金融英语中级会计学模拟考试3.docx

金融英语中级会计学模拟考试3.docx

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金融英语中级会计学模拟考试3

金融英语中级会计学模拟3

SECTIONONE

  Answerallquestionsinthissection.

Question1

  ReadthefollowingstatementsandstatewhethertheyareTrue（T）orFalseF..Forallfalsestatements,youarerequiredtowritethecorrectstatements.Writeallanswersontheanswersheets.

1、Mr.Charlesinvested＄50,000tocommencehisbusiness,thatmeansnowhecanmake＄50,000claimonthebusiness.

2、Althoughoneaccountantmistakestowritedownacreditsaleasacashsale,thefigureonthedebitsideofthetrialbalanceisright.

3、ProvisionofDepreciationistheestimatedexpiredcostforthecurrentperiod.

4、Ifthecontingentliabilitiesareprobableandtheamountoftheliabilitiescanbereasonablyestimated,thefactsofthecontingencyshouldbedisclosed.

5、Primecostsincludedirectmaterialscosts,directlaborcostsandindirectmanufacturingcosts.

6、Abankreconciliationstatementispreparedtoanalyzethedifferencesbetweentheendingcashbalanceonthebankstatementandtheendingcashbalanceinthefirm'saccountingrecords.

Question2

  Readthefollowingstatements/questionsandchoosethecorrectanswersbywritingthealphabeticalletterontheanswersheets.

7、Ifretainedearningswereunderstatedandliabilitieswereoverstated,whichofthefollowingerrorscouldhavebeenthecause?

   a.Makingtheadjustmententryfordepreciationexpensestwice.

   b.Failuretorecordinterestaccruedonanotepayable.

   c.Failuretomaketheadjustingentrytorecordrevenuewhichhadbeenearnedbutnotyetbilledtoclients.

   d.Failuretorecordtheearnedportionoffeesreceivedinadvance.

8、Theselecteddatapertaintoacompanyat31December2003asthefollowing:

   QuickAssets           ＄208,000

   Quickratio            2.6to1

   Currentratio           3.5to1

   Netsalesfor2003       ＄1,800,000

   Costofgoodsoldfor2003    ＄990,000

   Averagetotalassetsfor2003  ＄1,200,000

   Thecompany'sinventorybalanceat31December2003is______.

   a.＄72,000.  b.＄186,990.  c.＄231,111.  d.＄68,000.

9、Anaccruedexpensecanbestbedescribedasanamount______.

   a.paidandcurrentlymatchedwithearnings.

   b.paidandnotcurrentlymatchedwithearnings.

   c.notpaidbutcurrentlymatchedwithearnings.

   d.Noneoftheabove.

10、Mr.Wongpaid＄3,000inadvanceforinsuranceon1December2001anddebitedittoInsuranceExpense.Noentriesweremadesubsequentlyin2001orin2002.TheaccountingperiodendsonDecember31.Asaresultofthiserror______.

   a.2001incomewasunderstated＄2,000.

   b.2002incomewasunderstated＄2,000.

   c.2001incomewasunderstated＄3,000.

   d.2002incomewasunderstated＄3,000.

11、Mr.Ting'snetcashinflowfromoperatingactivitiesfortheyearending30Juneis＄123,000.Thefollowingadjustmentswereincludedinthesupplementaryschedulereconcilingcashflowfromoperatingactivitieswithnetincome:

    Depreciation              ＄38,000

    Increaseinnetaccountsreceivable    31,000

    Decreaseinventory            27,000

    Increaseinaccountspayable       48,000

    Increaseininterestpayable       12,000

    Netincomeis______.

    a.＄29,000.  b.＄41,000.  c.＄79,000.  d.＄217,000.

12、Whichofthefollowingisnotacharacteristicoftheaccountingfornon-tradingorganizations?

   a.TheynormallyprovideReceiptsandPaymentsAccounts.

   b.TheyhaveAccumulatedFund,whichismoreorlessthesameascapital.

   c.Itismorecommontokeepallrecordsonasingleentrybasis.

   d.Theymustkeepbooksonadouble-entrysystem.

13、Mr.Wongisasmallcompany.Anditfailedtorecordeverytransaction.Nowyouareprovidedwiththefollowinginformation:

capitalat1January2003is＄30,000,capitalat31December2003is＄31,000.During2003,drawingsare＄2,000.Thenthenetprofitfortheyear2003is______.

   a.＄3,000.  b.＄-1,000. c.＄1,000.  d.＄-3,000.

14、Atthebeginningofagivenperiod,Mr.Ting'sinventorywasallfinishedgoods.Thevolumeis600.Atfileendofthisperiod,2,000arecompletedunitsand600arepartlycompleted.Thepartlycompletedunitsweredeemedtobe50%complete.Themanufacturingcostis＄30,000.Thencostperunitis______.

   a.＄17.64   b.＄13.04  c.＄10.34  d.＄15

15、Basicaccountingassumptionsincludethefollowingexcept______.

   a.goingconcern.  b.monetaryunit. c.consistency.  d.businessentity.

16、At1January2003,thebalanceofBillyCompany'sProvisionforBadDebtsis＄5,000.At31December2003,thebalanceoftradedebtorsis＄45,000.BillyCompany'sprovisionforbaddebtsequalsto10%oftradedebtors.Duringtheyear2003,thebaddebtwrittenoffis＄2,000.ThenBadDebtexpensesofBillyCompanythisyearmustbe______.

    a.＄2,500.  b.＄1,500.  c.＄-1,500. d.＄-2,5OO.

Question3

17、ConsideringpurchasingKHCompany,youareevaluatingKH'srevenuegeneralizingability.Thenthefollowinginventoryvaluationerrorshavebeendiscovered.

  ·the2000yearendinventorywasoverstatedby＄23,000

  ·the2001yearendinventorywasunderstatedby＄61,000

  ·the2002yearendinventorywasunderstatedby＄17,000

  AndthereportincomebeforetaxesforKHwas:

                Year      Incomebeforetaxes

                2000         ＄138,000

                2001         ＄254,000

                2002         ＄168,000

  Required:

  （a）Howmuchshouldthereportedincomebeforetaxeshavebeenfortheyears2000,2001and2002?

  （b）Discussif2000yearendinventory'sovervaluationwillinfluencefile2002year'sreportincomebeforetaxesornot.

Question4

18、ThefollowinginformationwasextractedfromtheledgersofBillyCompanyforitsproductsfortheyearended31December2002:

                                          ＄

  Sales（100,000units）                           500,000

  Directmaterials                              100,000

  Directwages                                70,000

  Fixedproductionoverheads                         110,000

  Variableproductionoverheads                        20,000

  Administrationexpenses（60%fixed,40%variable）              80,000

  Sellingexpenses（60%fixed,40%variable）                 130,000

  Required:

  （a）PreparetheProfitandLossStatementbyusingAbsorptionCostmethod.

  （b）PreparetheProfitandLossStatementbyusingMarginalCostmethod.

Question5

19、Mr.WongisasmallmanufacturerofbicyclesinHongKong.Hisbusinessincurredthefollowingcostsfortheyearended31December2003.

                                          ＄

  Materials（100%variable.                         300,000

  Labor（25%variable.                            200,000

  Selling&distributioncost（20%variable.                 50,000

  Othercosts（fixed.                            170,000

  Normally,thebusinesssells3,000unitsat＄300each:

  Required:

  a.Calculatethebreakevenpointinunitsanddollarsales.

  b.Calculatethecontributiontosalesratio.

  c.Calculatethemarginofsafetyinpercentage.

Question6

20、ABCSportacquiredequipmentatacostof＄200,000on1January2003.Theassetwasestimatedtohaveascrapvalueof＄20,000andanestimatedusefullifeof5years.IfyouaretheaccountantofABCSport,pleasecomputetheannualdepreciationexpenseforeachyearrespectively.

  Required:

  a.Usingstraight-linemethod.

  b.Usingdouble-declining-balancemethod（reducingbalancemethod..

  c.Usingsum-of-the-years-digitsmethod.

SECTIONTWO

  Answeranytwoquestionsinthissection.

Question7

21、ThesummaryBalanceSheetofBillyTradingCompanyon1April2003wasasfollows:

                                   ＄

  Equipment（atcost）                      180,000

  Less:

Provisionfordepreciation               （68,400）

  Stock                             38,600

  Debtors                            50,000

  Totalassets                         

  Financedby:

  ShareCapital                         70,000

  RevenueReserves                        50,000

  10%debentures                         70,000

  Proposeddividends                       2,200

  Bankoverdraft                         8,000

  Additionalinformation:

  1.Thefollowingsales,purchasesandpaymenttransactionsareexpectedtooccurinthenextthreemonths:

                 Sales      Purchases     Expenses

                  ＄        ＄        ＄

        April      360,000      180,000      60,000

        May       370,000      200,000