金融英语中级会计学模拟考试3文档格式.docx

金融英语中级会计学模拟考试3文档格式.docx

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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

（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:

a.Calculatethebreakevenpointinunitsanddollarsales.

b.Calculatethecontributiontosalesratio.

c.Calculatethemarginofsafetyinpercentage.

Question6

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

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 

Totalassets 

Financedby:

ShareCapital 

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