会计专业英语教程4：试卷及答案（会计学方向）.doc

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1、会计专业英语教程4：试卷及答案（会计学方向）会计专业英语试卷（会计学方向）PART Terms Interpretation (52=10) 1. Financial accounting conceptual framework2. Accrual basis accounting3. Treasury stock4. Fair value5.GoodwillPart True or False (101=10) 1. The International Accounting Standards Board issues standards in the global economy and

2、 hopes to create harmony among accounting practices in different countries. ( )2. Accounting ethics are beliefs that distinguish right from wrong. ( )3. Shareholders are insider information users of public company. ( )4. Financial statement information is supported by unbiased evidence not someones

3、opinion, this is called Objectivity principle. ( )5. Asset account is a record of assets increases in credit. ( )6. When total debits exceed total credits the account has a debit balance. ( )7. Withdrawals and expense accounts really represent decreases in equity; therefore, they are assigned debit

4、balances. ( )8. The matching principle aims to record expenses in the same period as the revenues earned as a result of these expenses. ( )9. Perpetual inventory system which updates the accounting records for merchandise transactions only at the end of a period. ( )10. Unearned revenue means the re

5、venue collected after it is earned; and after services or goods are provided. ( )PART Multiple Choice (102=20) 1. Period cost includes_A. Financial expensesB. Management expensesC. Accrued feesD. Manufacturing expenses2. The months accounting statements generally include _A. Balance SheetB. Cash Flo

6、w StatementC. Profit Distribution TableD. Income Statement3. Among the following fixed assets, the fixed assets that should be depreciated include_A. Fixed assets leased out by operating leasesB. Unused fixed assets that are not neededC. Is rebuilding and expanding fixed assetsD. Financial leased fi

7、xed assets4. Among the following options are current assets _A. Fixed assetsB. Monetary fundsC. Receivables and prepaymentsD. Inventory5. Among the following accounts are the cost calculation accounts _A. Manufacturing expensesB. Production costsC. Management feesD. Material procurement6. The specif

8、ic services of the account management business in the cash management business are _A. Account combingB. Account system constructionC. Account inquiryD. Account information notification7. The characteristics of the cost in_A. Expenses are the total outflow of economic benefits that occur in the dail

9、y activities of an enterpriseB. Fees result in a reduction in owners equityC. Expenses are not related to the distribution of profits to the ownerD. Expenses include main operating income8. In the steps of revenue recognition and measurement, what is related to the measurement of revenue is_A. Ident

10、ify the contract with the customerB. Identify individual performance obligations in the contractC. Determine the transaction priceD. Allocate the transaction price to each individual performance obligation9. Among the following asset impairment provisions, those that can be reversed when the relevan

11、t conditions are met are_A. Bad debt provisionB. Inventory falling price reserveC. Provision for impairment of intangible assetsD. Long-term equity investment impairment provision10. The following items should be accounted for through the Fixed Assets Clearance account_A. Fixed assets scrapB. Sale o

12、f fixed assetsC. Losses on fixed assetsD. Damage to fixed assetsPart Short Answer Questions (45=20) 1. Explain the difference between the retail inventory method and gross profit inventory method for valuing inventory.2. What is the advantage of bonds financing?3. What is gross margin ratio? How is

13、it used as an indicator of profitability?4. What are the principles of internal control over cash?Part Case Study (220=40) 1. SAC Company uses the straight-line method of depreciation. The companys fiscal year end is December 31. The following transactions and events occurred during the first three

14、years.2014July.1 Purchased a computer from the Computer Center for $2,500 cash plus sales tax of $150, and shipping costs of $50.Nov.3 Incurred ordinary repairs on computer of $140.Dec.31 Recorded 2014 depreciation on the basis of a four-year life and estimated salvage value of $500.2015Dec.31 Recor

15、ded 2015 depreciation.2016Jan.1 Paid $500 for an upgrade of the computer. This expenditure is expected to increase the operating efficiency and capacity of the computer.InstructionsPrepare the necessary entries. (Show computations.)2. A business is considering offering tender to undertake a contract

16、. Fulfillment of the contract will require the use of two types of raw material, both of which are held in stock by the business. All of the stock (inventory) of these two raw materials will need to be used on the contract. Information on the stock required is as follows:Stock itemQuantityunitsHisto

17、rical cost/unitSales value/unitReplacement cost/unitA1500536B28007810Stock item A1 is in frequent use in the business on variety of work. The stock of item B2 was bought a year ago for a contract that was abandoned. It has recently become obvious that there is no likelihood of ever using this stock

18、if the contract currently being considered does not proceed.Management wishes to deduce the minimum price at which the business could undertake the contract without reducing its wealth as a result. This can be used as the baseline in deducing the tender price.How much should be included in the minim

19、um price in respect of the two stock items detailed above?会计专业英语试卷（会计学方向）答案PART Terms Interpretation (52=10) 1. Financial accounting conceptual framework：Financial accounting conceptual framework includes the purpose of accounting and financial reporting, accounting basis and assumptions, accounting

20、 principles and measurement bases, and the qualitative characteristics of financial accounting information.2. Accrual basis accounting：Accrual-basis accounting (accrual accounting) records financial events based on economic activity rather than financial activity. Under accrual accounting, revenue i

21、s recorded when it is earned and realized, regardless of when actual payment is received. Similarly, expenses are “matched” revenue regardless of when they are actually paid.3. Treasury stock: Treasury stock may be defined as shares of a corporations own capital stock that have been issued and later

22、 re-acquired by the issuing company but that have not been canceled or permanently retired.4. Fair value：Fair value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing

23、wherein the parties had each acted knowledgeably, prudently, and without compulsion.5. Goodwill：The present value of expected future earnings of a business in excess of the earnings normally realized in the industry.Part True or False (101=10) 1. T 2. T 3. F 4. T 5. F6. T 7. T 8. T 9. F 10. FPART Mu

24、ltiple Choice (102=20) 1. AB 2. AD 3. ABD 4. BCD 5. BD6. ABD 7. ABC 8.CD 9. AB 10. ABDPart Short answer Questions (45=20) 1. The retail method is generally used to prepare interim statements. It uses the cost to retail ratio to give an estimated ending inventory at cost. The gross profit method is t

25、ypically used to reconstruct the value of lost, stolen, or destroyed inventory. It uses the (historical) gross profit ratio to estimate cost of goods sold and the value of ending inventory.2. A principal advantage of raising money by issuing bonds instead of stock is that interest payments are deduc

26、tible in determining income subject to corporate income taxes. Dividends paid to stockholders, however, are not deductible in computing taxable income.3. The gross margin ratio is calculated by dividing gross margin (or net sales less cost of goods sold) by net sales. The gross margin ratio measures

27、 a firms profitability in selling its inventory. The gross margin must be large enough to cover operating expenses and provide sufficient net income to the owner(s).4. An effective system of internal control protects cash assets and it should meet three basic principles: (1) Handling cash is separat

28、e from recordkeeping of cash; (2) Cash receipts are promptly deposited in a bank; (3) Cash disbursements are made by checkPart Case Study (220=40) 1. 2014July1Computer Equipment2,700 Cash 2,700 Nov.3Repairs Expense140 Cash140 Dec.31Depreciation Expense275 Accumulated Depreciation275($2,700 $500) 4 1

29、/22015Dec.31Depreciation Expense550 Accumulated Depreciation ($2,200 4)5502016Jan.1Computer Equipment500 Cash 5002. The relevant costs to be included in the minimum price are:Stock item: A1 6500=3,000 B2 8800=6,400 We are told that the stock of item A1 is in frequent use and so, if it is used on the

30、 contract, it will need to be replaced. We are told the stock of item B2 will never be used by the business unless the contract is undertaken. Thus, if the contract is not undertaken, the only reasonable thing for the business to do is sell the stock. This means that the opportunity cost is 8 a unit.请勿盗版 尊重作者