ACCOUNTING ENGLISH Middle-of-term Test Papers PartⅠ.Translating the following terms
1、Notes to financial statements
2、Accounting elements
3、Variable costs
4、Economic entity
5、Depreciation expense
6、Deferred income taxes
7、Nominal accounts
8、ROA
9、LIFO
10、Work in process
11、现金收支
12、原材料
13、制造费用
14、相关性
15、持续经营
16、复式记账
17、优先股
18、预付费用
19、购货退回与折让
20、永续盘存制
PartⅡ.True or False
1、 The accounting process generates financial reports for both “internal ”and “external”users.
2、The balance sheet reflects the basic accounting equation and the means of financing the organization's assets.
3、The existence of Accounts Receivable on the Balance Sheet indicates that the company has one or more creditors.
4、Liabilities are classified and presented in increasing order of liquidity.
5、Working capital equals current assets less current liabilities.
6、Declaration of dividends reduces the retained earnings portion of the owners' equity of the corporation and creates a liabilities called Dividends Payable.
7、A chart of accounts is a listing of the titles of all accounts.
8、The cash basis of accounting often violates the matching rule.
9、Closing entries convert real and nominal accounts to zero balance.
10、The work sheet is published with the balance sheet and income statement, as a supplementary statement.
11、A company's sustainable growth rate is the highest growth rate in sales it can attain without issuing new stock.
12、Only rapidly growing firms have growth management problems.
13、ROE is a measure of the efficiency with which a company employs owners' capital.
14、Present value is the amount of cash inflows or outflows discounted to their present value.
15、It is no accident that Profit Margin and Assets Turnover tend to vary inversely in a certain business.
16、An collection period of 40 days means that the company has an average of 40 days' worth of credit sales tied up in accounts receivable. 17、Pro forma financial statements are the most widely used vehicles for financial forecasting.
18、The percent-of-sales method can provide simple, logical estimates of many important variables in the course of financial forecasting.
PartⅢ. Accounting practice
1、Use the given information of ABC Company and prepare a Balance sheet.
accounts receivable 246,000 interest payable 34,000 prepaid rent 30,000 cash 82,000 accounts payable 145,000 income tax payable 39,800 paid-in capital 300,000 store equipment 743,000 bonds payable 289,000 merchandise inventory 55,000 retained earnings 110,200 accumulated
178,000 depreciation
wage payable 60,000
2、Use the above completed Balance sheet and the following Income statement to calculate
Income Statement
(1) Debt-to-assets ratio
(2) Return on equity
(3) Collection period
(4) Total assets turnover
(5) Current ratio
Part Ⅳ. Journalizing these given transactions for A&B Corporation. (1) Sold merchandise on credit to Corson $50,000,with terms of 1/10，
n/30.(Net method)
(2) Purchased merchandise worthy of $40,000 from Galen Company on credit.
(3) Estimated uncollectible accounts receivable of $10,000 for the period.
(4) Merchandise costing $2000 was sold and returned now by the customer.
(5) Accrued interest expense$600.
ACCOUNTING ENGLISH Middle-of-term Test Papers
The Answer Sheet:
Class: Name: No: Grade:
PartⅠ. Terms
PartⅡ. True or False
PartⅢ。

1、Balance Sheet
2、Financial ratios
PartⅣ Journal entries。