财务会计英语题型

财务会计英语考试范围

只考一到五单元。

第一题，会计术语英汉互译，10题*2分=20分，中译英，英泽中各五个，（ 流动负债current liabilities， 流动资产current assets， 折旧depreciation Direct write-off method直接冲销法 Double entry system 复式会计制度 Cash flow statement现金流量表 会计等式accounting equation 直线摊销straight-line amortization 可转换债券 convertible bonds 资产负债表balance sheet 坏账bad debt balance sheet 资产负债表 Accounts receivable应收账款 LIFO后进先出法 Fixed assets 固定资产 分录entry

借方余额debit balance 到期日 maturity date 应付利息interest payable

6会计等式 accounting equation 7 直线摊销 straight-line amortization 8 可转换债券convertible bonds 9 资产负债表balance sheet 10坏账 bad debt

第二题，填空15题*1分=15分，(蓝色的以前考过，其它在课本上的）

1.1. The accounting elements include asset,liability,owner’s equity,revenue,expense,and profit.

1.2.Such things as cash,accounts receivables,inventory,supplies,equipment,buildings,land,etc.are included in assets.

1.3 Liabilities are debts of a business.

1.4 The net assets of a business are called owner’s equity. 1.5 Cash borrowed from a bank is not revenue but a liability.

1.6 Expenses are the decrease in owner’s equity caused by the company’s revenue-producing operations.

1.11 The debit is on the left side of the vertical line.The credit is on the right side of the account.

1.12 ”Dr.”stands for debit,while “Cr.”is the abbreviation for credit.

1.13 If an amount is recorded on the debit side,account is said to be debited. 1.14 Asset and expense increases are recorded as debits.

1.15 Liability,owner’s equity,revenue and profit decreases are recorded as debits.

1.16 In double-entry system,the debit and credit entries for every transaction must be equal.

1.22 Journalizing is the process to record transactions in a journal.

1.23 Copying journal entries from the journals to the ledger for purpose of summarizing is called posting.

2.1 Cash includes coins,paper currency,money orders,checks and money deposits.

2.5 Receivables are created through transactions of the sale of merchandise or service on credit and through lending of money.

2.6 In business,credit sales give rise to the two most common types of receivables:accounts receivable and note receivable.

2.7 When an account receivable becomes uncollectible,a firm incurs a bad debt loss.

2.8 Ways to account for uncollectible accounts include the direct write-off method and the allowance method.

2.9 With the allowance method,a firm uses its experience or industry averages to estimate the amount uncollectible.

2.10 With aging method,each receivable is categorized according to age.

2.14 Inventory is the name given to goods that are either manufactured for sale or purchased for resale in normal operations.

2.15 A service business does not have products or inventory to account.

2.16 Inventory is classified as a current asset and reported on the balance sheet.

2.17 The perpetual inventory method requires that the company keep records of the quantity and cost of all goods purchased and sold at the time of each transaction.

2.18When a business has identical items of inventory purchased at different time and costs,there remains a problem of determining which costs are matched to inventory on hand and to cost of goods sold during the period. 2.20 When property,plants,and equipment are acquired by purchase,they are initially recorded as costs.

2.21 A basket purchase involves two or more assets acquired together at a single price. 2.22Depreciation is simply a systematic write-off of the original cost of an asset. 2.23 In order to calculate depreciation expense for an asset, one must be clear of the original cost,estimated useful life and estimated salvage value.

3.1Accounts payable represents a short-term interest-free loan from the supplier because in accounting for accounts payable interest is not considered.

3.2Normally notes payable require payment of interest that is stated separately or it may be deducted in advance by discounting it from the face value. 3.3Accrud liabilities are accrued expenses.

3.4Examples of utilities expenses are water,electricity,telephone services,etc.

3.5Because unearned revenue presents obligations to deliver goods or services in the future it is actually a liability.

3.10Non-current liabilities are obligations of a business that due to be paid after one year.

3.11A bond represents money borrowed from the lender by the borrower.In a bond the borrower promises to pay a specific amount of interest periodically and repay the principal at the maturity date.

3.12 Bonds can be categorized according to the protection to the bondholders,the way how

interest is paid,and maturity of the bonds.

3.13A mortgage payable is similar to a note payable in that it is a written promise to pay a stated sum of money in equal monthly instalments.

3.14If a lease is a simple,short-term one,it is called an operating lease; if the lease is accounted for as an asset and a non-current-liability,it is capital lease. 4.1 When partners voluntarily agree to form a partnership,a partnership agreement is needed.

4.2Unlimited liability means that each partner is required by law to pay for all the debts of the partnership with his or her own personal wealth if all the assets of the business are not enough to pay all the debts.

4.3 If no agreement for sharing income and losses exists,the law states that income and losses must be shared equally.

4.4In partnership accounting,the partnership uses a capital account and a drawing account for each of the partners.

4.9 The limited liability of stockholders means that,in case of bankruptcy,the maximum loss is the stockholders’original investment in the corporation.

4.10 Stockholders can buy or sell shares without affecting the legal status or economic operation of the corporation.

4.11 The disadvantage of a corporation is that a corporation’s income tax is taxed twice. 4.12Outstandign stock is issued and in the hands of the stockholders.

4.13 If only one type of stock is authorized for the corporation,it is known as commons stock which is the most important type of stock.

4.14Accounting for the corporation is different from accounting for the proprietorship and the partnership by the treatment of owner’s equity.

4.15When a corporation is organized,often more stocks are authorized than are intended to be issued.This will enable future business expansion without applying for more shares. 5.1 According to accrual basis of accounting,revenues are recognized when earned,regardless of when cash is actually received.Expenses are matched to the revenues,regardless of when cash is actually paid out.

5.2 The revenues of an accounting period generally are not the same as the period’s cash receipts.

5.3In general,revenue is recognized when goods are delivered to customers or services is performed. 5.4It happens that cash is received earlier or later than the time revenue is to be recognized. 5.5 Revenue that has been earned by the business but has not as yet been paid to the business is called accrued revenue.

5.6 The prudence principle is intended as a preference for understatement rather than overstatement of assets or revenues when dealing with measurement of uncertainties.

5.7The realization principle states that the amount recognized as revenue is the amount that is certain to be realized.

5.8 The matching principle is applied by determining the items and amounts of revenue and then matching the items of cost to the revenue.

第五题，会计分录40分

类似于课本P38，练习2.12、2.13；P44练习2.19；P53练习2.25、2.26

2.21 On March 10 Whitman sold lawn mower AX-1 of $1200 with terms 2/10,1/20,n/30(If payment is made within 10days,cash discount rate is 2%; if made within 20days,the rate is 1%; if made within 30days ,the net amount should be paid.)to Adam Smith.Smith returned,on the next day,$200 of the merchandise.The remaining was paid on March 18.Journalize these transactions.

答案：Mar.10 Accounts Receivable 1200

Sales Income 1200 Mar.11 Sales Returns 200 Accounts Receivable 200 Mar,18 Cash 980

Sales Discounts 20 Accounts Receivable 1000

2.13 Assume that on March 14,Farm Land Products received a 12%,30-day note from the customer,J,Halsted,in settlement of the existing account receivable of $1500.Journalize the entry for this transaction and the collection on the maturity date. 答案：Mar.14 Notes Receivable 1500

Accounts Receivable 1500 Apr.13 Cash1 1515

Notes Receivable 1500 Interest Income 15

2.19 Suppose Zimer Company had the following data for the first half of the year 2006:March 1,beginning inventory 10 units at $200 each; April 14,purchased 50 units at $210 each; April 24,sold 40 units; May 4,purchased 70 units at $220 each; June 25, sold 60 units.Use FIFO method to determine the total cost of goods sold and the ending inventory at the of first half year. 答案： Beginning Inventory 10units*$200 $2000 Purchased,April 14 50units*$210 $10500 Sold,April 24 10units*$200 $2000 30units*$210 $6300 Purchased,May 4 70units*$220 $15400 Sold,June 25 20units*$210 $4200 40units*$220 $8800 Total Cost of Goods Sold $21300 Ending Inventory $6600 2.25 Crown Taxi Company purchased a used car on July 1,2005,for $15000.The estimated life of the car was 4 years or 104000 miles,and its salvage value was estimated to be $2000.The car was driven 9000 miles in 2005 and 27000 miles in 2006.Calculate the amount of depreciation expense for 2005 and 2006,using(a)the straight-line method,and (b)units -of-production method. 答案：

（a)Straight-line Method:

Annual Depreciation Expense=($15000-$2000)/4=$3250

Depreciation Expense for year 2005=c2(half a year)=$1625 Depreciation Expense for year 2006=$3250 (b)Units-of-production Method: Depreciation Expense for year 2005=($15000-$2000)/104000miles*9000miles=$1125

Depreciation Expense for year 2006=($15000-$2000)/104000miles*27000miles=$3375

2.26 Zimer Company purchased a lathe for $100000.The machine had an estimated useful life of 8 years and a salvage value of $6000.Journalize the disposal of the machine under each of the following conditions (with straight-line depreciation). (a)Sold the machine for $88000 after 2 years. (b)Sold the machine for $28000 after 5 years. 答案：

（a)Sold the machine for $88000 after 2 years.

Annual Depreciation Expense=($100000-$6000)/8=$11750 Annual Depreciation=$11750*2=$23500 Book Value=$76500($100000-$23500)

Cash 88000 Accumulated Depreciation 23500

Lathe 100000 Gain on Sale of Lathe 11500

Gain on Salvage Value=$5500($11500-$6000).This means that the company sold the lathe for $5500 more than is its salvage value. (b)

Sold the machine for $28000 after 5 years. Depreciation Expense=$11750*5=$58750 Book Value=$41250($100000-$58750)

Cash 28000 Accumulated Depreciation 58750 Loss on Sale of Lathe 13250

Lathe 100000

Loss on Salvage Value=$7250($13250-$6000).This means that the company suffered not only the loss of the salvage value but an extra $7250 in selling the lathe.

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