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1、会计英语复习资料二、单项选择（红字为正确答案）：Financial reports are used byd.all of the above1. For accounting purposes, the business entity should be considered separate from its owners if the entity is（ ）d.all of the above2. Which of the following best describes accounting?b.is an information system that provides repor
2、ts to stakeholders 3. Using accrual accounting, expenses are recorded and reported onlya.when they are incurred, whether or not cash is paid4. The measurement bases exclude( )c.Sale price 5. Debts owed by a business are referred to as（ ）d.liabilities6. Which of the following financial statements rep
3、orts information as of a specific date?c.balance sheet7. Cash investments made by the owner to the business are reported on the statement of cash flows in thea.financing activities section8. The accounting equation may be expressed asd.Assets - Liabilities = Owners Equity 9. Which of the following g
4、roups of accounts have a normal credit balance?a.revenues, liabilities, capital10. Which of the following groups of accounts have a normal debit balance?d.assets, expenses 11. Which of the following types of accounts have a normal credit balance?c.revenues and liabilities 12. In the accounting cycle
5、, the last step is（ ）a.preparing a post-closing trial balance13. Which of the following should not be considered cash by an accountant?c.postage stamps 14. A bank reconciliation should be prepared periodically because （ ）c.any differences between the depositors records and the banks records should b
6、e determined, and any errors made by either party should be discovered and corrected 15. The amount of the outstanding checks is included on the bank reconciliation as a(n) （ ）c.deduction from the balance per bank statement16. The asset created by a business when it makes a sale on account is termed
7、 c.accounts receivable 17. What is the type of account and normal balance of Allowance for Doubtful Accounts?a.Contra asset, credit 18. The term inventory indicates （ ）d.both A and B19. Merchandise inventory at the end of the year was understated. Which of the following statements correctly states t
8、he effect of the error? income is understated20.Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error?b.owners equity is overstated21.The inventory method that assigns the most recent costs to cost of good sold isb.LIFO
9、22.Under which method of cost flows is the inventory assumed to be composed of the most recent costs?b.first-in, first-out23. When the perpetual inventory system is used, the inventory sold is debited to ( )b.cost of merchandise sold24All of the following below are needed for the calculation of depr
10、eciation except d.book value25. A characteristic of a fixed asset is that it isb.used in the operations of a business26. Accumulated Depreciation ( )c.is a contra asset account27. The two methods of accounting for investments in stock are the cost method and the （ ）b.equity method28. A capital expen
11、diture results in a debit to （ ）d.an asset account29. Current liabilities are（ ）d.due and payable within one year30. The debt created by a business when it makes a purchase on account is referred to as anb.account payable31. Notes may be issued （ ）d.all of the above32.The cost of a product warranty
12、should be included as an expense in the c.period of the sale of the product33. If the market rate of interest is 8%, the price of 6% bonds paying interest semiannually with a face value of $100,000 will be c.Less than $100,00034. The interest rate specified in the bond indenture is called the （ ）b.c
13、ontract rate35. When the corporation issuing the bonds has the right to repurchase the bonds prior to the maturity date for a specific price, the bonds ared.callable bonds36. When the market rate of interest on bonds is higher than the contract rate, the bonds will sell at d.a discount37. One potent
14、ial advantage of financing corporations through the use of bonds rather than common stock is c.the interest expense is deductible for tax purposes by the corporation 38. Characteristics of a corporation include （ ）d.shareholders who have limited liability 39. Stockholders equity （ ）c.includes retain
15、ed earnings and paid-in capital40. The excess of issue price over par of common stock is termed a(n) （ ）d.premium41. Cash dividends are usually not paid on which of the following?c.treasury stock42. Which of the following accounts below is reported in the paid-in capital/stockholders equity section
16、of the corporate balance sheet?d.Preferred Stock43. If preferred stock has dividends in arrears, the preferred stock must be d.convertible44. The primary purpose of a stock split is to b.reduce the market price of the stock per share45. Which statement below is not a reason for a corporation to buy
17、back its own stock.d.to increase the shares outstanding46. The liability for a dividend is recorded on which of the following dates? d.the date of declaration 47. In credit terms of 2/10, n/30, the 2 represents the d.percent of the cash discount 48. Revenue should be recognized when（ ）b.the service
18、is performed 49. The ability of a business to pay its debts as they come due and to earn a reasonable amount of income is referred to as （ ）b.solvency and profitability50. Which of the following is not included in the computation of the quick ratio?a.inventory四、问答题：3Differentiate between financial a
19、ccounting and managerial accounting.财务会计与管理会计的区别。Financial accounting is primarily concerned with the recording and reporting of economic data and activities for a business.Management accounting uses both financial accounting and estimated data to aid management in running day-to-day operations and
20、in planning future operations. 4The objective of financial reporting 财务报告的目标。参考答案：Overall objective（总体目标） of financial reporting is to provide financial information useful to external users in making economic decisions.(a) provide information about the financial position, performance and changes in
21、financial position of an entity that is useful to a wide range of users in making economic decisions；（向使用者提供有关企业财务状况、经营成果和财务状况变动情况的信息，以利于其作出经济决策。）(b) show the results of the stewardship of management, or the accountability of management for the resources entrusted to it. （反映管理当局受托责任的履行结果，或管理当局受托管理资源
22、的责任。）5What are the recognition and measurement principles?财务报表要素的确认与计量原则。参考答案：(1) Recognition is the process of incorporating in the balance sheet or income statement an item that meet the definition of an element and satisfies the recognition criteria.Recognition Criteria 确认标准：a. The Probability of
23、 Future Economic Benefit 未来经济利益流入的可能性Measurement Reliably计量的可靠性(2) Measurement is the process of determining the monetary amounts at which the elements of financial statements are to be recognized and carried in the balance sheet or income statement.Measurement Bases 计量基础：Historical cost. 历史成本Curren
24、t cost 现行成本Realizable (settlement) value可实现（清算）价值Present value 现值 8 Differentiate between the accrual basis and the cash basis.应计制与现金制的区别。参考答案：Under the accrual basis for the accounting period concept, revenues are reported in the income statement in the period in which they are earned.Under the cas
25、h basis for the accounting period concept, revenues and expenses are reported in the income statement in the period in which cash is received or paid. 9 What is the double-entry system? 简述复式记账法的含义参考答案：A system of recording transactions in a way that maintains the equality of the accounting equation.
26、 The fundamental rule of double-entry bookkeeping is that debits must equal credits. For every transaction, there must be at least one debit and one credit.Debits must always equal credits for each transaction.Debits are always entered on the left side of an account and credits are always entered on
27、 the right side. 10 What are the major types of adjusting entries? 调整分录的种类参考答案：Adjusting entries can be classified as either ：Prepayments or Accruals(1) Prepayments fall into two categories:a. Prepaid expense b. Deferred Revenue (Unearned Revenue)(2) Accruals fall into two categoriesa. Accrued expen
28、ses b. Accrued revenues 考核知识点:调整分录P72附4.10 参考课件第4章Companies are on a calendar or fiscal year and business transactions can cut across two years. Therefore, adjusting entries are needed to ensure that the revenue recognition and matching principles are followed. Adjusting entries can be classified as
29、 either ：Prepayments or Accruals(1) Prepayments fall into two categories:a. Prepaid expenses: expenses have been paid in cash and are recorded as assets until they are used or consumed. b. Deferred Revenue (Unearned Revenue)：Revenues received in cash and recorded as liabilities before they are earne
30、d.(2) Accruals fall into two categoriesa. Accrued expenses are expenses that have been incurred but not yet paid in cash and there is no original entry.b. Accrued revenues are revenues that have been earned but not yet received in cash.11. Describe the basic steps of the accounting cycle.简述会计循环的步骤。参
31、考答案：The accounting cycle (or accounting process) includes standardized procedures that are performed in sequence during every period. (会计循环，或称为会计程序，是在每个会计期间按照一定顺序处理业务的一套规范化的程序）It is called cycle because the steps repeated each accounting period.(1) Transactions are analyzed and recorded in the journ
32、al.(2).Transactions are posted to the ledger.(3) A trial balance is prepared, adjustment data are assembled, and an optional work sheet is completed.(4) Financial statements are prepared.(5) Adjusting entries are journalized and posted.(6) Closing entries are journalized and posted.(7) A post-closin
33、g trial balance is prepared. 12 What are the advantages of the allowance method for uncollectible accounts? 应收账款坏账备抵法的优点。考核知识点:应收账款坏账处理P212-217附4.12 参考课件第5章Management makes an estimate each year of the portion of accounts receivable that may not be collectible.Uncollectible Accounts Expense (Bad Deb
34、ts ) is debited and Allowance for Doubtful Accounts is credited.Actual accounts that prove to be uncollectible are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable.(1) This method is consistent with the matching principle.(2) The accounts receivable state at net realiza
35、ble value at end of the accounting period.13 Describe the characteristics of the periodic inventory system and the perpetual inventory system. 存货的两种盘存制度的特点。参考答案：A company using a perpetual system maintains a continuous record of the physical quantities in its inventory.A company using a periodic sys
36、tem does not maintains a continuous record of the physical quantities on hand.In a periodic inventory system, when an item is sold, the only journal entry recorded is to reflect the sale of the merchandise Cost of goods sold is recorded only after the ending inventory has been counted and valued at
37、the end of the period.With a perpetual inventory system, continually updated records are maintained for inventory items. Such tracking is readily enabled through advances in technology. As a result, two journal entries are made when a sale occurs.14What are the financial statements effects of invent
38、ory methods?存货计价方法对报表有何影响？（以先进先出法、后进先出法和平均成本法为例）Income Statement Effects：In periods of increasing prices, FIFO reports the highest net income, LIFO the lowest net income, and average cost falls in the middle. In periods of decreasing prices, the converse is true: FIFO will report the lowest net inco
39、me, LIFO the highest, with average cost in the middle.Balance Sheet Effects ：In a period of inflation, the costs allocated to ending inventory using FIFO will approximate current costs. Thus, the market to book value of the inventory should approximate 1.0. Conversely, during a period of increasing
40、prices, the costs allocated to the ending inventory using LIFO will be significantly understated. Thus, the market to book ratio will be greater than 1.0.15 What are the classifications and objectives of investment in securities? 简述证券投资的类型和目的。参考答案：Classifications of Investments: Trading securities；
41、Held-to-maturity debt securities； Available-for-sale securitiesObjectives of Investment in Securities：（1）Temporary investment of surplus cash（2）Investment solely for a return （3）Investment for influence （4）Purchase for control 考核知识点:存货计价方法P237-244附4.15 参考课件第6章Marketable securitiesStocks, bonds and o
42、ther financial instruments that organizations hold in lieu of cash. These are also referred to in the financial statements as short-term investmentsTwo Types of Marketable securities: Debt securities - These are bonds issued by corporations or government that have maturity value, interest rate and m
43、aturity date. Equity securities These are any securities, such as common shares that represent ownership in a company. Classifications of Investments in Equity and Debt Securities：Trading securities: Investments at fair value through profit or loss ; held for trading, or designated to be at fair val
44、ue through profit or loss Held-to-maturity debt securities: financial assets with fixed or determinable payments; fixed maturity ; positive intent and ability to hold to maturityAvailable-for-sale securities: remaining financial assets ;do not fall into any of the two categories aboveObjectives of I
45、nvestment in Securities Temporary investment of surplus cashInvestment solely for a return Investment for influence Purchase for control 16. Describe the reasons for holding marketable securities.简述企业进行短期有价证券投资的原因考核知识点:短期投资P361附4.16 参考课件第6章There are many reasons why a company may want to buy debt or
46、 equity securities from another company. For example, Company A may purchase the debt of Company B because Company Bs debt is paying a good interest rate. The debt may have a maturity date that matches Company As need for cash. The debt may be selling for less than face value, and Company A thinks t
47、hat it can sell the debt later at a gain.Investments in debt and equity securities can be classified on the statement of financial position as either current or non-current assets. One reason for holding short term investments relates to the control of cash. The amount of cash held by an entity should be carefully regulated so that there is neither too much nor too little available at any time. If there is too little cash on hand, the firm will not be able to meet dail