会计英语练习题.doc

专业英语习题一、单项选择题1. Which of the following are reported in the stockholders equity section of the balance sheet? ( )a. revenues and expenses b. dividends and retained earningsc. common stock and dividends d. common stock and retained earnings2. Current assets are presented in the balance sheet in order of ( ) a. dollar amounts b. liquidity c. solvency d. the alphabet 3. Current liabilities include all of the following except ( )a. accrued wages payable b. advance received from customerc. current portion of long-term loan d. prepaid expenses 4. Credit terms of 2/10 n/30 indicate: ( ) a. a 2% discount if 10 items are purchasedb. no payment is required until the 31st day after the invoice datec. a 10% discount if 2 items are purchased.d. a 2% discount for amounts paid within 10 days of the invoice and the remaining balance due within 30 days5. Which statement regarding the inventory turnover ratio is Not True? ( ) a. The ratio measures the average rate of speed inventories move through and out of company.b. Inventory turnover=Average Inventory COGS c. Inventory turnover figures vary considerably from industry to industry.d. A low inventory turnover can result from an overextended inventory position or from inadequate sales volume.6. Which statement regarding the liabilities and owners equity section of balance sheet is False? ( )a. Payment of Dividend Payable eliminates both the assets and the owners equityb. Liabilities are debts or obligations that must be discharged in money or services in the futurec. Owners equity is a residual claim to the remaining assets after discharge of debts.d. Balance sheet of corporations should separate Capital Stock and Retained Earnings.7. What is the difference between the quick and current ratio? ( ) a. The quick ratio deals with the companys ability to pay its liabilities whereas the current ratio does notb. The current ratio is a more stringent(严格的) test of liquidity than the quick ratio.c. The quick ratio excludes inventory, which the current ratio includes for calculation purposes.d. Management primarily uses the current ratio whereas investors and analysts are the primary users of the quick ratio.8. What of the following is Not an example of apportionment of recorded costs? ( ) a. Depreciation of fixed assetsb. Reallocation of receipts in advance.c. Expiration of insurance premium.d. Consume of supplies.9. For its most recent year, a corporation had beginning and ending accounts receivable balances of $50,000 and $60,000, respectively. The years sales on account were $800,000. What was the amount of cash received from customers during the year? ( )a. $790,000b. $820,000c. $810,000d. $800,00010. Sales revenue $200,000, beginning inventory $30,000, inventory purchased $100,000 and inventory sold $90,000. It is true that ( ) a. goods available for sale (GAFS) equals $200,000b. gross profit equals $110,000c. ending inventory equals $30,000d. cost of goods sold (COGS) equals $40,00011. Users of financial information may be classified as internal or external. Which following statement is true regarding financial information users? ( ) a. External users evaluate the performance of a companys management using management accounting reports.b. Financial accounting provides information to managers and external users, such as potential investors.c. Many laws require managerial accounting reports be reported to various levels of the government.d. Management accounting provides information to managers and external users, such as potential investors.12. What does the term net realizable value mean regarding Accounts Receivable? ( )a. Net realizable value is the balance in the Accounts Receivable account as of a given date.b. Net realizable value is what a companys Accounts Receivable accounts will bring if they are sold to a third party.c. Accounts Receivable less Allowance for Uncollectible Accounts will equal the net realizable value of Accounts Receivabled. Net realizable value is the balance in the Allowance for Uncollectible Accounts as of a given date.13. Which of the following statements about a trail balance is incorrect? ( )a. Its primary purpose is to prove the mathematical equality of debits and credits after postingb. It uncovers certain errors in the journalizing and posting c. It is useful in the preparation of financial statementsd. It proves that all transactions have been recorded. 14. In the closing process all of the revenues and expenses account balances are transferred to the ( )a. capital account b. income summary accountc. retained earnings account d. dividends account 15. The post-closing trial balance consists only of ( )a. Asset and liability accounts b. temporary accounts c. revenue and expense accounts d. permanent accounts16. Which of the following statements is True? ( D )a. The credit side of an account implies something favorable.b. For a given account, total debits must always equal total credits.c. Transactions are initially recorded in a ledger accountd. Journalizing means entering the economic effect of each transaction in a journal in chronological order under the double-entry system. 17. Financial statements can be prepared from ( B )a. the trial balanceb. the adjusted trial balancec. the journald. the ledger18. Which of the following statements is False? ( A )a. After a bank reconciliation has been completed, the company must make journal entries to adjust for all outstanding checks.b. A bank reconciliation for the moth of September will begin with “balance per book” and “balance per bank statement” at September 30.c. A check that is outstanding for two consecutive months should be included in both months bank reconciliations. d. A credit memorandum on a bank statement indicates an addition to the bank balance.19. Voucher Register is ( B )a. A record of vouchers that have been paidb. The journal that contains a record of each approved voucherc. A list of debtsd. A document that authorizes payment.20. Estimated bad debts as presented on the income statement is ( C )a. Allowance for uncollectible accountsb. Creditc. Uncollectible accounts expensed. Revenue21. The GAAP assets that an item should be included in a financial statement if its omission or misstatement would tend to mislead the users of financial statements is known as ( C )a. the cost-benefit criterionb. the going concern conventionc. the materiality conventiond. reliability22. Accounts receivable, notes receivable, and interest receivable are all classified as _ on the balance sheet. ( A )a. assetsb. liabilitiesc. owners equityd. receivables23. Which book or document is a list of all accounts and their balances? (B)a. the journalb. the trial balancec. the ledgerd. the chart of accounts二、多项选择题1. Three major fields of accounting activity are: ( ) a. social accounting b. private accountingc. public accountingd. governmental accounting2. The three forms of business organizations are: ( ) a. Corporationb. Enterprise.c. Single proprietorship d. Partnership3. Specialized fields of accounting include: ( ) a. cost accountingb. tax accountingc. governmental and not-for-profit accountingd. HR accountinge. international accounting4. The interested users of financial information include: ( ) a. Banks and other creditorsb. Managersc. Stockholdersd. Investment advisorse. Governmental agencies5. Long-term assets can be further classified into: ( ) a. long-term investments b. fixed assetsc. intangible assets.d. capital stock6. The necessary data for preparing the balance sheet and income statement are accumulated in major categories of ledger accounts including: ( ) a. assets accountsb. liabilities accounts c. owners equity accountsd. revenues accountse. expenses accounts7. Adjusting entries made to align revenue and expense with the appropriate periods consist of: ( ) a. Apportioning recorded cost to periods benefited.b. Apportioning recorded revenue to periods in which it is earnedc. Accruing unrecorded expensesd. Accruing unrecorded revenue e. Merchandise inventory adjustment8. Assume ending inventory is overstated because some inventory is accidentally counted twice. Which of the statements below regarding this situation is true? ( ) a. Net income for this accounting period will be overstated.b. COGS for this accounting period will be overstatedc. Net income in the next accounting period will be understated.d. Ending Retained Earnings in the next accounting period will be correct. 9. Which statement below regarding closing procedures is correct? ( ) a. Closing procedures only apply to temporary accounts. b. Closing the books means to prepare the accounts for next periods transactions.c. The closing process only applies to permanent accounts.d. Eventually closing entries transfer temporary account balances to Retained Earnings.三、判断题1. The normal balance of an account appears on the side for recording increases ( )2. It is customary to include any amounts received from customers but has not yet earned as revenue in current liability. ( ) 3. Financial position of an organization can best be determined by referring to the income statement. ( )4. Managerial accounting is governed by GAAP. ( ) 5. Current assets are presented in the order of liquidity or convertibility into cash; while current liabilities are listed in the order that they come due. ( ) 6. Closing procedures only apply to permanent accounts. ( )7. Net income or net loss in the income statement is reflected in the owners equity section on the balance sheet at the end of the accounting period. ( ) 8. Retained earning represents exactly what the term implies: that portion of net income the company has retained. ( ) 9. Business firms whose accounting year ends on December 31 are said to be on a calendar-year basis. ( ) 10. The income statement subtracts assets from revenues to determine income or loss for a period time. ( )11. Posting transfers journal entries to ledger accounts. ( )12. When interim financial statement are being prepared, usually adjustments are made only on the worksheet and will not be recorded in the journal and posted to the ledger account. ( )13. In order to permit normal recording of subsequent payments or receipts, it is desirable to make reversing entries at the end of the accounting period. ( )14. The entry to write off a specific uncollectible account has no effect on net realizable Account Receivable account. ( )15. In the case of corporation, the Income Summary account will be closed to the Retained Earnings account, which is kept separately from the Capital Stock account. ( )16. COGS =Beginning inventoryNet purchaseEnding inventory ( )17. In order to permit normal recording of subsequent payment or receipts, it is desirable to make reversing entries at the beginning of next accounting period. ( )18. The entry to write off a specific uncollectible account has no effect on net income and on total assets. ( )19. The terms debit and credit are used to describe the right-hand and left hand sides of any “two-column” account. ( )20. Business firms whose accounting year ends on December 31 are said to be on a fiscal year basis. ( )21. All adjusting entries will affect one balance sheet account and one income statement account. ( )22. Expense accounts are closed by debiting each expense account and crediting Retained Earnings ( )23. Closing entries produce a zero balance in revenue accounts, asset accounts and dividend accounts. ( )24. The adjusted trial balance contains all of the data needed for preparation of the income statement, retained earnings statement and the balance sheet. ( )25. The balance sheet presents a companys assets, liabilities and stockholders equity at a specific point in time. ( )26. Posting transfers ledger transaction data to journal. ( )27. The presentation of the owners equity section is same for three types of business organization. ( )四、业务题1. The night manager of Majestic Limousine Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2001. The dollar amounts were taken directly from the companys accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners equity.MAJESTIC LIMOManagers report8 p.m. ThursdayAssetsOwners EquityJ. Snow, Capital$162,000Accounts Receivable.$ 78,000Cash. 69,000Notes Payable.288,000Building 80,000Supplies14,000Automobiles. 165,000Land70,000 Accounts Payable26,000$476,000$476,000 Prepare a corrected balance sheet. Include a proper heading.2. An inexperienced accountant for Fowler Company prepared the following income statement for the month of August 2001:FOWLER COMPANYAugust 31,2001Revenues: Services provided to customers$10,000Investment by O. Fowler, owner 5,000 Loan from bank .15,000$30,000Expenses: Payments to long-term creditors $8,000 Expenses required to provide Services to customers 7,500Purchase of land .16,00031,500$1,500Instruction:Prepare a revised income statement in accordance with generally accepted accounting principles.3. The following accounts show the first six transactions of the Gutierez. Construction Company. Prepare a journal entry (including written explanation) for each transaction.CashVehiclesNov.1 120,000 Nov. 8 33,600Nov.30 9,400 Nov. 25 12,000 LandNotes PayableNov.8 70,000Nov.25 12,000 Nov.8 95,000BuildingAccounts PayableNov.8 58,600Nov.21 480 Nov.15 3,200Office EquipmentJoe Gutierrez, CapitalNov.15 3,200 Nov.21 480 Nov.1 120,000 Nov.30 9,4004. Louis Dixon, a dentist, begin his own dental practice. The practice was organized as a sole proprietorship. The business transactions during September are listed below.Sept. 1 Dixon opened a bank account in the name of the business by depositing $50,000 cash., which he had saved over a number of years.Sept.10 Purchased a small office building for a total price of $182,400, of which $106,000 was applicable to the land and $76,400 to the building. A cash payment of $36,500 was made and a note payable was issued for the balance of the purchase price.Sept 15 Purchased a microcomputer system from Computer Stores, inc. for $4,680 cash.Sept.19 Purchased office furnishings, at a cost of $5,760. A cash down payment of $960 was made, the balance to be paid in future.Instructionprepare journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts:cash； office furnishings； notes payable； accounts receivable； land；accounts payable； buil