专业英语习题

1 专业英语习题

一、单项选择题

1. Which of the following are reported in the stockholders‟ equity section of the balance sheet? ( )

a. revenues and expenses b.dividends and retained earnings

c. common stock and dividends mon stock and retained earnings

2. Current assets are presented in the balance sheet in order of ( )

a. dollar amounts b. liquidity c. solvency d. the alphabet

3. Current liabilities include all of the following except ( )

a. accrued wages payable

b. advance received from customer

c. current portion of long-term loan

d. prepaid expenses

4. Credit terms of 2/10 n/30 indicate: ( )

a. a 2% discount if 10 items are purchased

b. no payment is required until the 31st day after the invoice date

c. a 10% discount if 2 items are purchased.

d. a 2% discount for amounts paid within 10 days of the invoice and the remaining balance due within

30 days

5. Which statement regarding the inventory turnover ratio is Not True? ( )

a. The ratio measures the average rate of speed inventories move through and out of company.

b. Inventory turnover=Average Inventory  COGS

c. Inventory turnover figures vary considerably from industry to industry.

d. A low inventory turnover can result from an overextended inventory position or from inadequate

sales volume.

6. Which statement regarding the liabilities and owners‟ equity section of balance sheet is False?

( )

a. Payment of Dividend Payable eliminates both the assets and the owners‟ equity

b. Liabilities are debts or obligations that must be discharged in money or services in the future

c. Owners‟ equity is a residual claim to the remaining assets after discharge of debts.

d. Balance sheet of corporations should separate Capital Stock and Retained Earnings.

7. What is the difference between the quick and current ratio? ( )

a. The quick ratio deals with the company‟s ability to pay its liabilities whereas the current ratio does

not

b. The current ratio is a more stringent(严格的) test of liquidity than the quick ratio.

c. The quick ratio excludes inventory, which the current ratio includes for calculation purposes.

d. Management primarily uses the current ratio whereas investors and analysts are the primary users

of the quick ratio.

8. What of the following is Not an example of apportionment of recorded costs? ( )

a. Depreciation of fixed assets

b. Reallocation of receipts in advance.

c. Expiration of insurance premium.

d. Consume of supplies.

9. For its most recent year, a corporation had beginning and ending accounts receivable balances of

$50,000 and $60,000, respectively. The year's sales on account were $800,000. What was the amount of

cash received from customers during the year? ( )

a. $790,000 b. $820,000 c. $810,000 d.$800,000

2 10. Sales revenue $200,000, beginning inventory $30,000, inventory purchased $100,000 and inventory

sold $90,000. It is true that ( )

a. goods available for sale (GAFS) equals $200,000

b. gross profit equals $110,000

c. ending inventory equals $30,000

d. cost of goods sold (COGS) equals $40,000

11. Users of financial information may be classified as internal or external. Which following statement is

true regarding financial information users? ( )

a. External users evaluate the performance of a company's management using management

accounting reports.

b. Financial accounting provides information to managers and external users, such as potential

investors.

c. Many laws require managerial accounting reports be reported to various levels of the government.

d. Management accounting provides information to managers and external users, such as potential

investors.

12. What does the term „net realizable value‟ mean regarding Accounts Receivable? ( )

a. Net realizable value is the balance in the Accounts Receivable account as of a given date.

b. Net realizable value is what a company‟s Accounts Receivable accounts will bring if they are sold

to a third party.

c. Accounts Receivable less Allowance for Uncollectible Accounts will equal the net realizable value

of Accounts Receivable

d. Net realizable value is the balance in the Allowance for Uncollectible Accounts as of a given date.

13. Which of the following statements about a trail balance is incorrect? ( )

a. It‟s primary purpose is to prove the mathematical equality of debits and credits after posting

b. It uncovers certain errors in the journalizing and posting

c. It is useful in the preparation of financial statements

d. It proves that all transactions have been recorded.