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Answer for the Model test

I.

1. C  2. A  3. B   4. B   5. D   6. B  7. A   8. B   9. C   10. B

 

  II.

        1.

  Beginning retained earnings      $900,000

  Add: cumulative income         500,000

  Less: dividends declared         300,000

     Ending retained earnings      1,100,000

       2.

          (1) assets: cash, inventory, equipment, building

             liabilities: bank loan payable, note payable

 

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(2007-06-21 16:06)
 

 

 Model Test for Accounting Fundamental

 

 

I. Choose the best item to complete the following sentences

(    ) 1. ____ are inflows to the business from providing services.

A. assets

B. owner’s equity

C. revenues

D. expenses

(    ) 2. ____ report the firm’s financial situation at a particular point in time.

A. balance sheets

B. income statements

C. statements of owner’s equity

D. work sheet

(    ) 3. Increases in liabilities or owners’ equity go on the _____, decreases in assets go on the _____.

A. left, left

B. right, right

C. left, right

D. right, left

  ) 4. Which of the following accounts is temporary _____?

      A. cash

 &nbs

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I.

1. d  2. b  3. a   4. c   5. a   6. d   7. a   8. a   9. d   10. c

11. c  12. c  13. a  14. c  15. c  16. d  17. a  18. a  19. b  20. c

 

II.

1.   interest expense  $1000

          interest payable $1000

2.   depreciation expense $3000

          accumulated depreciation $3000

3.   allowance for uncollectible accounts  $800

          accounts receivable $800

4.   bad debts expense  $360

          allowance for uncollectible accounts  $360

5.   note receivable  $2000

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(2007-06-20 17:41)
 

Ⅳ. During the current year, Blue Ridge Supply made several purchases of a kind of valve. The inventory quantities, purchases for the year are summarized below.

 

Jan. 1  Beginning inventory

9100 units @ $4.00

 $36400

Feb.20  Purchase

20000units @ $4.10

   82000

May.10  Purchase

30000 units @ $4.25

  127500

Aug.24   P

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(2007-06-20 17:41)
 

Model Test for Western Financial Accounting

 

Student No.____________ Name____________

 

I.  Choose the best item to complete the following sentences.

 

  ) 1. If total assets decreased by $5,000 during a period of time and capital increased by $15,000 during the same period, the amount and direction of the period’s change in total liabilities is _____.

a.$10,000 increase   b. $10,000 decrease    c. $20,000 increase     d. $20,000 decrease

 

  ) 2. An enterprise issued a $5,000, 60-day non-interest-bearing note to the bank, and the bank discounts the notes at 12%. The proceeds are _____.

a.

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Chapter 3

Preparing for next year

(closing the books)

为下一年作准备

(结账)

 

One function of accounting is to measure performance over a specified time period, which may be a month, a quarter, or a year. Analysts are particularly interested in quarterly and annual income.

会计的一大功能是衡量某一个特定期间的业绩,这个期间可以是一个月、一个季度或一年。分析师们尤其对季度与年度利润感受兴趣。

 

After recording all transactions for the year, accountants close the books. Closing the books provides for the following:

当年所有的业务登记完毕后,会计就开始结账。结账可供:

 

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Chapter 2
Recording what happened

(Transactions)

第2章 

记录发生的事项(经济业务)  

     Refer to…  as 把..称之为,

     Process 过程,流程

     analyze transaction 分析业务

     transactions: events recorded in the accounting system.

     (经济业务):会计系统里反映的事项

     The first step in the accounting process is to analyze transactions.

     会计流程的第一步就是业务分析。

 

Analyzing transactions

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 chapter 2
 
function                        功能
performance                     业绩
annual income                   年度利润
closing the book                结账
identify                        确认
permanent account               永久账户
temporary account
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Chapter 2
accounting system 会计系统
cash sales 现销
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(2007-05-25 15:18)
 
  周二(5月22日)晚,立信,
 
  一位年轻的妈妈带着可爱的女儿一同来听课。
 
  课至中途,妈妈似有事欲翘课先回,但小女孩不肯,恰好被我看到(每一位同学难逃老师法眼,呵呵),
 
  暗爽。。。
 
  笑言『小朋友比妈妈更爱学习』。
 
  拖至课间休息,妈妈又哄劝女儿一同回
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