财务会计专业英语课件

Practice—LRMPtyLtdPractice—LRMPtyLtd1Aftertheinitialtransactionswererecordedtheclosingbalanceswereasfollowsasat1April2008:CashInventoryLandandbuildingsEquipmentAccountspayableNotespayableLoansSharecapital$thousand14055300901570300200Aftertheinitialtransactions2AdditionaltransactionsforthemonthofApril2008Cashsalesof$30,000weremade.Thecostofthegoodsthatweresoldamountedto$12,000.Creditsalesof$40,000weremade.Thecostofgoodssoldwas$16,000.Paymentsof$8000weremadetosuppliers.PaidwagesforthefirsttwoweeksofAprilfor$20,000.Receivedanadvertisinginvoicefor$2000foraradioadvertisementbroadcaston5April.Thebillwillbepaidnextmonth.Received$25,000fromaccountsreceivable.Attheendofthemonth$18,000isowinginwagesforthelasttwoweeksofthemonth.Itisduetobepaidon1May.Additionaltransactionsforth3Practice—CappuManiaPtyLtdPractice—CappuManiaPtyLtd4CappuMania'strialbalanceat1April2007CappuMania'strialbalanceat5Allthecompany’sactivitiesfortheyearended31March2008havebeengroupedintothefollowingsummarylist.First,theeconomiceventstobeaccrued:Revenuefor2008was$89,740.Thecoffeebardoesmostlycashbusiness,soofthis,$85,250wasincashandtherestwasoncredit.Generalexpensedfor2008,notincludingdepreciationorincometax,totaled$67,230.Mostoftheexpenseswereoncredit,forcoffeesuppliesandsoon,soofthis,only$2120wasincash.Attheendoftheyear,itturnedoutthatunsoldfoodonhandcost$550andsuppliesonhandcost$1740.Allthecompany’sactivitiesf6Depreciationexpensefortheyearwas$2380.Thecompany’sincometaxexpensefor2008wasestimatedas$4460.Thecompany'sboardofdirectorsdeclaredadividendof$1000.Cashinflowsandoutflowsby31March2008notalreadymentioned:Collectionsofrevenueoncredittotaled$3330.Paymentstosupplierstotaled$59,420.Thecompanypaid$3000towarditsincometax.Only$800ofthedividendhadbeenpaid.Depreciationexpenseforthey78Trueoffalsequestions8Trueoffalsequestions89Chapter11.Thestablemonetaryunitconceptmeansthatthetypeofcurrencyusedforthefinancialstatementsisnotexpectedtochange.2.Theobjectivityprinciplestatesthatassetsandservicesshouldberecordedattheiractualcost,sincecostisareliablemeasuretouseinfinancialaccounting.3.Usingaccrualaccounting,revenuesarenotrecordeduntilthecashfortherevenueisreceived.4.Accrualaccountingismorecompleteandcomplexthancashaccounting.5.Thematchingprinciplerequirestheidentificationofliabilitiesandmatchingthemwiththeassetsusedtopaythem.9Chapter11.Thestablemoneta910Chapter16.Undertherevenueprinciple,businessesshouldrecordrevenuewhenitisearnedregardlessof

whenpaymentisreceivedfromthecustomer.7.Theapplicationofthematchingprincipleresultsintherecognitionofnetincomeornetloss.8.Accrualaccountingprovidessomeethicalchallengesthatcashaccountingavoids.9.Thehistoricalcostprincipleappliesevenwhenafirmisnotagoingconcern.10.Therearenoexceptionstotherevenuerecognitionrulethatrevenueisonlyrecognizedatthetimeofsale.10Chapter16.Undertherevenu1011Chapter21.Thegeneralledgercontainstheaccountsthatmakeuptheentity’sfinancialstatements.2.Whenspecialjournalsareused,themorethetransactionsthatareinvolved,themorethepostingtimeissaved.3.Evenifthetrialbalanceprovidesarithmeticalproofthatdebitsequalcredits,itdoesnotdetectallerrors.4.A$800receiptfromacustomerinpaymentofhisaccountpostedasa$800debittoCashanda$8credittoAccountsReceivablewillnotcausethetrialbalancetobeoutofbalance.5.Iftheequipmen