会计英语常见考试题目

会计英语
1 How do we understand these three accounting elements :assets、liabilities and owner’s equity?
Assets: an item of value that is owned and will provide future benefits is called an asset. Such items include cash, office supplies, office equipment and land.
A liability is an amount owed to another business.
The amount by which business assets exceed business liabilities is called owner’s equity. If there are no liabilities, the owner’s equity is equal to the total amount of the assets.
2 What are accounting assumptions?
1 accounting entity
2 going concern
3 monetary unit
4 accounting period
3 How do we distinguish accrual basis accounting from cash basis accounting?
In cash-basis accounting, the accountant records a transaction only when cash is received or paid.
Under the cash basis, revenues and expenses are reported in the income statement in the period in which cash is received or paid.
In accrual-basis accounting, an accountant recognizes the impact of a business transaction as it occurs.
Under the accrual-basis, revenues are reported in the income statement in the period in which they are earned.
Accrual-basis accounting can provide more complete information than cash-basis accounting does, more complex-and more complete-than cash-basis. Accrual-basis accounting records both cash transactions, it also records such non-cash transactions.
4 Explain the term of “accounting equation”?
Assets=Equities=Liabilities+ Owner’s equity
This equation shows assets are equal to equities. equities are divided into liabilities and owner’s equity. When the amounts of any two of these elements are known, the third can be calculated.
5 How do we understand the term of “the double-entry system”?
The mechanics of doubt-entry accounting are such that transaction is recorded in the debit side of one or more accounts and in the credit side of one or more accounts with equal debits and credits. Such form is called accounting entry. Where there are only two accounts affected, the debit amounts are equal. If more than two accounts are affected, the total of the debit entries must equal the total of the credit entries.
6 How many steps are there in the accounting cycle? What are they?
1 analysis of source documents
2 journalizing
3 posting
4 adjusting entries
5 trial balance
6 closing entries
7 prepare the financial statement
7 How to understand special journals?
Divide the transactions into groups of like nature and to record them respectively in special journals calls special journals. Include: 1 sales journal 销售日记帐2 purchase journal 采购日记账3 cash receipts journal现金日记账
8 List the classification of adjusting entries.
1 converting assets to expenses资产转化为费用
2 converting liabilities to revenue
负债转化为收入3 accruing unpaid expense应计未付费用 4 accruing uncollected revenue应计未收收入
9 Explain the difference between the multiple-step income statement and the single-step income statement.
The single-step form emphasizes total revenues and total expenses as the factors that determine net income. A criticism of the single-step form is that amounts such as gross profit and income from operations are not readily available for analysis.
An multiple-step income statement, contains several sections, subsections, and subtotals, such as gross profit, operating profit, income before tax, and net income.
10 How to understand the major financial statements?。

The balance sheet reports a company’s financial condition as of a point in time. Sometimes, it is called the statement of financial condition.
Income statement, sometimes called the profit and loss account, is reported profitability or the operating result of a business for an accounting period.
The statement of cash flows is a statement reports cash flows during an accounting period. It shows where cash came from and how it was spent. It explains the causes of the change in cash during any given time period.。