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1、ACCOUNTING ENGLISH Middle-of-term Test Papers Part.Translating the following terms1、Notes to financial statements2、Accounting elements3、Variable costs4、Economic entity5、Depreciation expense6、Deferred income taxes7、Nominal accounts8、ROA9、LIFO10、Work in process11、现金收支12、原材料13、制造费用14、相关性15、持续经营16、复式记账1
2、7、优先股18、预付费用19、购货退回与折让20、永续盘存制Part.True or False1、 The accounting process generates financial reports for both “internal ”and “external”users.2、The balance sheet reflects the basic accounting equation and the means of financing the organizations assets.3、The existence of Accounts Receivable on the B
3、alance Sheet indicates that the company has one or more creditors.4、Liabilities are classified and presented in increasing order of liquidity.5、Working capital equals current assets less current liabilities.6、Declaration of dividends reduces the retained earnings portion of the owners equity of the
4、corporation and creates a liabilities called Dividends Payable.7、A chart of accounts is a listing of the titles of all accounts.8、The cash basis of accounting often violates the matching rule.9、Closing entries convert real and nominal accounts to zero balance.10、The work sheet is published with the
5、balance sheet and income statement, as a supplementary statement. 11、A companys sustainable growth rate is the highest growth rate in sales it can attain without issuing new stock.12、Only rapidly growing firms have growth management problems.13、ROE is a measure of the efficiency with which a company
6、 employs owners capital.14、Present value is the amount of cash inflows or outflows discounted to their present value.15、It is no accident that Profit Margin and Assets Turnover tend to vary inversely in a certain business.16、An collection period of 40 days means that the company has an average of 40
7、 days worth of credit sales tied up in accounts receivable.17、Pro forma financial statements are the most widely used vehicles for financial forecasting.18、The percent-of-sales method can provide simple, logical estimates of many important variables in the course of financial forecasting.Part. Accou
8、nting practice1、 Use the given information of ABC Company and prepare a Balance sheet.accounts receivable246,000interest payable34,000prepaid rent30,000cash 82,000accounts payable145,000income tax payable39,800paid-in capital300,000store equipment743,000bonds payable289,000merchandise inventory55,00
9、0retained earnings110,200accumulated depreciation178,000wage payable60,0002、Use the above completed Balance sheet and the following Income statement to calculateIncome Statementsales$200,000cost of goods sold160000gross profit40000operating expense:wages18000rent600depreciation600024600operating inc
10、ome15400income taxes(at 40%) 6160net income$9,240(1) Debt-to-assets ratio(2) Return on equity(3) Collection period(4) Total assets turnover(5) Current ratioPart . Journalizing these given transactions for A&B Corporation. (1) Sold merchandise on credit to Corson $50,000,with terms of 1/10，n/30.(Net
11、method)(2) Purchased merchandise worthy of $40,000 from Galen Company on credit.(3) Estimated uncollectible accounts receivable of $10,000 for the period.(4) Merchandise costing $2000 was sold and returned now by the customer.(5) Accrued interest expense$600.ACCOUNTING ENGLISH Middle-of-term Test Papers The Answer Sheet:Class: Name: No: Grade: Part . TermsPart . True or False Part 。1、Balance Sheet2、Financial ratiosPart Journal entries