会计专业英语复习资料

会计专业英语复习资料Posttest1基本概念1.Thingsofvalueownedbyanentity:assetsMoney:cashClaimsofcreditors:liabilitiesClaimsofinvestors:equity2.2typesofsourcesoffunds：Strongerclaim:liabilitiesLesserclaim:equity3.Abalancesheetreportsthestatusofanentity....atapointoftime.4.Givethefundamentalaccountingequation:Assets=Liabilities+Equity5.Theaboveequationisconsistentwithwhatconcept?:Dual-aspectconcept6.Money-measurementconceptstatesthataccountingreportsonlyfactsthatcanbeexpressedinmonetaryamounts.7.Abalancesheetdoesnotreportallthefactsaboutabusiness.Whatconceptlimitstheamountortypeofinformationthatcanbereported?Money-measurementconcept8.BrownCompanyhas10000dollarcash.Itsownerwithdraws100dollarsforhisownuse.Theowneris(nobetterorworseoff)thanhewasbefore.Browncompanynowhas(less)cash.Thefactthatthiseventaffectstheownerdifferentlythanitaffectsthecompanyisanillustrationoftheentityconcept.9.Theentityconceptstatesthataccountsarekeptforentitiesasdistinguishedfromthepersonswhoownthoseentities.11.Thegoing-concernconceptis:Accountingassumesthatanentitywillcontinuetooperateindefinitely.12.Theasset-measurementconceptis:ifreliableinformationisavailable,accountingfocusesonthefairvalueofassets.Nonmonetaryassetsarereportedattheiroriginalcost.13.Anitemcanbereportedasanassetifitpasses3ofthefollowing:itemisvaluable,itemwasacquiredatameasurablecost,itemisownedorcontrolledbytheentity.14.Goodwillisafavorablenameorreputationpurchasedbytheentity.15.Anassetisclassifiedascurrentifitiscashorisexpectedtobeconvertedintocashinthenearfuture,usuallywithinoneyear.16.Aliabilityisclassifiedascurrentifitbecomesdueinthenearfuture,usuallywithinoneyear.17.Marketablesecuritiesarecurrentassets.Investmentsarenoncurrentassets.19.Aninsurancepolicypaidinadvanceofthetimeperiodcoveredisanexampleofaprepaidexpense.20.Abuilding,anitemofequipment,andanautomobilemayallbeexamplesofplantandproperty.21.ParkerCompanyoperatesafurniturestore.OnDecember31,2005,ithad30desksthatitwasholdingforsale.Thesewouldbereportedasinventory.ThedeskthatisusedbythepresidentofParkerCompanywouldbereportedasplantandproperty.22.FoxCompanysold$1,000ofgoodsoncredittoGoldenCompany.ThiswouldberecordedasanaccountreceivableofFoxCompanyandasanaccountpayableofGoldenCompany.23.Indicatewhetherthefollowingstatementsaboutthebalancesheetofacorporationaretrueorfalse:a.Assetslistallthevaluablethingsownedbytheentity----Fb.Theamountreportedforthepaid-incapitalitemisapproximatelythefairvalueofthestock-----Fc.Theamountreportedfortotalequityisapproximatelythefairvalueofthecorporation’sstock---Fd.Totalequities(alsocalled“networth”)showapproximatelywhattheentityisworth.----Fe.Retainedearningsistheamountofcashretainedintheentity.-----FPosttest2资产负债表的变更：收入的核算1.OnJanuary2,JohnBrownstartedtheBrownCompany.InJanuary,BrownCompanydidthefollowingthings:a.Itreceived$5,000cashfromJohnBrownasitscapital.b.Itborrowed$10,000fromabank,givinganotetherefor.c.Itpurchased$4,000ofinventoryforcash.d.Itsold$2,000ofitsinventoryfor$6,000toacustomer,whopaid$3,500cashandagreedtopay$2,500within30days.e.Itpurchasedanautofor$7,000.Itpaid$2,000downandgaveanotetotheautomobiledealerfortheremaining$5,000f.Brownwithdrew$1,000cashforhispersonaluse.g.Brownwasoffered$10,000forhisequityinthebusiness,butherefusedtheoffer.Onaseparatepieceofpaper,preparearoughdraftofabalancesheetforBrownCompanyasoftheclosetobusinessJanuary31,andanincomestatementforJanuary.BrownCompanyBalanceSheetasofJan31AssetsCash……$11,500AccountsReceivable…2,500Inventory………………….2,000Automobile………………7,000Total………$23,000LiabilitiesandEquityNotesPayable………$15,000Paid-inCapital…………5,000RetainedEarnings……3,000Total……$23,000BrownCompanyIncomeStatementforJanuaryRevenue...........................$6,000Expense...........................$2,000Income............................$4,0002.BrownCompany'sincomewas$4,000,butitsRetainedEarningswasonly$3,000.Rereadthefirstframeandchoosetheitem(a-g)thatexplainsthedifference.f3.JohnBrownclaimsthattheinventoryasofJanuary31isworth$6,000,asshownbythefactthatinventorycosting$2,000wasactuallysoldfor$6,000.Wouldyouchangethebalancesheet?...(No).Thisisanillustrationoftheasset-measurementconcept.Nonmonetaryassetsarereportedattheircostratherthantheirworthorfairvalue.Posttest3会计记录和系统1.OnMarch5,KayCompanypurchased$6,000ofinventory,payingcash.Prepareajournalentryforthistransactionbelow.Journal2001TransactionsDr.Cr.March5Inventory6,000Cash6,0002.OnMarch10,KayCompanymadea$15,000saletoacustomerwhopaid$6,000cashandagreedtopaytotheother$9,000in30days.Themerchandisesoldhadcost$8,000.Prepareajournalentryforthesale,below.Journal2001TransactionsDr.Cr.March10Cash6,000AccountsReceivable9,000Revenues15,0003.OnMarch10,KayCompanymadeasalefor$15,000formerchandisethathadcost$8,000.Prepareajournalentrytorecordthecostofthesalebelow.Journal2001TransactionsDr.Cr.March10Expenses8,000Inventory8,0004.RecallfromthepreviousframesthatrevenuesfromthesaleonMarch10were$15,000andthatthemerchandisesoldhadcost$8,000.Preparetheclosingentries.Journal2005TransactionsDr.Cr.March31Revenues15,000Retainedearnings15,000March31Retainedearnings8,000Expenses8,0005-10.Omit11.Acriticsaidthatthecompanyhad$25,000cashatthebeginningofMarchand$25,000attheendofMarch,andsinceitscashbalancewasunchanged,itcouldn'tbesaidtohaveanyincomeinMarch.Thiscriticismis(incorrect).12.Thereasonthecriticismisincorrectisbecauseincomeisanincreaseinretainedearnings,notnecessarilyincash.Forexample,thesalesrevenueofKayCompanyinMarchwas$15,000anditsincomewas$7,000eventhough$9,000wasreceivedincash.Posttest4营业收入和货币资产1.Theconservationconceptstatesthatincreasesinequityarerecognizedonlywhentheyarereasonablycertain,whiledecreasesinequityarerecognizedassoonastheyarereasonablypossible.2.Thematerialityconceptstates:disregardtrivialmattersbutdiscloseallimportantmatters.3.Whatisthelengthoftheusualaccountingperiod?Oneyear.Financialstatementspreparedforshorterperiodsarecalledinterimstatements.4.Cashaccountingreportsitemsthatincreaseordecreasecash.Accrualaccountingreportsitemsthatchangeequityorretainedearnings,eventhoughthesechangesmaynotaffectcash.5.Increasesinequityassociatedwiththeentity’soperationsduringaperiodarerevenues,anddecreasesareexpenses.Thedifferencebetweenthemislabeledincome.6.Therealizationconceptstatesthatrevenuesarerecognizedwhengoodsorservicesaredelivered.7.HCompanymanufacturesatableinAugustandplacesitinitsretailstoreinSeptember.RSmith,acustomer,agreestobuythetableinOctober,itisdeliveredtohiminNovember,andhepaysthebillinDecember.Inwhatmonthistherevenueisrecognized?(November)8.ThereceiptofcashisadebittoCash.Whatistheoffsettingcreditand(typeofaccount)forthefollowingtypesofsalestransactions?AccountCrediteda.Cashreceivedpriortodelivery.Advancesfromcustomers(aliability)b.Cashreceivedinsameperiodasdelivery.Revenuec.Cashreceivedaftertheperiodofdelivery.Accountsreceivable(anasset)9.Similarly,revenueisacreditentry.Whatistheoffsettingdebitwhenrevenueisrecognizedineachoftheseperiods?AccountDebiteda.Revenuerecognizedpriortoreceiptofcash.Accountsreceivableb.Revenuerecognizedinsameperiodasreceiptofcash.Cashc.Revenuerecognizedintheperiodfollowingreceiptofcash.Advancesfromcustomers10.InFebruary,HCompanyagreestosellatabletoacustomerfor$600,andthecustomermakesadownpaymentof$100atthattime.Thecostofthetableis$400.ThetableisdeliveredtothecustomerinMarch,andthecustomerpaystheremaining$500inApril.Givethejournalentries(ifany)thatwouldbemadeinFebruary,March,andAprilforboththerevenueandexpenseaspectsofthistransaction.February:Cash100Advancesfromcustomers100March:Accountsreceivable500Advancesfromcustomers100Revenue600March:Expenses400Inventory400April:Cash500Accountsreceivable50011.Attheendof2005,MCompanyhadaccountsreceivableof$200,000,anditestimatedthat$2,000ofthisamountwasabaddebt.Itsrevenuein2005,withnoallowanceforthebaddebts,was$600,000.A.Whataccountshouldbedebitedforthe$2,000baddebt?RevenueB.Whataccountshouldbecredited?AllowancefordoubtfulaccountsC.Whatamountwouldbereportedasnetaccountsreceivableonthebalancesheet?$198,000D.Whatamountwouldbereportedasrevenueonthe2005incomestatement?$598,00012.In2006,the$2,000ofbaddebtwaswrittenoff.A.Whataccountshouldbedebitedforthiswrittenoff?AllowancefordoubtfulaccountsB.Whataccountshouldbecredited?AccountsreceivablePosttest5费用的核算；损益表1.Anexpenditureoccursintheperiodinwhichgoodsorservicesareacquired.Anexpenseoccursintheperiodinwhichgoodsorservicesareconsumed.2.AcertainassetwasacquiredinMay.TherewasthereforeanexpenditureinMay.AttheendofMay,theitemwaseitheronhand,oritwasnot.Ifitwasonhand,itwasanasset;Ifitwasnotonhand,itwasanexpenseinMay.3.Productiveassetsareunexpiredcosts.Expensesareexpiredcosts.4.Thematchingconceptstatesthatcostsassociatedwiththerevenuesofaperiodareexpensesofthatperiod.5.Expensesofaperiodconsistof:a.costsofthegoodsandservicesdeliveredduringthatperiod.b.otherexpendituresthatbenefitoperationsoftheperiod.c.losses6.IfBrowncompanypaysrentpriortotheperiodthattherentcovers,theamountisinitiallyreportedascredittocashandadebittoPrepaidRent,whichisanassetaccount.IfBrownCompanypaystherentaftertheperiodcovered,theamountisinitiallyrecordedasadebittoRentExpenseandacredittoAccruedRent,whichisaliabilityaccount.7.AbrandnewmachineownedbyFayCompanywasdestroyedbyfirein2005.Itwasuninsured.Ithasbeenpurchasedfor$10,000withtheexpectationthatitwouldbeusefulfor5years.Theexpenserecordedin2005shouldbe$10,000.8.Grossmarginisthedifferencebetweensalesrevenueandcostofsales.9.grossmarginpercentage:(grossmargin)/(salesrevenue)10.Thedifferencebetweenrevenuesandexpensesinanaccountingperiod(ortheamountbywhichequity[i.e.,retainedearnings]increasedfromoperatingactivitiesduringtheperiod)iscallednetincome.11.Adistributionofearningstoshareholdersiscalleddividends(股利).12.retainedearningsattheendoftheperiod=retainedearningsatthebeginningoftheperiod+netincome–dividends.Posttest6存货和销售成本1.Adealersellsatelevisionsetfor$800cash.Ithadcost$600.Writejournalentriesforthefouraccountsaffectedbythistransaction.Dr.Cash800Cr.Revenue800Dr.CostofSales600Cr.Inventory6002.Whenusingtheperpetualinventorymethod(永续盘存),arecordiskeptforeachitem,showingreceipts,issues,andtheamountonhand.3.Writeanequationthatshowshowthecostofsalesisdeterminedbydeduction:Costofsales=beginninginventory+purchases–endinginventory4.Omit5.Inperiodsofinflation,manycompaniesusetheLIFOmethodincalculatingtheirtaxableincomebecauseLIFOgivesahighercostofsalesandhencealowertaxableincome.6.Acompanydiscoversthatthefairvalueofitsinventoryis$1000lowerthanitscost.Whatjournalentryshouldittake?Dr.CostofSales1,000Cr.Inventory1,0007.Inamanufacturingbusiness,whatthreeelementsenterintothecostofamanufactureditem?Directmaterial,directlabor,andoverhead.8.Periodcostsbecomeanexpenseduringtheperiodinwhichtheywereincurred.9.Productcostsbecomeanexpenseduringtheperiodinwhichtheproductsweresold.10.Onetypeofoverheadrateinvolvesuseofthetotaldirectlaborcostsandtotalproductionoverheadcostsforaperiod.Writearatiothatshowshowtheoverheadrateiscalculated.(Totalproductionoverheadcosts)/(Totaldirectlaborcosts)11.Agivenfinisheditemrequires$50ofdirectmaterialsand5hoursofdirectlaborat$8perhour.Theoverheadrateis$4perdirectlaborhour.Atwhatamountwouldthefinisheditembeshownininventory?$110=50+40+2012.Aninventoryturnoverof5isgenerallybetterthananinventoryturnoverof4becauseitindicatesthatlesscapitalistiedupininventory,andthereislessriskthattheinventorywillbecomeobsolete.Posttest7非流动资产和折旧1.Theamountatwhichanewplantassetisrecordedintheaccountsincludesitspurchasepriceplusallcostsincurredtomaketheassetreadyforitsintendeduse(suchastransportationandinstallation).2.Aplantassetisacquiredin2005.Itisexpectedtobewornoutattheendof10yearsandtobecomeobsoleteinfiveyears.Whatisitsservicelife?---Fiveyears.3.Ordinarily,landisnotdepreciatedbecauseitsservicelifeisindefinitelylong.4.Aplantassetisacquiredin2005atacostof$20000.Itsestimatedservicelifeis10years,anditsestimatedresidualvalueis$2000:a.Theestimateddepreciablecostoftheassetis$18,000b.Ifthestraight-linedepreciationmethodisused,thedepreciationrateforthisassetis10percent.c.Whatamountwillberecordedasdepreciationexpenseineachyearoftheasset’slife?---$1,800d.Whatamountwillbedebitedandwhataccountwillbecreditedtorecordthisdepreciationexpense?Dr.DepreciationexpenseCr.Accumulateddepreciatione.Afterfiveyearshaveelapsed,howwouldthisassetbereportedonthebalancesheet?1)Plant------$20,0002)Lessaccumulateddepreciation-------$9,0003)Bookvalue-------$11,0005.AmachineispurchaseonJanuary2,2005,for$20,000anditshasanexpectedlifeoffiveyearsandnoestimatedresidualvalue.a.Iftheamachineisstillinusesixyearslater,whatamountofdepreciationexpensewillbereportedinforthesixthyear?----zerob.Whatamount,ifany,willbereportedonthebalancesheetattheendofthesixthyear?1)Itwillnotbereported.-----X2)Itwillbereportedasfollows:Machine$20,000Accumulateddepreciation$20,000Bookvalue$06.AmachineispurchaseonJanuary2,2005,for$50,000.Ithasanexpectedservicelifefor10yearsandnoresidualvalue.Elevenyearslateritissoldfor$3,000cash.a.Therewillbeagainof$3,000b.Whataccountwillbedebitedandwhataccountcreditedtorecordthisamount?Dr.CashCr.Gainondispositionofassets.7.Givenanexampleofeachofthefollowingtypesofassets,andgivethenameoftheprocessusedinwritingoffthecostofthesecondandthirdtype.Assettype\Example\Write-offprocessPlantAsset\machine,building\DepreciationWastingasset\coal,oil,minerals\DepletionIntangibleasset\goodwill,tradema