会计英语课后习题参考答案(终审稿)
会计英语课后习题参考
答案
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S u g g e s t e d S o l u t i o n
Chapter 1
1.
2.
3.
Describe each transaction based on the summary above.
4.
5.
(a)
(b) net income = 9,260-7,470=1,790
(c) net income = 1,790+2,500=4,290
Chapter 2
1.
a.To increase Notes Payable -CR
b.To decrease Accounts Receivable-CR
c.To increase Owner, Capital -CR
d.To decrease Unearned Fees -DR
e.To decrease Prepaid Insurance -CR
f.To decrease Cash - CR
g.To increase Utilities Expense -DR
h.To increase Fees Earned -CR
i.To increase Store Equipment -DR
j.To increase Owner, Withdrawal -DR
2.
Cash1,800
Accounts payable ................... 1,800 Revenue ............................. 4,500
Accounts receivable ........... 4,500 Owner’s withdrawals ................ 1,500
Salaries Expense ............... 1,500 Accounts Receivable .. (750)
Revenue (750)
3.
Prepare adjusting journal entries at December 31, the end of the year.
Advertising expense600
Prepaid advertising 600
Insurance expense (2160/12*2)360
Prepaid insurance360
Unearned revenue2,100
Service revenue2,100
Consultant expense900
Prepaid consultant900
Unearned revenue3,000
Service revenue3,000
4.
1. $388,400
2. $22,520
3. $366,600
4. $21,800
5.
1. net loss for the year ended June 30, 2002: $60,000
2. DR Jon Nissen, Capital 60,000
CR income summary 60,000
3. post-closing balance in Jon Nissen, Capital at June 30, 2002: $54,000
Chapter 3
1. Dundee Realty bank reconciliation
October 31, 2009
Reconciled balance $6,220 Reconciled balance $6,220
2. April 7 Dr: Notes receivable—A company 5400
Cr: Accounts receivable—A company 5400
12 Dr: Cash 5394.5
Interest expense 5.5
Cr: Notes receivable 5400 June 6 Dr: Accounts receivable—A company 5533
Cr: Cash
5533
18 Dr: Cash 5560.7
Cr: Accounts receivable—A company
5533
Interest revenue
27.7
3. (a) As a whole: the ending inventory=685
(b) applied separately to each product: the ending inventory=625
4. The cost of goods available for sale=ending inventory + the cost of goods=80,000+200,000*500%=80,000+1,000,000=1,080,000
5.(1) 24,000+60,000-90,000*0.8=12000
(2) (60,000+24,000)/( 85,000+31,000)*( 85,000+31,000-90,000)=18828
Chapter 4
1. (a) second-year depreciation = (114,000 – 5,700) / 5 = 21,660;
(b) second-year depreciation = 8,600 * (114,000 – 5,700) / 36,100 = 25,800;
(c) first-year depreciation = 114,000 * 40% = 45,600
second-year depreciation = (114,000 – 45,600) * 40% = 27,360;
(d) second-year depreciation = (114,000 – 5,700) * 4/15 = 28,880.
2. (a) weighted-average accumulated expenditures (2008) = 75,000 * 12/12 + 84,000 * 9/12 + 180,000 * 8/12 + 300,000 * 7/12 + 100,000 * 6/12 = 483,000
(b) interest capitalized during 2008 = 60,000 * 12% + ( 483,000 –60,000) * 10% =49,500
3. (1) depreciation expense = 30,000
(2) book value = 600,000 – 30,000 * 2=540,000
(3) depreciation expense = ( 600,000 – 30,000 * 8)/16 =22,500
(4) book value = 600,000 – 30,000 * 8 – 22,500 = 337,500
4. Situation 1:
Jan 1st, 2008 Investment in M 260,000
Cash 260,000
June 30 Cash 6000
Dividend revenue 6000
Situation 2:
January 1, 2008 Investment in S 81,000
Cash 81,000
June 15 Cash 10,800
Investment in S 10,800 December 31 Investment in S 25,500
Investment Revenue 25,500
5. a. December 31, 2008 Investment in K 1,200,000
Cash 1,200,000
June 30, 2009 Dividend Receivable 42,500
Dividend Revenue 42,500
December 31, 2009 Cash 42,500
Dividend Receivable 42,500 b. December 31, 2008 Investment in K 1,200,000
Cash 1,200,000
December 31, 2009 Cash 42,500
Investment in K 42,500 Investment in K 146,000 Investment revenue 146,000 c. In a, the investment amount is 1,200,000
net income reposed is 42,500
In b, the investment amount is 1,303,500
Net income reposed is 146,000
Chapter 5
1.
a. June 1: Dr: Inventory 198,000
Cr: Accounts Payable 198,000 June 11: Dr: Accounts Payable 198,000
Cr: Notes Payable 198,000 June 12: Dr: Cash 300,000
Cr: Notes Payable 300,000 b. Dr: Interest Expenses (for notes on June 11) 12,100 Cr: Interest Payable 12,100 Dr: Interest Expenses (for notes on June 12) 8,175 Cr: Interest Payable 8,175 c. Balance sheet presentation:
Notes Payable 498,000
Accrued Interest on Notes Payable 20,275
d. For Green:
Dr: Notes Payable 198,000 Interest Payable 12,100
Interest Expense 7,700
Cr: Cash 217,800 For Western:
Dr: Notes Payable 300,000 Interest Payable 8,175
Interest Expense 18,825
Cr: Cash 327,000 2.
(1) 208 Deferred income tax is a liability 2,400
Income tax payable 21,600 209 Deferred income tax is an asset 600 Income tax payable 26,100 (2) 208: Dr: Tax expense 24,000 Cr: Income tax payable 21,600
Deferred income tax 2,400
209: Dr: Tax expense 25,500 Deferred income tax 600 Cr: Income tax payable 26,100
(3) 208: Income statement: tax expense 24,000 Balance sheet: income tax payable 21,600 209: Income statement: tax expense 25,500
Balance sheet: income tax payable 26,100
3.
a. 1,560,00012 %* (1-35%))
12 %
4.
5.
Notes Payable 14,400
Interest Payable 1,296
Accounts Payable 60,000
+Unearned Rent Revenue 7,200
Current Liabilities 82,896
Chapter 6
1. Mar. 1
Cash 1,200,000
Common Stock 1,000,000
Paid-in Capital in Excess of Par Value 200,000
Mar. 15
Organization Expense 50,000
Common Stock 50,000 Mar. 23
Patent 120,000
Common Stock 100,000
Paid-in Capital in Excess of Par Value 20,000
The value of the patent is not easily determinable, so use the issue price of $12 per share on March 1 which is the issuing
price of common stock.
2. July.1
Treasury Stock 180,000
Cash 180,000 The cost of treasury purchased is 180,000/30,000=60 per share.
Nov. 1
Cash 70,000
Treasury Stock 60,000 Paid-in Capital from Treasury Stock
10,000
Sell the treasury at the cost of $60 per share, and selling price is $70 per share. The treasury stock is sold above the cost.
Dec. 20
Cash 75,000
Paid-in Capital from Treasury Stock 15,000
Treasury Stock 90,000 The cost of treasury is $60 per share while the selling price is $50 which is lower than the cost.
3. a. July 1
Retained Earnings 24,000
Dividends Payable—Preferred Stock 24,000
b.Sept.1
Dividends Payable—Preferred Stock 24,000
Cash 24,000
c. Dec.1
Retained Earnings 80,000
Dividends Payable—Common Stock 80,000
d. Dec.31
Income Summary 350,000
Retained Earnings 350,000
4.
a. Preferred stock gives its owner certain advantages over common stockholders. These benefits include the right to receive dividends before the common stockholders and the right to receive assets
before the common stockholders if the corporation liquidates. Corporation pay a fixed amount of dividends on preferred stock. The 7% cumulative term indicates that the investors earn 7% fixed dividends.
b. 7%*120%*20,000=504,000
c. If corporation issued debt, it has obligation to repay principal
d. The date of declaration decrease the stockholders’ equity; the date of record and the date of payment have no effect on stockholders.
5.
a. Jan. 15
Retained Earnings 35,000
Accumulated Depreciation 35,000 To correct error in prior year’s depreciation.
b. Mar. 20
Loss from Earthquake 70,000
Building 70,000 c. Mar. 31
Retained Earnings 12,500
Dividends Payable 12,500 d. Apirl.15
Dividends Payable 12,500
Cash 12,500
e. June 30
Retained Earnings 37,500
Common Stock 25,000
Additional Paid-in Capital
12,500
To record issuance of 10% stock dividend: 10%*25,000=2,500 shares;
2500*$15=$37,500
f. Dec. 31
Depreciation Expense 14,000 Accumulated Depreciation 14,000
Original depreciation: $40,000/40=$10,000 per year. Book value on Jan.1, 2009 is $350,000(=$400,000-5*$10,000). Deprecation for 2009
is $14,000(=$350,000/25).
g. The company does not need to make entry in the accounting records. But the amount of Common Stock ($10 par value) decreases 275,000, while the amount of Common Stock ($5 par value) increases 275,000.
Chapter 7
1.
Requirement 1
If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years:
Year 1
Inventory .................................... 480,000 Cash/Accounts payable ..................... 480,000
To record purchase of inventory
Inventory .................................... 124,000 Cash/Accounts payable ..................... 124,000
To record refurbishment of inventory
Accounts receivable .......................... 310,000 Sales revenue ............................. 310,000
To record sale of goods on account
Cost of goods sold ........................... 220,000 Inventory ................................. 220,000
To record the cost of the goods sold as an expense
Sales returns (I/S) .......................... 15,500* Allowance for sales returns (B/S) ......... 15,500
To record provision for return of goods sold under 30-day return period
* 5% of $310,000
Warranty expense ............................. 31,000* Provision for warranties (B/S) ............ 31,000 To record provision, at time of sale, for warranty expenditures
* 10% of $310,000
Allowance for sales returns .................. 12,400 Accounts receivable ....................... 12,400 To record return of goods within 30-day return period.
It is assumed the returned goods have no value and are disposed of. Provision for warranties (B/S) ............... 18,600 Cash/Accounts payable ..................... 18,600 To record expenditures in year 1 for warranty work
Cash ......................................... 297,600* Accounts receivable ....................... 297,600 To record collection of Accounts Receivable
* $310,000 – $12,400
Year 2
Provision for warranties (B/S) ............... 8,400 Cash/Accounts payable ..................... 8,400 To record expenditures in year 2 for warranty work
Requirement 2
If revenue is recognized only when the warranty period has expired, the following journal entries would be used to record the transactions for the two years:
Year 1
Inventory .................................... 480,000 Cash/Accounts payable ..................... 480,000
To record purchase of inventory
Inventory .................................... 124,000 Cash/Accounts payable ..................... 124,000
To record refurbishment of inventory
Accounts receivable .......................... 310,000 Inventory ................................. 220,000 Deferred gross margin ..................... 90,000
To record sale of goods on account
Deferred gross margin ........................ 12,400 Accounts receivable ....................... 12,400
To record return of goods within the 30-day return period. It is assumed the goods have no value and are disposed of.
Deferred warranty costs (B/S) ................ 18,600 Cash/Accounts payable ..................... 18,600
To record expenditures for warranty work in year 1. The warranty costs incurred are deferred because the related revenue has not yet been recognized
Cash ......................................... 297,600* Accounts receivable ....................... 297,600
To record collection of Accounts receivable
* $310,000 – $12,400
Year 2
Deferred warranty costs ...................... 8,400 Cash/Accounts payable ..................... 8,400
To record warranty costs incurred in year 2 related to year 1 sales. The warranty costs incurred are deferred because the related revenue has not yet been recognized.
Deferred gross margin ........................ **77,600
Cost of goods sold ........................... 220,000 Sales revenue ............................. 297,600*
To record recognition of sales revenue from year 1 sales and related cost of goods sold at expiry of warranty period
* $310,000 – $12,400
** ($90,000 – $12,400)
Warranty expense ............................. 27,000* Deferred warranty costs ................... 27,000
To record recognition of warranty expense at same time as related sales revenue recognition
* $18,600 + $8,400
Requirement 3
Allied Auto Parts Inc. might choose to recognize revenue only after the warranty period has expired if they are not able to make a good estimate, at the time of sale, of the amount of warranty work that will be required under the terms of the one-year warranty. If Allied is not able, at the time of sale, to make a good estimate of the warranty work that will be required, then the measurability
criterion of revenue recognition is not met at the time of sale. The measurability criterion means that the amount of revenue can be reliably measured. If the seller is not able to estimate the amount of work that will have to be done under the warranty agreement, then it is not able to reasonably measure the profit that it will eventually earn on the sales. The performance criteria might also be invoked here. The performance criterion means that the seller has transferred the significant risks and rewards of ownership to the buyer. As long as there is warranty work to be performed after the sale that is the responsibility of the seller, you might argue that
会计专业英语重点1
Unit 1 Financial information about a business is needed by many outsiders .These outsiders include owners, bankers, other creditors, potential investors, labor unions, government agencies ,and the public ,because all these groups have supplied money to the business or have some other interest in the business that will be served by information about its financial position and operating results. 许多企业外部的人士需要有关企业的财务信息，这些外部人员包括所有者、银行家、其他债权人、潜在投资者、工会、政府机构和公众，因为这些群体对企业投入了资金，或享有某些利益，所以必须得到企业财务状况和经营成果信息。 Unit 2 Each proprietorship, partnership, and corporation is a separate entity. 每一独资企业、合伙企业和股份公司都是一个单独的主体。 In accrual accounting, the impact of events on assets and equities is recognized on the accounting records in the time periods when services are rendered or utilized instead of when cash is received or disbursed. That is revenue is recognized as it is earned, and expenses are recognized as they are incurred –not when cash changes hands .if the cash basis accounting were used instead of the accrual basis, revenue and expense recognition would depend solely on the timing of various cash receipts and disbursements. 在权责发生制下，视服务的提供而非现金的收付在本期对资产和权益的影响作出会计记录。即，收入是在赚取时确认，费用是在发生时确认——而不是在现金转手时。如果现金收付制替代权责发生制，那么收入和费用仅仅依靠各种现金收付活动的时间确定来确认。 Unit 3 During each accounting year ,a sequence of accounting procedures called the accounting cycle is completed. 在每一会计年度内，要依次完成被称为会计循环的会计程序。 Transactions are analyzed on the basis of the business documents known as source documents and are recorded in either the general journal or the special journal, i. e . the sales journal ,the purchases journal (invoice register ) ,cash receipts journal and cash disbursements journal . 根据业务凭证即原始凭证分析各项交易，并记入普通日记账或特种日记账，也就是销货日记账，购货日记账（发票登记簿），现金收入日记账和现金支出日记账。 A trial balance is prepared from the account balance in the ledger to prove the equality of debits and credits. 根据分类账户的余额编制试算平衡表，借以验证借项和贷项是否相等。 A T-account has a left-hand side and a right-hand side, called respectively the debit side and credit side. 一个T 型账户有左方和右方，分别称做借方和贷方。 After transactions are entered ,account balance (the difference between the sum of its debits and the sum of its credits ) can be computed.
会计专业英语期末试题 )
期期末测试题 Ⅰ、Translate The Following Terms Into Chinese 、 1、entity concept 主题概念 2、depreciation折旧 3、double entry system 4、inventories 5、stable monetary unit 6、opening balance 7、current asset 8、financial report 9、prepaid expense 10、internal control 11、cash flow statement 12、cash basis 13、tangible fixed asset 14、managerial accounting 15、current liability 16、internal control 17、sales return and allowance 18、financial position 19、balance sheet 20、direct write-off method Ⅱ、Translate The Following Sentences Into Chinese 、 1、Accounting is often described as an information system、It is the system that measures business activities, processes into reports and communicates these findings to decision makers、 2、The primary users of financial information are investors and creditors、Secondary users include the public, government regulatory agencies, employees, customers, suppliers, industry groups, labor unions, other companies, and academic researchers、 3、There are two sources of assets、One is liabilities and the other is owner’s equity、Liabilities are obligations of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets or services in the future、 资产有两个来源，一个就是负债，另一个就是所有者权益。负债就是由过去得交易或事件产生得实体得义务，其结算可能导致未来资产或服务得转让或使用。 4、Accounting elements are basic classification of accounting practices、They are essential units to present the financial position and operating result of an entity、In China, we have six groups of accounting elements、They are assets, liabilities, owner’s equity, revenue, expense and profit (income)、会计要素就是会计实践得基础分类。它们就是保护财务状况与实体经营
会计学专业会计英语试题
一、w o r d s a n d p h r a s e s 1.残值 scrip value 2.分期付款 installment 3.concern 企业 4.reversing entry 转回分录 5.找零 change 6.报销 turn over 7.past due 过期 8.inflation 通货膨胀 9.on account 赊账 10.miscellaneous expense 其他费用 11.charge 收费 12.汇票 draft 13.权益 equity 14.accrual basis 应计制15.retained earnings 留存收益 16.trad-in 易新，以旧换新 17.in transit 在途 18.collection 托收款项 19.资产 asset 20.proceeds 现值 21.报销 turn over 22.dishonor 拒付 23.utility expenses 水电费 24.outlay 花费 25.IOU 欠条 26.Going-concern concept 持续经营 27.运费 freight 二、M ultiple-choice question 1.Which of the following does not describe accounting? ( C ) A. Language of business B. Useful ofr decision making C. Is an end rathe than a means to an end. https://www.360docs.net/doc/4a1041579.html,ed by business, government, nonprofit organizations, and individuals. 2.An objective of financial reporting is to ( B ) A. Assess the adequacy of internal control. B.Provide information useful for investor decisions. C.Evaluate management results compared with standards. D.Provide information on compliance with established procedures. 3.Which of the following statements is(are) correct?( B ) A.Accumulated depreciation represents a cash fund being accumulated for the replacement of plant assets. B.A company may use different depreciation methods in its financial statements and its income tax return. C.The cost of a machine includes the cost of repairing damage to the machine during the installation process. D.The use of an accelerated depreciation method causes an asset to wear out more quickly than does use of the unit-of-product method. 4. Which of the following is(are) correct about a company’s balance sheet? ( B ) A.It displays sources and uses of cash for the period. B.It is an expansion of the basic accounting equation C.It is not sometimes referred to as a statement of financial position. D.It is unnecessary if both an income statement and statement of cash flows are availabe. 5.Objectives of financial reporting to external investors and creditors include preparing information about all of the following except. ( A ) https://www.360docs.net/doc/4a1041579.html,rmation used to determine which products to poduce https://www.360docs.net/doc/4a1041579.html,rmation about economic resources, claims to those resources, and changes in both resources and claims. https://www.360docs.net/doc/4a1041579.html,rmation that is useful in assessing the amount, timing, and uncertainty of future cash flows. https://www.360docs.net/doc/4a1041579.html,rmation that is useful in making ivestment and credit decisions. 6.Each of the following measures strengthens internal control over cash receipts except. ( C )
会计专业英语翻译
. 1. Accounting first is an economic calculation. Economic calculation includes both static phenomenon on the economy's stock of the situation, including the situation of the period of dynamic flow, including both pre-calculated plan, but also after the actual calculation. Accounting is a typical example of economic calculation, calculation of economic calculation in addition to accounting, which includes statistical computing and business computing. 2. Accounting is an economic information systems. It would be a company dispersed into the business activities of a group of objective data, providing the company's performance, problems, and enterprise funds, labor, ownership, income, costs, profits， debt, and other information. Clearly, the accounting is to provide financial information-based economy information systems, business is the licensing of a points, thus accounting has been called "corporate language." 3. Accounting is an economic management.The accounting is social production develops to a certain stage of the product development and production is to meet the needs of the management, especially with the development of the commodity economy and the emergence of competition in the market through demand management on the economy activities strict control and supervision. At the same time, the content and form of accounting constantly improve and change, from a purely accounting, scores, mainly for accounting operations, external submit accounting statements, as in prior operating forecasts, decision-making, on the matter of economic activities control and supervision, in hindsight, check. Clearly, accounting whether past, present or future, it is people's economic management activities.
(完整版)会计专业英语重点词汇大全
?accounting 会计、会计学 ?account 账户 ?account for / as 核算 ?certified public accountant / CPA 注册会计师?chief financial officer 财务总监?budgeting 预算 ?auditing 审计 ?agency 机构 ?fair value 公允价值 ?historical cost 历史成本?replacement cost 重置成本?reimbursement 偿还、补偿?executive 行政部门、行政人员?measure 计量 ?tax returns 纳税申报表 ?tax exempt 免税 ?director 懂事长 ?board of director 董事会 ?ethics of accounting 会计职业道德?integrity 诚信 ?competence 能力 ?business transaction 经济交易?account payee 转账支票?accounting data 会计数据、信息?accounting equation 会计等式?account title 会计科目 ?assets 资产 ?liabilities 负债 ?owners’ equity 所有者权益 ?revenue 收入 ?income 收益
?gains 利得 ?abnormal loss 非常损失 ?bookkeeping 账簿、簿记 ?double-entry system 复式记账法 ?tax bearer 纳税人 ?custom duties 关税 ?consumption tax 消费税 ?service fees earned 服务性收入 ?value added tax / VAT 增值税?enterprise income tax 企业所得税?individual income tax 个人所得税?withdrawal / withdrew 提款、撤资?balance 余额 ?mortgage 抵押 ?incur 产生、招致 ?apportion 分配、分摊 ?accounting cycle会计循环、会计周期?entry分录、记录 ?trial balance试算平衡?worksheet 工作草表、工作底稿?post reference / post .ref过账依据、过账参考?debit 借、借方 ?credit 贷、贷方、信用 ?summary/ explanation 摘要?insurance 保险 ?premium policy 保险单 ?current assets 流动资产 ?long-term assets 长期资产 ?property 财产、物资 ?cash / currency 货币资金、现金
会计专业英语期末考试练习卷(new)
会计专业英语期末考试练习卷(new)
1. The economic resources of a business are called : B A. Owner ’s Equity B. Assets C. Accounting equation D. Liabilities 2. DTK Company has a $3500 accounts receivable from GRS Company. On January 20, GRS Company makes a partial payment of $210 0 to DTK Company. The journal entry made on January 20 by DTK Company to record this transaction includes: D A. A debit to the cash receivable account of $2100. B. A credit to the accounts receivable account of $2100. C. A debit to the cash account of $1400. D. A debit to the accounts receivable account of $1400. 3. In general terms, financial assets appear in the balance sheet at: A A. Face value. 账面价值 B. Current value. 现值 C. Market value. 市场价值 D. Estimated future sales value. 4. Each of the following measures strengthens intern al control over cash receipts except : D A. The use of a voucher system. B. Preparation of a daily listing of all checks received through the mail. C. The deposit of cash receipts intact in the bank on a daily basis. D. The use of cash registers. 5. Which of the following items is the greatest in dollar amount? D A. Beginning inventory B. Cost of goods sold. C. Cost of goods available for sale D. Ending inventory 6. Why do companies prefer the LIFO inventory 后进先出法method during a period of rising prices? B A. Higher reported income B. Lower income taxes C. Lower reported income D. Higher ending inventory 7. Which of the following characteristics would prevent an item from being included in the classification of plant and equipment? D A. Intangible
会计专业英语答案.doc
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