会计专业英语试题试卷及答案3个方向全

1、会计专业英语试题试卷及答案3个方向全（财务管理方向）PART Terms Interpretation (52=10) Acid test (quick ratio)Times interest earnedDiscounted cash flowInternal rate of return (IRR)Net present value (NPV)Part True or False (101=10) 1. A companys return on equity will always exceed its return on assets. ( )2. A companys current

2、 ratio must always be larger than its acid-test ratio. ( )3. Three variables characterize a bond: its par value, its coupon rate, and its maturity date. ( )4. Like debt, preferred stock is a fixed-income security. ( )5.Unrealized paper gains are less valuable than realized cash earnings. ( )6. Accor

3、ding to the transaction objects, financial market can be divided into short-term financial market and long-term financial market. ( )7.There is no difference between the traditional and the ABC approaches. ( )8. Internal control can provide absolute assurance. ( )9. A budget is a business plan for t

4、he short term typically one year. ( )10. Board of directors has overall responsibility for designing and implementing effective internal control. ( )PART Multiple Choice (102=20) 1. Financial management environment includes _ A. Technology environment B. Economic environment C. Financial environment

5、 D. Legal environment2. The following financing methods can reduce financial risk _ A. Financing bank borrowing B. Retained earnings financing C. Finance lease financing D. Common stock financing3.The basic characteristics of financial instruments include_ A. Time limitB. LiquidityC. RiskD. Profitab

6、ility4.The advantages of net present value method are_ A. Consider investment risk B. Consider the time value of the funds C. Can dynamically reflect the real rate of return of the project D. Considered total net cash flows for the project calculation period5. The internal rate of return belongs to_

7、A Dynamic evaluation indexB Positive indexC Main indicatorsD Secondary indicator6. The return on net assets can comprehensively reflect the enterprises_ A. Profitability B. Short-term solvency C. Long-term solvency D. Operating capacity7. Regarding the capital cost of bank borrowing and financing, t

8、he following statements are wrong_A. The capital cost of bank borrowing has nothing to do with the method of repayment of principal and interest.B. The handling fee of bank borrowing will affect the capital cost of bank borrowing.C. The cost of capital of bank borrowings only includes interest payme

9、nts on bank borrowings.D. The cost of capital rate of bank borrowing is generally equal to the risk-free interest rate.8. Among the following statements about the characteristics of debt financing, which one is correct _A. Raises funds fasterB. Can decentralize control of the companyC. Limited amoun

10、t of fundingD. Can form a stable capital base9. The factors that can affect both the bond value and the bond internal rate of return are_A. Bond priceB. Minimum investment rate of returnC. Coupon rateD. Bond face value10. For short-term financing bills in China, the correct one is_ A. Compared with

11、bank borrowings, its credit rating requirements are higher. B. Compared with commercial credit, its repayment method is more flexible. C. Compared with corporate bonds, its financing cost is higher. D. Compared with bank loans, the total amount of one-time financing is larger.Part Short Answer Quest

12、ions (45=20) What is the financial leverage? Explain the risks of bond investment.What are the differences between economic income and accounting income?What is the liquidity ratios? Part Case Study (220=40) 1. Answer the following questions assuming the interest rate is 12 percent.a.What is the pre

13、sent value of $1,000 in six years?b.What is the present value of $1,000 in 12 years? Why does the present value fall as the number of years increases?c.How much would you pay for the right to receive $5,000 at the end of year 1, $3,000 at the end of year 2, and $10,000 at the end of year 10?d.How mu

14、ch would you pay for a 14-year bond with a par value of $1,000 and an 8 percent coupon rate? Assume interest is paid annually.2. Your firm is considering the acquisition of a very promising Internet company. One executive argues against the move, pointing out that because the Internet company is pre

15、sently losing money, acquisition will cause your firms return on equity to fall.a.Is the executive correct in predicting that ROE will fall?b.How important should changes in ROE be in this decision?会计专业英语试卷（财务管理方向）答案PART Terms Interpretation (52=10) Acid test (quick ratio): a measure of liquidity, d

16、efined as current assets less inventories divided by current liabilities.Times interest earned: a coverage ratio measure of financial leverage, defined as earnings before interest and taxes divided by interest expense.Discounted cash flow: the method of evaluating long-term projects that explicitly

17、takes into account the time value of money.Internal rate of return (IRR): discount rate at which projects net present value equals zero. Rate at which funds left in a project are compounding.5. Net present value (NPV): present value of cash inflows less present value of cash outflows. The increase i

18、n wealth accruing to an investor when he or she undertakes an investment.Part True or False (101=10) 1. T 2. T 3. T 4. T 5. F6. F 7. F 8. F 9. T 10. FPART Multiple Choice (102=20) 1. ABCD 2. BD 3. ABCD 4. ABD 5. ABC6. ACD 7. ACD 8. AC 9. CD 10. ADPart Short Answer Questions (45=20) Financial leverag

19、e refers to the leverage effect that the change in the profit per share of common stock is greater than the change in profit before interest and tax due to the existence of debt.Bonds as an investment may meet the pernicious effects of inflation on fixed-income securities. For although the nominal r

20、eturn on fixed-interest-rate bonds are specified, the value of the resulting interest and principal payments to the investor is much less when inflation is high.The primary difference between accounting income and economic income is that accounting income results from business transactions and econo

21、mic income results from economic events. Accounting income is realized, meaning that a transaction took place and resulted in money-in-hand income. Economic income is an increase in the book value of an asset that is unrealized until a future transaction takes place.Liquidity ratios: Ratios intended

22、 to measure the liquidity of a companys assets relative to its liabilities. The two most common ones are the current ratio and the acid test.Part Case Study (220=40) 1. a. PV=1,000(0.507) = $507b. PV=1,000(0.257) = $257. Present value is less because the present sum has more time to grow into $1,000

23、.c. PV=5,000(0.893) +3,000(0.797) +10,000(0.322) = $10,076d. PV=80(6.628) +1,000(0.205) = $735.242. a.ROE will undoubtedly fall. The numerator of the ratio, net income, will decline because the acquired company is losing money.b. This, however, is not important to the decision. This is another examp

24、le of the timing problem. If the Internet company has great promise, it may make complete sense to acquire the business even though it is currently losing money. The proper way to evaluate the acquisition is to calculate a time-adjusted figure of merit that takes into account the companys future per

25、formance.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 hopes to cre

26、ate 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 opinion, this

27、 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 balances. ( )

28、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 revenue collect

29、ed 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 Flow StatementC.

30、 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 fixed assets4.

31、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 specific services o

32、f 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 daily activities

33、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. Identify the contr

34、act 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 relevant conditions

35、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 of fixed asset

36、sC. Losses on fixed assetsD. Damage to fixed assetsPart Short Answer Questions (45=20) Explain the difference between the retail inventory method and gross profit inventory method for valuing inventory.What is the advantage of bonds financing?What is gross margin ratio? How is it used as an indicato

37、r of profitability?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 years.2014July.1 Purchase

38、d 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 Recorded 2015 depreciation.201

39、6Jan.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. Fulfillment of the cont

40、ract 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 itemQuantityunitsHistorical cost/unitSales valu

41、e/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 if the contract currently

42、 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 minimum price in respect of th

43、e 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) Financial accounting conceptual framework：Financial accounting conceptual framework includes the purpose of accounting and financial reporting, accounting basis and assumptions, accounting principles and measurement

44、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 is recorded when it is earned

45、 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 re-acquired by the issuing

46、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 wherein the parties had each

47、 acted knowledgeably, prudently, and without compulsion.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 Multiple Choice (102=20) 1. AB 2.

48、 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 typically used to reconstruct th

49、e 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 deductible in determining income sub

50、ject to corporate income taxes. Dividends paid to stockholders, however, are not deductible in computing taxable income.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 a firms profitability in selling

51、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 separate from recordkeeping of cash; (2)

52、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 1/22015Dec.31Depreciation Expense55

53、0 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 contract, it will need to be repl

54、aced. 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.会计专业英语试卷（审计学方向）PART Terms Interpr

55、etation (52=10) 1. Adverse opinion2. Standard report3. Attestation services4. Auditing of financial statements5. Inherent riskPart True or False (101=10) 1. Planning is the beginning of the evidence accumulation process. ( )2. As working papers are completed by staff assistants, they are reviewed by

56、 the senior running the job. ( )3.Thereisaproportionalrelationshipbetweentheamountofevidencesufficientin a givensituationandtheabilityofthatevidence. ( )4. Auditing is limited to the examination of financial records, and working papers are not confined to schedules and analyses. ( )5. Auditing is no

57、t a sophisticated activity requiring planning, supervision, control, and coordination. ( )6. Audit risk refers to the risk the audit firm encounters because it is associated with a particular client. ( )7.Atagivenlevelofauditrisk,thereisaninverserelationshipbetweentheacceptableinspectionriskandtheas

58、sessmentresultoftheidentifiedlevelofmaterialmisstatementrisk. ( )7. Withdrawals and expense accounts really represent decreases in equity; therefore, they are assigned debit balances. ( )8. Assurance services are independent professional services that improve the quality of information for decision

59、makers. ( )9. Review of historical financial statements provides reasonable assurance and limited assurance. ( )10. Such operations, which are for specific elements and account items, are also audit operations and are similar to general audit operations, except that the audit coverage is smaller tha

60、n the audit of the financial statements. ( )PART Multiple Choice (102=20) 1. Factors of authentication business include _A. Tripartite relationship B. Identification objectC. Standard D. Evidence2.The audit plan generally includes _ A. Annual audit plan B. Project audit plan C. Audit plan D. Special