1、金融英语中级会计学-1 及答案解析(总分：122.00，做题时间：90 分钟)一、BSECTION ONE/B(总题数：6，分数：12.00)1.In times of rising prices, the LIFO method of inventory valuation is more prudent than the FIFO method.（分数：2.00）A.正确B.错误2.In order to prepare an income and expenditure account, a club will follow all the basic rules for prepari
2、ng a profit and loss account.（分数：2.00）A.正确B.错误3.A foremans salary is a direct cost with respect to the departments individual products.（分数：2.00）A.正确B.错误4.When factory has spare capacity, the fixed costs are relevant in respect to the additional order.（分数：2.00）A.正确B.错误5.In order to lower breakeven po
3、int in unit, business should increase its fixed costs.（分数：2.00）A.正确B.错误6.When the percentage of sales method is used, the estimated bad debt expenses should be adjusted by the existing balance of doubtful debt provision.（分数：2.00）A.正确B.错误二、BQuestion 2/B(总题数：14，分数：50.00)7.A manufacturer has the follow
4、ing figure for 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（分数：1.00）A.B.C.D.8.Retai
5、ned Earnings is most appropriately classified as _. (a)a fixed asset (b)an intangible asset (c)shareholders equity (d)a fictitious Iiability（分数：1.00）A.B.C.D.9.A business has the following figures for the year ended 31 December 2000 Stock at beginning of period 85,000 Stock at the end of period 90,00
6、0 Purchases 300,000 Purchases return 25,000 Cost of goods sold is _. (a)295,000 (b)270,000 (c)305,000 (d)280,000（分数：1.00）A.B.C.D.10.If a company had 120,000, 4% preference shares of 1 each and 250,000 ordinary shares of 1 each, then the dividends would be payable as follows: Year 1 Year 2 Year 3 Yea
7、r 4 Year 5 Total Profits appropriated for dividends 7,000 3,000 20,000 4,000 5,000 Required: (a)If the preference shares are cumulative, non-participating, calculate the preference dividends and ordinary dividends in each year. (b)If the preference shares are cumulative, participating, calculate the
8、 preference dividends and ordinary dividends in each year.（分数：1.00）_11.An asset that was acquired at a cost of 110,000 on 1 January Year 1, 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-
9、digits is _. (a)40,000 (b)20,000 (c)10,000 (d)30,000（分数：1.00）A.B.C.D.12.When fixed assets are bought under a hire purchase agreement, the Him Purchase Interest Suspense is recorded in _. (a)fixed assets (b)shareholders equity (c)intangible assets (d)liabilities（分数：1.00）A.B.C.D.13.The accounting conc
10、ept or convention, which, stock be reported at the lower of cost or market price, is the _. (a)going concern concept (b)prudence concept (c)realization concept (d)historical cost concept（分数：1.00）A.B.C.D.14.As at 31 December Year 8, Sam Ltds cash book showed a debit balance of 1,055, although he had
11、an overdraft of 3,511. The discrepancy is due to the following: Bank interest of 10 had been included in the bank statement, but was not recorded in the cash book. A cheque for 2,300 was banked on 28 December and correctly entered in the cash book. Unfortunately the customer had forgotten to sign th
12、e cheque and it was subsequently dishonored and returned by the bank on 31 December. The book-keeper recorded the return in the cash book on 3 January Year 9. The bank had incorrectly deducted 907 from Sams account for a cheque drawn by May. A refund of 85 received from a supplier and banked on 2 Oc
13、tober had been recorded in the cash book as a receipt of 58. A cheque for 450 issued on 29 December as a refund to a customer had been recorded as a receipt in the cash book. It has not been presented for payment by 31 December. The book-keeper had intended to desposit 2,750 in the bank on 31 Decemb
14、er and therefore recorded it as a receipt in the cash book on that date. Due to a delay, the amount was not banked until 3 January Year 9. An amount of 350 paid directly into the bank by a customer had not been recorded in the cash book. The cash book receipts had been undercast by 800. Required: (a
15、)Calculate the corrected cash book balance on 31 December Year 8. (b)Prepare a bank reconciliation statement for Sam showing the bank overdraft which appeared on his bank statement on that date.（分数：1.00）_16.If a trade debtor of 20,000 has been wrongly posted to the credit of the trade creditor, but
16、has been correctly entered in the buyers account, the total of the trial balance would show _. (a)the credit 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
17、 than the credit side（分数：1.00）A.B.C.D.17.(a)List 4 important features about budgetary control. (b)Sunny Ltd. has the following information for the year ended 31 December 2003: UBudgeted/U UActual/U Level of activity 75% 80% Costs: Direct materials 75,000 75,000 Direct labour 225,000 200,000 Variable
18、 overhead U37,500/U U43,000/U Total variable cost 337,500 318,000 Fixed overhead U150,000/U U170,000/U （分数：10.00）_18.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 liabi
19、lities can not be, reasonably estimated. (d)debtors which happened before the balance sheet date are collected between the balance sheet date and the issue of statement for that year.（分数：10.00）A.B.C.D.19.Revenue Expenditure is the expenditure _. (a)relating to the acquisition of fixed assets (b)rela
20、ting to the issue of bond (c)relating to converting a partnership into a limited company (d)on wages of staff（分数：10.00）A.B.C.D.20.Sam Company Ltd. produces a range of products and absorbs production overhead using a rate of 168% on direct wages. The absorption rate was calculated from following budg
21、eted figures: Direct wages 100,000 Fixed production overhead 90,000 Variable production overhead 78,000 Sam is making component W, which is an essential part of product M. The cost of making component W is as follows: Raw material 10 Direct wages 8 Production overhead 18 36 It is found that componen
22、t W could be bought from an outside supplier at 21. It is unlikely to reduce any production costs even if component W is acquired from outside. Required: (a)Determine the overhead absorption rate. (b)Advise whether the company should continue making component W or buy it from outside.（分数：10.00）_三、BS
23、ECTION TWO/B(总题数：3，分数：60.00)21.The assets and liabilities of the Music Club on 1 January 2002 were as follows: Clubhouse 1,375,000 Music Equipment (Cost) 300,000 Music Equipment (Book Value) 175,000 Bank & Cash 533,500 Bar Stock 145,500 Bar Debtors 15,500 Rates Prepaid 34,000 Subscriptions-in Arrear
24、 5,500 Subscriptions-in Advance 23,500 Bar Creditor 63,500 Loan to Club 540,000 Accruals-Electricity 19,000 Accruals- Miscellaneous Expenses 37,500 Accruals-Loan Interest 16,500 Accruals-Rent of Music Ground 11,000 The receipts and payments account for the year ended 31 December 2001 shown below was
25、 prepared by the honorary treasurers. B Receipts/B Bar Sales 2,015,000 Telephone 2,000 Hire of Music Facilities 890,000 Christmas Party 88,500 Miscellaneous 43,000 Subscriptions U170,000/U 3,208,500 B Payments/B Bar Purchases 1,468,500 Loan Repayment 85,000 Rent of Music Ground 49,000 Rates 160,000
26、Electricity 153,000 Equipment Repairs 163,000 Expenses of Christmas Party 33,500 Maintenance 66,500 Wages 70,000 Telephone 6,500 Bar Sundries 72,000 Loan Interest 48,500 Miscellaneous U81,500/U U2,457,000/U Increase in Bank 751,500 Bank Balance 1 January 2002 U533,500/U Bank Balance 31 December 2002
27、 （分数：20.00）_22.May Ltd. has the following information: Balance Sheet as at 31 December UYear 1/U UYear 2/U UYear 3/U ( 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 U2,000/U U1,250/U U-/U 8,125 10,500 15,500 Creditors 2,000 2,500 3,100
28、 Taxation 125 140 150 Overdraft U-/U U-/U U1,750/U 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) U2,250/U U2,250/U U2,250/U Market price per share 25 20 16 Profit and Loss Accounts for the year ended 31 December Year 3 Year 4 Year
29、5 ( 000) ( 000) ( 000) Sales (all credit sales) 24,000 25,000 26,500 Cost of sales U15,000/U U17,500/U U19,000/U 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 U1,375/U U490/U U480/U Net profit before taxation （
30、分数：20.00）_23.The following ledger balances are extracted from the books of White Trading Company as at 31 December 2003: Bad debts 750 Bank overdraft 1,650 Capital 100,000 Carriage inwards 3,500 Carriage outwards 1,400 Creditors 18,500 Debenture interest 900 Debtors 12,500 Discounts allowed 1,300 Di
31、scounts received 1,500 Drawings 24,900 Equipment (at cost) 150,000 Insurance 1,000 Lighting 5,000 Motor Van 40,000 Provision for bad debts 1,100 Provision for depreciation Equipment 90,000 Motor Van 18,000 Purchases 1,000,000 Rent & rates 110,000 Salaries and wages 210,000 Sales 1,400,000 Stock 1 Ja
32、nuary 2003 90,000 Returns inwards 13,000 Returns outwards 13,500 9% 1998-2008 10-year Debenture 20,000 Additional information relevant to the year ended 31 December 2003 is as follows: 1. Closing stock at 31 December 2003 115,000 2. Accrued wages 20,000 3. Prepaid insurance 200 4. Outstanding teleph
33、one bill 200 5. Outstanding rent 10,000 6. Removal expenses of 950 are still outstanding because of dispute and they have not yet been entered into the accounting records. 7. The depreciation policy is: (a)Equipment reducing balance method at 5% p.a (b)Motor Van: 25% p.a on cost 8. It is a policy to
34、 make a provision for bad debts at 4% of outstanding debtors on the balance sheet date. Required: Prepare the Trading and Profit and Loss Account for the year ended 31 December 2003.（分数：20.00）_金融英语中级会计学-1 答案解析(总分：122.00，做题时间：90 分钟)一、BSECTION ONE/B(总题数：6，分数：12.00)1.In times of rising prices, the LIFO
35、 method of inventory valuation is more prudent than the FIFO method.（分数：2.00）A.正确 B.错误解析：2.In order to prepare an income and expenditure account, a club will follow all the basic rules for preparing a profit and loss account.（分数：2.00）A.正确 B.错误解析：3.A foremans salary is a direct cost with respect to t
36、he departments individual products.（分数：2.00）A.正确B.错误 解析：A foremans salary is an indirect cost with respect to the departments individual products.4.When factory has spare capacity, the fixed costs are relevant in respect to the additional order.（分数：2.00）A.正确B.错误 解析：When factory has spare capacity, t
37、he fixed costs are irrelevant in respect to the additional order.5.In order to lower breakeven point in unit, business should increase its fixed costs.（分数：2.00）A.正确B.错误 解析：In order to lower breakeven point in unit, business should decrease its fixed costs.6.When the percentage of sales method is use
38、d, the estimated bad debt expenses should be adjusted by the existing balance of doubtful debt provision.（分数：2.00）A.正确B.错误 解析：When the percentage of debtors method is used, the estimated bad debt expenses should be adjusted by the existing balance of doubtful debt provision.二、BQuestion 2/B(总题数：14，分数
39、50.00)7.A manufacturer has the following figure for 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)decr
40、ease 100 units（分数：1.00）A.B.C. D.解析：8.Retained Earnings is most appropriately classified as _. (a)a fixed asset (b)an intangible asset (c)shareholders equity (d)a fictitious Iiability（分数：1.00）A.B.C. D.解析：9.A business has the following figures for the year ended 31 December 2000 Stock at beginning of
41、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（分数：1.00）A.B. C.D.解析：10.If a company had 120,000, 4% preference shares of 1 each and 250,000 ordinary shares of 1 each, then the dividends wou
42、ld be payable as follows: Year 1 Year 2 Year 3 Year 4 Year 5 Total Profits appropriated for dividends 7,000 3,000 20,000 4,000 5,000 Required: (a)If the preference shares are cumulative, non-participating, calculate the preference dividends and ordinary dividends in each year. (b)If the preference s
43、hares are cumulative, participating, calculate the preference dividends and ordinary dividends in each year.（分数：1.00）_正确答案：()解析：(a)If the preference shares are cumulative, non-participating Year 1 Year 2 Year 3 Year 4 Year 5 Preference Dividends (4%) 4,800 3,000 6,600 4,000 5,000 Ordinary Dividends
44、2,200 13,400 (b)If the preference shares is cumulative, participating Year 1 Year 2 Year 3 Year 4 Year 5 Preference Dividends (4%) 4,800 3,000 1,800 4,000 200 (4%) (2.5%) (in arrears) (3.33%) (in arrears) 4,800 4,800 (4%) (4%) 1,103 (0.92%) 5,000 5,903 Ordinary Dividends 2,200 10,000 (0.88%) (4%) 2,
45、297 (0.92%) 12,29711.An asset that was acquired at a cost of 110,000 on 1 January Year 1, 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（分数：1.00）A.B. C.D.解析：12.When fixed assets are bought under a hire purchase agreement, the Him Purchase Interest Suspense is recorded in _. (a)fixed assets (b)shareholders equity (c)intangible assets (d)liabilities（分数：1.00）A.B.C.D. 解析：13.The accounting concept or conventio
