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1、会计专业英语试卷(会计学方向)PART I Terms Interpretation (5x2=l(T)1. Financial accounting conceptual framework2. Accrual basis accounting3. Treasury stock4. Fair value5. GoodwillPart II True or False (10xF=109)1. The International Accounting Standards Board issues standards in the global economy and hopes to crea
2、te 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 is cal
3、led 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.()8. The matching
4、 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 collected after it is earn
5、ed; and after services or goods are provided.()PART m Multiple Choice (10x2=20)1. Period cost includesA. Financial expensesB. Management expensesC. Accrued feesD. Manufacturing expenses2. The months accounting statements generally includeA. Balance SheetB. Cash Flow StatementC. Profit Distribution T
6、ableD. Income Statement3. Among the following fixed assets, the fixed assets that should be depreciated includeA. Fixed assets leased out by operating leasesB. Unused fixed assets that are not neededC. Is rebuilding and expanding fixed assetsD. Financial leased fixed assets4. Among the following opt
7、ions are current assetsA. Fixed assetsB. Monetary fundsC. Receivables and prepaymentsD. Inventory5. Among the following accounts are the cost calculation accountsA. Manufacturing expensesB. Production costsC. Management feesD. Material procurement6. The specific services of the account management bu
8、siness in the cash management business areA. Account combingB. Account system constructionC. Account inquiryD. Account information notification7. The characteristics of the cost inA. Expenses are the total outflow of economic benefits that occur in the daily activities of an enterpriseB. Fees result
9、 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 isA. Identify the contract with the customerB. Identif
10、y 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 are met areA. Bad debt provisio
11、nB. 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,1 accountA. Fixed assets scrapB. Sale of fixed assetsC. Losses on fixed assetsD. Da
12、mage to fixed assetsPart IV Short Answer Questions (4x5=2(T)1. Explain the difference between the retail inventory method and gross profit inventory method for valuing inventory.2. What is the advantage of bonds financing?3. What is gross margin ratio? How is it used as an indicator of profitability
13、?4. What are the principles of internal control over cash?Part V Case Study (2x20,=4(F)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.2014 July. l Purchased a compu
14、ter from the Computer Center for $2,500 cash plussales 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 andestimated salvage value of $500.2015 Dec.31 Recorded 2015 depreciation.2016 Jan.l Pa
15、id $500 for an upgrade of the computer. This expenditure isexpected 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 contract will
16、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 itemQuantity unitsHistorical cost /unitSales value /unitR
17、eplacement cost /unitAl500536B2800781()Stock item Al 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 bein
18、g 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 the two
19、 stock items detailed above?会计专业英语试卷(会计学方向)答案PART I Terms Interpretation (5x2=l(T)1. Financial accounting conceptual framework : Financial accounting conceptual framework includes the purpose of accounting and financial reporting, accounting basis and assumptions, accounting principles and measureme
20、nt 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 ea
21、rned 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 issui
22、ng 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
23、each acted knowledgeably, prudently, and without compulsion.5. Goodwill: The present value of expected future earnings of a business in excess of the earnings normally realized in the industry.Part II True or False (10xF=105)LT2.T3.F4.T5. F6. T7.T8.T9.F10. FPART m Multiple Choice (10x2=20)LAB 2. AD
24、3. ABD 4. BCD 5. BD6. ABD 7. ABC 8.CD 9. AB 10. ABDPart IV Short answer Questions (4x5=2(F)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
25、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 thatinterest payments are deductible in determining income subj
26、ect to corporate income taxes. Dividends paid to stockholders, however, are not deductible in computing taxable income.3. 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 sellin
27、g 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 meetthree basic principles: (1) Handling cash is separate from recordkeeping of cash; (2)
28、 Cash receipts are promptly deposited in a bank; (3) Cash disbursements are made by checkPart V Case Study (2x2(F=4(T)1.2014 JulylComputer Equipment 2,700Cash2,700Nov.3Repairs ExpenseCash140140Dec.31Depreciation Expense275Accumulated Depreciation ($2,700 - $500) 4 x 1/22752015Dec.31Depreciation Expe
29、nse550550Accumulated Depreciation ($2,200 : 4)2016Jan.lComputer Equipment 500Cash5002. The relevant costs to be included in the minimum price are: Stock item: Al 6x500= 3,000B2 8x800= 6,400We are told that the stock of item Al is in frequent use and so, if it is used on the contract, it will need to be replaced. 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.
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