会计专业英语

1、专业英语复习题复习题一1 Give a brief explanation for the following terms (10%)(1) Journal entry(2) Going concern(3) Matching principle(4) Working capital(5) Revenue expenditure2. Please read the following passage carefully and fill in each of the 11 blanks w ith a word most appropriate to the content (10%)(1)

2、The double-entry system of accounting takes its name from the fact that every business transaction is recorded by () types of entries: 1: () entries toone or more accounts and 2: credit entries to one or more accounts. In recording any transaction, the total dollar amount of the () entries must () t

3、hetotal dollar amount of credit entries.(2) Often a transaction affects revenues or expenses of two or more different periods, in these cases, an () entries are needed to () to each periodthe appropriate amounts of revenues and expenses. These entries are performed at the () of each accounting perio

4、d but () to preparing the financialstatements.(3) Marketable securities are highly () investments, primarily in sharestocks and bounds, () can be sold () quoted market prices in organizedsecurities exchanges.3. Translate the following Chinese statements into English (18%) 1) 财务报表反映一个企业的财务状况和经营成果，是根据

5、公认会计准则编制的。这些报表是为许多不同的决策者，许多不同的目的而提供的。纳税申报单则反映应税收益的计算，是由税法和税则规定的概念。在许多情况下，税法和公认会计准则相似，但两者却存在实质上的不同。 2) 2)审计师不保证财务报表的准确性，他们仅就财务报表的公允性发表专家意见。然而注册会计师事务所的声誉来自于他们对审计工作的一丝不苟和审计报告的可靠性。4. Translate the following statements into Chinese (12%)(1) Accounting principles are not like physical laws; they do not ex

6、ist in nature, awaiting discovery man. Rather, they are developed by man, in light of what we consider to be the most important objectives of financial reporting. In many ways generally accepted accounting principles are similar to the rules established for an organized sport such as foot ball or ba

7、sketball.(2) Accounting have devised procedures whereby the flows of cash receipts and payments are spread over a period of time in a certain way to derive income, which is representative of the economic performance of the firm for the given period. The income concept as applied in the real world in

8、volves numerous decisions and judgments.5. Multiple choice questions (choose the best for your answer) (10%)(1) The CPAfirm auditing XY Recording Service found that retained earnings were understated and liabilities were overstated. Which of the following errors could have been the cause?A. Making t

9、he adjustment entry for depreciation expenses twice;B. Failure to record interest accrued on a note payable;C. Failure to make the adjusting entry to record revenue which had beenearnedbut not yet billed to clients;D. Failure to record the earned portion of fees received in advance.(2) How will net

10、income be affected by the amortization of a discount on bonds payable?A. Interest expense is increased, so net income is decreased;B. Interest expense is decreased, so net income is increased;C. Interest expense is increased, so net income is increased;D. Interest expense is decreased, so net income

11、 is decreased;(3) A stock dividendA. Increase the debt-to-equity ratio of a firm; B. Decrease future earnings per share;C. Decrease the size of the firm; D. Increase shareholder swealth;E. None of the above.(4) A company had sales in both 1999 and 2000 of $200000. Cost of sales for 1999 was $140000.

12、 In computing the cost of sales for 1999, an item of inventory purchased in 1999 for $50 was incorrectly written down to current replacement cost of $35. The item is currently selling in 2000 for $100, its normal selling price. As a result of this error:A. Income for 1999 is overstated; B. Cost of s

13、ales for 2000 will be overstated;C. Income for 2000 will be overstated; D. Income for 2000 will not be affected.E. None of the above.(5)Using the data presented below, calculate the cost of sales for the BCCompany for 1999.Current ratio3.5Quick ratio3.0Current liabilities 12/31/1999$600000Inventory

14、12/31/1999$500000Inventory turnover8.0The cost of sales for the BC Company for 1999 was:A. $1600000; B. $2400000; C. $3200000; D. $6400000; E. None of these.(6) WCompanycomputed the following items from its financial records for 1999: Price-earnings ratio 12 Pay-out ratio 0.6 Assets turnover ratio 0

15、.9The dividend yield on W s common stock for 1999 is:A. 5% B. 7.2% C. 7.5% D. 10.2%(7) the data about Accounts receivable of Newton Company for 1999 as follows:Accounts receivable 12/31/1999$150000Allowance for uncollectible accounts 12/31/1999 5000(credit)Bad debt expenses for the year2000During 19

16、99 recoveries on bad debts previously written off were correctlyrecorded at $500. If the beginning balance in the allowance for uncollectibleaccounts was $4700, What was the amount of accounts receivable written off as baddebts during 1999:A. $1200 B. $1800 C. $2200 D. $2400(8) Which one of the foll

17、owing items would likely increase earnings per share(EPS) of a corporation?A. Declaration of a stock dividend; B. Declaration of a stock split;C. Purchase treasury stock; D. A reduction in the amount of cash dividends paid;E. None of above;(9) The primary purpose for using an inventory flow assumpti

18、on is to:A. Parallel the physical flow of units merchandise;B. Offset against revenue an appropriate cost of goods sold;C. Minimize income taxes;D. Maximize the reported amount of net income.(10) Delta company sold a plant asset that originally had cost of $50000 for$22000 cash. If Delta company cor

19、rectly reports a $5000 gain on this sale. Theaccumulated depreciation on the asset at the date of sale must have been:A. $28000; B. $23000 C. $33000; D. $27000; E. Some other amount6. Bonds payable issue and recording interest expenses.(15%)The ABC Company sold $600000 of its 9.5%, 12 years bonds on

20、 April 1, 2000, at106. The semi-annual interest payment dates are April 1 and October 1. The effectiveinterest rate is approximately 8.9%. The company s fiscal year ends D ecember 31.Required:Prepare journal entries to record:(1) The issue of the bonds on April 1, 2000(2) The first interest payment

21、on October 1, 2000(3) The Amortization of premium or discount and interest expenses on December31, 2001.7. Statement of Cash Flows (14%)The net income of the ZY Companyfor 1999 was $260000. Additional data available relative to activities for the year are given below:A. Depreciation expenses for the

22、 year, $90000;B. Loss on sale of machinery used in operations was $2400;C. Accounts receivable increased by $2000;D. Accounts payable increased by $8400;E. Patent amortization for the year was $14800;F. Amortization of premium on bonds payable for the year was $4600.RequiredPrepare the cash flows fr

23、om operating activities section of a statement of cash flows under the indirect method.8. Determining Revenue and Capital Expenditures (11%)The controller for XYZCo. Asks you to review the Repair and Maintenance Expenses account to determine if all of the charges are appropriate. The account contain

24、s manytransactions totaling $215540. All of the transactions are considered material.Required:You examine three of the transactions. Indicate whether each transaction is properly charged to the repair and maintenance account and, if not, indicate whynot and to which account the transaction should be

25、 charged. The three transactions as follows:ItemDateAmountDescription101/03/00$10000Two-year service contract on office equi pment205/18/00$38500Sealing roof leaks over entire productio n plant310/20/00$48500Purchase a crane for the assembly depart ment答案部分1 .每个正确表述得两分 Journal entryA chronological r

26、ecord of transactions, showing for each transaction the debits and credits to be entered in specific ledger accounts.(2) Going concernAn assumption that a business entity will continue in operation indefinitely and thus will carry out its existing commitments.(3) Matching principleThe revenue earned

27、 during an accounting period is offset with the expensesincurred in generating this revenue.(4) Working capitalCurrent assets minus current liabilities, a measure of short-term debt-paying ability.(5) Revenue expenditureAny expenditure that will benefit only the current accounting period.2 .每空1分，其中两

28、个 debit合方t 1分(1) (two). (debit). (debit). (equal).(2) (adjusting). (assign). (end). (prior)(3) (liquid). (which). (at)3 .题(1)10分，第一小段6分，第二小段4分。 题(2)8分(1)Financial statements show the financial position of a business and the results of its operations, presented in conformity with generally accepted a

29、ccounting principles. These statements are intended for use by many different decision makers, for many different purposes.Tax returns show the computation of taxable income, legal concept by tax laws and regulations. In many cases, tax laws are similar to generally accepted accounting principles, b

30、ut substantial differences do exist.(2)Auditors do not guarantee the accuracy of financial statements; they express only their expert opinion as to the fairness ofthe statements. However, CPA firmsstake their reputations on the thoroughness of their audits and the dependability of their audit report

31、s.4 .每小题6分，每小题包括三小句，每小句 2分。(1)会计原则不象自然法则，从性质上来说不是等待人们去发现，而是我们考虑财务报 告的最重要目标后据此由人们制定的。在很多方面公认会计准则类似于为有组织的体育比 赛，如足球或篮球比赛制定的比赛规则。(2)会计师制定了一些会计程序，据此将现金收支分配于一定期间，以某种方式确定出 收益，该收益代表这个企业特定期间的经济成果。收益概念应用于现实生活涉及许多的抉择和判断。5 .每小题选对1分(1) D, (2) A, (3) B, (4) C, (5) C, (6) A, (7) C, (8) C, (9) B, (10) C6. (1)全对4分，(

32、2)全对5分，(3)全对6分(1) Debit: cash636,000Credit:Bonds payable 600,000Premium on bonds payable 36,000(2) Debit: Interest Expenses 28,302Premium on bonds payable 198Credit:Cash28,500(3) Debit: Interest Expenses 14,137Premium on bonds payable 113 Credit: Interest payable 14,2507 .共6个调整数据，做对一个2分，合计数对2分，计14分。

33、Cash flows from operating activities:Net income $260000Adjustment for non cash revenue and expenses:Added (less): depreciation$90000Loss on sale of machinery 2400Patent amortization14800Amortization of premium on bond ($4600) $102600Working capital changes:Accounts receivable increase($2000)Accounts

34、 payable increase$8400$6400 Cash flows from operating activities$3690008 .项目1和项目3正确表述各4分，项目2正确表述3分。Item 1: This item is a prepaid expense and not properly recorded. Half of this expense should be charged to the repair and maintenance account in the current year, half of this expense should be deferr

35、ed to next year.Item 2: This item is properly charged the account, because that is for regulative repairs.Item 3: This item is not properly charged, because this expenditure is for increasing the efficiency of production and should be capitalized.复习题二I. Multiple choice questions (please circle the b

36、est one for your answer) (13 points)1. The statement of cash flows is designed to assist users in assessing each of the following except:A. The ability of a company to remain solvent;B. The major sources of cash receipts during the period;C. The company s profitability;D. The reasons why net cash fl

37、ows from operating activitiesdiffer from net income2. A debit entry of the Allowance for doubtful Accounts represents:A. Money set aside to take care of any bad debts.B. The amount of bad debts incurred in the previous period.C. The amount of bad debts incurred in the current period.D. The amount of

38、 bad debts incurred in the current and previous periods.E. None of the above.3. In a decade of steadily rising prices, theinventory method which would producethe largest inventory cost on the balance sheet would be:A. FIFO method.B. LIFO method.C. Weighted-Average method.D. Activity method.4. On Dec

39、ember 15, 2002, WS company reacquired 2000 shares of its own $5 par stockat a price of $60 per share. In 2003, 500 of the treasury shares are reissued ata price of $70 per share. The correct one of the following statements isA. WScompany recognized a gain of $10 per share on the re-issuance of the 5

40、00 treasury stock in 2002;B. WS stockholders equity was increased by $110000 when the treasury stock was acquired;C. The two treasury stock transactions result in an overall reduction in WS sstockholders equity of $85000;D. The treasury purchased was recorded at cost and was shown in WScompany s Dec

41、ember 31, 2003, balance sheet as an asset.5. Which of the following is true when a business is organized as corporation?A. Stockholders do not have to pay personal income taxes on dividends received, because the corporation is subject to income taxes on its earnings;B. Stockholders are liable for th

42、e debts of the business only in proportion to their percentage ownership of capital stock;C. Fluctuation in the market value of outstanding shares of capital stock does not affect the amount of stockholders equity shown in the balance sheet;D. Each of the stockholders has the right to bind the corpo

43、ration to contracts andmake other management decisions.6. Deferred income taxes result from:A. The fact that bond interest is deductible in the computation of taxable income;B. Timing differences;C. The inability of a bankrupt company to pay its income tax liability on schedule; D. The permanent dif

44、ference between accounting net income and taxable income.7. SP company sold a plant asset that originally cost $60000 for $32000 cash. IfSP correctly reports a $5000 gain on this sale,the sale, the accumulateddepreciation on the asset at the date of sale must have been:A. $24000 B. $33000 C. $28000

45、D. some other amount8. TS Department Store uses a perpetual inventory system but adjusts its inventory records at year-end to reflect the results of a complete physical inventory. In the physical inventory taken at the ends of 2002 and 2003, TS s employees failed tocount the merchandise in the store

46、 s window displays. The cost of this merchandise amounted to $13000 at the end of 2002 and $19000 at the end of 2003. As a resultof these errors the cost of good sold for 2003 would be:A. Understated $6000; B. Overstated $19000;C. Overstated $6000; D. Understated $13000; E. Some other amount.9. PS c

47、ompany sold marketable securities costing $82000 for $94000 cash. In the company s income statement and statement of cash flows, respectively, this will appear as:A. $94000 gain and $94000 cash receipt;B. $12000 gain and $94000 cash receipt;C. $12000 gain and $80000 cash receipt;D. $82000 sales and

48、$94000 cash receipt.10. The CPA firm auditing MS Drag Store found that owner s equity was understatedand liabilities were overstated. Which of the followingerrors could have been thecause?A. Making the adjusting entry for depreciation expense twice;B. Failure to record interest accrued on a note pay

49、able;C. Failure to record the earned portion of fees received in advance;D. Failure to make the adjusting entry to record revenue that had been earned but not yet billed to clients.11. The entry to record depreciation expense:A. Is an application of the closing procedures;B. Is an application of the

50、 matching principle;C. Usually includes an offsetting credit either to cash or to accounts payable.; D. None of the above.12. The closing process involves separate entries to close (1) expenses, (2) dividends, (3) revenues, and (4) net income (or loss). The correct sequencing of the entries is:A.(4)

51、,(3),(2),(1); B.(1),(3),(2),(4);C.(3),(2),(1),(4); D.(3),(1),(4),(2);13. When there is a change in estimated depreciation:A. Previous depreciation should be correct;B. Current and future year s depreciation should be revised;C. Only future years depreciation should be revised;D. None of the above.n

52、. Give a brief explanation for the following terms (9 points)(1) EPS(2) Extraordinary item(3) Capital expenditure(4) Treasury stock(5) Cash equivalents(6) Price-earnings (P/E) ratioin . Accounting terminology (4 points)In the space provided after each statement, indicate (write out) the accounting t

53、erm described.1. The amount that must be paid to settle a liability at the date it becomes due.2. Depreciation methods which take more depreciation in the early years of an asset s useful life, and less depreciation in the later years. 3. The percentage of total assets financed by creditors. 4. Amou

54、nts invested in a corporation by its stockholders. IV. Translate the following statements into Chinese. (10 points)1. Relevance and reliability are the two primary qualities that make accounting information useful for decision making. Subject to constrains imposed by cost and materiality, increased

55、relevance and increased reliability are the characteristics that make information a more desirable commodity-that is, one useful in making decisions. If either of those qualities is completely missing, the information will not be useful. Although, ideally, the choice of an accounting alternative sho

56、uld product information that is both more reliable and, more relevant, it may be necessary to sacrifice some of one quality for a gain in another.2. Loss contingencies are accrued if (1) it is probable that a loss has been incurred and (2) the amount of loss can be estimated reasonably. Even if thes

57、e conditions are not met, loss contingencies should be disclosed if it is reasonably possible that a material loss has been incurred.V . Translate the following statements from Chinese into English. (15 points)1 .公司股东通常具有选举董事会、享有公司宣告的股利的权利；在公司清算的时候，股东 还享有分配净资产的权利。公司的董事会迥然不同制定公司的政策、督察公司高层管理者的工作、保护股东的利益。公司高层管理者则是由董事会任命来经营管理企业的职业经理人。2 .毛利法和零售价法都是用成本比率却估计商品销售成本和期末存款。成本率乘以净销售 估计出商品的销售成本，然后从可供销售的商品成本中减去商品销售成本即得出期末存货成 本。在毛利法中成本比率是100暇去企业以往的销售毛利率，而在零售价中成本率则是可供销售的商品成本对零售价的比率。VI. Computation and analysis1. Cash flows (5 points)MPcorporation s statement of cash flowsPur