[外语类试卷]（原）金融专业英语（FECT）中级会计模拟试卷2及答案与解析.doc

1、（原）金融专业英语（ FECT）中级会计模拟试卷 2及答案与解析 Question 1 1 Mr. Charles invested 50,000 to commence his business, that means now he can make 50,000 claim on the business. （ A）正确 （ B）错误 2 Although one accountant mistakes to write down a credit sale as a cash sale, the figure on the debit side of the trial balance

2、is right. （ A）正确 （ B）错误 3 Provision of Depreciation is the estimated expired cost for the current period. （ A）正确 （ B）错误 4 If the contingent liabilities are probable and the amount of the liabilities can be reasonably estimated, the facts of the contingency should be disclosed. （ A）正确 （ B）错误 5 Prime

3、costs include direct materials costs, direct labor costs and indirect manufacturing costs. （ A）正确 （ B）错误 6 A bank reconciliation statement is prepared to analyze the differences between the ending cash balance on the bank statement and the ending cash balance in the firms accounting records. （ A）正确

4、（ B）错误 Question 2 7 Which one is not included in the financial statement footnote? （ A） changes in accounting estimates. （ B） accounting methods used in preparing the financial statement. （ C） contingent liabilities can not be, reasonably estimated. （ D） debtors which happened before the balance she

5、et date are collected between the balance sheet date and the issue of statement for that year. 8 If a trade debtor of 20,000 has been wrongly posted to the credit of the trade creditor, but has been correctly entered in the buyers account, the total of the trial balance would show _. （ A） the credit

6、 side to be 20,000 more than the debit side （ B） the debit side to be 20,000 more than the credit side （ C） the credit side to be 40,000 mom than the debit side （ D） the debit side to be 40,000 more than the credit side 9 A manufacturer has file following figure for the products: Product A Product B

7、 Product C Product D Unit contribution 70 40 20 50 Units produced under constraints 1,000 units 1,200 units 2,000 units 1,250 units The opportunity cost which to produce product D instead of product C is _. （ A） 48,000 （ B） 40,000 （ C） 62,500 （ D） 22,500 10 A manufacturer has the following figure fo

8、r the product A Original Data Increase Variable Cost to 15 Unit selling 30 30 Unit variable cost 10 15 Fixed cost 3,000 3,000 Budget selling units 300 300 Margin of safety is _. （ A） increase 50 units （ B） increase 100 units （ C） decrease 50 units （ D） decrease 100 units 11 A business has the follow

9、ing figures for the year ended 31 December 2000 Stock at beginning of period 85,000 Stock at the end of period 90,000 Purchases 300,000 Purchases return 25,000 Cost of goods sold is _. （ A） 295,000 （ B） 270,000 （ C） 305,000 （ D） 280,000 12 Revenue Expenditure is the expenditure _. （ A） relating to t

10、he acquisition of fixed assets （ B） relating to the issue of bond （ C） relating to converting a partnership into a limited company （ D） on wages of staff 13 The accounting concept or convention, which, stock be reported at the lower of cost or market price, is the _. （ A） going concern concept （ B）

11、prudence concept （ C） realization concept （ D） historical cost concept 14 Retained Earnings is most appropriately classified as _. （ A） a fixed asset （ B） an intangible asset （ C） shareholders equity （ D） a fictitious Iiability 15 An asset that was acquired at a cost of 110,000 on 1 January Year 1,

12、has an estimated scrap value of 10,000 and an estimated useful life of 4 years, the annual depreciation in Year 3 that is calculated using the sum-of-the-years-digits is _. （ A） 40,000 （ B） 20,000 （ C） 10,000 （ D） 30,000 16 When fixed assets are bought under a hire purchase agreement, the Him Purcha

13、se Interest Suspense is recorded in _. （ A） fixed assets （ B） shareholders equity （ C） intangible assets （ D） liabilities Question 3 17 Charles operates a retail business in London. On 30 June 2003, there was a fire in his store. His books of account and most of his stock were destroyed. The value o

14、f the undamaged stock was agreed at 5,000. His Trading Account for the year ended 31 December 2002 was as follows: Sales 492,000 Opening stock 31,000 Purchases 154,000 185,000 Less: Closing stock 37,400 Gross profit 147,600 344,400 On 1 January 2003, his trade creditors totaled 15,000 and monthly st

15、atements received by him in early July showed that the trade creditors on 30 June 2003 amounted to 31,000. All sales in Charles business are on a strict cash basis and his stock is fully insured. According to his bank statements, he received 270,000 from customers and paid 69,000 to suppliers betwee

16、n I January and 30 June 2003. Charles informs you that he increased his selling prices by 20% on 1 January 2003 but purchase prices have remained unchanged for several years. Required: Calculate the cost of the stock lost by Charles on 30 June 2003. Question 4 18 1. The following information was ext

17、racted from the ledgers of Billy Company for its products for the year ended 31 December 2002: Sales (100,000 units) 500,000 Direct materials 100,000 Direct wages 70,000 Fixed production overheads 110,000 Variable production overheads 20,000 Administration expenses (60% fixed, 40% variable) 80,000 S

18、elling expenses (60% fixed, 40% variable) 130,000 Required: (a)Prepare the Profit and Loss Statement by using Absorption Cost method. (b)Prepare the Profit and Loss Statement by using Marginal Cost method. Question 5 19 (a)List 4 important features about budgetary control. (b)Sunny Ltd. has the foll

19、owing information for the year ended 31 December 2003: Budgeted Actual Level of activity 75% 80% Costs: Direct materials 75,000 75,000 Direct labour 225,000 200,000 Variable overhead 37,500 43,000 Total variable cost 337,500 318,000 Fixed overhead 150,000 170,000 Required: Prepare a flexible budget

20、for Sunny Ltd. for the year ended 31 December 2003. Question 6 20 Busy Company is a retailer. Most of its sales are made on credit terms. The following information relates to the first 4 years. Year 1 Year 2 Year 3 Year 4 Trade Debtor as at 31 December 500,000 400,000 550,000 600,000 Bad debt writte

21、n off for the year ended 31 December - 30,000 10,000 29,000 Busy Company decides to set aside a provision for bad debts equivalent to 5% of trade debtors as at year end. Required: (a)Show how the provision for bad debts would be disclosed in the balance sheet as at 31 January Year 1 to Year 4. (b)Ca

22、lculate the bad debt expenses for the respective profit and loss account for each of the 4 years. Question 7 21 The summary Balance Sheet of Billy Trading Company on 1 April 2003 was as follows: Equipment (at cost) 180,000 Less: Provision for depreciation (68,400) Stock 38,600 Debtors 50,000 Total a

23、ssets 200,200 Financed by: Share Capital 70,000 Revenue Reserves 50,000 10% debentures 70,000 Proposed dividends 2,200 Bank overdraft 8,000 200,200 Additional information: 1. The following sales, purchases and payment transactions are expected to occur in the next three months: Sales Purchases Expen

24、ses April 360,000 180,000 60,000 May 370,000 200,000 70,000 June 360,000 190,000 80,000 2. All sales are on credit basis and the collection pattern is expected as follows: (a)80% of the money will be collected in the month of sales. It is estimated that 5% cash discount will be given for collections

25、 in this period. (b)The remaining 20% of the money will be collected in the month subsequent to sales. 3. Payment to creditors is made in the month of purchases in order to take the advantage of 10% discount which is calculated on the gross purchase figures. 4. Depreciation of tide equipment is calc

26、ulated at a rate of 15% per annum on cost. Depreciation charges have been included in the estimation of expenses for each month from April to June 2003. 5. Expenses are paid in the month in which they are incurred. 6. Stock levels are expected to remain unchanged throughout the period. 7. The propos

27、ed dividend will be paid in May 2003. 8. The debentures interest for the three months will be paid in July 2003. Required: (a)Prepare a Budgeted Profit and Loss Account for the three months ended 30 June 2003. (b)Prepare a Cash Budget for each of the three months from April to June 2003. (c)Prepare

28、a Budgeted Balance Sheet as at 30 June 2003. Question 8 22 May Ltd. has the following information: Balance Sheet as at 31 December Year 1 Year 2 Year 3 ( 000) ( 000) ( 000) Fixed Assets (net) 1,600 2,250 5,750 Stock 1,500 2,000 3,500 Debtors 3,025 5,000 6,250 Bank 2,000 1,250 - 8,125 10,500 15,500 C

29、reditors 2,000 2,500 3,100 Taxation 125 140 150 Overdraft - - 1,750 6,000 7,860 10,500 Financed by 1 ordinary shares 500 500 500 Reserves 3,250 5,110 7,750 Bank loan(6% above prime rate due 31/12/2009) 2,250 2,250 2,250 6,000 7,860 15,500 Market price per share 25 20 16 Profit and Loss Accounts for

30、the year ended 31 December Year 3 Year 4 Year 5 ( 000) ( 000) ( 000) Sales (all credit sales) 24,000 25,000 26,500 Cost of sales 15,000 17,500 19,000 Gross profit 9,000 7,500 7,500 Salaries 2,500 2,000 1,900 Selling and delivery 4130 360 320 Advertising 1,100 1,200 1,300 Other expense 1,375 490 480

31、Net profit before taxation 3,625 3,450 3,500 Required: (a)Calculate the following ratios for Year 3, Year 4 and Year 5 (please show format): (i)Liquid ratio (ii)Current ratio (iii)Debtors collection period (days) (iv)Stock turnover (v)Capital turnover (vi)Return on assets employed (vii)Gross profit

32、margin (viii)Earning per share (ix)Price/Earning ratio (b)Comment on the performance of the company over the three-year period using the ratios calculated above. Question 9 23 The following financial statements relate to Blue Ting for the year ended 31 December 2001 Balance Sheet ended at 31 Decembe

33、r 2000 2001 000 000 Plant and machinery 1,296 1,788 Less: Depreciation (174) (287) Stock 184 296 Trade debtors 382 490 Bank and cash 10 (301) Trade creditors (142) (166) Accrued expenses (45) - Taxation (80) (100) Dividends (45) (60) 1,386 1,660 Less: 6% Loan notes2009 (350) (350) 1,036 1,310 Paid-u

34、p share capital 875 975 Share premium - 50 Revenue reserves 35 70 Profit and loss 126 215 1,036 1,310 Trading and Profit and Loss Account 2000 2001 000 000 Turnover 2,725 3,204 Less: Cost of sales (1,766) (2,195) Gross profit 959 1,009 Less: Operating expenses (713) (715) Profit before taxation 246

35、294 Less: taxation (80) (90) Profit after taxation 166 204 Less: transfer to reserves (20) (35) proposed dividends (45) (80) Retained earnings for the year 101 89 Additional information: Plant and machinery with a cost of 52,000 and a written-down value of 22,800 was sold for 10,000. Required: (a)Br

36、iefly discuss why users regard cash flow analysis importantly. (b)Prepare a cash flow statement for Blue Ting for the year ended 31 December 2001 in the format as prescribed by HKSSAP15: Cash Flow Statement. （原）金融专业英语（ FECT）中级会计模拟试卷 2答案与解析 Question 1 1 【正确答案】 B 【试题解析】 Only when the business has no l

37、oss till now, can he make 50,000 claim on the business. 2 【正确答案】 A 3 【正确答案】 B 【试题解析】 Depreciation Expense is the estimated expired cost for the current period. 4 【正确答案】 B 【试题解析】 The facts of the contingency should be recorded in the accounts. 5 【正确答案】 B 【试题解析】 Prime costs include direct materials co

38、sts and direct labor costs. 6 【正确答案】 A Question 2 7 【正确答案】 D 8 【正确答案】 C 9 【正确答案】 D 10 【正确答案】 C 11 【正确答案】 B 12 【正确答案】 D 13 【正确答案】 B 14 【正确答案】 C 15 【正确答案】 B 16 【正确答案】 D Question 3 17 【正确答案】 Cost of sales to Sales in the year 2002 was: 147,600/ 492,000 Then the Cost of sales to Sales in the year 2003 w

39、as: 147,600/ (1+20%) 492,000=0.25 So cost of sales of the period from 1 January 2003 to 30 June 2003 was: 270,0000.25= 67,500 Purchases of the same period was: 69,000+ 31,000- 15,000= 85,000 So ending stock on 30 June 2003 was: 37,400+ 85,000- 67,500= 54,900 Then the cost of the stock lost by Charle

40、s on 30 June 2003: 54,900- 5,000= 49,900 Question 4 18 【正确答案】 (a) Profit and Loss Statement by using Absorption Cost method. Sales 500,000 Less: Cost of goods sold Direct materials 100,000 Direct wages 70,000 Fixed production overheads 110,000 Variable production overheads 20,000 300,000 Gross profi

41、t 200,000 Less: Expenses Administration expenses 80,000 Selling expenses 130,000 210,000 Loss (10,000) (b) Profit and Loss Statement by using Marginal Cost method. Sales 500,000 Less: Variable costs Direct materials 100,000 Direct wages 70,000 Variable production overheads 20,000 Administration expe

42、nses (Variable) 32,000 Selling expenses (Variable) 52,000 274,000 Contribution 226,000 Less: Fixed costs Fixed production overheads 110,000 Administration expenses (Fixed) 48,000 Selling expenses (Fixed) 78,000 236,000 Loss (10,000) Question 5 19 【正确答案】 (a) Responsibilities have to be clearly and ca

43、refully defined. Individual sections lay down a detailed plan of action for a particular area of responsibility. Section managers have a responsibility to follow their budgets once the budgets have been approved. The actual performance is periodically monitored and compared with the budgets. Correct

44、ive action is taken if necessary. Departures from budget are only permitted if they have been approved by senior management. Variances that are unaccounted for will be subject to further investigation. Sometimes the budget itself will be changed, so it cannot be done in isolation. (b) Sunny Ltd. Fle

45、xible budget for the year ended 31 December 2003 Flexible Budget Variance Actual Costs at 80 % Favourable/(unfavourable) % Direct materials 80,000 75,000 5,000 6.25 Direct labour 240,000 200,000 40,000 16.67 Variable overheads 40,000 43,000 (3,000) (7.5) Total variable costs 360,000 318,000 42,000 1

46、1.67 Fixed cost 150,000 170,000 (20,000) (13.33) Total cost 510,000 488,000 22,000 Question 6 20 【正确答案】 (a) Balance Sheet Busy Company Year 1 Year 2 Year 3 Year 4 Current Assets Trade Debtors 500,000 400,000 550,000 600,000 Less: Provision for Bad Debts (25,000) (20,000) (27,500) (30,000) 475,000 38

47、0,000 523,000 570,000 (b) Profit and Loss Account Bad Debt Expenses Year to 31 December Year 1 25,000 Year to 31 December Year 2 Balance of Bad Debt Provision (25,000 - 30,000) 5,000 (Dr) Bad Debt provision required (400,0005%) 20,000 (Cr) 25,000 Year to 31 December Year 3 Balance of Bad Debt Provis

48、ion (20,000 - 10,000) 10,000(Cr) Bad Debt provision required (550,0005%) 27,500(Cr) 17,500 Year to 31 December Year 4 Balance of Bad Debt Provision (27,500 - 29,000) 1,500(Dr) Bad Debt provision required (600,0005%) 30,000(Cr) 31,500 Question 7 21 【正确答案】 (a) Billy Trading Company Budgeted Profit and

49、 Loss Account for period ended 30 June 2003 Sales (360,000 + 370,000 + 360,000) 1,090,000 Less: Cost of goods sold (180,000 + 200,000 + 190,000) 570,000 Gross Profit 520,000 Add: Discounts received (18,000 + 20,000 + 19,000) 57,000 577,000 Less: Expenses Depreciation (180,00015%3/12) 6,750 General expenses (60,000 + 70,000 + 80,000 - 6,750) 20