会计专业英语.docx

会计专业英语.docx

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会计专业英语

一、wordsandphrases

1.残值scripvalue

2.分期付款installment

3.concern企业

4.reversingentry转回分录

5.找零change

6.报销turnover

7.pastdue过期

8.inflation通货膨胀

9.onaccount赊账

10.miscellaneousexpense其他费用

11.charge收费

12.汇票draft

13.权益equity

14.accrualbasis应计制

15.retainedearnings留存收益

16.trad-in易新，以旧换新

17.intransit在途

18.collection托收款项

19.资产asset

20.proceeds现值

21.报销turnover

22.dishonor拒付

23.utilityexpenses水电费

24.outlay花费

25.IOU欠条

26.Going-concernconcept持续经营

27.运费freight

二、Multiple-choicequestion

1.Whichofthefollowingdoesnotdescribeaccounting?

（C）

A.LanguageofbusinessB.UsefulofrdecisionmakingC.Isanendrathethanameanstoanend.

D.Usedbybusiness,government,nonprofitorganizations,andindividuals.

2.Anobjectiveoffinancialreportingisto（B）

A.Assesstheadequacyofinternalcontrol.

B.Provideinformationusefulforinvestordecisions.C.Evaluatemanagementresultscomparedwithstandards.D.Provideinformationoncompliancewithestablishedprocedures.

3.Whichofthefollowingstatementsis（are）correct?

（B）

A.Accumulateddepreciationrepresentsacashfundbeingaccumulatedforthereplacementofplantassets.

B.Acompanymayusedifferentdepreciationmethodsinitsfinancialstatementsanditsincometaxreturn.

C.Thecostofamachineincludesthecostofrepairingdamagetothemachineduringtheinstallationprocess.

D.Theuseofanaccelerateddepreciationmethodcausesanassettowearoutmorequicklythandoesuseoftheunit-of-productmethod.

4.Whichofthefollowingis（are）correctaboutacompany’sbalancesheet?

（B）

A.Itdisplayssourcesandusesofcashfortheperiod.

B.Itisanexpansionofthebasicaccountingequation

C.Itisnotsometimesreferredtoasastatementoffinancialposition.

D.Itisunnecessaryifbothanincomestatementandstatementofcashflowsareavailabe.

5.Objectivesoffinancialreportingtoexternalinvestorsandcreditorsincludepreparinginformationaboutallofthefollowingexcept.（A）

A.Informationusedtodeterminewhichproductstopoduce

B.Informationabouteconomicresources,claimstothoseresources,andchangesinbothresourcesandclaims.

C.Informationthatisusefulinassessingtheamount,timing,anduncertaintyoffuturecashflows.

D.Informationthatisusefulinmakingivestmentandcreditdecisions.

6.Eachofthefollowingmeasuresstrengthensinternalcontrolovercashreceiptsexcept.（C）

A.Theuseofapettycashfund.B.Preparationofadailylistingofallchecksreceivedthroughthemail.

C.Theuseofcashregisters.D.Thedepositofcashreceiptsinthebankonadailybasis.

7.Theprimarypurposeforusinganinventoryflowassumptionisto.（A）

A.Offsetagainstrevenueanappropriatecostofgoodssold.B.Parallelthephysicalflowofunitsofmerchandise.C.Minimizeincometaxes.D.Maximizethereportedamountofnetincome.

8.Ingeneralterms,financialassetsappearinthebalancesheetat.（B）

A.CurrentvalueB.FacevalueC.CostD.Estimatedfuturesalesvalue.

9.Ifthegoing-concemassumptionisnolongervalidforacompanyexcept.（C）

A.Landheldasanivestmentwouldbevaluedatitsliquidationvalue.

B.Allprepaidassetswouldbecompletelywrittenoffimmediately.

C.Totalcontributedcapitalandretainedearningswouldremainunchanged.

D.Theallowanceforuncollectibleaccountswouldbeeliminated.

10.Whichofthefollowingexplainsthedebitandcreditrulesrelatingtotherecordingofrevenueandexpenses?

（C）

A.Expensesappearontheleftsideofthebalancesheetandarerecordedbydebits;revenueappearsontherightsideofthebalancesheetandisreoordedbycredits.

B.Expensesappearontheleftsideoftheincomestatementandarerecordedbydebits;Revenueappearsontherightsideoftheincomestatementandisrecordedbycredits.C.Theeffectsofrevenueandexpensesonowners’equity.

D.Therealizationprincipleandthematchingprinciple.

11.Whichofthefollowingstatementsis（are）correct?

（B）

A.Accumulateddepreciationrepresentsacashfundbeingaccumulatedforthereplacementofplantassets.

B.Thecostofamachinedonotincludesthecostofrepairingdamagetothemachineduringtheinstallationprcess.

C.Acompanymayusesamedepreciationmethodsinitsfinacialstatementsanditsincometaxreturn.

D.Theuseofanaccelerateddepreciationmethodcausesanassettowearoutmorequicklythandoesuseofthestraight-linemethod.

12.Asetoffinancialstatements（B）except.

A.Isintendedtoassistusersinevaluatingthefinancialposition,profitability,andfutureprospectsofanentity.

B.IsintendedtoassisttheIntemalRevenueServiceindeteminingtheamountofincometaxesowedbyabusinessorganization.C.Includesnotesdisclosinginformationnecessaryfortheproperinterpretationofthestatements.

D.Isintendedtoassistinvestorsandcreditorsinmakingdecisionsinventorytheallocationofeconomicresources.

13.Theprimarypurposeforusinganinventoryflowassumptionisto.（B）

A.Parallelthephysicalflowofunitsofmerchandise.B.OffsetagainstrevenueanappropriatecostofgoodssoldC.Minimizeincometaxes.D.Maximizethereportedamountofnetincome.

14.Indicateallcorrectanswers.Intheaccountingcycle.（D）

A.Transactionsarepostedbeforetheyarejournalized.

B.Atrialbalanceispreparedafterjournalentrieshaven’tbeenposted.

C.TheRetainedEarningsaccountisnotshownasanup-to-datefigureinthetrialbalance.

D.Joumalentriesarepostedtoappropriateledgeraccounts.

15.Accordingtotext,ObjectivesofFinancialReportingbyBusinessEnterprises.（D）

A.Extemalusershavetheabilitytoprescribeinformationtheywant.

B.Informationisalwaysbasedonexactmeasures.

C.Financialreportingisusuallybasedonindustriesortheeconomyasawhole.

D.Financialaccountingdoesnotdirectlymeasurethevalueofabusinessenterprise.

16.Indicateallcorrectanswers.Dividendsexcept（A）

A.Decreaseowners’equity.B.DecreasenetincomeC.ArerecordedbydebitingtheCashaccount

D.Areabusinessexpense

17.Whichofthefollowingpracticescontributestoefficientcashmanagement?

（C）

A.Neverborrowmoney-maintainacashbalancesufficienttomakeallnecessarypayments.

B.Recordallcashreceiptsandcashpaymentsattheendofthemonthwhenreconcilingthebankstatements.

C.Preparemonthlyforecastsofplannedcashreceipts,payments,andanticipatedcashbalancesuptoayearinadvance.D.Payeachbillassoonastheinvoicearrives.

18.Whichofthefollowingwouldyouexpecttofindinacorrectlypreparedincomestatement?

（A）

A.Revenuesearnedduringtheperiod.B.Cashbalanceattheendoftheperiod.

C.Contributionsbytheownerduringtheperiod.D.Expensesincurredduringthenextperiodtoearnrevenues.

19.Whichofthefollowingareimportantfactorsinensuringtheintegrityofaccountinginformation?

（D）

A.Institutionalfactors,suchasstandardsforpreparinginformation.B.Professionalorganizations,suchastheAmericanInstituteofCPAs.C.Competence’judgment’andethicalbehaviorofindividualaccountants’D.Alloftheabove.

三、Practices1

1.OnJan.1,2000,MarkCo,acquiredequipmenttouseinitsoperations.Theequipmenthasanestimatedusefullifeof10yearsandanestimatedsalvagevalueof$5,000.Thedepreciationapplicabletothisequipmentwas$40,000for2000,calculatedunderthesum-of–the-years’–digitsmethod.Required:

Determinetheacquisitioncostoftheequipment.（C）

A.$210,000B.$250,000C.$225.000D.$200,000

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

Determinetheacquisitioncostoftheequipment.（C）

A.$220,000B.$250,000C.$224.000D.$200,000

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

A.$9,000B.$18,000C.$27.000D.$36,000

Question:

Whatisthereconciledbalance?

（B）

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

Required:

Choosethereconciledbalance.（D）

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

Required:

Calculatethecostofgoodsavailableforsale（C）

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

Required:

Calculatethecostofgoodssold（D）

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

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

Theentryfortheabovebaddebtsis（A）

A.Dr.BadDebtAccts.$1,500B.Dr.BadDebtAccts.$500

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

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

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

9.ThebalancesheetitemstoTheOvenBakery（arrangedinalphabeticalorder）wereasfollowsatAugust1,2005.（Youaretocomputethemissingfigureforretainedearnings.）（4%）

REQUIRED:

FindRetainedearningsatAugust12005（D）

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

Practices2

Suebeganapublicaccountingpracticeandcompletedthesetransactionsduringfirstmonthofthecurrentyear.

Required:

Choosetheentriestorecordthefollowingtransactons