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南开《会计专业英语》复习资料-宗先臻

时间:2019-09-13 09:37来源:未知 作者:admin 点击:
《会计专业英语》期末课程复习资料 一般考试题型: 一、 英译汉与汉译英 二、 单项选择题 三、 判断题 四、 问答题 五、 业务题 各章要求的主要内容: Chapter 1 Accounting and Its Environments会计与环境 () 1.1 Nature and Content of Accounting 会计的本质和内容
《会计专业英语》期末课程复习资料
一般考试题型:
一、 英译汉与汉译英
二、 单项选择题
三、 判断题
四、 问答题
五、 业务题

各章要求的主要内容:
Chapter 1 Accounting and Its Environments会计与环境
()
1.1 Nature and Content of Accounting 会计的本质和内容
领会会计的环境,掌握不同类型企业的特征;
掌握会计的目的和会计信息使用者的类型;
领会会计的领域和会计程序。
1.2 Objectives of Financial Reporting 财务报告的目标
掌握财务报告的目标。
1.3 Underlying Assumptions 基本假设
领会会计假设

Chapter 2 Accounting Concepts and Principles 会计概念与原则()
2.1 Qualitative Characteristics of Useful Accounting Information 有用会计信息的质量特征
   了解会计信息的质量特征。
2.2 Elements of the Financial Statements 财务报表要素
   掌握财务报表要素的含义。
2.3 Recognition and Measurement Principles 确认与计量的原则
   掌握财务报表要素的的确认与计量原则。

Chapter 3   Financial Statements 财务报表
(和)
3.1 Balance Sheet 资产负债表
   领会资产负债表的定义和编制。
3.2 Income Statement and Statement of Changes in Equity利润表与所有者权益变动表
   领会收益表的定义和编制,了解所有者权益变动表的编制。
3.3 Statement of Cash Flows现金流量表
      领会现金流量表的含义和编制方法。

Chapter 4 Accounting Cycle 会计循环(至)
4.1 The accounting equation 会计等式
   掌握会计等式的结构和经济业务对等式的影响。
4.2 Double-Entry Bookkeeping 复式簿记
   掌握复式记账法的应用。
4.3 Transactions and Balance Sheet Accounts经济业务与资产负债表账户
   能够分析企业的经济业务,并能领会其影响。
4.4 Journalizing and Posting 登记日记账与过账
   能够在日记账中编制分录,并过账。
4.5 Trial Balance 试算表
   领会试算表的用途和编制
4.6 The Need for Adjusting Entries 调整分录
   掌握调整分录的编制方法,领会其影响。
4.7 The Work Sheet 工作底稿
   了解工作底稿的用途和编制。
4.8 The Closing Process 结账
   掌握结账分录的用途和编制方法。

Chapter 5 Current Assets 流动资产
(、和)
5.1 Cash 现金
领会现金的内容和内部控制方法,理解领用现金的会计处理。
5.2 Current Receivables 短期应收款项
理解应收款的分类;掌握应收账款坏账的处理方法。
5.3 Inventory 存货
   了解存货的种类;
掌握存货的盘存制度;
掌握存货成本流动假设和计价方法;
了解存货估计方法。

Chapter 6 Investments, Plant Assets and Intangibles Assets
投资、固定资产与无形资产(、和)
6.1 Investments in Equity and Debt Securities 权益性与债务性证券投资
领会证券的分类和投资类型;
领会投资的目的和投资的计价;
掌握证券投资的会计处理方法
6.2 Plant Assets (Fixed Asset) 固定资产
领会固定资产的特点;
掌握固定资产的折旧方法;
领会固定资产处置的方法。
6.3 Intangibles 无形资产
领会无形资产的特征;
了解无形资产的确认与摊销;
领会资本性支出与收益性支出的划分意义。
6.4 Natural Resources and Depletion自然资源与折耗
了解自然资源折耗的会计处理。

Chapter 7 Liabilities  负债(和)
7.1 Current Liabilities 流动负债
   掌握金额确定的流动负债的会计处理;
   领会金额取决于经营成果的流动负债的会计处理。
7.2 Bonds Payable and Convertible Bonds 应付债券与可转换债券
   掌握公司债券的会计内容;
   理解可转换债券;
   掌握长期债券投资的会计处理。

Chapter 8 Owners’ Equity所有者权益()
8.1 Contributed Capital 实收资本
   领会公司的特征;
   领会各类股东的权利;
   掌握股票发行的会计处理;
理解股票分割的意义。
8.2 Retained Earnings 留存收益
   掌握各类股利的特征和会计处理方法;
   领会库藏股的会计方法。

Chapter 9 Performance经营成果(和)
9.1 Income 收益
领会收入与利得的区别;
掌握收入的确认、计量和会计处理方法。
9.2 Expenses费用
掌握费用的确认、计量和会计处理方法。
9.3 Unusual Items 非正常项目
了解不同非常项目的意义和会计处理。

Chapter 10   Financial Statement Analysis 财务报表分析
()
10.1 Framework for Financial Statement Analysis 财务报表分析框架
领会财务报表分析的目的和各个报表的作用。
10.2 Techniques of Analysis 分析技术
掌握财务报表的分析方法——横向分析、纵向分析和比率分析。










一、英译汉与汉译英:
第一章
Business 企业
Sole proprietorship独资企业
Partnership合伙
Corporation公司
Accounting会计
Accounting process会计程序
Financial accounting财务会计
Managerial accounting管理会计
Balance sheet资产负债表
Income statement收益表(利润表)
Statement of cash flow现金流量表
Financial statement财务报表
Accrual basis应计制(权责发生制)
Cash basis现金制(收付实现制)
Economic entity/ business entity经济实体、会计主体
Going concern持续经营
Unit of measurement货币计量
Accounting period会计期间
第二章
Asset资产
Liability负债
Equity权益
Revenue收入
Expense费用
Income收益
Historical cost历史成本
Current cost现行成本
Present value现值381
Realizable value可实现价值
Income tax所得税
Financial position财务状况
Performance业绩
第三章
Current assets流动资产99
Current liabilities流动负债99
Accrued liability应计负债72
Administrative expense管理费用161
Depreciation折旧79
Intangible assets无形资产272
Non-current asset (fixed asset)非流动资产(固定资产)259
Property, plant and equipment厂场资产259

第四章
Operating cycle经营循环158
Accounting cycle会计循环94
Account账户32
Accounting equation会计等式12
Trial balance试算平衡(试算表)53
Journal日记账35
Ledger分类账32
Adjusting entry调整分录72
Debit借方33
Credit贷方34
Double-entry system复式记账法38
Post过账40
Deferred expense递延费用72
Deferred revenue递延收入72
Unearned revenue未赚得收入(预收收入、递延收入)72
Accrued revenue应计收入72
Closing entry结账分录102
第五章
Cash    现金   193   
Check 支票 197
Bank statement 银行对账单 198  
Bank Reconciliation银行余额调节表200
Petty cash fund零用现金、备用金202
Cash equivalents现金等价物
Accounts Receivable  应收账款210
Other Receivables其他应收款210
Notes Receivable应收票据210
Uncollectible Accounts Expense坏账费用 212
Bad debt坏账212
Allowance Method备抵法213
Allowance for Doubtful Accounts备抵坏账213
Direct Write-Off Method直接冲销法217
Contra Asset  account 资产抵销账户213
Inventory存货  235
Cost flow assumption成本流动假设238
Average Cost Method平均成本法243
First-in, First-out (FIFO) Method先进先出法240
Last-in, First-out (LIFO) Method后进先出法241
Periodic system定期盘存制161
perpetual system永续盘存制161、236 ,
第六章
Investment 投资361
marketable securities有价证券361
financial instruments金融工具
Debt securities 债务性证券388
Equity securities权益性证券361
Trading securities交易性证券361
Available-for-sale securities可供出售证券361
Held-to-maturity debt securities持有至到期债务性证券388
Fair value公允价值
Equity method权益法363
Cost method成本法363
Accumulated Depreciation累计折旧79
Residual Value残值261
Straight-line Method直线法262
Declining-Balance Method余额递减法263
accelerated depreciation methods加速折旧法263
Impairment of Fixed Asset固定资产减值354
Amortization摊销273
Capital Expenditures资本性支出265
Revenue Expenditures收益性支出265
第七章
Accounts payable 应付账款285
Notes payable应付票据285
Product Warranty产品质量担保288
bond sinking fund公司债偿债基金387
Bonds Payable 应付公司债券383
Long-Term Liabilities长期负债
bonds 债券378
Discount 折价380
Premium 溢价383
Convertible Bonds可转换债券380
第八章
Owners’ Equity 所有者权益302
Stockholder’ equity股东权益302
Common Stock普通股303
Preferred Stock优先股303
Additional Paid-in Capital 增缴资本、股本溢价302
Retained Earnings留存收益313
Treasury Stock库藏股307
Stock Splits股票分割308
Cash Dividend现金股利309
stock dividend股票股利310
第九章
Performance 业绩
Revenue 收入174
Gains利得
Expenses费用
Recognition确认
Measurement计量
Operating expenses营业费用161
Selling expenses销售费用161
Administrative expenses管理费用161
Profit 利润
Net income 净收益
Sales销售收入158
Sales discounts销售折扣159、165,
Cost of merchandise sold销售成本 159
Gross profit毛利161
Losses损失
Trade discounts 商业折扣172
cash discounts现金折扣168
Income tax所得税350
Unusual Items 非正常项目353
第十章
Common-Size Statements共同比报表440
Horizontal Analysis横向分析436
trend analysis趋势分析436
Vertical Analysis纵向分析438
Profitability获利能力441
Solvency偿债能力441
Accounts Receivable Turnover   应收账款周转率 444
Current Ratio流动比率  442
Inventory Turnover存货周转率 444
Quick Assets速动资产443
Rate Earned on Stockholders’ Equity股东权益报酬率449
Earnings per Share on Common Stock普通股每股收益 450
Rate Earned on Total Assets总资产报酬率448
Leverage财务杠杆
Price-Earnings (P/E) Ratio市盈率450
Working Capital营运资本442





二、单项选择(红字为正确答案):

Financial reports are used by
a. management
b. creditors
c. investors
d. all of the above

★考核知识点:企业利益相关者 
附2.8
Stakeholders use accounting reports as a primary source of information on which they base their decisions. The stakeholders include owners, managers, employees, customers, creditors, government agencies.

1. For accounting purposes, the business entity should be considered separate from its owners if the entity is(  )
a. a corporation
b. a proprietorship
c. a partnership
d. all of the above

★考核知识点:会计假设(会计主体) 

2. Which of the following best describes accounting?
a. records economic data but does not communicate the data to users according to any specific rules
b. is an information system that provides reports to stakeholders
c. is of no use by individuals outside of the business
d. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements

★考核知识点:会计  

3. Using accrual accounting, expenses are recorded and reported only
a. when they are incurred, whether or not cash is paid
b. when they are incurred and paid at the same time
c. if they are paid before they are incurred
d. if they are paid after they are incurred

★考核知识点:应计制 

4. The measurement bases exclude(  )
a. Historical cost
b. Current cost
c. Sale price
d. Present value

★考核知识点:会计计量 

5. Debts owed by a business are referred to as(  )
a. accounts receivables
b. equities
c. owner’s equity
d. liabilities

★考核知识点:负债  

6. Which of the following financial statements reports information as of a specific date?
a. income statemen
b. statement of owner's equity
c. balance sheet
d. statement of cash flows

★考核知识点:资产负债表  

7. Cash investments made by the owner to the business are reported on the statement of cash flows in the
a. financing activities section
b. investing activities section
c. operating activities section
d. supplemental statement

★考核知识点:现金流量表  


8. The accounting equation may be expressed as
a. Assets = Equities - Liabilities
b. Assets + Liabilities = Owner's Equity
c. Assets = Revenues - Liabilities
d. Assets - Liabilities = Owner's Equity

★考核知识点:会计等式 
9. Which of the following groups of accounts have a normal credit balance?
a. revenues, liabilities, capital
b. capital, assets
c. liabilities, expenses
d. assets, expenses

★考核知识点: 帐户结构  

10. Which of the following groups of accounts have a normal debit balance?
a. revenues, liabilities, capital
b. capital, assets
c. liabilities, expenses
d. assets, expenses
★考核知识点: 帐户结构 

11. Which of the following types of accounts have a normal credit balance?
a. assets and liabilities
b. liabilities and expenses
c. revenues and liabilities
d. capital and drawing
★考核知识点: 帐户结构 

12. In the accounting cycle, the last step is(  )
a. preparing a post-closing trial balance
b. preparing the financial statements#
c. journalizing and posting the adjusting entries
d. journalizing and posting the closing entries
考核知识点: 会计循环 
(7) A post-closing trial balance is prepared.

13. Which of the following should not be considered cash by an accountant?
a. coins
b. bank checking accounts
c. postage stamps
d. Petty cash funds
考核知识点: 现金 



14. A bank reconciliation should be prepared periodically because (  )
a. the depositor's records and the bank's records are in agreement
b. the bank has not recorded all of its transactions
c. any differences between the depositor's records and the bank's records should be determined, and any errors made by either party should be discovered and corrected
d. the bank must make sure that its records are correct
考核知识点: 银行余额调节表 
15. The amount of the outstanding checks is included on the bank reconciliation as a(n) (  )
a. deduction from the balance per depositor's records
b. addition to the balance per bank statement
c. deduction from the balance per bank statement
d. addition to the balance per depositor's records
考核知识点: 银行余额调节表 

16. The asset created by a business when it makes a sale on account is termed    
a. accounts payable
b. prepaid expense
c. accounts receivable
d. unearned revenue
★考核知识点:应收账款  、210,

17. What is the type of account and normal balance of Allowance for Doubtful Accounts?
a. Contra asset, credit
b. Asset, debit
c. Asset, credit
d. Contra asset, debit
★考核知识点: 应收账款坏账 


18. The term "inventory" indicates (  )
a. merchandise held for sale in the normal course of business
b. materials in the process of production or held for production
c. supplies
d. both A and B
★考核知识点: 存货 

19. Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error?
a. net income is understated
b. net income is overstated
c. cost of merchandise sold is understated
d. merchandise inventory reported on the balance sheet is overstated
★考核知识点: 存货  

20.Merchandise inventory at the end of the year is overstated. Which of the following statements correctly states the effect of the error?
a. cost of merchandise sold is overstated
b. owner's equity is overstated
c. gross profit is understated
d. net income is understated
★考核知识点: 存货  

21.The inventory method that assigns the most recent costs to cost of good sold is
a. FIFO
b. LIFO
c. average
d. specific identification
★考核知识点: 存货  
22.Under which method of cost flows is the inventory assumed to be composed of the most recent costs?
a. average cost
b. first-in, first-out
c. last-in, first-out
d. weighted average
★考核知识点: 存货  
23. When the perpetual inventory system is used, the inventory sold is debited to (  )
a. supplies expense
b. cost of merchandise sold
c. merchandise inventory
d. sales
★考核知识点: 存货  -

24.All of the following below are needed for the calculation of depreciation except
a. cost
b. residual value
c. estimated life
d. book value
★考核知识点: 折旧 
25. A characteristic of a fixed asset is that it is
a. intangible
b. used in the operations of a business
c. held for sale in the ordinary course of the business
d. none of the above
★考核知识点: 固定资产特征  
26. Accumulated Depreciation (  )
a. is used to show the amount of cost expiration of intangibles
b. is the same as Depreciation Expense
c. is a contra asset account
d. is used to show the amount of cost expiration of natural resources
★考核知识点: 累计折旧  

27. The two methods of accounting for investments in stock are the cost method and the (  )
a. straight-line method
b. equity method
c. liability method
d. interest method
★考核知识点: 股票投资  

28. A capital expenditure results in a debit to (  )
a. an expense account
b. a capital account
c. a liability account
d. an asset account
★考核知识点: 资本性支出 

29. Current liabilities are(  )
a. due, but not receivable for more than one year
b. due, but not payable for more than one year
c. due and receivable within one year
d. due and payable within one year
★考核知识点: 流动负债  
30. The debt created by a business when it makes a purchase on account is referred to as an
a. account receivable
b. account payable
c. asset
d. expense payable
★考核知识点: 应付账款 

31. Notes may be issued (  )
a. when assets are purchased
b. to creditor's to temporarily satisfy an account payable created earlier
c. when borrowing money
d. all of the above
★考核知识点: 应付票据  -

32.The cost of a product warranty should be included as an expense in the
a. period the cash is collected for a product sold on account
b. future period when the cost of repairing the product is paid
c. period of the sale of the product
d. future period when the product is repaired or replaced
★考核知识点: 产品质量担保   -

33. If the market rate of interest is 8%, the price of 6% bonds paying interest semiannually with a face value of $100,000 will be
a. Equal to $100,000
b. Greater than $100,000
c. Less than $100,000
d. Greater than or less than $100,000, depending on the maturity date of the bonds
★考核知识点: 应付债券 
34. The interest rate specified in the bond indenture is called the (  )
a. discount rate
b. contract rate
c. market rate
d. effective rate
★考核知识点: 应付债券 

35. When the corporation issuing the bonds has the right to repurchase the bonds prior to the maturity date for a specific price, the bonds are
a. convertible bonds
b. unsecured bonds
c. debenture bonds
d. callable bonds
★考核知识点: 可赎回债券 

36. When the market rate of interest on bonds is higher than the contract rate, the bonds will sell at 
a. a premium
b. their face value
c. their maturity value
d. a discount
★考核知识点: 应付债券 

37. One potential advantage of financing corporations through the use of bonds rather than common stock is
a. the interest on bonds must be paid when due
b. the corporation must pay the bonds at maturity
c. the interest expense is deductible for tax purposes by the corporation
d. a higher earnings per share is guaranteed for existing common shareholders
★考核知识点: 应付债券 
38. Characteristics of a corporation include (  )
a. shareholders who are mutual agents
b. direct management by the shareholders (owners)
c. its inability to own property
d. shareholders who have limited liability
★考核知识点: 公司特征  
39. Stockholders' equity (  )
a. is usually equal to cash on hand
b. includes paid-in capital and liabilities
c. includes retained earnings and paid-in capital
d. is shown on the income statement
★考核知识点: 股东权益 

40. The excess of issue price over par of common stock is termed a(n) (  )
a. discount
b. income
c. deficit
d. premium
★考核知识点: 股票溢价发行 
41. Cash dividends are usually not paid on which of the following?
a. class B common stock
b. preferred stock
c. treasury stock
d. class A common stock
★考核知识点: 库藏股 

42. Which of the following accounts below is reported in the paid-in capital/stockholders' equity section of the corporate balance sheet?
a. Cash
b. Stock Dividends
c. Organizational Expenses
d. Preferred Stock

★考核知识点: 股东权益 
附2.42 




43. If preferred stock has dividends in arrears, the preferred stock must be
a. participating
b. callable
c. cumulative
d. convertible
★考核知识点: 累积优先股  
44. The primary purpose of a stock split is to
a. increase paid-in capital
b. reduce the market price of the stock per share
c. increase the market price of the stock per share
d. increase retained earnings
★考核知识点: 股票分割  

45. Which statement below is not a reason for a corporation to buy back its own stock.
a. resale to employees
b. bonus to employees
c. for supporting the market price of the stock
d. to increase the shares outstanding
★考核知识点: 库藏股  

46. The liability for a dividend is recorded on which of the following dates?
a. the date of record
b. the date of payment
c. the date of announcement
d. the date of declaration

★考核知识点: 股利  
47. In credit terms of 2/10, n/30, the "2" represents the     
a. number of days in the discount period
b. full amount of the invoice
c. number of days when the entire amount is due
d. percent of the cash discount

★考核知识点: 现金折扣   -
48. Revenue should be recognized when(  )
a. cash is received
b. the service is performed
c. the customer places an order
d. the customer charges an order
★考核知识点: 收入 

49. The ability of a business to pay its debts as they come due and to earn a reasonable amount of income is referred to as (  )
a. solvency and leverage
b. solvency and profitability
c. solvency and liquidity
d. solvency and equity
★考核知识点: 报表分析  

50. Which of the following is not included in the computation of the quick ratio?
a. Inventory
b. marketable securities
c. accounts receivable
d. Cash
★考核知识点:速动比率  

四、问答题:
1.The characteristics of sole proprietorship, partnership and corporations
简要说明独资、合伙和公司的优缺点。

★考核知识点:企业组织形式  
附4.1


2.What is the role of accounting. 简述会计的作用。

★考核知识点:会计的作用  
附4.2


3.Differentiate between financial accounting and managerial accounting.
财务会计与管理会计的区别。

参考答案:
Financial accounting is primarily concerned with the recording and reporting of economic data and activities for a business.
Management accounting uses both financial accounting and estimated data to aid management in running day-to-day operations and in planning future operations..
★考核知识点:财务会计与管理会计  
附4.3

4.The objective of financial reporting 财务报告的目标。

参考答案:
Overall objective(总体目标) of financial reporting is to provide financial information useful to external users in making economic decisions.
(a) provide information about the financial position, performance and changes in financial position of an entity that is useful to a wide range of users in making economic decisions;(向使用者提供有关企业财务状况、经营成果和财务状况变动情况的信息,以利于其作出经济决策。)
(b) show the results of the stewardship of management, or the accountability of management for the resources entrusted to it. (反映管理当局受托责任的履行结果,或管理当局受托管理资源的责任。)
★考核知识点:财务报告的目标 
附4.4


5.What are the recognition and measurement principles?
财务报表要素的确认与计量原则。

参考答案:
(1) Recognition is the process of incorporating in the balance sheet or income statement an item that meet the definition of an element and satisfies the recognition criteria.
Recognition Criteria 确认标准:
a. The Probability of Future Economic Benefit  未来经济利益流入的可能性
b. Measurement Reliably计量的可靠性
(2) Measurement is the process of determining the monetary amounts at which the elements of financial statements are to be recognized and carried in the balance sheet or income statement.
Measurement Bases 计量基础:
a. Historical cost. 历史成本
b. Current cost 现行成本
c. Realizable (settlement) value可实现(清算)价值
d. Present value 现值

★考核知识点:确认与计量原则
附4.5

6. The types of cash flow activities reported in the statement of cash flows.
现金流量表包括哪几部分?

★考核知识点:现金流量表
附4.6


7. Differentiate between the indirect method and the direct method.
简述经营活动现金流量的直接法与间接法的优缺点。
★考核知识点:现金流量表
附4.7


8. Differentiate between the accrual basis and the cash basis.
应计制与现金制的区别。
参考答案:
Under the accrual basis for the accounting period concept, revenues are reported in the income statement in the period in which they are earned.
Under the cash basis for the accounting period concept, revenues and expenses are reported in the income statement in the period in which cash is received or paid.
★考核知识点:应计制与现金制
附4.8 、

9. What is the double-entry system? 简述复式记账法的含义
参考答案:
 A system of recording transactions in a way that maintains the equality of the accounting equation.
 The fundamental rule of double-entry bookkeeping is that debits must equal credits.
 For every transaction, there must be at least one debit and one credit.
 Debits must always equal credits for each transaction.
 Debits are always entered on the left side of  an account and credits are always entered on the right side.
★考核知识点:复式记账法
附4.9

10. What are the major types of adjusting entries? 调整分录的种类

参考答案:
Adjusting entries can be classified as either :Prepayments or  Accruals
(1) Prepayments fall into two categories:
a. Prepaid expense
b. Deferred Revenue (Unearned Revenue)
(2) Accruals fall into two categories
a. Accrued expenses
b. Accrued revenues

★考核知识点:调整分录
附4.10
Companies are on a calendar or fiscal year and business transactions can cut across two years. Therefore, adjusting entries are needed to ensure that the revenue recognition and matching principles are followed. 
Adjusting entries can be classified as either :Prepayments or  Accruals
(1) Prepayments fall into two categories:
a. Prepaid expenses: expenses have been paid in cash and are recorded as assets until they are used or consumed. 
b. Deferred Revenue (Unearned Revenue):Revenues received in cash and recorded as liabilities before they are earned.
(2) Accruals fall into two categories
a. Accrued expenses are expenses that have been incurred but not yet paid in cash and there is no original entry.
b. Accrued revenues are revenues that have been earned but not yet received in cash.
11. Describe the basic steps of the accounting cycle.简述会计循环的步骤。

参考答案:
The accounting cycle (or accounting process) includes standardized procedures that are performed in sequence during every period. (会计循环,或称为会计程序,是在每个会计期间按照一定顺序处理业务的一套规范化的程序)
It is called cycle because the steps repeated each accounting period.
(1) Transactions are analyzed and recorded in the journal.
(2). Transactions are posted to the ledger.
(3) A trial balance is prepared, adjustment data are assembled, and an optional work sheet is completed.
(4) Financial statements are prepared.
(5) Adjusting entries are journalized and posted.
(6) Closing entries are journalized and posted.
(7) A post-closing trial balance is prepared.
★考核知识点:会计循环
附4.10

11. What are the methods of control of cash? 现金的内部控制方法。

★考核知识点:调整分录
附4.11

12. What are the advantages of the allowance method for uncollectible accounts?
应收账款坏账备抵法的优点。

★考核知识点:应收账款坏账处理 -
附4.12
Management makes an estimate each year of the portion of accounts receivable that may not be collectible.
Uncollectible Accounts Expense (Bad Debts ) is debited and Allowance for Doubtful Accounts is credited.
Actual accounts that prove to be uncollectible are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable.
(1) This method is consistent with the matching principle.
(2) The accounts receivable state at net realizable value at end of the accounting period.

13. Describe the characteristics of the periodic inventory system and the perpetual inventory system.  存货的两种盘存制度的特点。
参考答案:
A company using a perpetual system maintains a continuous record of the physical quantities in its inventory.
A company using a periodic system does not maintains a continuous record of the physical quantities on hand.
1. In a periodic inventory system, when an item is sold, the only journal entry recorded is to reflect the sale of the merchandise Cost of goods sold is recorded only after the ending inventory has been counted and valued at the end of the period.
2. With a perpetual inventory system, continually updated records are maintained for inventory items.  Such tracking is readily enabled through advances in technology.  As a result, two journal entries are made when a sale occurs.
★考核知识点:存货盘存制度
附4.13

14.What are the financial statements effects of inventory methods?
存货计价方法对报表有何影响?(以先进先出法、后进先出法和平均成本法为例)
(1) Income Statement Effects:In periods of increasing prices, FIFO reports the highest net income, LIFO the lowest net income, and average cost falls in the middle.  In periods of decreasing prices, the converse is true: FIFO will report the lowest net income, LIFO the highest, with average cost in the middle.
(2) Balance Sheet Effects :In a period of inflation, the costs allocated to ending inventory using FIFO will approximate current costs. Thus, the market to book value of the inventory should approximate 1.0. Conversely, during a period of increasing prices, the costs allocated to the ending inventory using LIFO will be significantly understated.  Thus, the market to book ratio will be greater than 1.0.
★考核知识点:存货计价方法 -
附4.14

15. What are the classifications and objectives of investment in securities? 简述证券投资的类型和目的。
参考答案:
Classifications of Investments:  Trading securities; Held-to-maturity debt securities; Available-for-sale securities
Objectives of Investment in Securities:
(1)Temporary investment of surplus cash
(2)Investment solely for a return
(3)Investment for influence
(4)Purchase for control

★考核知识点:存货计价方法 -
附4.15
Marketable securities–Stocks, bonds and other financial instruments that organizations hold in lieu of cash. These are also referred to in the financial statements as short-term investments
Two Types of Marketable securities:
Debt securities - These are bonds issued by corporations or government that have maturity value, interest rate and maturity date.
Equity securities – These are any securities, such as common shares that represent  ownership in a  company.  
Classifications of Investments in Equity and Debt Securities:
(1) Trading securities: Investments at fair value through profit or loss ; held for trading, or designated to be ‘at fair value through profit or loss’
(2) Held-to-maturity debt securities: financial assets with fixed or determinable payments; fixed maturity ; positive intent and ability to hold to maturity
(3) Available-for-sale securities: remaining financial assets ;do not fall into any of the two categories above
Objectives of Investment in Securities
(1) Temporary investment of surplus cash
(2) Investment solely for a return
(3) Investment for influence
(4) Purchase for control


16. Describe the reasons for holding marketable securities.简述企业进行短期有价证券投资的原因
★考核知识点:短期投资
附4.16
There are many reasons why a company may want to buy debt or equity securities from another company.
For example, Company A may purchase the debt of Company B because
• Company B’s debt is paying a good interest rate.
• The debt may have a maturity date that matches Company A’s need for cash.
• The debt may be selling for less than face value, and Company A thinks that it can sell the debt later at a gain.
Investments in debt and equity securities can be classified on the statement of financial position as either current or non-current assets.
One reason for holding short term investments relates to the control of cash. The amount of cash held by an entity should be carefully regulated so that there is neither too much nor too little available at any time. If there is too little cash on hand, the firm will not be able to meet daily or periodic cash requirements; if there is too much cash on hand, a portion of the entity’s assets are unproductive.
Therefore, management will try to keep just enough cash on hand at any one time to meet daily requirements, plus a cushion for emergencies.
Cash in excess of the daily minimum should be invested in income-producing opportunities, such as the debt and equity securities of other companies.


17. Describe the characteristics of property, plant and equipment. 简述固定资产的特点。
★考核知识点:固定资产
附4.17
Property, plant, and equipment is defined as tangible assets that are held for use in production or supply of goods and services, for rentals to others, or for administrative purposes; they are expected to be used during more than one period.
Includes:Land, Building structures (offices, factories, warehouses), and Equipment (machinery, furniture, tools).
The characteristics:
(1) “Used in operations” and not for resale.
(2) Long-term in nature and usually depreciated.
(3) Possess physical substance.

18. Describe the benefits of accelerated depreciation methods. 什么是加速折旧法?其优点有哪些?
参考答案:
Accelerated methods of depreciation result in more depreciation in the early years of an asset's life and less depreciation in the later years of an asset's life than does the straight-line approach.
The benefits of accelerated depreciation methods are:
(1) Decreasing depreciation charges are matched against increasing repair and maintenance charges.
(2) Higher depreciation charges drive net income down in early years of an asset’s life. As a result, accelerated depreciation methods are favored for tax purposes.

★考核知识点:固定资产
附4.18

19. Describe the characteristics of intangible assets.什么是无形资产?其特征有哪些?
参考答案:
An intangible assets is an identifiable non-monetary asset without physical substance. 无形资产是指没有实物形态的、可辨认的非货币性资产。
Examples of intangible assets include goodwill, patents, copyrights, franchises, trademarks and trade names ……例如:商誉、专利权、版权、特许权、商标、商号等
The characteristics:
(1) a higher degree of uncertainty regarding the future benefits未来收益的高度不确定性
(2) value subject to wider fluctuations价值波动性大
(3) having value only to a particular company其价值只与某一特定企业相关
(4) ‘non-monetary’ feature 非货币性质

★考核知识点:无形资产
附4.19
如下答案也可以:
Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets that do not possess physical substance.
Examples of intangible assets include goodwill, patents, copyrights, franchises, trademarks and trade names ……
The Main Characteristics:
(1) Identifiable.可辨认性
(2) Lack physical existence.缺乏实物形态
(3) Not monetary assets.非货币性资产
Normally classified as non-current asset.

20. Describe the reasons for issuance of long-term liabilities.
举借长期债务的原因(与发行股票相比)。
参考答案:
Reasons for Issuance of Long-Term Liabilities:
(1) Debt financing may be the only available source of funds.
(2) Debt financing may have a lower cost.
(3) Debt financing offers an income tax advantage.
(4) The voting privilege is not shared.
(5) Debt financing offers the opportunity for leverage.

★考核知识点:长期负债
附4.20
A long-term liability: a liability with repayment terms extending beyond one year from the current balance sheet date or the operating cycle of the borrower, whichever is longer.
Long-term debt is often an attractive means of financing for the debtor:
(1) creditors do not acquire voting privileges in the debtor company, and issuance of debt causes no ownership dilution
(2) debt capital is obtained more easily than equity capital for many companies, especially private companies
(3) interest expense, unlike dividends, is tax deductible
(4) a firm that earns a return on borrowed funds that exceeds the rate it must pay in interest is using debt to its advantage and is said to be successfully levered (or leveraged)
Leverage is dangerous if sales or earnings decline and interest expense becomes an increasing percentage of earnings.


21. The characteristics of corporations简述公司的特征

★考核知识点:公司特征
附4.21

22.Describe the rights of common shareholders.(简述普通股股东的权利)

★考核知识点:普通股
附4.22
The two primary classes of paid-in capital are common stock (ordinary shares) and preferred stock. The primary attractiveness of preferred stocks is that they are preferred over common as to dividends.
Rights and Privilege of Shareholders:
Common Shareholders
(1) right to vote on key corporate matters
(2) preemptive right to purchase enough shares to retain their proportional ownership interest
(3) right to share proportionately in any dividends
(4) have residual interest in assets in liquidation
Preferred Shareholders
(1) stipulated dividend rate; stipulated liquidation value
(2) participation in earnings; cumulative feature 

23.Describe the three conditions that corporations declare and pay cash dividends on shares outstanding. 现金股利的发放条件。

参考答案:
Corporations generally declare and pay cash dividends on shares outstanding when three conditions exist:
1.  Sufficient retained earnings
2.  Sufficient cash
3.  Formal action by the board of directors

★考核知识点:现金股利
附4.23
Dividends are distributions of retained earnings to stockholders.
Dividends may be paid in cash, stock, or property.
Dividends, even on cumulative preferred stock, are never required, but once declared become a legal liability of the corporation.
Corporations generally declare and pay cash dividends on shares outstanding when three conditions exist:
1.  Sufficient retained earnings
2.  Sufficient cash
3.  Formal action by the board of directors

24. Describe the reasons exist for a company to issue a stock dividend.
公司发放股票股利的原因。
参考答案:
Numerous reasons exist for a company to issue a stock dividend:
(1) to show that the firm plans to permanently retain a portion of earnings in the business
(2) to increase the number of shares outstanding, which reduces the market price per share and which, in turn, tends to increase trading of shares in the market. (a large stock dividends)
(3) to continue dividend distributions without disbursing assets (usually cash) that may be needed for operations
(4) stock dividends do not subject the shareholders to income tax
(5) shareholders may actually prefer to receive stock dividends because they can sell these additional shares only if they choose to do so

★考核知识点:股票股利
附4.24
A stock dividend: a proportional distribution to shareholders of additional common or preferred shares of the corporation
A stock dividend does not change the assets, liabilities, or total shareholders' equity of the issuing corporation
It does not change the proportionate ownership of any shareholder
It simply increases the number of shares outstanding
The effect of a stock dividend on the stockholders’ equity of the issuing corporation is to transfer retained earnings (the market price of the shares) to paid-in capital.
Numerous reasons exist for a company to issue a stock dividend:
(1) to show that the firm plans to permanently retain a portion of earnings in the business
(2) to increase the number of shares outstanding, which reduces the market price per share and which, in turn, tends to increase trading of shares in the market. (a large stock dividends)
(3) to continue dividend distributions without disbursing assets (usually cash) that may be needed for operations
(4) stock dividends do not subject the shareholders to income tax
shareholders may actually prefer to receive stock dividends because they can sell these additional shares only if they choose to do so


25.Differentiate between the stock dividends and stock splits.
股票股利与股票分割的区别。
参考答案:
Stock Dividends:
(1) Par value of a share does not change
(2) Total number of shares increases
(3) Total stockholders’ equity does not change
(4) The composition of equity changes (less of retained earnings; more of stock)
(5) Stock dividends require journal entries
Stock Splits:
(1) Par value of a share decreases
(2) Total number of shares increases
(3) Total stockholders’ equity does not change
(4) The composition of equity does not change (same amounts of stock and RE)
(5) Stock splits do not require journal entries


26. Describe the reasons that a company may retire shares.
简述企业取得库藏股的原因。

★考核知识点:库藏股
附4.26
Treasury Stock : A firm may also buy its own shares and hold them for eventual resale. Such shares may not vote at shareholder meetings or receive dividends
Why Does A Corporation Reacquire Its Own Stock?
(1) Reissue shares to officers and employees under bonus and stock compensation plans.因奖金和股票期权计划,再发行股票给高管喝雇员
(2) Increase trading of company's stock in  securities market in hopes of enhancing market value.增加本公司股票在证券市场的交易量,以希望提高市场价值
(3) Have additional shares available for use in acquisition of other companies.为取得其他公司准备股票
(4) Reduce number of shares outstanding, thereby increasing earnings per share.减少发行在外股数,以提高每股收益
(5) Prevent a hostile takeover.防止恶意并购


27.Describe the characteristics of income and expenses. 简述收益和费用的特征。

★考核知识点:收入与费用
附4.27


28. Describe the matching methods between the expenses and revenue.
费用与收入配比的三种方法。
参考答案:
The matching principle is broken down into three pervasive measurement principles:费用的确认方法(即与收入配比的方法)
(1) associating cause and effect(因果关系): costs are relatively easy to identify with the related revenues, such as materials and direct labor consumed in the manufacturing process
(2) systematic and rational allocation(系统合理的分配): costs are more closely associated with specific accounting periods, such as costs of buildings and equipment  
(3) immediate recognition(立即确认): All other costs are generally expensed in the period in which they are incurred, such as office salaries, utilities, advertising expenses, etc.  
★考核知识点:收入与费用配比 -
附4.28

29. Describe the purposes of financial statement analysis. 简述财务报表分析的目的。
参考答案:
Financial statement analysis has two purposes:
(1) to use the past performance of an entity to predict its future profitability and cash flows.
(2) to evaluate the performance of an entity with an eye toward identifying problem areas.
★考核知识点:报表分析
附4.29


30. What is the purpose of a statement of cash flows? How does it differ from a balance sheet and an income statement?
说明现金流量表的作用,这与收益表和资产负债表的作用有何不同?

参考答案:
Usefulness of the Income Statement:
(1) Evaluate past performance.评价过去业绩
(2) Predicting future performance.预测未来业绩
(3) Help assess the risk or uncertainty of achieving future cash flows.有助于评价达到未来现金流量的风险与不确定性
Usefulness of the balance sheet:
(1) Evaluating the capital structure.
(2) Assess risk and future cash flows.
(3) Analyze the company’s: Liquidity, solvency, and sinancial flexibility.
Purpose of the Statement of Cash Flows:
To provide relevant information about the cash receipts and cash payments of an enterprise during a period.
The statement provides answers to the following questions:
Where did the cash come from?
What was the cash used for?
What was the change in the cash balance?
Importance of the statement of cash flow:
(1) It is useful to managers in evaluating past operations and in planning future investing and financing activities.
(2) It is useful to investors, creditors, and others in assessing a firm’s profit potential.
(3) It is a basis for assessing the firm’s ability to pay its maturing debt.

★考核知识点:现金流量表
附4.30
Purpose of the Statement of Cash Flows:
To provide relevant information about the cash receipts and cash payments of an enterprise during a period.
The statement provides answers to the following questions:
Where did the cash come from?
What was the cash used for?
What was the change in the cash balance?
Importance of the statement of cash flow:
(1) It is useful to managers in evaluating past operations and in planning future investing and financing activities.
(2) It is useful to investors, creditors, and others in assessing a firm’s profit potential.
(3) It is a basis for assessing the firm’s ability to pay its maturing debt.
The statement of cash flows reports cash flows by three types of activities:
(1) Cash flows from operating activities – transactions that affect net income.
(2) Cash flows from investing activities – transactions that affect noncurrent assets.
(3) Cash flows from financing activities – transactions that affect equity and debt of the entity.

31. What are the horizontal analysis, vertical Analysis and ratio analysis?
什么是横向分析、纵向分析、比率分析?

★考核知识点:报表分析 -
附4.31
(1) Horizontal analysis (or trend analysis): Uses data from prior years as a yardstick. The oldest year is used as a base, line by line, and subsequent years are expressed as a percentage of the base.
Two steps:
– select a base year and assign each item on the base year statement a weight of 100%;
– express each item from the statements for the other years as a percentage of its base year amount
(2) Vertical Analysis: A percentage analysis can be used to show the relationship of each component to a total within a single statement.
The total, or 100% item, on the balance sheet is “total assets.”
Net sales is 100.0% on the income statement.
Vertical analysis with both dollar and percentage amounts is also useful in comparing one company with another or with industry averages.  Such comparisons are easier to make with the use of common-size statements in which all items are expressed in percentages.
(3) Ratio analysis: A mathematical relationship between two amounts from the financial statements. The amounts might consist of a single account or a number of different accounts, from any of the financial statements — the balance sheet, the income statement, or the statement of cash flow.
 Solvency is the ability of a business to meet its financial obligations (debts) as they are due. Solvency analysis focuses on the ability of a business to pay or otherwise satisfy its current and noncurrent liabilities. This ability is normally assessed by examining balance sheet relationships.
 Profitability is the ability of an entity to earn profits. This ability to earn profits depends on the effectiveness and efficiency of operations as well as resources available. Profitability analysis focuses primarily on the relationship between operating results reported in the income statement and resources reported in the balance sheet.



五、业务题
1. Record the following selected transactions for March in a two-column journal, identifying each entry by letter:

(a) Received $10,000 from Shirley Knowles, owner.
(b) Purchased equipment for $35,000, paying $10,000 in cash and giving a note payable for the remainder.
(c) Paid $1,000 for rent for March.
(d) Purchased $8,500 of supplies on account.
(e) Recorded $2,500 of fees earned on account.
(f) Received $11,000 in cash for fees earned.
(g) Paid $200 to creditors on account.
(h) Paid wages of $1,250.
(i) Received $1,150 from customers on account.
(j) Recorded owner's withdrawal of $1,850.

ANS:

(a) Cash 10,000
   Shirley Knowles, Capital  10,000
  
(b) Equipment 35,000
   Cash  10,000
   Notes Payable  25,000
  
(c) Rent Expense 1,000
   Cash  1,000
  
(d) Supplies 8,500
   Accounts Payable  8,500
  
(e) Accounts Receivable 2,500
   Fees Earned  2,500
  
(f) Cash 11,000
   Fees Earned  11,000
  
(g) Accounts Payable 200
   Cash  200
  
(h) Wages Expense 1,250
   Cash  1,250
  
(i) Cash 1,150
   Accounts Receivable  1,150
  
(j) Shirley Knowles, Drawing 1,850
   Cash  1,850

★考核知识点:借贷复式记账
附5.1
The double-entry system:
 A system of recording transactions in a way that maintains the equality of the accounting equation.
 The fundamental rule of double-entry bookkeeping is that debits must equal credits.
 For every transaction, there must be at least one debit and one credit.
 Debits must always equal credits for each transaction.
 Debits are always entered on the left side of  an account and credits are always entered on the right side.

2. Journalize the six entries that adjust the accounts at December 31.  One of the accounts was affected by two different adjusting entries.

Unadjusted
Trial Balance Adjusted
Trial Balance
 
Cash  3,000   3,000
Accounts Receivable 30,000  30,500
Supplies  1,700     100
Prepaid Insurance  2,000     400
Equipment  9,000   9,000
Accumulated Depreciation     1,500
Wages Payable     4,000
Unearned Fees   6,000   1,500
Ann Cole, Capital  20,000  20,000
Fees Earned  62,000  67,000
Wages Expense 42,300  46,300
Supplies Expense     1,600
Insurance Expense     1,600
Depreciation Expense                       1,500         
Total 88,000 88,000 94,000 94,000
====== ====== ====== ======

ANS:

Accounts Receivable 500
  Fees Earned  500
 
Supplies Expense 1,600
  Supplies  1,600
 
Insurance Expense 1,600
  Prepaid Insurance  1,600
 
Depreciation Expense 1,500
  Accumulated Depreciation  1,500
 
Unearned Fees 4,500
  Fees Earned  4,500
 
Wages Expense 4,000
  Wages Payable  4,000

★考核知识点:调整分录 -
附5.2






3.  For each of the following, journalize the necessary adjusting entry:

(a) A business pays weekly salaries of $15,000 on Friday for a five-day week ending on that day. Journalize the necessary adjusting entry at the end of the fiscal period, assuming that the fiscal period ends (1) on Wednesday, (2) on Thursday.
(b) The balance in the prepaid insurance account before adjustment at the end of the year is $14,000. Journalize the adjusting entry required under each of the following alternatives: (1) the amount of insurance expired during the year is $4,500, (2) the amount of unexpired insurance applicable to a future period is $1,500.
(c) On July 1 of the current year, a business pays $36,000 to the city for license taxes for the coming fiscal year. The same business is also required to pay an annual property tax at the end of the year. The estimated amount of the current year's property tax allocable to July is $3,200. (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July?
(d) The estimated depreciation on equipment for the year is $24,000.

ANS:

(a) (1) Salary Expense 9,000
        Salaries Payable  9,000
  
(2) Salary Expense 12,000
        Salaries Payable  12,000
  
(b) (1) Insurance Expense 4,500
        Prepaid Insurance  4,500
  
(2) Insurance Expense 12,500
        Prepaid Insurance  12,500
  
(c) (1) Taxes Expense 3,000
        Prepaid License Taxes  3,000
  
     Taxes Expense 3,200
        Property Taxes Payable  3,200
  
(2) $6,200 ($3,000 + $3,200) 
  
(d) Depreciation Expense 24,000
    Accumulated Depreciation - Equipment  24,000
★考核知识点:调整分录 -
附5.3  (同上)

4. On the basis of the following data taken from the Adjusted Trial Balance columns of the work sheet for the year ended October 31 for Shore Co., journalize the four closing entries.

Cash $ 21,500
Accounts Receivable 45,200
Supplies 5,000
Equipment 169,900
Accumulated Depreciation  $ 69,000
Accounts Payable  42,500
Stan Shore, Capital  152,600
Stan Shore, Drawing 30,000
Fees Earned  404,500
Salary Expense 300,500
Rent Expense 60,000
Depreciation Expense 25,000
Supplies Expense 9,500
Miscellaneous Expense      2,000             
$668,600 $668,600
======== ========

ANS:

Oct. 31 Fees Earned 404,500
                Income Summary  404,500
 
31 Income Summary 397,000
                Salary Expense  300,500
                Rent Expense  60,000
                Depreciation Expense  25,000
               Supplies Expense  9,500
               Miscellaneous Expense  2,000
 
31 Income Summary 7,500
               Stan Shore, Capital  7,500
 
      31 Stan Shore, Capital 30,000
              Stan Shore, Drawing  30,000

★考核知识点:结账分录
附5.4 
The Closing Process:
(1) Debit each revenue account for the amount of its balance, and credit Income Summary for the total revenue.
(2) Debit Income Summary for the total expenses and credit each expense account for its balance.
(3) Debit Income Summary for the amount of its balance (in this case, the net income) and credit the capital account.
(4) Debit the capital account for the balance of the drawing account, and credit drawing for the same amount.
After the closing entries are posted, all of the temporary accounts have zero balances.

5. The bank statement for Allen Co. indicates a balance of $8,000.00 on June 30, 2005.  After the journals for June had been posted, the cash account had a balance of $3,675.00.  Prepare a bank reconciliation on the basis of the following reconciling items:

(a) Cash sales of $342 had been erroneously recorded in the cash receipts journal as $324.
(b) Deposits in transit not recorded by bank, $500.00.
(c) Bank debit memorandum for service charges, $25.00.
(d) Bank credit memorandum for note collected by bank, $2850, including $50 interest.
(e) Bank debit memorandum for $218.00 NSF (not sufficient funds) check from Alice Bell, a customer.
(f) Checks outstanding, $2,200.00.

ANS:

Allen Co.
Bank Reconciliation
June 30, 2005
 
Cash balance according to bank statement  $8,000.00
Add deposits in transit not recorded by bank     500.00
  $8,500.00
Deduct outstanding checks   2,200.00
Adjusted balance  $6,300.00
  =========
Cash balance according to depositor's records  $3,675.00
Add: Note collected by bank, including 
       $50 interest $2,850.00
     Error in recording cash sales of 
       $342 as $324     18.00  2,868.00
  $6,543.00
Deduct: NSF check from Alice Bell $  218.00
        Bank service charges     25.00    243.00
Adjusted balance  $6,300.00
  =========

★考核知识点:银行调节表
附5.5 
A bank reconciliation is a listing of the items and amounts that cause the cash balance reported in the bank statement to differ from the balance of the cash account in the ledger.
Reasons for differences between depositor’s records and the bank statement:
(1) Outstanding checks.
(2) Deposits in transit.
(3) Service charges
(4) Collections
(5) Not-sufficient-funds (NSF) checks
(6) Errors


6. Using the following information, prepare a bank reconciliation for Cole Co. for May 31 of the current year:

(a) The bank statement balance is $3,012.
(b) The cash account balance is $3,165.
(c) Outstanding checks amounted to $590.
(d) Deposits in transit are $704.
(e) The bank service charge is $30.
(f) A check for $76 for supplies was recorded as $67 in the ledger.

ANS:

Cole Co.
Bank Reconciliation
May 31, 2005
 
Cash balance according to bank statement  $3,012
Add deposits in transit not recorded by bank     704
  $3,716
Deduct outstanding checks     590
Adjusted balance  $3,126
  ======
Cash balance according to depositor's records  $3,165
Deduct:  Bank service charge $ 30
         Error in recording    9     39
Adjusted balance  $3,126
  ======

★考核知识点:银行调节表
附5.6  (同上)


7. For a business that makes advance provision for uncollectible receivables

(a) Journalize the entries to record the following:
 
(1) Record the adjusting entry at December 31, the end of the fiscal year, to provide for doubtful accounts.  The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600.  Analysis of the receivables indicates doubtful accounts of $20,000.
(2) In March of the following fiscal year, the $550 owed by Flake Co. on account is written off as uncollectible.
(3) Eight months later, $200 of the Flake Co. account is reinstated and payment of that amount is received.
(4) In October, $400 is received on the $600 owed by Doe Co. and the remainder is written off as uncollectible.
 
(b) Based on the data in (a) (1) above, what is the net realizable value of the accounts receivable as reported on the balance sheet as of December 31?
 
(c) Assuming that the business had been following the direct write-off procedure in accounting for uncollectible receivables, journalize the entries to record the following:
 
(1) Recorded the write-off of account of Flake Co. [(a) (2) above].
(2) Reinstated account of Flake Co. for $200 and recorded payment of that amount received [(a) (3) above].
(3) Recorded the receipt of $400 from Doe Co. in (a) (4) above and wrote off the remainder owed as uncollectible.

ANS:
(a) 
(1) Uncollectible Accounts Expense 20,600
       Allowance for Doubtful Accounts  20,600
 
(2) Allowance for Doubtful Accounts 550
       Accounts Receivable-Flake Co  550
 
(3) Accounts Receivable-Flake Co 200
       Allowance for Doubtful Accounts  200
 
     Cash 200
       Accounts Receivable-Flake Co  200
 
(4) Cash 400
     Allowance for Doubtful Accounts 200
       Accounts Receivable-Doe Co  600
 
(b) 
$780,000 ($800,000 - $20,000) 
 
(c) 
(1) Uncollectible Accounts Expense 550
       Accounts Receivable-Flake Co  550
 
(2) Accounts Receivable-Flake Co 200
       Uncollectible Accounts Expense  200
 
     Cash 200
       Accounts Receivable-Flake Co  200
 
(3) Cash 400
     Uncollectible Accounts Expense 200
       Accounts Receivable-Doe Co  600

★考核知识点:应收账款坏账处理 -
附5.7
Methods of Accounting for Uncollectible Accounts:
(1) The Allowance Method :
 This method is consistent with the matching principle.
 Management makes an estimate each year of the portion of accounts receivable that may not be collectible.
 Uncollectible Accounts Expense (Bad Debts ) is debited and Allowance for Doubtful Accounts is credited.
 Actual accounts that prove to be uncollectible are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable.
(2) Direct Write-Off Method :
Theoretically undesirable: no matching; receivable not stated at net realizable value

8. The beginning inventory and purchases of an item for the period were as follows:

Beginning inventory 6 units at  $73 each
First purchase 10 units at $72 each
Second purchase 18 units at $74 each
Third purchase 10 units at $75 each

The company uses the periodic system, and there were 15 units in the inventory at the end of the period.  Determine the cost of the 15 units in the inventory by each of the following methods, presenting details of your computations: (a) first-in, first-out; (b) last-in, first-out; (c) average cost.

ANS:
(a)
10 units @ $75 $  750 
5 units @ $74    370        
        Total $1,120 
====== 

(b)
6 units @ $73 $  438
9 units @ $72    648
         Total $1,086
======

(c)
Average unit cost = $73.64
$3,240/44
15 units @ $73.64 = $1,104.60
=========

★考核知识点:存货计价 -
附5.8
A company using a perpetual system maintains a continuous record of the physical quantities in its inventory.
Opening Inventory + Purchases - Goods Sold=Closing Inventory
A company using a periodic system does not maintains a continuous record of the physical quantities on hand.
Opening Inventory + Purchases-Closing Inventory=Goods Sold
(1) First-in, First-out (FIFO) method assumes that the earliest goods purchased are the first to be sold. 
Thus, cost of goods sold is obtained by taking the unit cost of the oldest goods purchased and working forward until the cost of all units sold have been determined.
As a result, ending inventory is the most recently purchased goods.
(2) Last-in, First-out (LIFO) method assumes that the last goods purchased are the first to be sold.
Thus, cost of goods sold is obtained by taking the unit cost of the most recently purchased goods and working backward until the cost of all units sold have been determined.
As a result, ending inventory is the oldest purchased goods.
(3) Average cost method assumes that the goods available for sale are homogeneous and allocates the cost of goods available for sale on the basis of the weighted average unit cost incurred. 
The weighted average unit cost is then applied to the units sold to determine the cost of goods sold. 
In addition, it is applied to the units in ending inventory to determine the value of ending inventory.

9. The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:

May   1    Balance 25 units at $40
          6    Sale 20 units
          8    Purchase 20 units at $41
        16    Sale 10 units
        20    Purchase 20 units at $42
        23    Sale 25 units
        30    Purchase 15 units at $43

(a) Determine the cost of the inventory balance at May 31, using (1) the first-in, first-out method and (2) the last-in, first-out method.  Identify the quantity, unit price, and total cost of each lot in the inventory.
(b) Present the journal entry to record a shortage (shrinkage) of $53 discovered by the physical count on May 31.

ANS:
(a)
(1)  May 20  10 units at $42 $  420
        30  15 units at $43    645
      Total $1,065
======

    (2)  May  1    5 units at $40 $  200
              8    5 units at $41 205
              30  15 units at $43    645
          Total $1,050
======

(b)
Inventory Shrinkage (or Cost of Merchandise Sold) 53
      Merchandise Inventory  53

★考核知识点:存货计价 -
附5.9 (同上)

10.  Present entries to record the following selected transactions of Belton Co.

(a) Purchased 500 shares of the 100,000 shares outstanding $10 par common shares of Denver Corporation for $5,100, as investment in available-for-sale securities.
(b) Purchased 2,000 shares of the 10,000 shares no par common shares of Reilly Co. for $45,600. The investment was accounted for by the equity method.
(c) Received a cash dividend of $1 per share on the Denver Corporation stock acquired in (a).
(d) Received a cash dividend of $2 per share on the Reilly Co. stock acquired in (b).
(e) Sold 100 shares of the Denver Corporation shares acquired in (a) for $2,100.
(f) Recorded the appropriate share of Reilly's Co. net income of $50,000.  The stock was acquired in (b).

ANS:
(a)
Available-for-sale securities 5,100
  Cash  5,100

(b)
Investment in Reilly Co. Stock 45,600
  Cash  45,600

(c)
Cash 500
   Dividend Revenue  500

(d)
Cash 4,000
  Investment in Reilly Co. Stock  4,000

(e)
Cash 2,100
  Available-for-sale securities  1,020
  Gain on Sale of Available-for-sale securities  1,080

(f)
Investment in Reilly Co. Stock 10,000
  Income of Reilly Co.  10,000

★考核知识点:股票投资 -
附5.10
GAAP treatment of “available-for-sale” securities is more involved.  It treats holding gains and losses as equity (i.e., balance sheet) adjustments, NOT income statement adjustments.
Increases in book value are recorded on the balance sheet as unrealized holding gains on marketable securities – available-for-sale.
Decreases in book value are recorded on the balance sheet as unrealized holding losses on marketable securities – available-for-sale.
Significant influence is normally assumed to exist if the investor holds 20% or more of the voting equity of the investee.
Under the equity method of accounting, the investment is initially recorded at the purchase price in an investments account.
Subsequent to acquisition, the investment account is increased or decreased by the investor’s share of the profit or losses of the investee and reduced by the investor’s share of dividends from the investee.

11. Prepare the journal entries for the following transactions for Miller Co.

(a) Miller Co. purchased 25,000 shares of the total of 100,000 shares of Bud Corp. stock for $10 per share plus a $400 commission.
(b) Bud Corp.'s total earnings for the period are $80,000.
(c) Bud Corp. paid a total of $45,000 in cash dividends.

ANS:
(a)
Investment in Bud Corp. Stock 250,400
  Cash  250,400

(b)
Investment in Bud Corp. Stock 20,000
  Income of Bud Corp.   20,000

(c)
Cash 11,250
  Investment in Bud Corp. Stock  11,250

★考核知识点:股票投资---权益法
附5.11
Significant influence is normally assumed to exist if the investor holds 20% or more of the voting equity of the investee. However, if it can be demonstrated that a holding of 20% or more of the voting equity does not give significant influence, the investment would not be considered an investment in an associate. Similarly, if it can be demonstrated that a holding of less than 20% of the voting equity of the investee does lead to significant influence, the investment would be considered an investment in an associate.
Where there is no parent-subsidiary relationship but the investor is able to exercise significant influence over the operating, investing, and financing decisions of the investee, the strategic investment should be accounted for using the equity method.
Under the equity method of accounting, the investment is initially recorded at the purchase price in an investments account.
Subsequent to acquisition, the investment account is increased or decreased by the investor’s share of the profit or losses of the investee and reduced by the investor’s share of dividends from the investee.
Any difference between the purchase price and the underlying equity in net assets of the acquired company is amortized based on an allocation of the purchase price to specific assets.
Any difference that cannot be related to specific assets is classified as goodwill, which is tested for impairment over its useful life.


12. Ace Company purchased as a long-term investment $500,000 of Blue Corporation 10-year, 9% bonds.  Present entries to record the following selected transactions:

(a) Purchased bonds for $475,000.
(b) Amortized $1,800 of discount on bonds for the year.
(c) Sold bonds at 98 plus accrued interest of $8,000.  The broker deducted $400 for brokerage fees and taxes, remitting the balance.  The bonds were carried at $489,000 at the time of the sale.

ANS:
(a)
Investment in Blue Corporation Bonds 475,000
  Cash  475,000

(b)
Investment in Blue Corporation Bonds 1,800
  Interest Revenue  1,800

(c)
Cash 497,600
  Interest Revenue  8,000
  Investment in Blue Corp. Bonds  489,000
  Gain on Sale of Investments  600

★考核知识点:长期债券投资 -
附5.12
Investments in debt securities are initially recorded at the price paid for the obligation, which may or may not be the face value.
At subsequent financial reporting dates, the investment is remeasured to its fair value at the financial reporting date.
Classify a debt security as held-to-maturity only if it has both: the positive intent and the ability to hold securities to maturity.
The supporting rationale lies in the fact that the entity will hold the asset until its final maturity.  As a result, temporary fluctuations in market value are not an issue.
Accounted for at amortized cost, not fair value. Amortize premium or discount using the effective-interest method unless the straight-line method—yields a similar result.

13. Journalize the entries to record the following selected transactions of Owens Co.:

(a) Purchased $100,000 of Kelly Co. 8% bonds at 102 plus accrued interest of $2,000.
(b) Received first semiannual interest payment.
(c) Amortized $40 on the bond investment at the end of the first year.
(d) Sold the bonds at 97 plus accrued interest of $1,500.  The bonds were carried at $101,500 at the time of the sale.

ANS:
(a)
Investment in Kelly Co. Bonds 102,000
Interest Revenue 2,000
   Cash  104,000

(b)
Cash 4,000
   Interest Revenue  4,000

(c)
Interest Revenue 40
   Investment in Kelly Co. Bonds  40

(d)
Cash 98,500
Loss on Sale of Investments 4,500
   Investment in Kelly Co. Bonds  101,500
   Interest Revenue  1,500
★考核知识点:长期债券投资 -
附5.13 (同上)

14.  Equipment purchased at the beginning of the fiscal year for $150,000 is expected to have a useful life of 5 years, or 15,000 operating hours, and a residual value of $30,000.  Compute the depreciation for the first and second years of use by each of the following methods:

(a) straight-line
(b) units-of-production (2,500 hours first year; 3,250 hours second year)
(c) declining-balance at twice the straight-line rate
(Round the answer to the nearest dollar.)

ANS:
        1st Year
(a) $24,000  ($150,000 - 30,000) = 120,000 ÷ 5
(b) $20,000  ($150,000 - 30,000) = ($120,000 ÷ 15,000 hours) =
$8/hr x 2,500
(c) $60,000  ($150,000 x .40)

        2nd Year
(a) $24,000  ($150,000 - 30,000) = 120,000 ÷ 5
(b) $26,000  ($150,000 - 30,000) = ($120,000 ÷ 15,000 hours) =
$8/hr x 3,250
(c) $36,000  ($150,000 - 60,000) = 90,000 x .40

★考核知识点:折旧方法 -
附5.14
(1) Straight-line depreciation is the most widely used method of depreciation. Under the straight-line method, depreciation is the same for each year of the asset's useful life. 
Annual depreciation=( Cost – estimated residual value)/Estimated life
(2) Under the units-of-Production method, the life of an asset is expressed in terms of the total units of production or the use expected from the asset.
Depreciation per unit, hour, etc.=
( Cost – estimated residual value)/Estimated life in units, hours, etc.
(3) The declining-balance method is an accelerated method.
Accelerated methods of depreciation result in more depreciation in the early years of an asset's life and less depreciation in the later years of an asset's life than does the straight-line approach.
Declining-Balance Method: Utilizes a depreciation rate (%) that is some multiple of the straight-line method. Does not deduct the residual value in computing the depreciation base.

15. Machinery is purchased on July 1 of the current fiscal year for $180,000.  It is expected to have a useful life of 4 years, or 20,000 operating hours, and a residual value of $15,000. Compute the depreciation for the last six months of the current fiscal year ending December 31 by each of the following methods:

(a) straight-line
(b) declining-balance at twice the straight-line rate
(c) units-of-production (used for 1,500 hours during the current year)
(Round the answer to the nearest dollar.)

ANS:
(a) $20,625 = ($180,000 - 15,000) = 165,000 ÷ 4 = 41,250  6/12
(b) $45,000 = ($180,000  .50) = $90,000  6/12
(c) $12,375 = ($180,000 - 15,000) = ($165,000 ÷ 20,000 hours) = $8.25  1,500 hours
★考核知识点:折旧方法 -
附5.15 (同上)

16. Computer equipment (office equipment) purchased 6 1/2 years ago for $170,000, with an estimated life of 8 years and a residual value of $10,000, is now sold for $60,000 cash. (Appropriate entries for depreciation had been made for the first six years of use.)  Journalize the following entries:

(a) Record the depreciation for the one-half year prior to the sale, using the straight-line method.
(b) Record the sale of the equipment.
(c) Assuming that the equipment had been sold for $30,000 cash, prepare the entry for (b) above to record the sale.

ANS:
(a) Depreciation Expense-Office Equipment 10,000
   Accumulated Depreciation-Office
   Equipment  10,000
  
(b) Cash 60,000
Accumulated Depreciation-Office Equipment 130,000
   Office Equipment  170,000
   Gain on Sale of Fixed Assets  20,000
  
(c) Cash 30,000
Accumulated Depreciation-Office Equipment 130,000
Loss on Disposal of Fixed Assets 10,000
   Office Equipment  170,000

★考核知识点:固定资产处置 -
附5.16
When fixed assets lose their usefulness they may be disposed of in one of the following ways: discarded,  sold, or. traded (exchanged) for similar assets.
Required entries will vary with type of disposition and circumstances, but the following entries will always be necessary:
An asset account must be credited to remove the asset from the ledger, and the related Accumulated Depreciation account must be debited to remove it’s balance from the ledger.
When fixed assets are sold, the owner may break even, sustain a loss, or realize a gain.
1. If the sale price is equal to book value, there will be no gain or loss.
2. If the sale price is less than book value, there will be a loss equal to the difference.
3. If the sale price is more than book value, there will be a gain equal to the difference

17. Journalize the following entries on the books of the borrower and creditor.  Label accordingly.

Jun.   1 Roberts Co. purchased merchandise on account from Wright Co., $60,000, terms n/30.
Jun.  30 Roberts Co. issued a 60-day, 5% note for $60,000 on account.
Aug.  29 Roberts Co. paid the amount due.

ANS:

Roberts Co. (Borrower) 
 
June 1   Merchandise Inventory 60,000
                Accounts Payable  60,000
 
      30    Accounts Payable 60,000
                Notes Payable  60,000
 
Aug.29   Notes Payable 60,000
               Interest Expense 500
                Cash  60,500
 
Wright Co. (Creditor) 
 
June 1   Accounts Receivable 60,000
                Sales  60,000
 
      30    Notes Receivable 60,000
                Accounts Receivable  60,000
 
Aug.29   Cash 60,500
                Notes Receivable  60,000
                Interest Revenue  500

★考核知识点:商品购销—应收账款、应收票据;应付账款、应付票据 -
附5.17 、
Trade accounts payable arise from the purchase of inventory, supplies, or services on credit.
A note payable is an unconditional written agreement to pay a sum of money to the bearer on a specific date.
Notes may be issued when merchandise and other assets are purchased. They may also be issued to creditor's to temporarily satisfy an account payable created earlier and may be issued when money is borrowed from banks.


18. Arthur Corp. issued $2,500,000 of 20-year, 9% callable bonds on July 1, 2005, with interest payable on June 30 and December 31. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions:

2005
July  1 Issued the bonds for cash at their face amount.

Dec. 31 Paid the interest on the bonds.

2011
Dec. 31 Called the bond issue at 97, the rate provided in the bond indenture.  (Omit entry for payment of interest.)

ANS:

2005 
July 1 Cash 2,500,000
             Bonds Payable  2,500,000
 
Dec. 31 Interest Expense 112,500
             Cash  112,500
 
2011 
Dec. 31 Bonds Payable 2,500,000
           Gain on Redemption of Bonds  75,000
            Cash  2,425,000

★考核知识点:债券发行 -
附5.18
If Nominal rate = effective rate, PV of the future cash flows, discounted at the effective interest rate, will equal the face value of the debt
If Nominal rate > effective rate, PV of the future cash flows will higher than the face value of the debt, the bond will sell for a premium.
If Nominal rate < effective rate, PV of the future cash flows will less than the face value of the debt, the bond will sell for a discount.
Bonds Issued on Interest Date:
May be issued at par:
  Cash
   Bonds Payable
May be issued at a discount:
  Cash
  Discount on Bonds Payable
   Bonds Payable
May be issued at a premium:
  Cash
   Premium on Bonds Payable
   Bonds Payable
Bonds retired at maturity are recorded by reducing the liability and the asset given in repayment; no gain or loss arises
Bonds retired before maturity through call redemption, or open market purchase, typically involve recognition of a gain or loss as the difference between the book value of the debt and the consideration paid
In an open market purchase of bonds, the issuer pays the market price; if bonds carry a call privilege, the issuer may retire the debt by paying the call price.

19. Present entries to record the selected transactions described below:

(a) Issued $3,250,000 of 10-year, 8% bonds at 97.
(b) Amortized bond discount for a full year, using the straight-line method.
(c) Called bonds at 98.  The bonds were carried at $3,175,500 at the time of the redemption.

ANS:
(a)
Cash 3,152,500
Discount on Bonds Payable 97,500
  Bonds Payable  3,250,000

(b)
Interest Expense 9,750
  Discount on Bonds Payable  9,750

(c)
Bonds Payable 3,250,000
Loss on Redemption of Bonds 9,500
  Discount on Bonds Payable  74,500
  Cash  3,185,000

★考核知识点:债券发行 -
附5.19 (同上)

20. On June 30, 2006, Athens Company issued $1,500,000 of 10-year, 8% bonds, dated June 30, for $1,540,000.  The bonds were purchased by Palermo Co. on the issue date at the issue price.  Present entries to record the following transactions:

(a)
Athens Company
(1) Issuance of bonds.
(2) Payment of first semiannual interest on December 31, 2006.
(3) Amortization by straight-line method of bond premium on December 31, 2006.

(b)
Palermo Company
(1) Purchase of bonds.
(2) Receipt of first semiannual interest amount on December 31, 2006.
(3) Amortization by straight-line method of bond premium on December 31, 2006.

ANS:
(a)
(1) Cash 1,540,000
         Premium on Bonds Payable  40,000
         Bonds Payable  1,500,000
 
(2)   Interest Expense 60,000
         Cash  60,000
 
(3)   Premium on Bonds Payable 2,000
         Interest Expense  2,000

(b)
(1)   Investment in Athens Co. Bonds 1,540,000
         Cash  1,540,000
 
(2)   Cash 60,000
         Interest Revenue  60,000
 
(3)   Interest Revenue 2,000
         Investment in Athens Co. Bonds  2,000

★考核知识点:债券发行 -
附5.20


21. On April 1, 10,000 shares of $5 par common stock were issued at $25, and on April 7, 5,000 shares of $50 par preferred stock were issued at $103. Journalize the entries for April 1 and 7.

ANS:
Apr. 1 Cash 250,000
   Common Stock  50,000
   Paid-In Capital in Excess of Par- 
   Common Stock  200,000
  
     7 Cash 515,000
   Preferred Stock  250,000
   Paid-In Capital in Excess of Par- 
   Preferred Stock  265,000

★考核知识点:股票发行 -
附5.21
When stock is issued for more than its par, the stock has sold at a premium.It has sold at a discount if issued for less than its par.
The issuance of common stock affects only the contributed capital accounts.
When the issuance of common stock for cash is recorded, the par value of the shares is credited to Common Stock. The portion of the proceeds above par value is recorded in a separate paid-in account referred to as either additional paid-in capital or paid-in capital in excess of par.


22. A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of $4 preferred stock, $12 par, and 100,000 shares of $3 par common stock.
The following selected transactions were completed during the first year of operations:
Jan. 30 Issued 15,000 shares of common stock at $21 per share for cash.

     31 Issued 1,100 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. 24 Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $55,000 $120,000, and $45,000 respectively.

Mar. 15 Issued 2,000 shares of preferred stock at $54 for cash.

ANS:

Jan. 30 Cash 315,000
   Common Stock  45,000
   Paid-In Capital in Excess of Par -
   Common Stock 
270,000
  
     31 Organizational Expense 3,300
   Common Stock  3,300
    
Feb. 24 Land 55,000
Buildings 120,000
Equipment 45,000
   Common Stock  60,000
   Paid-In Capital in Excess of Par- 
    Common Stock  160,000
  
Mar. 15 Cash 108,000
   Preferred Stock  24,000
   Paid-In Capital in Excess of Par- 
    Preferred Stock  84,000

★考核知识点:股票发行 -
附5.22
When stock is issued for more than its par, the stock has sold at a premium.It has sold at a discount if issued for less than its par.
The issuance of common stock affects only the contributed capital accounts.
When the issuance of common stock for cash is recorded, the par value of the shares is credited to Common Stock. The portion of the proceeds above par value is recorded in a separate paid-in account referred to as either additional paid-in capital or paid-in capital in excess of par.
Stock issued for assets other than cash should be recorded at the fair market value of the asset or fair market value of the stock, whichever can be more clearly determined.


23. Present entries to record the following:

(a) Issued 1,000 shares of $15 par common stock at $52 for cash.
(b) Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $21,000.
(c) Purchased 100 shares of treasury stock at $25.
(d) Sold 100 shares of treasury stock at $28.

ANS:
(a)
Cash 52,000
  Common Stock  15,000
  Paid-In Capital in Excess of Par - Common Stock  37,000

(b)
Equipment 21,000
  Common Stock  21,000

(c)
Treasury Stock 2,500
  Cash  2,500

(d)
Cash 2,800
  Treasury Stock  2,500
  Paid-In Capital from Sale of 
   Treasury Stock  300

★考核知识点:股票发行、库藏股 -
附5.23
Treasury Stock : A firm may also buy its own shares and hold them for eventual resale. Such shares may not vote at shareholder meetings or receive dividends.
A commonly used method of accounting for treasury stock is the cost method.
The Treasury Stock account is debited for the cost of the shares (i.e., contra equity account). The original amount of Common Stock is not affected because the number of issued shares does not change.Treasury stock is considered a contra equity account (i.e., it has a debit balance when the normal balance is a credit) and thus reduces the stockholders' equity section of the balance sheet.
When the shares are resold , the treasury stock account is credited for the cost.
When the resale price is higher than the average cost per share acquired, the excess should be credited to a separate contributed capital account.
a. Each class of shares must have its own account.
b. Note that the same account can be (and usually is) used for share retirements.
When the resale price is lower than the average cost per share acquired, the deficiency should be charged
a. first, to any contributed capital that was created by earlier cancellation or resale transactions in the same class of shares; and then
b. any remaining amount, to retained earnings.

24. A company has 10,000 shares of $10 par common stock outstanding.  Present entries to record the following:

(a) Purchased 1,000 shares of treasury stock at $13.  The treasury stock is accounted for by the cost method.
(b) Sold 500 shares of treasury stock at $15.
(c) Purchased equipment for $75,000, paying $25,000 in cash and issuing 4,000 shares of common stock for the equipment.
(d) Sold 500 shares of treasury stock at $11.

ANS:
(a)
Treasury Stock 13,000
  Cash  13,000

(b)
Cash 7,500
  Paid-In Capital from Sale of 
   Treasury Stock  1,000
  Treasury Stock  6,500

(c)
Equipment 75,000
  Cash  25,000
  Common Stock  40,000
  Paid-In Capital in Excess of Par - Common Stock  10,000

(d)
Cash 5,500
Paid-In Capital from Sale 1,000
of Treasury Stock 
    Treasury Stock  6,500

★考核知识点:股票发行、库藏股 -
附5.24 (同上)


25. Journalize the following selected transactions completed during the current fiscal year:

Jan.  3 The board of directors reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 400,000.

     22 Declared a dividend of $2.00 per share on the outstanding shares of common stock.

Feb.  8 Paid the dividend declared on January 22.

Sep.  1 Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $30).

Oct.  1 Issued the certificates for the common stock dividend declared on
September 1.

ANS:

Jan.  3  No entry required 
 
      22  Cash Dividends 800,000
            Cash Dividends Payable  800,000
 
Feb.  8  Cash Dividends Payable 800,000
            Cash  800,000
 
Sep.  1  Stock Dividends 600,000
            Stock Dividends Distributable  400,000
            Paid-In Capital in Excess of 
             Par-Common Stock  200,000
 
Oct.  1  Stock Dividends Distributable 400,000
            Common Stock  400,000

★考核知识点:股利 -
附5.25
Dividends are distributions of retained earnings to stockholders. Dividends may be paid in cash, stock, or property. Dividends, even on cumulative preferred stock, are never required, but once declared become a legal liability of the corporation.
Relevant Dividend Dates:
Date of Declaration: This is the date on which the board of directors announces to shareholders and the market that the company will pay a dividend.
Date of Record: This is the date on which the company looks at its records to see who the shareholders of the company are. Only by being listed as a “holder of record” are investors ensured the right of a dividend payout. No dividend entry is made on this date.
Ex-date or Ex-Dividend Date: It is three or four trading days prior to the date of record.
On (or after) this date, the security trades without its dividend. If you buy a dividend-paying stock one day before the ex-dividend date, you will still get the dividend, but you won’t if you buy on the ex-dividend date. Alternatively, if you want to sell a stock and still receive a dividend that has been declared, you need to sell on (or after) the ex-dividend day.
Date of Payment: the actual day of the payment of the dividend
the date of payment typically follows the declaration date by four to six weeks
A distribution of dividends to stockholders in the form of the firm’s own shares is called a stock dividend. The effect of a stock dividend on the stockholders’ equity of the issuing corporation is to transfer retained earnings (the market price of the shares) to paid-in capital. A stock dividend does not change the assets, liabilities, or total shareholders' equity of the issuing corporation. It does not change the proportionate ownership of any shareholder. It simply increases the number of shares outstanding
US legislation stipulates that stock dividends amounting to less than 25% of previously outstanding shares be valued at market while larger stock dividends are recorded by means of a memo entry.
Less than 20% of the outstanding shares. Debit Retained Earnings for the MARKET value of the shares. Greater than 20% of the shares outstanding. Debit Retained Earnings for the PAR value of the shares.


26. Present entries to record the following selected transactions completed during the current fiscal year:

Feb.  1 The board of directors reduced the par of common shares from $100 to $20.  This action increased the number of outstanding shares to 500,000.

     11 Purchased 25,000 shares of own stock at $45, recording the treasury stock at cost.

May   1 Declared a dividend of $3 per share on the outstanding shares of common stock.

     15 Paid the dividend declared on May 1.

Oct. 19 Declared a 2% stock dividend on the common stock outstanding (the fair market value of the stock to be issued is $55).

Nov. 12 Issued the certificates for the common stock dividend declared on October 19.

ANS:

Feb.   1    No entry required 
 
        11    Treasury Stock 1,125,000
              Cash  1,125,000
 
May   1    Cash Dividends 1,425,000
              Cash Dividends Payable  1,425,000
 
        15         Cash Dividends Payable 1,425,000
             Cash  1,425,000
 
Oct. 19   Stock Dividends 522,500
             Stock Dividends Distributable  190,000
             Paid-In Capital in Excess of 
              Par-Common Stock  332,500
 
Nov. 12   Stock Dividends Distributable 190,000
             Common Stock  190,000
★考核知识点:股利 -
附5.26 (同上)

27.  Merchandise with a list price of $3,800 and costing $2,000 is sold on account, subject to the following terms: FOB destination, 2/10, n/30.  The seller prepays the transportation costs of $50 (debit Transportation Out for the transportation costs).  Prior to payment for the goods, the seller issues a credit memorandum for $800 to the customer for merchandise costing $500 that is returned.  The correct amount is received within the discount period.
Record the foregoing transactions of the seller in the sequence indicated below.
(a) Sold the merchandise, recognizing the sale and cost of merchandise sold.
(b) Paid the transportation charges.
(c) Issued the credit memorandum.
(d) Received payment from the customer.

ANS:

(a) Accounts Receivable 3,800
   Sales  3,800
  
Cost of Merchandise Sold 2,000
   Merchandise Inventory  2,000
  
(b) Transportation Out 50
   Cash  50
  
(c) Sales Returns and Allowances 800
   Accounts Receivable  800
  
Merchandise Inventory 500
   Cost of Merchandise Sold  500
  
(d) Cash 2,940
Sales Discounts 60
   Accounts Receivable  3,000

★考核知识点:商品购销 -
附5.27
Revenue shall be measured at the fair value of the consideration received or receivable, net of any trade discounts and volume rebates allowed by the entity
Merchandise that is returned to the vendor is referred to as a sales return.
If there is a defect in the product or the wrong item was shipped, the seller may reduce the initial price at which the goods were sold.  This is known as a sales allowance.
Cash discount: an incentive offered by a seller to a buyer for paying an invoice ahead of the scheduled due date.
Cash discounts are incentives offered to buyers that reduce the amount owed to the seller by either a fixed amount or a percentage of the total bill. If an invoice is due in 30 days, a seller could offer the buyer a cash discount of say 2% if the invoice is paid within the first 10 days of receipt.
2/10, n/30 indicates a 2% discount if the buyer pays the invoice within ten days, otherwise the net payment is fully due within 30 days.
Sales Discounts is a contra account of revenue account.

      28. Based on the information below, journalize the entries for the Seller and the Buyer.  Both use a perpetual inventory system.

(a) Seller sells Buyer on account merchandise costing $200 for $450, terms 2/10, net 30, FOB destination.  The transportation charge is $35.
(b) Buyer returns as defective $150 worth of the $450 merchandise received.  The seller's cost is $85.
(c) Buyer pays within the discount period.

ANS:
(a)
Seller   Buyer 
Accounts Receivable 450  Merchandise Inventory 450
  Sales  450   Accounts Payable  450
    
Cost of Merchandise    
Sold 200  NA 
  Merchandise    
    Inventory  200  
    
Transportation Out 35  NA 
  Cash  35  

(b)
Sales Returns &
  Allow.
150  Accounts Payable 150
  Accounts
  Receivable 
150   Merchandise
  Inventory  150
    
    
Merchandise
Inventory
85   
Cost of Merchandise    
Sold  85  

(c)
Cash 294  Accounts Payable 300
Sales
Discounts 6    Merchandise
  Inventory  6
  Accounts
  Receivable  300   Cash  294


★考核知识点:商品购销 -
附5.28 (同上)



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