会计英语Test of Accounting 2

TEST FOR CHAPTER 1-4注：判断题红色标记句为错句，选择题加下划线选项为正确答案PART I TRUE OR FALSE1)Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable,and comparable formation about an organization's business activities.2)Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs ofinternal users.3)The primary objective of financial accounting is to provide general purpose financial statements to help external usersanalyze and interpret an organization's activities.4)Internal users include lenders, shareholders, brokers and managers.5)In the partnership form of business, the owners are called stockholders.6)The business entity principle means that a business will continue operating for an indefinite period of time.7)As a general rule, revenues should not be recognized in the accounting records until it is received in cash.8)Accrued expenses at the end of one accounting period are expected to result in cash payments in a future period.9)The idea that a business will continue to operate until it can sell its assets to pay its creditors underlies thegoing-concern assumption.10)The monetary unit assumption means that all international transactions must be expressed in dollars.11)The International Accounting Standards Board (IASB) is the government group that establishes reporting requirementsfor companies that issue stock to the public.12)Expenses decrease equity and are the costs of assets or services used to earn revenues.13) A company might provide a service or product on credit. "On credit" implies that the cash payment will occur on alater date.14)Each adjusting entry affects only one or more income statement account and never cash.15)The legitimate claims of a business's creditors take precedence over the claims of the business owner.16)Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.17)From an accounting perspective, an event is a happening that affects an entity's accounting equation, but cannot bemeasured.18)The income statement is a financial statement that shows revenues earned and expenses incurred during a specifiedperiod of time.19)Chuck Taylor withdrew $6,000 in cash from FastForward. This amount should be included as an expense on theincome statement.20)Source documents provide evidence of business transactions and are the basis for accounting entries.21)Items such as sales tickets, bank statements, checks, and purchase orders are source documents.22)It is not necessary to keep separate accounts for all items of importance for business decisions.23)Closing entries are necessary so that owner's capital will begin each period with a zero balance.24)Cash withdrawn by the owner of a proprietorship should be treated as an expense of the business.25)When a company provides services for which cash will not be received until some future date, the company shouldrecord the amount received as unearned revenue for the amount charged to the customer.26)Double entry accounting requires that each transaction affect, and be recorded in, at least two accounts.27)Asset accounts normally have credit balances and revenue accounts normally have debit balances.28) A transaction that decreases an asset account and increases a liability account must also affect one or more otheraccounts.29)Adjusting entries are used to bring asset or liability accounts to their proper amount and update the related expense orrevenue account.30)When a company bills a customer for $600 for services rendered, the journal entry to record this transaction willinclude a $600 debit to Services Revenue.31)The journal is known as the book of final entry because financial statements are prepared from it.32)The closing process takes place after financial statements have been prepared.33) A trial balance that balances is not proof of complete accuracy in recording transactions.34)Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, andthe withdrawals account to owner's capital.35)If cash was incorrectly debited for $100 instead of correctly credited for $100, the cash account is out of balance by$100.36)Adjusting entries result in a better matching of revenues and expenses for the period.37)The matching principle requires that expenses get recorded in the same accounting period as the revenues that areearned as a result of the expenses, not when cash is paid.38)On October 15, a company received $15,000 cash as a down payment on a consulting contract. The amount wascredited to Unearned Consulting Revenue. By October 31, 10% of the services required by the contract were completed. The company will record consulting revenue of $1,500 from this contract for October.39)Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expenseaccounts ready for use in the next period.40)Accrued expenses reflect transactions where cash is paid before a related expense is recognized.41)Before an adjusting entry is made to recognize the cost of expired insurance for the period, Prepaid Insurance andInsurance Expense are both overstated.42) A company purchased $6,000 worth of supplies in August and recorded the purchase in the Supplies account. OnAugust 31, the fiscal year-end, the supplies count equaled $3,200. The adjusting entry would include a $2,800 debit to Supplies.43)In preparing statements from the adjusted trial balance, the balance sheet must be prepared first.44) A company performs 20 days work on a 30-day contract before the end of the year. The total contract is valued at$6,000 and payment is not due until the contract is fully completed. The adjusting entry includes a $4,000 credit to unearned revenue.45)An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded and posted.46)Financial statements can be prepared directly from the information in the adjusted trial balance.47)Income Summary is a temporary account only used for the closing process.48)Revenue accounts should begin each accounting period with zero balances.49)The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statementsand recording closing and adjusting entries.50)When expenses exceed revenues, there is a net loss and the Income Summary account would have a credit balance.51) A post-closing trial balance is a list of permanent accounts and their balances from the ledger after all closing entriesare journalized and posted.PART II MULTIPLE-CHOICE1. The primary objective of financial accounting is:A. To serve the decision-making needs of internal users.B. To provide financial statements to help external users analyze an organization's activities.C. To monitor and control company activities.D. To provide information on both the costs and benefits of looking after products and services.E. To know what, when, and how much to produce.2. Internal users of accounting information include:A. Shareholders.B. Managers.C. Lenders.D. Suppliers.E. Customers.3. A corporation:A. Is a business legally separate from its owners.B. Is controlled by the FASB.C. Has shareholders who have unlimited liability for the acts of the corporation.D. Is the same as a limited liability partnership.E. All of these.4. The accounting assumption that requires every business to be accounted for separately from other business entities,including its owner or owners is known as the:A. Objectivity principle.B. Business entity assumption.C. Going-concern assumption.D. Revenue recognition principle.E. Cost principle.5. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the:A. Going-concern principle.B. Business entity principle.C. Objectivity principle.D. Cost Principle.E. Monetary unit principle.6. If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at:A. $95,000.B. $137,000.C. $138,500.D. $140,000.E. $150,000.7. To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:A. Objectivity principle.B. Realization principle.C. Business entity principle.D. Going-concern principle.E. Revenue recognition principle.8. The question of when revenue should be recognized on the income statement (according to GAAP) is addressed by the:A. Revenue recognition principle.B. Going-concern principle.C. Objectivity principle.D. Business entity principle.E. Cost principle.9. On December 15, 2007, Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in 2008. Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2008 and not 2007?A. Monetary unit principleB. Going-concern principleC. Cost principleD. Business entity principleE. Revenue recognition principle10. A partnership:A. Is also called a sole proprietorship.B. Has unlimited liability.C. Has owners called shareholders.D. Has to have a written agreement in order to be legal.E. Is a legal organization separate from its owners.11. According to generally accepted accounting principles, a company's balance sheet should show the company's assets at:A. The cash equivalent value of what was given up or received.B. The current market value of the asset received in all cases.C. The cash paid only, even if something other than cash was given in the exchange.D. The best estimate of a certified internal auditor.E. The objective value to external users.12. Revenue is properly recognized:A. When the customer's order is received.B. Only if the transaction creates an account receivable.C. At the end of the accounting period.D. When cash from a sale is received.E. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price.13. If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. What is the effect of the sale on the accounting equation for the seller?A. Assets increase $52,000; owner's equity increases $52,000B. Assets increase $85,000; owner's equity increases $85,000C. Assets increase $137,000; owner's equity increases $137,000D. Assets increase $140,000; owner's equity increases $140,000E. None of these14. If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. At the time of the sale, assume that the seller still owed $30,000 to TrustOne Bank on the land that was purchased for $85,000. Immediately after the sale, the seller paid off the loan to TrustOne Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?A. Assets increase $52,000; owner's equity increases $22,000; liabilities decrease $30,000B. Assets increase $52,000; owner's equity increases $30,000; liabilities decrease $30,000C. Assets increase $22,000; owner's equity increases $52,000; liabilities decrease $30,000D. Assets decrease $30,000; owner's equity decreases $30,000; liabilities decrease $30,000E. Assets decrease $55,000; owner's equity decreases $55,000; liabilities decrease $30,00015. The difference between a company's assets and its liabilities, or net assets is:A. Net income.B. Expense.C. Equity.D. Revenue.E. Net loss.16. Which of the following statements is true about assets?A. They are economic resources owned or controlled by the business.B. They are expected to provide future benefits to the business.C. They appear on the balance sheet.D. Claims on them can be shared between creditors and owners.E. All of these.17. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year?A. $8,300B. $13,050C. $20,500D. $31,100E. $40,40018. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?A. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.B. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.C. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.D. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.E. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.19. How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?A. +$10,000 accounts receivable, -$10,000 accounts payable.B. +$10,000 accounts receivable, +$10,000 accounts payable.C. +$10,000 accounts receivable, +$10,000 cash.D. +$10,000 accounts receivable, +$10,000 revenue.E. +$10,000 accounts receivable, -$10,000 revenue.20. Source documents include all of the following except:A. Sales tickets.B. Ledgers.C. Checks.D. Purchase orders.E. Bank statements.21. Which of the following statements is correct?A. When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense.B. Promises of future payment are called accounts receivable.C. Increases and decreases in cash are always recorded in the owner's capital account.D. An account called Land is commonly used to record increases and decreases in both the land and buildings owned by a business.E. Accrued liabilities include accounts receivable.22. A written promise to pay a definite sum of money on a specified future date is a(n):A. Unearned revenue.B. Prepaid expense.C. Credit account.D. Note payable.E. Account receivable.23. A collection of all accounts and their balances used by a business is called a:A. Journal.B. Book of original entry.C. General Journal.D. Balance column journal.E. Ledger.24. A list of all accounts and the identification number assigned to each account used by a company is called a:A. Source document.B. Journal.C. Trial balance.D. Chart of accounts.E. General Journal.25. Which of the following statements is incorrect?A. The normal balance of accounts receivable is a debit.B. The normal balance of owner's withdrawals is a debit.C. The normal balance of unearned revenues is a credit.D. The normal balance of an expense account is a credit.E. The normal balance of the owner's capital account is a credit.26. A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a:A. Withdrawals account.B. Capital account.C. Drawing account.D. T-account.E. Balance column sheet.27. Double-entry accounting is an accounting system:A. That records each transaction twice.B. That records the effects of transactions and other events in at least two accounts with equal debits and credits.C. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.D. That may only be used if T-accounts are used.E. That insures that errors never occur.28. Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months services in advance. Management Services' general journal entry to record this transaction will include aA. Debit to Unearned Management Fees for $60,000.B. Credit to Management Fees Earned for $60,000.C. Credit to Cash for $60,000.D. Credit to Unearned Management Fees for $60,000.E. Debit to Management Fees Earned for $60,000.29. On September 30, the Cash account of V alue Company had a normal balance of $5,000. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of September?A. A $0 balance.B. A $4,300 debit balance.C. A $4,300 credit balance.D. A $5,700 debit balance.E. A $5,700 credit balance.30. On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May?A. $ 5,000.B. $47,000.C. $52,000.D. $57,000.E. $32,000.31. The following transactions occurred during July:1. Received $900 cash for services provided to a customer during July.2. Received $2,200 cash investment from Barbara Hanson, the owner of the business.3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Provided services to a customer on credit, $375.5. Borrowed $6,000 from the bank by signing a promissory note.6. Received $1,250 cash from a customer for services to be rendered next year.What was the amount of revenue for July?A.$ 900.B.$ 1,275.C.$ 2,525.D.$ 3,275.E.$11,100.32. During the month of March, Cooley Computer Services made purchases on account totaling $43,500. Also during the month of March, Cooley was paid $8,000 by a customer for services to be provided in the future and paid $36,900 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,300, what is the balance in accounts payable at the end of March?A. $83,900.B. $91,900.C. $6,600.D. $75,900.E. $4,900.33. On January 1 of the current year, Bob's Lawn Care Service reported owner's capital totaling $122,500. During the current year, total revenues were $96,000 while total expenses were $85,500. Also, during the current year Bob withdrew $20,000 from the company. No other changes in equity occurred during the year. If, on December 31 of the current year, total assets are $196,000, the change in owner's capital during the year was:A. A decrease of $9,500.B. An increase of $9,500.C. An increase of $30,500.D. A decrease of $30,500E. Impossible to determine from the information provided.34. A balance column ledger account is:A. An account entered on the balance sheet.B. An account with debit and credit columns for posting entries and another column for showing the balance of the account after each entry is posted.C. Another name for the withdrawals account.D. An account used to record the transfers of assets from a business to its owner.E. A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction.35. A general journal is:A. A ledger in which amounts are posted from a balance column account.B. Not required if T-accounts are used.C. A complete record of any transaction and the place from which transaction amounts are posted to the ledger accounts.D. Not necessary in electronic accounting systems.E. A book of final entry because financial statements are prepared from it.36. Which of the following statements is true?A. If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions.B. The trial balance is a book of original entry.C. Another name for the trial balance is the chart of accounts.D. The trial balance is a list of all accounts from the ledger with their balances at a point in time.E. The trial balance is another name for the balance sheet as long as debits balance with credits.37. A trial balance taken at year-end showed total credits exceed total debits by $4,950. This discrepancy could have been caused by:A. An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.B. A net income of $4,950.C. The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.D. The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550.E. An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.38. In which of the following situations would the trial balance not balance?A. A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash.B. The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and credit to Accounts Payable.C. A $50 cash receipt for the performance of a service was not recorded at all.D. The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200.E. The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750.39. Interim financial statements refer to financial reports:A. That cover less than one year, usually spanning one, three, or six-month periods.B. That are prepared before any adjustments have been recorded.C. That show the assets above the liabilities and the liabilities above the equity.D. Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid.E. Where the adjustment process is used to assign revenues to the periods in which they are earned and to match expenses with revenues.40. The length of time covered by a set of periodic financial statements is referred to as the:A. Fiscal cycle.B. Natural business year.C. Accounting period.D. Business cycle.E. Operating cycle.41. Adjusting entries:A. Affect only income statement accounts.B. Affect only balance sheet accounts.C. Affect both income statement and balance sheet accounts.D. Affect only cash flow statement accounts.E. Affect only equity accounts.42. The main purpose of adjusting entries is to:A. Record external transactions and events.B. Record internal transactions and events.C. Recognize assets purchased during the period.D. Recognize debts paid during the period.E. Correct errors.43. Which of the following statements is incorrect?A. Adjustments to prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities.B. Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded.C. Adjusting entries can be used to record both accrued expenses and accrued revenues.D. Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passageof time.E. Adjusting entries affect the cash account.44. An adjusting entry could be made for each of the following except:A. Prepaid expenses.B. Depreciation.C. Owner withdrawals.D. Unearned revenues.E. Accrued revenues.45. A company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would:A. Understate net income by $28,000.B. Overstate net income by $28,000.C. Have no effect on net income.D. Overstate assets by $28,000.E. Understate assets by $28,000.46. If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show:A. Assets overstated and equity understated.B. Assets and equity both understated.C. Assets overstated, net income understated, and equity overstated.D. Assets, net income, and equity understated.E. Assets, net income, and equity overstated.47. If a company failed to make the end-of-period adjustment to remove from the Unearned Management Fees account the amount of management fees that were earned, this omission would cause:A. An overstatement of net income.B. An overstatement of assets.C. An overstatement of liabilities.D. An overstatement of equity.E. An understatement of liabilities.48. When closing entries are made:A. All ledger accounts are closed to start the new accounting period.B. All temporary accounts are closed but not the permanent accounts.C. All real accounts are closed but not the nominal accounts.D. All permanent accounts are closed but not the nominal accounts.E. All balance sheet accounts are closed.49. Which of the following statements is incorrect?A. Permanent accounts is another name for nominal accounts.B. Temporary accounts carry a zero balance at the beginning of each accounting period.C. The Income Summary account is a temporary account.D. Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.E. The closing process applies only to temporary accounts.50. Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as:A. Adjusting entries.B. Closing entries.C. Final entries.D. Work sheet entries.E. Updating entries.51. The recurring steps performed each reporting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the:A. Accounting period.B. Operating cycle.C. Accounting cycle.D. Closing cycle.E. Natural business year.52. Which of the following is the usual final step in the accounting cycle?A. Journalizing transactions.B. Preparing an adjusted trial balance.C. Preparing a post-closing trial balance.D. Preparing the financial statements.E. Preparing a work sheet.。

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

会计英语考试题目Accounting is an essential part of any business, and it is a language that all industries often use. Whether you are a sole proprietor or a large corporation, you will need to understand basic accounting terms, concepts, and principles to communicate effectively with other stakeholders. Therefore, as an accounting student or professional, it is essential to test and strengthen your understanding by taking accounting exams. In this article, we will present a sample accounting exam that covers various topics such as financial statements, accounting standards, and auditing.SECTION A: MULTIPLE CHOICE QUESTIONS (30 Marks)1. Which of the following best describes the objective of financial statements?a. To provide information that is useful in making economic decisionsb. To provide information that is useful in managing an entityc. To provide information that is useful for taxation purposesd. To provide information that is useful to creditors2. Who is responsible for developing accounting standards in the United States?a. Financial Accounting Standards Board (FASB)b. Securities and Exchange Commission (SEC)c. American Institute of Certified Public Accountants (AICPA)d. Internal Revenue Service (IRS)3. Which of the following is not a current asset?a. Inventoryb. Accounts Receivablec. Prepaid Expensesd. Buildings4. What is the formula for calculating the current ratio?a. Total Assets/ Total Liabilitiesb. Net Income/ Total Assetsc. Current Assets/ Current Liabilitiesd. Gross Profit/ Total Revenue5. Which of the following is classified as a financing activity?a. Issuing Common Stockb. Buying Inventoryc. Paying Rentd. Collecting Accounts Receivable6. What is the purpose of a bank reconciliation?a. To ensure the accuracy of the company's bank statementb. To identify any errors or discrepancies in the general ledgerc. To match the company's bank balance with its book balanced. To prepare a statement of cash flows7. What is the objective of an audit?a. To express an opinion on the fairness of financial statementsb. To detect fraud and errorsc. To provide financial advice to managementd. To ensure that the company is complying with tax regulations8. If a company has a current ratio of 2.5, what does it mean?a. The company has more current assets than current liabilitiesb. The company has twice as many liabilities as assetsc. The company has twice as many assets as liabilitiesd. The company is insolvent9. What is the purpose of an adjusting entry?a. To correct a mistake in the general ledgerb. To record a transaction that was omittedc. To adjust the balances in certain accounts at the end of the accounting periodd. To close out the balance in an account at the end of the year10. What is the difference between an operating lease and a capital lease?a. An operating lease is a short-term lease, while a capital lease is a long-term leaseb. An operating lease is an off-balance sheet item, while a capital lease is an on-balance sheet itemc. An operating lease is an expense, while a capital lease is a liabilityd. An operating lease is a sales transaction, while a capital lease is a rental agreementSECTION B: SHORT ANSWER QUESTIONS (30 Marks)1. Define the term "accounting equation."2. Describe the difference between a debit and a credit.3. What is the purpose of the balance sheet?4. Explain the difference between a cash flow statement and an income statement.5. What is the difference between an expense and a liability?6. What is goodwill?7. Define the term "accounts payable."8. What is a trial balance?9. What is the difference between accounts receivable and accounts payable?10. What is the difference between GAAP and IFRS?SECTION C: PROBLEM SOLVING QUESTIONS (40 Marks) 1. A company has the following financial information:Total Revenue: $200,000Cost of Goods Sold: $60,000Net Income: $30,000Accounts Receivable: $20,000Accounts Payable: $10,000Inventory: $15,000Accumulated Depreciation: $5,000Property, Plant, and Equipment: $75,000Calculate the following ratios:a. Gross Profit Ratiob. Accounts Receivable Turnover Ratioc. Inventory Turnover Ratiod. Debt-to-Equity Ratioe. Return on Equity Ratio2. A company has the following transactions during the year:Sales Revenue: $250,000Accounts Receivable Balance (Jan 1): $40,000Accounts Receivable Balance (Dec 31): $50,000Bad Debt Expense: $2,500Write-offs for bad debt: $1,500Cash Received from Customers: $220,000Calculate the following:a. Net Salesb. Gross Profitc. Net Incomed. Accounts Receivable Turnover Ratio (use beginning balance)3. A company has the following balances before adjusting entries: Prepaid Insurance: $3,000 (represents three months of insurance) Salaries Payable: $2,500 (pertains to December salaries)Rent Expense: $1,200 (paid for three months ending in February) What adjustment entries are needed for the above balances and what are the new balances?4. A company has the following balances at the beginning of the year:Cash: $30,000Accounts Receivable: $20,000Inventory: $10,000Property, Plant, and Equipment: $50,000Accounts Payable: $15,000Notes Payable (long-term): $20,000Common Stock: $25,000Retained Earnings: $30,000During the year, the company had the following transactions: Sales Revenue: $100,000Cost of Goods Sold: $35,000Depreciation Expense: $5,000Rent Expense: $10,000Salary Expense: $12,000Dividends Paid: $7,000Notes Payable Paid: $10,000Calculate the following:a. Net Incomeb. Retained Earnings (ending balance)c. Debt-to-Equity Ratiod. Return on Equity RatioConclusionIn conclusion, an accounting exam is an important tool for evaluating a student's or a professional's understanding of accounting concepts, principles and standards. This exam covered various topics such as financial statements, accounting standards, auditing, current assets and liabilities, adjusting entries, lease types, and accounting ratios. As you prepare to take your accountingexam, ensure that you have covered all the topics and have practiced enough to develop your problem-solving skills. Good luck!。

会计英语考试题目及答案一、选择题（每题2分，共20分）1. What is the basic accounting equation?A) Assets = Liabilities + EquityB) Revenue - Expenses = Net IncomeC) Assets = LiabilitiesD) Liabilities = Equity答案：A2. Which of the following is not a type of financial statement?A) Balance SheetB) Income StatementC) Cash Flow StatementD) Tax Return答案：D3. What is the purpose of adjusting entries in accounting?A) To increase profitsB) To match revenues and expensesC) To reduce taxesD) To make the financial statements more complex答案：B4. What is the term for the process of recording transactionsin a journal?A) PostingB) JournalizingC) ClosingD) Adjusting答案：B5. Which of the following is a non-current asset?A) InventoryB) Accounts PayableC) LandD) Prepaid Expenses答案：C6. What is the accounting term for the cost of goods sold?A) COGSB) CGSC) COSD) COGS答案：A7. What is the accounting treatment for depreciation?A) Increase in asset valueB) Decrease in asset valueC) Increase in revenueD) Decrease in expenses答案：B8. What is the formula for calculating the return on investment (ROI)?A) (Net Income / Total Assets) * 100B) (Net Income / Investment) * 100C) (Total Assets / Net Income) * 100D) (Investment / Net Income) * 100答案：B9. Which of the following is a principle of accounting?A) ConsistencyB) Fair valueC) Historical costD) All of the above答案：A10. What is the purpose of a trial balance?A) To calculate net incomeB) To determine the value of assetsC) To check the accuracy of accounting recordsD) To prepare financial statements答案：C二、简答题（每题5分，共30分）1. Define the term "Double Entry Accounting" and explain its significance in the accounting process.答案：Double Entry Accounting is a system of accountingthat records every transaction in at least two accounts, one as a debit and the other as a credit. It ensures that the accounting equation remains in balance and provides a comprehensive view of the financial transactions, thereby enhancing the accuracy and reliability of financial records.2. Explain the difference between "Accrual Accounting" and "Cash Accounting".答案：Accrual Accounting records transactions when they are incurred, regardless of when payment is received or made. It focuses on the matching principle, aligning revenues and expenses with the period they are earned or incurred. Cash Accounting, on the other hand, records transactions only when cash is received or paid, which provides a snapshot of the business's liquidity at a given time.3. What are the main components of a Balance Sheet?答案：The main components of a Balance Sheet are Assets, Liabilities, and Equity. Assets represent what the company owns, liabilities represent what the company owes, and equity represents the residual interest in the assets after deducting liabilities.4. Describe the accounting process for recording a sale on credit.答案：When a sale is made on credit, the accounting process involves debiting Accounts Receivable and crediting Sales Revenue. This reflects the increase in assets (AccountsReceivable) due to the sale and the increase in revenue from the sale. If the sale involves inventory, Inventory is also debited and Cost of Goods Sold is credited to reflect the reduction in inventory and the associated cost.5. What is the purpose of closing entries in accounting?答案：The purpose of closing entries is to transfer the balances of temporary accounts (revenue, expenses, and dividends) to the permanent account (Retained Earnings). This process prepares the financial statements for the next accounting period and provides a clear picture of the company's net income or loss for the period.6. Explain the concept of "Going Concern" in accounting.答案：The Going Concern concept assumes that a business will continue to operate for the foreseeable future, allowing it to realize its assets and discharge its liabilities in the normal course of business. This assumption is fundamental to the preparation of financial statements as it affects the valuation of assets and liabilities.三、案例分析题（每题25分，共50分）1. Assume you are an accountant for a company that has just completed its。

会计英语第二版答案【篇一：会计英语课后题答案answer for lesson 1】r each of the following uelated items11c12b 13c 14d 15 a exercise answer for lesson 11.2 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 debitmeans decrease and credit means increase. and, that every account can be debited and credited and as result, everyaccount can have both a debit and a credit balance. explain toyour 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 creditbalances.solution: the terms debit and credit mean the left and rightside, respectively, of every account. some accounts such as dividends and expenses are only debited; other accounts suchas 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 withdebit balances include assets, dividends, and expenses.accounts with credit balances include share capital-ordinaryand revenues.3 a fellow classmate is confused about how debits andcredits 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 debitsand 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 the right-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 recordof the transactions.3.transfer journal information to ledger accounts. this stepis called posting. posting makes it possible to accumulatethe effects of journalized transactions on individual accounts. 5the 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 debitcolumns, 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 equation linda 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:。

会计英语笔试题目及答案一、选择题（每题2分，共20分）1. What does the term "Double Entry Accounting" refer to?A. A method of recording financial transactionsB. A type of accounting softwareC. An accounting qualificationD. A bookkeeping systemAnswer: A2. Which of the following is not a financial statement?A. Balance SheetB. Income StatementC. Cash Flow StatementD. Budget ReportAnswer: D3. What is the purpose of an "Adjusting Entry"?A. To correct errors in the booksB. To update the financial recordsC. To prepare for the next accounting periodD. To summarize the transactions of the periodAnswer: C4. The term "Accrual Accounting" is used to describe:A. Cash basis accountingB. Recording transactions when cash is received or paidC. Recording transactions when they are earned or incurredD. None of the aboveAnswer: C5. What is the primary purpose of a "Trial Balance"?A. To calculate the net income of a companyB. To ensure that the total debits equal the total creditsC. To determine the company's cash flowD. To prepare the final accountsAnswer: B6. "Depreciation" refers to the:A. Increase in the value of an asset over timeB. Allocation of the cost of a tangible asset over its useful lifeC. Sale of a company's assetsD. Reduction in the value of an asset due to obsolescence Answer: B7. Which of the following is a non-current asset?A. InventoryB. Prepaid expensesC. LandD. Accounts payableAnswer: C8. What does "GAAP" stand for?A. Generally Accepted Accounting PrinciplesB. Government Accounting and Auditing PrinciplesC. Global Accounting and Auditing PracticesD. Good Accounting and Auditing PrinciplesAnswer: A9. "Revenue recognition" is the process of:A. Recording revenue when it is earnedB. Recording revenue when it is receivedC. Recording revenue when it is expectedD. Recording revenue when it is paidAnswer: A10. The "Matching Principle" requires that expenses be:A. Recognized in the period they are incurredB. Recognized in the period they are paidC. Recognized in the period they are earnedD. Recognized in the period they are receivedAnswer: A二、填空题（每题1分，共10分）11. The ________ is a statement that shows a company's financial position at a specific point in time.Answer: Balance Sheet12. The ________ is the difference between the revenues and expenses of a company over a period of time.Answer: Net Income13. An asset is something that is expected to provide________ to the entity in the future.Answer: Economic Benefits14. The ________ is the process of allocating the cost of an asset over its useful life.Answer: Depreciation15. The ________ is the systematic and periodic recording of financial transactions.Answer: Accounting Cycle16. A ________ is a liability that is due within one year. Answer: Current Liability17. The ________ is a statement that shows the changes in a company's financial position over a period of time.Answer: Statement of Changes in Equity18. The ________ is the process of estimating the cost of goods sold and the ending inventory.Answer: Cost Flow Assumption19. The ________ is the difference between the list price and the actual amount paid for goods or services.Answer: Trade Discount20. The ________ is the process of adjusting the accounts to reflect the true financial position of the company at the endof the accounting period.Answer: Closing the Books三、简答题（每题5分，共30分）21. Explain the concept of "Going Concern" in accounting.Answer: The concept of "Going Concern" assumes that a business will continue to operate for the foreseeable future. It is a fundamental assumption in accounting that allows for the use of historical cost and the accrual basis of accounting.22. What is the purpose of a "Retained Earnings Statement"?Answer: A Retained Earnings Statement shows the changes in the retained earnings account over a period of time. Itstarts with the beginning balance of retained earnings, adjusts for net income or losses, and then subtracts dividends declared to arrive at the ending balance of retained earnings.23. Describe the "Cash Flow Statement" and its importance.Answer: The Cash Flow Statement is a financial statement that provides information about the cash inflows and outflows of a company during a period. It is important because it shows the liquidity of the company and its ability to generate cash, which is crucial。