1、（原）金融专业英语（ FECT）中级会计模拟试卷 1及答案与解析 Question 1 1 For purpose of recording accounting information, each company is considered to be separate from its owners and all other companies. This concerns the entity concept. （ A）正确 （ B）错误 2 In an inflation economy, the inventory ending balance recorded by FIFO m
2、ethod is lower than that recorded by LIFO method. （ A）正确 （ B）错误 3 If the purchaser has been given a purchase allowance, the amount of allowance should be debited to purchase return account. （ A）正确 （ B）错 误 4 In long-term construction contracts, revenue is recognized at the point of the cash collected
3、. （ A）正确 （ B）错误 5 In business charges depreciation in accounts, the accounting concept to be considered is the materiality concept. （ A）正确 （ B）错误 6 Cumulative preference shares have the right to accumulate dividends in a given year if they are in arrears. （ A）正确 （ B）错误 Question 2 7 If retained earni
4、ngs were understated and liabilities were overstated, which of the following errors could have been the cause? （ A） Making the adjustment entry for depreciation expenses twice. （ B） Failure to record interest accrued on a note payable. （ C） Failure to make the adjusting entry to record revenue which
5、 had been earned but not yet billed to clients. （ D） Failure to record the earned portion of fees received in advance. 8 The selected data pertain to a company at 31 December 2003 as the following: Quick Assets 208,000 Quick ratio 2.6 to 1 Current ratio 3.5 to 1 Net sales for 2003 1,800,000 Cost of
6、good sold for 2003 990,000 Average total assets for 2003 1,200,000 The companys inventory balance at 31 December 2003 is _. （ A） 72,000. （ B） 186,990. （ C） 231,111. （ D） 68,000. 9 An accrued expense can best be described as an amount _. （ A） paid and currently matched with earnings. （ B） paid and no
7、t currently matched with earnings. （ C） not paid but currently matched with earnings. （ D） None of the above. 10 Mr. Wong paid 3,000 in advance for insurance on 1 December 2001 and debited it to Insurance Expense. No entries were made subsequently in 2001 or in 200The accounting period ends on Decem
8、ber 3As a result of this error _. （ A） 2001 income was understated 2,000. （ B） 2002 income was understated 2,000. （ C） 2001 income was understated 3,000. （ D） 2002 income was understated 3,000. 11 Mr. Tings net cash inflow from operating activities for the year ending 30 June is 123,000. The followi
9、ng adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income: Depreciation 38,000 Increase in net accounts receivable 31,000 Decrease inventory 27,000 Increase in accounts payable 48,000 Increase in interest payable 12,000 Net income is _
10、. （ A） 29,000. （ B） 41,000. （ C） 79,000. （ D） 217,000. 12 Which of the following is not a characteristic of the accounting for non-trading organizations? （ A） They normally provide Receipts and Payments Accounts. （ B） They have Accumulated Fund, which is more or less the same as capital. （ C） It is
11、more common to keep all records on a single entry basis. （ D） They must keep books on a double-entry system. 13 Mr. Wong is a small company. And it failed to record every transaction. Now you are provided with the following information: capital at 1 January 2003 is 30,000, capital at 31 December 200
12、3 is 31,000. During 2003, drawings are 2,000. Then the net profit for the year 2003 is _. （ A） 3,000. （ B） -1,000. （ C） 1,000. （ D） -3,000. 14 At the beginning of a given period, Mr. Tings inventory was all finished goods. The volume is 600. At file end of this period, 2,000 are completed units and
13、600 are partly completed. The partly completed units were deemed to be 50% complete. The manufacturing cost is 30,000. Then cost per unit is _. （ A） 17.64 （ B） 13.04 （ C） 10.34 （ D） 15 15 Basic accounting assumptions include the following except _. （ A） going concern. （ B） monetary unit. （ C） consis
14、tency. （ D） business entity. 16 At 1 January 2003, the balance of Billy Companys Provision for Bad Debts is 5,000. At 31 December 2003, the balance of trade debtors is 45,000. Billy Companys provision for bad debts equals to 10% of trade debtors. During the year 2003, the bad debt written off is 2,0
15、00. Then Bad Debt expenses of Billy Company this year must be _. （ A） 2,500. （ B） 1,500. （ C） -1,500. （ D） -2,500. Question 3 17 As at 31 December Year 8, Sam Ltds cash book showed a debit balance of 1,055, although he had an overdraft of 3,511. The discrepancy is due to the following: Bank interest
16、 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 the cheque and it was subsequently dishonored and returned by the bank on 31 De
17、cember. 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 October had been recorded in the cash book as a receipt of 58. A cheque for 450
18、 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 December and therefore recorded it as a receipt in the cash book on that date. Due
19、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)Calculate the corrected cash book balance on 31 December Year 8. (b)Prepare
20、a bank reconciliation statement for Sam showing the bank overdraft which appeared on his bank statement on that date. Question 4 18 1. Mings Company produces CD appliances. The following is the cost information for the year ended 31 December 2003. 1. Material put into production was valued at 360,00
21、0 and 80,000 of which was used as supplies. 2. The payroll records showed that total labor cost was 350,000, 68,000 of which was the costs of foremen and storekeeping men. 3. Factory power and utilities were at a total cost of 90,000. 4. Selling and administration expenses totaled 100,000. 5. There
22、was no opening and closing work-in-progress. The production records indicated that 20,000 units were completed in the year. Required: Calculate the following: (a)Prime cost (b)Conversion cost (c)Cost of goods manufactured (d)Unit production cost Question 5 19 Mr. Wong is a small manufacturer of bicy
23、cles in Hong Kong. His business incurred the following costs for the year ended 31 December 2003. Materials (100% variable) 300,000 Labor (25% variable) 200,000 Selling & distribution cost (20% variable) 50,000 Other costs (fixed) 170,000 720,000 Normally, the business sells 3,000 units at 300 each:
24、 Required: (a)Calculate the breakeven point in units and dollar sales. (b)Calculate the contribution to sales ratio. (c)Calculate the margin of safety in percentage. Question 6 20 If a company had 120,000, 4% preference shares of 1 each and 250,000 ordinary shares of 1 each, then the dividends would
25、 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 sha
26、res are cumulative, participating, calculate the preference dividends and ordinary dividends in each year. Question 7 21 After the first year of trading, Mr. Wong provided you the following list of ledger balances as at 31 December 2003: Stock, 1 January 2003 3,300 Stock, 31 December 2003 25,200 Sal
27、es 160,000 Purchases 100,000 Premises 142,600 Fixtures & Fittings 45,200 Motor Vehicles 42,500 Returns Inwards 1,500 Returns Outwards 2,600 Carriage Inwards 1,000 Carriage Outwards 250 Debtors 30,500 Creditors 41,500 Wages 17,495 Rent and Rates 3,900 Lighting & Heating 18,455 Insurance 10,600 Motor
28、Vehicle Expenses 2,400 Cash at Bank 4,700 Bank Loan 29,000 Loan Interest 2,300 Drawing 6,400 You are further given the following information: 1.Wages owing are 550. 2.Prepaid rent is 600. 3.Depreciation of Fixtures & Fittings is 10% per annum on cost. 4.Depreciation of Premises is based on a 10-year
29、 lease. 5.Depreciation of Motor Vehicles is 50% life using the reducing balance method. 6.Stock taken for Mr. Wongs own use is 1,100. Such a transaction has not yet been recorded. 7.It is estimated that one-third of the driving time is for private purposes. 8.5% of the outstanding accounts at the ye
30、ar end is thought to be uncollectible. 9.There was no error made in the recording of business transactions for the year. Required: (a)Prepare a Trading and Profit and Loss Account for the year ended 31 December 2003. (b)Prepare a Balance Sheet as at 31 December 2003. (c)Explain the meaning and the s
31、ignificance of Working Capital. Question 8 22 The following are the summarized financial statements of Mr. Wongs business for the years ended 31 December 2002 and 2003 respectively. Balance Sheets as at 31 December 2002 2003 Fixed Assets (net book value) 22,500 18,000 Current Assets: Stock 10,500 27
32、,000 Debtors 18,000 54,000 Bank 1,500 Current liabilities: Creditors (9,000) (22,500) Bank overdraft (15,000) 43,500 61,500 Capital at 1 January 18,000 43,500 Net Profit for the year 45,000 52,500 Drawings (19,500) (34,500) 43,500 61,500 Profit and Loss Account Sales 180,000 300,000 Cost of sales 12
33、0,000 225,000 Gross profit 60,000 75,000 Operating expenses 15,000 22,500 Net profit 45,000 52,500 Additional information is given as follows: 1. All sales were on credit basis. 2. There were no purchase or disposals of fixed assets during the year. 3. The stock value and debtor balance as at 31 Dec
34、ember 2001 were 15,000 and 30,000 respectively. Required: (a)Calculate the following financial ratios for years both 2002 and 2003: (i)Gross profit margin (ii)Net profit margin (iii)Return on capital employed (iv)Current ratio (v)Acid test ratio (vi)Stock turnover period (days) (vii)Debtors collecti
35、on period (days) (viii)Gearing ratio (b)Why is the gearing ratio important to a banker in making a lending decision? (c)Based on the financial ratios in (a), comment on the profitability, liquidity and management efficiency of Mr. Wongs business. Question 9 23 The following ledger balances are extra
36、cted 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 Discounts received 1,500 Drawings 24,900 Equipment (at
37、 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 January 2003 90,000 Returns inwards 13,000 Returns out
38、wards 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 telephone bill 200 5. Outstanding rent 10,000 6. Removal e
39、xpenses 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 make a provision for bad debts at 4% of outstanding
40、 debtors on the balance sheet date. Required: Prepare the Trading and Profit and Loss Account for the year ended 31 December 2003. （原）金融专业英语（ FECT）中级会计模拟试卷 1答案与解析 Question 1 1 【正确答案】 A 2 【正确答案】 B 【试题解析】 In an inflation economy, the inventory ending balance recorded by FIFO method is higher than that
41、 recorded by LIFO method. 3 【正确答案】 B 【试题解析】 If the purchaser has been given a purchase allowance, the amount of allowance should be credited to purchase return account. 4 【正确答案】 B 【试题解析】 In long-term construction contracts, revenue is recognized in proportion to the contract work performed each year
42、. 5 【正确答案】 B 【试题解析】 In business charges depreciation in accounts, the accounting concept to be considered is the going concern concept. 6 【正确答案】 A Question 2 7 【正确答案】 D 8 【正确答案】 A 9 【正确答案】 C 10 【正确答案】 A 11 【正确答案】 A 12 【正确答案】 D 13 【正确答案】 A 14 【正确答案】 A 15 【正确答案】 C 16 【正确答案】 B Question 3 17 【正确答案】 (a)C
43、orrected Cash Book Balance: Original balance 1,055 Add: Refund wrongly entered 27 Direct banking 350 Undercasting 800 1,177 2,232 Less: Bank interest 10 Dishonored cheque 2,300 Entered on wrong side 950 Not deposited 2,750 6,010 3,778 O/D (b)Bank Reconciliation Statement as at 31 December Year 8: Ba
44、lance per bank statement 3,511 O/D Less: Unpresented cheques November 190 December 450 640 2,871 O/D Add: Error by bank 907 3,778 O/D Question 4 18 【正确答案】 (a)Prime cost = (360,000-80,000)+ (350,000-68,000) = 562,000 (b)Conversion cost = (350,000-68,000)+ 80,000+ 68,000+ 90,000 = 520,000 (c)Cost of g
45、oods manufactured = (360,000-80,000)+ 520,000 = 800,000 (d)Unit production cost = Cost of goods manufactured / completed units = 800,000 / 20,000 = 40 per unit Question 5 19 【正确答案】 (a) Total variable costs: Materials 300,000 Labor ( 200,00025%) 50,000 Selling & distribution cost ( 50,00020% ) 10,000
46、 360,000 Variable cost per unit = 360,000 / 3,000 = 120 Contribution per unit =Selling price - Variable cost = 300 - 120 = 180 Breakeven point (in units) = Fixed cost / Contribution per unit = ( 200,00075% + 50,00080% + 170,000)/ 180 = 360,000/ 180 = 2,000 units Breakeven point (dollars sales) = Bre
47、akeven units Selling price per unit = 2,000 300 = 600,000 (b) the contribution to sales ratio = 180 / 300100% = 60% (c) the margin of safety = (Current sales - breakeven sales) / Current sales100% = (3,000 300- 600,000)/ 900,000100% = 33.3% Question 6 20 【正确答案】 (a)If the preference shares are cumula
48、tive, 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 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%) 2,297 (0.92%) 12,297 Question 7 21 【正确答案】 (a) Mr. Wongs Business Trading and Profit and Loss Account for the year ended 31 December 2003 Sales 160,000 Les
