《会计专业英语》期末复习资料

1、精选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 rep

2、orts 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 r

3、eports 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 = Owner's Equity 9. Which of the foll

4、owing groups 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 accountin

5、g cycle, 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 depositor's records and the bank's

6、 records should be 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

7、account is termed 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

8、statements correctly states the 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.owner's equity is overstated21.The inventory method that assigns the most rec

9、ent costs to cost of good sold isb.LIFO22.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

10、 are needed for the calculation of depreciation 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 th

11、e （ ）b.equity method28. A capital expenditure 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

12、above32.The cost of a product warranty 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

13、the bond indenture is called the （ ）b.contract 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

14、will sell at d.a discount37. One potential 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. S

15、tockholders' equity （ ）c.includes retained 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

16、paid-in capital/stockholders' equity section 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 statemen

17、t below is not a reason for a corporation to buy 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 di

18、scount 48. Revenue should be recognized when（ ）b.the service 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 qu

19、ick ratio?a.inventory四、问答题：3Differentiate between financial accounting and managerial accounting.财务会计与管理睬计的区分。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

20、 data to aid management in running day-to-day operations and 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 informat

21、ion about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions；（向使用者供应有关企业财务状况、经营成果和财务状况变动状况的信息，以利于其作出经济决策。）(b) show the results of the stewardship of management, or the accountability of management fo

22、r 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 recogni

23、tion criteria.Recognition Criteria 确认标准：a. The Probability of Future Economic Benefit 将来经济利益流入的可能性Measurement Reliably计量的牢靠性(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

24、 statement.Measurement Bases 计量基础：Historical cost. 历史成本Current 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分。参考答案：Under the accrual basis for the accounting period concept, revenues are reported in the income s

25、tatement in the period in which they are earned.Under the cash 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

26、a way that maintains the equality of the accounting equation. 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

27、the left side of an account and credits are always entered on 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

28、Revenue)(2) Accruals fall into two categoriesa. Accrued expenses b. Accrued revenues 考核学问点: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 pr

29、inciples are followed. Adjusting entries can be classified as 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 recei

30、ved in cash and recorded as liabilities before they are earned.(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.

31、 Describe the basic steps of the accounting cycle.简述会计循环的步骤。参考答案：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，是在每个会计期间依据肯定挨次处理业务的一套规范化的程序）It is called cycle because the steps repeated each accounting p

32、eriod.(1) Transactions are analyzed and recorded in the journal.(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)

33、 Closing entries are journalized and posted.(7) A post-closing 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。考核学问点: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 m

34、ay not be collectible.Uncollectible Accounts Expense (Bad Debts ) 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 matchi

35、ng principle.(2) The accounts receivable state at net realizable 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 physic

36、al quantities in its inventory.A company using a periodic system 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 on

37、ly after the ending inventory has been counted and valued at 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

38、 occurs.14What are the financial statements effects of inventory 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 price

39、s, the converse is true: FIFO will report the lowest net income, 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 shoul

40、d approximate 1.0. Conversely, during a period of increasing 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

41、和目的。参考答案：Classifications of Investments: Trading securities； 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 考核学问点:存货计价方法

42、P237-244附4.15 参考课件第6章Marketable securitiesStocks, bonds and other 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 corporation

43、s or government that have maturity value, interest rate and maturity 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 profi

44、t or loss ; held for trading, or designated to be at fair value 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

45、 not fall into any of the two categories aboveObjectives of Investment 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缘由考核学问点:短期投资P361附4.16 参考课件第6

46、章There are many reasons why a company may want to buy debt or 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 ma

47、y be selling for less than face value, and Company A thinks that 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 t

48、he 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 daily or periodic cash requirements; if there is too much cash on hand

49、, a portion of the entitys assets are unproductive. Therefore, management will try to keep just enough cash on hand at any one time to meet daily requirements, plus a cushion for emergencies. Cash in excess of the daily minimum should be invested in income-producing opportunities, such as the debt a

50、nd equity securities of other companies.17. Describe the characteristics of property, plant and equipment. 简述固定资产的特点。Property, plant, and equipment is defined as tangible assets that are held for use in production or supply of goods and services, for rentals to others, or for administrative purposes

51、; they are expected to be used during more than one period.Includes:Land, Building structures (offices, factories, warehouses), and Equipment (machinery, furniture, tools).The characteristics：(1) “Used in operations” and not for resale.(2) Long-term in nature and usually depreciated.(3) Possess phys

52、ical substance.18. Describe the benefits of accelerated depreciation methods. 什么是加速折旧法？其优点有哪些？参考答案：Accelerated methods of depreciation result in more depreciation in the early years of an asset's life and less depreciation in the later years of an asset's life than does the straight-line app

53、roach.The benefits of accelerated depreciation methods are:(1) Decreasing depreciation charges are matched against increasing repair and maintenance charges.(2) Higher depreciation charges drive net income down in early years of an assets life. As a result, accelerated depreciation methods are favor

54、ed for tax purposes.19. Describe the characteristics of intangible assets.什么是无形资产？其特征有哪些？参考答案：An intangible assets is an identifiable non-monetary asset without physical substance. 无形资产是指没有实物形态的、可辨认的非货币性资产。Examples of intangible assets include goodwill, patents, copyrights, franchises, trademarks an

55、d trade names 例如：商誉、专利权、版权、特许权、商标、商号等The characteristics：a higher degree of uncertainty regarding the future benefits将来收益的高度不确定性value subject to wider fluctuations价值波动性大having value only to a particular company其价值只与某一特定企业相关non-monetary feature 非货币性质如下答案也可以：Intangible assets are rights, privileges, a

56、nd competitive advantages that result from ownership of long-lived assets that do not possess physical substance. Examples of intangible assets include goodwill, patents, copyrights, franchises, trademarks and trade names The Main Characteristics:Identifiable.可辨认性Lack physical existence.缺乏实物形态Not mo

57、netary assets.非货币性资产Normally classified as non-current asset.20. Describe the reasons for issuance of long-term liabilities.举借长期债务的缘由（与发行股票相比）。参考答案：Reasons for Issuance of Long-Term Liabilities：(1) Debt financing may be the only available source of funds.(2) Debt financing may have a lower cost.(3) Debt financing offers an income tax advantage.(4) The voting privilege is not shared.(5) Debt financing offers the opportunity for leverag