专业英语备考练习题答案.docx
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专业英语备考练习题答案.docx
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专业英语备考练习题答案
专业英语I练习题
PartI.MultipleChoice
1.(A)referstotheaccountinginformationusedspecificallytoassistmanagement.
(A)managementaccounting(B)financialaccounting(C)taxaccounting(D)auditing
2.(A)isApositionstatementthatshowswherethecompanystandsinfinancialtermsataspecificdate.
(A)Thestatementoffinancialposition(BalanceSheet)
(B)TheIncomestatement
(C)TheStatementofcashflows
(D)thestatementofretainedearnings
3.(B)isanactivitystatementthatshowsdetailsandresultsofthecompany'sprofit-relatedactivities,e.g.revenuesandexpensesforaperiodoftime.
(A)Thestatementoffinancialposition(BalanceSheet)
(B)TheIncomestatement
(C)TheStatementofcashflows
(D)thestatementofretainedearnings
4.(C)isanactivitystatementthatshowsthedetailsofthecompany'sactivitiesinvolvingcashduringaperiodoftime.
(A)Thestatementoffinancialposition(BalanceSheet)
(B)TheIncomestatement
(C)TheStatementofcashflows
(D)thestatementofretainedearnings
5.(A)areeconomicresourcesthatareownedbyabusinessandareexpectedtobenefitfurtureoperations.
(A)assets(B)liabilities(C)owners'equity(D)revenues
6.Anassetisshowninthebalancesheetatits(B)i.e.theoriginalamountthebusinessentitypaidtoacquiretheasset.
(A)replacementcost(B)historicalcost(C)presentvalue(D)marketvalue
7.(D)claimshavelegalpriorityoverotherclaims,()isaresidualamount.
(A)creditors',creditors'
(B)owners'equity,owners'equity
(C)owners'equity,creditors'
(D)creditors',owners'equity
8.(A)representstheportionofstockholders'(owners')equityresultingfromprofitsearnedandretainedinthebusiness
(A)retainedearnings(B)capitalstock(C)revenue(D)expenses
9.(D)referstoamountenteredontheleftsideofaledgeraccount;()referstoamountenteredontheleftsideofaledgeraccount.
(A)debit,debit(B)credit,credit(C)credit,debit(D)debit,credit
10.Adebitisusedtorecordan(B)inanassetora()inaliabilityorinowners'equity.
(A)increase,increase(B)increasedecrease
(C)decreaseincrease(D)decreasedecrease
11.Acreditisusedtorecordan()inanassetora()inaliabilityorinowners'equity.(A)
(A)increase,increase(B)increasedecrease(C)decreaseincrease(D)decreasedecrease
12.(C)referstoadistributionofresourcesbyacorporationtoitsstockholders.
(A)expense(B)interest(C)dividends(D)revenue
13.AssumeuntilDec.31,CompanyOAShasatotalrevenueof$175,000,totalexpenses(includingtax)of$25,000,itsnetincomeis(B)
(A)$200,000(B)$150,000(C)-150,000(D)425,000
14.(A)indicatesthatrevenueshouldberecognizedatthetimegoodsaresoldorservicesareprovided.
(A)therealizationprinciple(B)theobjectivityprinciple(C)thetimeperiodprinciple(D)theconservatismprinciple
15.(C)indicatesthattherevenueearnedduringanaccountingperiodismatchedwiththeexpensesincurredingeneratingthatrevenue.
(A)theconservatismprinciple(B)theobjectivityprinciple(C)thematchingprinciple(D)thetimeperiodprinciple
16.Acashexpenditurethatwillbenefitmorethanoneaccountingperiodusuallyisrecordedby()anassetaccountandby()cash.(B)
(A)debiting,debiting(B)debiting,crediting(C)crediting,debiting(D)crediting,crediting
17.Abusinessmaycollectcashinadvanceforservicetoberenderedinfutureaccountingperiods.Transactionsarerecordedby()cashandby()aliabilityaccount.(B)
(A)debiting,debiting(B)debiting,crediting(C)crediting,debiting(D)crediting,crediting
18.Anexpensemaybeincurredinthecurrentaccountingperiodeventhoughnocashpaymentwilloccuruntilafutureperiod.Theadjustingentryisrecordedby(B)
(A)debitingtheappropriateliabilityaccountandbycreditingtherelatedexpenseaccount
(B)debitingtheappropriateexpenseaccountandbycreditingtherelatedliabilityaccount
(C)debitingtheappropriatecashaccountandbycreditingtherelatedliabilityaccount
(D)debitingtheappropriateexpenseaccountandbycreditingtherelatedcashaccount
19.Revenuemaybeearnedduringthecurrentperiod,eventhoughthecollectionofcashwillnotoccuruntilafutureperiod.Theadjustingentryisrecordedby(C)
(A)debitingtheappropriateliabilityaccountandbycreditingtherelatedexpenseaccount
(B)debitingtheappropriateexpenseaccountandbycreditingtherelatedliabilityaccount
(C)debitingtheappropriateassetandbycreditingtheappropriaterevenueaccount
(D)debitingtheappropriaterevenueandbycreditingtheappropriateassetaccount
20.Whichoneofthefollowingisaliabilityaccount?
(A)prepaidexpense(B)unearnedrevenue(C)notesreceivable(D)costofgoodssold
21.OnJanuary1,2008,CompanyOAShadaretainedearningsof$1000.Bytheendof2008,thecompanyreportedanetincomeof$4000duringthewholeyearandannouncedadividenddistributionof$2000toshareholders.HowmuchwouldbetheretainedearningsbalanceonDecember31,2008forCompanyOAS?
(D)
(A)$7000(B)$-1000(C)$1000(D)$3000
22.whichoneofthefollowingisnotatemporaryaccount?
(D)
(A)revenue(B)expense(C)dividends(D)retainedearnings
23.(A)referstocompaniesthatpurchasetheirinventoriesfromotherbusinessorganizationsinaready-to-sellcondition.
(A)merchandiser(B)manufacturer(C)servicecompany(D)nonprofitorganizations
24.whichtypeofcompaniesactuallymanufacturetheirowninventory?
(B)
(A)merchandiser(B)manufacturer(C)retailer(D)wholesaler
25.(C)referstoabusinessthatsellsmerchandisedirectlytothepublic.
(A)servicecompany(B)manufacturer(C)retailer(D)wholesaler
26.(D)referstoamerchandisingcompanythatbuylargequantitiesofmerchandisefromseveraldifferentmanufacturersandthenresellthismerchandisetomanydifferentretailers.
(A)servicecompany(B)manufacturer(C)retailer(D)wholesaler
27.(C)referstoasystemofaccountingformerchandisingtransactionsinwhichtheInventoryandCostofGoodsSoldaccountsarekeptperpetuallyup-to-date.
(A)FIFO(B)LIFO(C)perpetualinventorysystem(D)periodicinventorysystem
28.AssumeforCompanyWOP,theinventoryonhandattheendof2008cost$14,000.During2009,thecompanypurchasedmerchandiseforresaleof$130,000intotal.Inventoryonhandattheendof2009cost$12,000.Howmuchisthecostofgoodssoldduringtheyear?
(D)
(A)$15,000(B)$13,000(C)$2,000(D)$132,000
29.Whenmanagementoremployeesneedup-to-dateinformationaboutinventorylevels,theyusuallychoose(C).
(A)FIFO(B)LIFO(C)perpetualinventorysystem(D)periodicinventorysystem
30.Whencompaniesonlyneedannualdataandalwayswanttoreduceaccountingrecords,theyusuallychoose()
(A)FIFO(B)LIFO(C)perpetualinventorysystem(D)periodicinventorysystem
31.Fora$200,000,60-days,6percentnote,thetotalinterestchargewouldbe(D)
(A)$12000(B)$7200(C)$4000(D)$2000
32.(B)referstoamethodofvaluingallunitsininventoryatthesameaverageper-unitcost,whichisrecomputedaftereverypurchase.
(A)specificidentification(B)averagecost(C)FIFO(D)LIFO
33.(C)referstoamethodofcomputingthecostofinventoryandthecostofgoodssoldbasedontheassumptionthatthefirstmerchandiseacquiredisthefirstmerchandisesoldandthattheendinginventoryconsistsofthemostrecentlyacquiredgoods.
(A)specificidentification(B)averagecost(C)first-in,first-out(D)last-in,first-out
34.(D)referstoamethodofcomputingthecostofgoodssoldbyuseofthepricespaidforthemostrecentlyacquiredunits.Endinginventoryisvaluedonthebasisofpricespaidfortheunitsfirstacquired.
(A)specificidentification(B)averagecost(C)first-in,first-out(D)last-in,first-out
35.(C)indicatesthatonceacompanyhasadoptedaparticularaccountingmethod,itmustfollowthatmethodconsistently,ratherthanswitchmethodsfromoneyeartothenext.
(A)therealizationprinciple(B)theobjectivityprinciple
(C)theprincipleofconsistency(D)theconservatismprinciple
36.Whichoneofthefollowingisnotclassifiedasintangibleassets?
(C)
(A)patent(B)goodwill(C)Accountsreceivable(D)franchises
37.S&GCompanyacquiresanewtruckwithacostof$17,000.Thetruckisestimatedtobeusedfor5years.Theestimatedresidualvalueis$2,000.AssumeS&Gadoptsastraight-linemethodofdepreciation.Whatshouldbeitsdepreciationexpenseinthefourthyear?
(B)
(A)$17,000(B)$3,000(C)$3,400(D)$5,000
38.Whichoneofthefollowingiscorrect?
(A)
(A)mostcompaniesusestraight-linemethodofdepreciationinfinancialstatements
(B)mostcompaniesusestraight-linemethodofdepreciationinincometaxreturns
(C)mostcompaniesuseaccelerateddepreciationmethodsinfinancialstatements
(D)mostcompaniesrecordsnodepreciationinincometaxreturns
39.(A)havefinancialclaimsagainstthebusinessbutusuallydonothavetherighttocontrolbusinessoperations.
(A)creditors(B)owners(C)controller(D)treasurer
40.(A)areobligationsthatmustbepaidwithinoneyearorwithintheoperatingcycle,whicheverislonger.
(A)currentliabilities(B)noncurrentliabilities(C)currentassets(D)noncurrentassets
41.(A)aredeductibleincomputingtaxableincome.
(A)interests(B)dividends(C)retainedearnings(D)positivecashflows
42.(A)isaleasecontractthatfinancestheeventualpurchasebythelesseeofleasedproperty.
(A)capitallease(B)operatinglease(C)notespayable(D)interestpayable
43.(A)indicatesthatstockholdersarenotpersonallyliableforthedebtofth
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