会计英语第二版答案

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Exercises[共3页]

— 57 —Unit 5 AssetsFor the latest accounting standards in China, one important change for the definition of intangible asset is in regard to the definition of identifiability.The term “amortization” is used to describe the systematic write-off to the cost of an intangible asset over its useful life.inventory ['inv əntri] n . 存货Cash at bank 现金Bills Receivable 应收票据Accounts Receivable 应收账款Prepaid Expense 预付账款deferred assets 递延资产current assets 流动资产cash equivalents 现金等价物bad debt 坏账1. Multiple Choices(1) Which of the following is not the essential attributes of assets? ( )A. A future economic benefit is expected to provide to the entity.B. The transaction or event giving rise to the control must already have occurred.C. It has a physical form.D. It should be owned or be controlled by the entity.(2) ( ) does not belong to the current assets.A. Cash at bankB. Accounts receivableC. Motor vehiclesD. Inventory (3) Current assets are not ( ). A. cashB. expected to be converted to cash within a yearC. expected to be used up within a yearD. expected to be last beyond a year(4) Under the situation of a shortage of cash, which action should not be taken? ( )A. To overdraft loans.。

2021年会计硕士mpacc考研英语二试卷及答案

2021年会计硕士MPAcc考研英语二试卷及答案Section I Use of EnglishDirections：Read the following text. Choose the best word(s) for each numbered blank and mark A,B,C or D on the ANSWER SHEET. (10 points)It's not difficult to set targets for staff.It is much harder,_1_ to understand their negative consequences. Most work-related behaviors have multiple components. 2_ one and the other become distorted.Travel on a London bus and you'll_3_ see how this works with drivers. Watch people get on and show their tickets.Are they are carefully inspected? Never.Do people get on without paying? Of course! Are there inspectors to 4 that people have paid? Possibly,but very few. And people who run for the bus? They are 5 . How about jumping lights? Buses do so almost as frequently as cyclists.Why Because the target is _6_.People complained that buses were late and infrequent,_7_,the number of buses and bus lanes were increased,and drivers were_8_ or punished according to the time they took.And drivers hit their targets. But they _9_ cyclists.If the target was changed to_10_,you would have more inspectors and more sensitive pricing. If the criterion changed to safety, you would get more __11_ drivers who obeyed traffic laws. But both these criteria would be at the expense of time.There is another_12_:people become immensely inventive in hitting targets. Have you 13_ that you can leave on a fight an hour late but still arrive on time? Tailwind? Of course not!Airlines have simply changed the time a _14_ is meant to take.A one-hour flight is now billed as a two-hour flight .The _15_ of the story is simple,Most jobs are multidimensional with multiple criteria. Choose one criterion and you may well_16_others.Everything can be done faster and made cheaper, but there is a_17_ .Setting targets can and does have unforeseen consequencesThis is not an argument against target-setting.But it is an argument for exploring consequences first.All good targets should have multiple criteria_18_ critical factors such as time,money,quality and customer feedback.The trick is not to_19_just one or even two dimensions of the objective, but also to understand bow to help people better_20_ the objective .1. A.therefore B.however C.again D.moreover2. A.Emphasize B.Identify C.Assess D.Explain3. A.nearly B.curiously C.eagerly D.quickly4. A.claim B.prove C.check D.recall5. A.threatened B.ignored C.mocked D.blamed6. A.punctuality B.hospitality petition D.innovation7. A.Yet B.So C.Besides D.Still8. A.hired B.trained C.rewarded D.grouped9. A.only B.rather C.once D.also10. fort B.revenue C.efficiency D.security11. A.friendly B.quiet C.cautious D.diligent12. A.purpose B.problem C.prejudice D.policy13. A.reported B.revealed C.admitted D.noticed14. A.break B.trip C.departure D.transfer15. A.moral B.background C.style D.form16. A.interpret B.criticize C.sacrifice D.tolerate17. A.task B.secret C.product D.cost18. A.leading to B.calling for C.relating to D.accounting for19. A.specify B.predict C.restore D.create20.A.modify B. review C. present D.achieve答案：1-5BADCB 6-10ABCDB 11-15CBDBB 16-20CDCAD Section II Reading ComprehensionPart ADirections:Read the following four texts.Answer the questions after each text by choosing A,B,Cor D. Mark your answers on the ANSWER SHEET. 40 points)Text 1"Reskilling" is something that sounds like a buzzword but is actually a requirement if we plan to have a future in which a lot of would-be workers do not get left behind.We know we are moving into a period where the jobs in demand will change rapidly,as will the requirements of the jobs that remain.Research by the World Economic Forum finds that on average 42 per cent of the"core skills" within job roles will change by 2022.That is a very short timeline.The question of who should pay for reskilling is a thorny one. For individual companies, the temptation is always to let go of workers whose skills are no longer in demand and replace them with those whose skills are.That does not always happen.AT&T is often given as the gold standard of a company that decided to do a massive reskilling program rather than go with a fire-and-hire strategy. Other companies had also pledged to create their own plans. When the skills mismatch is in the broader economy, though,the focus usually turns to government to handle.Efforts in Canada and elsewhere have been arguably languid at best,and have given us a situation where we frequently hear of employers begging for workers,even at times and in regions where unemployment is high.With the pandemic,unemployment is very high indeed. In February,at 3.5 percent and 5.5 percent respectively,unemployment rates in Canada and United States were at generational lows and worker shortages were everywhere.As of May, those rates had spiked up to 13.3 per cent and 13.7 per cent,and although many worker shortages had disappeared, not all had done so.In the medical field, to take an obvious example,the pandemic meant that there were still clear shortages of doctors, nurses and other medical personnel.Of course,it is not like you can take and unemployed waiter and train him to be a doctor in a few weeks.But even if you cannot close that gap,may be you can close others,and doing so would be to the benefit of all concerned.That seems to be the case in Sweden: When forced to furlough 90 per cent of their cabin staff, Scandinavian Airlines decided to start up a short retraining program that reskilled the laid-off workers to support hospital staff.The effort was a collective one and involved other companies as well as a Swedish university.21.Research by the World Economic Forum Suggests_____.[A] an urgent demand for new job skills[B] an increase in full-time employment[C] a steady growth of job opportunities[D]a controversy about the"core skills"答案∶A22. AT&T is cited to show_____.[A] The characteristics of reskilling in programs[B] The importance of staff appraisal standards[C] An immediate need for government support[D]An alternative to the five-and-hire standards答案∶D23.Efforts to resolve the skills mismatch in Canada_____.[A] have appeared to be insufficient[B] have driven labour costs up[C] have proved ti be inconsistent[D] have met with fierce opposition答案∶A24. We can learn from Paragraph 3 that there was_____.[A] a sign of economic recovery[B] a call for policy adjustment[C] a change in hiring practices[D] a lack of medical workers答案∶D25.Scandinavian Airlines decided to_____.[A] create job vacancies for the unemployed[B] retrain their cabin staff for better services[C] prepare their laid-off workers for other jobs[D] finance their staffs' college education答案∶CText 2With the global population predicted to hit close to 10 billion by 2050,and forecasts that agricultural production in some regions will need to nearly double to keep pace,food security is increasingly making headlines.In the UK,it has become a big talking point recently too,for a rather particular reason: Brexit.Brexit is seen by some as an opportunity to reverse are recent trend towards the UK importing food. The country produces only about 60 per cent of the food it eats, down from almost three-quarters in the late 1980s. A move back to self-sufficiency, the argument goes, would boost the farming industry, political sovereignty and even the nation's health. Sounds great - but how feasible is this vision ?According to a report on UK food production from the University of Leeds,85 percent of the country's total land area is associated with meat and dairy production. That supplies 80 percent of what is consumed,so even covering the whole country in livestock farms wouldnt allow us to cover all our meat and dairy needs.There are many caveats to those figures, but they are still grave. To become much more self-sufficient, the UK would need to drastically reduce its consumption of animal foods,and probably also farm more intensively—meaning fewer green fields,and more factory-style production.But switching to a mainly plant-based diet wouldn't help. There is a good reason why the UK is dominated by animal husbandry: most of its terrain doesn't have the right soil or climate to grow crops on a commercial basis. Just 25 percent of the country's land is suitable for crop-growing,most of which is already occupied by arable fields.Even if we converted all the suitable land to fields of fruit and veg—which would involve taking out all he nature reserves and removing thousands of people from their homes—we would achieve only a 30 percent boost in crop production .Just 23 percent of the fruit and vegetables consumed in the UK are currently home-grown,so even with the most extreme measures we could meet only 30 per cent of our fresh produce needs. That is before we look for the space to grow the grains,sugars, seeds and oils that provide us with the vast bulk of our current calorie intake.26.Some people argue that food self-sufficiency in UK would_____.[A] be hindered by its population growth[B] become a priority of government[C] pose a challenge to its farming industry[D] contribute to the nation's well-being答案∶D27.The report by the university of leads shows that in the UK_____.[A] farmland has been inefficiently utilized[B] factory-style production needs reforming[C] most land is used for meat and dairy production[D] more green fields will be converted for farming答案:C28.Grop-growing in the UK restricted due to_____.[A] its farming technology[B]its dietary tradition[C] its natural conditions[D] its commercial interests答案∶C29.It can be learned from the last paragraph that British people?[A] rely largely on imports for fresh produce[B] enjoy a steady rise infrunt consumption[C] are seeking effective ways to cut calorie intake[D] are trying to grow new varieties of gains答案∶A30.The author's attitude to food self-efficiency in the UK is_____.[A] defensive[B] tolerant[C] optimistic[D] doubtful答案∶DText 3When Microsoft bought task management app Wunderlist and mobile calendar Sunrise in 2015,it picked two newcomers that were attracting considerable buzz in Silicon Valley. Microsoft's own Office dominates the market for"productivity"software,but the star-ups represented a new wave of technology designed from the ground up for the smartphone world.Both apps,however,were later scrapped after Microsoft said it had used their best features in its own products.Their teams of engines stayed on, making them two of the many"acqui-hires"that the biggest companies have used to feed their great hunger for tech talentTo Microsoft's critics, the fates of Wunderlist and Sunrise are examples of a remorseless drive by Big Tech to chew up any innovative companies that lie in their path."They bought the seedlings and closed them down,"complained Paul Amold a partner at San Francisco-based Switch Ventures, putting an end to businesses that might one day tum into competitors. Microsoft declined to comment.Like other start-up investors,Mr.Arnold's own business often depends on selling start-ups to larger tech companies,though he admits to mixed feelings about the result:"I think these things are good for me,if I put my selfish hat on.But are they good for the American economy? I don't know."The US Federal Trade Commission says it wants to find the answer to that question.This week,it asked the five most valuable US tech companies for information about their many small acquisitions over the past decade.Although only are search project at this stage,the request has raised the prospect of regulators wading into early-stage tech markets that until now have been beyond their reach.Given their combined market value of more than $5.5trillion, rifling through such small deals-many of them much less prominent than Wunderlist and Sunrise-might seem beside the point. Between them, the five biggest tech companies have spent an average of only S 3.4 billion a year on sub-SI billion acquisitions over the past five years—a drop in the ocean compared with their massive financial reserves, and the more than S 130 billion of venture capital that was invested in the US last year.However, critics say the big companies use such deals to buy their most threatening potential competitors before their businesses have a chance to gain momentum,in some cases as part of a"buy and kill "tactic to simply close them down.31.What is true about Wunderlist and Sunrise after their acquisitions?[A] Their market values declined.[B] Their engineers were retained.[C] Their tech features improved.[D] Their products were re-priced.答案∶B32.Microsofts critics believe that the big tech companies tend to_____.[A] exaggerate their product quality[B] treat new tech talent unfairly[C] eliminate their potential competitionsTo Microsoft's critics, the fates of Wunderlist and Sunrise are examples of a remorseless drive by Big Tech to chew up any innovative companies that lie in their path."They bought the seedlings and closed them down,"complained Paul Amold a partner at San Francisco-based Switch Ventures, putting an end to businesses that might one day turn into competitors. Microsoft declined to comment.Like other start-up investors,Mr.Arnold's own business often depends on selling start-ups to larger tech companies, though he admits to mixed feelings about the result:"I think these things are good for me,ifI put my selfish hat on.But are they good for the American economy? I don’t know."The US Federal Trade Commission says it wants to find the answer to that question.Thisweek,it asked the five most valuable US tech companies for information about their many small acquisitions over the past decade.Although only are search project at this stage, the request has raised the prospect of regulators wading into early-stage tech markets that until now have been beyond their reach.Given their combined market value of more than S5.5trillion,rifling through such small deals-many of them much less prominent than Wunderlist and Sunrise-might seem beside the point. Between them, the five biggest tech companies have spent an average of only $ 3.4 billion a year on sub-SI billion acquisitions over the past five years—a drop in the ocean compared with their massive financial reserves,and the more than S 130 billion of venture capital that was invested in the US last year.However, critics say the big companies use such deals to buy their most threatening potential competitors before their businesses have a chance to gain momentum,in some cases as part of a"buy and kill" tactic to simply close them down.31.What is true about Wunderlist and Sunrise after their acquisitions ?[A] Their market values declined.[B] Their engineers were retained.[C] Their tech features improved.[D] Their products were re-priced.答案∶B32.Microsofts critics believe that the big tech companies tend to_____.[A]exaggerate their product quality[B]treat new tech talent unfairly[C] eliminate their potential competitions[D] ignore public opinions答案∶C33.Paul Arnold is concerned that small acquisitions might[A] weaken big tech companies[B] worse market competition[C]discourage start up investors[D] harm the national economy答案∶D34.The US Federal Trade Commission intends to_____.[A] supervise start-ups' operations[B] encourage research collaboration[C] limit Big Tech's expansion[D] examine small acquisitions.答案∶D35.For the five biggest tech companies, their small acquisitions have_____.[A] raised few management challenges[B] brought little financial pressure[C] Set an example for future deals[D] generated considerable profits答案∶BText 4We're fairly good at judging people based on first impressions, thin slices of experience ranging from a glimpse of a photo to a five-minute interaction,and deliberation can be not only extraneous but intrusive. In one study of the ability she dubbed"thin slicing,, the late psychologist Nalini Ambady asked participants to watch silent 10-second video clips of professors and to rate the instructor's overall effectiveness.Their ratings correlated strongly with students' end-of-semester ratings.Another set of participants had to count backward from 1,000 by nines as they watched the clips, occupying their conscious working memory. Their ratings were just as accurate,demonstrating the intuitive nature of the social processing.Critically, another group was asked to spend a minute writing down reasons for theirjudgment, before giving the rating. Accuracy dropped dramatically. Ambady suspected that deliberation focused them on vivid but misleading cues, such as certain gestures or utterances, rather than letting the complex interplay of subtle signals form a holistic impression.She found similar interference when participants watched 15-second clips of pairs of people and judged whether they were strangers, friends, or dating partners.Other research shows we're better at detecting deception and sexual orientation from thin slices when we rely on intuition instead of reflection."It's as if you're driving a stick shift," says Judith Hall, a psychologist at Northeaster University,"and if you start thinking about it too much,you can't remember what you're doing.But if you go on automatic pilot,you're fine. Much of our social life is like that."Thinking too much can also harm our ability to form preferences. College students' ratings of strawberry jams and college courses aligned better with experts' opinions when the students weren't asked to analyze their rationale.And people made car-buying decisions that were both objectively better and more personally satisfying when asked to focus on their feelings rather than on details, but only if the decision was complex—when they had a lot of information to process.Intuition's special powers are unleashed only in certain circumstances. In one study, participants completed a battery of eight tasks, including four that tapped reflective thinking(discerning rules, comprehending vocabulary)and four that tapped intuition and creativity(generating new products or figures of speech).Then they rated the degree to which they had used intuition(gut feelings,""hunches,""my heart"). Use of their gut hurt their performance on the first four tasks,as expected,and helped them on the rest. Sometimes the heart is smarter than the head.36.Nalini Ambaby's study deals with_____.[A] instructor student interaction[B] the power of people memory[C] the reliability of first impression[D] People's ability to influence others.答案∶C37.In Ambaby's study rating accuracy dropped when participants_____.[A] gave the rating in limited time[B] focused on specific detail[C] watched shorter video clips[D] discussed with on another答案∶B38.Judith Hall mentions driving to mention that_____.[A] memory can be selective[B] reflection can be distracting[C] social skills must be cultivate[D] deception is difficult to detect答案∶B39.When you are making complex decisions it is advisable to_____.[A] follow your feelings[B] list your preference[C] Seek expert advice[D] collect enough data答案∶A40.what can we ear from the last paragraph[A] Intuition may affect reflective tasks[B] Generating new products takes time[C] Vocabulary comprehension needs creativity[D] Objective thinking may boost inventiveness答案∶APart BDirections:Read the following text and answer the questions by choosing the most suitable subheading from the list A-G for each numbered paragraph(41-45). There are two extra subheadings which you do not need to use.Mark your answers on the ANSWER SHEET.(10points)[A] Stay calm[B] Stay humble[C] Don't make judgments[D] Be realistic about the risks[E] Decide whether to wait[F] Ask permission to disagree[G] Identify a shared goalHow to Disagree with Someone More Powerful than YouYour boss proposes a new initiative you think won't work.Your senior colleague outlines a project timeline you think is unrealistic.What do you say when you disagree with someone who has more power than you do? How do you decide whether it's worth speaking up? And if you do, what exactly should you say? Here's how to disagree with someone more powerful than you.41. ________________You may decide it's best to hold of on voicing your opinion.Maybe you haven't finished thinking the problem through, the whole discussion was a surprise to you,or you want to get a clearer sense of what the group thinks.If you think other people are going to disagree too,you might want to gather your army first. People can contribute experience or information to your thinking—all the things that would make the disagreement stronger or more valid. It's also a good idea to delay the conversation if you're in a meeting or other public space.Discussing the issue in private will make the powerful person feel less threatened.42.________________Before you share your thoughts,think about what the powerful person cares about —it may be"the credibility"of their team or getting a project done on time.You're more likely to be heard if you can connect your disagreement to a higher purpose. When you do speak up, don't assume the link will be clear. You'll want to state it overtly, contextualizing your statements sothat you're seen not as a disagreeable underling but as a colleague who's trying to advance a shared goal.The discussion will then become more like a chess game than a boxing match.43.________________This step may sound overly deferential, but, it's a smart way to give the powerful person psychological safety and control You can say something like,"I know we seem to be moving toward a fist-quarter commitment here.I have reasons to think that won't work.I'd like to lay out my reasoning. Would that be OK?"This gives the person a choice,allowing them to verbally opt in.And,assuming they say yes it ill make you feel more confident about voicing your disagreement.44.________________You might feel your heart racing or your face turning red,but do whatever you can to remain neutral in both your words and actions. When your body language communicates reluctance oranxiety,it undercuts the message.It sends a mixed message,and your counterpart gets to choose what to read. Deep breaths can help,as can speaking more slowly and deliberately. When we feel panicky we tend to talk louder and faster. Simply slowing the pace and talking in an even tone helps calm the other person down and does the same for you. It also makes you seem confident, even if you aren't.45.________________Emphasize that you're offering your opinion, not gospel truth.It may be a well-informed well-researched opinion,but it's still an opinion,my talk tentatively and slightly understate your confidence.Instead of saying something like,"If we set an end-of-quarter deadline, we'll never make it,"say,"This is just my opinion,but I don't see how we will make that deadline."Having asserted your position ((as a position,not as a fact), demonstrate equal curiosity about other views.Remind the person that this is your point of view,and then invite critique.Be genuinely open to hearing other opinions.答案∶42. E. Decide whether to wait43. G. Identify a shared goal44. F. Ask permission to disagree45. A. Stay calm45. B. Stay humbleSection III Translation46. Directions:Translate the following text into Chinese.Write your translation on the ANSWER SHEET.(15 points)We tend to think that friends and family members are our biggest sources of connection, laughter and warmth. While that may well be true,researchers have also recently found that interacting with strangers actually brings a boost in mood and felings of belonging that we didn't expect.In one series of studies, researchers instructed Chicago-area commuters using public transportation to strike up a conversation with some one near them. On average, participants who followed the instruction felt better than those who had been told to stand or sit in silence. The researchers also argued that when we shy away from casual interaction with strangers, it is often due to a misplaced anxiety that they might not want to talk to us. Much of the time, however,this belief is false.As it turns out, many people are actually perfectly willing to talk—and may even be flattered to receive your attention.参照译文:我们往往认为朋友和家人是我们交流、快乐和温馨的重要源泉。

会计专业英语作业第二版本(1)

Chapter 5课后习题赵若寒杨琬莹邓凤兰荆阳梅第一部分选择题1、In general terms,financial assetsappear in the balance sheet at:a.Face valueb.Current valuec.Costd.Estimated future sales valueA现值成本估计未来销售价值账面价值A B CD2、which of following practices contributesto efficient cash management?C a.Never borrow money — maintain a cash balance sufficient to make all necessary paymentsb.Record all cash receipts and cash payments atthe end of the month when reconciling the bank statementsc.Prepare monthly forecasts of planned cashreceipts,payments and anticipated cash balances upto a year in advanced.pay each bill as soon as the invoice arrives提前准备好每月预估计划的现金收入、支付和预期现金余额发票一到，就立即付款协调银行对账单的时候，在月末记录所有的现金收入和现金支付永远不要借钱——保持足够的现金余额来支付所有必要的款项ABCDA3、Each of the following measuresstrengthens internal control over cashreceipts except :a.The use of a petty cash fundb.preparation of a daily listing of all checksreceived through the mailc.The deposit of cash receipts in the bank ona daily basisd.The use of cash registersA零用备用金的使用每天进行银行现金收入的存款现金使用的登记BC D 每日通过邮件收到的支票清单的准备4.Puget Sound Co.sold marketable securities costing $80000 for $92000 cash.In the company's income statement and statementof cash flows,respectively,this will appear as:a.A $12000 gain and a $92000 cash receiptb.A $92000 gain and an $8000 cash receiptc.A $12000 gain and an $80000 cashreceiptd.A $92000 sale and a $92000 cash receipt A获得12000美元和80000的现金收据 BC D A 获得92000美元和80000的现金收据获得92000美元和92000的现金收据获得12000美元和92000的现金收据有价证券成本是80000，获得的现金收据是92000，所以最终的收入获得是12000.5、Under the direct write-off method of accounting for uncollectible accounts:a.The current year uncollectible accountsexpense is less than the expense that would be Dunder the allowance approachb.The relationship between the current period netsales and current period uncollectible accountsexpense illustrates the matching principlec.The Allowance for Doubtful Accounts is debitedwhen specific accounts receivable are determinedto be worthlessd.Accounts receivable are not stated in thebalance sheet at net realization value,but at thebalance of the Accounts Receivable controlaccountA BCD当前年度的未收回的账目费用低于在津贴方法下的支出当前时期的净销售与当前时期的未收回的帐户费用之间的关系说明了匹配原则当特定的应收账款被确定为一文不值时，坏账准备就会被记入借方应收账款不是在在资产负债表中以净实现价值进行说明，但在应收账款控制账户的余额中6、October 1,2005,Coast Financial loaned Bart Corporation $300000,receiving in exchange a nine-month,12 percent note receivable.Coast ends its fiscal year on December 31 and makes adjusting entires to accrue interest earned on all notes receivable.The interest earned on the note receivable from Bart Corporation during 2005 will amount to:a.$9000 b.18000 c.$27000 d.$36000A2005年10月1日，公司收到一份期限为9个月，利息为12%的应收票据，所以到2005年底，只需计算3个月的应收利息，计算公式见右。

会计英语课后习题参考答案解析(可编辑修改word版)

Suggested SolutionChapter 12.3.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=4,290Chapter 21.a.To increase Notes Payable -CRb.To decrease Accounts Receivable-CRc.To increase Owner, Capital -CRd.To decrease Unearned Fees -DRe.To decrease Prepaid Insurance -CRf.To decrease Cash - CRg.To increase Utilities Expense -DRh.To increase Fees Earned -CRi.To increase Store Equipment -DRj.To increase Owner, Withdrawal -DR2.a.Cash 1,800Accounts payable ............................ 1,800 b.Revenue ......................................Accounts receivable ....................c. 4,5004,500Owner’s withdrawals........................ 1,500Salaries Expense ....................... 1,500d.Accounts Receivable (750)Revenue (750)3.Prepare adjusting journal entries at December 31, the end of the year.Advertising expense 600Prepaid advertising 600Insurance expense (2160/12*2) 360Prepaid insurance 360Unearned revenue Service revenue 2,1002,100Consultant expense Prepaid consultant 9009004. Unearned revenueService revenue3,0003,0001. $388,4002. $22,5203. $366,6004. $21,8005.1. net loss for the year ended June 30, 2002: $60,0002. DR Jon Nissen, Capital 60,000CR income summary 60,0003. post-closing balance in Jon Nissen, Capital at June 30, 2002: $54,000Chapter 31.Dundee Realty bank reconciliationOctober 31, 2009Reconciled balance $6,220 Reconciled balance $6,2202.April 7 Dr: Notes receivable—A company 5400Cr: Accounts receivable—A company 540012 Dr: Cash 5394.5Interest expense 5.5Cr: Notes receivable 5400June 6 Dr: Accounts receivable—A company 5533Cr: Cash 553318 Dr: Cash 5560.7Cr: Accounts receivable—A company 5533Interest revenue 27.73.(a) As a whole: the ending inventory=685(b)applied separately to each product: the ending inventory=6254.The cost of goods available for sale=ending inventory + the cost of goods=80,000+200,000*500%=80,000+1,000,000=1,080,0005.(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)=18828Chapter 41. (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% = 45,600second-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% =49,5003.(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 = 337,5004.Situation 1:Jan 1st, 2008 Investment in M 260,000Cash 260,000June 30 Cash 6000Dividend revenue 6000Situation 2:January 1, 2008 Investment in S 81,000Cash 81,000June 15 Cash 10,800Investment in S 10,800December 31 Investment in S 25,500Investment Revenue 25,5005.a. December 31, 2008 Investment in K 1,200,000Cash 1,200,000June 30, 2009 Dividend Receivable 42,500Dividend Revenue 42,500December 31, 2009 Cash 42,500Dividend Receivable 42,500 b. December 31, 2008 Investment in K 1,200,000Cash 1,200,000 December 31, 2009 Cash42,500Investment in K 42,500Investment in K 146,000Investment revenue 146,000 c. In a, the investment amount is 1,200,000net income reposed is 42,500In b, the investment amount is 1,303,500Net income reposed is 146,000Chapter 51.a. June 1: Dr: Inventory198,000 Cr: Accounts Payable198,000 June 11: Dr: Accounts Payable198,000Cr: Notes Payable198,000 June 12: Dr: Cash300,000Cr: Notes Payable300,000 b. Dr: Interest Expenses (for notes on June 11) 12,100 Cr: Interest Payable12,100 Dr: Interest Expenses (for notes on June 12) 8,175 Cr: Interest Payable8,175 c. Balance sheet presentation:dFor Western: Dr: Notes Payable 300,000 Interest Payable 8,175 Interest Expense 18,825Cr: Cash 327,0002.(1) 20⨯8 Deferred income tax is a liability2,400Income tax payable21,600 20⨯9 Deferred income tax is an asset600 Income tax payable 26,100 (2) 20⨯8: Dr: Tax expense24,000Cr: Income tax payable 21,600 Deferred income tax2,400 20⨯9: Dr: Tax expense25,500 Deferred income tax 600Cr: Income tax payable 26,100 (3) 20⨯8: Income statement: tax expense24,000 Balance sheet: income tax payable21,600 20⨯9: Income statement: tax expense25,500 Balance sheet: income tax payable 26,1003.a. 1,560,000 (20000000*12 %* (1-35%))Notes Payable498,000 Accrued Interest on Notes Payable20,275 . For Green:Dr: Notes Payable198,000 Interest Payable12,100 Interest Expense 7,700 Cr: Cash 217,800b. 7.8% (20000000*12 %* (1-35%)/20000000)4.5.Notes Payable 14,400 Interest Payable 1,296 Accounts Payable 60,000+Unearned Rent Revenue 7,200 Current Liabilities 82,896Chapter 61.Mar. 1Cash 1,200,000Common Stock 1,000,000Paid-in Capital in Excess of Par Value 200,000Mar. 15Organization Expense 50,000Common Stock 50,000Mar. 23Patent 120,000Common Stock 100,000Paid-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.1Treasury Stock 180,000Cash 180,000The cost of treasury purchased is 180,000/30,000=60 per share.Nov. 1Cash 70,000Treasury Stock 60,000Paid-in Capital from Treasury Stock 10,000Sell 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. 20Cash 75,000Paid-in Capital from Treasury Stock 15,000Treasury Stock 90,000The cost of treasury is $60 per share while the selling price is $50 which is lower than the cost.3.a. July 1Retained Earnings 24,000Dividends Payable—Preferred Stock 24,000b.Sept.1Dividends Payable—Preferred Stock 24,000Cash 24,000c. Dec.1Retained Earnings 80,000Dividends Payable—Common Stock 80,000d.Dec.31Income Summary 350,000Retained Earnings 350,0004.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=504,000c. If corporation issued debt, it has obligation to repay principald. The date of dec laration decrease the stockholders’ equity; the date of record and the date of payment have no effect on stockholders.5.a. Jan. 15Retained Earnings 35,000Accumulated Depreciation 35,000 To correct error in prior year’s depreciation.b. Mar. 20Loss from Earthquake 70,000Building 70,000c. Mar. 31Retained Earnings 12,500Dividends Payable 12,500d. Apirl.15Dividends Payable 12,500Cash 12,500e. June 30Retained Earnings 37,500Common Stock 25,000Additional Paid-in Capital 12,500To record issuance of 10% stock dividend: 10%*25,000=2,500 shares;2500*$15=$37,500f. Dec. 31Depreciation Expense 14,000Accumulated Depreciation 14,000Original 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 71.Requirement 1If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years:Year 1Inventory ............................................... 480,000 Cash/Accounts payable................................ 480,000 To record purchase of inventoryInventory ............................................... 124,000 Cash/Accounts payable................................ 124,000 To record refurbishment of inventoryAccounts receivable ..................................... 310,000 Sales revenue........................................ 310,000 To record sale of goods on accountCost of goods sold ...................................... 220,000 Inventory............................................ 220,000 To record the cost of the goods sold as an expenseSales 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 $310,000Warranty expense ........................................ 31,000* Provision for warranties (B/S)....................... 31,000 To record provision, at time of sale, for warranty expenditures* 10% of $310,000Allowance 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) ..........................Cash/Accounts payable................................ 18,60018,600To record expenditures in year 1 for warranty workCash .................................................... 297,600*Accounts receivable.................................. 297,600 To record collection of Accounts Receivable* $310,000 – $12,400Year 2Provision for warranties (B/S) .......................... 8,400 Cash/Accounts payable................................ 8,400 To record expenditures in year 2 for warranty workRequirement 2If revenue is recognized only when the warranty period has expired, thefollowing journal entries would be used to record the transactions for the two years:Year 1Inventory ...............................................Cash/Accounts payable................................ To record purchase of inventory 480,000480,000Inventory ...............................................Cash/Accounts payable................................ To record refurbishment of inventory 124,000124,000Accounts receivable .....................................Inventory............................................ 310,000220,000Deferred gross margin................................To record sale of goods on account90,000Deferred gross margin ...................................Accounts receivable.................................. 12,40012,400To record return of goods within the 30-day return period.goods have no value and are disposed of.It is assumed theDeferred 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 recognizedCash .................................................... 297,600* Accounts receivable.................................. 297,600 To record collection of Accounts receivable* $310,000 – $12,400Year 2Deferred warranty costs ................................. 8,400 Cash/Accounts payable................................ 8,400 To record warranty costs incurred in year 2 related to year 1 sales. Thewarranty costs incurred are deferred because the related revenue has not yet been recognized.Deferred gross margin ................................... **77,600Cost 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 + $8,400Requirement 3Allied Auto Parts Inc. might choose to recognize revenue only after thewarranty 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 performance is notsubstantially complete. However, if the seller was able to reliably estimate the amount of warranty work, then performance would be satisfied on theassumption that we could measure the risk that remains with the seller, andmake a provision for it.2.Percentage-of-completion method:The first step in applying revenue recognition using the percentage-of-completion method (using costs incurred to date compared to estimated totalcosts to determine the percentage of completion) is to estimate the percentageof completion of the project at the end of each year. This is done in thefollowing table (in $000s):End of 2005 End of 2006 End of 2007Total costs incurred $ 5,400 $ 12,950 $ 18,800 Total estimated costs 18,000 18,500 18,800 % completed 30% 70% 100%Once the percentage of completion at the end of each year has been calculatedas above, the next step is to allocate the appropriate amount of revenue toeach year, based on the percentage completed to date, less what has previously been recorded in revenue. This is done in the following table (in $000s):2005 2006 20072005 $20,000 × 30% $ 6,0002006 $20,000 × 70% $ 14,0002007 $20,000 × 100% $ 20,000Less: Revenue recognized in prior years (0) (6,000) (14,000) Revenue for year $ 6,000 $ 8,000 $ 6,000Therefore, the profit to be recognized each year on the construction projectwould be:2005 2006 2007 TotalRevenue recognized $ 6,000 $ 8,000 $ 6,000 $ 20,000 Construction costs incurred (expenses) (5,400) (7,550) (5,850) (18,800) Gross profit for the year $ 600 $ 450 $ 150 $ 1,200The following journal entries are used to record the transactions under the percentage-of-completion method of revenue recognition:2005 2006 20071. Costs of construction:Construction in progress ....... 5,400 7,550 5,850 Cash, payables, etc. . 5,400 7,550 5,8502. Progress billings:Accounts receivable ..... 3,100 4,900 12,000 Progress billings .... 3,100 4,900 12,000 3. Collections on billings:Cash .................... 2,400 4,000 12,400 Accounts receivable .. 2,400 4,000 12,400 4. Recognition of profit:Construction in progress 600 450 150Construction expense .... 5,400 7,550 5,850Revenue from long-termcontract ........... 6,000 8,000 6,0005.To close construction in progress:Progress billings ....... 20,000Construction in progress 20,0002005 2006 2007Balance sheetCurrent assets:Accounts receivable $ 700 $ 1,600 $ 1,200 Inventory:Construction in process 6,000 14,000Less: Progress billings (3,100) (8,000)Costs in excess of billings 2,900 6,000Income statementRevenue from long-term contracts $ 6,000 $ 8,000 $ 6,000 Construction expense (5,400) (7,550) (5,850) Gross profit $ 600 $ 450 $ 1503.a.The three criteria of revenue recognition are performance, measurability,and collectibility.Performance means that the seller or service provider has performed thework. Depending on the nature of the product or service, performance maymean quite different points of revenue recognition. For example, for thesale of products, IAS18 defines performance as the point when the seller ofthe goods has transferred the risks and rewards of ownership to the buyer.Normally, this means that performance is done at the time of sale. Althoughthe seller may have performed much of the work prior to the sale(production, selling efforts, etc.), there is still significant risk to theseller that a buyer may not be found. Therefore, from a reliability pointof view, revenue recognition is delayed until the point of sale. Also,there may be significant risks remaining with the seller of the producteven after the sale. Warranties given by the seller are a risk that remainswith the seller. However, if this risk can be reliably estimated at thetime of sale, revenue can be recognized at the point of sale. Performanceis quite different under a long-term construction contract. Here,performance really is considered to be a measure of the work done. Revenue is recognized over the production period as the work is performed. It is intended to reflect the amount of effort expended by the seller(contractor). Although legal title won’t transfer to the buyer until the project is completed, revenue can be recognized because there is a known and committed buyer. If the contractor is not able to estimate how much of the work has been done (perhaps because he or she can’t reliably estimate how much work must still be done), then profit would not be recognizeduntil the extent of performance is known.Measurability means that the seller or service provider must be able toreliably estimate the amount of the revenue from the sale or service. For the sale of products this is generally known at the time of sale (the sales price is set). However, if the seller provides a return period, it may be necessary to estimate the volume of returns at the time of sale in order to measure the revenue that will be recognized.Collectibility means that the seller or the service provider has reasonable assurance that the sales price will actually be collected. In most cases for the sales of products, the seller is able to recognize revenue at the time of sale even if the sale is on account. This is because the seller has experience with its customers and is able to estimate reliably the risk of non payment. As long as the seller is able to make this estimate, it isappropriate to recognize the revenue but to offset it with a provision for possible non collection. If the seller is unable to make reliable estimates of future collection of amounts owing, the recognition of revenue would be delayed until the cash is actually received. This is what is done using the instalment sales method of revenue recognition.b.Because of the performance criterion of revenue recognition, it would seem to be most appropriate to recognize most revenue as the seller or service provider performs the work. This would be the best measure of performance. This would mean, for example, that sellers of products would recognize their revenue over the whole production, selling, and post sales servicing periods. As we saw above, this is not commonly done because, in many cases, there are still significant risks that are retained by the seller (risk of not being able tosell the product, for example). There are also measurement risks (knowing the selling price) that exist prior to the sale. The percentage-of-completion method of revenue used for some long-term construction contracts would seem to most closely recognize revenue as the work is performed. As mentioned in Part 1, we are able to recognize revenue on this basis since a contract exists which commits the purchaser to buy the project (assuming certain conditions are met) and the sales price is known because of the existence of the contract.4.If all revenue is recognized when a student registers for the course, profit for 2007 would be:Sales Revenue1:Manuals and initial lessons (200 × $100)$ 20,000 Additional lessons ((200 × 8) × $30)48,000 Examinations ((200 × 80%) × $130) 20,800 Total sales revenue 88,800Cost of sales:Manuals and initial lessons (200 × ($15+ $3)) 3,600 Additional lessons ((200 × 8) × $3))4,800 Examinations ((200 × 80%) × $30) 4,800 Total cost of sales 13,200Depreciation of development costs:$180,000 × (200/1,000) 36,000 Profit $ 39,6005.FINISH ENTERPRISESIncome Statementfor the year ending December 31, 2005Continuing operations (excluding the chemical division)Sales ($35,000,000 – $5,500,000) $ 29,500,000Cost of sales ($15,000,000 – $2,800,000) (12,200,000)Gross profit 17,300,000Selling & administration expenses($18,000,000 – $3,200,000) (14,800,000)Profit from operations 2,500,000Income tax expense (40%) 1,000,000Profit after tax $ 1,500,000Discontinuing operations (Chemical division)Sales 5,500,000Cost of sales (2,800,000)Gross profit 2,700,000Selling & administration expenses (3,200,000)Loss from operations (500,000)Income tax expense(40%) 200,000Loss after tax (300,000) Gain on discontinuance of the Chemical division 3,500,000Tax thereon (1,400,000)After-tax gain on discontinuance of the Chemical division2,100,000Enterprise net profit $3,300,000Chapter 81.Payment of account payable. operatingIssuance of preferred stock for cash. financingPayment of cash dividend. financingSale of long-term investment. investingAmortization of bond discount. no effectCollection of account receivable. operatingIssuance of long-term note payable to borrow cash. financing Depreciation of equipment. no effectPurchase of treasury stock. financingIssuance of common stock for cash. financingPurchase of long-term investment. investingPayment of wages to employees. operatingCollection of cash interest. investingCash sale of land. InvestingDistribution of stock dividend. no effectAcquisition of equipment by issuance of note payable. no effect Payment of long-term debt. financingAcquisition of building by issuance of common stock. no effect Accrual of salary expense. no effect2.(a)Cash received from customers = 816,000(b)Cash payments for purchases of merchandise. =468,000(c)Cash payments for operating expenses. = 268,200(d)Income taxes paid. =36,9003.Cash sales..................................... $9,000Payment of accounts payable ………………………. -48,000Payment of income tax ……………………………… -13,000Payment of inter est ……………………………..….. -16,000 Collection of accounts receivable .................. 93,000 Payment of salaries and wages ………………………..-34,000 Cash flows from operating activitiesby the direct method -9,0004.Operating activities:Net loss -200,000 Add: loss on sale of land 250,000 Add: depreciation 300,000Add: amortization of patents 20,000Less: increases in current assets other than cash -750,000 Add: increases in current liabilities 180,000 Net cash flows from operating - 200,000Investing activitiesSale of land -50,000 Purchase of PPE -1,500,000Net cash flows from investing - 1,550,000Financing activitiesIssuance of common shares 400,000 Payment of cash dividend -50,000 Issuance of non-current liabilities 1,000,000 Net cash flows from financing1,350,000Net changes in cash - 400,0005.。

《会计英语》课后习题答案

Suggested SolutionChapter 1 1.3.4.5.(a)(b) net income = 9,260-7,470=1,790(c) net income = 1,790+2,500=4,290Chapter 21.a.To increase Notes Payable -CRb.To decrease Accounts Receivable-CRc.To increase Owner, Capital -CRd.To decrease Unearned Fees -DRe.To decrease Prepaid Insurance -CRf.To decrease Cash - CRg.To increase Utilities Expense -DRh.To increase Fees Earned -CRi.To increase Store Equipment -DRj.To increase Owner, Withdrawal -DR2.a.Cash 1,800Accounts payable ................................................... 1,800 b.Revenue ................................................................. 4,500Accounts receivable ..................................... 4,500c.Owner’s withdrawals............................................... 1,500Salaries Expense ........................................... 1,500 d.Accounts Receivable (750)Revenue (750)3.Prepare adjusting journal entries at December 31, the end of the year.Advertising expense 600Prepaid advertising 600Insurance expense (2160/12*2) 360Prepaid insurance 360Unearned revenue 2,100Service revenue 2,100Consultant expense 900Prepaid consultant 900Unearned revenue 3,000Service revenue 3,000 4.1. $388,4002. $22,5203. $366,6004. $21,8005.1. net loss for the year ended June 30, 2002: $60,0002. DR Jon Nissen, Capital 60,000CR income summary 60,0003. post-closing balance in Jon Nissen, Capital at June 30, 2002: $54,000Chapter 31. Dundee RealtybankreconciliationOctober 31, 2009Reconciled balance $6,220 Reconciled balance $6,2202. April 7 Dr: Notes receivable—A company 5400Cr: Accounts receivable—A company 540012 Dr: Cash 5394.5Interest expense 5.5Cr: Notes receivable 5400June 6 Dr: Accounts receivable—A company 5533Cr: Cash 553318 Dr: Cash 5560.7Cr: Accounts receivable—A company 5533Interest revenue 27.73. (a) As a whole: the ending inventory=685(b) applied separately to each product: the ending inventory=6254. The cost of goods available for sale=ending inventory + the cost of goods=80,000+200,000*500%=80,000+1,000,000=1,080,0005.(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)=18828Chapter 41. (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% = 45,600second-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% =49,5003. (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 = 337,5004. Situation 1:Jan 1st, 2008 Investment in M 260,000Cash 260,000June 30 Cash 6000Dividend revenue 6000Situation 2:January 1, 2008 Investment in S 81,000Cash 81,000June 15 Cash 10,800Investment in S 10,800December 31 Investment in S 25,500Investment Revenue 25,5005. a. December 31, 2008 Investment in K 1,200,000Cash 1,200,000June 30, 2009 Dividend Receivable 42,500Dividend Revenue 42,500 December 31, 2009 Cash 42,500Dividend Receivable 42,500 b. December 31, 2008 Investment in K 1,200,000Cash 1,200,000 December 31, 2009 Cash 42,500Investment in K 42,500Investment in K 146,000Investment revenue 146,000 c. In a, the investment amount is 1,200,000net income reposed is 42,500In b, the investment amount is 1,303,500Net income reposed is 146,000Chapter 51.a. June 1: Dr: Inventory 198,000Cr: Accounts Payable 198,000June 11: Dr: Accounts Payable 198,000Cr: Notes Payable 198,000June 12: Dr: Cash 300,000Cr: Notes Payable 300,000b. Dr: Interest Expenses (for notes on June 11) 12,100Cr: Interest Payable 12,100Dr: Interest Expenses (for notes on June 12) 8,175Cr: Interest Payable 8,175c. Balance sheet presentation:Notes Payable 498,000 Accrued Interest on Notes Payable 20,275d. For Green:Dr: Notes Payable 198,000 Interest Payable 12,100Interest Expense 7,700Cr: Cash 217,800For Western:Dr: Notes Payable 300,000 Interest Payable 8,175Interest Expense 18,825Cr: Cash 327,0002.(1) 20 8 Deferred income tax is a liability 2,400Income tax payable 21,60020 9 Deferred income tax is an asset 600Income tax payable 26,100(2) 20 8: Dr: Tax expense 24,000Cr: Income tax payable 21,600 Deferred income tax 2,40020 9: Dr: Tax expense 25,500Deferred income tax 600Cr: Income tax payable 26,100 (3) 20 8: Income statement: tax expense 24,000Balance sheet: income tax payable 21,60020 9: Income statement: tax expense 25,500Balance sheet: income tax payable 26,1003.a. 1,560,000 (20000000*12 %* (1-35%))b. 7.8% (20000000*12 %* (1-35%)/20000000)5.Notes Payable 14,400Interest Payable 1,296Accounts Payable 60,000+Unearned Rent Revenue 7,200Current Liabilities 82,896Chapter 61. Mar. 1Cash 1,200,000Common Stock 1,000,000Paid-in Capital in Excess of Par Value 200,000Mar. 15Organization Expense 50,000Common Stock 50,000Mar. 23Patent 120,000Common Stock 100,000Paid-in Capital in Excess of Par Value 20,000The 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.1Treasury Stock 180,000Cash 180,000The cost of treasury purchased is 180,000/30,000=60 per share.Nov. 1Cash 70,000Treasury Stock 60,000Paid-in Capital from Treasury Stock 10,000Sell 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. 20Cash 75,000Paid-in Capital from Treasury Stock 15,000Treasury Stock 90,000The cost of treasury is $60 per share while the selling price is $50 which is lower than the cost.3. a. July 1Retained Earnings 24,000Dividends Payable—Preferred Stock 24,000b.Sept.1Dividends Payable—Preferred Stock 24,000Cash 24,000c. Dec.1Retained Earnings 80,000Dividends Payable—Common Stock 80,000d. Dec.31Income Summary 350,000Retained Earnings 350,0004.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% fix ed dividends.b. 7%*120%*20,000=504,000c. If corporation issued debt, it has obligation to repay principald. 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. 15Retained Earnings 35,000Accumulated Depreciation 35,000To correct error in prior year’s depreciation.b. Mar. 20Loss from Earthquake 70,000Building 70,000c. Mar. 31Retained Earnings 12,500Dividends Payable 12,500d. Apirl.15Dividends Payable 12,500Cash 12,500e. June 30Retained Earnings 37,500Common Stock 25,000Additional Paid-in Capital 12,500To record issuance of 10% stock dividend: 10%*25,000=2,500 shares;2500*$15=$37,500f. Dec. 31Depreciation Expense 14,000Accumulated Depreciation 14,000Original 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 71.Requirement 1If revenue is recognized at the date of delivery, the following journal entries would be used to record the transactions for the two years:Year 1Inventory .................................................................................... 480,000Cash/Accounts payable ........................................................ 480,000 To record purchase of inventoryInventory .................................................................................... 124,000Cash/Accounts payable ........................................................ 124,000 To record refurbishment of inventoryAccounts receivable ................................................................... 310,000Sales revenue ...................................................................... 310,000 To record sale of goods on accountCost of goods sold...................................................................... 220,000Inventory .............................................................................. 220,000 To record the cost of the goods sold as an expenseSales 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 $310,000Warranty expense ...................................................................... 31,000*Provision for warranties (B/S) ............................................... 31,000 To record provision, at time of sale, for warranty expenditures* 10% of $310,000Allowance for sales returns......................................................... 12,400 Accounts receivable ............................................................. 12,400To 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) ..................................................... 18,600Cash/Accounts payable ........................................................ 18,600 To record expenditures in year 1 for warranty workCash .......................................................................................... 297,600*Accounts receivable ............................................................. 297,600 To record collection of Accounts Receivable* $310,000 – $12,400Year 2Provision for warranties (B/S) ..................................................... 8,400Cash/Accounts payable ........................................................ 8,400 To record expenditures in year 2 for warranty workRequirement 2If 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 1Inventory .................................................................................... 480,000Cash/Accounts payable ........................................................ 480,000 To record purchase of inventoryInventory .................................................................................... 124,000Cash/Accounts payable ........................................................ 124,000 To record refurbishment of inventoryAccounts receivable ................................................................... 310,000Inventory .............................................................................. 220,000 Deferred gross margin .......................................................... 90,000 To record sale of goods on accountDeferred gross margin ................................................................ 12,400Accounts receivable ............................................................. 12,400 To record return of goods within the 30-day return period. It is assumed the goods haveno value and are disposed of.Deferred warranty costs (B/S)..................................................... 18,600Cash/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 recognizedCash .......................................................................................... 297,600*Accounts receivable ............................................................. 297,600 To record collection of Accounts receivable* $310,000 – $12,400Year 2Deferred warranty costs ............................................................. 8,400Cash/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 ................................................................ **77,600Cost of goods sold...................................................................... 220,000Sales 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 + $8,400Requirement 3Allied Auto Parts Inc. might choose to recognize revenue only after the warranty periodhas expired if they are not able to make a good estimate, at the time of sale, of the amountof 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 itwill 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 performance is not substantially complete. However, if the seller was able to reliably estimate the amount of warranty work, then performance would be satisfied on the assumption that we could measure the risk that remains with the seller, and make a provision for it.2.Percentage-of-completion method:The first step in applying revenue recognition using the percentage-of-completion method (using costs incurred to date compared to estimated total costs to determine the percentage of completion) is to estimate the percentage of completion of the project at the end of each year. This is done in the following table (in $000s):End of 2005 End of 2006End of 2007Total costs incurred $ 5,400 $ 12,950 $18,800 Total estimated costs 18,000 18,500 18,800 % completed 30% 70% 100%Once the percentage of completion at the end of each year has been calculated as above, the next step is to allocate the appropriate amount of revenue to each year, based on the percentage completed to date, less what has previously been recorded in revenue. This is done in the following table (in $000s):2005 200620072005 $20,000 × 30% $ 6,0002006 $20,000 × 70% $14,0002007 $20,000 × 100% $20,000 Less: Revenue recognized in prior years (0) (6,000) (14,000) Revenue for year $ 6,000 $ 8,000 $ 6,000Therefore, the profit to be recognized each year on the construction project would be:2005 2006 2007TotalRevenue recognized $ 6,000 $ 8,000 $ 6,000 $20,000 Construction costs incurred (expenses) (5,400) (7,550) (5,850) (18,800) Gross profit for the year $ 600 $ 450 $ 150 $ 1,200The following journal entries are used to record the transactions under thepercentage-of-completion method of revenue recognition:2005 200620071. Costs of construction:Construction in progress................. 5,400 7,550 5,850Cash, payables, etc. ..... 5,400 7,550 5,850 2. Progress billings:Accounts receivable ........... 3,100 4,900 12,000Progress billings ........... 3,100 4,900 12,000 3. Collections on billings:Cash .................................. 2,400 4,000 12,400Accounts receivable ..... 2,400 4,000 12,400 4. Recognition of profit:Construction in progress..... 600 450 150Construction expense ......... 5,400 7,550 5,850Revenue from long-termcontract..................... 6,000 8,000 6,000 5. To close construction in progress:Progress billings ................. 20,000 Construction in progress 20,0002005 20062007Balance sheetCurrent assets:Accounts receivable $ 700 $ 1,600 $ 1,200 Inventory:Construction in process 6,000 14,000Less: Progress billings (3,100) (8,000)Costs in excess of billings 2,900 6,000Income statementRevenue from long-term contracts $ 6,000 $ 8,000 $ 6,000 Construction expense (5,400) (7,550) (5,850) Gross profit $ 600 $ 450 $ 1503.a. The three criteria of revenue recognition are performance, measurability, andcollectibility.Performance means that the seller or service provider has performed the work.Depending on the nature of the product or service, performance may mean quitedifferent points of revenue recognition. For example, for the sale of products, IAS18 defines performance as the point when the seller of the goods has transferred therisks and rewards of ownership to the buyer. Normally, this means that performance is done at the time of sale. Although the seller may have performed much of the work prior to the sale (production, selling efforts, etc.), there is still significant risk to theseller that a buyer may not be found. Therefore, from a reliability point of view,revenue recognition is delayed until the point of sale. Also, there may be significant risks remaining with the seller of the product even after the sale. Warranties given by the seller are a risk that remains with the seller. However, if this risk can be reliably estimated at the time of sale, revenue can be recognized at the point of sale.Performance is quite different under a long-term construction contract. Here,performance really is considered to be a measure of the work done. Revenue isrecognized over the production period as the work is performed. It is intended toreflect the amount of effort expended by the seller (contractor). Although legal titlewon’t transfer to the buyer until the project is completed, revenue can be recognized because there is a known and committed buyer. If the contractor is not able toestimate how much of the work has been done (perhaps because he or she can’treliably estimate how much work must still be done), then profit would not berecognized until the extent of performance is known.Measurability means that the seller or service provider must be able to reliablyestimate the amount of the revenue from the sale or service. For the sale of products this is generally known at the time of sale (the sales price is set). However, if the seller provides a return period, it may be necessary to estimate the volume of returns at the time of sale in order to measure the revenue that will be recognized.Collectibility means that the seller or the service provider has reasonable assurance that the sales price will actually be collected. In most cases for the sales of products, the seller is able to recognize revenue at the time of sale even if the sale is on account.This is because the seller has experience with its customers and is able to estimate reliably the risk of non payment. As long as the seller is able to make this estimate, it is appropriate to recognize the revenue but to offset it with a provision for possible non collection. If the seller is unable to make reliable estimates of future collection ofamounts owing, the recognition of revenue would be delayed until the cash is actually received. This is what is done using the instalment sales method of revenuerecognition.b. Because of the performance criterion of revenue recognition, it would seem to be most appropriate to recognize most revenue as the seller or service provider performs the work. This would be the best measure of performance. This would mean, for example,that sellers of products would recognize their revenue over the whole production, selling, and post sales servicing periods. As we saw above, this is not commonly done because,in many cases, there are still significant risks that are retained by the seller (risk of not being able to sell the product, for example). There are also measurement risks (knowing the selling price) that exist prior to the sale. The percentage-of-completion method of revenue used for some long-term construction contracts would seem to most closely recognize revenue as the work is performed. As mentioned in Part 1, we are able to recognize revenue on this basis since a contract exists which commits the purchaser to buy the project (assuming certain conditions are met) and the sales price is known because of the existence of the contract.4.If all revenue is recognized when a student registers for the course, profit for 2007 would be:Sales Revenue1:Manuals and initial lessons (200 × $100) $20,000 Additional lessons ((200 × 8) × $30) 48,000 Examinations ((200 × 80%) × $130) 20,800 Total sales revenue 88,800Cost of sales:Manuals and initial lessons (200 × ($15 + $3)) 3,600Additional lessons ((200 × 8) × $3)) 4,800 Examinations ((200 × 80%) × $30) 4,800 Total cost of sales 13,200Depreciation of development costs:$180,000 × (200/1,000) 36,000Profit $ 39,6005.FINISH ENTERPRISESIncome Statementfor the year ending December 31, 2005Continuing operations (excluding the chemical division)Sales ($35,000,000 – $5,500,000) $29,500,000Cost of sales ($15,000,000 – $2,800,000) (12,200,000)Gross profit 17,300,000Selling & administration expenses($18,000,000 – $3,200,000) (14,800,000)Profit from operations 2,500,000Income tax expense (40%) 1,000,000Profit after tax $ 1,500,000Discontinuing operations (Chemical division)Sales 5,500,000Cost of sales (2,800,000)Gross profit 2,700,000Selling & administration expenses (3,200,000)Loss from operations (500,000)Income tax expense(40%) 200,000Loss after tax (300,000) Gain on discontinuance of the Chemical division 3,500,000Tax thereon (1,400,000)After-tax gain on discontinuance of the Chemical division2,100,000Enterprise net profit$ 3,300,000Chapter 81.Payment of account payable.operatingIssuance of preferred stock for cash.financingPayment of cash dividend.financingSale of long-term investment.investingAmortization of bond discount.no effectCollection of account receivable.operatingIssuance of long-term note payable to borrow cash.financing Depreciation of equipment.no effectPurchase of treasury stock.financingIssuance of common stock for cash.financingPurchase of long-term investment.investingPayment of wages to employees.operatingCollection of cash interest.investingCash sale of land.InvestingDistribution of stock dividend.no effectAcquisition of equipment by issuance of note payable.no effect Payment of long-term debt. financingAcquisition of building by issuance of common stock.no effect Accrual of salary expense.no effect2.(a) Cash received from customers = 816,000(b) Cash payments for purchases of merchandise. =468,000(c) Cash payments for operating expenses. = 268,200(d) Income taxes paid. =36,9003.Cash sales …………………………………………... $9,000 Payment of accounts payable……………………….-48,000 Payment of income tax ………………………………-13,000 Payment of interest ……………………………..…..-16,000 Collection of accounts receivable ……………………93,000 Payment of salaries and wages ……………………….. -34,000 Cash flows from operating activitiesby the direct method -9,0004.Operating activities:Net loss -200,000Add: loss on sale of land 250,000 Add: depreciation 300,000Add: amortization of patents 20,000Less: increases in current assets other than cash -750,000Add: increases in current liabilities 180,000Net cash flows from operating -200,000Investing activitiesSale of land -50,000Purchase of PPE -1,500,000Net cash flows from investing -1,550,000Financing activitiesIssuance of common shares 400,000Payment of cash dividend -50,000Issuance of non-current liabilities 1,000,000Net cash flows from financing 1,350,000 Net changes in cash -400,000 5.。

会计与财务管理专业英语第二版课后答案

会计与财务管理专业英语第二版课后答案1、He _______ walks to school, because he lives near school. [单选题] *A. sometimes(正确答案)B. neverC. doesn’tD. don’t2、( ) My mother told me _____ in bed. [单选题] *A. not readB. not readingC. don’t readD. not to read(正确答案)3、The travelers arrived _______ Xi’an _______ a rainy day. [单选题] *A. at; inB. at; onC. in; inD. in; on(正确答案)4、______! It’s not the end of the world. Let’s try it again.（）[单选题] *A. Put upB. Set upC. Cheer up(正确答案)D. Pick up5、_____ of the land in this area _____ covered with forest. [单选题] *A. Two-fifth; isB. Two fifth; areC. Two fifths; is(正确答案)D. Two fifths; are6、The children are playing wildly and making a lot of?_______. [单选题] *A. cryB. voicesC. noises(正确答案)D. music7、A modern city has sprung up in _____was a waste land ten years ago. [单选题] *A.whichC.thatD.where8、40．Star wars is ______ adventure film and it is very interesting. [单选题] *A．aB．an (正确答案)C．theD．/9、_____how to do with the trouble of the computer, Tom had to ask his brother for help. [单选题] *A.Not to knowB.Not knowing(正确答案)C.Not knownD.Not know10、Can I _______ your order now? [单选题] *A. makeB. likeC. give11、14．Builders have pulled down many old houses, and they will build a lot of new ________. [单选题] *A．ones (正确答案)B．oneC．the onesD．the one12、The Chinese team are working hard _______ honors in the Olympic Games. [单选题] *A. to win(正确答案)B. winC. winningD. won13、Can you give her some ______ ? [单选题] *A. advice(正确答案)B. suggestionC. advicesD. suggest14、The more he tried to please her, _____she seemed to appreciate it. [单选题] *A.lessB.lesserC.the less(正确答案)D.the lesser15、?I am good at schoolwork. I often help my classmates _______ English. [单选题] *A. atB. toC. inD. with(正确答案)16、28．The question is very difficult. ______ can answer it. [单选题] * A．EveryoneB．No one(正确答案)C．SomeoneD．Anyone17、There ______ a football match and a concert this weekend.（）[单选题] *A. isB. haveC. will be(正确答案)D. will have18、Nobody noticed the thief slip into the shop, because the lights happened to _______. [单选题] *A. put outB. turn outC. give outD. go out(正确答案)19、The book is very _______. I’ve read it twice. [单选题] *A. interestB. interestedC. interesting(正确答案)D. interests20、I have to _______ my glasses, without which I can’t read the book. [单选题] *A. put upB. put awayC. put downD. put on(正确答案)21、It seems slow for children to become _____ ,while adults often feel time flies. [单选题] *A. growns-upsB. growns-upC. grown upsD. grown-ups(正确答案)22、People always _____ realize the importance of health _____ they lose it. [单选题] *A. not... untilB. don't... until(正确答案)C. /; untilD. /; not until23、The city is famous _______ its beautiful scenery. [单选题] *A. for(正确答案)B. ofC. asD. to24、78．According to a report on Daily Mail, it’s on Wednesday（）people start feeling reallyunhappy. [单选题] *A. whenB. whichC. whatD. that(正确答案)25、Some people were born with a good sense of direction. [单选题] *A. 听觉B. 方向感(正确答案)C. 辨别力D. 抽象思维26、It was（）of you to get up early to catch the first bus so that you could avoid the traffic jam. [单选题] *A. senselessB. sensible(正确答案)C. sentimentalD. sensitive27、Many people believe that _________one has, _______ one is, but actually it is not true. [单选题] *A. the more money ; the happier(正确答案)B. the more money ; the more happyC. the less money ; the happierD. the less money ; the more happy28、—Who came to your office today, Ms. Brown?—Sally came in. She hurt ______ in P. E. class. （）[单选题] *A. sheB. herC. hersD. herself(正确答案)29、The manager gave one of the salesgirls an accusing look for her（）attitude towards customers. [单选题] *A. impartialB. mildC. hostile(正确答案)D. opposing30、It is reported（）three people were badly injured in the traffic accident. [单选题] *A. whichB. that(正确答案)C.whileD.what。

Chapter02_会计专业英语答案

Problems (cont'd)
2.5 A,B Here Come the Clowns/Circus World Preparation of a balance sheet for a circus—an entity with an unusual variety of asset accounts. Also requires students to explain the effects upon this balance sheet of a fire that destroys one of the assets. (Problem 2–6 is an alternate.) Wilson Farms, Inc./Apple Valley Farms Prepare a balance sheet for a farm—an entity with a wide variety of assets. Also, explain the effects upon this balance sheet of the destruction of one of the assets. (Alternate to Problem 2–5.) The Oven Bakery/The City Butcher Prepare a balance sheet from an alphabetical listing of accounts, and prepare a second balance sheet and a statement of cash flows after some additional transactions. Evaluate the company’s relative solvency at each date. The Sweet Soda Shop/The Candy Shop The student is asked to prepare a balance sheet from an alphabetical list of accounts and then to prepare a second balance sheet as well as an income statement and a statement of cash flows, after several transactions. Evaluate the company’s relative solvency at each date. Berkeley Playhouse/Old Town Playhouse Given an improperly prepared balance sheet, student is asked to prepare a corrected balance sheet and to explain the proper valuation of assets, liabilities, and owners’ equity. Stresses generally accepted accounting principles.

会计英语试题二及标准答案

会计英语试题二及标准答案五、英文业务题（本题型共1题，共10分，答案中的金额单位以元表示，有小数的，保留两位小数，两位小数后四舍五入。

用英文在答题卷上解答，答在试题卷上无效）。

Company A is a listed company located in P. R. China. On January 1,20×4,Company A signed two share-based payment arrangements as follow:A. The company granted 100 cash share appreciation rights (SARs) to each of its 300 senior management employees, conditional upon the employees remaining in the company’s employ for the next three years. The cash share appreciation rights provided the employees with the right to receive, at the date the rights were exercised, cash equal to the appreciation in the company’s share price since the grant date. On Dece,ber 31,20×6,all SARs held by the remaining employees vested. They could be exercised during 20×7 and 20×8. The fair value and the intrinsic value(Which equals the cash paid out) of SARs are shown below.Management estimated, on the grant date, that 20% of the employees would leave evenly during the three-year period. During 20×4,22 employees left the company and management predicted the same level of departure for the next two years. During 20×5,20 employees left and management estimated that a further 15 employees would leave during year 3.Only 10 employees left during 20×6. At the end of 20×7,110 employees exercised their SARs, another 138 employees exercised their SARs on December 12,20×8.标准答案Answer:Journal entries:1. December 31, 20X4Dr: Administrative expense 171,600Cr: Wages payable 171,600（300－22×3）×100×22×1/3=171,6002. December 31, 20X5Dr: Administrative expense 168,600Cr: Wages payable 168,600（300－22-20-15）×100×21×2/3－171,600=168,6003. December 31, 20X6Dr: Administrative expense 106,200Cr: Wages payable 106,200(300－22-20-10）×100×18－171,600－168,600=106,2004. December 31, 20X7Dr: Gains and losses on changes of fair value 91,000Cr: Wages payable 91,000（300－22－20－10－110）×100×23－(446,400－220,000)=91,000 Dr: Wages payable220,000Cr: Cash 220,000110×100×20=220,0005. December 31, 20X8Dr: Gains and losses on changes of fair value 13,800 Cr: Wages payable 13,8000－(317,400－331,200)=13,800Dr: Wages payable331,200Cr: Cash 331,200138×100×24=331,200。

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会计英语第二版答案【篇一：会计英语课后题答案answer for lesson 1】r each of the following uelated items1.d2. d3. b4. d5. c6. c7.d8.a9.b10.b11c12b 13c 14d 15 a exercise answer for lesson 11.2 short-answer essay questions1.accounting cycle is an important concept for accounting. briefly explain the steps for accounting cycle.solution: (1)analyze transactions; (2) journalize transactions; (3) post to ledger;(4) prepare unadjusted trial balance ;(5) journalize post adjustments; (6) prepare adjusted trial balance;(7) prepare financial statements; (8) journalize and post closing entries; (9) prepare post-closing trial balance2 your roommate, a marketing major, thinks that debit means decrease and credit means increase. and, that every account can be debited and credited and as result, every account can have both a debit and a credit balance. explain to your roommate (1) the meaning of debit and credit; (2) which accounts can only be debited, which can only be credited, and which can be both debited and credited; and (3) which accounts normally have debit balances and which credit balances.solution: the terms debit and credit mean the left and right side, respectively, of every account. some accounts such as dividends and expenses are only debited; other accounts such as share capital-ordinary and revenues are only credited; and finally, some accounts such as cash, accounts receivable, and accounts payable can be debited and credited. accounts with debit balances include assets, dividends, and expenses. accounts with credit balances include share capital-ordinary and revenues.3 a fellow classmate is confused about how debits andcredits relate to the basic accounting equation. state the basic accounting equation, convert it into the expanded accounting equation, and then explain how it ties into the rules for debits and credits.solution:the basic accounting equation is:assets = liabilities + equitythe expanded equation divides equity into its various parts, reflecting the shareholders investment, dividends, revenues, and expenses:assets = liabilities + share capital-ordinary + retained earnings – dividends + revenues – expensesthis expanded equation can then be re-arranged to explain why certain accounts have debit (left-hand) balances, while other accounts have credit (right-hand) balances, as follows:assets + dividends + expenses = liabilities + share capital-ordinary + retained earnings + revenuesthe accounts on the left-hand side of the equation have left-hand, or debit balances, while the accounts on theright-hand side of the equation have right-hand, or credit balances. accounts with debit balances are increased with debits and decreased with credits, while accounts with credit balances are increased with credits and decreased with debits.4 john dough, a fellow employee, wants to understand the basic steps in the recording process. identify and briefly explain the steps in the order in which they occur.solutionthe basic steps in the recording process are:1. analyze each transaction. in this step, business documents are examined to determine the effects of the transactionon the accounts.2. enter each transaction in a journal. this step is called journalizing and it results in making a chronological record of the transactions.3. transfer journal information to ledger accounts. this step is called posting. posting makes it possible to accumulatethe effects of journalized transactions on individual accounts.5 the process of transferring the information in the journal to the general ledger is called posting. explain the posting process, including the importance of the journal page number and the account numbers.solutionthe posting process begins with locating the account(s) being debited in the general ledger. then entering the date of the entry, the journal page number where the entry originated and debit portion of the entry in the date, reference and debitcolumns, respectively. once this done, the account number(s) of the account(s) being debited is (are) entered in the reference column in the journal. next, the credit portion of the journal entry is posted to the appropriate accounts in the ledger following the same steps as noted for the debit portion.the importance of the journal page number, in the reference column of each account in the general ledger accounts, is to indicate where to find the original entry. and, the generalledger account numbers, in the reference column of the journal, indicate that the entry has been posted.1.3 the effects of transactions on the accounting equationlinda champion began a professional accounting practice on may 1 and plans to prepare financial statements at the end of each month. during may, champion completed these transactions:。