会计专业外语习题综合

考试必考的会计专业外语题

1. Business Entity

Looking at Finlay Interiors, Carol Finlay must not include personal expenses, such as clothing and the cost of going to the movies, as expenses of her business.

2. Going Concern

It is assumed from a review of Finlay Interiors’ financial statements that the business is continuing its operations, because information to the contrary is not included.

3. Monetary Unit (also consistent with the Cost Principle)

Assume that in August 2006 Finlay Interiors purchased furniture from a supplier in the United States at a total cost of $1,000 (U.S.), or $1,489 (Cdn) ($1,000/0.6716 exchange rate). If the exchange rate changes several months later to 0.6412, Finlay Interiors does not restate the value of the furniture to $1,560 ($1,000/0.6412). The furniture remains in the accounting records at $1,489 (Cdn)

1. Objectivity

If Carol Finlay purchases new furniture and records the transaction based on an invoice prepared by the seller, the invoice is independent and unbiased evidence that verifies the details of the transaction.

2. Cost

If Finlay Interiors purchased used furniture for $5,000 cash, it is recorded in the accounting records at $5,000. It makes no difference if Carol Finlay thinks that the value of the furniture is $7,000.

3. Revenue Recognition

Assume that on April 3, Finlay Interiors performed work for a client in the amount of $600. The client did not pay the $600 until May 15. Revenue is recorded when actually earned on April 3 in the amount of $600, the value of the noncash asset received by Finlay Interiors.

Alternatively, if Finlay Interiors received $1,000 on April 15 for work to be done next month, revenue is not recorded until the work is actually done in May.

Exercise 1 – Accounting Cycle and GAAP

1. Which of the following statements is false regarding a sole proprietorship? B

a. A proprietorship has only one owner.

b. A proprietorship is legally a separate entity. c. The owner is subject to unlimited liability.

d. Income of the proprietorship is taxed on the owner’s

personal return.

2. External users of financial information include all of the following except: C

a. Shareholders b. Customers

考试必考的会计专业外语题

c. Managers d. Suppliers

3. The consistency principle: C

a. Requires a company to use the same accounting methods period after period.

b. Doesn't require a company to use one method exclusively. c. Both a and b only.

d. Is also called the full disclosure principle. e. Both a and d only.

4. The full disclosure principle: D a. Requires that when a change in inventory valuation is made, the notes

to the statements

report the type of change.

b. Requires that when a change in inventory valuation is made, the notes to the statements

report the justification for the change. c. Requires that any change in net income due to changes in inventory valuation be reported.

d. All of the above. e. Both a and b only. 5. The conservatism principle: A

a. Requires that when more than one estimate of amounts to be received or paid in the future

are equally likely, then the less optimistic amount should be used.

b. Requires that a company use the same accounting methods period after period.

c. Requires that revenues and costs be reported in the period in which they are earned or

incurred.

d. Requires that all items of a material nature be included in financial statements.

e. Requires that all inventory items be reported at full cost.

6. The accounting principle that demands that all transactions are recorded at their original value is the: C a) materiality principle b) conservatism principle c) cost principle

d) full-disclosure principle e) realization principle.

考试必考的会计专业外语题

7. Recording amortization expense at the end of the accounting period is an application of the: B a) realization principle b) matching principle c) cost principle

d) consistency principle e) none of the above. 8. One of the purposes of Allowance for Doubtful Accounts is to ensure that Accounts Receivable are not overstated on the balance sheet. This is an application of the: C a) consistency principle b) objectivity principle c) conservatism principle d) full-disclosure principle e) cost principle. 9. Generally accepted accounting principles require that the inventory

of a company be reported at: C a. Market value. b. Historical cost.

c. Lower of cost or market. d. Replacement cost. e. Either c or d. 10. The accounting rule that all expenses incurred in earning a revenue must be deducted from the revenue in determining net income is the: D a) recognition principle b) cost principle

c) objectivity principle d) matching principle e) materiality principle.

11. The accounting principle that guides accountants to select the less optimistic estimate when two estimates of amounts to be received or paid are about equally likely is the: B a) materiality principle b) conservatism principle c) objectivity principle d) full-disclosure principle e) realization principle.

12.Keeping the records of the business separate from the personal records of the owner of the business is said to be adherence to which accounting principle or concept? B

考试必考的会计专业外语题

a) b) c) d) Continuing-concern concept Business entity principle Realization principle Objectivity principle

13.The first step of the accounting cycle is: C

a. Journalizing transactions. b. Posting transactions. c. Analyzing transactions.

d. Preparing the unadjusted trial balance.

14. Which of the following is the final step in the accounting cycle? C a) journalizing< …… 此处隐藏：15509字，全部文档内容请下载后查看。喜欢就下载吧 ……