1、金融英語考試密押資料金融英語中級會計學模擬3金融英語考試密押資料金融英語中級會計學模擬3金融英語中級會計學模擬3SECTION ONE Answer all questions in this section. Question 1 Read the following statements and state whether they are True (T) or False (F). For all false statements, you are required to write the correct statements. Write all answers on the an

2、swer sheets. 問題:1. Mr. Charles invested 50,000 to commence his business, that means now he can make 50,000 claim on the business.答案:BOnly when the business has no loss till now, can he make 50,000 claim on the business.問題:2. Although one accountant mistakes to write down a credit sale as a cash sale

3、, the figure on the debit side of the trial balance is right.答案:A問題:3. Provision of Depreciation is the estimated expired cost for the current period.答案:BDepreciation Expense is the estimated expired cost for the current period.問題:4. If the contingent liabilities are probable and the amount of the l

4、iabilities can be reasonably estimated, the facts of the contingency should be disclosed.答案:BThe facts of the contingency should be recorded in the accounts.問題:5. Prime costs include direct materials costs, direct labor costs and indirect manufacturing costs.答案:BPrime costs include direct materials

5、costs and direct labor costs.問題: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.答案:AQuestion 2 Read the following statements / questions and choose the correct

6、answers by writing the alphabetical letter on the answer sheets. 問題:1. If retained earnings 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

7、 a note payable.c.Failure to make the adjusting entry to record revenue which had been earned but not yet billed to clients.d.Failure to record the earned portion of fees received in advance.答案:D問題:2. The selected data pertain to a company at 31 December 2003 as the following: Quick Assets 208,000 Q

8、uick ratio 2.6 to 1 Current ratio 3.5 to 1 Net sales for 2003 1,800,000 Cost of 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.答案:A問題:3. An accrued expense can best be described as an a

9、mount _. a.paid and currently matched with earnings.b.paid and not currently matched with earnings.c.not paid but currently matched with earnings.d.None of the above.答案:C問題:4. Mr. Wong paid 3,000 in advance for insurance on 1 December 2001 and debited it to Insurance Expense. No entries were made su

10、bsequently in 2001 or in 2002. The accounting period ends on December 31. As 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.答案:A問題:5. Mr. Tings net cash inflow from operating ac

11、tivities for the year ending 30 June is123,000. The following 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

12、 48,000 Increase in interest payable 12,000 Net income is _. a.29,000.b.41,000.c.79,000.d.217,000.答案:A問題:6. 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 mo

13、re or less the same as capital.c.It is more common to keep all records on a single entry basis.d.They must keep books on a double-entry system.答案:D問題:7. 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 2

14、003 is 30,000, capital at 31 December 2003 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.答案:A問題:8. At the beginning of a given period, Mr. Tings inventory was all finished goods. The volume is 600. At file end of this period

15、, 2,000 are completed units and 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.17.64b.13.04c.10.34d.15答案:A問題:9. Basic accounting assumptions include the following except _. a.going concern.b.monetary u

16、nit.c.consistency.d.business entity.答案:C問題:10. 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 wri

17、tten off is2,000. Then Bad Debt expenses of Billy Company this year must be _. a.2,500.b.1,500.c.-1,500.d.-2,5OO.答案:BQuestion 3問題:1. Considering purchasing KH Company, you are evaluating KHs revenue generalizing ability. Then the following inventory valuation errors have been discovered. the 2000 ye

18、ar end inventory was overstated by 23,000 the 2001 year end inventory was understated by 61,000 the 2002 year end inventory was understated by 17,000 And the report income before taxes for KH was: Year Income before taxes 2000 138,000 2001 254,000 2002 168,000 Required: (a)How much should the report

19、ed income before taxes have been for the years 2000, 2001 and 2002? (b)Discuss if 2000 year end inventorys overvaluation will influence file 2002 years report income before taxes or not. 答案:(a) The reported income before taxes for the year 2000 should be: 138,000-23,000=115,000 The reported income b

20、efore taxes for the year 2000 should be: 254,000+23,000+61,000=338,000 The reported income before taxes for the year 2000 should be: 168,000+17,000-61,000=124,000 (b) It will not influence the 2002 years report income before taxes. Question 4問題:1. The following information was extracted from the led

21、gers 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 Selling expenses (60

22、% 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. 答案:(a) Profit and Loss Statement by using Absorption Cost method. Sales 500,000 Less: Cost of goods sold Direct m

23、aterials 100,000 Direct wages 70,000 Fixed production overheads 110,000 Variable production overheads 20,000 300,000 Gross profit 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 50

24、0,000 Less: Variable costs Direct materials 100,000 Direct wages 70,000 Variable production overheads 20,000 Administration expenses (Variable) 32,000 Selling expenses (Variable) 52,000 274,000 Contribution 226,000 Less: Fixed costs Fixed production overheads 110,000 Administration expenses (Fixed)

25、48,000 Selling expenses (Fixed) 78,000 236,000 Loss (10,000) Question 5問題:1. Mr. Wong is a small manufacturer of bicycles 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 答案:(a) Total v

26、ariable costs: Materials 300,000 Labor (200,00025%) 50,000 Selling 答案:(a) Annual depreciation expense = (200,000 -20,000)/5=36,000 Annual depreciation expense for each year equals with each other. (b) Double-declining-balance rate = Straight-line rate2 = 40% depreciation expense for year 2003 = 200,

27、00040% = 80,000 depreciation expense for year 2004 = 120,00040% = 48,000 depreciation expense for year 2005 = 72,00040% = 28,800 depreciation expense for year 2006 = 43,20040% = 17,280 depreciation expense for year 2007 = 25,920 -20,000 = 5,920 (c) Sum of the years digits = 1+2+3+4+5= 15 depreciatio

28、n expense for year 2003 = (200,000-20,000)5/15 = 60,000 depreciation expense for year 2004 = (200,000-20,000)4/15 = 48,000 depreciation expense for year 2005 = (200,000-20,000)3/15 = 36,000 depreciation expense for year 2006 = (200,000-20,000)2/15 = 24,000 depreciation expense for year 2007 = (200,0

29、00-20,000)5/15 = 12,000 SECTION TWO Answer any two questions in this section. Question 7問題:1. 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 assets Financed by:

30、 Share Capital 70,000 Revenue Reserves 50,000 10% debentures 70,000 Proposed dividends 2,200 Bank overdraft 8,000 Additional information: 1. The following sales, purchases and payment transactions are expected to occur in the next three months: Sales Purchases Expenses April 360,000 180,000 60,000 M

31、ay 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 in this period. b.The remaining 20

32、% 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 calculated at a rate of 15% per annum on

33、 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 proposed dividend will be paid in May 2003

34、. 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 a Budgeted Balance Sheet as at 30 June

35、2003. 答案:(a) Billy Trading Company Budgeted Profit and 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:

36、Expenses Depreciation (180,00015%3/12) 6,750 General expenses (60,000 + 70,000 + 80,000 - 6,750) 203,250 Discount allowed 5%(360,000 + 370,000 + 360,000)80% 43,600 Debenture interest (70,00010%3/12) 1,750 255,350 Budgeted Net Profit for the period 321,650 (b) Billy Trading Company Cash Budget for th

37、e period from April to June 2003 April May June Receipts Opening balance b/f (8,000) 95,850 199,100 Collection from debtors (Workings 1) 323,600 353,200 347,600 315,600 449,050 546,700 Less: Disbursements Payments to creditors (Workings 2) 162,000 180,000 171,000 Payments of expenses (Workings 3) 57,750 67,750 77,750 Dividend paid 2,200 Debenture interest paid 219,75