会计英语期末总复习

会计英语

单元题

第一章

Answer of these questions appears at the end of lesson cases.

Which of the following statements is false?____A____.

The partnership form of business organization protects the personal assets of the owners from creditors of the business

A proprietorship has a single owner

Accounting is the information system that measures business activities, processes that information into reports, and communicates the results to decision makers

The FASB determines how accounting is practiced in the United States

The primary objective of financial reporting is _______C_.

to present information in an ethical manner

to provide information to the federal government

to provide information useful for investment and lending decisions

to provide information useful to managers in making daily decisions

The principle or concept that holds that an entity will remain in operation for the foreseeable future is the_____A____.

going-concern concept

stable-monetary-unit concept

reliability principle

cost principle

Which of the following statements is true?___B_____.

Revenues are assets because they represent economic benefits

Assets are economic resources that are expected to benefit future periods

The accounting equation can be stated as Assets +Liabilities =Owner’s Equity

Liabilities are economic obligations to insiders

Aftin Co. performed services on account. When Aftin collects the account receivable, ____B____.

assets increase

assets do not change

owner’s equity decreases

liabilities decrease

Which of the following transactions would not affect ower’s equity?___A_____.

Payment of an account payable

Payment of salary expense

Service provided on account

Withdrawal of cash by owner

An income statement reports___D______.

The assets, liabilities, and owner’s equity on a patticular date

the change in the owner’s capital during the period

the cash receipts and cash payments during the period

the difference between revenues and expenses during the period

8. If assets increase $80000 during the period and owner’s equity decreases $16000 during the period, liabilities must have___B______.

A. increased $000

B. increased $96000

C. decreased $000 \\

D. decreased $96000

9.The following information about the assets and liabilities at the end of 20*1 and 20*2 is given below:

20*1 20*2

Assets $75000 $90000

Liabilities 36000 45000

If net income was $15000 and there were no withdrawals, how much did the owner invest____A___.

$ 4500

$ 6000

$ 45000

$ 43500

10.The amount of net income shown on the income statement also appears on the ______C__.

A. statement of financial position

B. balance sheet

C. statement of owner’s equity

D. statement of cash flows

第二章

Which of these is (are) an example of an asset account? ___C___

Service Revenue

Withdrawals

Supplies

All of the above

Traylor Company paid $ 2 850 on account. The effect of this transaction on the accounting equation is to __D___.

Decrease assets and decrease owner’s equity

Increase liabilities and decrease owner’s equity

Have no effect on total assets

Decrease assets and decrease liabilities

Which of these statements is false? __A____.

Increase in assets and increase in revenues are recorded with a debit

Increase in liabilities and increases in owner’s equity are recorded with a credit

Increase in both assets and withdrawals are recorded with a debit

Decreases in liabilities and increases in expenses are recorded with a debit

Not Payable has a normal beginning balance of $ 30 000. During the period, new borrowings total $ 63 000 and the ending balance in Notes Payable is $ 41 000. Determine the payments on loans during the period. __B___.

$ 74 000

$ 52 000

$ 134 000

Cannot be determined from the information given

Which of these statements is not correct? __C___.

The account is a basic summary device used in accounting

A business transaction is recorded first in the journal and then posted to de ledger

The ledger is a chronological listing of all transactions

The debit entry is recorded first in a journal entry , then the credit entry

Which of these accounts has a normal debit balance? ___D___.

Rent Expense

Withdrawals

Service Revenue

Both A and B have a normal debit balance

The journal entry to record the collection of $ 0 from a customer on account is ___B___.

A. Accounts Payable 0

Cash 0

B. Cash 0

Account Receivable 0

C. Cash 0

Accounts Payable 0

D. Cash 0

Service Revenue 0

The ending Cash account balance is $ 57 600. During the period, cash receipts

equal $ 124 300. If the cash payments during the period total $ 135 100, then the beginning Cash amount must have __A____.

$ 68 400

$ 46 800

$ 181 900

Cannot be determined from the information given

Use the following selected information for the Alecia Company to calculate the correct credit column total for a trial balance ___C___.

Accounts receivable $ 7 200

Accounts payable 6 900

Building 179 400

Cash 15 800

Capital 000

Insurance expense 6 500

Salary expense 56 100

Salary payable 3 600

Service revenue 190 500

$ 201 000

$ 137 100

$ 265 000

$ 74 500

Which of the following statements is correct? ____D___.

The chart of accounts is a list of all accounts with their balances

The trial balance is a list of all accounts with their balances, divided as debit or credit

The ledger is maintained in chart-of-accounts order

Both B and C are correct

第三章

When should revenue be recorded under the accrual-basis and cash-basis of accounting? ____D___

Accrual-Basis Cash-Basis

A.When received When the service is performed

B.When the service is performed When the customer is billed

C.When the customer is billed When received

D.When the service is performed When received

During 20*4, Bustamante Co. incurred salary expense of $240,000.Begining and ending Salary Payable was $4,000 and $ 8,000 , respectively. In 20*4,Bustamante paid salaries of ____C___

A.$ 248,000

B.$ 240,000

C.$ 236,000

D.$244,000

During 20*4, Bustamante received $ 600,000 for service revenue. Bustamante

has not received $ 30,000 for service already performed in 20*4, Bustamante also invested $ 20,000 into the business. Bustamante should report service revenue for 20*4 of ____D___

A.$ 550,000

B.$570,000

C.$580,000

D.$630,000

Recording an expense when it is paid instead of when incurred is a violation of ____C___

A.The matching principle

B.The time period concept

C.The reliability concept

D.The revenue principle

On July 31, $3,600 is paid for a one-year insurance policy. On December 31,the adjusting entry for prepaid insurance would include ____C___

A.a debit to Insurance Expense, $ 3,600

B.a credit to Prepaid Insurance, $ 3,600

C.a debit to Insurance Expense, $ 1,500

D.a credit to Prepaid Insurance, $ 1,500

6. Failure to record an adjusting entry for an accrued expense , will result in the following____B___

Liabilities Net Income

A. no effect understate

B. understate overstate

C. overstate understate

D. understate no effect

7. An adjusting entry could contain all of the following except___B___

A. a debit to Unearned Revenue

B. a credit to Cash

C. a debit to Interest Receivable

D. a credit to Salary Payable

8. The 20*3 income statement showed Rend Expense of $ 6,100. The related balance sheet account, Prepaid Rent, had a beginning balance of $ 1,400 and a ending balance of $ 1,200. The amount of cash paid for rent during 20*3 is (D )

A. $ 6,100

B. $ 1,200

C. $ 6,300

D. $ 5,900

Exhibit 3-2

Lemon Car Rental

Trial Balance

December 31, 20x4

Account

Debit

Credit

Cash

$7,450

Prepaid insurance

1,600

Equipment

19,000

Accumulated depreciation

$4,200

Accounts payable

5,000

Lemon , capital

15,600

Withdrawals

6,000

Rental revenue

23,400

Insurance expense

7,000

Salary expense

4,000

Repair expense

3,150

Total

$48,200

$48,200

Adjusting entries include

(1)Prepaid insurance used

1,600

(2)Depreciation

1,300

2,900

9. Refer to Exhibit 3-2. The credit column of the adjusted trial balance should total ___C___

A. $ 45,300

B. $ 49,300

C. $ 49,500

D. $ 51,100

10. Refer to Exhibit 3-2.Assume the net income is $ 8,000. The ending balance

of Lemon, Capital should be ___A__

A. $ 17,600

B. $ 15,600

C $ 13,600

D. $ 2,000

第四章

1.which of the following statements best describes the purpose of internal control ? __C____

A. To provide assurance that the entire business operates in accordance with management ’s plans and policies

B To prevent fraud

C. To ensure that expenses and cash outlays are held to a minimum

D. To provide adequate subdivision of duties within the organization

The Data Co. has asked you to assist in the preparation of a bank reconciliation at the end of July. Answer questions 2-4 using the following code letters to

indicate how the item described would be reported on the bank reconciliation.

Add to the book balance

Add to the bank balance

Deduct from the bank balance

Deduct from the book balance

Dose not belong to the bank reconciliation

2. Note and interest collected by the bank of the company ,$500(plus $25 interest).____A__

3. Deposit in transit ,$400___B___

4. Check No.662 for which should have been written for $730 was incorrectly recorded by the bank as $370.____C__.

5 If a bank reconciliation include an NSF check for $45, the journal entry to record this reconciliation item would include ___A___.

A.credit to Cash

B.debit to Cash

C.credit to Accounts Receivable

D.no entry is required

6. All of the following are controls over cash received in a store except ____C___.

A. the clerk should have access to the cash register tape to make corrections when necessary

B. the customer should be able to see the amounts entered into the register

C it should be a requirement that a receipt be given to the customer

D. the cash drawer should open only when the sale clerk enters an amount on the keys

7. Which of the following statements related to receivables is true ? ___C___

A. On the balance sheet , accounts receivable are usually reported as total accounts receivable plus the allowance for uncollectible accounts

B A dishonored notes receivable should be shown as a current liability

C. When a notes receivable is not paid at maturity, the principal plus any interest due should be charged back to the customer’s accounts receivable

D When a customer overpays his accounts receivable ,the resulting balance should be properly shown among the long-term (noncurrent) assets on the balance sheet

8. Cox Company began the month of July with a balance in Accounts Receivable of $51600.During July , Cox reported cash sales of $50000, credit sales on account of $228000, collections from customers on account , $201400 , and write-offs of $750.Uncollectibe-Account expense for July was estimated to be 1% of credit sales . The balance in Account Receivable on July 31 is ___A____.

A. $ 77450

B $ 75170

C. $ 75920

D $ 80550

Exhibit 4-1

Carrington Crop. reported the following selected data for 20*1

Accounts receivable (1/1)

35000 Inventory (1/1)

67000

Accounts receivable (12/31)

28000 Inventory (12/31)

68100

Net sales

310250 Prepaid expenses

300

Cash

27500 Current Iiabilities

97300

9. Refer to Exhibit 4-1. Compute days’ sales in receivable ( 365 / net sales / average accounts receivable ).___D___.

A. 41 days

B. 11 days

C. 33 days

D. 37 days

10. Refer to Exhibit 4-1. Compute the acid-test ratio ___B____.

A. 0.31

B 0.57

C. 0.13

D. 0.27

第五章

The weighted average for the year inventory cost flow methostd is applicable to which of the following inventory systems? ___B____.

Periodic Perpertual

A. Yes Yes

B. Yes No

C. No Yes

D. No No

2.The LIFO inventory cost flow method may be applied to which of the following inventory systems? ___C____.

Periodic Perpertual

A. No No

B. No Yes

C. Yes Yes

D. Yes No

3.Crow Company bagan a year and purchased merchandise as follows:

Jan.1 Beginning inventory 40 units @ $ 17.00

Feb.4 Purchased 80 units @ $ 16.00

May.12 Purchased 80 units @ $ 16.50

Aug.9 Purchased 60 units @ $ 17.50

Nov.23 Purchased 100 units @ $ 18.00

The company uses a periodic inventory system and the ending inventory consists of 60 units ,20 from each of the last three purchases. Determine the ending inventory assuming costs are assigned on a weighted

-average basis. ___D____

A.$1000.00

C.$1040.00

C.$1080.00

D.$1022.00

4.A Company uses a periodic inventory system and made an error at the end of year I that caused its year I ending inventory to be understated by $ 5000.What effect does this error have on the company’s financial statements? ___A___

A.Net income is understated;assets are understated

B.Net income is understated;assets are overstated

C.Net income is overstated;assets are understated

D.Net income is overstated;assets are overstated

5.ABC Company estimates the cost of its physical on June 30,20*2 for use in an interim financial statement.The rate of markup on cost is 25%.The following account balances are available:

Inventory,March 31,20*2 $150000

Purchases 86000

Purchases returns 4000

Sales during the second quarter of 20*2 190000

The estimate of the cost of the inventory on June 30 would be ___C____.

A.$80000

B.$88000

C.$500

D.$184500

6.Which of the following factors would not be considered in the selection of LIFO as an inventory costing method? ___C____.

A.Tax benbefits

B.Matching

C.Physical flow

D.Improved cash flow

7.Which of the following methods of inventory valuation is allowable at interim dates but not at year-eng? __B____

A.Weighted average

B.Estimated gross profit rates

C.Retail method

D.Specific identication

8.Dart Company’s accounting records indicated the following information:

Inventory,1/ 1/20*2 $ 500000

Purchases during 20*2 2500000

Sales during 20*2 3200000

A physical inventory taken on December 31,20*2,resulted in an ending

inventory of $ 575000.Dart’s gross profit on sales has remained constant at 25% in recent years.Dart suspects some inventory may have been taken by a new employee.At December 31,20*2,what is the estimated cost of missing inventory? __A____

A.$ 25000

B.$ 100000

C.$ 175000

D.$ 225000

9.Which of the following is not affected by the inventory valuation method used by a business? __C____

A.Amounts owed for income taxes

B.Cost of merchandise sold

C.Amounts paid to acquire merchandise

D.Net income of the business

10.Under the retail inventory method,freight-in would be included in the calculation of the goods available for sale for which of the following? __C____

Cost Retail

A. No No

B. No Yes

C. Yes No

D. Yes Yes

会计英语业务题

The following selected transactions were completed by Castell Seevice during

November :

(1) Received cash from owner as additional investment , $20 000

(2) Paid advertising expense , $ 520

(3) Purchased supplies of gas and oil for cash $ 780

(4) Received cash from cash customers , $ 1 500

(5) Charged customers for delivery services on account , $ 2 100

Delivery

(6) Paid creditors on account , $ 470

(7) Paid rent for November , $ 1 000

(8) Received cash from customers on account , $ 1 810

(9) Paid cash to owner for personal use , $ 900

(10) Determined by taking an inventory that $ 650 of supplies of gas and oil had been used during the month

Indicate the effect of each transactions on the accounting equation by listing the numbers identifying the transactions , (1) through (10) ,in a vertical column , and inserting at the right of each number the appropriate letter from the following list :

Increase in one asset , decrease in another asset

Increase in an asset , increase in a liability

Increase in an asset , increase in capital

Decrease in an asset , decrease in a liability

Decrease in an asset , decrease in capital

Prepare the following columnar form . Then enter the word debit or credit in each of the last three columns to indicate the action necessary to increase the account , to indicate the action necessary to decrease the account , and to show the normal balance of the account .

Kind of Account

Increase

Decrease

Normal Balance

Asset

Liability

Owner's capital

Owner's withdrawals

Revenue

Expense

Ora Company’s two employees each earn $ 90 per day for a four day week

that begains on Monday and ends on Thursday . They were paid for the week ended Thursday , December 27 and both worked a full day on Monday , December 31 . January 1 of the next year was an unpaid holiday ,but the employees all worked on Wednesday and Thursday , Journalize the year-end adjusting entry to record the accrued wages and the entry to pay the employees on January 3 .

4. Botello Company began operations on January 1,20×2. During the next two years , the company completed a number of transactions involving credit sales, accounts receivable collections ,and bad debts. These transactions are summarized as follows :

20×2

a . Sold merchandise on credit for $ 500, terms n/60.

b. Wrote off uncollectible accounts receivable in the amount of $850.

c. Received cash of $45100 in payment of outstanding accounts receivable.

d. In adjusting the accounts on December 31 , concluded that 2% of the outstanding accounts receivable would become uncollectible .

20×3

e. Sold merchandise on credit for $ 67 800, terms n/60.

f. Wrote off uncollectible accounts receivable in the amount of $1280.

g. Received cash of $65 900 in payment of outstanding accounts receivable , In

adjusting the accounts on December 31 , concluded that 2% of the outstanding accounts receivable would become uncollectible

Required:

Prepare general journal entries to record the 20×2 and 20×3 summarized transactions of Botello Company and the adjusting entries to record bad debts expense at the end of each year,

5. The following information is available for Carson ,Inc. for 20×2:

Freight-in $20 000

Purchase returns 70 000

Selling expenses 200 000

Ending inventory 80 000

The cost of goods sold is equal to 600 percent of selling expenses.:

Required:

Calculate the cost of goods available for sale.

6. The accounting records of Classic Stores provides the following information for 20×2

Beginning inventory $120 000

Purchases 790 000

Transportation-in 45 000

Purchases discounts 15 000

Purchases returns and allowances 10 000

Ending inventory 130 000

Required

Calculate the inventory turnover ratio for 20×2 .

b. If asked by management, how would you interpret the ratio that you calculated?

1.posting

2.revenues

3.cash flow statement

4.GAAPs

5.chart of accounts

6.debit and credit rules

7. accrual accounting

8. depreciation

9. trial balance

10.retailers

11.perpetual inventory system

12.liquidity

1.Please state the types of accountants.

2.What are the transaction recorded using debits？

3.What are the steps in closing？

4. Please tell us what about vouchers.

5.How to account for sales using net method？

6.What are the objectives of cash management？

Answers

1.

2.

3.

4.

5.

6. In the double-entry accounting system, every transaction is recorded by equal dollar amounts of debits and credits.

7.

8.

9.

10.

11.

12.

1.

2.

3.

4.

5.