会计英语作业一.doc

Accounting Exercises One

Ⅰ. Match the terms in column A with the definitions in column B
A B
1. government accountant a. provide useful information for decision-making
2. objectives of financial accounting b person must pass a series of examinations and
meet certain other requirements
3. private accountant c. work for one employer and offer services such as
Accounting, budgeting, and internal auditing
4. Certified Public Accountant d. audit tax returns and accumulate financial information
for federal, provincial, and municipal agencies
5. public accountant e. the language of business
6. accounting f. offer auditing, management advisory, and tax services
7. comprehensive income g. notes payable
8. revenues h. sales
9. expenses i. interest paid to bank
10. gains j. distributions of cash dividends to owners
11. losses k. services received as investments by owners
12. assets l. land
13. liabilities m. losses from incidental transactions of an entity
14. equity or net assets n. change in equity of an entity from transactions and
circumstances from non-owner sources
15. investments by owners o. residual interest in the assets of an entity
16. distributions to owners p. increases in equity from peripheral transactions of an entity
Ⅱ. Decide whether the following statements are true or false. Write T for true and F for false
( ) 1. Accountants have an ethical obligation to maintain only moral competence.
( ) 2. Accounting equation accounts for the common quantitative relation among accounting elements: Assets = Liabilities + Owner’s Equity
( ) 3. Accounting is a system of gathering, summarizing and communicating financial information for a business firm, government or other organizations.
( ) 4. Journal entries are made before they have been entered into the ledger accounts.
( ) 5. The equality of a trial balance means that there are no error made in the previous accounting procedures.
( ) 6. If at the end of an accounting period there is a debit balance in the income summary account, this means that the revenue has exceeded expense.
( ) 7. The important role of the worksheet is to aid the accountant by bringing together all the data needed for preparing financial statements.
( ) 8. A worksheet is a substitute for the financial statements.
( ) 9. Account Receivable is classified as a current asset.
( ) 10. The Allowance for Uncollectible Accounts is a liability because it usually has a net credit ending balance.
( ) 11. Recoveries of an account previously written off are, when an Allowance ofr Uncollectible Accounts account is used, credited to the Bad Debts account.
( ) 12. Weighted Average method assigns different unit cost to the same inventory item under both the perpetual inventory system and the periodic inventory method.
( ) 13. Inventory pricing methods can be changed from period to period at will to control net income.
( ) 14. Under the perpetual inventory system, the Cost of Goods Sold account is debited and the Merchandise Inventory account is credited for each sale of merchandise inventory.
( ) 15. When the FIFO method of costing inventory is used, costs are assumed to be charged against revenue in the order in which they are incurred.
Ⅲ. Choose the best answer
1. Which of the following describes accounting?
A. is the language of business B. is an information system C. is useful decision making D all of the above
2. An accounting process includes all of the following steps except ____.
A. analyzing B. planning C. classifying D. summarizing
3. Accounting information is used by ____.
A. businesses B. government regulation agencies C. labor unions D. all of the above
4. Traylor Company paid $2,850 on account. The effect of this transaction on the accounting equation is to ____.
A. decrease assets and decrease owner’s equity B. increase liabilities and decrease owner’s equity.
C. have no effect on total assets D. decrease assets and decrease liabilities
5. Which of these is/ are an example of an asset account? ____.
A. Cash B. Accounts receivable C. Investments D. All of the above
6. The ending Cash account balance is $57,600. during the period, cash receipts equal $124,300. If the cash payments during the period total $135,100, then the beginning Cash amount must have ____.
A. $68,400 B.$46,800 C. $181,900 D. Cannot be determined from the information given.
7. During 2007, Bustamante Co. incurred salary expense of $240,000. Beginning and ending Salary Payable was $4,000 and $8,000, respectively. In 2007, Bustamante paid salaries of ____.
A. $248,000 B. $240,000 C. $236,000 D. $244,000
8. An adjusting entry could contain all of following except ____.
A. a debit to Unearned RevenueB. a credit to Cash C. a debit to Interest Receivable D. a credit to Salary Payable
9. The intangible asset goodwill may be: .
A. capitalized only when purchased. B. capitalized either when purchased or created internally.
C. capitalized only when created internally D. written off directly to retained earnings.
10. For a non-monetary exchange of plant assets, if the exchange lacks commercial substance, accounting recognition should not be given to: . A. a loss when the assets exchanged. B. a gain when the assets exchanged
C. part of a gain when the assets exchanged and cash is received. D. no gain or lass.
11. You own a Lawn Service business. If you charge a customer $30 for mowing their lawn, what is the $30 to your business? . A. Revenue. B. An expense. C. A liability D. An obligation
12. If total assets were $900,000 and total liabilities were $300,000, the owner’s equity would be: .
A. $ 300,000 B. $ 600,000 C. $ 1200,000 D. $ 900,000
13. Land is purchased with cash for $40,000. What effect will this transaction have on the accounting equation? .
A. Increase assets and owner’s equity by $40,000. B. Increase assets and liabilities by $40,000.
C. Decrease owner’s equity by $40,000 and increase assets by $40,000
D. No net effect on any of the accounting equation elements
14. The balance in Allowance for Doubtful Accounts, at any given time, represents:
A. estimated uncollectible accounts receivable not yet written off. B. the amount of accounts receivable written off.
C. the amount reserved to pay for bad debts. D. the amount lost to bad debts
15. The method of increasing the expense when the business writes an account off is called:
A. aging method. B. allowance method. C. percent of sales method. D. direct write-off method
Ⅳ. Supply the missing information in the following statements
One
Many people and __1__ use accounting information that __2_ prepare in order to make sound decisions. That’s why it is important for these people to understand how this information is created. To __3__ communication, accountants establish __4__ that business people can use to ensure they are talking about the same thing. Suppose, a bookstore sells books: when should the accountant __5__ the sale----at the moment the books are shipped (accrual accounting) or at the time __6__ for these books is received (cash accounting)? Whether the store owner uses ___7__ or the cash basis accounting rule is not important as long as a rule is established that requires the owner to __8__ which system of rule is being used in __9__. All the rules of measurement for accounting __10__ in one group and called Generally Accepted Accounting Principles (GAAP).
Two
In practice, it may be necessary to know __1__ of inventory when perpetual inventory records are not maintained and it is impractical to take __2__. For example, a business that uses __3__ may need monthly income statements, but taking a physical inventory each month may be too costly. Moreover, when __4__ such as a fire has destroyed the inventory, the amount of __5__ must be determined. In this case, taking a physical inventory is __6__, and even if __7__ have been kept, these records may also __8__. In such cases, __9__ can be estimated by using (1) the retail method or (2) __10__.
Ⅴ. Translate the following into English
1. 会计等式
2. 复式记账基本原理
3. 会计期间
4. 确认收入原则
5. 电汇
6. 过账是将分录信息从日记账过入分类账的过程。

7. 无形资产指没有实物形态的资本性资产。

8. 为了衡量收入， 企业必须采用一些会计原理和概念。

9. 明细分类账
10. 实地盘点

11. 流动资产是预期能在一年或超过一年的一个营业周期内变现、出售或耗用的资产。

12. 在实践中， 工作底稿是为了便于编制正式的财务报表而编制的， 是用以归集财务报表所需的账户余额及调整信息。

13. 永续盘存制
14. 直接转销法
15. 备抵法
Ⅵ. Translate the following passage into Chinese
1. The adjusted trial balance is prepared after the adjusting entries have been journalized and posted. It is the one that reflects revised account balance due to the end-of-period adjustments. The adjusted trial balance serves as the basis for the preparation of the financial statements.

2. Inventories refer to merchandise, finished goods, semi-finished goods, goods I process, and all kinds of materials, fuels, containers, low-value and perishable articles and so on that stocked for the purpose of sale, production or consumption during the production operational process.

3. Cash can be defined as money on deposit in banks and any items that banks will accept for deposit. These items include not only coins and paper money but also checks and money paper. Those are not accepted for immediate deposit such as notes receivable, IOUs, postdate checks (checks dated in the future), and uncollected customers check----returned by the bank stamped “NFS” (not sufficient funds)----are not accepted for immediate deposit and are excluded in the accountant’s definition of cash.

Ⅶ. Case
The trial balance of ABC on March 1st, 2010 lists the business’ assets, liabilities and stockholders’ equity on that date.
Trial Balance as at March 1st

Dr
Cr
Cash
$27,000

Accounts receivable
4,500

Accounts payable

2,000
Common stock

10,000
Retained earnings

18,500

30,500
60,000
During March the business completed the following transactions:
1). Borrowed $45,000 from the bank signed a note payable in the name of the business.
2). Paid cash of $40,000 to a real estate company to acquired land.
3). Performed service for a customer and received cash $5,000.
4). Purchased supplies on credit, $300.
5). Performed customer service and earned revenue on account, $2,600.
6). Paid $1,200 on account.
7). Paid the following cash expense: salaries, $3,000; rent, $1,500; and interest, $400.
8). Received $3,100 on account.
9). Received a $200 utility bill that will be paid next week.
10). Paid dividend of $1,800.
Required:
1.Journalize the preceding transactions.
2.Prepare the trial balance of the business at March 1st, 2010
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