1、金融英语中级会计学-2 及答案解析(总分：122.00，做题时间：90 分钟)一、BSECTION ONE/B(总题数：6，分数：12.00)1.For purpose of recording accounting information, each company is considered to be separate from its owners and all other companies. This concerns the entity concept.（分数：2.00）A.正确B.错误2.In an inflation economy, the inventory endi
2、ng balance recorded by FIFO method is lower than that recorded by LIFO method.（分数：2.00）A.正确B.错误3.If the purchaser has been given a purchase allowance, the amount of allowance should be debited to purchase return account.（分数：2.00）A.正确B.错误4.In long-term construction contracts, revenue is recognized at
3、 the point of the cash collected.（分数：2.00）A.正确B.错误5.In business charges depreciation in accounts, the accounting concept to be considered is the materiality concept.（分数：2.00）A.正确B.错误6.Cumulative preference shares have the right to accumulate dividends in a given year if they are in arrears.（分数：2.00）
4、A.正确B.错误二、BQuestion 2/B(总题数：14，分数：50.00)7.The following expenditure should be. debited to the asset account except _. (a)additions that extend the life of an asset. (b)ordinary repair costs. (c)replacements that expand the uses of an asset. (d)None of the above.（分数：1.00）A.B.C.D.8.Following the prepa
5、ration of the profit and loss account, it is discovered that work-in-progress has been overvalued by 2,000 and an accrued expense of 500 has been overvalued. This will have resulted in _. (a)an overstatement of net profit of 2,500. (b)an understatement of net profit of 2,500. (c)an overstatement of
6、net profit of 1,500. (d)an understatement of net profit of 1,500.（分数：1.00）A.B.C.D.9.A budget which, by recognizing different cost behaviour is designed to change as the volume of actual output changes is _. (a)fixed Budget. (b)zero Budget. (c)flexible Budget. (d)rolling Budget.（分数：1.00）A.B.C.D.10.Ta
7、ke the deflation into consideration, which method of inventory valuation will usually produce the highest profit and the lowest closing inventory value. (a)FIFO method. (b)Weighted average cost method. (c)LIFO method. (d)None of the above.（分数：1.00）A.B.C.D.11.Charles operates a retail business in Lon
8、don. On 30 June 2003, there was a fire in his store. His books of account and most of his stock were destroyed. The value of the undamaged stock was agreed at 5,000. His Trading Account for the year ended 31 December 2002 was as follows: Sales 492,000 Opening stock 31,000 Purchases U154,000/U 185,00
9、0 Less: Closing stock U37,400/U Gross profit U147,600/U （分数：1.00）_12.Julie plans to sell delicate paper boxes in her retail shop. The selling price is 10, while the cost is 5 per unit. The fixed costs she encounters will be 600. Then the breakeven is _. (a)40 units. (b)60 units. (c)80 units. (d)120
10、units.（分数：1.00）A.B.C.D.13.An old equipment has a book value of $ 350,000, deprecation expense 100,000, and current disposal value of 150,000. Which figure is the relevant cost to deposal the equipment? (a)350,000. (b)100,000. (c)150,000. (d)250,000.（分数：1.00）A.B.C.D.14.The following costs are relevan
11、t to make a decision except _. (a)differential cost. (b)opportunity cost. (c)historical cost. (d)incremental cost.（分数：1.00）A.B.C.D.15.You are auditing a business, May Company for 1999 and 2000. You discover that May Company has adopted the following treatment of certain items in the accounts. In 199
12、9, inventory valuation method was FIFO, but in 2000 LIFO method has been used, as the prices is rising. Insurance expense from 1 July 2000 to 1 July 2001 has been absolutely recorded in the accounts for expenses incurred. Required: State the fundamental accounting concept which governs each of the a
13、bove two treatments: (a)inventory valuation method (b)insurance expense and discuss the effect which each treatment will have on the following financial ratios: (i)net profit margin (ii)return on capital employed (iii)current ratio (iv)quick (acid test)ratio（分数：1.00）_16.A manufacturer has the follow
14、ing figures for the year ended 31 December 2003: Direct materials 7,000 Factory overheads 10,000 Direct labor 5,000 Increase in works-in-progress 2,000 The conversion cost is (a)12,000. (b)17,000. (c)15,000. (d)10,000.（分数：1.00）A.B.C.D.17.The accounting concept or convention, which, the economic life
15、 of a business can be divided into artificial time periods, is based on _. (a)materiality Concept. (b)going Concern Concept. (c)matching Concept. (d)prudence Concept.（分数：10.00）A.B.C.D.18.Eva, Francis and Gigi have been in business for many years. They have always shared profits and losses equally. N
16、o goodwill account has been created in the books. On 1 January Year 7 they agree that Henry will join the partnership. Henry pays 25,000 as his contribution. They agree to share profits and losses equally. The Net Assets before Henrys admission is $ 60,000. After Henrys admission, the goodwill is eq
17、ual to _. (a)15,000. (b)5,000. (c)35,000. (d)20,000.（分数：10.00）A.B.C.D.19.Busy Company is a retailer. Most of its sales are made on credit terms. The following information relates to the first 4 years. Year 1 Year 2 Year 3 Year 4 Trade Debtor as at 31 December 500,000 400,000 550,000 600,000 Bad debt
18、 written off for the year ended 31 December - 30,000 10,000 29,000 Busy Company decides to set aside a provision for bad debts equivalent to 5% of trade debtors as at year end. Required: (a)Show how the provision for bad debts would be disclosed in the balance sheet as at 31 January Year 1 to Year 4
19、. (b)Calculate the bad debt expenses for the respective profit and loss account for each of the 4 years.（分数：10.00）_20.Mings Company produces CD appliances. The following is the cost information for the year ended 31 December 2003. 1. Material put into production was valued at 360,000 and 80,000 of w
20、hich was used as supplies. 2. The payroll records showed that total labor cost was 350,000, 68,000 of which was the costs of foremen and storekeeping men. 3. Factory power and utilities were at a total cost of 90,000. 4. Selling and administration expenses totaled 100,000. 5. There was no opening an
21、d closing work-in-progress. The production records indicated that 20,000 units were completed in the year. Required: Calculate the following: (a)Prime cost (b)Conversion cost (c)Cost of goods manufactured (d)Unit production cost（分数：10.00）_三、BSECTION TWO/B(总题数：3，分数：60.00)21.After the first year of tr
22、ading, Mr. Wong provided you the following list of ledger balances as at 31 December 2003: Stock, 1 January 2003 3,300 Stock, 31 December 2003 25,200 Sales 160,000 Purchases 100,000 Premises 142,600 Fixtures & Fittings 45,200 Motor Vehicles 42,500 Returns Inwards 1,500 Returns Outwards 2,600 Carriag
23、e Inwards 1,000 Carriage Outwards 250 Debtors 30,500 Creditors 41,500 Wages 17,495 Rent and Rates 3,900 Lighting & Heating 18,455 Insurance 10,600 Motor Vehicle Expenses 2,400 Cash at Bank 4,700 Bank Loan 29,000 Loan Interest 2,300 Drawing 6,400 You are further given the following information: 1.Wag
24、es owing are 550. 2.Prepaid rent is 600. 3.Depreciation of Fixtures & Fittings is 10% per annum on cost. 4.Depreciation of Premises is based on a 10-year lease. 5.Depreciation of Motor Vehicles is 50% life using the reducing balance method. 6.Stock taken for Mr. Wongs own use is 1,100. Such a transa
25、ction has not yet been recorded. 7.It is estimated that one-third of the driving time is for private purposes. 8.5% of the outstanding accounts at the year end is thought to be uncollectible. 9.There was no error made in the recording of business transactions for the year. Required: (a)Prepare a Tra
26、ding and Profit and Loss Account for the year ended 31 December 2003. (b)Prepare a Balance Sheet as at 31 December 2003. (c)Explain the meaning and the significance of Working Capital.（分数：20.00）_22.May Trading Co. Ltd. has following figures at 31 December Year 1 Fixed assets 1,300,000 Provision for
27、depreciation 350,000 Stock 450,000 Debtors(net) 142,500 Bank 250,000 Creditors 240,000 Accrued expenses 65,000 Share capital(10 par) 1,600,000 Profit and loss account 467,350 As the accountant of May Trading Co. Ltd., you are required to prepare its master budgets for the 6 months from 1 January Yea
28、r 2 to 30 June Year 2. You have the following information available: Sales Purchase Wages Overheads excluding depreciation (Units) Oct Year 1 (Actual) 25,000 130,000 90,000 70,000 Nov Year 1 (Actual) 27,000 150,000 90,000 70,000 Dec Year 1 (Estimated) 33,000 170,000 90,000 90,000 Jan Year 2 (Estimat
29、ed) 30,000 170,000 90,000 70,000 Feb Year 2 (Estimated) 35,000 180,000 100,000 90,000 Mar Year 2 (Estimated) 36,000 200,000 110,000 90,000 Apr Year 2 (Estimated) 34,000 190,000 110,000 90,000 May Year 2 (Estimated) 33,000 190,000 110,000 80,000 Jun Year 2 (Estimated) 37,000 160,000 120,000 80,000 Ad
30、ditional Information: 1. The selling price in October Year 1 was 9 per unit and this will be increased to 10 in February Year 2. 2. 30% of sales are on cash basis, credit sales are to be settled one month after the sales. It is expected that 5% of credit sales are uncollectible. 3. Purchases are to
31、be paid for two months after purchases. 4. Wages and overheads are to be paid equally in the month incurred and the following months. 5. A machine will be purchased on 1 January Year 2 at a cost of 240,000. 6. The depreciation policy on fixed assets is 10% p.a. on cost on those owned at the end of t
32、he budget period. 7. The stock level at 30 June Year is estimated to be two months purchases in the past. 8. The company plans to raise money from the stock market by issuing 50,000 preference shares at5 per share in March Year 2. 9. Accrued expenses are to be settled in one month. Required: (a)Prep
33、are a Budgeted Profit & Loss Account for the 6 months period ended 30 June Year 2. (b)Prepare a Cash Budgeted for the 6 months period ended 30 June Year 2.（分数：20.00）_23.The following financial statements relate to Blue Ting for the year ended 31 December 2001 UBalance Sheet ended at 31 December/U 20
34、00 2001 000 000 Plant and machinery 1,296 1,788 Less: Depreciation (174) (287) Stock 184 296 Trade debtors 382 490 Bank and cash 10 (301) Trade creditors (142) (166) Accrued expenses (45) - Taxation (80) (100) Dividends U(45)/U U(60)/U 1,386 1,660 Less: 6% Loan notes2009 U(350)/U U(350)/U Paid-up sh
35、are capital 875 975 Share premium - 50 Revenue reserves 35 70 Profit and loss 126 215 UTrading and Profit and Loss Account/U 2000 2001 000 000 Turnover 2,725 3,204 Less: Cost of sales U(1,766)/U U(2,195)/U Gross profit 959 1,009 Less: Operating expenses (713) (715) Profit before taxation 246 294 Les
36、s: taxation U(80)/U U(90)/U Profit after taxation 166 204 Less: transfer to reserves (20) (35) proposed dividends U(45)/U U(80)/U Retained earnings for the year （分数：20.00）_金融英语中级会计学-2 答案解析(总分：122.00，做题时间：90 分钟)一、BSECTION ONE/B(总题数：6，分数：12.00)1.For purpose of recording accounting information, each co
37、mpany is considered to be separate from its owners and all other companies. This concerns the entity concept.（分数：2.00）A.正确 B.错误解析：2.In an inflation economy, the inventory ending balance recorded by FIFO method is lower than that recorded by LIFO method.（分数：2.00）A.正确B.错误 解析：In an inflation economy, t
38、he inventory ending balance recorded by FIFO method is higher than that recorded by LIFO method.3.If the purchaser has been given a purchase allowance, the amount of allowance should be debited to purchase return account.（分数：2.00）A.正确B.错误 解析：If the purchaser has been given a purchase allowance, the
39、amount of allowance should be credited to purchase return account.4.In long-term construction contracts, revenue is recognized at the point of the cash collected.（分数：2.00）A.正确B.错误 解析：In long-term construction contracts, revenue is recognized in proportion to the contract work performed each year.5.I
40、n business charges depreciation in accounts, the accounting concept to be considered is the materiality concept.（分数：2.00）A.正确B.错误 解析：In business charges depreciation in accounts, the accounting concept to be considered is the going concern concept.6.Cumulative preference shares have the right to acc
41、umulate dividends in a given year if they are in arrears.（分数：2.00）A.正确 B.错误解析：二、BQuestion 2/B(总题数：14，分数：50.00)7.The following expenditure should be. debited to the asset account except _. (a)additions that extend the life of an asset. (b)ordinary repair costs. (c)replacements that expand the uses of
42、 an asset. (d)None of the above.（分数：1.00）A.B. C.D.解析：8.Following the preparation of the profit and loss account, it is discovered that work-in-progress has been overvalued by 2,000 and an accrued expense of 500 has been overvalued. This will have resulted in _. (a)an overstatement of net profit of 2
43、,500. (b)an understatement of net profit of 2,500. (c)an overstatement of net profit of 1,500. (d)an understatement of net profit of 1,500.（分数：1.00）A.B.C. D.解析：9.A budget which, by recognizing different cost behaviour is designed to change as the volume of actual output changes is _. (a)fixed Budget
44、. (b)zero Budget. (c)flexible Budget. (d)rolling Budget.（分数：1.00）A.B.C. D.解析：10.Take the deflation into consideration, which method of inventory valuation will usually produce the highest profit and the lowest closing inventory value. (a)FIFO method. (b)Weighted average cost method. (c)LIFO method.
45、(d)None of the above.（分数：1.00）A.B.C.D. 解析：11.Charles operates a retail business in London. On 30 June 2003, there was a fire in his store. His books of account and most of his stock were destroyed. The value of the undamaged stock was agreed at 5,000. His Trading Account for the year ended 31 Decemb
46、er 2002 was as follows: Sales 492,000 Opening stock 31,000 Purchases U154,000/U 185,000 Less: Closing stock U37,400/U Gross profit U147,600/U （分数：1.00）_正确答案：()解析：Cost of sales to Sales in the year 2002 was: 147,600/ 492,000 Then the Cost of sales to Sales in the year 2003 was: 147,600/ (1+20%)492,000=0.25 So cost of sales of the period from 1 January 2003 to 30 June 2003 was: 270,0000.25=67,500 Purchases of the same period was: 69,000+31,000-15,000=85,0
