Chapter 7 Posting and Trial Balance
会计英语第四版参考答案
会计英语第四版参考答案Chapter 1: Introduction to Accounting1. What is accounting?- Accounting is the systematic recording, summarizing, and reporting of financial transactions and events of a business entity.2. What are the main functions of accounting?- The main functions of accounting are to providefinancial information for decision-making, ensure compliance with laws and regulations, and facilitate the management of a business.3. What are the two main branches of accounting?- The two main branches of accounting are financial accounting and management accounting.4. What is the purpose of financial accounting?- The purpose of financial accounting is to provide an accurate and fair representation of an entity's financial position and performance to external users.5. What is the double-entry bookkeeping system?- The double-entry bookkeeping system is a method of recording financial transactions in which every transactionis recorded twice, once as a debit and once as a credit, to maintain the equality of the accounting equation.Chapter 2: Accounting Concepts and Principles1. What are the fundamental accounting concepts?- The fundamental accounting concepts include the accrual basis of accounting, going concern, consistency, and materiality.2. What is the accrual basis of accounting?- The accrual basis of accounting records transactions when they occur, regardless of when cash is received or paid.3. What is the going concern assumption?- The going concern assumption is the premise that a business will continue to operate for the foreseeable future.4. What is the principle of consistency?- The principle of consistency requires that an entity should apply accounting policies consistently over time.5. What is the principle of materiality?- The principle of materiality states that only items that could potentially affect the decisions of users of financial statements are included in the financial statements.Chapter 3: The Accounting Equation and Financial Statements1. What is the accounting equation?- The accounting equation is Assets = Liabilities +Owner's Equity.2. What are the four main financial statements?- The four main financial statements are the balance sheet, income statement, statement of changes in equity, and cashflow statement.3. What is the purpose of the balance sheet?- The balance sheet provides a snapshot of an entity's financial position at a specific point in time.4. What is the purpose of the income statement?- The income statement reports the revenues, expenses, and net income of an entity over a period of time.5. What is the purpose of the cash flow statement?- The cash flow statement reports the cash inflows and outflows of an entity over a period of time.Chapter 4: Recording Transactions1. What is a journal entry?- A journal entry is the initial recording of atransaction in the general journal.2. What are the steps in the accounting cycle?- The steps in the accounting cycle are analyzing transactions, journalizing, posting, preparing a trial balance, adjusting entries, preparing financial statements, and closing entries.3. What is the difference between a debit and a credit?- A debit is an increase in assets or a decrease inliabilities or equity, while a credit is an increase in liabilities or equity or a decrease in assets.4. What are adjusting entries?- Adjusting entries are made at the end of an accounting period to ensure that revenues and expenses are recorded in the correct period.5. What is the purpose of closing entries?- Closing entries are made to transfer the balances of temporary accounts to the owner's equity account and to prepare the accounts for the next accounting period.Chapter 5: Accounting for Merchandising Businesses1. What is a merchandise inventory?- A merchandise inventory is the stock of goods held by a business for sale to customers.2. What is the cost of goods sold?- The cost of goods sold is the direct cost of producing the merchandise sold during an accounting period.3. What is the gross profit?- The gross profit is the difference between the sales revenue and the cost of goods sold.4. What is the difference between a perpetual and a periodic inventory system?- A perpetual inventory system updates inventory records in real-time with each sale or purchase, while a periodicinventory system updates inventory records at specific intervals, such as at the end of an accounting period.5. What is the retail method of inventory pricing?- The retail method of inventory pricing is a method of estimating the cost of ending inventory by applying a cost-to-retail ratio to the retail value of the inventory.Chapter 6: Accounting for Service Businesses1. What are the main differences in accounting for service businesses compared to merchandise businesses?- Service businesses do not have inventory and their primary expenses are typically labor and overhead costs.2. What is the main source of revenue for service businesses? - The main source of revenue for service businesses is the fees charged for the services provided.3. What are the typical expenses。
国际经济学英文第七版克鲁格曼英文经济名词翻译
国际经济学英文第七版克鲁格曼英文经济名词翻译Key Terms of International EconomicsChapter3 Labor Productivity and Comparative Advantage Comparative advantage 比较优势Absolute advantage 绝对优势Opportunity cost 机会成本Production possibility frontier 生产可能性边界Unit labor requirement 单位产品劳动投入Relative price 相对价格Relative demand curve相对需求曲线Relative supply curve 相对供给曲线Relative wage 相对工资Relative quantity 相对产量Ricardian model 李嘉图模型Pauper labor argument 贫民劳动论Nontraded goods 非贸易商品Chapter 4 Resources and Trade: the Heckscher-Ohlin Model Abundant factor 丰裕要素Biased expansion of production 偏向性生产扩张Equalization of factor prices 要素价格均等化Factor abundance 要素丰裕度Factor intensity 要素密集度Scarce factor 稀缺要素Leontief paradox 里昂惕夫悖论land-intensive 土地密集型Labor-intensive劳动密集型the ratio of 2 factor prices 要素价格比Wage-rental ratio 工资-租金比Land-labor ratio ，the ratio of land to labor 土地劳动比Chapter 5 The standard Trade ModelBiased growth 偏向性增长Export-biased growth 出口偏向性增长Immiserizing growth 贫困化增长Import-biased growth 进口偏向性增长Isovalue line等价值线Marginal propensity to spend边际消费倾向Terms of trade贸易条件Transfers of income转移支付Chapter 6 Economies of Scale, Imperfect Competition, and international TradeDumping 倾销External economies of scale外部规模经济Imperfect competition 不完全竞争Interindustry trade 产业间贸易Intraindustry trade 产业内贸易Internal economies of scale内在规模经济Monopolistic competion垄断竞争Reciprocal dumping 相互倾销Increasing return 报酬递增Chapter 7 The Instruments of Trade policyad valorem tariff从价税Specific tariff从量税Consumer surplus消费者剩余Producer surplus生产者剩余Production distortion loss生产扭曲损失Consumption distortion loss消费扭曲损失Effective rate of protection有效保护率Efficiency loss效率损失Export restraint出口限制Export subsidy出口补贴Import quota进口配额Voluntary export restraint自愿出口限制Local content requirement国产化程度要求nontariff barriers非关税避垒Quota rent配额租金Chapter 8 National Income Accounting and the Balance of Payments The Balance of Payment AccountsCurrent accountFinancial accountCapital accountChapter 9 Exchange Rates and the Foreign Exchange Market:An Asset ApproachAppreciation升值Arbitrage套汇、套利Depreciation贬值Exchange rate汇率Forward exchange rate远期汇率Interest parity condition利率平价条件Rate of appreciation升值率Rate of depreciation贬值率Real rate of return实际收益率Spot exchange rate即期汇率Vehicle currency载体货币Foreign exchange外汇Chapter 10 Money, Interest Rates, and Exchange ratesMoney Supply 货币供给Money Demand 货币需求Short-Run Price Rigidity 短期价格粘性Long-run Price Flexibility 长期灵活价格permanent increase in the U.S. money supply 货币供给永久性增长overshooting 超调Chapter 11 Price Levels and the Exchange Rate in the Long Run Law of one price 一价定律Nominal exchange rate 名义汇率Nominal interest rate 名义利率Purchasing power parity 购买力平价Real appreciation实际升值Real depreciation 实际贬值Real exchange rate 实际汇率Relative PPP相对购买力平价Market rigidity市场刚性Price rigidity价格刚性Price stickiness价格粘性Chapter 12 Output and the Exchange Rate in the Short Run Aggregate demand 总需求Fiscal policy 财政政策J-curve J曲线Real exchange rate 实际汇率Real appreciation 实际升值Real depreciation 实际贬值Chapter 13 Fixed, Floating Exchange Rate and Policies Effects Sterilization冲销Sterilized foreign exchange intervention冲销性外汇干预Devaluation法定贬值Revaluation法定升值Clean float 清洁浮动Dirty float 肮脏浮动Capital flight 资本抽逃Chapter 14 The Theory of Optimum Currency Areas optimumcurrency areas 最优货币区Monetary efficiency gain 货币效率收益Economic integration 经济一体化Floating exchange rate 浮动汇率Fixed exchange rate 固定汇率。
南宁职业技术学院
南宁职业技术学院商学院教学大纲课程名称：外销实务(双语) 课程性质：必修课周课时：8总课时：144教研室：国际贸易外销实务教学大纲目录第一部分概述一课程建设总纲二课程定位三教学方法四主要参考文献五课时分配第二部分教学内容与方法Chapter One A Brief Introduction to International TradeChapter Two General Procedures of Export and Import Transaction Chapter Three Contracts for the Sale and Purchase of International Commodity Chapter Four Trade TermsChapter Five Quality of CommodityChapter Six Quantity of GoodsChapter Seven Packing and Marking of GoodsChapter Eight Price of GoodsChapter Nine Delivery of GoodsChapter Ten Cargo Transportation insuranceChapter Eleven Payment of GoodsChapter Twelve Disputes, Claim and Arbitration第一部分概述一、课程建设总纲1、培养目标：培养外贸岗位的综合技能与素质。
2、教学理念：以培养创新精神为灵魂。
3、教学内容：以培养外贸岗位的综合操作技能为主线，建立教学内容体系。
4、教学方法：以调动学生积极性为核心，以模拟实践教学为主线，辅助双语资源，建立多渠道、获取式大教学系统的教学方法体系。
5、教学条件：以多媒体教学为主线，建立多媒体课件、立体化教材、网上资源、第二课堂、企业基地融为一体的教学手段条件体系。
会计英语单词
accounting A set of concepts and techniques that are used to measure and report financial information about an economic unit. accounting equation A financial relationship at the heart of the accounting model: A ssets = Liabilities + Owners' EquityassetsauditingThe examination of transactions and systems that underlie an organization's financial statements with the goal or reporting thereonbalance sheetA financial statement that presents a firm's assets, liabilities, and owners' equity at a particular point in timecertified public accountant (CPA ) A n individual who is licensed by a state to practice public accountingcorporationA form of business organization where ownership is represented by divisible units called shares of stockdividends A mounts paid from profits of a corporation to shareholders as a return on their investment in the stock of the entity expenses The costs incurred in producing revenuesfinancial accountingA n area of accounting that deals with external reporting to parties outside the firm; usually based on standardized rules an proceduresFinancialA ccountingStandards Board A n organization charged with producing standards for financialreporting in the USA (FA SB)financial statements Core financial reports that are prepared to represent the financial position and results of operations of a companyhistorical cost principleThe concept that many transactions and events are to be measured and reported at acquisition costincome statementA financial statement that summarizes the revenues, expenses, and results of operations for a specified period of timeinternal auditor A person within an organization who reviews and monitors the controls, procedures, and information of the organization liabilities A mounts owed by an entity to othersmanagerial accounting A n area of accounting concerned with reporting results to managers and others who are internal to an organization net incomeThe excess of revenues over expenses for a designated period of timenet loss The excess of expenses over revenues for a designated period of timeownerinvestments Resources provided to an organization by a person in exchange for a position of ownership in the organizationowners' equityThe residual of assets minus liabilities, representing the collective interest or position of the entity's ownerspartnershipA non-corporation representing an association of two or more persons organized to carry out a business plan for a profit motivepublic accountingA ccounting activities provided by a person to the general public, typically relating to audit, tax and similar servicesretained earnings The excess of a corporation's income over its dividends revenue Inflows and other benefits received in exchange for the providing of goods and servicessoleproprietorshipA non-corporation business owned by a sole individualstatement ofretained earningsA financial statement that discloses changes in retained earningsduring a designated period of time; those changes usuallyattributable to income and dividendsⅠ. Concept会计等式客观性可靠性记账凭证收款凭证付款凭证转账凭证会计期间账项调整应计制会计现金制会计备抵账户账面净值多栏式日记账留存收益实质重于形式销售成本毛利营业费用定期盘存制永续盘存制购货退回与折让商业折扣购货折扣长期资产减值销售退回与折让销售折扣特种日记账销售日记账购货日记账现金等价物商业票据备用金银行对账单银行余额调节表在途存款未兑现支票坏账资本公积个别认定法生产成本完工产品制造费用可变现净值存货跌价准备成本法权益法资本性支出收益性支出实质重于形式一揽子购入商业实质或有事项暂时性差异永久性差异交易性金融资产持有至到期投资可供出售金融资产公认会计原则股票分割库藏股可转换债券成本和市价孰低法每股收益Ⅱ. Journal Entries1. Accounting for purchase and sales: cash discount2. Accounting for trading securities & available-for-sale securities3. Accounting for PP&E –acquisition through exchange/disposition of PP&E4. Accounting for Bond P ayables/effective interest methodⅡ。
会计学企业决策的基础财务会计分册英文版第十七版教学设计 (3)
Accounting: The Basis for Business Decision Making, Financial Accounting, 17th Edition - Teaching Design IntroductionFinancial accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making economic decisions. Financial statements are the primary output of financial accounting and are used by various stakeholders to make decisions. Accounting: The Basis for Business Decision Making, Financial Accounting, 17th Edition, is a textbook designed to help students understand the principles of financial accounting.This teaching design will focus on the key themes of the textbook and provide guidance on how to teach the material effectively. The design is suitable for instructors who teach financial accounting as a course at the undergraduate or graduate level.Key ThemesThe textbook covers a broad range of topics related to financial accounting. Some of the key themes that run through the book include: Financial StatementsThe primary objective of financial accounting is to provide information that is useful in making economic decisions. The financial statements are the primary output of financial accounting. They include the income statement, balance sheet, and cash flow statement. The income statement shows the amount of revenue, expenses, and net income or lossfor a specified period. The balance sheet shows the assets, liabilities, and equity at a particular point in time. The cash flow statement shows the inflow and outflow of cash for a specified period.Accounting CycleThe accounting cycle is the process of recording, classifying, and summarizing financial transactions to produce financial statements. The steps in the accounting cycle include analyzing transactions, recording journal entries, posting to the ledger, preparing a trial balance, adjusting entries, preparing an adjusted trial balance, preparing financial statements, and closing the books.Financial AnalysisFinancial analysis is the process of using financial information to make economic decisions. Techniques used in financial analysis include ratio analysis, trend analysis, and vertical and horizontal analysis. Financial analysis is used by various stakeholders, including investors, creditors, and management, to make decisions.Teaching DesignThe following section provides guidance on how to teach the material in Accounting: The Basis for Business Decision Making, Financial Accounting, 17th Edition.Learning ObjectivesBefore teaching each chapter, instructors should set clear learning objectives for their students. The learning objectives should be specific, measurable, achievable, relevant, and time-bound. By settingclear learning objectives, instructors can ensure that students understand what they need to accompli sh and track students’ progress effectively.Active LearningActive learning strategies such as group discussion, case studies, and problem-solving exercises should be incorporated into the teaching approach. Active learning helps students understand the material and apply the concepts they have learned.Real-World ExamplesInstructors should use real-world examples to help students understand how financial accounting is used in practice. Real-world examples can be drawn from various industries and sectors.TechnologyTechnology should be incorporated into the teaching approach. For instance, instructors can use online tools to reinforce the material covered in lectures. Technology can also be used to track students’ progress and provide instant feedback.AssessmentInstructors should use multiple assessment techniques to evaluate students’ understanding of the material. These can include quizzes, exams, assignments, and case studies. By using multiple assessment techniques, instructors can determine whether students have understood the material and identify areas where further instruction is required.ConclusionAccounting: The Basis for Business Decision Making, Financial Accounting, 17th Edition, is an essential textbook for students who wish to understand the principles of financial accounting. The teaching design outlined in this document provides guidance on how to teach the material effectively. By setting clear learning objectives, using active learning strategies, incorporating real-world examples, leveraging technology, and employing multiple assessment techniques, instructors can ensure that their students have a solid understanding of financial accounting.。
财务报表的准备基础(英文版)
If the trial balance balances, are the ledger accounts recorded correctly, without any error?
• In such circumstance, the following error types may still have arisen in the ledger accounts.
Bought materials for ￡1,000, half for cash and half on credit.
Made sales of ￡1,040,￡800 of which were on credit.
Paid wages to shop assistants of ￡260 in
Chapter 5
Preparing basic financial statements
1 Balancing/Closing ledger accounts
At the end of a reporting period, we extracted the balance for each nominal ledger account.
11,180
13,000
1,880
11,700
13,400
35,640
1,620Leabharlann 12,8001,400
11,280
22,020
73,960 73,960
3 Preparing the income statement
Section overview
● To prepare the income statement , all the income and expense account balances are transferred to a new ledger account in the nominal ledger, called the profit and loss ledger account . The balance on this account is the net profit /(loss) for the period .
大学财务会计专业英语教材
大学财务会计专业英语教材In recent years, the field of accounting has witnessed significant advancements and developments, necessitating comprehensive and up-to-date academic resources to meet the demands of students studying finance and accounting. With the increasing globalization of business and finance, proficiency in English is an essential skill for accounting professionals, particularly those specializing in financial accounting. Therefore, the creation of a specialized English textbook for university-level finance and accounting students is of great importance.Chapter 1: Introduction to Financial Accounting1.1 The Role and Importance of Financial Accounting1.2 Basic Concepts and Principles in Financial AccountingChapter 2: Preparation of Financial Statements2.1 The Accounting Equation2.2 Recording Transactions: The Double-Entry System2.3 The Chart of Accounts2.4 Journalizing and Posting Transactions2.5 Trial BalanceChapter 3: Income Statement and Statement of Financial Position3.1 Understanding Income Statement3.2 Income Statement Components3.3 Statement of Financial Position: Assets, Liabilities, and EquityChapter 4: Revenue Recognition and Measurement4.1 Revenue Recognition Principles4.2 Measurement of Revenue: Sales, Services, and Other IncomeChapter 5: Expense Recognition and Measurement5.1 Expense Recognition Principles5.2 Measurement of Expenses: Cost of Goods Sold, Operating Expenses, and OthersChapter 6: Cash Flow Statements6.1 Importance and Purpose of Cash Flow Statements6.2 Operating, Investing, and Financing Activities6.3 Preparing a Cash Flow StatementChapter 7: Analysis and Interpretation of Financial Statements7.1 Financial Ratios and Metrics7.2 Horizontal and Vertical Analysis7.3 Limitations and Adjustments in Financial StatementsChapter 8: International Financial Reporting Standards (IFRS)8.1 Overview of IFRS8.2 IFRS Framework and Key Concepts8.3 Differences between IFRS and Generally Accepted Accounting Principles (GAAP)Chapter 9: Corporate Financial Reporting9.1 Financial Reporting for Corporations9.2 Disclosure Requirements and Auditors’ Opinions9.3 Regulatory Framework for Corporate Financial ReportingChapter 10: Accounting for Business Combinations10.1 Mergers and Acquisitions10.2 Consolidation Methods and Procedures10.3 Accounting for Non-controlling InterestsChapter 11: Financial Statement Analysis and Valuation11.1 Valuation of Assets and Liabilities11.2 Valuation Techniques: Cost Approach, Market Approach, and Income Approach11.3 Interpreting Financial Statement Analysis for Investment and Decision MakingBy providing a systematic overview of the principles, concepts, and techniques in financial accounting, this specialized English textbook addresses the needs of university students studying finance and accounting. It equips them with the necessary knowledge and skills to understand and apply financial accounting practices in an international context. With itscomprehensive content and clear explanations, this textbook serves as an indispensable resource for students pursuing a career in finance and accounting.。
会计学原理 快速测试(英文版)
TEST FOR CHAPTER 1-4注：判断题红色标记句为错句，选择题加下划线选项为正确答案PART I TRUE OR FALSE1)Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable,and comparable formation about an organization's business activities.2)Managerial accounting is the area of accounting that provides internal reports to assist the decision making needs ofinternal users.3)The primary objective of financial accounting is to provide general purpose financial statements to help external usersanalyze and interpret an organization's activities.4)Internal users include lenders, shareholders, brokers and managers.5)In the partnership form of business, the owners are called stockholders.6)The business entity principle means that a business will continue operating for an indefinite period of time.7)As a general rule, revenues should not be recognized in the accounting records until it is received in cash.8)Accrued expenses at the end of one accounting period are expected to result in cash payments in a future period.9)The idea that a business will continue to operate until it can sell its assets to pay its creditors underlies thegoing-concern assumption.10)The monetary unit assumption means that all international transactions must be expressed in dollars.11)The International Accounting Standards Board (IASB) is the government group that establishes reporting requirementsfor companies that issue stock to the public.12)Expenses decrease equity and are the costs of assets or services used to earn revenues.13) A company might provide a service or product on credit. "On credit" implies that the cash payment will occur on alater date.14)Each adjusting entry affects only one or more income statement account and never cash.15)The legitimate claims of a business's creditors take precedence over the claims of the business owner.16)Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.17)From an accounting perspective, an event is a happening that affects an entity's accounting equation, but cannot bemeasured.18)The income statement is a financial statement that shows revenues earned and expenses incurred during a specifiedperiod of time.19)Chuck Taylor withdrew $6,000 in cash from FastForward. This amount should be included as an expense on theincome statement.20)Source documents provide evidence of business transactions and are the basis for accounting entries.21)Items such as sales tickets, bank statements, checks, and purchase orders are source documents.22)It is not necessary to keep separate accounts for all items of importance for business decisions.23)Closing entries are necessary so that owner's capital will begin each period with a zero balance.24)Cash withdrawn by the owner of a proprietorship should be treated as an expense of the business.25)When a company provides services for which cash will not be received until some future date, the company shouldrecord the amount received as unearned revenue for the amount charged to the customer.26)Double entry accounting requires that each transaction affect, and be recorded in, at least two accounts.27)Asset accounts normally have credit balances and revenue accounts normally have debit balances.28) A transaction that decreases an asset account and increases a liability account must also affect one or more otheraccounts.29)Adjusting entries are used to bring asset or liability accounts to their proper amount and update the related expense orrevenue account.30)When a company bills a customer for $600 for services rendered, the journal entry to record this transaction willinclude a $600 debit to Services Revenue.31)The journal is known as the book of final entry because financial statements are prepared from it.32)The closing process takes place after financial statements have been prepared.33) A trial balance that balances is not proof of complete accuracy in recording transactions.34)Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, andthe withdrawals account to owner's capital.35)If cash was incorrectly debited for $100 instead of correctly credited for $100, the cash account is out of balance by$100.36)Adjusting entries result in a better matching of revenues and expenses for the period.37)The matching principle requires that expenses get recorded in the same accounting period as the revenues that areearned as a result of the expenses, not when cash is paid.38)On October 15, a company received $15,000 cash as a down payment on a consulting contract. The amount wascredited to Unearned Consulting Revenue. By October 31, 10% of the services required by the contract were completed. The company will record consulting revenue of $1,500 from this contract for October.39)Closing revenue and expense accounts at the end of the accounting period serves to make the revenue and expenseaccounts ready for use in the next period.40)Accrued expenses reflect transactions where cash is paid before a related expense is recognized.41)Before an adjusting entry is made to recognize the cost of expired insurance for the period, Prepaid Insurance andInsurance Expense are both overstated.42) A company purchased $6,000 worth of supplies in August and recorded the purchase in the Supplies account. OnAugust 31, the fiscal year-end, the supplies count equaled $3,200. The adjusting entry would include a $2,800 debit to Supplies.43)In preparing statements from the adjusted trial balance, the balance sheet must be prepared first.44) A company performs 20 days work on a 30-day contract before the end of the year. The total contract is valued at$6,000 and payment is not due until the contract is fully completed. The adjusting entry includes a $4,000 credit to unearned revenue.45)An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded and posted.46)Financial statements can be prepared directly from the information in the adjusted trial balance.47)Income Summary is a temporary account only used for the closing process.48)Revenue accounts should begin each accounting period with zero balances.49)The last four steps in the accounting cycle include preparing the adjusted trial balance, preparing financial statementsand recording closing and adjusting entries.50)When expenses exceed revenues, there is a net loss and the Income Summary account would have a credit balance.51) A post-closing trial balance is a list of permanent accounts and their balances from the ledger after all closing entriesare journalized and posted.PART II MULTIPLE-CHOICE1. The primary objective of financial accounting is:A. To serve the decision-making needs of internal users.B. To provide financial statements to help external users analyze an organization's activities.C. To monitor and control company activities.D. To provide information on both the costs and benefits of looking after products and services.E. To know what, when, and how much to produce.2. Internal users of accounting information include:A. Shareholders.B. Managers.C. Lenders.D. Suppliers.E. Customers.3. A corporation:A. Is a business legally separate from its owners.B. Is controlled by the FASB.C. Has shareholders who have unlimited liability for the acts of the corporation.D. Is the same as a limited liability partnership.E. All of these.4. The accounting assumption that requires every business to be accounted for separately from other business entities,including its owner or owners is known as the:A. Objectivity principle.B. Business entity assumption.C. Going-concern assumption.D. Revenue recognition principle.E. Cost principle.5. The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the:A. Going-concern principle.B. Business entity principle.C. Objectivity principle.D. Cost Principle.E. Monetary unit principle.6. If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at:A. $95,000.B. $137,000.C. $138,500.D. $140,000.E. $150,000.7. To include the personal assets and transactions of a business's owner in the records and reports of the business would be in conflict with the:A. Objectivity principle.B. Realization principle.C. Business entity principle.D. Going-concern principle.E. Revenue recognition principle.8. The question of when revenue should be recognized on the income statement (according to GAAP) is addressed by the:A. Revenue recognition principle.B. Going-concern principle.C. Objectivity principle.D. Business entity principle.E. Cost principle.9. On December 15, 2007, Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in 2008. Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2008 and not 2007?A. Monetary unit principleB. Going-concern principleC. Cost principleD. Business entity principleE. Revenue recognition principle10. A partnership:A. Is also called a sole proprietorship.B. Has unlimited liability.C. Has owners called shareholders.D. Has to have a written agreement in order to be legal.E. Is a legal organization separate from its owners.11. According to generally accepted accounting principles, a company's balance sheet should show the company's assets at:A. The cash equivalent value of what was given up or received.B. The current market value of the asset received in all cases.C. The cash paid only, even if something other than cash was given in the exchange.D. The best estimate of a certified internal auditor.E. The objective value to external users.12. Revenue is properly recognized:A. When the customer's order is received.B. Only if the transaction creates an account receivable.C. At the end of the accounting period.D. When cash from a sale is received.E. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price.13. If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. What is the effect of the sale on the accounting equation for the seller?A. Assets increase $52,000; owner's equity increases $52,000B. Assets increase $85,000; owner's equity increases $85,000C. Assets increase $137,000; owner's equity increases $137,000D. Assets increase $140,000; owner's equity increases $140,000E. None of these14. If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. At the time of the sale, assume that the seller still owed $30,000 to TrustOne Bank on the land that was purchased for $85,000. Immediately after the sale, the seller paid off the loan to TrustOne Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?A. Assets increase $52,000; owner's equity increases $22,000; liabilities decrease $30,000B. Assets increase $52,000; owner's equity increases $30,000; liabilities decrease $30,000C. Assets increase $22,000; owner's equity increases $52,000; liabilities decrease $30,000D. Assets decrease $30,000; owner's equity decreases $30,000; liabilities decrease $30,000E. Assets decrease $55,000; owner's equity decreases $55,000; liabilities decrease $30,00015. The difference between a company's assets and its liabilities, or net assets is:A. Net income.B. Expense.C. Equity.D. Revenue.E. Net loss.16. Which of the following statements is true about assets?A. They are economic resources owned or controlled by the business.B. They are expected to provide future benefits to the business.C. They appear on the balance sheet.D. Claims on them can be shared between creditors and owners.E. All of these.17. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash $20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year?A. $8,300B. $13,050C. $20,500D. $31,100E. $40,40018. Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?A. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.B. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.C. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.D. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.E. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.19. How would the accounting equation of Boston Company be affected by the billing of a client for $10,000 of consulting work completed?A. +$10,000 accounts receivable, -$10,000 accounts payable.B. +$10,000 accounts receivable, +$10,000 accounts payable.C. +$10,000 accounts receivable, +$10,000 cash.D. +$10,000 accounts receivable, +$10,000 revenue.E. +$10,000 accounts receivable, -$10,000 revenue.20. Source documents include all of the following except:A. Sales tickets.B. Ledgers.C. Checks.D. Purchase orders.E. Bank statements.21. Which of the following statements is correct?A. When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense.B. Promises of future payment are called accounts receivable.C. Increases and decreases in cash are always recorded in the owner's capital account.D. An account called Land is commonly used to record increases and decreases in both the land and buildings owned by a business.E. Accrued liabilities include accounts receivable.22. A written promise to pay a definite sum of money on a specified future date is a(n):A. Unearned revenue.B. Prepaid expense.C. Credit account.D. Note payable.E. Account receivable.23. A collection of all accounts and their balances used by a business is called a:A. Journal.B. Book of original entry.C. General Journal.D. Balance column journal.E. Ledger.24. A list of all accounts and the identification number assigned to each account used by a company is called a:A. Source document.B. Journal.C. Trial balance.D. Chart of accounts.E. General Journal.25. Which of the following statements is incorrect?A. The normal balance of accounts receivable is a debit.B. The normal balance of owner's withdrawals is a debit.C. The normal balance of unearned revenues is a credit.D. The normal balance of an expense account is a credit.E. The normal balance of the owner's capital account is a credit.26. A simple account form widely used in accounting as a tool to understand how debits and credits affect an account balance is called a:A. Withdrawals account.B. Capital account.C. Drawing account.D. T-account.E. Balance column sheet.27. Double-entry accounting is an accounting system:A. That records each transaction twice.B. That records the effects of transactions and other events in at least two accounts with equal debits and credits.C. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits.D. That may only be used if T-accounts are used.E. That insures that errors never occur.28. Management Services, Inc. provides services to clients. On May 1, a client prepaid Management Services $60,000 for 6-months services in advance. Management Services' general journal entry to record this transaction will include aA. Debit to Unearned Management Fees for $60,000.B. Credit to Management Fees Earned for $60,000.C. Credit to Cash for $60,000.D. Credit to Unearned Management Fees for $60,000.E. Debit to Management Fees Earned for $60,000.29. On September 30, the Cash account of V alue Company had a normal balance of $5,000. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of September?A. A $0 balance.B. A $4,300 debit balance.C. A $4,300 credit balance.D. A $5,700 debit balance.E. A $5,700 credit balance.30. On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May?A. $ 5,000.B. $47,000.C. $52,000.D. $57,000.E. $32,000.31. The following transactions occurred during July:1. Received $900 cash for services provided to a customer during July.2. Received $2,200 cash investment from Barbara Hanson, the owner of the business.3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Provided services to a customer on credit, $375.5. Borrowed $6,000 from the bank by signing a promissory note.6. Received $1,250 cash from a customer for services to be rendered next year.What was the amount of revenue for July?A.$ 900.B.$ 1,275.C.$ 2,525.D.$ 3,275.E.$11,100.32. During the month of March, Cooley Computer Services made purchases on account totaling $43,500. Also during the month of March, Cooley was paid $8,000 by a customer for services to be provided in the future and paid $36,900 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,300, what is the balance in accounts payable at the end of March?A. $83,900.B. $91,900.C. $6,600.D. $75,900.E. $4,900.33. On January 1 of the current year, Bob's Lawn Care Service reported owner's capital totaling $122,500. During the current year, total revenues were $96,000 while total expenses were $85,500. Also, during the current year Bob withdrew $20,000 from the company. No other changes in equity occurred during the year. If, on December 31 of the current year, total assets are $196,000, the change in owner's capital during the year was:A. A decrease of $9,500.B. An increase of $9,500.C. An increase of $30,500.D. A decrease of $30,500E. Impossible to determine from the information provided.34. A balance column ledger account is:A. An account entered on the balance sheet.B. An account with debit and credit columns for posting entries and another column for showing the balance of the account after each entry is posted.C. Another name for the withdrawals account.D. An account used to record the transfers of assets from a business to its owner.E. A simple form of account that is widely used in accounting to illustrate the debits and credits required in recording a transaction.35. A general journal is:A. A ledger in which amounts are posted from a balance column account.B. Not required if T-accounts are used.C. A complete record of any transaction and the place from which transaction amounts are posted to the ledger accounts.D. Not necessary in electronic accounting systems.E. A book of final entry because financial statements are prepared from it.36. Which of the following statements is true?A. If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions.B. The trial balance is a book of original entry.C. Another name for the trial balance is the chart of accounts.D. The trial balance is a list of all accounts from the ledger with their balances at a point in time.E. The trial balance is another name for the balance sheet as long as debits balance with credits.37. A trial balance taken at year-end showed total credits exceed total debits by $4,950. This discrepancy could have been caused by:A. An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.B. A net income of $4,950.C. The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.D. The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550.E. An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.38. In which of the following situations would the trial balance not balance?A. A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash.B. The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and credit to Accounts Payable.C. A $50 cash receipt for the performance of a service was not recorded at all.D. The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200.E. The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750.39. Interim financial statements refer to financial reports:A. That cover less than one year, usually spanning one, three, or six-month periods.B. That are prepared before any adjustments have been recorded.C. That show the assets above the liabilities and the liabilities above the equity.D. Where revenues are reported on the income statement when cash is received and expenses are reported when cash is paid.E. Where the adjustment process is used to assign revenues to the periods in which they are earned and to match expenses with revenues.40. The length of time covered by a set of periodic financial statements is referred to as the:A. Fiscal cycle.B. Natural business year.C. Accounting period.D. Business cycle.E. Operating cycle.41. Adjusting entries:A. Affect only income statement accounts.B. Affect only balance sheet accounts.C. Affect both income statement and balance sheet accounts.D. Affect only cash flow statement accounts.E. Affect only equity accounts.42. The main purpose of adjusting entries is to:A. Record external transactions and events.B. Record internal transactions and events.C. Recognize assets purchased during the period.D. Recognize debts paid during the period.E. Correct errors.43. Which of the following statements is incorrect?A. Adjustments to prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities.B. Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded.C. Adjusting entries can be used to record both accrued expenses and accrued revenues.D. Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passageof time.E. Adjusting entries affect the cash account.44. An adjusting entry could be made for each of the following except:A. Prepaid expenses.B. Depreciation.C. Owner withdrawals.D. Unearned revenues.E. Accrued revenues.45. A company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would:A. Understate net income by $28,000.B. Overstate net income by $28,000.C. Have no effect on net income.D. Overstate assets by $28,000.E. Understate assets by $28,000.46. If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show:A. Assets overstated and equity understated.B. Assets and equity both understated.C. Assets overstated, net income understated, and equity overstated.D. Assets, net income, and equity understated.E. Assets, net income, and equity overstated.47. If a company failed to make the end-of-period adjustment to remove from the Unearned Management Fees account the amount of management fees that were earned, this omission would cause:A. An overstatement of net income.B. An overstatement of assets.C. An overstatement of liabilities.D. An overstatement of equity.E. An understatement of liabilities.48. When closing entries are made:A. All ledger accounts are closed to start the new accounting period.B. All temporary accounts are closed but not the permanent accounts.C. All real accounts are closed but not the nominal accounts.D. All permanent accounts are closed but not the nominal accounts.E. All balance sheet accounts are closed.49. Which of the following statements is incorrect?A. Permanent accounts is another name for nominal accounts.B. Temporary accounts carry a zero balance at the beginning of each accounting period.C. The Income Summary account is a temporary account.D. Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.E. The closing process applies only to temporary accounts.50. Journal entries recorded at the end of each accounting period to prepare the revenue, expense, and withdrawals accounts for the upcoming period and to update the owner's capital account for the events of the period just finished are referred to as:A. Adjusting entries.B. Closing entries.C. Final entries.D. Work sheet entries.E. Updating entries.51. The recurring steps performed each reporting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the:A. Accounting period.B. Operating cycle.C. Accounting cycle.D. Closing cycle.E. Natural business year.52. Which of the following is the usual final step in the accounting cycle?A. Journalizing transactions.B. Preparing an adjusted trial balance.C. Preparing a post-closing trial balance.D. Preparing the financial statements.E. Preparing a work sheet.。
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$1,100 $1,100
G
C a s
7-12
Cash
Date 20XX 20XX
Post. Item Ref.
Debit
Credit
Balance Debit Credit
Mar. 3 6 7 19 24 25
$20,000 $4,800 2,300 3,400 980 1,100
$20,000 15,200 12,900 16,300 15,320 14,220 C a
$980
7-19
Office Salary Expenses
Date 20XX 20XX
Post. Item Ref.
Debit
Credit
Balance Debit Credit
Mar. 25
$1,100
$1,100
7-20
Trial Balance
If there are no errors in the journals and the journals are posted correctly to the general ledger, the total of the debits should equal the total of the credits.
Debit
Credit
Balance Debit Credit
Mar. 19
$3,400
$3,400
7-18
George Ross, Withdrawals
Date 20XX 20XX
Post. Item Ref.
Debit
Credit
Balance Debit Credit
Mar. 24
$980
G
7-26
WE ARE SAILING RIGHT ALONG!!
$5,300 $2,300 3,000
7-9
General Journal
Date 20XX 20XX Description
Post. Ref.
Debit
Credit
Mar. 19
111 Cash Photocopy Fees Earned 311 Performed a service and collected fees.
7-5
Posting
let’s look at the example of George Ross Photocopy Company
7-6
General Journal
Date 20XX 20XX Description
Post. Ref.
Debit
Credit
Mar. 3
111 Cash George Ross, Capital 311 Investment in business
G
7-23
Errors in the journal entry
A wrong number in the journal entry G Part of compound entry omitted G Account omitted
G
7-24
Errors in posting entries from journals to ledgers
$20,000 $20,000
7-7
General Journal
Date 20XX 20XX Description
Post. Ref.
Debit
Credit
Mar. 6
Prepaid Rent Cash Paying the rent in advance
121 111
$4,800 $4,800
$3,400 $3,400
7-10
General Journal
Date 20XX 20XX Description
Post. Ref.
Debit
Credit
Mar. 24 George Ross, Withdrawals Cash Withdrew money from the business.
G
7-13
George Ross, Capital
Date 20XX 20XX
Post. Item Ref.
Debit
t
Balance Debit Credit
Mar. 3
$20,000
$20,000
7-14
Prepaid Rent
Date 20XX 20XX
Post. Item Ref.
7-4
Posting
The process of transferring transactions to the general ledger. Posting is usually done after several entries have been made, for example, at the end of the day, depending on the number of transactions.
7-21
Trial Balance
Why don’t debits equal credits?
Some errors exist in the recording or calculating
7-22
Errors
Calculate a ledger account balance wrongly. G Summarize the debits and credits of the trial balance wrongly. G Errors in the journal entry G Errors in posting entries from journals to ledgers G Errors in transferring balances from the ledger to the trial balance
7-8
General Journal
Date 20XX 20XX Description
Post. Ref.
Debit
Credit
Mar. 7
Office Equipment Cash Accounts Payable Partial payment of office equipment.
141 111 211
Accounts Payable
Date 20XX 20XX
Post. Item Ref.
Debit
Credit
Balance Debit Credit
Mar. 7
$3,000
$3,000
Ge n
7-17
Photocopy Fees Earned
Date 20XX 20XX
Post. Item Ref.
Debit
Credit
Balance Debit Credit
Mar. 3
$4,800
$4,800
7-15
Office Equipment
Date 20XX 20XX
Post. Item Ref.
Debit
Credit
Balance Debit Credit
Mar. 7
$5,300
$5,300
7-16
A wrong number in the journal entry G Error in posting a debit or credit to the proper column G Account omitted
G
7-25
Errors in transferring balances
A wrong number in the journal entry G Error in transferring a debit or credit to the proper column G Account omitted
321 111
$980 $980
7-11
General Journal
Date 20XX 20XX Description
Post. Ref.
Debit
Credit
Mar. 25 Office Salary Expense Cash Paid the secretary the salary
131 111
7-1
CHAPTER 7
POSTING AND TRIAL BALANCE
7-2
Ledgers
General Ledger Sales Ledger Purchase Ledger
to avoid the posting errors
7-3
General Ledger
collection of the business’ accounts is used to classify and summarize transactions to prepare data for financial statements often takes the form of simple two-column T account.