会计专业英语模拟题(开卷).docx

《会计专业英语》模拟题（补）

1．Complete the translation between Chinese and English:
（1）salvage value
（2）depreciation
（3）ratio analysis
（4）所有者权益
（5）fiscal year
（6）uncollectible accounts
（7）double entry system
（8）petty cash
（9）流动资产
（10）gross profit
（11）first in first out
（12）资产负债表
（13）common-size analysis
（14）corporations
（15）经济业务
（16）short-term debt-paying ability

2．Label the following accounts as asset (A), liability (L), owner’s equity (OE), revenues (R) or expense (E)
（1）Office Supplies
（2）Professional Fees
（3）Prepaid Insurance
（4）Salary expense
（5）Accounts Payable
（6）Service Income
（7）R. L. Osborn, Capital
（8）Rent Expense
（9）Accounts Receivable
（10）Notes payable

3. Answer the question related to the topic of the conversation
Why Isn’t The Accounting A Mirror of What Happened?
John: Leanne, can you explain what’s going on here with these monthly statements?
Leanne: Sure, John. How can I help you?
John: I don’t understand this last–in, first–out inventory procedure. It just doesn’t make sense.
Leanne: Well, what it means is that we assume that the last goods we receive are the first ones sold. So the inventory is made up of the items we purchased first.
John: Yes, but that’s my problem. It doesn’t work that way! We always distribute the oldest produce first. Some of that produce is perishable! We can’t keep any of it very long or it’ll spoil.
Leanne: John, you don’t understand. We only assume that the products we distribute are the last ones received. We don’t actually have to distribute the goods in this way.
John: I always thought that accounting was supposed to show what really happened. It all sounds like “make believe” to me! Why not report what really happens?
Question:
How would you respond to John if you were Leanne?

4. Casey Electronics’ ending inventory consists of 182 Model M43 CD players acquired through various purchases, as follows:
Specific Purchase Number of Units Cost per Unit Total Cost
Beginning inventory 34 $270 $9180
First purchase 60 282 16,920
Second purchase 256 298 76,288
Third purchase 164 312 51,168
Total units available 514 $153,556
Of the 514 units available for sale, 182 units are still on hand and 332 have been sold.
Under the periodic inventory system, If Casey Electronics chooses LIFO method, how should it calculate the cost of the 182 CD players on hand?

5. You are given the following balance sheet and income statement for 2002 and 2003:
Table A Balance Sheet for 2002 and 2003
(all values in thousands of dollars)

2002 2003
_______________________________________________________________
Assets
Cash 200 300
Marketable securities 300 200
Receivables. 800 1,000
Inventory 1,200 1,000
Fixed assets 3,300 3,700
Total assets. 5,800 6,200
Liabilities and common equity
Accounts payable 300 200
Notes payable 200 300
Other current liabilities 1,000 800
Long-term debt 1,000 1,200
Common equity . 3,300 3,700
Total liabilities and common equity 5,800 6,200

Table B Income Statement for 2003
_______

Sales $1,000,000
Operating and other costs - 700,000
EBIT . 300,000
Interest . - 100,000
Profits before taxes 200,000
Tax at 40% rate - 80,000
Profits after taxes 120,000
____________________________________________________

Calculate the following ratios for 2002:
(1) the current ratio
(2) the debt to equity ratio
(3) the quick ratio

6．Translate the followings into Chinese
There are several specialized fields of accounting in practice. The two most common are financial accounting and management accounting. Other fields include cost accounting, environmental accounting, tax accounting, international accounting, not-for-profit accounting, and social accounting.

7．Choose the best answer from A, B, C, D to complete the sentence or to answer the question:
（1）Which of these is (are) an example of an asset account? ____.
A. Service Revenue
B. Withdrawals
C. Supplies
D. All of the above
（2）Which of the following is not affected by the inventory valuation method used by a business? _____.
A. Amounts owed for income taxes
B. Cost of merchandise sold
C. Amounts paid to acquire merchandise
D. Net income of the business
（3）Aftin Co. performs services on account, when Aftin collects the account receivable____.
A. assets increase
B. assets do not change
C. owner’s equity decreases
D. liabilities decrease

8．Casey Electronics’ ending inventory consists of 182 Model M43 CD players acquired through various purchases, as follows:

Specific Purchase
Number of Units
Cost per Unit
Total Cost
Beginning inventory
34
$270
$9180
First purchase
60
282
16,920
Second purchase
256
298
76,288
Third purchase
164
312
51,168
Total units available
514

$153,556
Of the 514 units available for sale, 182 units are still on hand and 332 have been sold.
Under the periodic inventory system, If Casey Electronics chooses FIFO method, how should it calculate the cost of the 182 CD players on hand?

9．On July 1, Cruz opened Cruz Auto Detail company .

During July, the following transactions were completed:

（1）Cruz invests $70,000 cash in her new business.
（2）Buys equipment costing $43,000, paying cash.
（3）Buys equipment costing $7,000 on credit from Williams Auto Supply.
（4）Pays $2,000 to Williams Auto Supply, to be applied against the firm's liability of $7,000.
（5）Buys buffer pads, cleaners, and waxes on account from Rossi and Company, $800.
（6）Cash revenue received, $3,520.
（7）Pays rent for the month, $900.
（8）Pays for a one-year vehicle insurance policy, $360.
（9）Receives bill for newspaper advertising from Valley News, $400.
（10）Cruz Auto Detail signed a contract with Costello Taxi to perform detailing work and then bills Costello Taxi $1,050 for services performed.
（11）Pays $2,000 to Williams Auto Supply as part payment on account.
（12）Receives and pays bill for utilities from Midwest Power, Inc., $160.
（13）Pays Valley News for advertising, $400 in full. (This bill has been previously recorded.)
（14）Pays wages of part-time employees, $1,400.
（15）Buys additional equipment costing $1,500 from Williams Auto Supply, paying $600 down with the remaining $900 on account.
（16）Receives $850 from Costello Taxi to apply on account previously billed.
（17）Cash revenue received, $2,700.
（18）Cruz withdraws cash for personal use, $3,000.

Instructions
（1）Record the transactions with “Dr.”and “Cr.”.

（2）At the end of June Company needs make adjustment as follows:
a. To record the cost of supplies used during July, $540.
b. To record the insurance expired during July, $30.
c. To record the depreciation for the month of July, $520.
d. To record accrued waged owed at the end of July, $290.
Prepare Adjusted Trail Balance on July 31.

Cruz Auto Detail
Adjusted Trail Balance
July 31, 20--
Account Name
Debit
Credit
Cash

Account Received

Supplies

Prepaid Insurance

Equipment

Accumulated Depreciation Equipment

Accounts Payable

Wages Payable

LA Cruz Capital

LA Cruz Drawing

Income from Servicing

Wages Expense

Rent Expense

Advertising Expense

Utilities Expense

Supplies Expense

Insurance Expense

Depreciation Expense, Equipment

10. On July 1, N. B. Edgar opened Coin-Op Laundry. Edgar’s accountant listed the following chart of accounts:

Cash Supplies Prepaid Insurance Equipment
Furniture and Fixtures Accounts Payable
N. B. Edgar, Capital N. B. Edgar, Drawing
Laundry Revenue Wages Expense
Rent Expense Utilities Expense Miscellaneous Expense

During July, the following transactions were completed:

a. Edgar deposited $20,000 in a bank account in the name of the business.
b. Bought tables and chairs for cash, $450
c. Paid the rent for the current month, $705
d. Bought washers and dryers from Eldon Equipment, $17,400, paying $4,000 in cash and placing the balance on account.
e. Bought laundry supplies on account from Borkal Distributors, $410.
f. Sold services for cash, $862.
g. Bought insurance for one year, $468.
h. Paid on account to Eldon Equipment, a creditor, $550.
i. Received and paid the electric bill, $118.
j. Paid on account to Borkal Distributors, a creditor, $145.
k. Sold services to customers for cash for the second half of the month, $881.
l. Received and paid the bill for the business license, $45.
m. Paid wages to an employee, $1,146.
n. Edgar withdrew cash for personal use, $875.

Instructions

Record the transactions in the T accounts.
Prepare an income statement as for July 31.

1．Complete the translation between Chinese and English:
（1）残值
（2）折旧
（3）比率分析法
（4）owner’s equity
（5）会计年度
（6）坏账
（7）复式记账
（8）备用金
（9）current assets
（10）毛利
（11）先进先出法
（12）balance sheet
（13）结构分析法
（14）集团公司
（15）transaction
（16）短期偿债能力

2．Label the following accounts as asset (A), liability (L), owner’s equity (OE), revenues (R) or expense (E)
1
2
3
4
5
6
7
8
9
10
A
R
A
E
L
R
OE
E
A
L

3. Answer the question related to the topic of the conversation
Answer in English the question related to the topic of the conversation
In inventory accounting, we need compute the amounts of cost for good sold and ending inventory. However, the inventory of some firms is sufficiently similar that the firm can’t feasibly use specific identification costs. So it must make some assumption to compute the cost of units sold and units remained in inventory, which is called cost flow assumptions, and one of them is LIFO. LIFO usually doesn’t reflect physical floes, but firms use it since in a period of rising acquisition costs. LIFO’s higher (than FIFO) cost-of-goods-sold figure reduces reported income and income taxes.

4. Casey Electronics’ ending inventory consists of 182 Model M43 CD players acquired through various purchases, as follows:

34 Units(beginning inventory) @ $270 each = $9180
. 60 Units(first purchase) @$282 each = 16920
. 88 Units(second purchase) @$298 each = 26224
182 Units $52324

5. You are given the following balance sheet and income statement for 2002 and 2003
(1) current ratio = current assets / current liabilities
= 2,500 / 1,500 = 1.67
(2) debt to equity ratio = total liabilities / total stockholders equity
= 2,500/3,300 = 75.76%
(3) quick ratio = (current assets – inventories) / current liabilities
= 1,300 / 1,500 = 0.86

6. Translate the followings into Chinese
在实务中，会计有不同的分类。最通常的是财务会计和管理会计。其他领域包括成本会计，环境会计，税务会计，国际会计，非盈利会计和社会会计。

7．Choose the best answer from A, B, C, D to complete the sentence or to answer the question:
（1）C （2）C （3）B

8．Casey Electronics’ ending inventory consists of 182 Model M43 CD players acquired through various purchases, as follows:
164 Units @ $312 each = $51168
. 18 Units @$298 each = $5364
182 Units $56532

9．On July 1, Cruz opened Cruz Auto Detail company .
(1) Record the transactions with “Dr.”and “Cr.”.
1. Cash 70,000
L.A. Cruz, Capital 70,000
2. Equipment 43,000
Cash 43,000
3. Equipment 7,000
Accounts Payable 7,000
4. Accounts Payable 2,000
Cash 2,000
5. Supplies 8,000
Accounts Payable 8,000
6. Cash 3,520
Income from Service 3,520
7. Rent Expense 900
Cash 900
8. Prepaid Insurance 360
Cash 360
9. Advertising Expense 400
Accounts Payable 400
10. Accounts Receivable 1,050
Income from Services 1,050
11. Accounts Payable 2,000
Cash 2,000
12. Utilities Expense 160
Cash 160
13. Accounts Payable 400
Cash 400
14. Wages Expense 1,400
Cash 1,400
15. Equipment 1,500
Cash 600
16. Cash 850
Accounts Receivable 850
17. Cash 2,700
Income from Service 2,700
18. L.A. Cruz, Drawing 3,000
Cash 3,000

(2)Prepare Adjusted Trail Balance on July 31.
Cruz Auto Detail
Adjusted Trail Balance
July 31, 20--
Account Name
Debit
Credit
Cash
23,250

Account Received
200

Supplies
260

Prepaid Insurance
330

Equipment
51,500

Accumulated Depreciation Equipment

520
Accounts Payable

4,700
Wages Payable

290
LA Cruz Capital

70,000
LA Cruz Drawing
3,000

Income from Servicing

7,270
Wages Expense
1,690

Rent Expense
900

Advertising Expense
400

Utilities Expense
160

Supplies Expense
540

Insurance Expense
30

Depreciation Expense, Equipment
520

82,780
82,780

10. On July 1, N. B. Edgar opened Coin-Op Laundry. Edgar’s accountant l