1、金融英语中级会计学-3 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.Mr. Charles invested 50,000 to commence his business, that means now he can make 50,000 claim on the business.（分数：2.00）A.正确B.错误2.Although one accountant mistakes to write down a credit sale as a cash sale, the figure on the deb
2、it side of the trial balance is right.（分数：2.00）A.正确B.错误3.Provision of Depreciation is the estimated expired cost for the current period.（分数：2.00）A.正确B.错误4.If the contingent liabilities are probable and the amount of the liabilities can be reasonably estimated, the facts of the contingency should be
3、disclosed.（分数：2.00）A.正确B.错误5.Prime costs include direct materials costs, direct labor costs and indirect manufacturing costs.（分数：2.00）A.正确B.错误6.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
4、the firms accounting records.（分数：2.00）A.正确B.错误二、BQuestion 2/B(总题数：14，分数：50.00)7.Basic accounting assumptions include the following except _. (a)going concern. (b)monetary unit. (c)consistency. (d)business entity.（分数：1.00）A.B.C.D.8.At 1 January 2003, the balance of Billy Companys Provision for Bad De
5、bts is 5,000. At 31 December 2003, the balance of trade debtors is 45,000. Billy Companys provision for bad debts equals to 10% of trade debtors. During the year 2003, the bad debt written off is2,000. Then Bad Debt expenses of Billy Company this year must be _. (a)2,500. (b)1,500. (c)-1,500. (d)-2,
6、5OO.（分数：1.00）A.B.C.D.9.Considering purchasing KH Company, you are evaluating KHs 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
7、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 inventorys ove
8、rvaluation will influence file 2002 years report income before taxes or not.（分数：1.00）_10.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
9、the above.（分数：1.00）A.B.C.D.11.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 200
10、3 is _. (a)3,000. (b)-1,000. (c)1,000. (d)-3,000.（分数：1.00）A.B.C.D.12.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)2
11、001 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.（分数：1.00）A.B.C.D.13.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 e
12、stimated 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.（分数
13、：1.00）_14.Mr. Wong is a small manufacturer of bicycles in Hong Kong. His business incurred the following costs for the year ended 31 December 2003. Materials (100% variable) 300,000 Labor (25% variable) 200,000 Selling & distribution cost (20% variable) 50,000 Other costs (fixed) U170,000/U （分数：1.00
14、）_15.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
15、)They must keep books on a double-entry system.（分数：1.00）A.B.C.D.16.The following information was extracted from the ledgers of Billy Company for its products for the year ended 31 December 2002: Sales (100,000 units) 500,000 Direct materials 100,000 Direct wages 70,000 Fixed production overheads 110
16、,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 me
17、thod.（分数：1.00）_17.At the beginning of a given period, Mr. Tings 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 c
18、ost per unit is _. (a)17.64 (b)13.04 (c)10.34 (d)15（分数：10.00）A.B.C.D.18.Mr. Tings net cash inflow from operating activities for the year ending 30 June is123,000. The following adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income: De
19、preciation 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.（分数：10.00）A.B.C.D.19.If retained earnings were understated and liabilities were
20、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.
21、(d)Failure to record the earned portion of fees received in advance.（分数：10.00）A.B.C.D.20.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 Avera
22、ge total assets for 2003 1,200,000 The companys inventory balance at 31 December 2003 is _. (a)72,000. (b)186,990. (c)231,111. (d)68,000.（分数：10.00）A.B.C.D.三、BSECTION TWO/B(总题数：3，分数：60.00)21.The summary Balance Sheet of Billy Trading Company on 1 April 2003 was as follows: Equipment (at cost) 180,000
23、 Less: Provision for depreciation (68,400) Stock 38,600 Debtors U50,000/U Total assets Financed by: Share Capital 70,000 Revenue Reserves 50,000 10% debentures 70,000 Proposed dividends 2,200 Bank overdraft 8,000 （分数：20.00）_22.The following are the summarized financial statements of Mr. Wongs busine
24、ss for the years ended 31 December 2002 and 2003 respectively. UBalance Sheets as at 31 December/U 2002 2003 Fixed Assets (net book value) 22,500 18,000 Current Assets: Stock 10,500 27,000 Debtors 18,000 54,000 Bank 1,500 Current liabilities: Creditors (9,000) (22,500) Bank overdraft U/U U(15,000)/U
25、 Capital at 1 January 18,000 43,500 Net Profit for the year 45,000 52,500 Drawings U(19,500)/U U(34,500)/U UProfit and Loss Account/U Sales 180,000 300,000 Cost of sales U120,000/U U225,000/U Gross profit 60,000 75,000 Operating expenses U15,000/U U22,500/U Net profit （分数：20.00）_23.A & D Ltd. provid
26、es you with the following information for the two years ended 31 December years 2002 and 2003. UBalance 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) A
27、ccrued expenses (20) Taxation (80) (90) Dividends U(45)/U U(60)/U 1,511 2,435 Less: 7% Debentures U(350)/U U(1,000)/U Paid-up share capital 900 1,000 Share premium 100 Revenue reserves 85 120 Profit and loss U176/U U215/U UTrading and Profit and Loss Account/U 2002 2003 000 000 Turnover 2,775 3,254
28、Less: Cost of sales U(1,816)/U U(2,245)/U Gross profit 959 1,009 Less: Operating expenses (763) (765) Profit before taxation 196 244 Less: taxation U(80)/U U(90)/U Profit after taxation 116 154 Less: transfer to reserves (20) (35) proposed dividends U(45)/U U(80)/U Retained earnings for the year （分数
29、：20.00）_金融英语中级会计学-3 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.Mr. Charles invested 50,000 to commence his business, that means now he can make 50,000 claim on the business.（分数：2.00）A.正确B.错误 解析：Only when the business has no loss till now, can he make 50,000 claim on the business.2.A
30、lthough 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.（分数：2.00）A.正确 B.错误解析：3.Provision of Depreciation is the estimated expired cost for the current period.（分数：2.00）A.正确B.错误 解析：Depreciation Expense is the estimated expi
31、red cost for the current period.4.If the contingent liabilities are probable and the amount of the liabilities can be reasonably estimated, the facts of the contingency should be disclosed.（分数：2.00）A.正确B.错误 解析：The facts of the contingency should be recorded in the accounts.5.Prime costs include dire
32、ct materials costs, direct labor costs and indirect manufacturing costs.（分数：2.00）A.正确B.错误 解析：Prime costs include direct materials costs and direct labor costs.6.A bank reconciliation statement is prepared to analyze the differences between the ending cash balance on the bank statement and the ending
33、 cash balance in the firms accounting records.（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.Basic accounting assumptions include the following except _. (a)going concern. (b)monetary unit. (c)consistency. (d)business entity.（分数：1.00）A.B.C. D.解析：8.At 1 January 2003, the balance of Billy Comp
34、anys Provision for Bad Debts is 5,000. At 31 December 2003, the balance of trade debtors is 45,000. Billy Companys provision for bad debts equals to 10% of trade debtors. During the year 2003, the bad debt written off is2,000. Then Bad Debt expenses of Billy Company this year must be _. (a)2,500. (b
35、)1,500. (c)-1,500. (d)-2,5OO.（分数：1.00）A.B. C.D.解析：9.Considering purchasing KH Company, you are evaluating KHs 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 underst
36、ated 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
37、 2000 year end inventorys overvaluation will influence file 2002 years report income before taxes or not.（分数：1.00）_正确答案：()解析：(a) The reported income before taxes for the year 2000 should be: 138,000-23,000=115,000 The reported income before taxes for the year 2000 should be: 254,000+23,000+61,000=33
38、8,000 The reported income before taxes for the year 2000 should be: 168,000+17,000-61,000=124,000 (b) It will not influence the 2002 years report income before taxes.10.An accrued expense can best be described as an amount _. (a)paid and currently matched with earnings. (b)paid and not currently mat
39、ched with earnings. (c)not paid but currently matched with earnings. (d)None of the above.（分数：1.00）A.B.C. D.解析：11.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 2
40、003 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.（分数：1.00）A. B.C.D.解析：12.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
41、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.（分数：1.00）A. B.C.D.解析：13.ABC Sport acquired equipment at a cost of
42、 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-dec
43、lining-balance method (reducing balance method). (c)Using sum-of-the-years-digits method.（分数：1.00）_正确答案：()解析：(a) Annual depreciation expense = (200,000 -20,000)/5=36,000 Annual depreciation expense for each year equals with each other. (b) Double-declining-balance rate = Straight-line rate2 = 40% de
44、preciation expense for year 2003 = 200,00040% = 80,000 depreciation expense for year 2004 = 120,00040% = 48,000 depreciation expense for year 2005 = 72,00040% = 28,800 depreciation expense for year 2006 = 43,20040% = 17,280 depreciation expense for year 2007 = 25,920 -20,000 = 5,920 (c) Sum of the y
45、ears digits = 1+2+3+4+5= 15 depreciation expense for year 2003 = (200,000-20,000)5/15 = 60,000 depreciation expense for year 2004 = (200,000-20,000)4/15 = 48,000 depreciation expense for year 2005 = (200,000-20,000)3/15 = 36,000 depreciation expense for year 2006 = (200,000-20,000)2/15 = 24,000 depreciation expense for year 2007 = (200,000-20,000)5/15 = 12,00014.Mr. Wong is a small manufacturer of bicycles in Hong Kong. His business incurred the following costs for the year ended 31 December 2003.
