会计英语复习题.doc

会计英语复习题(开卷)一、Translate the following paragraph into Chinese（一）ACCOUNTS RECEIVABLE FINANCING应收账款融资Accounts Receivable Financing is a type of asset-financing arrangement in which a company uses its receivables-which is money owed by customers-as collateral in a financing agreement. The company receives an amount that is equal to a reduced value of the receivables pledged. The age of the receivables have a large effect on the amount a company will receive. The older the receivables, the less the company can expect. The sale of accounts receivables is called factoring. A financial intermediary that purchases receivables from companies is called factor. 应收账款融资是企业利用应收账款来融资的一种方式，这种方式下，钱仍在顾客的手里，而应收账款则作为一项抵押品在融资协议里。应收账款融资中企业将收到低于抵押的应收款价值的资金。应收账款的账龄对企业收到资金的数额有很大的影响。应收账款的账龄越长，企业收到的资金越少。应收账款的销售叫做保付代理，而从企业购买应收账款的金融中介则叫做代理商。This type of financing helps companies free up capital that is stuck in accounts receivables. Accounts receivable financing transfers the default risk associated with the accounts receivables to the financing company; this transfer of risk can help the company using the financing to shift focus from trying to collect receivables to current business activities. 这种融资方式帮助企业将陷在应收账款中的资金释放出来，它将与应收账款相连的违约风险转移到了融资公司。这种风险的转移能帮助企业将注意力从收回应收账款转移到当前的经营活动中。 Selling Accounts Receivable应收账款的出售A business may sell its accounts receivable to a finance company or a bank in order to receive cash earlier than the time the receivables come due. 企业可能会在应收账款到期将其应收账款出售给融资公司或银行，以早日收到现金。Selling accounts receivable is called factoring; the buyer, who charges a factoring fee, is called a factor. Factoring is becoming increasingly popular for firms with high export sales.出售应收账款叫做保付代理，而收代理费的卖家则叫做代理商。保付代理在高出口的公司中越来越受欢迎。 Pledging Accounts Receivable应收账款的抵押A business may use accounts receivable as security to the notes payable it signs when obtaining a bank loan.企业向银行借贷签署应付票据时可能会用应收账款做为抵押。The business retains ownership of the receivables, but the bank has a right to cash receipts from these receivables if the business defaults on the loan. The full disclosure principle requires companies to disclose the amount of accounts receivable that have been pledged.企业拥有应收账款的所有权，但是当企业违约时，银行有权回收这些应收账款对应的现金。充分披露原则要求企业企业披露被抵押的应收账款的数额。（二）Acme Plumbing Company sells plumbing fixtures on terms of 2/10, net 30. Its financial ratios over the last three years are as follows:20X120X220X3Current ratio1.191.251.20Acid-test ratio.43.46.40Average collection period182227Inventory turnover8.07.55.5Total debt/equity1.381.401.61Long-term debt/total capitalization.33.32.32Gross profit margin.200.163.132Net profit margin.075.047.026Total asset turnover2.802.762.24Return on assets.21.13.06The companys profitability has declined steadily over the period. As only $50,000 is added to retained earnings, the company must be paying substantial dividends. Receivables are growing at a slower rate, although the average collection period is still very reasonable relative to the terms given. Inventory turnover is slowing as well, indicating a relative buildup in inventories. The increase in receivables and inventories, coupled with the fact that shareholders equity has increased very little, has resulted in the total-debt-to-equity ratio increasing to what would have to be regarded on an absolute basis as quite a high level.该公司的利润在此期间逐步下滑。只有50，000美元留存收益的增加，而公司却必须支付大量股利。应收账款在以一个较低的比率增多，尽管平均收款期在此期限内依然处于合理范围。存货周转率也在下降，这意味着存货的相应增加。应收账款和存货的大量增加，连并股东权益少量的增加，导致了资产负债率的增加，这被认为是绝对基础上相当高的水平。The current and acid-test ratios have fluctuated, but the current ratio is not particularly inspiring. The lack of deterioration in these ratios is clouded by the relative buildup in both receivables and inventories, evidencing a deterioration in the liquidity of these two assets. Both the gross profit and net profit margins have declined substantially. The relationship between the two suggests that the company has reduced relative expenses in 20X3 in particular. The buildup in inventories and receivables has resulted in a decline in the asset turnover ratio and this, coupled with the decline in profitability, has resulted in a sharp decrease in the return on assets ratio. 流动比例和酸性测验比例在波动着，但是流动比率的状况看起来却相当地令人沮丧。这些比率的减少被应收账款和存货的相应增长所笼罩，他们证明了这两项资产流动性的减弱。毛利率和净利率都大大下降。这两者之间的关系表明该企业在20x3年特意降低了相关费用。应收账款和存货的增加导致了资产回收率的降低，同时盈利能力的下降，也导致资产回收率的急剧下降。二、Translate the following texts into English1经营业绩的分析the analysis of operating achievement在评价企业的经营业绩时，财务分析人员常常运用收益率进行分析。这种涉及公司盈利能力的分析，把经营收益或净收益与某些基础相联系，比如平均资产总额、平均股东权益、年销售额。所得的百分比可与本企业过去年度的或与其他企业的同类比率相比较。When evaluating the operating achievement of a company ,financial analysts often use yields to analyse. This analysis which involves company profitability , associates the business revenue or net earnings with certain basis, such as the average total assets, average Stockholders equity, annual turnover. The percentage can compare the ratios in the past year or with similar ratios of other enterprise .最重要的几个关系式如下： The most important several equation is as follows (1)资产收益率经营收益/平均资产总额有时资产收益率也称为生产能力比率，它可以帮助管理当局衡量资产的利用效果。asset yield = operating revenue/average total assetsSometimes the return on assets also called production capability ratio, it can help authorities measure the effect of assets utilization (2) 普通股股东权益收益率=(净收益-需支付的优先股股利)/平均普通股股东权益 The common Stockholders yield = (net earnings - should be paid shares of preferred stock dividend) / average common shareholders rights(3)销售收益率=经营收益/销售净额Sales yield =operate revenue/net sales各种行业的销售收益率存在很大差异。一些企业可能在以毛利率低、主要资产周转率快为特点的行业中经营(销售净额与平均资产总额的比率称为资产周转率)。而那些生产周期较长、产品流动较慢的企业，则要求有较高的毛利率以获取可接受的资产收益率和业主投资收益率。当销售收益率与资产收益率和股东权益收益率合起来考虑时，就能获得对公司经营业绩的更深了解。 sales yield in various industry differences. Some firms may operate in industries which have low gross margin, but fast turnover in main asset (net sales and the ratio of the average total assets called asset turnover ratio).however firms with longer production cycle and slower production flow ,they call higher gross margin for acceptable asset yield and owner rate of investment.When sales yields and the return on assets and Stockholders equity yield considered together, it can get deeper understanding on the operating performance of the firms .2权责发生制会计和收付实现制会计The accrual accounting and and expenditure accounting 在实行权责发生制会计系统的企业，收入是在赚取时而不是在收到现金时确认，费用是在商品或服务被使用时而不是在付款时确认。发生的费用与赚取的相关收入相配比，以确定每个会计期间的有意义的净收益金额。然而，某些企业，主要是服务行业，则使用收付实现制会计。与权责发生制会计相反，在收付实现制下，收入将在收到现金时确认，费用则在付出现金时确认。使用收付实现制，主要是因为它能提供一定的所得税利益，且简单易行。然而，收付实现制财务报表可能歪曲企业的财务状况和经营成果，因为用来确定净收益的收入和费用并不取决于真正收到或支付现金的期间。因此，许多企业采取权责发生制会计。 Enterprises which carry accrual accounting systems, income is confirmed when it is earned rather than when cash is received, expenses are confirmed when goods or services are used not when cash is payed. Expenses incurred are matched to the related income,to assure the meaningful net income amount in each accounting period. However, some enterprises, mainly in service industry, they use expenditure accounting. Be contrary to accrual accounting ,income will be confirmed when cash is received, and expenses will be confirmed when cash is payed under the expenditure accounting systems. Using expenditure accounting systems ,mainly because it can provide a certain amount benefits of income tax , and simply to carry out. But expenditure financial statements may distort enterprises financial position and operating results, just because the revenues and expenses to assure net income are not depend on real period when cash is received or payed. Therefore, many enterprises use accrual accounting systems.三、Give solutions to the following problems in English1Recording the sale of merchandise and sales discounts Melanies Wholesale Distribution Company sold merchandise to a manufacturer. The invoice price was $11 000 and the credit terms were 3/10, n/60 (the cost of the goods was $ 8 000). Record the entries for the sale of merchandise and the collection of payments for the following independent scenarios. 2Botello Company began operations on January 1, 20x2. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts. These transactions are summarized as follows: 20x2 a. Sold merchandise on credit for $54 $00, terms n/60. b. Wrote off uncollectible accounts receivable in the amount of $850. c. Received cash of $45 100 in payment of outstanding accounts receivable. d. In adjusting the accounts on December 31, concluded that 2% of the outstanding accounts receivable would become uncollectible. 20x3 e. Sold merchandise on credit for $67 800, terms n/60. f. Wrote off uncollectible accounts receivable in the amount of $1 280. g. Received cash of $65 900 in payment of outstanding accounts receivable, In adjusting the accounts on December 31, concluded that 2% of the outstanding accounts receivable would become uncollectible.Required: Prepare general journal entries to record the 20x2 and 20x3 summarized transactions of Botello Company and the adjusting entries to record bad debts expense at the end of each year.3C Company installed a machine in its factory at a $114 000 cost. The machines useful life was estimated at five years or 36 100 units of product with a $5 700 trade-in val