会计专业英语练习

|.Matchingeachofthefollowingstatementswithitsproperterm.

Temporaryaccount()

Workingpapers()

Fiscalyear()

Accrualaccounting()

Posting

Generalledger()

Liquidity()

Withdrawals()

CPA()

Transaction()

Accountingcycle()

Closingentries()

Reversingentry()

Accountingequation()

Doubleentryaccounting()

Taccount()

Chartofaccounts()

Accountform()

Businessentityconcept()

Financialaccounting()

Assetstakenfromthebusinessbytheownerforpersonaluse.

Theannualaccountingperiodadoptedbyabusiness.

Convertibilitytocash

Assets=liabilities+owner,sequity.

Documentsthathelpaccountantsorganizetheirwork.

Anconditionordirectlyaffectsitsresultsofaccountingeventorconditionthatdirectlychangesanentity,sfinancialoperation.

Theideathatrevenuesarerecorded(recognized)whenearnedandthatexpensesarerecordedwhenincurred.

Thebookthatcontainstheindividualaccount(orcontrolaccount),grouped

accordingtothefiveelementsoffinancialstatements.

Transferringdatafromthejournaltotheledger.

Anexpertaccountantlicensedbythestate.

Theentriesthattransferthebalancesoftherevenue,expense,anddividendsaccountstotheretainedearningsaccount.

Theoppositeofanadjustingentry,journalizedtofacilitateroutinebookkeepingentries.

Theprocessthatbeginswithanalyzingandjournalizingtransactionsandendswiththepost-closingbalance.

Thesimplestformofaccount.

Incomestatementaccounts

Asystemofaccountingforrecording.transactions,basedonrecordingincreasesanddecreasesinaccountssothatdebitsequalscredits.

Alistofaccountsintheledger

Thebranchofaccountingconcernedwithprovidingexternaluserswithfinancialinformationneededtomakedecisions.

Anconceptofaccountingthatlimitstheeconomicdataintheaccountingsystemtodatarelateddirectlytotheactivitiesofthebusiness.

Theformofbalancesheetthatresemblesthebasicformatoftheaccountingequation,withassetsontheleftsideandtheliabilitiesandowner’sequitysectionsontherightside.

II、Multiplechoicequestions

Aprofit-makingbusinessthatisaseparatelegalentityandinwhichownershipisdividedintosharesofstockisknownasa:()

A.proprietorshipB.partnership

C.servicebusinessD.corporation

Theresourcesownedbyabusinessiscalled:()

A.assetsB.liabilitiesC.theaccountequationD.owner,sequity

Alistofassets,liabilities,andowner’sequityofabusinessentityasofaspecificdateis:()

abalancesheet

anincomestatement

aretainedearningstatement

astatementofcashflows

Adebitmaysignify()

anincreaseinanassetaccount

adecreaseinanassetaccount

anincreaseinaliabilityaccount

anincreaseinacapitalstockaccount

Thetypeofaccountwithanormalcreditbalanceis()

A.anassetB.arevenueC.adividendsD.anexpense

Thereceiptofcashfromcustomersinpaymentoftheiraccountswouldberecordedbya()

debittoCash;credittoAccountsReceivable

debittoAccountsReceivable;credittoCash

debittoCash;credittoAccountspayable

debittoAccountspayable;credittoCash

Whichofthefollowingaccountswouldbeclassifiedasacurrentassetonthebalancesheet?()

A.officeequipmentB.accumulateddepreciationC.landD.accountsreceivable

Whichofthefollowingaccountswouldnotbeclosedtotheincomesummaryaccountattheendofaperiod?()

A.feesearnedB.rentexpenseC.wagesexpenseD.accumulateddepreciation

Whatisthematurityvalueofa90-day,12%notefor$10000?()

A.$8800B.$10300 C.$10000D.$11200

Whichofthefollowingisanexampleofintangibleasset?()

A.patensB.copyrightsC.goodwillD.alloftheabove

True-False

Theincomesummaryaccountcanbefoundinthestatementofowner'sequity.()

Closingentriesconvertrealandnominalaccountstozerobalances.()

Theworksheetispreparedaftertheformaladjustingentrieshavebeenmadeinthejournal.()

Acalendaryearreferstoanytwelvemonthperiod.()

Thecashbasisofaccountingoftenviolatesthematchingrule.()

Adjustingentrieshelpmakefinancialstatementscomparablefromoneperiodtothenext.()

Paymentofaccountspayablewillberecordedinthepurchasejournal.()

Inalljournalentries,atleastoneaccountmustbeincreased,andanotherdecreased.()

Thepresentationoftheowner’sequitysectionissameforthreetypesofbusinessorganization.().

Foragivenaccount,totaldebitsmustalwaysequaltotalcredits.()

Internalreporting(i.e.,managementaccounting)mustfollowGAAPinallrespects.()

Generallyacceptedaccountingprinciplesarenotlikelawsofmathandscience;theyareguidelineswhichdefinecorrectaccountingpracticeatthetime.( )

Thevariousstepsintheaccountingcycleoccurwithequalfrequency.()

Thecreditsideofanaccountimpliessomethingfavorable.()

Transactionsareinitiallyrecordedinaledgeraccount.()

Thenetincomeforaperiodintheincomestatementwillincreasethebalanceofowner,sequity.()

Failuretoincludeawarehouse,smerchandiseinendinginventoryresultsinanoverstatednetincome.()

Thestatementofowner’sequitylinksacompany,sincomestatementtoitsbalancesheet.()

TheexistenceofAccountsReceivableonthebalancesheetindicatesthatthecompanyhasoneormorecreditors.()

Financialstatementsaretheendproductsoftheaccountingprocess.()

Integratedquestions(50)

SimmonsInc.,whoseaccountingyearendsonJune30,hadthefollowingbalancesinitsledgeratJune30ofthecurrentyear(underaperiodicsystem):

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Cash $3500

AccountsReceivable 11000

Inventory 20000

Prepaidinsurance 1200

OfficeSuppliesonHand 500

FurnitureandFixtures 7000

Accumulateddepreciation-FurnitureandFixtures 1100

DeliveryEquipment 6000

Accumulateddepreciation-DeliveryEquipment 1800

AccountsPayable 8500

Notespayable 6500

CapitalStock 15000

RetainedEarnings 10400

Sales

SalesReturnsandallowances 800

SalesDiscounts 1900

71000

1000

Purchases

PurchasesReturnsandallowances

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PurchasesDiscounts 700

TransportationIn 3000

SalesSalariesExpense 9000

DeliveryExpense 2000

AdvertisingExpense 3800

RentExpense 3600

OfficeSalariesExpense 10300

UtilitiesExpense 400

Duringtheyear,theaccountingdepartmentpreparedmonthlystatementsusingworksheets,butnoadjustingentriesweremadeinthejournalsandledgers.Datafortheyear-endadjustmentsareasfollows:(1)Inventory,June30 $16800

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(2)Prepaidinsurance,June30 400

(3)OfficeSuppliesonHand 320

(4)DepreciationExpenseforyear,FurnitureandFixtures 700

(5)DepreciationExpenseforyear,DeliveryEquipment 900

(6)AccruedSalesSalaries,June 30 300

(7)AccruedOfficeSalaries,June 30 200

Required:

(a)PrepareaBalanceSheet.

(b)Maketheclosingentriesinageneraljournal.

V.Translation(15)

(a)Tomeettheneedsoftheexternalusers,aframeworkofaccountingstandards,principlesandproceduresknownas“generalacceptedaccountingprinciple”havebeendevelopedtoinsuretherelevanceandreliabilityoftheaccountinginformationcontainedintheseexternalfinancialreports.(P3)

(b)Oncetheappropriateadjustingentrieshavebeenmadeandpostedtotheledgeraccounts,anincomestatementandabalancesheetmaybeprepareddirectlyfromtheaccountbalances.(P73)

(c)Thegeneraljournalisarelativelysimplerecordinwhichanytypeof