《财会专业英语》期末试卷及答案

《财会专业英语》期 终 试卷

.Put the following into corresponding groups. (15 points)

1.Cash on hand 2.Notes receivable 3.Advances to suppliers

4. Other receivables 5.Short-term loans 6.Intangible assets

7.Cost of production 8.Current year profit 9. Capital reserve

10.Long-term loans 11.Other payables 12. Con-operating expenses

13.Financial expenses 14.Cost of sale 15. Accrued payroll

. Please find the best answers to the following questions. (25 Points)

1. 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

2. A balance sheet report .

A. the assets, liabilities, and owner’s equity on a particular date

B. the change in the owner’s capital during the period

C. the cash receipt and cash payment during the period

D. the difference between revenues and expenses during the period

3. The following information about the assets and liabilities at the end of 20 x 1 and 20 x 2 is given below:

20 x 1 20 x 2

Assets $ 75,000 $ 90,000

Liabilities 36,000 45,000

how much the owner’sequity at the end of 20 x 2 ?

A.$ 4,500 B.$ 6,000 C.$ 45,000 D.$ 43,000

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. The entry to record the collection of $ 890 from a customer on account is .

A. Dr.Accounts Payable 890

Cr. Cash 890

B. Dr.Cash 890

Cr. Accounts Receivable 890

C. Dr.Cash 890

Cr. Account Payable 890

D. Dr.Cash 890

Cr. Service Revenue 890

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.annot be determined from the information given

7. Use the following selected information for the Alecia Company to calculate the correct credit column total for a trial balance .

Accounts receivable $ 7,200

Accounts payable $ 6,900

Building $ 179,400

Cash $ 15,800

Capital $ 64,000

Insurance expense $ 6,500

Salary expense $ 56,100

Salary payable $ 3,600

Service revenue $ 190,500

A. $ 201,000

B. $ 137,100

C. $ 265,000

D. $ 74,500

8. ABC paid $500 for inventories in cash ,and purchased additional inventories on account for $700 in the month. At the end of the month,ABC paid $300 of the account payable.what is the balance in the inventoryies account?

A $ 500

B. $ 900

C. $ 1,200

D. $ 1,500

9.The debit side of an account is used to record

A.increases

B.decreases

C. increases or decreases,depending on the type of account

D.decline

10.ABC ,began the year with total assets of $120,000,liabilities of $70,000,and owner’s equity of $50,000.during the year ABC earned revenue of $110,000 and paid espenses of $30,000.and also invensted an additional $20,000 in the business .how much is the owner’s equity at the end of the year?

A. $150,000 B.$180,000

C.$190,000 D.$220,000

11．Which of the following is true? __________.

A. Owners’ Equity - Assets = Liabilities

B. Assets – Owners’ Equity = Liabilities

C. Assets + Liabilities = Owners’ Equity

D. Liabilities = Owners’ Equity + Assets

12．Which of these is an example of an liability account? _____ ________.

A. Service Revenue B. Cash

C. Accounts Receivable D. Short-term loans

13．Which of the following is a correct statement of the rules of debit and credit? ______.

A. Debits increase assets and decrease liabilities

B. Debits increase assets and increase owners’ equity

C. Credits decrease assets and decrease liabilities

D. Credits increase assets and increase owners’ equity

14．If earnings haven’t been distributed as dividends, it should have been retained in the company. The name of this portion of number listed in the balance sheet is ____________.

A. paid-in capital B. retained earnings

C. dividend D. cash

15．Please select the components which should be deducted from the original value of plant assets when we compute their net value _______.

A. Merchandise inventory B. Income tax payable

C. Accumulated depreciation D. Retained earnings

16． Which of the following would not be included on a balance sheet?

A. Accounts receivable. B. Accounts payable.

C. Sales. D. Cash.

17. Remington provided the following information about its balance sheet:

Cash $ 100

Accounts receivable 500

Stockholders' equity 700

Accounts payable 200

Short-term loans 1,000

Based on the information provided, how much are Remington's liabilities?

A. $200. B. $900. C. $1,200. D. $1,700.

18. Gerald had beginning total stockholders' equity of $160,000. During the year, total assets increased by $240,000 and total liabilities increased by $120,000. Gerald's net income was $180,000. No additional investments were made; however, dividends did occur during the year. How much were the dividends?

A. $20,000. B. $60,000. C. $140,000. D. $220,000.

19.If the assets of a business are $162,600 and the liabilities are $86,000,how much is the owner’s equity?

A..$76,600 B. $248,600. C. $147,000. D. $250,000.

20.Aftin Co. purchases on account when Aftin pay the account payable

A.assets increase B.assets do not change

C.owner’s equity decreases D.liabilities decrease

21.A income statement reports .

A. the assets, liabilities, and owner’s equity on a particular date

B. the change in the owner’s capital during the period

C. the cash receipt and cash payment during the period

D. the difference between revenues and expenses during the period

22.The following information about the assets and liabilities at the end of 20 x 1 and 20 x 2 is given below: 20 x 1 20 x 2

Assets $ 75,000 $ 90,000

Liabilities 36,000 45,000

If net income in 20 x 2 was $ 1,500 and there were no withdrawals, how much did the owner invest?

A.$ 4,500 B.$ 6,000

C.$ 45,000 D.$ 43,000

23.Traylor Company receive $ 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

24.The entry to record the collection of $ 8000 from a customer on account is .

A. Dr.Accounts Payable 8000

Cr.Cash 8000

B. Dr.Cash 8000

Cr.Accounts Receivable 8000

C. Dr.Cash 8000

Cr.Account Payable 8000

D. Dr.Cash 8000

Cr.Service Revenue 8000

25.A list of a business entitys assests,liabilities,and owner’s equity on a given date is

A.a balance sheet B.an income statement

C.a statement of cash flow C. A retained earnings statement

. Translate the following sentences into Chinese.(10 points)

1. The accounting profession today is changing rapidly.

2. Assets are what you own.Liabilities are what you owe.Owner’s Equty is what’s left over .

3. The original voucher is obtained or filled in what business transactions took place.

4. Normally an asset account will have a debit balance.

5. The term “debit” is often abbreviated to “Dr.”

. Prepare a convenient bank reconciliation form according to the following bank statement and depositor’s book.(10 points)

Bank Statement

Depositor’s Record

Bank Reconciliation

Date Month

. Put the correct answer into the blanks.(6points)

1.The basic Accouting equation is: .

2.The rule of debits and credits is: ,

.

3. Using straight-line depreciation,

Annual Dpreciation=( - )/

. Translate The Following Terms Into Chinese . (10 points).

1. surplus reserve 2.manufacturing machine

3. Construction in progress 4.net worth

5. promissory note 6. in other words

7.profit distribution 8. storage room

9.principal plus interest 10. accounting statement

. The following is transactions of ABC company.please make entries.(24 poins)

1. .ABC company was established on Jan.1,2010,when the owners,Mrs Smiths and his friends,invested $30,000 in cash,patent X,valuing $24,000 and equipment A,valuing $40,000 into the company.

2. ABC sells merchandise to another customer and send the customer a $2,500 bill for the products they provide. They allows the customer to pay these goods within 30 days.

3. A customer buys $3,000 worth of goods from ABC ,and draws a promissory note from a lacal bank.

4. ABC buys a machine for $20,000,and pays the bill in cash.

5. ABC paid the telephone bill for $700 in cash.

6. ABC paid $3,800 on the accounts payable.

7. ABC determine the month depreciation of the manufactory bulding for $5,000.

8. ABC purchasese materials of $5,000 on account.

9. ABC sells some goods to a client and receives a check from the customer for $ 2,000 for the goods provided.

10.ABC issues a 9%-5， $100,000 bond at its face amount. The bond is dated January 1, 2010 and requires interest payments until the bond principal at the end of 5 years.

(1) Entry to bonds issued;

(2) Entry to record the accrual interest for each year;

(3) 2014 the company repays the principal plus interest.

《财会专业英语》期 末 试卷 答卷

.Put the following into corresponding groups. (15 points)

. Please find the best answers to the following questions. (25 Points)

. Translate the following sentences into Chinese.(10 points)

1.

2.

3.

4.

5.

. （10points） Bank Reconciliation

Date Month

. Put the correct answer into the blanks.(6points)

1.The basic Accouting equation is: .

2.The rule of debits and credits is: ,

.

3. Using straight-line depreciation,

Annual Dpreciation=( - )/

. Translate The Following Terms Into Chinese . (10 points).

1. 2.

3. 4.

5. 6.

7. 8.

9. 10.

. The following is transactions of ABC company.please make entries.(24 poins)

《财会专业英语》答案

.Put the following into corresponding groups. (15 points)

. Please find the best answers to the following questions. (25 Points)

. Translate the following sentences into Chinese.(10 points)

（略）

. （10points） Bank Reconciliation

Date 31 Month May

. Put the correct answer into the blanks.(6points)

1.Assets=Liabilities+Owner’s equity .

2. Every debit must have a credit,all debits must equal all credits. ,

3. Using straight-line depreciation,

Annual Dpreciation=( Original Cost- Salvage Value) /Years of Service Life

. Translate The Following Terms Into Chinese . (10 points).

（略）

. The following is transactions of ABC company.please make entries.(24 poins)

（略）

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