts have been closed, the balance in IncomeSummary will bea. $0.b. a debit balance of $3,500.c. a credit balance of $3,500.d. a credit balance of $70,000.68. The entry to close Income Summary to Retained Earnings includesa. a debit to Revenue for $70,000.b. credits to Expenses totalling $73,500.c. a credit to Income Summary for $3,500d. a credit to Retained Earnings for $3,500.69. At January 1, 2006, NOLA reported Retained Earnings of $50,000. Dividends for theyear totalled $10,000. At December 31, 2006, the company will report a Retained Earnings balance ofa. $13,500 debit.b. $36,500 credit.c. $40,000 credit.d. $43,500 credit.70. After all closing entries have been posted, the Income Summary account will have a balance ofa. $0.b. $3,500 debit.c. $3,500 credit.d. $36,500 credit.71. After all closing entries have been posted the Revenue account will have a balance ofa. $0.b. $70,000 credit.c. $70,000 debit.d. $3,500 credit.72. The Income Summary account is an important account that is useda. during interim periods.b. in preparing adjusting entries.c. annually in preparing closing entries.d. annually in preparing correcting entries.73. The balance in the income summary account before it is closed will be equal toa. the net income or loss on the income statement.b. the beginning balance in the retained earnings account.c. the ending balance in the retained earnings account.d. zero.74. After closing entries are posted, the balance in the Retained Earnings account in the ledger will be equal toa. the beginning Retained Earnings reported on the owner's equity statement.b. the amount of the Retained Earnings reported on the balance sheet.c. zero.d. the net income for the period.75. A post-closing trial balance is prepareda. after closing entries have been journalized and posted.b. before closing entries have been journalized and posted.c. after closing entries have been journalized but before the entries are posted.d. before closing entries have been journalized but after the entries are posted.76. All of the following statements about the post-closing trial balance are correct except ita. shows that the accounting equation is in balance.b. provides evidence that the journalizing and posting of closing entries have been properly completed.c. contains only permanent accounts.d. proves that all transactions have been recorded.77. A post-closing trial balance will showa. only permanent account balances.b. only temporary account balances.c. zero balances for all accounts.d. the amount of net income (or loss) for the period.78. A post-closing trial balance should be prepareda. before closing entries are posted to the ledger accounts.b. after closing entries are posted to the ledger accounts.c. before adjusting entries are posted to the ledger accounts.d. only if an error in the accounts is detected.79. A post-closing trial balance will showa. zero balances for all accounts.b. zero balances for balance sheet accounts.c. only balance sheet accounts.d. only income statement accounts.80. The purpose of the post-closing trial balance is toa. prove that no mistakes were made.b. prove the equality of the balance sheet account balances that are carried forwardinto the next accounting period.c. prove the equality of the income statement account balances that are carriedforward into the next accounting period.d. list all the balance sheet accounts in alphabetical order for easy reference.81. The balances that appear on the post-closing trial balance will match thea. income statement account balances after adjustments.b. balance sheet account balances after closing entries.c. income statement account balances after closing entries.d. balance sheet account balances after adjustments.82. Which account listed below would be double ruled in the ledger as part of the closing process?a. Cashb. Common Stockc. Dividendsd. Accumulated Depreciation83. A double rule applied to accounts in the ledger during the closing process implies thata. the account is a temporary account.b. the account is a balance sheet account.c. the account balance is not zero.d. a mistake has been made, since double ruling is prescribed.84. The heading for a post-closing trial balance has a date line that is similar to the one found ona. a balance sheet.b. an income statement.c. an owner's equity statement.d. the work sheet.85. Which one of the following is usually prepared only at the end of a company's annual accounting period?a. Preparing financial statementsb. Journalizing and posting adjusting entriesc. Journalizing and posting closing entriesd. Preparing an adjusted trial balance86. The step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) isa. analyzing transactions.b. journalizing and posting adjusting entries.c. preparing a post-closing trial balance.d. posting to ledger accounts.87. Which one of the following is an optional step in the accounting cycle of a business enterprise?a. Analyze business transactionsb. Prepare a work sheetc. Prepare a trial balanced. Post to the ledger accounts88. The final step in the accounting cycle is to preparea. closing entries.b. financial statements.c. a post-closing trial balance.d. adjusting entries.89. Which of the following steps in the accounting cycle would not generally be performed daily?a. Journalize transactionsb. Post to ledger accountsc. Prepare adjusting entriesd. Analyze business transactions90. Which of the following steps in the accounting cycle may be performed more frequently than annually?a. Prepare a post-closing trial balanceb. Journalize closing entriesc. Post closing entriesd. Prepare a trial balance91. Which of the following depicts the proper sequence of steps in the accounting cycle?a. Journalize the transactions, analyze business transactions, prepare a trial balanceb. Prepare a trial balance, prepare financial statements, prepare adjusting entriesc. Prepare a trial balance, prepare adjusting entries, prepare financial statementsd. Prepare a trial balance, post to ledger accounts, post adjusting entries92. The two optional steps in the accounting cycle are preparinga. a post-closing trial balance and reversing entries.b. a work sheet and post-closing trial balances.c. reversing entries and a work sheet.d. an adjusted trial balance and a post-closing trial balance.93. The first required step in the accounting cycle isa. reversing entries.b. journalizing transactions in the book of original entry.c. analyzing transactions.d. posting transactions.94. Correcting entriesa. always affect at least one balance sheet account and one income statementaccount.b. affect income statement accounts only.c. affect balance sheet accounts only.d. may involve any combination of accounts in need of correction.95. Speedy Bike Company received a $740 check from a customer for the balance due.The transaction was erroneously recorded as a debit to Cash $470 and a credit to Service Revenue $470. The correcting entry isa. Debit Cash, $740; Credit Accounts Receivable, $740.b. Debit Cash, $270 and Accounts Receivable, $470; Credit Service Revenue, $740.c. Debit Cash, $270 and Service Revenue, $470; Credit Accounts Receivable, $740.d. Debit Accounts Receivable, $740; Credit Cash, $270 and Service Revenue, $470.96. If errors occur in the recording process, theya. should be corrected as adjustments at the end of the period.b. should be corrected as soon as they are discovered.c. should be corrected when preparing closing entries.d. cannot be corrected until the next accounting period.97. A correcting entrya. must involve one balance sheet account and one income statement account.b. is another name for a closing entry.c. may involve any combination of accounts.d. is a required step in the accounting cycle.98. An unacceptable way to make a correcting entry is toa. reverse the incorrect entry.b. erase the incorrect entry.c. compare the incorrect entry with the correct entry and make a correcting entry tocorrect the accounts.d. correct it immediately upon discovery.99. Cole Company paid the weekly payroll on January 2 by debiting Wages Expense for$40,000. The accountant preparing the payroll entry overlooked the fact that WagesExpense of $24,000 had been accrued at year end on December 31. The correctingentry isa. Wages Payable ............................................................................ 24,000Cash ................................................................................ 24,000b. Cash .......................................................................................... 16,000Wages Expense .............................................................. 16,000c. Wages Payable ............................................................................ 24,000Wages Expense .............................................................. 24,000d. Cash .......................................................................................... 24,000Wages Expense .............................................................. 24,000100. Tyler Company paid $630 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $360 and a credit to Accounts Receivable, $360. Thecorrecting entry isa. Accounts Payable (630)Cash (630)b. Accounts Receivable (360)Cash (360)c. Accounts Receivable (360)Accounts Payable (360)d. Accounts Receivable (360)Accounts Payable (630)Cash (990)101. A lawyer collected $860 of legal fees in advance. He erroneously debited Cash for $680 and credited Accounts Receivable for $680. The correcting entry isa. Cash (680)Accounts Receivable (180)Unearned Revenue (860)b. Cash (860)Service Revenue (860)c. Cash .............................................................................................180Accounts Receivable (680)Unearned Revenue (860)d. Cash (180)Accounts Receivable (180)102. All of the following are property, plant, and equipment excepta. supplies.b. machinery.c. land.d. buildings.Use the following information to answer questions 103-111.The following items are taken from the financial statements of Waters Company for the year ending 12/31/2006: Accounts payable $ 18,000Accounts receivable 11,000Accumulated depreciation – equipment 28,000Advertising expense 21,000Cash 15,000Common stock 90,000Depreciation expense 12,000Dividends 14,000Insurance expense 3,000Note payable, due 6/31/2007 70,000Prepaid insurance (12-month policy) 6,000Rent expense 17,000Retained earnings, 1/1/2006 12,000Salaries expense 32,000Service revenue 133,000Supplies 4,000Supplies expense 6,000Equipment 210,000103. What is the company’s net income for the year ending 12/31/2006?a. $133,000b. $42,000c. $28,000d. $12,000104. What is the balance that would be reported for Retained earnings at 12/31/2006?a. $12,000b. $40,000c. $42,000d. $56,000105. What are total current assets at 12/31/2006?a. $26,000b. $32,000c. $36,000d. $218,000106. What is the book value of the equipment at 12/31/2006?a. $238,000.b. $210,000c. $182,000d. $170,000107. What are total current liabililites at 12/31/2006?a. $18,000b. $70,000c. $88,000d. $0.108. What are total long-term liabilities at 12/31/2006?a. $0b. $70,000.c. $88,000d. $90,000109. What is total stockholders’ equity at 12/31/2006?a. $90,000.b. $102,000.c. $126,000.d. $130,000.110. The sub-classificatio ns for assets on the company’s classified balance sheet would include all of the following except:a. Current Assetsb. Property, Plant and Equipmentc. Intangible Assetsd. All of the above would be included as sub-classifications.111. The current assets should be listed on the balance sheet in the following order:a. cash, accounts receivable, prepaid insurance, equipmentb. cash, prepaid insurance, supplies, accounts receivablec. cash, accounts receivable, prepaid insurance, suppliesd. equipment, supplies, prepaid insurance, accounts receivable, cash112. The operating cycle of a company is the average time that is required to go from cash toa. sales in producing revenues.b. cash in producing revenues.c. inventory in producing revenues.d. accounts receivable in producing revenues.113. On a classified balance sheet, current assets are customarily listeda. in alphabetical order.b. with the largest dollar amounts first.c. in the order of liquidity.d. in the order of acquisition.114. Intangible assets include all of the following except:a. Marketable securities.b. Patents.c. Copyrights.d. Goodwill.115. The relationship between current assets and current liabilities is important in evaluating a company'sa. profitability.b. liquidity.c. market value.d. accounting cycle.116. The most important information needed to determine if companies can pay their current obligations is thea. net income for this year.b. projected net income for next year.c. relationship between current assets and current liabilities.d. relationship between short-term and long-term liabilities.a117. A reversing entrya. reverses entries that were made in error.b. is the exact opposite of an adjusting entry made in a previous period.c. is made when a business disposes of an asset it previously purchased.d. is made when a company sustains a loss in one period and reverses the effectwith a profit in the next period.a118. If a company utilizes reversing entries, they willa. be made at the beginning of the next accounting period.b. not actually be posted to the general ledger accounts.c. be made before the post-closing trial balance.d. be part of the adjusting entry process.119. The steps in the preparation of a work sheet do not includea. analyzing documentary evidence.b. preparing a trial balance on the work sheet.c. entering the adjustments in the adjustment columns.d. entering adjusted balances in the adjusted trial balance columns.120. Balance sheet accounts are considered to bea. temporary owner's equity accounts.b. permanent accounts.c. capital accounts.d. nominal accounts.121. Income Summary has a credit balance of $12,000 in J. Tayler Co. after closing revenues and expenses. The entry to close Income Summary isa. credit Income Summary $12,000, debit Retained Earnings $12,000.b. credit Income Summary $12,000, debit Dividends $12,000.c. debit Income Summary $12,000, credit Dividends $12,000.d. debit Income Summary $12,000, credit Retained Earnings $12,000.122. The post-closing trial balance contains onlya. income statement accounts.b. balance sheet accounts.c. balance sheet and income statement accounts.d. income statement, balance sheet, and owner's equity statement accounts.123. Which of the following is an optional step in the accounting cycle?a. Adjusting entriesb. Closing entriesc. Correcting entriesd. Reversing entries124. Which one of the following statements concerning the accounting cycle is incorrect?a. The accounting cycle includes journalizing transactions and posting to ledgeraccounts.b. The accounting cycle includes only one optional step.c. The steps in the accounting cycle are performed in sequence.d. The steps in the accounting cycle are repeated in each accounting period.125. Correcting entries are madea. at the beginning of an accounting period.b. at the end of an accounting period.c. whenever an error is discovered.d. after closing entries.126. On September 23, Reese Company received a $350 check from Mike Moluf for services to be performed in the future.The bookkeeper for Reese Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper shoulda. debit Cash $350 and credit Unearned Service Revenue $350.b. debit Accounts Receivable $350 and credit Unearned Service Revenue $350.c. debit Accounts Receivable $350 and credit Cash $350.d. debit Accounts Receivable $350 and credit Service Revenue $350.127. Fifth Dimension Inc. reported a balance in Retained Earnings of $45,000 on its post-closing trial balance at 12/31/2006. The company earned net income of $30,000 and paid dividends of $5,000 during the year. The 12/31/2006 balance sheet will report Retained Earnings ofa. $40,000b. $45,000c. $70,000d. $75,000128. Current liabilitiesa. must reasonably be expected to be paid from existing current assets or throughthe creation of other current liabilities.b. are listed in the balance sheet in order of their expected maturity.c. must reasonably be expected to be paid within one year or the operating cycle,whichever is shorter.d. should not include long-term debt that is expected to be paid within the next year.a129. The use of reversing entriesa. is a required step in the accounting cycle.b. changes the amounts reported in the financial statements.c. simplifies the recording of subsequent transactions.d. is required for all adjusting entries.2.MATCHING1 Match the items below by entering the appropriate code letter in the space provided.A. Intangible assets F. Book valueB. Permanent accounts G. Current assetsC. Closing entries H. Operating cycleD. Income Summary I. Current liabilitiesE. Reversing entry J. Correcting entries____ 1. Obligations expected to be paid within one year or one operating cycle out of current assets.____ 2. The difference between the cost and the accumulated depreciaion of a depreciable asset.____ 3. Noncurrent assets that do not have physical substance____ 4. A temporary account used in the closing process.____ 5. Balance sheet accounts whose balances are carried forward to the next period.____ 6. The average length of time to go from cash to cash in producing revenue.____ 7. Entries to correct errors made in recording transactions.____ 8. The exact opposite of an adjusting entry made in a previous period.____ 9. Entries at the end of an accounting period to transfer the balances of temporary accounts to a stockholders’ account. ____ 10. Resources which are expected to be realized in cash, sold, or consumed within one year of the balance sheet or the company's operating cycle,whichever is longer.2.MATCHING150. Match the items below by entering the appropriate code letter in the space provided.A. Cost of goods available for sale F. First-in, first-out (FIFO) methodB. Raw materials G. Last-in, first-out (LIFO) methodC. FOB shipping point H. Average cost methodD. FOB destination I. Inventory turnoverE. Net purchases J. Current replacement cost____ 1. Measures the number of times the inventory sold during the period.____ 2. Purchases less purchases returns and allowances and purchases discounts.____ 3. Goods that will be used in the production process but which have not yet been placed into production.____ 4. Cost of goods sold consists of the most recent inventory purchases.____ 5. Sum of beginning merchandise inventory and cost of goods purchased.____ 6. Title to the goods transfers when the public carrier accepts the goods from the seller.____ 7. Ending inventory valuation consists of the most recent inventory purchases.____ 8. The same unit cost is used to value ending inventory and cost of goods sold.____ 9. Title to goods transfers when the goods are delivered to the buyer.____ 10. The amount that would be paid at the present time to acquire an identical item.。

英语会计复习题英语会计复习题在学习会计的过程中，复习题是非常重要的一部分。

通过做题，我们可以巩固知识点，检验自己的理解程度，并且为考试做好准备。

下面是一些英语会计复习题，希望对大家的学习有所帮助。

1. What is the basic accounting equation?The basic accounting equation is Assets = Liabilities + Equity. It represents the fundamental relationship between a company's assets, liabilities, and owner's equity.2. What is the difference between accrual accounting and cash accounting? Accrual accounting records revenue and expenses when they are incurred, regardless of when the cash is received or paid. Cash accounting, on the other hand, only records revenue and expenses when the cash is actually received or paid. Accrual accounting provides a more accurate picture of a company's financial performance, while cash accounting is simpler and easier to understand.3. What is depreciation?Depreciation is the allocation of the cost of an asset over its useful life. It represents the decrease in value of an asset due to wear and tear, obsolescence, or other factors. Depreciation is recorded as an expense on the income statement and reduces the value of the asset on the balance sheet.4. What is the difference between a current asset and a fixed asset?A current asset is an asset that is expected to be converted into cash or used upwithin one year or the normal operating cycle of a business. Examples of current assets include cash, accounts receivable, and inventory. A fixed asset, on the other hand, is an asset that is used in the production of goods or services and is not expected to be converted into cash within one year. Examples of fixed assets include buildings, machinery, and vehicles.5. What is the purpose of the statement of cash flows?The statement of cash flows provides information about the cash inflows and outflows of a company during a specific period of time. It helps users of financial statements understand how a company generates and uses cash, and provides insights into its liquidity and cash flow management.6. What is the difference between gross profit and net profit?Gross profit is the difference between net sales and the cost of goods sold. It represents the profit a company makes from its core operations before deducting operating expenses. Net profit, on the other hand, is the final profit after deducting all expenses, including operating expenses, interest, and taxes. 7. What is the purpose of the balance sheet?The balance sheet provides a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and owner's equity, and helps stakeholders assess its solvency, liquidity, and financial stability.8. What is the difference between accounts payable and accounts receivable? Accounts payable is the amount of money a company owes to its suppliers or creditors for goods or services purchased on credit. Accounts receivable, on theother hand, is the amount of money owed to a company by its customers for goods or services sold on credit. Accounts payable represents a liability, while accounts receivable represents an asset.通过以上的复习题，我们可以回顾和巩固会计的基础知识。

会计英语考试题目及答案一、选择题（每题2分，共20分）1. Which of the following is a basic accounting principle?A. The Going Concern PrincipleB. The Historical Cost PrincipleC. Both A and BD. Neither A nor BAnswer: C. Both A and B2. What is the term for the systematic arrangement of accounts in a specific order?A. JournalB. LedgerC. Trial BalanceD. Chart of AccountsAnswer: D. Chart of Accounts3. What does the term "Debit" mean in accounting?A. An increase in assetsB. A decrease in liabilitiesC. An increase in equityD. A decrease in expensesAnswer: A. An increase in assets4. Which of the following is not a type of financialstatement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Payroll ReportAnswer: D. Payroll Report5. What is the purpose of an adjusting entry?A. To update the financial recordsB. To prepare for the next accounting periodC. To correct errors in the accounting recordsD. All of the aboveAnswer: D. All of the above6. Which of the following is an example of a current asset?A. InventoryB. LandC. EquipmentD. Bonds PayableAnswer: A. Inventory7. What is the formula for calculating the return on investment (ROI)?A. (Net Income / Total Assets) * 100B. (Net Income / Total Equity) * 100C. (Net Income / Investment) * 100D. (Total Assets / Net Income) * 100Answer: C. (Net Income / Investment) * 1008. What is the accounting equation?A. Assets = Liabilities + EquityB. Liabilities - Equity = AssetsC. Assets + Liabilities = EquityD. Equity + Assets = LiabilitiesAnswer: A. Assets = Liabilities + Equity9. What is the purpose of depreciation?A. To reduce the value of an asset over timeB. To increase the value of an asset over timeC. To calculate the cost of an assetD. To determine the net income of a companyAnswer: A. To reduce the value of an asset over time10. Which of the following is not a function of a general ledger?A. To record daily transactionsB. To summarize financial informationC. To provide a detailed account of each transactionD. To prepare financial statementsAnswer: A. To record daily transactions二、简答题（每题5分，共30分）1. Explain the difference between an asset and a liability. Answer: An asset is a resource owned by a business that hasfuture economic benefit, such as cash, inventory, or property.A liability is an obligation or debt that a business owes to others, such as loans, accounts payable, or salaries payable.2. What is the purpose of a balance sheet?Answer: The purpose of a balance sheet is to provide a snapshot of a company's financial position at a specificpoint in time, showing the company's assets, liabilities, and equity.3. Define the term "revenue."Answer: Revenue is the income generated from the normal business operations of a company, such as the sale of goodsor services.4. What is the difference between a journal and a ledger?Answer: A journal is a book that records financialtransactions in chronological order, while a ledger is a book that summarizes and organizes the financial transactions by accounts.5. Explain the concept of accrual accounting.Answer: Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, not when cash is received or paid.6. What is the purpose of a trial balance?Answer: The purpose of a trial balance is to ensure that the total debits equal the total credits in the general ledger, indicating that the accounting records are in balance.三、案例分析题（每题25分，共50分）1. A company purchased equipment for $50,000 on January 1, 2023, with a useful life of 5 years and no residual value. Calculate the annual depreciation expense using the straight-line method.Answer: Using the straight-line method, the annual depreciation expense is calculated as follows:Depreciation Expense = (Cost of Equipment - Residual Value) / Useful LifeDepreciation Expense = ($50,000 - $0) / 5 = $10,000 per year2. A company has the following transactions for the month of March 2023:- Sold goods for $20,000 on credit.- Purchased inventory for $15,000 in cash.- Paid $2,000 in salaries.- Received $18,。

会计专业英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not an accounting principle?A. Accrual BasisB. Going ConcernC. ConsistencyD. Cash BasisAnswer: D2. The process of summarizing, analyzing, and reporting financial data is known as:A. BudgetingB. AccountingC. AuditingD. TaxationAnswer: B3. What is the term used to describe the systematic and periodic recording of financial transactions?A. BookkeepingB. PayrollC. TaxationD. AuditingAnswer: A4. Which of the following is not a component of the balance sheet?A. AssetsB. LiabilitiesC. EquityD. RevenueAnswer: D5. The matching principle requires that:A. Expenses are recognized when incurredB. Expenses are recognized when paidC. Expenses are recognized in the same period as the revenue they generateD. Expenses are recognized when the cash is received Answer: C6. The accounting equation is:A. Assets = Liabilities + EquityB. Assets - Liabilities = EquityC. Assets + Equity = LiabilitiesD. Assets = Equity - LiabilitiesAnswer: A7. The term "double-entry bookkeeping" refers to the practice of:A. Recording transactions twiceB. Recording transactions in two accountsC. Recording debits and credits for every transactionD. Recording transactions in two different booksAnswer: C8. Which of the following is not a type of intangible asset?A. PatentsB. TrademarksC. GoodwillD. InventoryAnswer: D9. The purpose of an income statement is to show:A. The financial position of a company at a point in timeB. The changes in equity over a period of timeC. The financial performance of a company over a period of timeD. The cash flows of a company over a period of time Answer: C10. The statement of cash flows is used to report:A. How cash is generated and used during a periodB. The net income of a company for a periodC. The changes in equity for a periodD. The changes in assets and liabilities for a period Answer: A二、填空题（每题2分，共20分）1. The accounting cycle includes the following steps:journalizing, posting, __________, adjusting entries, and closing entries.Answer: trial balance2. The __________ principle requires that all business transactions should be recorded at their fair value in the accounting records.Answer: Fair Value3. The __________ is a summary of all the journal entries fora period, listed in date order.Answer: General Journal4. __________ are expenses that have been incurred but not yet paid.Answer: Accrued Expenses5. The __________ is a report that shows the beginning cash balance, cash receipts, cash payments, and the ending cash balance for a period.Answer: Cash Flow Statement6. The __________ ratio is calculated by dividing current assets by current liabilities.Answer: Current Ratio7. __________ are assets that are expected to be converted into cash or used up within one year or one operating cycle. Answer: Current Assets8. __________ is the process of determining the cost of goodssold and the value of ending inventory.Answer: Costing9. __________ is the process of estimating the useful life of an asset and allocating its cost over that period.Answer: Depreciation10. __________ is the process of adjusting the accounts to reflect the proper revenue and expenses for the period. Answer: Accrual Accounting三、简答题（每题10分，共20分）1. Explain the difference between revenue and profit. Answer: Revenue is the income generated from the normal business activities of an entity during a specific period, before deducting expenses. Profit, on the other hand, is the excess of revenues and gains over expenses and losses for a period. It represents the net income or net earnings of a business.2. What are the main components of a balance sheet?Answer: The main components of a balance sheet are assets, liabilities, and equity. Assets represent what a company owns or controls with future economic benefit. Liabilities are obligations or debts that a company owes to others. Equity is the residual interest in the assets of the entity after deducting all its liabilities, representing the ownership interest of the shareholders.四、计算题（每题15分，共30分）1. Calculate the net income for the year if the revenue is$500,000, the cost of goods sold is $300,000, operating expenses are $80,000, and other expenses are $20,000. Answer: Net Income = Revenue - Cost of Goods Sold - Operating。

{财务管理财务会计}财务会计英语练习及答案CHAPTER13 ACCOUNTINGFORPARTNERSHIPSAND LIMITEDLIABILITYCORPORATIONSANS:TDIF:1OBJ:0320.Anewpartnercontributesaccountsreceivabletoapartnershipwhichappearinth eledgerofhissoleproprietorshipat$20,500andtherewasanallowancefordoubtful accountsof$750.If$600oftheaccountsreceivablesarepletelyworthless,thepart nershipaccountsreceivableshouldbedebitedfor$19,900.ANS:TDIF:2OBJ:0321.Onereasonthatdistributionsofineandlossarepreparedistoobtaintheinforma tiontorecordaclosingentry.ANS:TDIF:1OBJ:0422.Ifnothingisstated,partnershipineisdividedinproportiontotheindividualp artner'scapitalbalance.ANS:FDIF:2OBJ:0423.Thesalaryallocationtopartnersusedindividingnetinewouldalsoappearassal aryexpenseonthepartnershipinestatement.ANS:FDIF:2OBJ:0424.Ifthearticlesofpartnershipprovideforannualsalaryallowancesof$36,000an d$18,000toXandYrespectivelyandnetineis$30,000,X'sshareofnetineis$20,000. ANS:FDIF:2OBJ:0425.Ifthenetineofapartnershipislessthanthetotaloftheallowancesprovidedbyt hepartnershipagreement,thedifferencemustbedividedamongthepartnersinthein e-sharingratio.ANS:FDIF:2OBJ:0426.Theamountthatapartnerwithdrawsasamonthlysalaryallowancedoesnotaffectt hedivisionofnetine.ANS:TDIF:2OBJ:0427.AdevotesfulltimeandBdevotesone-halftimetotheirpartnership.Ifthepartne rshipagreementissilentconcerningthedivisionofnetine,Awillreceivea$20,000 shareofanetineof$30,000.ANS:FDIF:2OBJ:0428.Inthedistributionofine,thenetineislessthanthesalaryandinterestallowan cesgranted,theremainingbalancewillbeanegativeamountthatmustbedividedamon gthepartnersasthoughitwerealoss.ANS:TDIF:2OBJ:0429. Detailsofthedivisionofpartnershipineshouldnormallybedisclosedinthefinanc ialstatements.ANS:TDIF:2OBJ:0430.Wheneverapartnershipisdissolved,theassetsareliquidated.ANS:FDIF:1OBJ:0531.Whenapartnershipdissolves,anewpartnershipisformedandanewpartnershipag reementshouldbeprepared.ANS:TDIF:1OBJ:0532.Manypartnershipsprovidefortheadmissionofnewpartnersorwithdrawalsofpre sentpartnersinthepartnershipagreementsothatthefirmmaycontinuetooperatewi thoutexecutinganewagreement.ANS:TDIF:1OBJ:0533.Apersonmaybeadmittedtoapartnershiponlywiththeconsentofallthecurrentpa rtners.ANS:TDIF:1OBJ:0534.Partnership'sassetaccountsshouldbechangedfromcosttofairmarketvaluewhe nanewpartnerisadmittedtoafirmoranexistingpartnerwithdrawsanddies. ANS:TDIF:2OBJ:0535.Inadmittinganewpartner,thepanychoosestousethepurchaseofaninterestmeth od,thecapitalinterestofthenewpartnerisobtainedfromthecurrentpartnersandb oththetotalassetsandtotalcapitalareincreased.ANS:FDIF:2OBJ:0536.Whenanewpartnerpurchasestheentireinterestofanoldpartner,thenewpartner 'scapitalaccountshouldbecreditedfortheamountheorshepaidtotheoldpartner.46.Ifanewpartneristobeadmittedtoapartnershipandabonusisattributedtotheol dpartnership,thebonusshouldbedividedbetweenthecapitalaccountsoftheorigin alpartnersaccordingtotheircapitalbalances.ANS:FDIF:2OBJ:0547.IfretiringpartnerAsellshisorherinteresttoB,thepartnershipshouldrecord theassetspaidtoAinitsaccountsattheirbookvalues.ANS:FDIF:2OBJ:0548.Whenanewpartnerisadmittedtoapartnership,bonusesattributabletoeitherth eoldpartnershiportotheiningpartnermayberecognizedinaccordancewiththeagre ementamongthepartners.ANS:TDIF:1OBJ:0549.Dissolutionisthetermwhichsolelymeanstoliquidatethepartnership. ANS:FDIF:1OBJ:0650.Inapartnershipliquidation,gainsandlossesonthesaleofpartnershipassetsa redividedamongthepartners'capitalaccountsonthebasisoftheircapitalbalance s.ANS:FDIF:2OBJ:0651.Iftheshareoflossesonrealizationofthesaleofnoncashassetsexceedthebalan ceinapartner'scapitalaccount,theresultingbalanceiscalledadeficiency. ANS:TDIF:1OBJ:0652.Inapartnershipliquidation,ifapartnerhasadebitcapitalbalanceinhisorher capitalaccount,heorsheisresponsibleforcontributingpersonalassetssufficie nttoeliminatethedeficit.ANS:TDIF:2OBJ:0653.Theprocessofwindinguptheaffairsofapartnershipisreferredtoasrealizatio n.ANS:FDIF:1OBJ:0654.Thedistributionofcash,asthefinalprocessinwindinguptheaffairsofapartnership,isbasedontheine-sharingratio.ANS:FDIF:2OBJ:0655.Ifapartner'scapitalbalanceisadebitafterithasabsorbeditsshareoftheloss onrealization,thebalanceisreferredtoasadeficiency.ANS:TDIF:1OBJ:0656.Intheliquidatingprocess,anyuncollectedcashbeesalosstothepartnershipan disdividedamongtheremainingpartners'capitalbalancesbasedontheirine-shari ngratio.ANS:TDIF:2OBJ:0657.Afterallnoncashassetshavebeenconvertedtocashandallliabilitiespaid,A,B ,andChavecapitalbalancesof$10,000(debit),$5,000(debit),and$25,000(credit ).Thecashavailablefordistributiontothepartnersis$10,000.ANS:TDIF:2OBJ:0658.Afterallnoncashassetshavebeenconvertedtocashandallliabilitiespaid,A,B ,andChavecapitalbalancesof$15,000(credit),$10,000(debit),and$30,000(cred it).C'sshareofthecashtobedistributedis$30,000.ANS:FDIF:2OBJ:0659.Aventurecapitalistisanindividualorfirmthatprovidescreditfinancingtoth epany.ANS:FDIF:1OBJ:0760.IPOisanacronymthatstandsforinitialpublicofferingANS:TDIF:1OBJ:0761.Underwritingfirmsorinvestmentbankershelpapanynotonlydeterminetheoffer ingpriceforitstock,butalsohelpmarketthestocktotheirclientsandthepublic. ANS:TDIF:1OBJ:07MULTIPLECHOICE1.Whichofthefollowingischaracteristicofageneralpartnership?a.Thepartnershaveco-ownershipofpartnershipproperty.b.Thepartnershipissubjecttofederalinetax.10.Accountingfortheday-to-dayactivitiesforapartnershiporLimitedLiability Corporationisa.thesameastheaccountingforanyotherformofbusinessb.thesameastheaccountingforasoleproprietorshiponlyc.isnotthesameastheaccountingforanyotherformofbusinessd.thesameastheaccountingforacorporationonlyANS:ADIF:1OBJ:0211.Whenapartnershipisformed,assetscontributedbythepartnersshouldberecord edonthepartnershipbooksattheira.bookvaluesonthepartners'bookspriortotheirbeingcontributedtothepartnershipb.fairmarketvalueatthetimeofthecontributionc.originalcoststothepartnercontributingthemd.assessedvaluesforpropertypurposesANS:BDIF:2OBJ:0312.Aspartoftheinitialinvestment,apartnercontributesequipmentthathadorigi nallycost$100,000andonwhichaccumulateddepreciationof$75,000hasbeenrecord ed.Ifsimilarequipmentwouldcost$150,000toreplaceandthepartnersagreeonaval uationof$40,000forthecontributedequipment,whatamountshouldbedebitedtothe equipmentaccount?a.$40,000b.$150,000c.$100,000d.$75,000ANS:ADIF:2OBJ:0313.Aspartoftheinitialinvestment,Oswaldcontributesaccountsreceivablethath adabalanceof$25,000intheaccountsofasoleproprietorship.Ofthisamount,$1,25 0ispletelyworthless.Fortheremainingaccounts,thepartnershipwillestablisha provisionforpossiblefutureuncollectibleaccountsof$750.TheamountdebitedtoAccountsReceivableforthenewpartnershipisa.$23,000b.$25,000c.$24,250d.$23,750ANS:DDIF:2OBJ:0314.JackandJillshareineandlossesina2:1ratioafterallowingforsalariestoJack of$24,000and$30,ineforthepartnershipis$48,000.Ineshouldbedi videdasfollows:a.Jack,$24,000;Jill,$24,000b.Jack,$21,000;Jill,$27,000c.Jack,$32,000;Jill,$16,000d.Jack,$20,000;Jill,$28,000ANS:DDIF:2OBJ:0415.FredandEthelshareineequally.Duringthecurrentyearthepartnershipnetinew as$40,000.Fredmadewithdrawalsof$12,000andEthelmadewithdrawalsof$17,000.A tthebeginningoftheyear,thecapitalaccountbalanceswere:Fredcapital,$42,000 ;Ethelcapital,$58,000.Fred'scapitalaccountbalanceattheendoftheyearisa.$76,500b.$64,500c.$62,000d.$50,000ANS:DDIF:2REF:0416.Partnershipineandlossesareusuallydividedonthebasisofinterest,salaries ,andstatedratiosbecausea.partnersseldomcontributetimeandresourcesequallyb.thismethodreflectstheamountoftimedevotedtothepartnershipbythepartnersc.itissimplerthanfollowingthelegalrulesd.itpreventsargumentsamongthepartnersANS:ADIF:1OBJ:0417.Aratioof3:2:1isthesameasa.30%:20%:10%b.1/2:1/3:1/6c.3/10:2/10:1/20d.both(a)and(c)ANS:BDIF:2OBJ:0418.CandDformapartnershipinwhichCcontributes$50,000inassetsandagreestodev otehalftimetothepartnership.Dcontributed$40,000inassetsandagreestodevote fulltimetothepartnership.HowwillCandDshareinthedivisionofine?a.5:8b.1:2c.1:1d.5:4ANS:CDIF:2OBJ:0419.XandYhaveoriginalinvestmentsof$50,000and$100,000respectivelyinapartne rship.Thearticlesofpartnershipincludethefollowingprovisionsregardingthed ivisionofnetine:interestonoriginalinvestmentat10%,salaryallowancesof$27, 000and$18,000respectively,andtheremainderequally.Howmuchofthenetineof$90 ,000isallocatedtoX?a.$60,000b.$43,000c.$45,000d.$47,000ANS:DDIF:3OBJ:0420.XandYhaveoriginalinvestmentsof$50,000and$100,000respectivelyinapartnership.Thearticlesofpartnershipincludethefollowingprovisionsregardingthed ivisionofnetine:interestonoriginalinvestmentat10%,salaryallowancesof$27, 000and$18,000respectively,andtheremainderequally.Howmuchofthenetineof$50 ,000isallocatedtoX?a.$33,333b.$23,000c.$25,000d.$27,000ANS:DDIF:3OBJ:0421.XandYhaveoriginalinvestmentsof$50,000and$100,000respectivelyinapartne rship.Thearticlesofpartnershipincludethefollowingprovisionsregardingthed ivisionofnetine:interestonoriginalinvestmentat10%,salaryallowancesof$27, 000and$18,000respectively,andtheremainderequally.Howmuchofthenetlossof$1 0,000isallocatedtoX?a.$10,000b.$3,000c.$5,000d.$7,000ANS:CDIF:3OBJ:0422.ThearticlesofpartnershipforABPartnershipprovideforasalaryallowanceof$ 5,000permonthforpartnerB,withthebalanceofnetinetobedividedequally.IfBmad eanadditionalinvestmentof$10,000duringtheyearandwithdrew$4,000permonth,a ndnetinefortheyearwas$90,000,bywhatamountdidB'scapitalincreaseduringthey ear?a.$85,000b.$10,000c.$37,000ANS:CDIF:3OBJ:0423.Ifthereisnowrittenagreementastothewayinewillbedividedamongpartnersa.theywillshareineandlossesequallyb.theywillshareineandlossesaccordingtotheircapitalbalancesc.theywillshareineandlossesaccordingtothetimedevotedtothebusiness.d.therereallyisnopartnershipagreementANS:ADIF:1OBJ:0424.PartnerAhasacapitalbalanceof$20,000anddevotesfulltimetothepartnership .PartnerBhasacapitalbalanceof$30,000anddevoteshalftimetothepartnership.I nwhatratioisnetinetobedivided?a.3:5b.1:1c.2:3d.1:2ANS:BDIF:2OBJ:0425.Detailsofthedivisionofnetineforapartnershipshouldbediscloseda.intheassetsectionofthebalancesheetb.inthepartners’subsidiaryledgerc.inthestatementofcashflowsd.intheinestatementANS:DDIF:2OBJ:0426.DengandDangarepartnerswhoshareineintheratioof3:2.Theircapitalbalances are$40,000and$60,000respectively.IneSummaryhasacreditbalanceof$20,000.Wh atisDeng'scapitalbalanceafterclosingIneSummarytoCapital?a.$30,000b.$52,000c.$28,000ANS:BDIF:2OBJ:0427.SelmapaysSally$39,000forher30%interestinapartnershipwithtotalnetasset sof$120,000.Followingthistransaction,Selma'scapitalaccountshouldhaveacre ditbalanceofa.$36,000b.$39,000c.$33,000d.morethan$39,000ANS:ADIF:3OBJ:0528.Nellieisadmittedtoanexistingpartnershipbyinvestingcash.Nellieagreesto payabonusforherownershipinterestbecauseofthepastsuccessofthepartnership. WhenNellie'sinvestmentinthepartnershipisrecordeda.hercapitalaccountwillbecreditedformorethanthecashsheinvestedb.hercapitalaccountwillbecreditedfortheamountofcashsheinvestedc.abonuswillbecreditedfortheamountofcashsheinvestedd.abonuswillbedistributedtotheoldpartners'capitalaccounts.ANS:DDIF:3OBJ:0529.PeterandPaularepartners.ThepartnershipcapitalofPeteris$40,000andPauli s$70,000.PetersellshisinterestinthepartnershiptoMaryfor$50,000.Thejourna lentrytorecordtheadmissionofMaryasanewpartnerwouldincludea.acredittoMary'scapitalfor$40,000b.acredittoPaul'scapitalfor$10,000c.acreditMary'scapitalfor$50,000d.acredittoMary'scapitalfor$40,000andacredittoPaul'scapitalfor$10,00ANS:ADIF:3OBJ:0530.Whenapartnerdies,thecapitalaccountbalancesoftheremainingpartnersc.$25,000d.$35,000ANS:CDIF:3OBJ:0534.Anewpartnermaybeadmittedtoapartnershipbya.inheritingapartnershipinterestb.contributingassetstothepartnershipc.purchasingaspecificquantityofassetsfromthepartnershipd.theconsentofthemajorityofthecurrentpartnersANS:BDIF:2OBJ:0535.Achangeintheownershipofapartnershipresultsinthea.consolidatingofthepartnershipb.liquidatingofthepartnershipc.realizationofthepartnershipd.dissolutionofthepartnershipANS:DDIF:1OBJ:0536.Whenanewpartnerisadmittedtoapartnership,thereshouldbea(n)a.revaluationofassetsb.realizationofassetsc.allocationofassetsd.returnofassetsANS:ADIF:1OBJ:0537.Whenanewpartnerisadmittedtoapartnership,thereshouldbea(n)a.thetotalassetsofthepartnershipincreaseb.newcapitalaccountisaddedtotheledgerforthenewpartnerc.thetotalowner'sequityofthepartnershipincreasesd.thecashreceivedbythecurrentpartnerrepresentstheamountofthedebittothatpartner'scapitalaccount.ANS:BDIF:2OBJ:0538.Whenanadditionalpartnerisadmittedtoapartnershipbycontributionofassets tothepartnershipa.thetotalassetsofthepartnershipdonotchangeb.noliabilitiescanbecontributedatthesametimec.theamountofthecashcontributionisthesameastheamountofthedebittothenewpartner'scapitalaccountd.thetotaloftheowner'sequityaccountsincreasesANS:DDIF:2OBJ:0539.Whenanewpartnerisadmittedtoapartnershipa.abonusmaybeattributabletotheoldpartnerb.abonusmayonlyresultfrommorecashbeinggivenbythenewpartnerthanthevalueoftheoftheassetsbeingpurchasedc.abonusagreeduponbythepartnersisrecordedasanassetsolongastheamountiswithintherangesetbytheSECd.abonusisnotrecordedANS:ADIF:2OBJ:0540.TheCDPartnershipownsinventorythatwaspurchasedfor$65,000,hasacurrentre placementcostof$62,500,andispricedtosellfor$95,000.Atwhatamountshouldthe inventoryberecordedintheaccountsofthenewpartnershipifAistobeadmitted?a.$97,000b.$62,500c.$65,000d.$95,000ANS:BDIF:2OBJ:0541.ImmediatelypriortotheadmissionofA,theXYPartnershipassetshadbeenadjust edtocurrentmarketprices,andthecapitalbalancesofXandYwere$40,000and$60,00 0respectively.Ifthepartiesagreethatthebusinessisworth$150,000,whatisthea mountofbonusthatshouldberecognizedintheaccountsattheadmissionofA?b.$0c.$40,000d.$50,000ANS:DDIF:2OBJ:0542.StanandOlliearepartnerswhoshareineintheratioof2:3andhavecapitalbalanc esof$50,000and$30,000respectively.Rayisadmittedtothepartnershipandisgive na40%interestbyinvesting$20,000.WhatisStan'scapitalbalanceafteradmitting Ray?a.$20,000b.$25,000c.$42,000d.$18,000ANS:CDIF:3OBJ:0543.StanandOlliearepartnerswhoshareineintheratioof2:3andhavecapitalbalanc esof$30,000and$50,000respectively.Rayisadmittedtothepartnershipandisgive na10%interestbyinvesting$20,000.WhatisOllie'scapitalbalanceafteradmittin gRay?a.$56,000b.$34,000c.$20,000d.$44,000ANS:ADIF:3OBJ:0544.Tim,Don,andHansarepartnerswithcapitalbalancesof$20,000,$30,000,and$50 ,000respectively.Theyshareineintheratioof3:2:1.IneSummarywithadebitbalan ceof$30,000isclosedtothecapitalaccounts.Donwithdrawsfromthepartnership.H owmuchcashdoeshegetuponwithdrawal?a.$30,000c.$40,000d.$24,000ANS:BDIF:3OBJ:0545.AandBarepartnerswhoshareineintheratioof1:2andhavecapitalbalancesof$40 ,000and$70,000atthetimetheydecidetoterminatethepartnership.Afterallnonca shassetsaresoldandallliabilitiesarepaid,thereisacashbalanceof$80,000.Wha tamountoflossonrealizationshouldbeallocatedtoA?a.$80,000b.$10,000c.$20,000d.$30,000ANS:BDIF:3OBJ:0646.Apartnershipliquidationoccurswhena.anewpartnerisadmittedb.apartnerdiesc.theownershipinterestofonepartnerissoldtoanewpartnerd.theassetsaresold,liabilitiespaid,andbusinessoperationsterminated ANS:DDIF:1OBJ:0647.ThebalancesheetofMarilynandMonroewasasfollowsimmediatelypriortothepar tnershipbeingliquidated:cash,$20,000;otherassets,$160,000;liabilities,$4 0,000;Marilyncapital,$60,000;Monroecapital,$80,000.Theotherassetsweresol dfor$139,000.MarilynandMonroeshareprofitsandlossesina2:1ratio.Asafinalca shdistributionfromtheliquidation,Marilynwillreceivecashtotalinga.$46,000b.$51,000c.$60,000d.$49,500ANS:ADIF:3OBJ:0648.JimmyJerryandJohnnydecidetoliquidatetheirpartnership.Allassetsaresold andtheliabilitiesarepaid.Followingthesetransactions,thecapitalbalancesan dprofitandlosspercentagesareasfollows:Jimmy,$27,000and30%;Jerry,$(12,000 )and40%;Johnny,$43,000and30%.Jerryisunabletocontributeanyassetstoreducet hedeficit.HowmuchcashwillJimmyreceiveasaresultsofthepartnershipliquidati on?a.$27,000b.$21,000c.$23,400d.$15,000ANS:BDIF:3OBJ:0649.Theremainingcashofapartnership(aftercreditorshavebeenpaid)uponliquida tionisdividedamongpartnersaccordingtotheira.capitalbalancesb.contributionofassetsc.drawingbalancesd.inesharingratioANS:ADIF:2OBJ:0650.Againorlossonrealizationisdividedamongpartnersaccordingtotheira.inesharingratiob.capitalbalancesc.drawingbalancesd.contributionofassetsANS:ADIF:2OBJ:0651.AandBarepartnerswhoshareineintheratioof3:2andhavecapitalbalancesof$50 ,000and$90,000atthetimetheydecidetoterminatethepartnership.Afterallnonca shassetsaresoldandallliabilitiesarepaid,thereisacashbalanceof$90,000.How muchcashshouldbedistributedtoA?b.$20,000c.$30,000d.$45,000ANS:BDIF:3OBJ:0652.X,Y,andZarepartners,sharingine1:2:3.Aftersellingalloftheassetsforcash ,dividinglossesonrealization,andpayingliabilities,thebalancesinthecapita laccountsareasfollows:X,$50,000Cr.;Y,$40,000Dr.;andZ,$30,000Cr.Howmuchca shisavailablefordistributiontothepartners?a.$120,000b.$30,000c.$40,000d.$90,000ANS:CDIF:3OBJ:0653.X,Y,andZarepartners,sharingine1:2:3.Aftersellingalloftheassetsforcash ,dividinglossesonrealization,andpayingliabilities,thebalancesinthecapita laccountsareasfollows:X,$50,000Cr.;Y,$40,000Dr.;andZ,$30,000Cr.Howmuchca shshouldbedistributedtoXassumingthatYpaysthedeficiency?a.$50,000b.$20,000c.$30,000d.$40,000ANS:DDIF:3OBJ:0654.X,Y,andZarepartners,sharingine1:2:3.Aftersellingalloftheassetsforcash ,dividinglossesonrealization,andpayingliabilities,thebalancesinthecapita laccountsareasfollows:X,$50,000Cr.;Y,$20,000Cr.;andZ,$30,000Dr.Assumetha taftertheavailablecashisdistributedtothepartners,Zpays$15,000ofthedefici encytothefirm.Howmuchofthe$15,000shouldbedistributedtoX?b.$0c.$5,000d.$10,000ANS:CDIF:3OBJ:06PROBLEM1.EdandFrankformapartnershipbybiningtheassetsoftheirseparatebusinesses.E dcontributesaccountsreceivablewithafaceamountof$50,000andequipmentwithac ostof$180,000andaccumulateddepreciationof$100,000.Thepartnersagreethatth eequipmentistobepricedat$70,000,that$2,500oftheaccountsreceivableareplet elyworthlessandarenottobeacceptedbythepartnership,andthat$1,500isareason ableallowancefortheuncollectibilityoftheremainingaccountsreceivable.Fran kcontributescashof$20,000andmerchandiseinventoryof$49,500.Thepartnersagr eethatthemerchandiseinventoryistobepricedat$51,000.Journalizetheentriest orecordinthepartnershipaccounts(a)Ed'sinvestmentand(b)Frank'sinvestment. ANS:a)AccountsReceivable......................47,500 Equipment................................70,000 AllowanceforDoubtfulAccounts........1,500Ed,Capital............................116,000(b)Cash.....................................20,000 MerchandiseInventory.............51,000Frank,Capital.........................71,000DIF:2OBJ:032.MaryHartmann,soleproprietorofahardwarebusiness,decidestoformapartnersh ipwithNedIsaacs.Mary'saccountsareasfollows:BookValueMarketValue---------------------------------Cash$20,000$20,000AccountsReceivable(net)52,00045,000Inventory112,000125,000Land40,000100,000Building(net)300,000340,000AccountsPayable25,00025,000MortgagePayable75,00075,000Nedagreestocontribute$70,000fora20%interest.Journalizetheentriestorecord (a)Mary'sinvestmentand(b)Ned'sinvestment.ANS:(a)Cash......................20,000AccountsReceivable.....45,000 Inventory.................125,000 Land......................100,000 Building..................340,000AccountsPayable........25,000MortgagePayable........75,000MaryHartmann,Capital..530,000(b)Cash......................70,000MaryHartmann,Capital....50,000NedIsaacs,Capital.....120,000DIF:3OBJ:353.CarlandDavidhavecapitalbalancesof$100,000and$300,000respectively.Carld evotesfulltimeandDavidone-halftimetothebusiness.Determinethedivisionof$9 0,000ofnetineundereachofthefollowingassumptions:(a)Noagreementastodivisionofnetine.(b)Inratioofcapitalbalances.(c)Inratiooftimedevotedtobusiness.(d)Interestof10%oncapitalbalancesandremainderequally.(e)Interestof10%oncapitalbalances,salariesof$40,000toCarland$20,000toDavid,andtheremainderequally.ANS:CarlDavidComputations---------------------(a)$45,000$45,000Carl:50%$90,000David:50%$90,000(b)$22,500$67,500Carl:1/4$90,000David:3/4$90,000(c)$60,000$30,000Carl:2/3$90,000David:1/3$90,000(d)$35,000$55,000Carl:[(10%$100,000)+(1/2$50,000)]David:[(10%$300,000)+(1/2$50,000)](e)$45,000$45,000Carl:[(10%x$100,000)+$40,000-(1/2$(10,000)]David:[(10%$300,000)+$20,000-(1/2$(10,000)]DIF:3OBJ:044.ClintonandDolehadcapitalbalancesof$120,000and$180,000respectivelyatthe beginningofthecurrentfiscalyear.Thearticlesofpartnershipprovideforsalary allowancesof$18,000and$20,000respectively,anallowanceofinterestat12%onth ecapitalbalancesatthebeginningoftheyear,withtheremainingnetinedividedequ ineforthecurrentyearwas$100,000.(a)Presenttheinedivisionsectionoftheinestatementforthecurrentyear.(b)Assumingthatthenetinehadbeen$50,000insteadof$100,000,presenttheinediv isionsectionoftheinestatementforthecurrentyear.ANS:(a) Netine............................$100,000CDTotalDivisionofnetine:----------------------Salaryallowance...........$18,000$20,000$38,000Interestallowance.........14,40021,60036,000 Remainingine...........13,00013,00026,000----------------------Netine...................$45,400$54,600$100,000===============(b)Netine....................$50,000Divisionofnetine:Salaryallowance............$18,000$20,000$38,000 Interestallowance..........14,40021,60036,000----------------------Total.....................$32,400$41,600$74,000Excessofallowancesovernetine.12,00012,00024,000----------------------Netine....................$20,400$29,600$50,000==================DIF:3OBJ:02,045.CandDhadcapitalbalancesof$60,000and$120,000respectivelyonJanuary1ofthe currentyear.OnMay8,Cinvestedanadditional$10,000inthepartnership.Duringth eyear,CandDwithdrew$25,000and$35,000respectively.Afterclosingallexpensea ndrevenueaccountsattheendoftheyear,IneSummaryhasacreditbalanceof$90,000. Thenetineisdividedintheratioof2:3afterasalaryallowanceof$40,000toC.(a)Journalizetheentriestoclosetheinesummaryaccountandthedrawingaccounts.(b)Preparethestatementofowner'sequityforthecurrentyear.ANS:(a)IneSummary.......................90,000C,Capital.............................60,000D,Capital.............................30,000C,Capital...............................25,000D,Capital...............................35,000C,Drawing.............................25,000D,Drawing.............................35,000(b)CandDStatementofOwner'sEquityForYearEndedDecember31================================================== ===========CDTotal------------------------Capital,January1......$60,000$120,000$180,000Additionalinvestmentduringtheyear.............10,000----10,000------------------------$70,000$120,000$190,000Netinefortheyear......60,00030,00090,000------------------------$130,000$150,000$280,000Withdrawalsduringtheyear...25,00035,00060,000------------------------Capital,December31$105,000$115,000$220,000====================DIF:1OBJ:02,046.BenGumbelandFredHowe,partnerssharingnetineintheratioof2:1,admitAlanBro kawtothepartnershipinaccordancewiththefollowingagreement:(1)Merchandiseinventoryrecordedinthepartnershipaccountsat$62,500istobere valuedatitscurrentreplacementpriceof$67,000.(2)Brokawistoinvest$48,000incashfora30%interestinthepartnership,whichhastotalnetassets(assetsminusliabilities)of$130,000aftertheinventoryisreval ued.(3)Theine-sharingratioofGumbel,Howe,andBrokawistobe2:1:1.(a)Journalizetheentriestorecordtherevaluationofmerchandiseinventory,andt headmissionofBrokawtothepartnership.(b)Afewyearslater,thecapitalbalancesofGumbel,Howe,andBrokawwere$140,000, $90,000,and$55,000respectively.Atthistime,MarvinKingisadmittedtothepartn ershipbythepurchaseofone-halfofGumbel'sinterestfor$80,000.Journalizethee ntrytorecordtheadmissionofKingtothepartnership.ANS:(a)MerchandiseInventory...........4,500BenGumbel,Capital.....................3,000FredHowe,Capital......................1,500 Cash......................................48,000BenGumbel,Capital.....................6,000FredHowe,Capital......................3,000AlanBrokaw,Capital....................39,000(b)BenGumbel,Capital..............70,000MarvinKing,Capital....................70,000DIF:3OBJ:057.AnneKlineandBethLewis,partnersinClassyBoutique,havecapitalbalancesof$40, 000and$60,000respectively.CarolMartinjoinsthepartnershipbybuyingone-half ofAnne'sinterestfor$30,000.Inaddition,becauseofCarol'soutstandingsalessk ills,thepartnersagreetoincreaseherinterestto40%ifsheinvestsanother$10,000.Theine-sharingratioofKline,Lewis,andMartinis4:3:1.(a)JournalizetheentriestorecordtheadmissionofMartintothepartnership.(b)ImmediatelyafterMartin'sadmissiontothepartnership,Lewissellsone-fourt hofherinteresttoDebNewtonfor$35,000.Journalizetheentrytorecordthistransaction.ANS:(a)AnneKline,Capital..............20,000CarolMartin,Capital.............20,000 Cash................................10,000AnneKline,Capital...............8,000BethLewis,Capital...............6,000CarolMartin,Capital.............24,000(b)BethLewis,Capital.............13,500DebNewton,Capital...............13,500DIF:3OBJ:058.Immediatelypriortotheprocessofliquidation,partnersM,N,andOhavecapitalb alancesof$70,000,$20,000,and$30,000respectively.Thereisacashbalanceof$10 ,000,noncashassetstotal$160,000,andliabilitiestotal$50,000.Thepartnerssh arenetineandlossesintheratioof2:2:1. Journalizetheentriestorecordtheliquidationoutlinedbelow,usingAssetsasthe accounttitleforthenoncashassetsandLiabilitiesastheaccounttitleforallcred itors'claims.(a)Soldthenoncashassetsfor$80,000incash.(b)Dividedthelossonrealization.(c)Paidtheliabilities.(d)Receivedcashfromthepartnerwiththedeficiency.(e)Distributedthecashtothepartners.ANS:(a)Cash....................................80,000 LossonRealization..................80,000 Assets................................160,000(b)M,Capital..............................32,000N,Capital..............................32,000O,Capital..............................16,000 LossonRealization...................80,000(c)Liabilities.............................50,000 Cash..................................50,000(d)Cash....................................12,000N,Capital............................12,000(e)M,Capital..............................38,000O,Capital..............................14,000 Cash..................................52,000DIF:3OBJ:069.Afterdiscontinuingtheordinarybusinessoperationsandclosingtheaccountson May7,theledgerofthepartnershipofA,B,andCindicatedthefollowing: Cash..............................$7,500 NoncashAssets...............105,000 Liabilities.......................$27,500A,Capital........................45,000B,Capital........................15,000C,Capital........................25,000----------------$112,500$112,500================Thepartnerssharenetineandlossesintheratioof3:2:1.BetweenMay7-30,thenonca shassetsweresoldfor$120,000,theliabilitieswerepaid,andtheremainingcashwa sdistributedtothepartners.(a)Prepareastatementofpartnershipliquidation.(b)Assumethesamefactsasin(a),exceptthatthenoncashassetsweresoldfor$45,00 0andanypartnerwithacapitaldeficiencypaystheamountofthedeficiencytothepar tnership.Prepareastatementofpartnershipliquidation.ANS:。

财务会计英语练习及答案ch个人收集整理勿做商业用途CHAPTER 16 STATEMENT OF CASH FLOWS个人收集整理勿做商业用途Chapter 16—Statement of Cash FlowsTRUE/FALSE1. The statement of cash flows is not one of the basic financial statements.ANS: F DIF: 1 OBJ: 012. Cash, as the term is used for the statement of cash flows, could indicate either cash or cashequivalents.ANS: T DIF: 1 OBJ: 013. The statement of cash flows is an optional financial statement.ANS: F DIF: 1 OBJ: 014. The statement of cash flows shows the effects on cash ofa company's operating, investing,and financing activities.ANS: T DIF: 1 OBJ: 015. The statement of cash flows reports a firm's major sources of cash receipts and major uses ofcash payments for a period.ANS: T DIF: 1 OBJ: 016. Cash flows from operating activities, as part of the statement of cash flows, include cashtransactions that enter into the determination of net income.ANS: T DIF: 1 OBJ: 017. To arrive at cash flows from operations, it is necessary toconvert the income statement froman accrual basis to the cash basis of accounting.ANS: T DIF: 2 OBJ: 018. Cash flows from investing activities, as part of the statement of cash flows, include receiptsfrom the sale of land.ANS: T DIF: 2 OBJ: 019. Cash flows from financing activities, as part of the statement of cash flows, include paymentsfor dividends.ANS: T DIF: 2 OBJ: 0110. Cash flows from investing activities, as part of the statement of cash flows, include paymentsfor the purchase of treasury stock.ANS: F DIF: 2 OBJ: 0111. Cash flows from investing activities, as part of the statement of cash flows, include receiptsfrom the issuance of bonds payable.ANS: F DIF: 2 OBJ: 0112. There are two alternatives to reporting cash flows from operating activities in the statement ofcash flows: (1) the direct method and (2) the indirect method.ANS: T DIF: 1 OBJ: 0113. The direct method of preparing the operating activities section of the statement of cash flowsreports major classes of gross cash receipts and gross cash payments.ANS: T DIF: 1 OBJ: 0114. Under the direct method of reporting cash flows from operations, the major source of cash iscash received from customers.ANS: T DIF: 1 OBJ: 0115. The main disadvantage of the direct method of reporting cash flows from operating activitiesis that the necessary data are often costly to accumulate.ANS: T DIF: 2 OBJ: 0116. A major disadvantage of the indirect method of reporting cash flows from operating activitiesis that the difference between the net amount of cash flows from operating activities and net income is not emphasized.ANS: F DIF: 2 OBJ: 01个人收集整理勿做商业用途17. Cash outflows from financing activities include the payment of cash dividends, theacquisition of treasury stock, and the repayment of amounts borrowed.ANS: T DIF: 2 OBJ: 0118. Cash flows from investing activities, as part of the statement of cash flows, include paymentsfor the acquisition of fixed assets.ANS: T DIF: 2 OBJ: 0119. The acquisition of land in exchange for common stock is an example of noncash investing andfinancing activity.ANS: T DIF: 2 OBJ: 0120. If a business issued bonds payable in exchange for land, the transaction would be reported in aseparate schedule on the statement of cash flows.ANS: T DIF: 2 OBJ: 0121. A cash flow per share amount should be reported on thestatement of cash flows.ANS: F DIF: 1 OBJ: 0122. Although there is no order in which the noncash balance sheet accounts must be analyzed indetermining data for preparing the statement of cash flows by the indirect method, time can be saved and greater accuracy can be achieved by selecting the accounts in the reverse order in which they appear on the balance sheet.ANS: T DIF: 1 OBJ: 0223. The 2002 edition of Accounting Trends and Techniques reported that 90% of the companiessurveyed used the indirect method to report changes in cash flows from operations.ANS: F DIF: 2 OBJ: 0224. Rarely would the cash flows from operating activities, as reported on the statement of cashflows, be the same as the net income reported on the income statement.ANS: T DIF: 2 OBJ: 0225. If land costing $75,000 was sold for $135,000, the amount reported in the investing activitiessection of the statement of cash flows would be $75,000.ANS: F DIF: 2 OBJ: 0226. If land costing $150,000 was sold for $205,000, the $55,000 gain on the sale would be addedto net income in converting the net income reported on the income statement to cash flows from operating activities for the statement of cash flows prepared by the indirect method.ANS: F DIF: 2 OBJ: 0227. In preparing the cash flows from operating activitiessection of the statement of cash flows bythe indirect method, the net decrease in inventories from the beginning to the end of the period is added to net income for the period.ANS: T DIF: 2 OBJ: 0228. In determining the cash flows from operating activities for the statement of cash flows by theindirect method, the depreciation expense for the period is added to the net income for the period.ANS: T DIF: 2 OBJ: 0229. In preparing the cash flows from operating activities section of the statement of cash flows bythe indirect method, the amortization of bond discount for the period is deducted from the net income for the period.ANS: F DIF: 2 OBJ: 02个人收集整理勿做商业用途30. If cash dividends of $145,000 were declared during the year and the decrease in dividendspayable from the beginning to the end of the year was $7,000, the statement of cash flows would report $152,000 in the financing activities section.ANS: T DIF: 2 OBJ: 0231. The declaration and issuance of a stock dividend would be reported on the statement of cashflows.ANS: F DIF: 2 OBJ: 0232. If 900 shares of $40 par common stock are sold for $48,000, the $48,000 would be reported inthe cash flows from financing activities section of the statement of cash flows.ANS: T DIF: 2 OBJ: 0233. If $500,000 of bonds payable are sold at 101, $500,000 would be reported in the cash flowsfrom financing activities section of the statement of cash flows.ANS: F DIF: 2 OBJ: 0234. Net income was $ 52,000 for the year. The accumulated depreciation balance increased by$17,000 over the year. There were no sales of fixed assets or changes in noncash current assets or liabilities. The cash flow from operations is $35,000ANS: F DIF: 2 OBJ: 0235. Net income for the year was $29,000. Accounts receivable increased $2,500, and accountspayable increased $5,100. The cash flow from operations is $31,600.ANS: T DIF: 2 OBJ: 0236. A building with a cost of $153,000 and accumulated depreciation of $42,000 was sold for an$11,000 gain. The cash generated from this investing activity was $121,000.ANS: F DIF: 2 OBJ: 0237. The indirect method reports cash received from customers in the cash flows from operatingactivities section of the statement of cash flows.ANS: F DIF: 2 OBJ: 0238. Cash paid to acquire treasury stock should be shown on the statement of cash flows frominvesting activities.ANS: F DIF: 2 OBJ: 0239. Repayments of bonds would be shown as a cash outflow in the investing section of thestatement of cash flows.ANS: F DIF: 2 OBJ: 0240. Acquiring equipment by issuing a six-month note should be shown on the statement of cashflows under the investing activities section.ANS: F DIF: 2 OBJ: 0241. In reporting cash flows from investing activities on the statement of cash flows, the cashinflows are usually reported first, followed by the cash outflows.ANS: T DIF: 1 OBJ: 0242.Cash inflows and outflows are not netted in any activity section of the statement of cash flows but are separately disclosed to give the reader full information.ANS: T DIF: 1 OBJ: 0243. The manner of reporting cash flows from investing and financing activities will be differentunder the direct method as compared to the indirect method.ANS: F DIF: 1 OBJ: 0344. Sales reported on the income statement were $375,000. The accounts receivable balancedeclined $6,500 over the year. The amount of cash received from customers was $368,500.个人收集整理勿做商业用途ANS: F DIF: 2 OBJ: 0345. To determine cash payments for merchandise for the cash flow statement using the directmethod, a decrease in accounts payable is added to the cost of merchandise sold.ANS: T DIF: 2 OBJ: 0346. To determine cash payments for operating expenses for the cash flow statement using thedirect method, a decrease in prepaid expenses is added to operating expenses other thandepreciation.ANS: F DIF: 2 OBJ: 0347. To determine cash payments for operating expenses for the cash flow statement using thedirect method, a decrease in accrued expenses is added to operating expenses other thandepreciation.ANS: T DIF: 2 OBJ: 0348. To determine cash payments for income tax for the cash flow statement using the directmethod, an increase in income taxes payable is added to the income tax expense.ANS: F DIF: 2 OBJ: 0349. Free cash flow is cash flow from operations, less cash used to purchase fixed assets tomaintain productive capacity and cash used for dividends.ANS: T DIF: 1 OBJ: 0450. Free cash flow is the measure of operating cash flow available for corporate purposes afterproviding sufficient fixed asset additions to maintain current productive capacity anddividends.ANS: T DIF: 1 OBJ: 04MULTIPLE CHOICE1. Which of the following is not one of the four basic financial statements?a. balance sheetb. statement of cash flowsc. statement of changes in financial positiond. income statementANS: C DIF: 1 OBJ: 012. Which of the following concepts of cash is not appropriate to use in preparing the statementof cash flows?a. cashb. cash and money market fundsc. cash and cash equivalentsd. cash and U.S. treasury bondsANS: D DIF: 2 OBJ: 013. The statement of cash flows reportsa. cash flows from operating activitiesb. total assetsc. total changes in stockholders' equityd. changes in retained earningsANS: A DIF: 1 OBJ: 014. On the statement of cash flows, the cash flows from operating activities section would includea. receipts from the issuance of capital stockb. receipts from the sale of investmentsc. payments for the acquisition of investments个人收集整理勿做商业用途d. cash receipts from sales activitiesANS: D DIF: 2 OBJ: 015. Preferred stock issued in exchange for land would be reported in the statement of cash flowsina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: C DIF: 2 OBJ: 016. Cash paid to purchase long-term investments would be reported in the statement of cash flowsina. the cash flows from operating activities sectionb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. a separate scheduleANS: C DIF: 2 OBJ: 017. A statement of cash flows would not disclose the effects of which of the followingtransactions?a. stock dividends declaredb. bonds payable exchanged for capital stockc. purchase of treasury stockd. capital stock issued to acquire fixed assetsANS: A DIF: 2 OBJ: 018. Which of the following does not represent an outflow of cash and therefore would not bereported on the statement of cash flows as a use of cash?a. purchase of noncurrent assetsb. purchase of treasury stockc. discarding an asset that had been fully depreciatedd. payment of cash dividendsANS: C DIF: 2 OBJ: 019. Which of the following represents an inflow of cash and therefore would be reported on thestatement of cash flows?a. appropriation of retained earningsb. acquisition of treasury stockc. declaration of stock dividendsd. issuance of long-term debtANS: D DIF: 2 OBJ: 0110. A ten-year bond was issued at par for $150,000 cash. This transaction should be shown on astatement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activitiesd. operating activitiesANS: B DIF: 1 OBJ: 0111. Cash paid for preferred stock dividends should be shown on the statement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activities个人收集整理勿做商业用途d. operating activitiesANS: B DIF: 2 OBJ: 0112. The last item on the statement of cash flows prior to the schedule of noncash investing andfinancing activities reportsa. the increase or decrease in cashb. cash at the end of the yearc. net cash flow from investing activitiesd. net cash flow from financing activitiesANS: B DIF: 2 OBJ: 0113. Which of the following is a noncash investing and financing activity?a. payment of a cash dividendb. payment of a six-month note payablec. purchase of merchandise inventory on accountd. issuance of common stock to acquire landANS: D DIF: 2 OBJ: 0114. Which of the following should be shown on a statement of cash flows under the financingactivity section?a. the purchase of a long-term investment in the common stock of another companyb. the payment of cash to retire a long-term notec. the proceeds from the sale of a buildingd. the issuance of a long-term note to acquire landANS: B DIF: 2 OBJ: 0115. A company purchases equipment for $29,000 cash. This transaction should be shown on thestatement of cash flows undera. investing activitiesb. financing activitiesc. noncash investing and financing activitiesd. operating activitiesANS: A DIF: 2 OBJ: 0116. Cash flow per share isa. required to be reported on the balance sheetb. required to be reported on the income statementc. required to be reported on the statement of cash flowsd. not required to be reported on any statementANS: D DIF: 1 OBJ: 0117. On the statement of cash flows prepared by the indirect method, the cash flows from operatingactivities section would includea. receipts from the sale of investmentsb. amortization of premium on bonds payablec. payments for cash dividendsd. receipts from the issuance of capital stockANS: B DIF: 2 OBJ: 0118. The statement of cash flows may be used by management toa. assess the liquidity of the businessb. assess the major policy decisions involving investments and financingc. determine dividend policyd. do all of the aboveANS: D DIF: 1 OBJ: 01个人收集整理勿做商业用途19. Depreciation on factory equipment would be reported in the statement of cash flows preparedby the indirect method ina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: D DIF: 2 OBJ: 0220. Which of the following should be added to net income incalculating net cash flow fromoperating activities using the indirect method?a. an increase in inventoryb. a decrease in accounts payablec. preferred dividends declared and paidd. a decrease in accounts receivableANS: D DIF: 2 OBJ: 0221. Which of the following should be deducted from net income in calculating net cash flow fromoperating activities using the indirect method?a. depreciation expenseb. amortization of premium on bonds payablec. a loss on the sale of equipmentd. dividends declared and paidANS: B DIF: 2 OBJ: 0222. Which of the following below increases cash?a. depreciation expenseb. acquisition of treasury stockc. borrowing money by issuing a six-month noted. the declaration of a cash dividendANS: C DIF: 2 OBJ: 0223. Which one of the following below would not be classified as an operating activity?a. interest expenseb. income taxesc. payment of dividendsd. selling expensesANS: C DIF: 2 OBJ: 0224. Which one of the following below should be added to net income in calculating net cash flowfrom operating activities using the indirect method?a. a gain on the sale of landb. a decrease in accounts payablec. an increase in accrued liabilitiesd. dividends paid on common stockANS: C DIF: 2 OBJ: 0225. On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale ofinvestments would bea. deducted from net income in converting the net income reported on the incomestatement to cash flows from operating activitiesb. added to net income in converting the net income reported on the income statementto cash flows from operating activitiesc. added to dividends declared in converting the dividends declared to the cash flowsfrom financing activities related to dividends个人收集整理勿做商业用途d. deducted from dividends declared in converting the dividends declared to the cashflows from financing activities related to dividendsANS: A DIF: 2 OBJ: 0226. Accounts receivable arising from trade transactions amounted to $45,000 and $52,000 at thebeginning and end of the year, respectively. Net income reported on the income statement for the year was $105,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows prepared by the indirect method isb. $112,000c. $98,000d. $140,000ANS: C DIF: 2 OBJ: 0227. The net income reported on the income statement for the current year was $275,000.Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:End Beginning Cash $ 50,000 $ 60,000 Accounts receivable 112,000 108,000 Inventories 105,000 93,000 Prepaid expenses 4,500 6,500 Accounts payable (merchandise creditors) 75,000 89,000 What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?a. $198,000b. $324,000c. $352,000d. $296,000ANS: D DIF: 3 OBJ: 0228. The following information is available from the current period financial statements:Net income .................................... $140,000Depreciation expense ..................... 28,000Increase in accounts receivable ....... 16,000Decrease in accounts payable ......... 21,000The net cash flow from operating activities using the indirect method isb. $163,000c. $107,000d. $205,000ANS: A DIF: 3 OBJ: 0229. On the statement of cash flows, the cash flows from investing activities section would includea. receipts from the issuance of capital stockb. payments for dividendsc. payments for retirement of bonds payabled. receipts from the sale of investmentsANS: D DIF: 2 OBJ: 02个人收集整理勿做商业用途30. A building with a book value of $ 45,000 is sold for $50,000 cash. Using the indirect method,this transaction should be shown on the statement of cash flows as follows:a. an increase of $45,000 from investing activitiesb. an increase of $50,000 from investing activities and a deduction from net income of$5,000c. an increase of $50,000 from investing activitiesd. an increase of $45,000 from investing activities and an addition to net income of$5,000ANS: B DIF: 2 OBJ: 0231. Cash paid for equipment would be reported in the statement of cash flows ina. the cash flows from operating activities sectionb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. a separate scheduleANS: C DIF: 2 OBJ: 0232. If a gain of $9,000 is incurred in selling (for cash) office equipment having a book value of$55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows isa. $46,000b. $9,000c. $55,000d. $64,000ANS: D DIF: 2 OBJ: 0233. Which of the following types of transactions would be reported as a cash flow from investingactivity on the statement of cash flows?a. issuance of bonds payableb. issuance of capital stockc. purchase of treasury stockd. purchase of noncurrent assetsANS: D DIF: 2 OBJ: 0234. Land costing $47,000 was sold for $78,000 cash. The gain on the sale was reported on theincome statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?a. $78,000b. $47,000c. $109,000d. $31,000ANS: A DIF: 2 OBJ: 0235. Equipment with an original cost of $50,000 and accumulated depreciation of $20,000 wassold at a loss of $7,000. As a result of this transaction, cash woulda. increase by $23,000b. decrease by $7,000c. increase by $43,000d. decrease by $30,000ANS: A DIF: 2 OBJ: 0236. On the statement of cash flows, the cash flows from financing activities section would includea. receipts from the sale of investmentsb. payments for the acquisition of investmentsc. receipts from a note receivabled. receipts from the issuance of capital stockANS: D DIF: 2 OBJ: 0237. On the statement of cash flows, the cash flows from financing activities section would includeall of the following excepta. receipts from the sale of bonds payableb. payments for dividendsc. payments for purchase of treasury stockd. payments of interest on bonds payableANS: D DIF: 2 OBJ: 0238. Cash dividends paid on capital stock would be reported in the statement of cash flows ina. the cash flows from financing activities sectionb. the cash flows from investing activities sectionc. a separate scheduled. the cash flows from operating activities sectionANS: A DIF: 2 OBJ: 0239. Cash dividends of $80,000 were declared during the year. Cash dividends payable were$10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year isa. $85,000b. $80,000c. $95,000d. $75,000ANS: D DIF: 2 OBJ: 0240. On the statement of cash flows, a $20,000 gain on the sale of fixed assets would bea. added to net income in converting the net income reported on the income statementto cash flows from operating activitiesb. deducted from net income in converting the net income reported on the incomestatement to cash flows from operating activitiesc. added to dividends declared in converting the dividends declared to the cash flowsfrom financing activities related to dividendsd. deducted from dividends declared in converting the dividends declared to the cashflows from financing activities related to dividendsANS: B DIF: 2 OBJ: 0241. A business issues 20-year bonds payable in exchange for preferred stock. This transactionwould be reported on the statement of cash flows ina. a separate scheduleb. the cash flows from financing activities sectionc. the cash flows from investing activities sectiond. the cash flows from operating activities sectionANS: A DIF: 2 OBJ: 0242. Land costing $68,000 was sold for $50,000 cash. The loss on the sale was reported on theincome statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?a. $50,000b. $78,000c. $118,000d. $68,000ANS: A DIF: 2 OBJ: 0243. The current period statement of cash flows includes the flowing:Cash balance at the beginning of the period................... $410,000Cash provided by operating activities ............................ 185,000 Cash used in investing activities .................................... 43,000Cash used in financing activities .................................... 97,000 The cash balance at the end of the period isa. $45,000b. $735,000c. $455,000d. $85,000ANS: C DIF: 2 OBJ: 0244. On the statement of cash flows, the cash flows from operating activities section would includea. receipts from the issuance of capital stockb. payment for interest on short-term notes payablec. payments for the acquisition of investmentsd. payments for cash dividendsANS: B DIF: 2 OBJ: 0345. The cost of merchandise sold during the year was $50,000. Merchandise inventories were$12,500 and $10,500 at the beginning and end of the year, respectively. Accounts payable were $6,000 and $5,000 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments for merchandise totala. $49,000b. $47,000c. $51,000d. $53,000ANS: A DIF: 2 OBJ: 0346. Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at thebeginning and end of the year. Cash received from customers to be reported on the cash flow statement using the direct method isa. $700,000b. $600,000c. $580,000d. $620,000ANS: D DIF: 2 OBJ: 0347. Operating expenses other than depreciation for the year were $400,000. Prepaid expensesincreased by $17,000 and accrued expenses decreased by $30,000 during the year. Cash payments for operating expensesto be reported on the cash flow statement using the direct method would bea. $353,000b. $413,000c. $447,000d. $383,000ANS: C DIF: 2 OBJ: 0348. The following selected account balances appeared on the financial statements of the FranklinCompany:Accounts Receivable, Jan. 1 ........... $13,000Accounts Receivable, Dec. 31 ........ 9,000Accounts Payable, Jan 1 ................ 4,000Accounts payable Dec. 31 .............. 7,000Merchandise Inventory, Jan 1 ......... 10,000Merchandise Inventory, Dec 31 ...... 15,000Sales ............................................. 56,000Cost of Goods Sold ........................ 31,000The Franklin Company uses the direct method to calculate net cash flow from operatingactivities. Cash collections from customers area. $56,000b. $52,000c. $60,000d. $45,000ANS: C DIF: 3 OBJ: 0349. The following selected account balances appeared on the financial statements of the FranklinCompany:Accounts Receivable, Jan. 1 ......... $13,000Accounts Receivable, Dec. 31 ...... 9,000Accounts Payable, Jan 1 .............. 4,000Accounts payable Dec. 31 ............ 7,000Merchandise Inventory, Jan 1 ....... 10,000Merchandise Inventory, Dec 31 .... 15,000Sales ........................................... 56,000Cost of Goods Sold ....................... 31,000The Franklin Company uses the direct method to calculate net cash flow from operatingactivities. Cash paid to suppliers isa. $39,000b. $33,000c. $29,000d. $23,000ANS: B DIF: 3 OBJ: 0350. Income tax was $400,000 for the year. Income tax payable was $30,000 and $40,000 at thebeginning and end of the year. Cash payments for income tax reported on the cash flow statement using the direct method isa. $400,000b. $390,000c. $430,000d. $440,000ANS: B DIF: 2 OBJ: 0351. Free cash flow isa. all cash in the bankb. cash from operationsc. cash from financing, less cash used to purchase fixed assets to maintain productive。

英文版会计学考试题及答案English Accounting Exam Questions and AnswersQuestion 1: Define the term "Double Entry Bookkeeping" and explain its significance in accounting.Answer 1: Double Entry Bookkeeping is a system of recording financial transactions in which every entry to an account requires a corresponding and opposite entry to a different account. This ensures that the accounting equation (Assets = Liabilities + Owner's Equity) remains in balance. The significance of double entry bookkeeping lies in its ability to provide an accurate and comprehensive picture of a business's financial status, facilitating better decision-making and financial control.Question 2: What is the purpose of a trial balance, and how does it help in the preparation of financial statements?Answer 2: A trial balance is a report that lists the balances of all general ledger accounts at a particular point in time, with debit and credit amounts. It is used to ensure that the debits and credits have been recorded correctly. The trial balance helps in the preparation of financial statements by identifying any discrepancies in the accounting records, which can then be rectified before finalizing the statements.Question 3: Explain the difference between "AccrualAccounting" and "Cash Accounting."Answer 3: Accrual Accounting is a method of accounting where revenues and expenses are recognized when they are earned or incurred, not necessarily when cash is received or paid. This method provides a more accurate representation of a company's financial performance over a period. Cash Accounting, on the other hand, records transactions only when cash is exchanged. It is simpler and is often used by small businesses or those that operate on a cash basis.Question 4: Describe the process of preparing an income statement.Answer 4: Preparing an income statement involves several steps:1. List all the revenues for the period, such as sales and service income.2. Deduct all the expenses incurred to generate those revenues, including cost of goods sold, operating expenses, and taxes.3. Calculate the net income by subtracting total expenses from total revenues.4. The income statement should reflect the company's profitability over a specified period, typically a month, quarter, or year.Question 5: What are the main components of a balance sheet, and how do they relate to each other?Answer 5: The main components of a balance sheet are:1. Assets: What the company owns or controls with future economic benefit, divided into current assets (short-term) and non-current assets (long-term).2. Liabilities: Obligations the company owes to others, classified as current liabilities (due within one year) and long-term liabilities (due after one year).3. Owner's Equity: The residual interest in the assets of the entity after deducting liabilities, also known as shareholders' equity or net assets.These components are related through the fundamental accounting equation: Assets = Liabilities + Owner's Equity.Question 6: How does depreciation affect a company'sfinancial statements?Answer 6: Depreciation is a non-cash accounting method used to allocate the cost of tangible assets over their useful lives. It affects a company's financial statements in the following ways:1. It reduces the book value of the asset on the balance sheet.2. It increases the accumulated depreciation account, whichis a contra-asset account.3. It decreases net income on the income statement, as depreciation is an expense.4. It can lower taxable income, potentially reducing the company's tax liability.Question 7: What is the purpose of the statement of cash flows, and how does it differ from the income statement?Answer 7: The purpose of the statement of cash flows is to provide information about a company's cash receipts and payments during a period, showing how these cash flows affect the company's financial position. It differs from the income statement in that:1. It focuses on cash transactions, not accrual-basis accounting.2. It categorizes cash flows into operating, investing, and financing activities.3. It does not report net income but rather the net change in cash and cash equivalents.Question 8: Explain the concept of "Going Concern" and its importance in financial reporting.Answer 8: The Going Concern concept assumes that a businesswill continue to operate for the foreseeable future, allowing it to realize its assets and discharge its liabilities in the normal course of business. It is important in financial reporting because it underpins the accrual basis of accounting, which assumes that the business will continue to operate and therefore can recognize revenues and expensesover time.Question 9: What are the ethical considerations in accounting, and why are they important?Answer 9: Ethical considerations in accounting include honesty, integrity, objectivity, and confidentiality. Theyare important because they ensure the reliability andcredibility of financial information, which is crucial for stakeholders to make informed decisions. Ethical behavior also helps maintain public trust。

财务会计题库英文及答案1. Question: What is the purpose of the statement of cash flows in financial accounting?Answer: The purpose of the statement of cash flows is to provide information about the cash receipts and cash payments of an entity, showing how the changes in balance sheet accounts and income affect cash and cash equivalents, and to reveal the entity's financing and investing activities.2. Question: Explain the difference between a debit and a credit in double-entry bookkeeping.Answer: In double-entry bookkeeping, a debit is an entry on the left side of an account that either increases an asset or expense, or decreases a liability, equity, or revenue. A credit is an entry on the right side of an account that increases a liability, equity, or revenue, or decreases an asset or expense.3. Question: What is the accrual basis of accounting?Answer: The accrual basis of accounting is a method of accounting in which revenues and expenses are recognized when they are earned or incurred, not when cash is received or paid. This method provides a more accurate picture of a company's financial performance over a period of time.4. Question: How does depreciation affect a company's financial statements?Answer: Depreciation is a non-cash expense that allocates the cost of a tangible asset over its useful life. It affects the company's financial statements by reducing the asset's carrying value on the balance sheet and decreasing the net income on the income statement, which in turn can affect the retained earnings.5. Question: What is the primary goal of financial statement analysis?Answer: The primary goal of financial statement analysis is to assess the performance and financial condition of a company. It helps investors, creditors, and other stakeholders make informed decisions by evaluating the company's profitability, liquidity, solvency, and overall financial health.6. Question: What is the difference between a journal entry and a ledger entry?Answer: A journal entry records the initial transaction in the general journal, showing the date, accounts affected, and the amounts debited and credited. A ledger entry, on the other hand, is the posting of the journal entry to the appropriate accounts in the general ledger, which summarizes the transactions for each account.7. Question: Explain the matching principle in financialaccounting.Answer: The matching principle in financial accounting requires that expenses be recognized in the same period asthe revenues they helped to generate. This principle ensures that the income statement reflects the actual economic performance of the period and avoids distortions that could arise from recognizing revenues and expenses in different periods.8. Question: What is the purpose of adjusting entries?Answer: Adjusting entries are made at the end of an accounting period to ensure that the financial statements reflect the current financial position and performance of the company. They adjust for revenues and expenses that have been incurred but not yet recorded, or cash received or paid butnot yet recognized.9. Question: What is the difference between a budget and a forecast?Answer: A budget is a detailed financial plan thatoutlines expected revenues and expenses for a specific period, often used for internal management and control. A forecast,on the other hand, is a projection of future financial performance based on assumptions and trends, and is typically used for strategic planning and decision-making.10. Question: What is the role of the balance sheet infinancial accounting?Answer: The balance sheet is a financial statement that presents a company's financial position at a specific point in time. It lists the company's assets, liabilities, and equity, and is used to assess the company's liquidity, solvency, and overall financial stability. The balance sheet must always balance, with total assets equaling the sum of liabilities and equity.。

TRUE/FALSE1.The excess of revenue over the expenses incurred in earning the revenue is called capital.FANS: F DIF: 2 OBJ: 082.Drawings are an example of an expense.ANS: F DIF: 2 OBJ: 013.An adjusting entry would adjust revenue so it is reported when earned and not when cash is received.ANS: T DIF: 2 OBJ: 024.A company depreciates its equipment $350 a year. The adjusting entry for December 31 is debitDepreciation Expense, $350 and credit Equipment, $350.TANS: F DIF: 4 OBJ: 035.After Net Income or Loss is entered on the work sheet, the debit column total must equal the creditcolumn total for the Balance Sheet pair of columns.TANS: T DIF: 3 OBJ: 026.The income summary account is closed to the owner's capital account.TANS: T DIF: 1 OBJ: 047.Accounts in the ledger are usually maintained in alphabetical order.ANS: F DIF: 2 OBJ: 018.The increase side of all accounts is the normal balance.FANS: T DIF: 2 OBJ: 039.The ending merchandise inventory for 2005 is the same as the beginning merchandise inventory for2006.TANS: T DIF: 2 OBJ: 0210.In a perpetual inventory system, when merchandise is returned to the seller, Cost of Merchandise Soldis one of the accounts debited to record the transaction.YANS: T DIF: 2 OBJ: 0311.When an account receivable that has been written off is subsequently collected, the accountreceivable is reinstated.YANS: T DIF: 2 OBJ: 0412.A note receivable can be sold to a financial institution to secure cash before the maturity date. Thistype of transaction is called discounting the note receivable.YANS: T DIF: 1 OBJ: App13.All property, plant, and equipment assets are depreciated over time.FANS: F DIF: 2 OBJ: 0114.Capital expenditures are costs that are charged to Stockholders' Equity accounts.YANS: F DIF: 1 OBJ: 0315.Interest expense is reported in the operating expense section of the income statement.FANS: F DIF: 2 OBJ: 0216.Dividends in arrears are liabilities of the corporation.FANS: F DIF: 2 OBJ: 0317.A large retained earnings account means that there is cash available to pay dividends.YANS: F DIF: 2 OBJ: 0718.The amortization of a premium on bonds payable decreases bond interest expense.ANS: T DIF: 2 OBJ: 0419.The effective-interest method of amortizing a bond discount or premium is the preferred methodANS: T DIF: 2 OBJ: 0420.If two companies have the same current ratio, their ability to pay short-term debt is the same.FANS: F DIF: 2 OBJ: 02MULTIPLE CHOICE1.Which of the following is not a step in providing accounting information to stakeholders?Aa. design the accounting information systemb. prepare accounting surveysc. identify stakeholdersd. record economic dataANS: B DIF: 3 OBJ: 022.Which of the following applications of the rules of debit and credit is true?a. decrease Prepaid Insurance with a credit and the normal balance is a creditb. increase Accounts Payable with a credit and the normal balance is a debitc. increase Supplies Expense with a debit and the normal balance is a debitd. decrease Cash with a debit and the normal balance is a creditANS: C DIF: 3 OBJ: 033.A debit may signify a(n)a. decrease in asset accountsb. decrease in liability accountsc. increase in the capital accountd. decrease in the drawing accountANS: B DIF: 1 OBJ: 034.Which of the following applications of the rules of debit and credit is true?a. decrease Prepaid Insurance with a credit and the normal balance is a creditb. increase Accounts Payable with a credit and the normal balance is a debitc. increase Supplies Expense with a debit and the normal balance is a debitd. decrease Cash with a debit and the normal balance is a creditANS: C DIF: 3 OBJ: 03ing accrual accounting, expenses are recorded and reported onlya. when they are incurred, whether or not cash is paidb. when they are incurred and paid at the same timec. if they are paid before they are incurredd. if they are paid after they are incurredANS: A DIF: 3 OBJ: 016.If there is a balance in the prepaid rent account after adjusting entries are made, it represents a(n)Aa. deferralb. accrualc. revenued. liabilityANS: A DIF: 2 OBJ: 037.A net loss appears on the work sheet in thea. debit column of the Balance Sheet columnsb. credit column of the Balance Sheet columnsc. debit column of the Income Statement columnsd. credit column of the Adjustments columnsANS: A DIF: 2 OBJ: 028.On August 1, a company collects revenue in advance for the next twelve months and credits a liabilityaccount. The adjusting entry at year end on the work sheet wouldABCa. increase a liability accountb. decrease an asset accountc. decrease a revenue accountd. decrease a liability accountANS: D DIF: 3 OBJ: 029. A company, using the periodic inventory system, has merchandise inventory costing $140 on handat the beginning of the period. During the period, merchandise costing $400 is purchased. At year-end, merchandise inventory costing $180 is on hand. The cost of merchandise sold for the year isa. $720b. $550c. $360d. none of the aboveANS: C DIF: 4 OBJ: 0210.Which of the following accounts should be closed to Income Summary at the end of the fiscalyear?ACD？a. Merchandise Inventoryb. Accumulated Depreciationc. Drawingd. Cost of Merchandise SoldANS: D DIF: 1 OBJ: Ap211.The two methods of accounting for uncollectible receivables are the allowance method and the Ba. equity methodb. direct write-off methodc. interest methodd. cost methodANS: B DIF: 2 OBJ: 0312.Allowance for Doubtful Accounts has a credit balance of $1,100 at the end of the year (beforeadjustment), and an analysis of customers' accounts indicates doubtful accounts of $12,900.Which of the following entries records the proper provision for doubtful accounts?Da. debit Uncollectible Accounts Expense, $14,000; credit Allowance for Doubtful Accounts,$14,000b. debit Allowance for Doubtful Accounts, $14,000; credit Uncollectible Accounts Expense,$14,000c. debit Allowance for Doubtful Accounts, $11,800; credit Uncollectible Accounts Expense,$11,800d. debit Uncollectible Accounts Expense, $11,800; credit Allowance for Doubtful Accounts,$11,800ANS: D DIF: 3 OBJ: 0413.A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 4years or 18,000 hours. What is the amount of depreciation for the second full year, using the declining-balance method at double the straight-line rate?Aa. $15,000b. $30,000c. $16,250d. $32,500ANS: C DIF: 3 OBJ: 0214.A capital expenditure results in a debit to Da. an expense accountb. a capital accountc. a liability accountd. an asset accountANS: D DIF: 1 OBJ: 0315.Pilgrim Company sells merchandise with a one year warranty. In 2008, sales consisted of 1,500 units.It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2008 and 70% in 2009. In the 2008 income statement, Pilgrim should show warranty expense of Aa. $4,500b. $10,500c. $15,000d. $0ANS: C DIF: 3 OBJ: 0316.The journal entry a company uses to record the issuance of a note for the purpose of borrowing funds forthe business is Ba. debit Accounts Payable; credit Notes Payableb. debit Cash; credit Notes Payablec. debit Notes Payable; credit Cashd. debit Cash and Interest Expense; credit Notes PayableANS: B DIF: 2 OBJ: 0217.The par value per share of common stock represents Aa. the minimum selling price of the stock established by the articles of incorporation.b. the minimum amount the stockholder will receive when the corporation is liquidatedc. an arbitrary amount established in the articles of incorporationd. the amount of dividends per share to be received each yearANS: C DIF: 1 OBJ: 03, 0418.Hurd Company acquired a building valued at $160,000 for property tax purposes in exchange for 10,000shares of its $5 par common stock. The stock is widely traded and selling for $15 per share. At what amount should the building be recorded by Hurd Company?Aa. $50,000b. $150,000c. $160,000d. $200,000ANS: B DIF: 1 OBJ: 0419.The entry to record the amortization of a premium on bonds payable isa. debit Premium on Bonds Payable, credit Interest Expenseb. debit Interest Expense, credit Premium on Bond Payablec. debit Interest Expense, debit Premium on Bonds Payable, credit Cashd. debit Bonds Payable, credit Interest ExpenseANS: C DIF: 3 OBJ: 0420. The following information is available for Duncan Co.:2006 Dividends per share of common stock $ 1.40Market price per share of common stock 17.50Which of the following statements is correct?Ca. The dividend yield is 8.0%, which is of interest to investors seeking an increase in marketprice of their stocks.b. The dividend yield is 8.0%, which is of special interest to investors seeking current returns ontheir investments.c. The dividend yield is 12.5%, which is of interest to bondholders.d. The dividend yield is 8.0 times the market price, which is important in solvency analysis.ANS: B DIF: 3 OBJ: 03Problems8.The balances in the ledger of Landscape Services as of December 31, 2005 before adjustments, are asfollows:Cash $ 4,500 Capital Stock $20,000 Supplies 4,150 Retained Earnings 13,050 Prepaid Insurance 8,700 Dividends 2,900 Equipment 42,000 Service Revenue 52,500 Accumulated Salary Expense 28,500 Depreciation 10,200 Rent Expense 5,000Adjustment data are as follows: supplies on hand, December 31, $1,000; insurance expired for December, $900; depreciation on equipment for December, $1,500; salaries accrued, December 31, $1,000.(a) Prepare a ten-column worksheet for Landscape Services for December, 2005.(b) On the basis of the worksheet in (a), present the following in good order: (1) incomestatement, (2) retained earnings statement (no additional investments were made duringthe month), and (3) balance sheet.(c) On the basis of the worksheet in (a), journalize the closing entries as of December 31,2005.ANS:(a)Landscape ServicesWorksheetFor the Month Ended December 31, 2005 ) ) ) )Trial Balance Adjustments ) Account Title Dr. Cr. Dr. Cr. )Cash 4,500 ..... ..... ..... ) Supplies 4,150 ..... ..... (a) 3,150 ) Prepaid Insurance 8,700 ..... ..... (b) 900 ) Equipment 42,000 ..... ..... ..... ) Accumulated Depreciation ..... 10,200 ..... (c) 1,500 ) Capital Stock ..... 20,000 ..... ..... ) Retained Earnings ..... 13,050 ..... ..... ) Dividends 2,900 ..... ..... ..... ) Service Revenue ..... 52,500 ..... ..... ) Salary Expense 28,500 ..... (d) 1,000 ..... ) Rent Expense 5,000 ..... ..... ..... )95,750 95,750 )) Supplies Expense ..... ..... (a) 3,150 ..... ) Insurance Expense ..... ..... (b) 900 ..... ) Depreciation Expense ..... ..... (c) 1,500 ..... )Salaries Payable ..... ..... ..... d) 1,000 ) Net Income 6,550 6,550 )) (( Adjusted(Trial Balance Income Statement Balance Sheet( Dr. Cr. Dr. Cr. Dr. Cr. (( 4,500 ..... ..... ..... 4,500 ..... ( 1,000 ..... ..... ..... 1,000 ..... ( 7,800 ..... ..... ..... 7,800 ..... (42,000 ..... ..... ..... 42,000 ..... ( ..... 11,700 ..... ..... ..... 11,700 ( ..... 20,000 ..... ..... ..... 20,000 ( ..... 13,050 ..... ..... ..... 13,050 ( 2,900 ..... ..... ..... 2,900 ..... (...... 52,500 ..... 52,500 ..... ..... ( 29,500 ..... 29,500 ..... ..... ..... ( 5,000 ..... 5,000 ..... ..... ..... ( 3,150 ..... 3,150 ..... ..... ..... ( 900 ..... 900 ..... ..... ..... ( 1,500 ..... 1,500 ..... ..... ..... ( ..... 1,000 ..... ..... ..... 1,000 (98,250 98,250 40,050 52,500 58,200 45,750 (====== ====== 12,450 ...... ...... 12,450 ( 52,500 52,500 58,200 58,200 ( ====== ====== ====== ======(b) (1)Landscape ServicesIncome StatementFor the Month Ended December 31, 2005Service revenue $52,500 Operating expenses:Salary expense $29,500Rent expense 5,000Supplies expense 3,150 Depreciation expense 1,500Insurance expense 900Total operating expenses 40,050 Net income $12,450(2)Landscape ServicesRetained Earnings StatementFor the Month Ended December 31, 2005Retained Earnings, December 1, 2005 $13,050 Net income for the month $12,450Less dividends2,900Increase in owner's equity 9,550 Retained Earnings, December 31, 2005 $22,600(3)Landscape ServicesBalance SheetDecember 31, 2005Assets LiabilitiesCurrent assets:Cash $ 4,500 Current liabilities:Supplies 1,000 Salaries payable $ 1,000 Prepaid insurance 7,800Total currentassets $13,300 Stockholders' EquityCapital Stock 20,000 Property, plant, andRetained Earnings 13,050 equipment:Equipment... $42,000 Total stockholders' Equity 33,050 Less accumulated$43,600 depreciation 11,700 Total Liabilities andStockholders'Total property, Equityplant, andequipment 30,300Total assets $43,600(c)Closing EntriesJan. 31 Service Revenue 52,500Income Summary 52,50031 Income Summary 40,050Salary Expense 29,500Rent Expense 5,000Supplies Expense 3,150Insurance Expense 900Depreciation Expense 1,50031 Income Summary 12,450Retained Earnings 12,45031 Retained Earnings 2,900Dividends 2,900。

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 accounting equation?A. Assets = Liabilities + EquityB. Assets = Liabilities - EquityC. Assets - Liabilities = EquityD. Liabilities = Assets - EquityAnswer: A2. Which of the following is not a type of intangible asset?A. PatentB. TrademarkC. CopyrightD. InventoryAnswer: D3. What is the purpose of adjusting entries?A. To correct errorsB. To update the financial statementsC. To prepare for closing the booksD. All of the aboveAnswer: D4. What is the term for the process of allocating costs to specific cost objects?A. Cost allocationB. Cost centeringC. Cost accountingD. Cost trackingAnswer: A5. Which of the following is an example of a non-current liability?A. Accounts payableB. Long-term debtC. Wages payableD. Sales tax payableAnswer: B二、简答题（每题10分，共20分）6. Explain the concept of depreciation and its impact on financial statements.Answer: Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the consumption of the asset's economic benefits and is used to match the expense with the revenue generated by the asset. The impact on financial statements includes a reduction in the asset's book value on the balance sheet and an increase in the accumulated depreciation account, as well as a decrease in net income on the income statement due to the depreciation expense.7. What are the main differences between cash and accrualaccounting?Answer: Cash accounting records transactions when cash is received or paid, focusing on the actual movement of cash. Accrual accounting, on the other hand, records transactions when they occur, regardless of when cash is received or paid. Accrual accounting provides a more comprehensive picture of a company's financial performance by matching revenues with the expenses incurred to generate those revenues.三、计算题（每题15分，共30分）8. If a company purchased a machine for $120,000 with an estimated useful life of 10 years and no residual value, calculate the annual depreciation expense using the straight-line method.Answer: Annual depreciation expense = (Cost of the machine - Residual value) / Useful life = ($120,000 - $0) / 10 years = $12,000 per year.9. A company has the following accounts at the end of the year: Accounts Receivable $50,000, Inventory $30,000, and Prepaid Expenses $10,000. Calculate the current assets.Answer: Current assets = Accounts Receivable + Inventory + Prepaid Expenses = $50,000 + $30,000 + $10,000 = $90,000.四、案例分析题（每题15分，共15分）10. A company reported net income of $200,000 for the year. However, they made an error in recording a $10,000 expense that was not included in the income statement. What is thecorrected net income?Answer: The corrected net income should be reduced by the omitted expense. Therefore, the corrected net income = Original net income - Omitted expense = $200,000 - $10,000 = $190,000.五、论述题（每题15分，共15分）11. Discuss the importance of internal controls in preventing fraud and ensuring accurate financial reporting.Answer: Internal controls are critical in preventing fraud and ensuring accurate financial reporting as they provide a system of checks and balances within an organization. They help to safeguard assets, promote operational efficiency, and ensure compliance with laws and regulations. Effective internal controls can deter and detect errors or fraud, thereby enhancing the reliability and integrity of financial statements.考试结束，请考生停止作答。

财务类英语试题及答案一、选择题（每题1分，共10分）1. Which of the following is a common financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. All of the above2. The term "equity" in finance refers to:A. Money owed to a company.B. Money invested in a company.C. Money earned by a company.D. Money spent by a company.3. What is the formula for calculating the return on investment (ROI)?A. ROI = (Net Income / Total Assets) * 100B. ROI = (Total Assets / Net Income) * 100C. ROI = (Net Profit / Cost of Investment) * 100D. ROI = (Cost of Investment / Net Profit) * 1004. The process of forecasting a company's future financial position is known as:A. BudgetingB. ForecastingC. PlanningD. Analysis5. Which of the following is not a type of financial risk?A. Credit riskB. Market riskC. Liquidity riskD. Fixed risk6. The term "leverage" in finance is used to describe:A. The use of borrowed money to increase potential returns.B. The process of selling a financial asset.C. The amount of money a company has in the bank.D. The ratio of a company's equity to its debt.7. What does "EBIT" stand for in financial analysis?A. Earnings Before Interest and TaxesB. Earnings Before Income and TaxesC. Earnings Before Interest and TotalD. Earnings Before Interest, Taxes, and Depreciation8. The "time value of money" concept implies that:A. Money received in the future is worth less than money received today.B. Money received in the past is worth more than money received today.C. Money has no value over time.D. The value of money is constant over time.9. Which of the following is a method of financial analysis?A. SWOT analysisB. PEST analysisC. Ratio analysisD. Porter's Five Forces analysis10. The "break-even point" in finance is the point at which:A. A company's revenue equals its expenses.B. A company's net income is zero.C. A company's assets equal its liabilities.D. A company's cash flow is positive.答案：1. D2. B3. C4. B5. D6. A7. A8. A9. C10. A二、填空题（每题1分，共5分）11. The __________ is a financial statement that shows a company's assets, liabilities, and equity at a particular point in time.Answer: Balance Sheet12. The __________ is the difference between revenue and expenses during a specific period.Answer: Net Income13. In finance, the term "capital" often refers to the__________ of the business.Answer: Owners' Equity14. If a company's current assets are greater than itscurrent liabilities, it is said to have a positive __________. Answer: Working Capital15. The __________ is a measure of how well a company can pay its current debts.Answer: Quick Ratio三、简答题（每题5分，共10分）16. What is the purpose of a financial statement analysis?Answer: The purpose of financial statement analysis is to assess the performance and financial health of a company. It helps investors, creditors, and other stakeholders to make informed decisions about the company's financial stability, profitability, and risk.17. Explain the difference between "operating activities" and "financing activities" in the context of a cash flow statement.Answer: Operating activities in a cash flow statement referto the cash transactions that are directly related to thecore business operations of the company, such as cashreceived from sales and cash paid for expenses. Financing activities, on the other hand, involve cash transactions related to the company's financing arrangements, such as issuing or repaying debt, issuing or buying back shares, and paying dividends.四、计算题（每题5分，共5分）18. If a company has a net profit of $100,000 and a cost of investment of $500,000, what is the ROI?Answer: ROI = (Net Profit / Cost of Investment) * 100ROI = (100,000 / 500,000) * 100ROI = 20%五、论述题（每题10分，共10分）19. Discuss the importance of financial planning in business management.Answer: Financial planning is a critical component of business management as it helps in setting financial goals, allocating resources efficiently, and forecasting。

《财务会计》相关复习题(英文版)(doc 12页)1．2．would reflect the most current value of the assets. Wilbur has violated which of the following principles or concepts? A．Reliability principleB．Cost principleC．Going-concern principleD．Stable-monetary-unit concept 3．Which of the following is true? A．Owners' Equity －Assets ＝LiabilitiesB．Assets －Owners' Equity ＝LiabilitiesC．Assets ＋Liabilities ＝Owners' EquityD．Liabilities ＝Owners' Equity ＋Assets4．G. Harrison Inc experienced a decrease in total assets of $2,000 during the current year. During the same year, total liabilities decreased $6,000. If dividends for the year were $10,000 and the owners made no additional investment, how much was netincome?A．$14,000B．$ 6,000C．$18,000D．$ 2,0005．Which of the following statements is true? A．The income statement reports all changes in assets, liabilities, and stockholders' equity of the business during the period.B．Revenues and expenses are reported only on the balance sheet.C．The statement of cash flows reports cash flows from three types of business activities——cash receipts, cash payments, and investing.D．On the statement of retained earnings, the net income for the period is added to the beginning balance of retained earnings. 6．Which of the following statements is not true?A．Investing activities relate to theinvestment by owners into the business. B．Paying dividends is an example of a financing activity.C．Operating activities are the most important type of business activity. D．Managers must make decisions about operating, investing, and financing activities.7．On which financial statement can the ending balance in retained earnings be found? A．Balance sheetB．Income statementC．Statement of retained earningsD．Both A and C8．Which of these is an example of an asset account?A．Service RevenueB．DividendsC．SuppliesD．All of the above are assets9．Dobson Company paid $1,200 on account. The effect of this transaction on Dobson'saccounting equation is to：A．decrease liabilities and increase stockholders’ equity.B．decrease assets and decrease liabilities. C．have no effect on total assets. D．decrease assets and decrease stockholders' equity.10．W hich of these statements is false? A．Decreases in liabilities and increases in revenues are recorded with a credit. B．Decreases in assets and increases in stockholders' equity are recorded with a credit.C．Increases in both assets and expenses are recorded with a debit.D．Increases in assets and decreases in liabilities are recorded with a debit.11．N ote Payable has a normal beginning balance of $40,200. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable.A．$39,200, debitB．$119,600, creditC．$39,200, creditD．$160,800, credit12．W hich of these statements is correct? A．The account is a basic summary device used in accounting.B．A business transaction is recorded first in the journal and then posted to the ledger. C．In the journal entry, all accounts that are increased are listed first and then all accounts that are decreased are listed next. D．Both A and B are correct.13．W hich of these accounts has a normal debit balance?A．Salary ExpenseB．Accounts PayableC．Service RevenueD．Both A and B14．T he May 31 trial balance reports a credit balance of $5,000 for Service Revenue. During the month, one entry for $10 had been postedin error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 ?A．$4,980B．$4,990C．$5,020D．$5,01015．T he beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, then cash receipts must have been：A．$105,900B．$234,500C．$132,100D．$157,10016．U se the following selected information for the Perriman Company to calculate the correct credit column total for a trial balance：Accounts receivable $ 27,200Accounts payable15,900Building359,600Cash55,600Common stock 155,000Dividends4,800Insurance expense 1,800Retained earnings 133,800Salary expense 52,500Salary payable 3,600Service revenue 193,200A．$365,600B．$304,700C．$501,500D．$506,30017．T he journal entry to record the performance of services on account for $1,200 is：A．Accounts Payable 1,200Service Revenue 1,200B．Accounts Receivable 1,200Service Revenue 1,200C．Cash 1,200Service Revenue 1,200D．Service Revenue 1,200Accounts Payable 1,20018．T he Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallwood collected $92,000 for management services. $12,000 of the amount collected was from a contract to provide management services for one year beginning November1,20X8. An additional $20,000 of management services had been earned but not collected by year end. The amount of revenue that should be reported for 20X8 under the cash-basis and accrual-basis is：Cash-BasisAccrual-BasisA．$92,000$80,000B．$80,000$100,000C．$100,000$112,000D．$92,000$102,00019．W hich of the following statements is false? A．The time-period concept requires companies to prepare financial statements at least quarterly.B．According to the revenue principle, revenue should be recorded when a product or service has been delivered to thecustomer.C．When possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded.D．The time-period concept, the revenue principle, and the matching principle all support the practice of preparing adjusting entries.20．T he Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be consideredA．an unearned revenue.B．a prepaid expense.C．an accrued revenue.D．an accrued expense.21．O n November 1 , 20X8 , the Jemigan Company paid $4,800 for a one-year insurance policy. On December 31 , 20X8, the adjusting entry would includeA．a debit to insurance Expense$4,800.B．a credit to insurance Payable, $800. C．a credit to Prepaid insurance, $800. D．a debit to Insurance Expense, $4,000. 22．W hich of these could not be a closing entry?A．Salary Expense XXRetained Earnings XX B．Retained Earnings XXDividends XX C．Service Revenue XXRetained Earnings XX D．Retained Earnings XXRent Expense XX 23．W hat type of account is Unearned Revenue (asset, liability, stockholders' equity, revenue, or expense) and what is its normal balance, respectively?A．asset, debitB．expense, debitC．liability, creditD．revenue, credit24．W hich of the following transactions isconsidered an accrued expense?Ⅰ．Salaries that employees have earned but not receivedII．Management fees received in advanceⅢ．Newspaper advertising that has been purchased but has not yet appeared in the newspaperA．I onlyB．II onlyC．ⅢonlyD．Both I and II25．W hich of the following accounts is not considered a current asset?A．Accounts ReceivableB．EquipmentC．InventoryD．Prepaid Rent26．T he balance sheet for Arnold's Cleaners appears below：Arnold's CleanersBalance sheetDecember 31, 20X8AssetsLiabilitiesCash $400 Accounts payable $300 Accounts receivable 460 Salary payable 20 Supplies 10 Unearned revenue 120 Prepaid insurance 60 Note payable (due in 5 years) 400 Equipment $400 Total liabilities 840 Less: Acc. depr. 40 360 Stockholders’ EquityLand 400 Common stock 370Retained earnings 480Total stockholders' equity 850Total assets $1,690 Total liabilities and stockholders' Equity $1,690 Arnold's current ratio for 20X8 isA．2.11B．2.09C．2D．1.5227．A n investment in debt securities may be classified as any of the following categories except：A．trading securitiesB．available-for-saleC．held-to-maturityD．All of the above are categories for Debt securities28．T he Boulder Co. purchased the following securities in 20X8.The year-end balances of their trading and available-for-sale portfoliosare given below：Trading portfolio: Cost Market ValueSecurity A $10,000 $12,000Security B 3,000 3,500Total $13,000 $15,500Available-for-sale portfolio:Security D $5,500 $3,000Security E 16,000 17,000Total $21,500 $20,000At what value should the trading securities and the available-for-sale securities be reported on the balance sheet?Trading Securities Available-for-Sale SecuritiesA．$13,000$21,500B．$13,000$20,000C．$15,500$21,500D．$15,500$20,00029．N et accounts receivable is calculated as：A．Sales less sales discounts.B．Accounts receivable plus the allowance for uncollectible accounts.C．Accounts receivable less the allowance for uncollectible accounts.D．Accounts receivable less the bad debts expense..30．W hen the allowance method is used, the entry to write off a customer’s account A．increases bad debts expense.B．has no effect on net accounts receivable. C．decreases net accounts receivable. D．Increases the balance of the allowance for uncollectible accounts.31．W hich of the following statements about the statement of cash flows is true?A．The purchase of a held-to-maturity security is considered an investing activity. B．Collection of interest is an investing activity.C．Sales on account is the largest cash flow from operating activities.D．Loaning money to others is a financing activity.Table 1On December 31, 20X8, Troy Inc., had the following accounts and balances（before adjustment）on its books：Accounts Receivable $80,000Allowance for Uncollectible Accounts 2,000 （credit balance）Net Sales 500,00032．R efer to Table 1. Troy estimates that its Bad Debts Expense is 2% of Net Sales. TheBad Debts Expense for 20X8 should be: A．$10,000B．$12,000C．$8,000D．$1,60033．R efer to Table 1. Troy uses an aging schedule to estimate its uncollectible accounts. The aging schedule and the percentage of each category that is estimated to be uncollectible is given below：Current $40,000 2%1-30 days past due 30,000 10%Over 30 days past due 10,000 40%The balance in the Allowance for Uncollectible Accounts after adjusting should be：A．$2,000 B．$5,800C．$7,800 D．$9,800 34．M artinez Co. paid Acme Co. formerchandise with a $2,000, 90-day, 8% note dated April 1. If Martinez pays off the note at maturity, what entry should Acme make on its books at that time?A．Cash 2,160Notes Receivable 2,160B．Notes Payable 2,000Interest Expense 160Cash2,160C．Cash 2,040Notes Receivable 2,000Interest Revenue40D．Cash 2,160Notes Receivable 2,000Interest Revenue 16035．W hich accounts would be debited andcredited in the entry to record accrued interest on a note receivable?DebitCreditA．Interest RevenueInterest ReceivableB．Interest ReceivableInterest RevenueC．CashInterest RevenueD．Interest ReceivableCash36．G iven the following information, compute the quick ratio.Salary Payable $4,000 Trading investments $10,000 Inventory 100,000 Equipment 96,000 Accounts Receivable 42,000 Cash 14,000 Supplies 8,000 Accounts Payable 62,000A．1 B．2.5C．1.2 D．2.45 37．T eresa Company began the period with 10 units in inventory, costing $5 each. During the period the company purchased 100 units at a cost of $5 each. At the end of the period there were 13 units left on hand. What is the correct amount that should appear on the income statement for the period and on the balance sheet at the end of the period?Income Statement Balance SheetA．Cost of goods sold, $500 Inventory, $550B．Inventory, $485 Cost of goods sold, $550C．Cost of goods sold, $65 Inventory, $485D．Cost of goods sold, $485 Inventory, $6538．S heridan Corp. has $10,000 of goods on hand at August 31, 20X8. Cost of goods soldaverages 40% of sale revenue. Sales for the month of September are budgeted to be $143,000. If ending inventory at the end of September is budgeted to be $10,500, what amount of inventory will Sheridan’s managers need to purchase during September in order to meet this goal?A．$57,700B．$86,300C．$56,700D．Cannot be determined from the information given.Table 2Consider the following data for Reed Company for the current year:UnitsUnit Cost TotalBeginning inventory 55 $10 $550Purchase February 4 22 12 264Purchase May 15 2013 260Purchase October 20 48 15 720Sales during the year, 84 units @ $30 each. 39．R efer to Table 2. What is the weighted-average cost per unit?A．$12.33 B．$12.37C．$12.50 D．$12.48 40．R efer to Table 2. What is the cost of ending inventory, assuming the LIFO method is used?A．$889 B．$905C．$622 D．$1,172 41．R efer to Table 2. What is the cost of goods sold, assuming the FIFO method is used?A．$889 B．$905C．$622 D．$1,172 42．R efer to Table 2. What is Reed Company’s gross profit percentage (rounded) for the year, assuming that ending inventory totaled $685?A．56% B．27%C．40% D．44%43．D uring a period of rising prices, the inventory method that yields the highest net income and the lowest inventory value, respectively, will be:A．LIFO and FIFO.B．Weighted-average and LIFO.C．LIFO and LIFO.D．FIFO and LIFO.44．P ittman Company management omitted $65,000 of inventory when calculating their 20X8 ending inventory. As a result of this error,A．20X9 total assets will be overstated. B．20X9 cost of goods sold will be understated.C．20X8 stockholders’equity will be overstated.D．20X9 net income will be understated. 45．W hich of these statements regarding GAAP as applied to inventories is true?A．The disclosure principle requires that a company disclose the inventories method(s)used.B．According to the consistency principle, the inventory method can never be changed.C．The lower-of-cost-or-market rule states that, in order to be conservative, declines in inventory prices should be recognized in the period in which the goods are actually sold. D．The materiality principle allows GAAP to be ignored when the result is material in amount.46．T he items below represent expenditures related to the construction of a new office building:Cost of land $210,000 Legal fees relating toland purchase$2,000Cost of removing old building 1,000Payment ofdelinquent propertytaxes4,50Grading the site 5,000Payment tocontractor1,000,000Cost of 4,5Interest cost 40,0building permits 00 incurred duringconstruction00Cost of paving parking lot 20,000Cost of fencing 5,00The proper balances for the Land account and the Building account should be:Land BuildingA. $217,000 $1,000,000B.. $213,500 $1,001,000C $222,500 $1,044,500D. $220,500 $1,041,000 47．W hich of the following statements is false?A.A ccelerated depreciation methods recordmore depreciation expense over the life of an asset than either the straight-line method or the units-of-production method.B.The cost of an asset, its residual value, andits estimated useful life are all used in computing depreciation.C.T he units-of-production method is mostappropriate for an asset that wears out due to physical use.D.L and is never depreciated.Table 3On January 1, 20X8, Guard Security Service purchased an alarm monitoring system for $80,000. The system is expected to be used for 4 years, after which it can be sold for $16,000. 48．R efer to Table 3. What is the book value of the equipment of December 31, 20X9, if Guard uses the straight-line method of depreciation?A. $64,000B. $60,000C. $40,000D. $48,00049．R efer to Table 3. If guard uses the double-declining-balance method of depreciation, what is depreciation expense for 20X9?A. $40,000B. $32,000C. $20,000D. $16,00050．R efer to Table 3. If Guard sells the equipment for $20,000 at the end of the four years, the journal entry to record the sale will include all of the following except aA．$20,000 debit to Cash.B．$4,000 credit to Gain on Sale of Equipment.C．$20,000 credit to Equipment. D．$64,000 debit to Accumulated Depreciation.51．W hich of the following statements is false? A．Straight-line depreciation can be used for financial reporting or for income tax purposes.B．Double-declining-balance depreciation is the most commonly used method of depreciation in financial reporting. C．The units-of-production method results in higher depreciation in the years when an asset is more productive and lower depreciation in the years when an asset is less productive.D．Accelerated depreciation creates a cash advantage over straight-line because higher amounts of depreciation are deducted on the tax return in the earlier years of anasset’s life resulting in lower taxes paid. 52．W hich of the following is not accounted for as an intangible asset?A. FranchisesB. GoodwillC. TrademarkD. Research and development53．W hich of the following statements about the statement of cash flows is false? A．Financing activities are not affected by plant asset transactions. B．Depreciation is not a cash flow. C．Amortization of intangibles is added to net income when calculating cash provided by operations.D．The sale of equipment at a loss is recorded as a cash outflow from investing activities.54．F rom the following list of account balances, calculate the correct amount of current liabilities:C$5,000AccountsreceivableAccounts payable 6,300900UnearnedrevenuesRent expense 1,200Sales revenue 46,300Sales tax payable 3,700800Estimatedwarranty payable1,300Note payable,due in 90 daysAccumulated700depreciationA. $12,100B. $61,200C. $13,000D. $59,30055．I f Roman company issues their $500,000, 10% bonds payable at a premium,A.t he debit to Cash is greater than the creditto Bonds Payable.B.The maturity value is greater than thepresent value of the interest and principal payments.C.t he market rate of interest must be lessthan the contract rate of interest.D.B oth A and C are true.56．S ister Company issued bonds payable at a discount and uses the effective-interest method of amortization. Which of these statements correctly describes Sister’s financial statements?A．The carrying amount of the bonds on the balance sheet will decrease each interest period.B．The interest expense each interest period will be greater than the cash paid for interest.C．The interest paid will be a constant percentage of the carrying amount. D．The Discount on Bonds Payable will be added to the liabilities on Sister’s financial statements.57．G reta Corporation has outstanding $600,000 of 5-year,8% bonds payable with a carrying value of $604,000. The bonds are retired at 101.5, 2 years ahead of theirscheduled maturity date. The journal entry to record the retirement will include all of the following except aA．debit to Extraordinary Loss on Retirement of Bonds Payable, $5,000. B．Credit to Cash, $609,000.C．Debit to Bonds Payable, $604,000. D．Debit to Premium on bonds Payable, $4,000.58．W hen a company reports liabilities on its financial statements:A．the fair market value of long-term debt appears as a part of long-term liabilities on the balance sheet.B．Borrowing and repayment of long-term debt appears as a part of investing activities of the statement of cash flows. C．Deferred credits and deferred income taxes may appear as a part of long-term liabilities on the balance sheet.D．Both operating leases and capital leases are a part of the liabilities section on thebalance sheet, and may be either long or short term.Table 4On December 31,20X8, the Orthon Co. reported the following in its comparative financial statement:12/31/20X8 12/31/20X7 10%cumulativepreferred stock, $50$50,000 $50,000 par and redemptionvalue, 2,000 sharesauthorized and ?shares issuedPaid-in capital in4,000 4,000 excess of par-preferred54,000 54,000 Common stock, $2 par,8,000 6,000 20,000 sharesauthorized and4,000(20X4) and3,000(20x3) shareissued and outstandingPaid-in capital in84,000 80,000 excess of par-common92,000 86,000 Total paid-in capital 146,000 140,000 Retained earnings 140,000 110,000 Total stockholders’$286,000 $250,000 equity59．T he number of preferred shares issued and outstanding at the end of 20X8 is :A.8,,000B. 2,000C.1,000D. 50060．R efer to table 4. Assume Orthon had not paid any dividends in 20X5-20X7. In 20X8, Orthon declared cash dividends of $48,000 to both the preferred and common stockholders. The total dividend received by the common stockholders was (assuming the number of preferred shares did not change):A. $48,,000B. $28,000C.$38,000D. $43,00061．R efer to Table 4. Assume net income for 20X8 is $66,000, and there are no dividends inarrears. What is Orthon’s return on common stockholders’ equity for 20X8?A.30.8%B. 28.5%C.24.6%D. 22.8%62．R efer to Table 4. Assume that there are no dividends in arrears. What is Orthon’s book value per share of common stock at the end of 20X8?A. $53B. $56.75C. $58D. $71.5063．W hich of the following transactions increases stockholders’ equity?A.A two-for-one stock splitB.Issuance of stock at a price above par valueC.A 20% stock dividendD.P urchase of treasury stock above par 64．T he journal entry to record the distribution of a large stock dividend would include all of the following except:A. Retained Earnings, debitB. Common Stock, creditC. Paid-in Capital in Excess of Par, creditD. All of the above are included in the entry 65．W hich one of the following statements is true?A. A large stock dividend increases the number of shares issued, but a stock split does not.B. A stock split reduces the market price of the stock, but a large stock dividend does not.C. A stock split does not decrease the par value of the stock, but a large stock dividend does not.D. Both stock splits and stock dividends have no effect on total stockholders’ equity. 66．O lson Inc. purchased 5,000 shares of its own $1 par value common stock for $16 per share. Later, Olson sold 200 shares of the treasury stock for $20 per share. The entry to record the sale of the treasury stock is:A. Cash 4,000Treasury Stock 4,000B. Cash 4,000Treasury Stock 200Paid-in Capital from Treasury Stock Transactions 3,800C. Cash 4,000Treasury Stock 3,200Paid-in Capital from Treasury Stock Transactions 800D. Cash 4,000Common Stock 200Gain on Sale of Stock 3,80067．W hich of the following transactions would not be found on the statement of cash flows? A．Declaration of a cash dividend B．Purchase of treasury stock above parC．Issuance of preferred stock at a price above parD．Sale of treasury stock at a price below the cost。

《财务会计》复习题Circle the letter of the best response.1．Which of the following statements is false?A．Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers.B．F inancial statements report financial information about a business entity to decision makers.C．O wners of a corporation are personally liable for the debts of the corporation.D．The purpose of financial accounting is to provide information to people outside of the entity, such as investors and creditors.2．Wilbur owns and operates a fishing tackle shop. Wilbur needs to borrow money to expand;therefore, he prepared financial statements to present to his banker. Wilbur obtained appraisals of all the assets of the business to ensure that the balance sheet would reflect the most current value of the assets. Wilbur has violated which of the following principles or concepts?A．Reliability principleB．C ost principleC．G oing-concern principleD．Stable-monetary-unit concept3．Which of the following is true?A．Owners' Equity －Assets ＝LiabilitiesB．A ssets －Owners' Equity ＝LiabilitiesC．A ssets ＋Liabilities ＝Owners' EquityD．Liabilities ＝Owners' Equity ＋Assets4．G. Harrison Inc experienced a decrease in total assets of $2,000 during the current year.During the same year, total liabilities decreased $6,000. If dividends for the year were $10,000 and the owners made no additional investment, how much was net income?A．$14,000B．$ 6,000C．$18,000D．$ 2,0005．Which of the following statements is true?A．The income statement reports all changes in assets, liabilities, and stockholders' equity of the business during the period.B．R evenues and expenses are reported only on the balance sheet.C．T he statement of cash flows reports cash flows from three types of business activities——cash receipts, cash payments, and investing.D．On the statement of retained earnings, the net income for the period is added to the beginning balance of retained earnings.6．Which of the following statements is not true?A．Investing activities relate to the investment by owners into the business.B．P aying dividends is an example of a financing activity.C．O perating activities are the most important type of business activity.D．Managers must make decisions about operating, investing, and financing activities. 7．On which financial statement can the ending balance in retained earnings be found?A．Balance sheetB．I ncome statementC．S tatement of retained earningsD．Both A and C8．Which of these is an example of an asset account?A．Service RevenueB．D ividendsC．S uppliesD．All of the above are assets9．Dobson Company paid $1,200 on account. The effect of this transaction on Dobson's accounting equation is to：A．decrease liabilities and increase stockholders’ equity.B．d ecrease assets and decrease liabilities.C．h ave no effect on total assets.D．decrease assets and decrease stockholders' equity.10．W hich of these statements is false?A．Decreases in liabilities and increases in revenues are recorded with a credit.B．D ecreases in assets and increases in stockholders' equity are recorded with a credit.C．I ncreases in both assets and expenses are recorded with a debit.D．Increases in assets and decreases in liabilities are recorded with a debit.11．N ote Payable has a normal beginning balance of $40,200. During the period, new borrowings total $100,000 and payments on loans total $20,600. Determine the correct ending balance in Note Payable.A．$39,200, debitB．$119,600, creditC．$39,200, creditD．$160,800, credit12．W hich of these statements is correct?A．The account is a basic summary device used in accounting.B．A business transaction is recorded first in the journal and then posted to the ledger.C．I n the journal entry, all accounts that are increased are listed first and then all accounts that are decreased are listed next.D．Both A and B are correct.13．W hich of these accounts has a normal debit balance?A．Salary ExpenseB．A ccounts PayableC．S ervice RevenueD．Both A and B14．T he May 31 trial balance reports a credit balance of $5,000 for Service Revenue. During the month, one entry for $10 had been posted in error as a debit to Service Revenue. What is the correct balance of Service Revenue at May 31 ?A．$4,980B．$4,990C．$5,020D．$5,01015．T he beginning Cash account balance is $38,700. During the period, cash disbursements totaled $144,600. If ending Cash is $51,200, then cash receipts must have been：A．$105,900B．$234,500C．$132,100D．$157,10016．U se the following selected information for the Perriman Company to calculate the correct credit column total for a trial balance：Accounts receivable $ 27,200Accounts payable 15,900Building 359,600Cash 55,600Common stock 155,000Dividends 4,800Insurance expense 1,800Retained earnings 133,800Salary expense 52,500Salary payable 3,600Service revenue 193,200A．$365,600B．$304,700C．$501,500D．$506,30017．T he journal entry to record the performance of services on account for $1,200 is：A．Accounts Payable 1,200Service Revenue 1,200B．A ccounts Receivable 1,200Service Revenue 1,200C．C ash 1,200Service Revenue 1,200D．Service Revenue 1,200Accounts Payable 1,20018．T he Smallwood Corporation began operations on January 1, 20X8. During 20X1, Smallwood collected $92,000 for management services. $12,000 of the amount collected was from a contract to provide management services for one year beginning November 1,20X8. An additional $20,000 of management services had been earned but not collected by year end.The amount of revenue that should be reported for 20X8 under the cash-basis and accrual-basis is：Cash-Basis Accrual-BasisA．$92,000 $80,000B．$80,000 $100,000C．$100,000 $112,000D．$92,000 $102,00019．W hich of the following statements is false?A．The time-period concept requires companies to prepare financial statements at least quarterly.B．A ccording to the revenue principle, revenue should be recorded when a product or service has been delivered to the customer.C．W hen possible, expenses that can be linked to a specific revenue should be deducted from revenue in the same period that the revenue is recorded.D．The time-period concept, the revenue principle, and the matching principle all support the practice of preparing adjusting entries.20．T he Armstead Company usually purchases office supplies twice a year to take advantage of quantity discounts. Office Supplies would be consideredA．an unearned revenue.B．a prepaid expense.C．a n accrued revenue.D．an accrued expense.21．O n November 1 , 20X8 , the Jemigan Company paid $4,800 for a one-year insurance policy.On December 31 , 20X8, the adjusting entry would includeA．a debit to insurance Expense$4,800.B．a credit to insurance Payable, $800.C．a credit to Prepaid insurance, $800.D．a debit to Insurance Expense, $4,000.22．W hich of these could not be a closing entry?A．Salary Expense XXRetained Earnings XXB．R etained Earnings XXDividends XXC．S ervice Revenue XXRetained Earnings XXD．Retained Earnings XXRent Expense XX23．W hat type of account is Unearned Revenue (asset, liability, stockholders' equity, revenue, or expense) and what is its normal balance, respectively?A．asset, debitB．e xpense, debitC．l iability, creditD．revenue, credit24．W hich of the following transactions is considered an accrued expense?Ⅰ．Salaries that employees have earned but not receivedII．Management fees received in advanceⅢ．Newspaper advertising that has been purchased but has not yet appeared in the newspaper A．I onlyB．I I onlyC．ⅢonlyD．Both I and II25．W hich of the following accounts is not considered a current asset?A．Accounts ReceivableB．E quipmentC．I nventoryD．Prepaid Rent26．T he balance sheet for Arnold's Cleaners appears below：Arnold's CleanersBalance sheetDecember 31, 20X8Assets LiabilitiesCash $400 Accounts payable $300 Accounts receivable 460 Salary payable 20 Supplies 10 Unearned revenue 120 Prepaid insurance 60 Note payable (due in 5 years) 400 Equipment $400 Total liabilities 840 Less: Acc. depr. 40 360 Stockholders’ EquityLand 400 Common stock 370Retained earnings 480Total stockholders' equity 850Total assets $1,690 Total liabilities and stockholders' Equity $1,690 Arnold's current ratio for 20X8 isA．2.11B．2.09C．2D．1.5227．A n investment in debt securities may be classified as any of the following categories except：A．trading securitiesB．a vailable-for-saleC．h eld-to-maturityD．All of the above are categories for Debt securities28．T he Boulder Co. purchased the following securities in 20X8.The year-end balances of their trading and available-for-sale portfolios are given below：Trading portfolio: Cost Market ValueSecurity A $10,000 $12,000Security B 3,000 3,500Total $13,000 $15,500Available-for-sale portfolio:Security D $5,500 $3,000Security E 16,000 17,000Total $21,500 $20,000At what value should the trading securities and the available-for-sale securities be reported on thebalance sheet?Trading Securities Available-for-Sale SecuritiesA．$13,000 $21,500B．$13,000 $20,000C．$15,500 $21,500D．$15,500 $20,00029．N et accounts receivable is calculated as：A．Sales less sales discounts.B．A ccounts receivable plus the allowance for uncollectible accounts.C．A ccounts receivable less the allowance for uncollectible accounts.D．Accounts receivable less the bad debts expense..30．W hen the allowance method is used, the entry to write off a customer’s account A．increases bad debts expense.B．h as no effect on net accounts receivable.C．d ecreases net accounts receivable.D．Increases the balance of the allowance for uncollectible accounts.31．W hich of the following statements about the statement of cash flows is true?A．The purchase of a held-to-maturity security is considered an investing activity.B．C ollection of interest is an investing activity.C．S ales on account is the largest cash flow from operating activities.D．Loaning money to others is a financing activity.Table 1On December 31, 20X8, Troy Inc., had the following accounts and balances（before adjustment）on its books：Accounts Receivable $80,000Allowance for Uncollectible Accounts 2,000 （credit balance）Net Sales 500,00032．R efer to Table 1. Troy estimates that its Bad Debts Expense is 2% of Net Sales. The Bad Debts Expense for 20X8 should be:A．$10,000B．$12,000C．$8,000D．$1,60033．R efer to Table 1. Troy uses an aging schedule to estimate its uncollectible accounts. The aging schedule and the percentage of each category that is estimated to be uncollectible is given below：Current $40,000 2%1-30 days past due 30,000 10%Over 30 days past due 10,000 40%The balance in the Allowance for Uncollectible Accounts after adjusting should be：A．$2,000 B．$5,800C．$7,800 D．$9,80034．M artinez Co. paid Acme Co. for merchandise with a $2,000, 90-day, 8% note dated April 1.If Martinez pays off the note at maturity, what entry should Acme make on its books at thattime?A．Cash 2,160Notes Receivable 2,160B．Notes Payable 2,000Interest Expense 160Cash 2,160C．Cash 2,040Notes Receivable 2,000Interest Revenue 40D．Cash 2,160Notes Receivable 2,000Interest Revenue 16035．W hich accounts would be debited and credited in the entry to record accrued interest on a note receivable?Debit CreditA．Interest Revenue Interest ReceivableB．Interest Receivable Interest RevenueC．Cash Interest RevenueD．Interest Receivable Cash36．G iven the following information, compute the quick ratio.Salary Payable $4,000 Trading investments $10,000 Inventory 100,000 Equipment 96,000 Accounts Receivable 42,000 Cash 14,000 Supplies 8,000 Accounts Payable 62,000 A．1 B．2.5C．1.2 D．2.4537．T eresa Company began the period with 10 units in inventory, costing $5 each. During the period the company purchased 100 units at a cost of $5 each. At the end of the period there were 13 units left on hand. What is the correct amount that should appear on the income statement for the period and on the balance sheet at the end of the period?Income Statement Balance SheetA．Cost of goods sold, $500 Inventory, $550B．Inventory, $485 Cost of goods sold, $550C．Cost of goods sold, $65 Inventory, $485D．Cost of goods sold, $485 Inventory, $6538．S heridan Corp. has $10,000 of goods on hand at August 31, 20X8. Cost of goods sold averages 40% of sale revenue. Sales for the month of September are budgeted to be $143,000.If ending inventory at the end of September is budgeted to be $10,500, what amount of inventory will Sheridan’s managers need to purchase during September in order to meet this goal?A．$57,700B．$86,300C．$56,700D．Cannot be determined from the information given.Table 2Consider the following data for Reed Company for the current year:Units Unit Cost TotalBeginning inventory 55 $10 $550Purchase February 4 22 12 264Purchase May 15 20 13 260Purchase October 20 48 15 720Sales during the year, 84 units @ $30 each.39．R efer to Table 2. What is the weighted-average cost per unit?A．$12.33 B．$12.37C．$12.50 D．$12.4840．R efer to Table 2. What is the cost of ending inventory, assuming the LIFO method is used?A．$889 B．$905C．$622 D．$1,17241．R efer to Table 2. What is the cost of goods sold, assuming the FIFO method is used?A．$889 B．$905C．$622 D．$1,17242．R efer to Table 2. What is Reed Company’s gross profit percentage (rounded) for the year, assuming that ending inventory totaled $685?A．56% B．27%C．40% D．44%43．D uring a period of rising prices, the inventory method that yields the highest net income and the lowest inventory value, respectively, will be:A．LIFO and FIFO.B．W eighted-average and LIFO.C．L IFO and LIFO.D．FIFO and LIFO.44．P ittman Company management omitted $65,000 of inventory when calculating their 20X8 ending inventory. As a result of this error,A．20X9 total assets will be overstated.B．20X9 cost of goods sold will be understated.C．20X8 stockholders’ equity will be overstated.D．20X9 net income will be understated.45．W hich of these statements regarding GAAP as applied to inventories is true?A．The disclosure principle requires that a company disclose the inventories method(s) used.B．A ccording to the consistency principle, the inventory method can never be changed.C．T he lower-of-cost-or-market rule states that, in order to be conservative, declines in inventory prices should be recognized in the period in which the goods are actually sold.D．The materiality principle allows GAAP to be ignored when the result is material in amount.47．W hich of the following statements is false?A.Accelerated depreciation methods record more depreciation expense over the life of anasset than either the straight-line method or the units-of-production method.B.The cost of an asset, its residual value, and its estimated useful life are all used incomputing depreciation.C.The units-of-production method is most appropriate for an asset that wears out due tophysical use.nd is never depreciated.Table 3On January 1, 20X8, Guard Security Service purchased an alarm monitoring system for $80,000. The system is expected to be used for 4 years, after which it can be sold for $16,000.48．R efer to Table 3. What is the book value of the equipment of December 31, 20X9, if Guard uses the straight-line method of depreciation?A. $64,000B. $60,000C. $40,000D. $48,000 49．R efer to Table 3. If guard uses the double-declining-balance method of depreciation, what is depreciation expense for 20X9?A. $40,000B. $32,000C. $20,000D. $16,000 50．R efer to Table 3. If Guard sells the equipment for $20,000 at the end of the four years, the journal entry to record the sale will include all of the following except aA．$20,000 debit to Cash.B．$4,000 credit to Gain on Sale of Equipment.C．$20,000 credit to Equipment.D．$64,000 debit to Accumulated Depreciation.51．W hich of the following statements is false?A．Straight-line depreciation can be used for financial reporting or for income tax purposes.B．D ouble-declining-balance depreciation is the most commonly used method of depreciation in financial reporting.C．T he units-of-production method results in higher depreciation in the years when an asset is more productive and lower depreciation in the years when an asset is less productive.D．Accelerated depreciation creates a cash advantage over straight-line because higher amounts of depreciation are deducted on the tax return in the earlier years of an asset’s life resulting in lower taxes paid.52．W hich of the following is not accounted for as an intangible asset?A. FranchisesB. GoodwillC. TrademarkD. Research and development 53．W hich of the following statements about the statement of cash flows is false?A．Financing activities are not affected by plant asset transactions.B．D epreciation is not a cash flow.C．A mortization of intangibles is added to net income when calculating cash provided byoperations.D．The sale of equipment at a loss is recorded as a cash outflow from investing activities. 54．F rom the following list of account balances, calculate the correct amount of currentD. $59,300 55．I f Roman company issues their $500,000, 10% bonds payable at a premium,A.the debit to Cash is greater than the credit to Bonds Payable.B.The maturity value is greater than the present value of the interest and principalpayments.C.the market rate of interest must be less than the contract rate of interest.D.Both A and C are true.56．S ister Company issued bonds payable at a discount and uses the effective-interest method of amortization. Which of these statements correctly describes Sister’s financial statements?A．The carrying amount of the bonds on the balance sheet will decrease each interest period.B．T he interest expense each interest period will be greater than the cash paid for interest.C．T he interest paid will be a constant percentage of the carrying amount.D．The Discount on Bonds Payable will be added to the liabilities on Sister’s financial statements.57．G reta Corporation has outstanding $600,000 of 5-year,8% bonds payable with a carrying value of $604,000. The bonds are retired at 101.5, 2 years ahead of their scheduled maturity date. The journal entry to record the retirement will include all of the following except aA．debit to Extraordinary Loss on Retirement of Bonds Payable, $5,000.B．C redit to Cash, $609,000.C．D ebit to Bonds Payable, $604,000.D．Debit to Premium on bonds Payable, $4,000.58．W hen a company reports liabilities on its financial statements:A．the fair market value of long-term debt appears as a part of long-term liabilities on the balance sheet.B．B orrowing and repayment of long-term debt appears as a part of investing activities of the statement of cash flows.C．D eferred credits and deferred income taxes may appear as a part of long-term liabilities on the balance sheet.D．Both operating leases and capital leases are a part of the liabilities section on the balance sheet, and may be either long or short term.Table 4On December 31,20X8, the Orthon Co. reported the following in its comparative financial59．T he number of preferred shares issued and outstanding at the end of 20X8 is :A.8,,000B. 2,000C.1,000D. 50060．R efer to table 4. Assume Orthon had not paid any dividends in 20X5-20X7. In 20X8, Orthon declared cash dividends of $48,000 to both the preferred and common stockholders. The total dividend received by the common stockholders was (assuming the number of preferred shares did not change):A. $48,,000B. $28,000C.$38,000D. $43,000 61．R efer to Table 4. Assume net income for 20X8 is $66,000, and there are no dividends in arrears. What is Orthon’s return on common stockholders’ equity for 20X8?A.30.8%B. 28.5%C.24.6%D. 22.8% 62．R efer to Table 4. Assume that there are no dividends in arrears. What is Orthon’s book value per share of common stock at the end of 20X8?A. $53B. $56.75C. $58D. $71.5063．W hich of the following transactions increases stockholders’ equity?A. A two-for-one stock splitB.Issuance of stock at a price above par valueC. A 20% stock dividendD.Purchase of treasury stock above par64．T he journal entry to record the distribution of a large stock dividend would include all of the following except:A. Retained Earnings, debitB. Common Stock, creditC. Paid-in Capital in Excess of Par, creditD. All of the above are included in the entry65．W hich one of the following statements is true?A. A large stock dividend increases the number of shares issued, but a stock split does not.B. A stock split reduces the market price of the stock, but a large stock dividend does not.C. A stock split does not decrease the par value of the stock, but a large stock dividend doesnot.D. Both stock splits and stock dividends have no effect on total stockholders’ equity. 66．O lson Inc. purchased 5,000 shares of its own $1 par value common stock for $16 per share.Later, Olson sold 200 shares of the treasury stock for $20 per share. The entry to record the sale of the treasury stock is:A. Cash 4,000Treasury Stock 4,000B. Cash 4,000Treasury Stock 200Paid-in Capital from Treasury Stock Transactions 3,800C. Cash 4,000Treasury Stock 3,200Paid-in Capital from Treasury Stock Transactions 800D. Cash 4,000Common Stock 200Gain on Sale of Stock 3,80067．W hich of the following transactions would not be found on the statement of cash flows?A．Declaration of a cash dividendB．P urchase of treasury stock above parC．I ssuance of preferred stock at a price above parD．Sale of treasury stock at a price below the costE．。

《财会专业英语》期终试卷I.Put the following into corresponding groups. (15 points)1.Cash on hand2.Notes receivable3.Advances to suppliers4. Other receivables5.Short-term loans6.Intangible assets7.Cost of production 8.Current year profit 9. Capital reserve10.Long-term loans 11.Other payables 12. Con-operating expenses 13.Financial expenses 14.Cost of sale 15. Accrued payrollII.Please find the best answers to the following questions. (25 Points) 1. Aftin Co. performs services on account when Aftin collects the accountreceivableA.assets increaseB.assets do not changeC.owner’s equity d ecreasesD.liabilities decrease2. A balance sheet report .A. the assets, liabilities, and owner’s equity on a particular dateB. the change in the owner’s capital during the periodC. the cash receipt and cash payment during the periodD. the difference between revenues and expenses during the period3. The following information about the assets and liabilities at the end of 20 x1 and 20 x2 is given below:20 x 1 20 x 2Assets $ 75,000 $ 90,000Liabilities 36,000 45,000how much the owner’sequity at the end of 20 x 2 ?A.$ 4,500B.$ 6,000C.$ 45,000D.$ 43,0004. Traylor Company paid $ 2,850 on account. The effect of this transaction onthe accounting equation is to .A. Decreas e assets and decrease owner’s equityB. Increase liabilities and decrease owner’s equityC. Have no effect on total assetsD. Decrease assets and decrease liabilities5. The entry to record the collection of $ 890 from a customer on account is .A. Dr.Accounts Payable 890Cr. Cash 890B. Dr.Cash 890Cr. Accounts Receivable 890C. Dr.Cash 890Cr. Account Payable 890D. Dr.Cash 890Cr. Service Revenue 8906. The ending Cash account balance is $ 57,600. During the period, cash receipts equal $ 124,300. If the cash payments during the period total $ 135,100, then the beginning Cash amount must haveA. $ 68,400B.$ 46,800C. $ 181,900D.annot be determined from theinformation given7. Use the following selected information for the Alecia Company to calculate the correct credit column total for a trial balance .Accounts receivable $ 7,200Accounts payable $ 6,900Building $ 179,400Cash $ 15,800Capital $ 64,000Insurance expense $ 6,500Salary expense $ 56,100Salary payable $ 3,600Service revenue $ 190,500A. $ 201,000B. $ 137,100C. $ 265,000D. $ 74,5008. ABC paid $500 for inventories in cash ,and purchased additional inventories on account for $700 in the month. At the end of the month,ABC paid $300 of the account payable.what is the balance in the inventoryies account?A $ 500B. $ 900C. $ 1,200D. $ 1,5009.The debit side of an account is used to recordA.increasesB.decreasesC. increases or decreases,depending on the type of accountD.decline10.ABC ,began the year with total assets of $120,000,liabilities of $70,000,and owner’s equit y of $50,000.during the year ABC earned revenue of $110,000 and paid espenses of $30,000.and also invensted an additional $20,000 in the business .how much is the owner’s equity at the end of the year?A. $150,000B.$180,000C.$190,000D.$220,00011．Which of the following is true? __________.A. Owners’ Equity - Assets = LiabilitiesB. Assets –Owners’ Equity = LiabilitiesC. Assets + Liabilities = Owners’ EquityD. Liabilities = Owners’ Equity + Assets12．Which of these is an example of an liability account? _____ ________.A. Service RevenueB. CashC. Accounts ReceivableD. Short-term loans13．Which of the following is a correct statement of the rules of debit and credit? ______.A. Debits increase assets and decrease liabilitiesB. Debits increase assets and increase owners’ equityC. Credits decrease assets and decrease liabilitiesD. Credits increase assets and increase owners’ equity14．If earnings haven’t been distributed as dividends, it should have been retained in the company. The name of this portion of number listed in the balance sheet is ____________.A. paid-in capitalB. retained earningsC. dividendD. cash15．Please select the components which should be deducted from the original value of plant assets when we compute their net value _______.A. Merchandise inventoryB. Income tax payableC. Accumulated depreciationD. Retained earnings16．Which of the following would not be included on a balance sheet?A. Accounts receivable.B. Accounts payable.C. Sales.D. Cash.17. Remington provided the following information about its balance sheet:Cash $ 100Accounts receivable 500Stockholders' equity 700Accounts payable 200Short-term loans 1,000Based on the information provided, how much are Remington's liabilities?A. $200.B. $900.C. $1,200.D. $1,700.18. Gerald had beginning total stockholders' equity of $160,000. During theyear, total assets increased by $240,000 and total liabilities increased by $120,000. Gerald's net income was $180,000. No additional investments were made; however, dividends did occur during the year. How much were the dividends?A. $20,000.B. $60,000.C. $140,000.D. $220,000.19.If the assets of a business are $162,600 and the liabilities are $86,000,howmuch is the owner’s equity?A..$76,600B. $248,600.C. $147,000.D. $250,000.20.Aftin Co. purchases on account when Aftin pay the account payableA.assets increaseB.assets do not changeC.owner’s equity decreasesD.liabilities decrease21.A income statement reports .A. the assets, liabilities, and owner’s equity on a particular dateB. the change in the owner’s capital during the periodC. the cash receipt and cash payment during the periodD. the difference between revenues and expenses during the period22.The following information about the assets and liabilities at the end of 20 x 1and 20 x 2 is given below: 20 x 1 20 x 2Assets $ 75,000 $ 90,000Liabilities 36,000 45,000 If net income in 20 x 2 was $ 1,500 and there were no withdrawals, how much did the owner invest?A.$ 4,500B.$ 6,000C.$ 45,000D.$ 43,00023.Traylor Company receive $ 2 850 on account. The effect of this transactionon the accounting equation is to .A. Decrease assets and decreas e owner’s equityB. Increase liabilities and decrease owner’s equityC. Have no effect on total assetsD. Decrease assets and decrease liabilities24.The entry to record the collection of $ 8000 from a customer on accountis .A. Dr.Accounts Payable 8000Cr.Cash 8000B. Dr.Cash 8000Cr.Accounts Receivable 8000C. Dr.Cash 8000Cr.Account Payable 8000D. Dr.Cash 8000Cr.Service Revenue 800025.A list of a business entitys assests,liabilities,and owner’s equity on a givendate isA.a balance sheetB.an income statementC.a statement of cash flow C. A retained earnings statementIII. Translate the following sentences into Chinese.(10 points)1. The accounting profession today is changing rapidly.2. Assets are what you own.Liabilities are what you owe.Owner’s Equty iswhat’s left over .3. The original voucher is obtained or filled in what business transactions tookplace.4. Normally an asset account will have a debit balance.5. The term “debit” is often abbreviated to “Dr.”IV. Prepare a convenient bank reconciliation form according to the following bank statement and depositor’s book.(10 points)Bank StatementDepositor’s RecordBank ReconciliationDate MonthV. Put the correct answer into the blanks.(6points)1.The basic Accouting equation is: .2.The rule of debits and credits is: ,.3. Using straight-line depreciation,Annual Dpreciation=( - )/VI. Translate The Following Terms Into Chinese . (10 points).1. surplus reserve2.manufacturing machine3. Construction in progress worth5. promissory note6. in other words7.profit distribution 8. storage room9.principal plus interest 10. accounting statementVII. The following is transactions of ABC company.please make entries.(24 poins)1. .ABC company was established on Jan.1,2010,when the owners,MrsSmiths and his friends,invested $30,000 in cash,patent X,valuing $24,000 and equipment A,valuing $40,000 into the company.2. ABC sells merchandise to another customer and send the customer a$2,500 bill for the products they provide. They allows the customer to pay these goods within 30 days.3. A customer buys $3,000 worth of goods from ABC ,and draws a promissorynote from a lacal bank.4. ABC buys a machine for $20,000,and pays the bill in cash.5. ABC paid the telephone bill for $700 in cash.6. ABC paid $3,800 on the accounts payable.7. ABC determine the month depreciation of the manufactory bulding for$5,000.8. ABC purchasese materials of $5,000 on account.9. ABC sells some goods to a client and receives a check from the customerfor $ 2,000 for the goods provided.10.ABC issues a 9%-5，$100,000 bond at its face amount. The bond is dated January 1, 2010 and requires interest payments until the bond principal at the end of 5 years.(1) Entry to bonds issued;(2) Entry to record the accrual interest for each year;(3) 2014 the company repays the principal plus interest.《财会专业英语》期末试卷答卷I.Put the following into corresponding groups. (15 points)II. Please find the best answers to the following questions. (25 Points)III. Translate the following sentences into Chinese.(10 points)1.2.3.4.5.IV. （10points）Bank ReconciliationDate MonthV. Put the correct answer into the blanks.(6points)1.The basic Accouting equation is: .2.The rule of debits and credits is: ,.3. Using straight-line depreciation,Annual Dpreciation=( - )/VI. Translate The Following Terms Into Chinese . (10 points).1. 2.3. 4.5. 6.7. 8.9. 10.VII. The following is transactions of ABC company.please make entries.(24 poins)《财会专业英语》答案I.Put the following into corresponding groups. (15 points)II. Please find the best answers to the following questions. (25 Points)III. Translate the following sentences into Chinese.(10 points) （略）IV. （10points）Bank ReconciliationDate 31 Month MayV. Put the correct answer into the blanks.(6points)1.Assets=Liabilities+Owner’s equity .2. Every debit must have a credit,all debits must equal all credits. ,3. Using straight-line depreciation,Annual Dpreciation=( Original Cost- Salvage Value) /Years of Service LifeVI. Translate The Following Terms Into Chinese . (10 points).（略）VII. The following is transactions of ABC company.please make entries.(24 poins)（略）。