会计英语期末考试试题

会计英语期末考试试题Section 1: Vocabulary (20 marks)Part A: Fill in the blank with the appropriate accounting term. (10 marks)1. The financial statement that reports a company's assets, liabilities, and shareholders' equity is called the ________.2. ________ is the systematic allocation of the cost of an asset to expense over its useful life.3. The financial statement that shows a company's revenues, expenses, and net income is called the ________.4. The ________ is the primary measure of profitability for a company.5. ________ refers to the occurrence of an event that causes a material change in the financial statements.6. A(n) ________ is a document prepared by a buyer that requests the seller to provide goods or services.7. ________ is the process of examining a company's financial statements to ensure their accuracy and reliability.8. A(n) ________ is a document that details the terms and conditions ofa sale between a buyer and a seller.9. ________ is the process of assigning costs to inventory or products sold based on specific identification or predetermined methods.10. ________ is the amount remaining after subtracting expenses from revenue, also known as profit.Part B: Match the accounting term with its definition. (10 marks)1. ________________ Cash Flow2. ________________ Depreciation3. ________________ Liabilities4. ________________ Balance Sheet5. ________________ Revenue6. ________________ Audit7. ________________ Invoice8. ________________ Cost Allocation9. ________________ Materiality10. ________________ Net Incomea. The process of examining a company's financial statements to ensure their accuracy and reliability.b. The systematic allocation of the cost of an asset to expense over its useful life.c. The financial statement that reports a company's assets, liabilities, and shareholders' equity.d. A document that details the terms and conditions of a sale between a buyer and a seller.e. The amount remaining after subtracting expenses from revenue, also known as profit.f. The occurrence of an event that causes a material change in the financial statements.g. The financial statement that shows a company's revenues, expenses, and net income.h. A document prepared by a buyer that requests the seller to provide goods or services.i. The process of assigning costs to inventory or products sold based on specific identification or predetermined methods.j. Debts or obligations of a company that arise from past transactions.Section 2: Reading Comprehension (40 marks)Read the following passage and answer the questions.Financial Reporting StandardsFinancial reporting standards, also known as accounting standards, are a set of guidelines that dictate how financial statements should be prepared and presented. They ensure consistency and comparability of financial information across different entities, making it easier for investors, creditors, and other stakeholders to assess and compare companies.The International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) are two commonly used sets of financial reporting standards. While IFRS is widely adopted in many countries around the world, GAAP is primarily used in the United States. However, there is an ongoing convergence project between the two, aiming to harmonize the standards and reduce the differences between them.Financial reporting standards cover various aspects of financial reporting, such as the recognition, measurement, presentation, and disclosure of financial information. They provide guidance on how to account for transactions, assets, liabilities, revenue, expenses, and many other elements of financial statements.Q1. What are financial reporting standards?Q2. Why are financial reporting standards important?Q3. What are the two commonly used sets of financial reporting standards?Q4. What is the difference between IFRS and GAAP?Q5. What do financial reporting standards cover?Section 3: Grammar and Writing (40 marks)Part A: Grammar (20 marks)Choose the correct answer to complete each sentence.1. The company ________ its financial statements every year.a) auditsb) auditedc) auditingd) had audited2. The revenue from sales ________ in the income statement.a) is showingb) showedc) showsd) has shown3. The balance sheet ________ information about the company's assets and liabilities.a) includesb) includingc) includedd) include4. The auditor ________ the financial statements for any errors or irregularities.a) has reviewedb) reviewingc) reviewedd) review5. Goodwill is an ________ asset that represents the value of a company's brand, reputation, and customer relationships.a) intangibleb) tangiblec) financiald) currentPart B: Writing (20 marks)Write a short paragraph (approximately 150 words) describing the importance of accurate financial reporting in accounting. Include the consequences of inaccurate financial reporting and explain how it can affect different stakeholders, such as investors, creditors, and employees.Accurate financial reporting plays a crucial role in accounting as it provides stakeholders, such as investors, creditors, and employees, with reliable information for decision-making. Inaccurate financial reporting can have several negative consequences. Firstly, it can mislead investors and creditors into making uninformed investment or lending decisions, leading to financial losses. Secondly, it can damage a company's reputation and result in loss of credibility, making it difficult to attract investors or obtain loans in the future. Thirdly, inaccurate financial reporting can affect employees as it may undermine their trust in the company's management and potentially result in job insecurity. Therefore, accurate financial reporting is essential for transparency, trust, and the overall stability of the financial market. It enables stakeholders to evaluate a company's financialperformance, make informed decisions, and contribute to a healthy and sustainable business environment.。