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会计专业英语中的中外差异与专业术语互译探讨作者：周运兰刘琼来源：《中国乡镇企业会计》 2011年第1期周运兰刘琼我国会计专业英语现有的教材基本是依据美、英国等西方发达国家的原版教材的基础上进行改编过来的，在会计实务中的日记账设置、会计科目详细程度以及做分录方面，我国会计跟西方会计存在一定的差异，而会计专业术语的互译中也有一定各自专业特点和细小差别。
具体看主要体现在如下方面：一、会计专业英语中国内外差异1.日记账设置方面的差异在分析原始凭证，将经济业务作会计分录（Makeentries）以及登记日记账（Journal）方面，以美国、英国等西方发达国家为代表的国外会计有一定差异。
国外会计对经济业务作分录是在日记账中完成的，而中国会计实务中是在记账凭证中完成的。
日记账也称序时账，是用来序时地、全面地登记一个单位的经济业务并确定会计分录的账簿，日记账起到了原始分录簿的作用，后面再将日记账的数据转记到分类账。
国外会计中将日记账分别设置为普通日记账和特种日记账，特种日记账是指用来专门登记某一类经济业务的日记账，它的设置便于账簿登记的分工，特别是可以节约从日记账中过账到分类账的工作时间，普通日记账就登记那些不在特种日记账中登记的业务。
国外会计一般设置如下四类特种日记账：销售日记账、现金收入日记账、购货日记账和现金支出日记账。
我国的记账凭证按照其用途可以分为通用记账凭证和专用记账凭证两种，而专用记账凭证又可以分为收款凭证、付款凭证和转账凭证三种。
将经济业务在记账凭证中作分录以后，就可以根据它直接过入分类账，这样记账凭证就起到了西方会计中的日记账即原始分录簿的作用。
2.会计科目详细程度的差异西方会计中不少会计科目都比较明细，并不像我国会计实务中那样，一般按照较大的类别设置科目，比如将固定资产、无形资产、营业费用等作为一级或者总账会计科目，而在明细科目中才会写清楚机器设备、建筑物、在用物料、专利权等具体科目。
西方会计一般将一些详细的子科目直接作为会计科目，如以supplies on hand（在用物料）等inventory（存货）直接作为会计科目列示；以plant and equipment（厂场设备）、store fixtures（店面装置）等fixed asset（固定资产）直接作为会计科目列示；而把patent（专利权）、trademark（商标权）、franchise（特许经营权）、goodwill（尚誉）等intangible asset（无形资产）直接作为会计科目。
Exercise answer for Lesson 11.1 Select the best answer for each of the following unrelated items1.d2. d3. b4. d5. c6. c7.d8.a9.b 10.b11c 12b 13c 14d 15 a1.2 SHORT-ANSWER ESSAY QUESTIONS1.Accounting cycle is an important concept for accounting. Briefly explain the steps for accounting cycle.Solution: (1)Analyze transactions; (2) Journalize transactions; (3) Post to ledger;(4) Prepare unadjusted trial balance ;(5) Journalize & post adjustments; (6) Prepare adjusted trial balance; (7) Prepare financial statements; (8) Journalize and post closing entries; (9) Prepare post-closing trial balance2 Your roommate, a marketing major, thinks that debit means decrease and credit means increase. And, that every account can be debited and credited and as result, every account can have both a debit and a credit balance. Explain to your roommate (1) the meaning of debit and credit; (2) which accounts can only be debited, which can only be credited, and which can be both debited and credited; and (3) which accounts normally have debit balances and which credit balances.Solution: The terms debit and credit mean the left and right side, respectively, of every account. Some accounts such as Dividends and Expenses are only debited; other accounts such as Share Capital-Ordinary and Revenues are only credited; and finally, some accounts such as Cash, Accounts Receivable, and Accounts Payable can be debited and credited. Accounts with debit balances include Assets, Dividends, and Expenses. Accounts with credit balances include Share Capital-Ordinary and Revenues.3 A fellow classmate is confused about how debits and credits relate to the basic accounting equation. State the basic accounting equation, convert it into the expanded accounting equation, and then explain how it ties into the rules for debits and credits.Solution:The basic accounting equation is:Assets = Liabilities + EquityThe expanded equation divides Equity into its various parts, reflecting the shareholders' investment, dividends, revenues, and expenses:Assets = Liabilities + Share Capital-Ordinary + Retained Earnings – Dividends + Revenues – ExpensesThis expanded equation can then be re-arranged to explain why certain accounts have debit (left-hand) balances, while other accounts have credit (right-hand) balances, as follows:Assets + Dividends + Expenses = Liabilities + Share Capital-Ordinary + Retained Earnings + RevenuesThe accounts on the left-hand side of the equation have left-hand, or debit balances, while the accounts on theright-hand side of the equation have right-hand, or credit balances. Accounts with debit balances are increased with debits and decreased with credits, while accounts with credit balances are increased with credits and decreased with debits.4 John Dough, a fellow employee, wants to understand the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.SolutionThe basic steps in the recording process are:1. Analyze each transaction. In this step, business documents are examined to determine the effects of the transactionon the accounts.2. Enter each transaction in a journal. This step is called journalizing and it results in making a chronological record ofthe transactions.3. Transfer journal information to ledger accounts. This step is called posting. Posting makes it possible to accumulatethe effects of journalized transactions on individual accounts.5 The process of transferring the information in the journal to the general ledger is called posting. Explain the posting process, including the importance of the journal page number and the account numbers.SolutionThe posting process begins with locating the account(s) being debited in the general ledger. Then entering the date of the entry, the journal page number where the entry originated and debit portion of the entry in the date, reference and debit columns, respectively. Once this done, the account number(s) of the account(s) being debited is (are) entered in the reference column in the journal. Next, the credit portion of the journal entry is posted to the appropriate accounts in the ledger following the same steps as noted for the debit portion.The importance of the journal page number, in the reference column of each account in the general ledger accounts, is to indicate where to find the original entry. And, the general ledger account numbers, in the reference column of the journal, indicate that the entry has been posted.1.3 The effects of transactions on the accounting equationLinda Champion began a professional accounting practice on May 1 and plans to prepare financial statements at the end of each month. During May, Champion completed these transactions:a. Invested €50,000 cash and equipment that had a€10,000 fair market (cash equivalent) value.b. Paid €1,600 rent for office space for the month.c. Purchased €12,000 of additional equipment on credit.d. Completed work for a client and immediately collected €2,000 cash.e. Completed work for a client a nd sent a bill for €7,000 to be paid within 30 days.f. Purchased €8,000 of additional equipment for cash.g. Paid an assistant €2,400 as wages for the month.h. Collected €5,000 of the amount owed by the client described in transaction (e).i. Paid for the equipment purchased in transaction (c).j. Withdrew €500 for personal use.Enquired:Using the information presented in (a) through (j) above, Linda Champion, the owner, first creates a table like the one shown below. She then uses the results to calculate net income earned during the month of May, her first month of operations.Solutions:Notice how Assets of €64,500 = Liabilities + Owner’s equity of €64,500. From this schedule you cancalculate the firm’s net income by summarizing the revenues and expenses as follows: Net income =Revenues – Expenses= (€2,000 + €7,000) –(€1,600 + €2,400)= €5,0001.4 Preparing a statement of comprehensive income and a statement of financial positionDuring June through August of 20X5, Lin Yan earned money doing computer consulting work. She went around the city and obtained several contracts for small jobs. Lin then withdrew €3,000 from her personal savings account and deposited it in a separate account for the business. At the end of the summer, Lin tried to figure out how well her business had done.Lin’s business records showed the following transactions:a. Deposited €12,500 (from customers’ payments).b. Issued cheques:−car and equipment rental, €2,000;−gas, €900;−supplies purchased and used, €100;− hir ed help, €4,800;−payroll taxes, €600;−insurance, €180;−telephone, €120.c. Transferred €2,000 cash from the business bank account to personal savings account.d. Owed €500 by customers.e. Owed €150 for gas.Required1. Show the effect of each transaction, including the initial cash deposit, on the accounting equation.2. Prepare a statement of comprehensive income for Lin’s summer business.3. Prepare a statement of financial position for Lin at the end of the summer.Solution:1. To show the effect of each transaction on the accounting equation, construct a worksheet with four columns using the following headings: item, assets, liabilities, and owner’s equity. Recall that revenues increase owner’s equity and expenses decrease owner’s equity.2. Re venues originated from two sources: customers’ payments (€12,500) and from amounts yet to be paid by customers (€500). Total expenses included car and equipment rental (€2,000), car expenses (€900 paid + €150 unpaid), supplies (€100), helpers (€4,800), payroll taxes (€600), insurance (€180), and telephone (€120). Net income is determined from the difference of total revenues and total expenses. Based on this information, the following income statement is prepared.Solutions:3. From the effect of the transactions prepared in part 1, you can generate the following statement of financialposition for the end of the summer.The cash balance can be determined as follows:The cash balance excludes two amounts: the €500 still owed to Lin by customers and €150 she owes for car gas invoices not yet paid. If she receives the money owed her and she pays her debt, then she will have an additional €350 (€500 –€150), making a total cash balance of €5,150 (€4,800 + €350) for the summer. Note that the €2,000 personal withdrawal was not included as an expense on the statement of comprehensive income. The withdrawal is considered a distribution of income (owner’s profits) rather than an expense. The owner’s equity of €5,150 on the balance sheet includes the initial investment plus net income less the withdrawal (€3,000 + €4,150 –€2,000).1.5Increases, decreases, and normal balances of accountsEnquired: Complete the following table by1. Identifying the type of account listed on each line.2. Entering debit or credit in the blank spaces to identify the kind of entry that would increase or decrease the account balance.3. Identifying the normal balance of the account.1.6 Analyzing transactions using T-accountsOpen the following T-accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Steve Moore, Capital; Steve Moore, Withdrawals; Fees Earned; and Rent Expense. Next, record these transactions of the Moore Company by recording the debit and credit entries directly in the T-accounts. Use the letters beside each transaction to identify the entries.a. Steve Moore invested €12,750 cash in the business.b. Purchased €375 of office supplies for cash.c. Purchased €7,050 of office equipment on credit.d. Received €1,500 cash as fees for services provided to a customer.e. Paid for the office equipment purchased in transaction (c).f. Billed a customer €2,700 as fees for services.g. Paid the monthly rent with €525 cash.h. Collected €1,125 of the account receivable created in transaction (f).i. Steve Moore withdrew €1,000 cash from the business.Enquired:1. Record these transactions of the Moore Company in journal.2. Open the following T-accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Steve Moore, Capital; Steve Moore, Withdrawals; Fees Earned; and Rent Expense. Next, post the entries in theT-accounts. Use the letters beside each transaction to identify the entries.Solution:a. Steve Moore invested €12,750 cash in the business:b. Purchased €375 of office supplies for cash:c. Purchased €7,050 of office equipment on credit:d. Received €1,500 cash as fees for services provided to a customer:e. Paid for the office equipment purchased in transaction (c):f. Billed a customer €2,700 as fees for services:g. Paid the monthly rent with €525 cash:h. Collected €1,125 of the account receivable created in transaction (f):i. Steve Moore withdrew €1,000 cash from the bu siness:1.7 Correct the errorBetty Wright, CPA, was asked by the controller of Gore Company to review the accounting records before financial statements are prepared. Betty reviewed the records and found three errors.1.Cash paid on accounts payable for $930 was recorded as a debit to Accounts Payable $390 and a credit to Cash $390.2.The purchase of supplies on account for $500 was debited to Equipment $500 and credited to Accounts Payable $500.3.The company paid dividends $1,200. The bookkeeper debited Accounts Receivable for $120 and credited Cash $120. Enquired:Prepare an analysis of each error showing the(a) incorrect entry.(b) correct entry.(c) correcting entry.Solution:1. (a) Incorrect EntryAccounts Payable (390)Cash (390)(b) Correct EntryAccounts Payable (930)Cash (930)(c) Correcting EntryAccounts Payable (540)Cash (540)2. (a) Incorrect EntryEquipment (500)Accounts Payable (500)(b) Correct EntrySupplies (500)Accounts Payable (500)(c) Correcting EntrySupplies (500)Equipment (500)3. (a) Incorrect EntryAccounts Receivable (120)Cash (120)(b) Correct EntryDividends ......................................................................................... 1,200Cash ....................................................................................... 1,200(c) Correcting EntryDividends ......................................................................................... 1,200Accounts Receivable (120)Cash ....................................................................................... 1,0801.8 Ben Cartwright Pest Control has the following balances in selected accounts on December 31, 2011.Accounts Receivable € 0Accumulated Depreciation – Equipment 0Spraying Equipment 6,650Interest Payable 0Notes Payable 20,000Prepaid Insurance 2,400Salaries Payable 0Supplies 2,940Unearned Spraying Revenues 36,000All of the accounts have normal balances. The information below has been gathered at December 31, 2011.1. Depreciation on the equipment for 2011 is €1,250.2. Ben Cartwright Pest Control borrowed €20,000 by signing a 10%, one-year note on July 1, 2011.3. Ben Cartwright Pest Control paid €2,400 for 12 months of insurance coverage on October 1, 2011.4. Ben Cartwright Pest Control pays its employees total salaries of €10,000 every Monday for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2011, employees were paid for the week ending December 24, 2011. All employees worked the five days ending December 31, 2011.5. Ben Cartwright Pest Control performed disinfecting services for a client in December 2011. The client will be billed €3,000.6. On December 1, 2011, Ben Cartwright Pest Control collected €36,000 for disinfecting processes to be performed from December 1, 2011, through May 31, 2011.7. A count of supplies on December 31, 2011, indicates that supplies of €950 are on hand.Enquired:Prepare in journal form with explanations, the adjusting entries for the seven items listed for Ben Cartwright Pest Control.Solutions:(1) Depreciation Expense - Equipment ............................................................... 1,250Accumulated Depreciation - Equipment................................................. 1,250 (To record depreciation for the period)(2) Interest Expense ............................................................................................ 1,000Interest Payable....................................................................................... 1,000 (To record accrued interest on note payable)[€20,000 * 10% * (6/12) = €1,000](3) Insurance Expense (600)Prepaid Insurance (600)(To recognize period insurance expense)[(€2,400 / 12) * 3 = €600](4) Wages Expense .............................................................................................. 10,000Wages Payable ........................................................................................ 10,000 (To record wages for the week)(5) Accounts Receivable ..................................................................................... 3,000Spraying Revenues ................................................................................. 3,000 (To record revenue earned but not yet received)(6) Unearned Spraying Revenues ........................................................................ 6,000Spraying Revenues ................................................................................. 6,000 (To record revenue earned with prior payment)(7) Supplies Expense ........................................................................................... 1,990Supplies .................................................................................................. 1,990 (To record supplies expense)[€2,940 - €950 = €1,990]1.9 Complete the worksheet for adjusted trial balanceThe worksheet for Boone Mailing Center appears below.BOONE MAILING CENTERWorksheetFor the Month Ended August 31, 2011Using the adjustment data below, complete the worksheet. Add any accounts that are necessary. Adjustment data:(a) Prepaid rent expired during August, $2.(b) Depreciation expense on equipment for the month of August, $8.(c) Supplies on hand on August 31 amounted to $6.(d) Salaries expense incurred at August 31 but not yet paid amounted to $10SolutionBOONE MAILING CENTERWorksheetFor the Month Ended August 31, 20111.10Preparing and posting closing entriesUse the information provided in the T-accounts below to prepare closing journal entries at December 31, 20X5.Rent ExpenseSolution:20X5(1) Dec 31 Services Revenue................................................ 73,000Income Summary ......................................... 73,000To close the revenue account and open Income Summary.(2) 31 Income Summary....................................................... 48,100Rent Expense ............................................... 8,600Salaries Expense .......................................... 20,000Insurance Expense ....................................... 3,500Depreciation Expense .................................. 16,000To close the expense accounts.(3) 31 Income Summary....................................................... 24,900Marcy Jones, Capital ................................... 24,900To close Income Summary.(4) 31 Marcy Jones, Capital ................................................ 24,000Marcy Jones, Withdrawals........................... 24,000To close the withdrawals account.Post the closing entries prepared in part (a) above to the T-accounts.1.11 Prepare closing entries and a post-closing trial balanceLatitudes Company had the following adjusted trial balance.LATITUDES COMPANYAdjusted Trial BalanceFor the month ended June 30, 20X1Enquired:(a) Prepare closing entries at June 30, 20X1.(b) Prepare a post-closing trial balance.Solution:(a)Service Revenue ...................................................................................................... 4,100Income Summary ....................................................................................... 4,100 Income Summary ..................................................................................................... 3,900Supplies Expense ....................................................................................... 2,300Miscellaneous Expense .............................................................................. 300 Salaries Expense ................................................................................................................... 1,300Income Summary (200)Retained Earnings (200)Retained Earnings (300)Dividends (300)(b)LATITUDES COMPANYPost-closing Trial BalanceFor the month ended June 30, 20X1Account titles Debits CreditsCash $ 3,700Accounts Receivable 3,900Supplies 500Accounts Payable $ 1,800Unearned Revenue 200Share Capital-Ordinary 5,000Retained Earnings 700DividendsService RevenueSalaries ExpenseMiscellaneous ExpenseSupplies ExpenseSalary Payable 400$8,100 $8,1001.12 Preparation of a classified statement of financial positionThe adjusted trial balance for Alpine Climbing Adventures has been alphabetized as follows:ALPINE CLIMBING ADVENTURESAdjusted trial BalanceMarch 31, 20X7Accounts payable..................................................................... € 2,400Accounts receivable................................................................. € 6,000Accumulated depreciation, equipment..................................... 14,000Amy Rooniak, capital .............................................................. 36,700Amy Rooniak, withdrawals ..................................................... 47,000Cash ......................................................................................... 15,000Depreciation expense, equipment ............................................ 1,400 Equipment................................................................................ 41,000Insurance expense.................................................................... 3,900Interest expense (660)Long-term notes payable ......................................................... 11,000Rent expense............................................................................ 15,000 Revenues.................................................................................. 122,000Supplies (540)Supplies expense...................................................................... 3,600Telephone expense................................................................... 4,200Unearned revenues................................................................... 22,000Utilities expense....................................................................... 1,800Wages expense......................................................................... 68,000 _______Totals ....................................................................................... €208,100 €208,100Required1. Journalize the closing entries.2. Prepare a statement of comprehensive income and a statement of change in owner’s equity for the year ended March 31, 20X7, and a classified statement of financial position at March 31, 20X7. The owner made an additional investment during the year of €5,000. A €6,000 payment on the long-term notes payable will be made during the year ended March 31, 20X7.Solution:20X7 Closing entries:March 31 Revenues............................................................... 122,000Income Summary ........................................... 122,000To close the revenue account.31 Income Summary .................................................. 98,560Depreciation Expense, Equipment ................. 1,400Insurance Expense.......................................... 3,900Interest Expense (660)Rent Expense.................................................. 15,000Supplies Expense ........................................... 3,600Telephone Expense ........................................ 4,200Utilities Expense ............................................ 1,800Wages Expense .............................................. 68,000To close expense accounts.31 Income Summary ................................................. 23,440Amy Rooniak, Capital................................... 23,440To close the income summary to capital.31 Amy Rooniak, Capital.......................................... 47,000Amy Rooniak, Withdrawals.......................... 47,000To close withdrawals to capital.。
会计英语单元题第一章Answer of these questions appears at the end of lesson cases.1.Which of the following statements is false?____A____.A.The partnership form of business organization protects the personal assets ofthe owners from creditors of the businessB. A proprietorship has a single ownerC.Accounting is the information system that measures business activities,processes that information into reports, and communicates the results to decision makersD.The FASB determines how accounting is practiced in the United States2.The primary objective of financial reporting is _______C_.A.to present information in an ethical mannerB.to provide information to the federal governmentC.to provide information useful for investment and lending decisionsD.to provide information useful to managers in making daily decisions3.The principle or concept that holds that an entity will remain in operation for theforeseeable future is the_____A____.A.going-concern conceptB.stable-monetary-unit conceptC.reliability principleD.cost principle4.Which of the following statements is true?___B_____.A.Revenues are assets because they represent economic benefitsB.Assets are economic resources that are expected to benefit future periodsC.The accounting equation can be stated as Assets +Liabilities =Owner’s EquityD.Liabilities are economic obligations to insiders5.Aftin Co. performed services on account. When Aftin collects the accountreceivable, ____B____.A.assets increaseB.assets do not changeC.owner’s equity decreasesD.liabilities decrease6.Which of the following trans actions would not affect ower’s equity?___A_____.A.Payment of an account payableB.Payment of salary expenseC.Service provided on accountD.Withdrawal of cash by owner7.An income statement reports___D______.A.The assets, liabilities, and owner’s equity on a pattic ular dateB.the change in the owner’s capital during the periodC.the cash receipts and cash payments during the periodD.the difference between revenues and expenses during the period8. If assets increase $80000 during the period and owner’s equity decreases $16000during the period, liabilities must have___B______.A. increased $64000B. increased $96000C. decreased $64000 \D. decreased $960009.The following information about the assets and liabilities at the end of 20*1 and 20*2 is given below:20*1 20*2Assets $75000 $90000Liabilities 36000 45000If net income was $15000 and there were no withdrawals, how much did the owner invest____A___.A.$ 4500B.$ 6000C.$ 45000D.$ 4350010.The amount of net income shown on the income statement also appears on the ______C__.A. statement of financial positionB. balance sheetC. statement of owner’s equityD. statement of cash flows第二章1.Which of these is (are) an example of an asset account? ___C___A.Service RevenueB.WithdrawalsC.SuppliesD.All of the above2.Traylor Company paid $ 2 850 on account. The effect of this transaction on theaccounting equation is to __D___.A.Decrease assets and d ecrease owner’s equityB.Increase liabilities and decrease owner’s equityC.Have no effect on total assetsD.Decrease assets and decrease liabilities3.Which of these statements is false? __A____.A.Increase in assets and increase in revenues are recorded with a debitB.Increase in liabilities and increases in owner’s equity are recorded with acreditC.Increase in both assets and withdrawals are recorded with a debitD.Decreases in liabilities and increases in expenses are recorded with a debit4.Not Payable has a normal beginning balance of $ 30 000. During the period, newborrowings total $ 63 000 and the ending balance in Notes Payable is $ 41 000.Determine the payments on loans during the period. __B___.A.$ 74 000B.$ 52 000C.$ 134 000D.Cannot be determined from the information given5.Which of these statements is not correct? __C___.A.The account is a basic summary device used in accountingB. A business transaction is recorded first in the journal and then posted to deledgerC.The ledger is a chronological listing of all transactionsD.The debit entry is recorded first in a journal entry , then the credit entry6.Which of these accounts has a normal debit balance? ___D___.A.Rent ExpenseB.WithdrawalsC.Service RevenueD.Both A and B have a normal debit balance7.The journal entry to record the collection of $ 890 from a customer on account is___B___.A. Accounts Payable 890Cash 890B. Cash 890Account Receivable 890C. Cash 890Accounts Payable 890D. Cash 890Service Revenue 8908.The ending Cash account balance is $ 57 600. During the period, cash receiptsequal $ 124 300. If the cash payments during the period total $ 135 100, then the beginning Cash amount must have __A____.A.$ 68 400B.$ 46 800C.$ 181 900D.Cannot be determined from the information givene the following selected information for the Alecia Company to calculate thecorrect credit column total for a trial balance ___C___.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 50010.Which of the following statements is correct? ____D___.A.The chart of accounts is a list of all accounts with their balancesB.The trial balance is a list of all accounts with their balances, divided as debitor creditC.The ledger is maintained in chart-of-accounts orderD.Both B and C are correct第三章1.When should revenue be recorded under the accrual-basis and cash-basis ofaccounting? ____D___Accrual-Basis Cash-BasisA.When received When the service is performedB.When the service is performed When the customer is billedC.When the customer is billed When receivedD.When the service is performed When received2.During 20*4, Bustamante Co. incurred salary expense of $240,000.Begining andending Salary Payable was $4,000 and $ 8,000 , respectively. In 20*4,Bustamante paid salaries of ____C___A.$ 248,000B.$ 240,000C.$ 236,000D.$244,0003.During 20*4, Bustamante received $ 600,000 for service revenue. Bustamante hasnot received $ 30,000 for service already performed in 20*4, Bustamante also invested $ 20,000 into the business. Bustamante should report service revenue for 20*4 of ____D___A.$ 550,000B.$570,000C.$580,000D.$630,0004.Recording an expense when it is paid instead of when incurred is a violation of____C___A.The matching principleB.The time period conceptC.The reliability conceptD.The revenue principle5.On July 31, $3,600 is paid for a one-year insurance policy. On December 31,theadjusting entry for prepaid insurance would include ____C___A.a debit to Insurance Expense, $ 3,600B.a credit to Prepaid Insurance, $ 3,600C.a debit to Insurance Expense, $ 1,500D.a credit to Prepaid Insurance, $ 1,5006. Failure to record an adjusting entry for an accrued expense , will result in the following____B___Liabilities Net IncomeA. no effect understateB. understate overstateC. overstate understateD. understate no effect7. An adjusting entry could contain all of the following except___B___A. a debit to Unearned RevenueB. a credit to CashC. a debit to Interest ReceivableD. a credit to Salary Payable8. The 20*3 income statement showed Rend Expense of $ 6,100. The related balance sheet account, Prepaid Rent, had a beginning balance of $ 1,400 and a ending balance of $ 1,200. The amount of cash paid for rent during 20*3 is (D )A. $ 6,100B. $ 1,200C. $ 6,300D. $ 5,9009. Refer to Exhibit 3-2. The credit column of the adjusted trial balance should total ___C___A. $ 45,300B. $ 49,300C. $ 49,500D. $ 51,10010. Refer to Exhibit 3-2.Assume the net income is $ 8,000. The ending balance of Lemon, Capital should be ___A__A. $ 17,600B. $ 15,600C $ 13,600D. $ 2,000第四章1.which of the following statements best describes the purpose of internal control ? __C____A. To provide assurance that the entire business operates in accordance with management ’s plans and policiesB To prevent fraudC. To ensure that expenses and cash outlays are held to a minimumD. To provide adequate subdivision of duties within the organizationThe Data Co. has asked you to assist in the preparation of a bank reconciliation at the end of July. Answer questions 2-4 using the following code letters to indicate how the item described would be reported on the bank reconciliation.a.Add to the book balanceb.Add to the bank balancec.Deduct from the bank balanced.Deduct from the book balancee.Dose not belong to the bank reconciliation2. Note and interest collected by the bank of the company ,$500(plus $25 interest).____A__3. Deposit in transit ,$400___B___4. Check No.662 for which should have been written for $730 was incorrectly recorded by the bank as $370.____C__.5 If a bank reconciliation include an NSF check for $45, the journal entry to record this reconciliation item would include ___A___.A.credit to CashB.debit to CashC.credit to Accounts ReceivableD.no entry is required6. All of the following are controls over cash received in a store except ____C___.A. the clerk should have access to the cash register tape to make corrections when necessaryB. the customer should be able to see the amounts entered into the registerC it should be a requirement that a receipt be given to the customerD. the cash drawer should open only when the sale clerk enters an amount on the keys7. Which of the following statements related to receivables is true ? ___C___A. On the balance sheet , accounts receivable are usually reported as total accounts receivable plus the allowance for uncollectible accountsB A dishonored notes receivable should be shown as a current liabilityC. When a notes receivable is not paid at maturity, the principal plus any interest due should be charged back to the cus tomer’s accounts receivableD When a customer overpays his accounts receivable ,the resulting balance should be properly shown among the long-term (noncurrent) assets on the balance sheet8. Cox Company began the month of July with a balance in Accounts Receivable of $51600.During July , Cox reported cash sales of $50000, credit sales on account of $228000, collections from customers on account , $201400 , and write-offs of $750.Uncollectibe-Account expense for July was estimated to be 1% of credit sales . The balance in Account Receivable on July 31 is ___A____.A. $ 77450B $ 75170C. $ 75920D $ 80550accounts receivable ).___D___.A. 41 daysB. 11 daysC. 33 daysD. 37 days10. Refer to Exhibit 4-1. Compute the acid-test ratio ___B____.A. 0.31B 0.57C. 0.13D. 0.27第五章1.The weighted average for the year inventory cost flow methostd is applicable towhich of the following inventory systems? ___B____.Periodic PerpertualA. Yes YesB. Yes NoC. No YesD. No No2.The LIFO inventory cost flow method may be applied to which of the following inventory systems? ___C____.Periodic PerpertualA. No NoB. No YesC. Yes YesD. Yes No3.Crow Company bagan a year and purchased merchandise as follows:Jan.1 Beginning inventory 40 units @ $ 17.00Feb.4 Purchased 80 units @ $ 16.00May.12 Purchased 80 units @ $ 16.50Aug.9 Purchased 60 units @ $ 17.50Nov.23 Purchased 100 units @ $ 18.00The company uses a periodic inventory system and the ending inventory consists of 60 units ,20 from each of the last three purchases. Determine the ending inventory assuming costs are assigned on a weighted-average basis. ___D____A.$1000.00C.$1040.00C.$1080.00D.$1022.004.A Company uses a periodic inventory system and made an error at the end of year I that caused its year I ending inventory to be understated by $ 5000.What effect does this error have on the company’s financial statements? ___A___ income is understated;assets are understated income is understated;assets are overstated income is overstated;assets are understated income is overstated;assets are overstated5.ABC Company estimates the cost of its physical on June 30,20*2 for use in an interim financial statement.The rate of markup on cost is 25%.The following account balances are available:Inventory,March 31,20*2 $150000Purchases 86000Purchases returns 4000Sales during the second quarter of 20*2 190000The estimate of the cost of the inventory on June 30 would be ___C____.A.$80000B.$88000C.$89500D.$1845006.Which of the following factors would not be considered in the selection of LIFO as an inventory costing method? ___C____.A.Tax benbefitsB.MatchingC.Physical flowD.Improved cash flow7.Which of the following methods of inventory valuation is allowable at interim dates but not at year-eng? __B____A.Weighted averageB.Estimated gross profit ratesC.Retail methodD.Specific identication8.Dart Company’s accounting records indicated the followi ng information: Inventory,1/ 1/20*2 $ 500000Purchases during 20*2 2500000Sales during 20*2 3200000A physical inventory taken on December 31,20*2,resulted in an ending inventory of $ 575000.Dart’s gross profit on sales has remained constant at 25% in recent years.Dart suspects some inventory may have been taken by a new employee.At December 31,20*2,what is the estimated cost of missing inventory? __A____A.$ 25000B.$ 100000C.$ 175000D.$ 2250009.Which of the following is not affected by the inventory valuation method used by a business? __C____A.Amounts owed for income taxesB.Cost of merchandise soldC.Amounts paid to acquire merchandise income of the business10.Under the retail inventory method,freight-in would be included in the calculation of the goods available for sale for which of the following? __C____Cost RetailA. No NoB. No YesC. Yes NoD. Yes Yes会计英语业务题1.The following selected transactions were completed by Castell Delivery SeeviceduringNovember :(1) Received cash from owner as additional investment , $20 000(2) Paid advertising expense , $ 520(3) Purchased supplies of gas and oil for cash $ 780(4) Received cash from cash customers , $ 1 500(5) Charged customers for delivery services on account , $ 2 100(6) Paid creditors on account , $ 470(7) Paid rent for November , $ 1 000(8) Received cash from customers on account , $ 1 810(9) Paid cash to owner for personal use , $ 900(10) Determined by taking an inventory that $ 650 of supplies of gas and oil hadbeen used during the monthIndicate the effect of each transactions on the accounting equation by listing the numbers identifying the transactions , (1) through (10) ,in a vertical column , and inserting at the right of each number the appropriate letter from the following list :(a)Increase in one asset , decrease in another asset(b)Increase in an asset , increase in a liability(c)Increase in an asset , increase in capital(d)Decrease in an asset , decrease in a liability(e)Decrease in an asset , decrease in capital2.Prepare the following columnar form . Then enter the word debit or credit in eachof the last three columns to indicate the action necessary to increase the account , to indicate the action necessary to decrease the account , and to show the normal3.Ora Company’s two employees each earn $ 90 per day for a four day week thatbegains on Monday and ends on Thursday . They were paid for the week ended Thursday , December 27 and both worked a full day on Monday , December 31 .January 1 of the next year was an unpaid holiday ,but the employees all worked on Wednesday and Thursday , Journalize the year-end adjusting entry to record the accrued wages and the entry to pay the employees on January 3 .4. Botello Company began operations on January 1,20×2. During the next two years , the company completed a number of transactions involving credit sales, accounts receivable collections ,and bad debts. These transactions are summarized as follows :20×2a . Sold merchandise on credit for $54 500, terms n/60.b. Wrote off uncollectible accounts receivable in the amount of $850.c. Received cash of $45100 in payment of outstanding accounts receivable.d. In adjusting the accounts on December 31 , concluded that 2% of the outstandingaccounts receivable would become uncollectible .20×3e. Sold merchandise on credit for $ 67 800, terms n/60.f. Wrote off uncollectible accounts receivable in the amount of $1280.g. Received cash of $65 900 in payment of outstanding accounts receivable , Inadjusting the accounts on December 31 , concluded that 2% of the outstanding accounts receivable would become uncollectibleRequired:Prepare general journal entries to record the 20×2 and 20×3 summarized transactions of Botello Company and the adjusting entries to record bad debts expense at the end of each year,5. The following information is available for Carson ,Inc. for 20×2:Freight-in $20 000 Purchase returns 70 000Selling expenses 200 000Ending inventory 80 000The cost of goods sold is equal to 600 percent of selling expenses.:Required:Calculate the cost of goods available for sale.6.The accounting records of Classic Stores provides the following information for 20×2Beginning inventory $120 000 Purchases 790 000 Transportation-in 45 000Purchases discounts 15 000 Purchases returns and allowances 10 000 Ending inventory 130 000 Requireda.Calculate the inventory turnover ratio for 20×2 .b. If asked by management, how would you interpret the ratio that you calculated?1.posting2.revenues3.cash flow statement4.GAAPs5.chart of accounts6.debit and credit rules7. accrual accounting8. depreciation9. trial balance10.retailers11.perpetual inventory system12.liquidity1.Please state the types of accountants.2.What are the transaction recorded using debits？3.What are the steps in closing？4. Please tell us what about vouchers.5.How to account for sales using net method？6.What are the objectives of cash management？Answers1.2.3.4.5.6. In the double-entry accounting system, every transaction is recorded by equal dollar amounts of debits and credits.7.8.9.10.11.12.1.2.3.4.5.6.。
