试卷详情
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金融英语中级会计学-3
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[单项选择]Mr. Wong paid $3,000 in advance for insurance on 1 December 2001 and debited it to Insurance Expense. No entries were made subsequently in 2001 or in 2002. The accounting period ends on December 31. As a result of this error ______.
(a)2001 income was understated $2,000.
(b)2002 income was understated $2,000.
(c)2001 income was understated $3,000.
(d)2002 income was understated $3,000.
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[单项选择]Mr. Ting’s net cash inflow from operating activities for the year ending 30 June is$123,000. The following adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income:
Depreciation $38,000
Increase in net accounts receivable 31,000
Decrease inventory 27,000
Increase in accounts payable 48,000
Increase in interest payable 12,000
Net income is ______.
(a)$29,000. (b)$41,000. (c)$79,000. (d)$217,000.
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[判断题]Mr. Charles invested $50,000 to commence his business, that means now he can make $ 50,000 claim on the business.
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[判断题]Provision of Depreciation is the estimated expired cost for the current period.
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[判断题]If the contingent liabilities are probable and the amount of the liabilities can be reasonably estimated, the facts of the contingency should be disclosed.
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[单项选择]At 1 January 2003, the balance of Billy Company’s Provision for Bad Debts is $5,000. At 31 December 2003, the balance of trade debtors is $45,000. Billy Company’s provision for bad debts equals to 10% of trade debtors. During the year 2003, the bad debt written off is$2,000. Then Bad Debt expenses of Billy Company this year must be ______.
(a)$2,500. (b)$1,500. (c)$-1,500. (d)$-2,5OO.
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[单项选择]The selected data pertain to a company at 31 December 2003 as the following:
Quick Assets $208,000
Quick ratio 2.6 to 1
Current ratio 3.5 to 1
Net sales for 2003 $1,800,000
Cost of good sold for 2003 $990,000
Average total assets for 2003 $1,200,000
The company’s inventory balance at 31 December 2003 is ______.
(a)$72,000. (b)$186,990. (c)$231,111. (d)$68,000.
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[单项选择]An accrued expense can best be described as an amount ______.
(a)paid and currently matched with earnings.
(b)paid and not currently matched with earnings.
(c)not paid but currently matched with earnings.
(d)None of the above.
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[判断题]Prime costs include direct materials costs, direct labor costs and indirect manufacturing costs.
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[单项选择]Which of the following is not a characteristic of the accounting for non-trading organizations
(a)They normally provide Receipts and Payments Accounts.
(b)They have Accumulated Fund, which is more or less the same as capital.
(c)It is more common to keep all records on a single entry basis.
(d)They must keep books on a double-entry system.
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[单项选择]At the beginning of a given period, Mr. Ting’s inventory was all finished goods. The volume is 600. At file end of this period, 2,000 are completed units and 600 are partly completed. The partly completed units were deemed to be 50% complete. The manufacturing cost is $ 30,000. Then cost per unit is ______.
(a)$17.64 (b)$13.04 (c)$10.34 (d)$15
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[简答题]ABC Sport acquired equipment at a cost of $200,000 on 1 January 2003. The asset was estimated to have a scrap value of $20,000 and an estimated useful life of 5 years. If you are the accountant of ABC Sport, please compute the annual depreciation expense for each year respectively.
Required:
(a)Using straight-line method.
(b)Using double-declining-balance method (reducing balance method).
(c)Using sum-of-the-years-digits method.
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[简答题]A & D Ltd. provides you with the following information for the two years ended 31 December years 2002 and 2003.
{{U}}Balance Sheet ended at 31 December{{/U}}
2002 2003
$’000 $’000
Plant and machinery 1,346 1,838
Less: Depreciation (224) (337)
Stock 234 346
Trade debtors 432 540
Bank and cash 60 414
Trade creditors (192) (216)
Accrued expenses (20) —
Taxation (80) (90)
Dividends {{U}}(45){{/U}} {{U}}(60){{/U}}
1,511
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[判断题]A bank reconciliation statement is prepared to analyze the differences between the ending cash balance on the bank statement and the ending cash balance in the firm’s accounting records.
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[判断题]Although one accountant mistakes to write down a credit sale as a cash sale, the figure on the debit side of the trial balance is right.
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[单项选择]If retained earnings were understated and liabilities were overstated, which of the following errors could have been the cause
(a)Making the adjustment entry for depreciation expenses twice.
(b)Failure to record interest accrued on a note payable.
(c)Failure to make the adjusting entry to record revenue which had been earned but not yet billed to clients.
(d)Failure to record the earned portion of fees received in advance.
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[单项选择]Basic accounting assumptions include the following except ______.
(a)going concern. (b)monetary unit. (c)consistency. (d)business entity.
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[简答题]The following information was extracted from the ledgers of Billy Company for its products for the year ended 31 December 2002:
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Sales (100,000 units) 500,000
Direct materials 100,000
Direct wages 70,000
Fixed production overheads 110,000
Variable production overheads 20,000
Administration expenses (60% fixed, 40% variable) 80,000
Selling expenses (60% fixed, 40% variable) 130,000
Required:
(a)Prepare the Profit and Loss Statement by using Absorption Cost method.
(b)Prepare the Profit and Loss Statement by using Marginal Cost method.
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[单项选择]Mr. Wong is a small company. And it failed to record every transaction. Now you are provided with the following information: capital at 1 January 2003 is $30,000, capital at 31 December 2003 is $31,000. During 2003, drawings are $2,000. Then the net profit for the year 2003 is ______.
(a)$3,000. (b)$-1,000. (c)$1,000. (d)$-3,000.
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[简答题]Considering purchasing KH Company, you are evaluating KH’s revenue generalizing ability. Then the following inventory valuation errors have been discovered.
·the 2000 year end inventory was overstated by $23,000
·the 2001 year end inventory was understated by $61,000
·the 2002 year end inventory was understated by $17,000
And the report income before taxes for KH was:
Year Income before taxes
2000 $138,000
2001 $254,000
2002 $168,000
Required:
(a)How much should the reported income before taxes have been for the years 2000, 2001 and 2002
(b)Discuss if 2000 year end inventory’s overvaluation will influence file 2002 year’s report income before taxes or not.