财会英语期末复习 PDF

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财会英语期末复习...

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I.

Translate the following terms: 1. Allowances for uncollectible debts 2. allowances for doubtful accounts 3. Accounts payable 4. Accounts receivable 5. Full disclosure principle 6. Faithful representation 7. The prudence principle 8. trade discount 9. Current liabilities 10. Amortization 11. Intangible assets 12. Unearned revenue 13. Accumulated depreciation 14. General ledger 15. Subsidiary ledger 16. Sales allowances 17. Cash disbursements 18. Debit balance 19. Credit balance 20. Balance of payments 21. Credit line 22. Bank statement 23. Balance sheet 24. Statement of cash flows 25. Statement of financial position 26. Deposit in transit 27. Net realizable value 28. Current cost principle 29. Contingent liabilities 30. Discount period 31. Promissory note 32. Periodic inventory system 33. Perpetual inventory system 34. FIFO 35. LIFO 36. Residual value(salvage value) 37. Straight-line method 38. Articles of incorporation 39. Articles of partnership 40. Single proprietorship 41. Common stock 42. Preferred stock 43. Par value

44. Treasury stock 45. Retained earnings 46. return on equity 47. cost allocation 48. breakeven point 49. current ratio 50. liquidity position 51. marketable securities 52. acid test ratio 53. P/E ratio 54. Risk premium 55. reducing balance method 56. market capitalization(market value) 57. floating exchange rate 58. fair value 59. demand deposit 60. time deposit 61. overdraft 62. notes receivable 63. import duty 64. work in progress 65. the accrual basis of accounting 66. the cash basis of accounting 67. closing entries 68. contra account 69. treasury bills 70. retained earnings 71. contributed capital 72. intangible asset 73. goodwill 74. prospectus 75. initial public offering 76. certified public accountants 77. internal auditing 78. budgeting 79. going concern assumption 80. revenue recognition principle II. Fill in the following blanks(30%): 1. An individual who earns living by recording the financial activities of business is known as a _______. 2. _______ concept holds that the entity will remain in operation for the foreseeable future. 3. The _______ indicates that the requirements of accounting principles may be ignored if their effects on the financial statement are unimportant to users.

4. The ______ requires that financial statements and their accompanying financial notes include all relevant information about the operations, financial position, and cash flows of the entity. 5. ________ is the interest of the owners in a business. 6. Money owed to an outsider is a ______. 7. To purchase “on account” is to create a _______. 8. In investment in a business increases its ______ and _______. 9. When an amount is entered on the left side of an account, it is a ______, and the account is said to be _______. 10. When an amount is entered on the right side of an account, it is a ______, and the account is said to be _______. 11. When all the transactions have been posted and footed, the debits should be equal to the credits. The test to see if this is so is called a ________. 12. Another name for an accounting report is a ________. 13. The statement that shows net income for the period is known as the _______ statement. 14. Two groups of items making up the income statement are _______ and _______. 15. All sales _______ are recorded in the sales journal. 16. A trade discount of 40 percent on an old TV model retailing at $500 would result in a cost to the purchaser of $______. 17. The ________ is used to record all transactions that reduces cash. 18. ________ refers to how readily an asset can be converted into other types of assets, or is used to buy services or satisfy obligations. 19. At least once a month, banks provide a _______ to each client which shows the cash disbursements, cash deposits, and their effects on the balance of cash account as recorded by the bank. 20. Money that has been deposited by the company but not yet recorded by the bank is called _______. 21. Checks that have been issued by the company but not yet paid by the bank are called ______. 22. ________ can show a company’s bank transactions and balances and be used to prove the cash balance in the company’s own records. 23. The differences between bank balance and book balance are caused by errors or _______. 24. A ______ method emphasizes the matching of revenues and expenses. 25. Accountants in companies with large credit sales use the ________ to measure bad debts. 26. ________ are amounts owed by customers on account, resulting from the sale of goods and services. 27. A _______ is a written promise to pay a specified sum of money either on demand or at a definite future date. 28. A _______ is a potential liability---it may become an actual liability if certain events occur. 29. ________ Is the number of days between the date of sale to the bank and the

maturity date. 30. There are two basic systems used in inventory accounting: ________ and ________. 31. The ________ assumes that goods are used in the order in which they are purchased. 32. Four factors influence depreciation. They are cost of the asset, _______, _______ and _______. 33. The ________ of the asset is an estimation of the net realizable value of the asset to an enterprise at the end of the asset’s estimated service life. 34. The most common methods of depreciation are ________, ________, ________ and ________. 35. __________ is used if the asset provides equal benefits to a company throughout its useful life. 36. the total amount of depreciation expense is recorded in the contra asset account called _______. 37. ________ are assets which are used in the operation of the business but have no physical substance and are non-current. 38. _______ is an excess of acquisition cost over net assets acquired. 39. The two types of payroll taxes imposed on the employer are _______ and _______. 40. A _______ is a certificate promising to pay its holder a specified sum of money plus interest at a stated rate. 41. ______ are bonds issued by a corporation that reserves the right to redeem them before maturity. 42. If the coupon rate of a bond coincides with the market rate of interest when the bonds are actually sold to investors, the bonds will be sold at ________. 43. The bonds which may be exchanged for other securities under certain conditions are called ______.

III. Indicate whether the statements are true or false（30%）: ____

1. A fiscal period may be one month, three months, six months, or even one year, but usually it is one year.T

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2. An accounting period that begins on July 1 and ends on June 30 is a calendar-year accounting period.F

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3. To record transactions in chronological order means to record them according to the date on which they occurred.T

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4. A journal is like a diary of a business because it is the only place where complete details of a transaction are recorded.T

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5. For every transaction recorded in the general journal, these items are always written: date, account titles, amounts, and source document or brief explanation.F

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6. If an error is discovered immediately after journalizing, a single ruling should be placed through the incorrect data and the correct information should be written above it.T

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7. Recording transactions is the second step in the accounting cycle.F

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8. To verify a source document means to check the accuracy of the information on it.T

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9. Since the debit and credit amounts in a business transaction are the same, the order in which the account titles are recorded in the general journal does not matter.F

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10. Dollar signs, commas, and decimals are not used when entering amounts in the journal.T

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11. The title of the account to be credited is indented from the left edge of the Description column so it can be easily distinguished from the debit part of the transaction.T

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12. Never erase an error in a journal entry because an erasure looks suspicious.T

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13. In order to help an owner/manager know the financial condition of a business, accounting records are kept and reported for a certain period of time called an accounting period.T

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14. The type of source document prepared depends upon the nature of the transaction.T

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15. The purpose of posting is to show the changes that take place in the business's accounts as a result of financial transactions.T

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16. To close the withdrawals account, the amount of its balance is debited to the capital account and credited to the withdrawals account.T

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17. Opening an account in a ledger involves writing the account title and the account number on the account form.T

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18. Opening an account in a computerized accounting system is entirely different from opening an account in a manual system.F

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19. How often posting occurs depends on the size of the business, the number of transactions, and whether posting is done manually or electronically.T

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20. The easiest way to post is from left to right in a ledger account because there is less chance of omitting data.T

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21. Every posting requires the year, month, and day to be entered in the Date column of the ledger account for every transaction.F

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22. Every amount posted will either increase or decrease the balance of a ledger account.T

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23. The notation "G3" in the Posting Reference column of a ledger account indicates the data was posted from general journal page 3.T

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24. Every journal entry requires a posting to at least two ledger accounts.T

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25. A credit posting to the Office Equipment account will result in an increase to that account.F

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26. In the preparation of a trial balance, all accounts are listed in the order in which they appear on the chart of accounts, including those accounts with a zero balance.T

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27. An error discovered before posting is usually corrected with a journal entry.F

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28. To locate a trial balance error, the first step is to check the postings from the journal to the individual ledger accounts.F

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29. When posting a correcting entry, the phrase "correcting entry" is usually written in the Explanation column of the ledger account.T

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30. If a transaction is journalized on the 8th and is posted on the 10th, the date entered in the Date column of the ledger account is the 10th.F

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31. A trial balance is prepared after posting is completed.T

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32. A work sheet is prepared at the end of each fiscal period.T

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33. The work sheet is a working paper and is prepared in pen.F

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34. Account titles are listed on the work sheet in alphabetical order.F

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35. A double rule under a column of figures means that the figures are to be added or subtracted.F

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36. A net income for the period is the amount left after the expenses for the period have been subtracted from revenue.T

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37. All asset accounts are extended to the Balance Sheet section.T

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38. Preparing the work sheet is the sixth step in the accounting cycle.T

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39. Amounts from the Trial Balance section are extended first to the Income Statement section.F

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40. A single rule across both amount columns of the Trial Balance section means that no more entries will be made.F

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41. A net loss decreases the balance in the owner's capital account.T

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42. After the net loss is calculated, it should be reflected in the debit column of the Income Statement section and the credit column of the Balance Sheet section.F

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43. Total expenses for the period are reflected in the total of the credit column of the Income Statement section.F

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44. The Trial Balance section contains entries for all accounts in the general ledger including those with zero balances.T

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45. A work sheet always covers a period of one month.F

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46. All liability accounts are listed in the credit column of the Income Statement section.F

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47. The balance sheet reports the final balances of the permanent accounts at the end of the fiscal period.T

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48. The balance sheet is prepared before the statement of changes in owner's equity.F

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49. Financial reports are often prepared in pencil.F

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50. The income statement represents the basic accounting equation.F

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51. A net income will increase the owner's capital account.T

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52. The heading is the same on all three financial statements.F

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53. The revenue, expense, and the Income Summary accounts are included on the statement of changes in owner's equity.F

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54. The information on the statement of changes in owner's equity is used in preparing the income statement.F

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55. Net income or net loss is the difference between total revenue and total expenses over a specific period of time.T

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56. The statement of changes in owner's equity summarizes the effects on the capital account of the various business transactions that occurred during the period.T

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57. Return on sales is calculated by dividing net sales by net income.F

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58. The primary financial statements prepared for a sole proprietorship are the income statement and the balance sheet.T

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59. Current assets are those used up or converted to cash during the normal operating cycle of a business.T

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60. The Trial Balance section of the work sheet provides the information used in preparing the income statement.F

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61. The net income or net loss reported on the income statement must be the same as the net income or net loss calculated on the work sheet.T

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62. The changes in the Cash in Bank account are reported in the statement of changes in owner's equity.F

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63. Revenue and expense accounts must be closed out because their balances apply to only one accounting period.T

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64. Closing entries transfer the net income or net loss to the withdrawals account.F

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65. To close a revenue account, debit it for the amount of its credit balance.T

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66. When expense accounts are closed, the Income Summary account is credited.F

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67. Before closing entries are journalized and posted, the Income Summary account in the general ledger has a normal credit balance.F

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68. The Income Summary account is a simple income statement in the ledger.T

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69. After the closing entries have been posted, the balance in the capital account reflects the net income or net loss and the withdrawals for the period.T

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70. The Income Summary account is located in the owner's equity section of the general ledger.T

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71. Closing the revenue account is the second closing entry.F

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72. If a business reports a net loss for the period, the journal entry to close the Income Summary account would be a debit to capital and a credit to Income Summary.T

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73. The last step in the accounting cycle is the preparation of the post-closing trial balance.T

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IV. Translate the following passages into Chinese: 1. The statement of cash flows, under international standards, includes transactions in cash equivalents as well as cash. Cash includes cash on hand and demand deposits with banks or other financial institutions. Cash equivalents are short term highly liquid investments that are (1) readily convertible to known amounts of cash, and (2) so near to their maturity that they present insignificant risk of changes in value....