1、 give a brief explanation for the following terms(10%)
Ya4yW9* (1) journal entry
2HO2 C8W_f( i~ (2) going concern
S!rVq,| d p:V1VHT, (3) matching principle
(8baa.ge EM(%|# (4) working capital
++n_$Qug gO{$p q} (5) revenue expenditure
{n&GZG"f x_ t$* 2. please read the following passage carefully and fill in each of the 11 blanks with a word most appropriate to the content (10%)
SAiaC _ |8tKN"QG (1) the double-entry system of accounting takes its name from the fact that every business transaction is recorded by (____) types of entries: 1: (_____) entries to one or more accounts and
8"TlWHF` P%ThW9^vnj 2: credit entries to one or more accounts. in recording any transaction, the total dollar amount of the (______) entries must (_____) the total dollar amount of credit entries.
Y9I|s{~ LP !d|X (2) often a transaction affects revenues or expenses of two or more different periods, in these cases, an (_____) entries are needed to (_____) to each period the appropriate amounts of revenues and expenses. these entries are performed at the (_____) of each accounting period but (_____) to preparing the financial statements.转自学易网
www.studyez.com %k<+#j6ZH K4-_a{)/ (3) marketable securities are highly (_____) investments, primarily in share stocks and bounds, (____) can be sold (_____) quoted market prices in organized securities exchanges.
p2U6B !1%Sf.`!_ 3.translate the following chinese statements into english (18%)
?gBFfi Qsw.429t (1) 财务报表反映一个企业的财务状况和经营成果,是根据公认会计准则编制的。这些报表是为许多不同的决策者,许多不同的目的而提供的。
l[i1,4 \TYVAt]
? 纳税申报单则反映应税收益的计算,是由税法和税则规定的概念。在许多情况下,税法和公认会计准则相似,但两者却存在实质上的不同。
X,c`,B03 r9*6=*J| (2) 审计师不保证财务报表的准确性,他们仅就财务报表的公允性发表专家意见。然而注册会计师事务所的声誉来自于他们对审计工作的一丝不苟和审计报告的可靠性。
EI)2c.A u1gD*4+ 4. translate the following statements into chinese (12%)
rp^:{6O u@P1`E1Q (1) accounting principles are not like physical laws; they do not exist in nature, awaiting discovery man. rather, they are developed by man, in light of what we consider to be the most important objectives of financial reporting. in many ways generally accepted accounting principles are similar to the rules established for an organized sport shuch as football or basketball.
aK_k'4YTm R#i`H(N (2) accounting have devised procedures whereby the flows of cash receipts and payments are spread over a period of time in a certain way to derive income, which is representative of the economic performance of the firm for the given period. the income concept as applied in the real world involves numerous decisions and judgmenmts.
D^a(|L3; ~T/tk?:8Vi 5. multiple choice questions (choose the best for your answer) (10%)
8)MWC: `4?|yp.|L (1) the cpa firm auditing xy recording service found that retained earning were understated and liabilities were overstated. which of the following errors could have been the cause?
]q"y P0 Yg}b%u,Q a. making the adjustment entry for depreciation expenses twice;
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+O<IF% ^x$1Nf b. failure to recored interest accrued on a note payable;
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mk##0E c. failure to make the adjusting entry to recored revenue which had been earned but not yet billed to clients;
!]5V{3 3[m2F O,Z d. faillure to recored the earned portion of fees received in advance.
^go3F{;4i ;JMmr-@ (2) how will net income be affected by the amortization of a discount on bonds payable?
yu@Pd3 7F_N{avr a. interest expense is increased, so net income is decreased;
Sx (E'?] :6Tv4ZUvcG b. interest expense is decreased, so net income is increased;
=diGuIB #3{{[i(;i c. interest expense is increased, so net income is increased;
W`P>vK@= *=!r|UdB. d. interest expense is decreased, so net income is decreased;
mB6%. " /{
P-WRz> (3) a stock dividend
d{7)_Sbky UI'fzlB a. increase the debt-to-equity ratio of a firm;
/1D.Ud^ Oqt{ uTI~ b. decrease future earnings per share;
~;YkR'q0_ 9Zmq7a
E c. decrease the size of the firm;
s,pg4nst56 Crl:v8 d. increase sharholder‘s wealth;
[Q\(kd*4 RTDplv; ] e. none of the above.
f! )yE`4- Vg :''!4t2 (4) a company had sales in both 1999 and 2000 of $200000. cost of sales for 1999 was $140000. in computing the cost of sales for 1999, an item of inventory purchased in 1999 for $50 was incorrectly written down to current replacement cost of $35. the item is currently selling in 2000 for $100, its normal selling price. as a result of this error:
[wnaF|h sTep2W.9 a. income for 1999 is overstated;
+?[s"( B2KBJ4rI[1 b. cost of sales for 2000 will be overstated;
?GtI.flV Y^U^yh_!^ c. income for 2000 will be overstated;
8<32(D{ i el@"E 4 d. income for 2000 will not be affected.
,H<nNBv3M B@*!>R e. none of the above.
hN\sC9a1 Twr,O;*u= (5)using the data presented below, calculate the cost of sales for the bc company for 1999.
<OJqeUo+*\ #l.s>B4 current ratio 3.5
oIMS >& Fu\#:+5\ quick ratio 3.0
84i0h$ZZo .I $+
E current liabilities 12/31/1999 $600000
hd[t&?{= rOj(THoc{ inventory 12/31/1999 $500000
?'"BX x9 n(3Oa inventory turnover 8.0
Z!jJ93A" {ot6ssT=D the cost of sales for the bc company for 1999 was:
0ia-D`^me Y?zo") a. $1600000;
ac966<# gQ%mVJB{( b. $2400000;
)7Qp9Fxo +qqCk c. $3200000;
Qw|y%Td8r {a9.0N :4 d. $6400000;
Tu,nX'q]m IjQgmS~G e. none of these.
N pQOLX/<? !x||ObW\H (6) w company computed the following items from its financial records for 1999:
#e[r0f?U D~`RLPMk price-earning ratio 12
w{;
~ +&J1D8 pay-out ratio 0.6
e eyZ$n PGVp1TQ assets turnover ratio 0.9
olXfR-2>1 Ox)_7A the dividend yield on w‘s common stock for 1999 is :
ljz=u;O) jIHY[yDT a. 5% b. 7.2% c. 7.5% d. 10.2%
$?VYHkX s$0dLEa9 (7) the data about accounts receivable of newton company for 1999 as follows:
w vI
v+Q9 [D<(xr&N% accounts receivable 12/31/1999 $150000
w
!<-e> HzuG- V allowance for uncollectible accounts 12/31/1999 5000(credit)
Sco'] ^#( EaH/G
g3 bad debt expenses for the year 2000
v:>sS_^ g?Rq .py]! during 1999 recoveries on bad debts previously written off were correctly recorded at $500. if the beginning balance in the allowance for uncollectible accounts was $4700, what was the amount of accounts receivable written off as bad debts during 1999:
jYBiC DD >fkV65w{* a. $1200 b. $1800 c. $2200 d. $2400
R?N+./{ -rHqU| (8) which one of the following items would likely increase earnings per share (eps) of a corporation?
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w)Ou]L= \8vZZ t a. declaration of a stock dividend;
=KD[#au6a AUfcf* b. declaration of a stock split;
B)0;gWK MI.OOoP3a c. purchase treasury stock;
RQ#9[6w!v d>r ]xXB6 d. a reduction in the amount of cash dividends paid;
DiZv sc -$@'@U e. none of above;
qDfhR`1k o>m*e7l, (9) the primary purpose for using an inventory flow assumption is to:
at2)%V) w^7[4u4 a. parallel the physical flow of units merchandise;
nf:wJ-;* [i>D|X b. offset against revenue an appropriate cost of goods sold;
* <?KOM ST4[d'|j c. minimize income taxes;
hQvI} B2WPbox d. maximize the reported amount of net income.
vAOThj) mQ<Vwx0 (10) delta company sold a plant assets that originally had cost of $50000 for $22000 cash. if delta company correctly reports a $5000 gain on this sale. the accumulated depreciation on the asset at the date of sale must have been:
`}a-prT<f %/!f^PIwX a. $28000; b. $23000 c. $33000; d. $27000; e. some other amount
T)eUo bz [?M} 6. bonds payable issue and recording interest expenses.(15%)
Q#&6J =} 3u
s^\w# the abc company sold $600000 of its 9.5%, 12 years bonds on april 1, 2000, at 106. the semi-annual interest payment dates are april 1 and october 1. the effective interest rate is approximately 8.9%. the company‘s fiscal year ends december 31.
R[m+s=+ +vV?[e required:
tdp>vI! ^.*zBrFx prepare journal entries to record:
7x*C`
Et<x GNW.n(a (1) the issue of the bonds on april 1,2000
%xp 69 -afNiNiY (2) the first interest payment on october 1, 2000
};gcM@]]E IL?"g{w (3) the amortization of premium or discount and interest expenses on december 31, 2001.
*hpS/g/3\ uNqN &7g 7. statement of cash flows (14%)
,WAJ&
'^ a,n#E!zT?w the net income of the zy company for 1999 was $260000. additional data available relative to activities for the year are given below:
TpHzf3.I X8~?uroq a. depreciation expenses for the year, $90000;
zOy_qozk v9#F\ F/ b. loss on sale of machinery used in operations was $2400;
Q Vl"l'e8 w
(*}, c. accounts receivable increased by $2000;
`84,R! ITz+O=I4R] d. accounts payable increased by $8400;
sy6[%8D$ %P C[-(
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e. patent amortization for the year was $14800;
X3~@U7DU ^5k~7F. f. amortization of premium on bonds payable for the year was $4600.
xA0=C
\GK]6VW required
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