金融英语中级会计学汇总真题一_真题(含答案与解析)-交互.docx

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1、金融英语中级会计学汇总真题一 (总分 120.5, 做题时间 120 分钟)SECTION ONE (Compulsory) Answer all six questions in this section. Each question carries 10 marks.Question 1 (Total: 10 marks) Read and state whether the following statement are TURE (T) or FALSE (F). For false statements you are required to corrected statements

2、. Write all answers on the answer sheets.1.A “Carriage Outwards” account normally has a debit balance.SSS_TEXT_QUSTI分值: 1.52.“Long Term Investment” is an item of shareholders fund.SSS_TEXT_QUSTI分值: 1.53.“Cash basis accounting” means that accounts only record items which have realizable values in cas

3、h.SSS_TEXT_QUSTI分值: 1.54.A “Purchases” account records only items which were bought for resale.SSS_TEXT_QUSTI分值: 1.55.“Share Premium” is a capital profit.SSS_TEXT_QUSTI分值: 1.56.A “quick ratio” tests the liquidity of a business.SSS_TEXT_QUSTI分值: 1.57.A variable cost is a cost which changes according

4、to market conditions.SSS_TEXT_QUSTI分值: 1.5Question 2 (Total: 10 marks) Read the following statements and choose the correct answers by writing the alphabetical letter on the answer sheets.8.A “relevant cost” isSSS_SINGLE_SELA a cost which has been paidB a future cost which is associated with the dec

5、ision at hand.C a future cost which must be incurred if a firm is to continue in business.D a fixed cost in a project 分值: 1答案:未知9.Provision for doubtful debts isSSS_SINGLE_SELA an account recording all debts which are doubtful in collection.B a current liability. Ca current asset.Da reduction in the

6、 value of an asset. 分值: 1答案:未知10.A cash flow statementSSS_SINGLE_SELAshows the amountsof money in cash, or near cash form, received and paid out by a firm from trading during a period.B shows the amounts of money in cash, or near cash form, received and paid out by a firm from all activities during

7、a period.C shows the change in financial positions of a firm during a period.D shows a firms cash transactions during a period. 分值: 1答案:未知11.A sole traders capital at a particular date equalsSSS_SINGLE_SELAthe amount of cash he has in the business. Bhis net assets at cost in the business.C all his a

8、ssets in the business at realizable values.D all his assets at book values in the business less all liabilities of the business.分值: 1 答案:未知12.A balance sheet showsSSS_SINGLE_SELA all assets of a firm at market values and all its liabilities at a particular date.B all known assets and all known liabi

9、lities and capital of a firm at a particular date.C estimated values of all assets, capital and liabilities of a firm at a particular date.D all assets, all liabilities and proprietors fund at book values of a firm at a particular date.分值: 1 答案:未知13.A “liquid asset” meansSSS_SINGLE_SELAan asset in c

10、ash or readily convertible to cash. Ban asset which has not a physical form.C an investment which is realizable at any time.D a current asset other than trading stock 分值: 1答案:未知14.A machine bought for resale isSSS_SINGLE_SELAa capital expenditure Ba trading stock item Ca fixed assetDa production cos

11、t 分值: 1答案:未知15.A “break-even” sales volume meansSSS_SINGLE_SELA a sale volume which will produce no profit or lossB a minimum sales volume which will produce the target profit. Ca sales volume which is very close to budget.Da sales volume which is below the break-even point. 分值: 1答案:未知16.A pidend pa

12、id by a company isSSS_SINGLE_SELAan appropriation of profits. Ba capital expenditure.C a revenue expenditure.D a return on capital 分值: 1答案:未知17.Capital profits meanSSS_SINGLE_SELA profits derived from the use of capitalB profits derived from the use of fixed assets. Creturns on capital.Dprofits from

13、 disposal of fixed assets. 分值: 1答案:未知Question 3 (Total: 10 marks)18.$000Stocks at 1 Jan 01: Raw materials 20 Work in progress 10Finished goods 25Wages paid to production workers 60 Raw materials bought in year 150 Factory administration expenses 12Depreciation of production machinery 15Further infor

14、mation:Closing stocks at 31 Dec 01: Raw materials 18 Work in progress 3Finished goods 30 Required:Prepare a manufacturing account in good form for the business.SSS_TEXT_QUSTI分值: 10Question 4 (Total: 10 marks)The following are the account balances of a *pany as at 31 December 2001: $,000 $,000 Ordina

15、ry share capital 600 10% Preferential share capital 400 share premium on Ordinary shares 300 Retained profits 500 Debentures (due 30 June 2002 ) 1,300 Plant and machinery 1,700 Provision for depreciation of plant and machinery 600 Dividends declared: Preferential 40 Ordinary 10 Trade creditors 700 T

16、rade debtors 1,200 Provision for doubtful debts 80 Office expenses due but unpaid 20 Investments income receivable 30 Investments in *panies 920 Trading stock 7004,500 4,500 Net profit for the year, after deducting profits tax $30,000 and interest payments $23,000, was $220,000.Required: Calculate t

17、he following accounting ratios for *pany:SSS_TEXT_QUSTI19.Current ratio (2 marks)分值: 2SSS_TEXT_QUSTI20.Quick ratio (2 marks)分值: 2SSS_TEXT_QUSTI21.Return on investment (or assets) (3 marks)分值: 3SSS_TEXT_QUSTI22.Return on equity (3 marks)分值: 3Question 5 (Total: 10 marks)X and Y were trading in partner

18、ship sharing profits and losses in the ratio of 1:1. They agreed to accept Z as a new partner. The new profit and loss sharing ratio among X, Y and Z would be 2:2:1. The capital account balances of X and Y were $100,000 (Cr) respectively. Z was to contribute $50,000 cash as his capital and also cont

19、ribute$200,000 cash to the business as consideration for his share of the goodwill of the partnership.SSS_TEXT_QUSTI23.Prepare a statement showing the sharing of the goodwill between the old partners and among the new partners. (5 marks)分值: 5SSS_TEXT_QUSTI24.Make journal entries for Zs contributions

20、 assuming that no goodwill account is to be raised. (5 marks)分值: 5Question 6 (Total: 10 marks)On 1 May 2002 the cash book of a business showed a bank balance of$7,712 (Dr) but the bank statement of the same date showed a credit balance of $10,912. After checking the records, the following informatio

21、n was found:1. Cheque received in the amount of $1,000 has been recorded in the cash book but has not been banked.2. Cheque in the sum $4,360 has been drawn and sent out but it has not been presented to the bank for payment.3. A cheque for $960 was banked but was subsequently returned by the bank ma

22、rked “Insufficient fund”. No entry has been made for this in the cash book.4. Interest $200 has been charged by the bank but no entry has been made in the cash book.5. A cheque for $3,700 from a customer has been incorrectly entered in the cash book as $2,700. It was correctly recorded by the bank.R

23、equired:SSS_TEXT_QUSTI25.Make adjusting entries in the cash book to show the correct balance.分值: 5SSS_TEXT_QUSTI26.Prepare a bank reconciliation statement from the correct cash book balance to the balance in the bank statement.分值: 5SECTION TWO Answer any two questions in this section. Question 7 (To

24、tal: 20 marks)The book of Delta Ltd as at 31 December 2001 showed the following balances: $ Ordinary share capital ($1 per share) 3,000,000 8% Preferential Share capital ($1 per share) 300,000 Retained earnings at 1 Jan 2001 62,000 Plant and machinery at cost 6,000,000 Provision for depreciation of

25、plant and machinery 2,400,000 Sales 8,000,000 Purchases 4,500,000 Discounts received from suppliers 200,000 Trading stock at 1 Jan 2001 500,000 Trade debtors 600,000 Bad debts writtenoff 40,000 Provision for doubtful debts at 1 Jan 2001 30,000 Tradecreditors 200,000 Auditors fees 90,000 Salaries and

26、 wages 700,000 Rents and rates 1,200,000 General expenses 500,000 Interim Preferential dividend paid 12,000 Cash 50,000 Additional informationsSSS_TEXT_QUSTI27.Trading stock at 31 December 2001 was $700,000分值: 4SSS_TEXT_QUSTI28.A dividend of 2 cents per share on the Ordinary Shares and a final divid

27、end of 4% on the Preferential Shares had been declared but had not been accounted for.分值: 4SSS_TEXT_QUSTI29.20% depreciation using the straight line method should be provided for the plant and machinery.分值: 4SSS_TEXT_QUSTI30.Provision for doubtful debts at 3% of the trade debtors should be made.分值:

28、4SSS_TEXT_QUSTI31.Corporate tax rate at 16% should be provided for in the accounts. Required: Prepare a Trading and Profit and Loss Account for *pany for the year ended 31 December 2001 and a Balance Sheet of *pany as at that date.分值: 4Question 8 (Total: 20 marks)Mr Lee is a sole trader. He does not

29、 know accounting and he only keeps records of cash receipts and payments. The following is a statement of a receipts and payments of his business for the year ended 31.12 .01: $ $ Cash in hand 1.1.01 50,400 Payments for goods1,131,000 Sales receipts 1,569,000 Transport expenses 87,000 Cash put in by

30、 Mr Lee 26,000 Rents and rates 38,100 Loan from Mr Wong 200,000 Wages paid to office assistants 60,000 Drawings by Mr Lee 120,000 Purchase of equipment 400,000Balance at 31.12.01 9,3001,845,400 1,845,400 Further information:(a) The loan from Mr Wong was received on 1.1.01 . Interest payable is 10% p

31、.a.(b) The equipment was purchased on 1.1.01. Estimated life is 5 years with no residue value. Depreciation should be provided for it on the straight line mrthod.(c) The assets and liabilities of Mr Lee were as follows: 1.1.0131.12.01 $ $ Stock in trade at cost 150,000 240,000 Trade debtors 138,000

32、200,000 Trade creditors 100,000 120,000 Equipment at cost 400,000 Cash balance 50,400 9,300Required:SSS_TEXT_QUSTI32.Prepare a Trading and Profit and Loss Account for Mr Lee for the year ended 31.1.01 and a Balance Sheet as at that date.分值: 20Question 9 (Total: 20 marks)X and Y are in partnership sh

33、aring profits and losses in the ratio 3:2. They agree to draw interest on their capital at 8% p.a.; an annual salary to Y of $50,000; and interest on drawings at 10% p.a.; and to allow interest on loans from partners at p.a. The capitals of the partners are to be kept intact. The financial informati

34、on of the partnership as at 31 january 2001 disclosed the following:$ $ Capital : X 1,000,000 Y 600,000 1600,000 Current Accounts : X 52,600 Cr Y 10,420 Cr 63,020 Loan from X 300,000 Net capital employed 1,963,020 The partners took drawings on 1 July 01: X $60,000; Y$ 30,000 Net trading profit for the year ended 31 December 2001 before interest and salaries to partners was $ 250,000.Required:SSS_TEXT_QUSTI33.Prepare an Appropriation Account or Statement and the partners Current Accounts for the year.分值: 201