财务会计专业英语ppt课件.pptx

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1、PracticeLRM Pty LtdAfter the initial transactions were recorded the closing balances were as follows as at 1 April 2008:Cash InventoryLand and buildingsEquipment Accounts payableNotes payable Loans Share capital$ thousand14055300901570300200Additional transactions for the month of April 20081. Cash

2、sales of $30,000 were made. The cost of the goods that were sold amounted to $12,000.2. Credit sales of $40,000 were made. The cost of goods sold was $16,000.3. Payments of $8000 were made to suppliers.4. Paid wages for the first two weeks of April for $20,000.5. Received an advertising invoice for

3、$2000 for a radio advertisement broadcast on 5 April. The bill will be paid next month.6. Received $25,000 from accounts receivable.7. At the end of the month $18,000 is owing in wages for the last two weeks of the month. It is due to be paid on 1 May.PracticeCappuMania Pty LtdCappuManias trial bala

4、nce at 1 April 2007All the companys activities for the year ended 31 March 2008 have been grouped into the following summary list.First, the economic events to be accrued:1. Revenue for 2008 was $89,740. The coffee bar does mostly cash business, so of this, $85,250 was in cash and the rest was on cr

5、edit.2. General expensed for 2008, not including depreciation or income tax, totaled $67,230. Most of the expenses were on credit, for coffee supplies and so on, so of this, only $2120 was in cash. 3. At the end of the year, it turned out that unsold food on hand cost $550 and supplies on hand cost

6、$1740.4. Depreciation expense for the year was $2380.5. The companys income tax expense for 2008 was estimated as $4460.6. The companys board of directors declared a dividend of $1000.Cash inflows and outflows by 31 March 2008 not already mentioned:7. Collections of revenue on credit totaled $3330.8

7、. Payments to suppliers totaled $59,420.9. The company paid $3000 toward its income tax.10.Only $800 of the dividend had been paid.8True of false questions9Chapter 11. The stable monetary unit concept means that the type of currency used for the financial statements is not expected to change. 2. The

8、 objectivity principle states that assets and services should be recorded at their actual cost, since cost is a reliable measure to use in financial accounting. 3. Using accrual accounting, revenues are not recorded until the cash for the revenue is received.4. Accrual accounting is more complete an

9、d complex than cash accounting. 5. The matching principle requires the identification of liabilities and matching them with the assets used to pay them. 10Chapter 16. Under the revenue principle, businesses should record revenue when it is earned regardless of when payment is received from the custo

10、mer. 7. The application of the matching principle results in the recognition of net income or net loss. 8. Accrual accounting provides some ethical challenges that cash accounting avoids. 9. The historical cost principle applies even when a firm is not a going concern. 10. There are no exceptions to

11、 the revenue recognition rule that revenue is only recognized at the time of sale. 11Chapter 21. The general ledger contains the accounts that make up the entitys financial statements. 2. When special journals are used, the more the transactions that are involved, the more the posting time is saved.

12、 3. Even if the trial balance provides arithmetical proof that debits equal credits, it does not detect all errors. 4. A $800 receipt from a customer in payment of his account posted as a $800 debit to Cash and a $8 credit to Accounts Receivable will not cause the trial balance to be out of balance. 5. If the equipment account has a balance of $22,500 and its accumulated depreciation account has a balance of $14,000, the book value of the equipment is $8,500. 12Assignment