会计英语复习题

1、会计英语复习题(开卷)一、Translate the following paragraph into Chinese（一）ACCOUNTS RECEIVABLE FINANCINGAccounts 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 a

2、mount 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 purc

3、hases receivables from companies is called factor. 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

4、the company using the financing to shift focus from trying to collect receivables to current business activities. Selling Accounts ReceivableA 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. Selling acc

5、ounts 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. Pledging Accounts Receivable A business may use accounts receivable as security to the notes payable it signs when obtaining

6、a bank loan.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.（二）Acme Plumbing

7、 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 capitaliza

8、tion.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. Receiva

9、bles 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 eq

10、uity 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.The current and acid-test ratios have fluctuated, but the current ratio is not particularly inspiring. The lack of deterioration in t

11、hese 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 relati

12、ve 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. 二、Translate the following texts into English1经营业绩的分

13、析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。最重要的几个关系式如下： (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。(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 (3)销售收益率=经营收益/销售净额 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

14、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。2权责发生制会计和收付实现制会计 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

15、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。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 pr

16、ice 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

17、 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

18、 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 t

19、he 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 summariz

20、ed 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 value. During its

21、second year, the machine produced 8 600 units of product. Determine the machines second-year depreciation with depreciation calculated in each of the following ways:(a) straight-line rate, (b) units-of-production basis, (c) declining-balance basis at twice the straight-line rate, and (d) sum-of-the-years-dig