英语-会计学复习文件
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1. Which of the following statements about accounting concepts or assumptions are correct?
1)The money measurement assumption is that items in accounts are initially measured at their historical cost.
2)In order to achieve comparability it may sometimes be necessary to override the prudence concept.
3)To facilitate comparisons between different entities it is helpful if accounting policies and changes in them are disclosed.
4)To comply with the law, the legal form of a transaction must always be reflected in financial statements.
A 1 and 3
B 1 and 4
C 3 only
D 2 and 3
Johnny had receivables of $5 500 at the start of 2010. During the year to 31 Dec 2010 he makes credit sales of $55 000 and receives cash of $46 500 from credit customers. What is the balance on the accounts receivables at 31 Dec 2010?
$8 500 Dr
$8 500 Cr
C.$14 000 Dr
D.$14 000 Cr
Should dividends paid appear on the face of a company??s cash flow statement?
A. Yes
B. No
C. Not sure
D. Either
Which of the following inventory valuation methods is likely to lead to the highest figure for closing inventory at a time when prices are dropping?
Weighted Average cost
First in first out (FIFO)
Last in first out (LIFO)
Unit cost
5. Which of following items may appear as non-current assets in a company??s the statement of financial position?
(1) plant, equipment, and property
(2) company car
(3) ?4000 cash
(4) ?1000 cheque
A. (1), (3)
B. (1), (2)
C. (2), (3)
D. (2), (4)
6. Which of the following items may appear as current liabilities in a company??s balance sheet?
(1) investment in subsidiary
(2) Loan matured within one year.
(3) income tax accrued untill year end.
(4) Preference dividend accrued
A (1), (2) and (3)
B (1), (2) and (4)
C (1), (3) and (4)
D (2), (3) and (4)
7. The trial balance totals of Gamma at 30 September 2010 are:
Debit $992,640
Credit $1,026,480
Which TWO of the following possible errors could, when corrected, cause the trial balance to agree?
1. An item in the cash book $6,160 for payment of rent has not been entered in the rent payable account.
2. The balance on the motor expenses account $27,680 has incorrectly been listed in the trial balance as a credit.
3. $6,160 proceeds of sale of a motor vehicle has been posted to the debit of motor vehicles asset account.
4. The balance of $21,520 on the rent receivable account has been omitted from the trial balance.
A 1 and 2
B 2 and 3
C 2 and 4
D 3 and 4
8. Theta prepares its financial statements for the year to 30 April each year. The company pays rent for its premises quarterly in advance on 1 January, 1 April, 1 July and 1 October each year. The annual rent was $84,000 per year until 30 June 2010. It was increased from that date to $96,000 per year. What rent expense and end of year prepayment should be included in the financial statements for the year ended 30 April 2010?
Expense Prepayment
A $93,000 $8,000
B $93,000 $16,000
C $94,000 $8,000
D $94,000 $16,000
9. At 30 September 2010, the following balances existed in the records of Lambda:
Plant and equipment: $860,000
Depreciation for plant and equipment: $397,000
During the year ended 30 September 2010, plant with a written down value of $37,000 was sold for $49,000. The plant had originally cost $80,000. Plant purchased during the year cost $180,000. It is the company.s policy to charge a full year depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight line basis. What net amount should appear in Lambda.s balance sheet at 30 September 2010 for plant and equipment?
A $563,000
B $467,000
C $510,000
D $606,000
10. A company??s plant and machinery ledger account for the year ended 30 September 2010 was as follows:
Plant and machinery ?Ccost
2009 $
2010 $
1 October balance b/f 381 200
1 June Disposal 36 000
1 Dec cash 18 000
30 Sept balance c/f 363 200
399 200
399 200
30 Sept balance b/f 363 200
The company??s policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in years of purchase and disposal. What is the depreciation charge for the year ended 30 September 2010?
A $74,440
B $84,040
C $72,640
D $76,840
11. Listed below are some characteristics of financial information.
(1) True (2) Prudence (3) Completeness (4) Correct
Which of these characteristics contribute to reliability?
A (1), (3) and (4) only
B (1), (2) and (4) only
C (1), (2) and (3) only
D (2), (3) and (4) only
12. The plant and machinery cost account of a company is shown below. The company??s policy is to charge depreciation at 20% on the straight line basis, with proportionate depreciation in years of acquisition and disposal.
Plant and machinery ?Ccost
2009 $
2009 $
1 Jan balance b/f 280 000
30 June disposal 14 000
1Apr cash 48 000
1Sept cash 36 000
31 Dec balance c/f 350 000
364 000
364 000
Balance b/f 350 000
What should be the depreciation charge for the year ended 31 December 2009?
$67,000
B. $64,200
C. $70,000
D. $68,600
13. In preparing its financial statements for the current year, a company??s closing inventory was understated by $300,000. What will be the effect of this error if it remains uncorrected?
A The current year??s profit will be overstated and next year??s profit will be understated
B The current year??s profit will be understated but there will be no effect on next year??s profit
C The current year??s profit will be understated and next year??s profit will be overstated
D The current year??s profit will be overstated but there will be no effect on next year??s profit.
14. In preparing a company??s cash flow statement, which, if any, of the following items could form part of the calculation of cash flow from financing activities?
(1) Proceeds of sale of premises
(2) Dividends received
(3) Issue of shares
A 1 only
B 2 only
C 3 only
D None of them.
15. At 31 March 2009 a company had oil in hand to be used for heating costing $8,200 and an unpaid heating oil bill for $3,600. At 31 March 2010 the heating oil in hand was $9,300 and there was an outstanding heating oil bill of $3,200. Payments made for heating oil during the year ended 31 March 2010 totaled $34,600. Based on these figures, what amount should appear in the company??s income statement for heating oil for the year?
A $23,900
B $36,100
C $45,300
D $33,100
16. In times of inflation In times of rising prices, what effect does the use of the historical cost concept have on a company??s asset values and profit?
Asset values and profit both undervalued
Asset values and profit both overvalued
Asset values undervalued and profit overvalued
Asset values overvalued and profit undervalued
17. Beta purchased some plant and equipment on 01/07/2010 for $60,000. The estimated residual value of the plant in 10 years time is estimated to be $6,000. Beta??s policy is to charge depreciation on the straight line basis, with a proportionate charge in the period of acquisition. What should the depreciation charge for the plant be in Beta??s accounting period of 18 months to 30/09/2010 ?
$5400
B. $900
C. $1350
D. $675
18. A company??s income statement for the year ended 31 December 2005 showed a net profit of $83,600. It was later found that $18,000 paid for the purchase of a motor van had been debited to the motor expenses account. It is the company??s policy to depreciate motor vans at 25 per cent per year on the straigh 内容过长，仅展示头部和尾部部分文字预览，全文请查看图片预览。 ys various techniques to emphasize the comparative and relative significance of the data presented and to evaluate the position of the firm. Three commonly used tools are as following.
Horizontal analysis evaluates a series of financial statement data over a period of time.
Vertical analysis evaluates financial statement data by expressing each item in a financial statement as a percent of a base amount.
Ratio analysis expresses the relationship among selected items of financial statement data.
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