Chapter 2 Accounting Concepts and Principles财务报表要素Asset 资产Liability 负债Equity 所有者权益、股本Revenue 收入Expense 费用Gain 利得Loss 损失For each item below, indicate to which category of elements of financial statements it belongs.每个项目下面，说明这类财务报表要素属于.(a) Retained earnings 留存收益equity(b) Sales 销售revenue(c) Additional paid-in capital 股本溢价equity(d) Inventory 存货asset(e) Depreciation 折旧费expense(f) Dividends 股息equity(g) Gain on sale of investment 出售投资收益gain(h)Interest payable 应付利息liability(i)Loss on sale of equipment 销售设备的亏损loss(j) Issuance of common stock 发行普通股equityChapter 3 Financial StatementsExercise 1. Presented on the next page are the captions of Faulk Company’s balance sheet.在下一页的标题的福克公司的资产负债表。
(a) Current assets. (f) Current liabilities.(b) Investments. (g) Non-current liabilities.(c) Property, plant, and equipment. (h) Capital stock.(d) Intangible assets. (i) Additional paid-in capital.(e) Other assets. (j) Retained earnings.(a)流动资产(b)投资(c固定资产(d)无形资产(e)其他资产(f)流动负债(g)非流动负债。
(h)股本(i)股本溢价(j)留存收益。
InstructionsIndicate by letter where each of the following items would be classified.1. Preferred stock. 11. Cash surrender value of life insurance.2. Goodwill. 12. Notes payable (due next year).3. Wages payable. 13. Office supplies.4. Trade accounts payable. 14. Common stock.5. Buildings. 15. Land.6. Trading securities. 16. Bond sinking fund.7. Current portion of long-term debt. 17. Merchandise inventory.8. Premium on bonds payable. 18. Prepaid insurance.9. Allowance for doubtful accounts. 19. Bonds payable.10. Accounts receivable. 1优先股2商誉3应付工资4贸易应付帐款5建筑物6证券交易。
7长期债务的当期部分8应付债券溢价9坏账准备10应收账款20. Taxes payable.11人寿保险现金解约价值12应付票据（明年）13办公用品14普通股15土地16债券偿债基金17商品库存18预付保险费19应付债券20应付税款(a)流动资产6.9.10.13.17.18(b)投资16(c固定资产5.15(d)无形资产2(e)其他资产11 (f)流动负债3.4.7.12.20(g)非流动负债8.19(h)股本1.14(i)股本溢价(j)留存收益Exercise 2. The accounting department supplied the following data in recording the September 30 bank statement for Rytton, Inc.Closing cash balance per bank statement $15 496.91 Closing cash balance per cash book 14 692.71 Deposits in transit 2 615.23Bank service charge 25.00 Outstanding checks 3 079.51Note collected by bank including $45 interest (Rytton not yet1 045.00 notified)617.08Error by bank-check drawn by Rytten Corp. was charged toRytton’s accountA sale and deposit of $1 729.00 was entered in the sales journal and cash receipts journal as $1 792.00.银行：15496.91 企业：14692.71加2615.23 617.08 加1045减3232.31 减2563平衡：15649.71InstructionsPrepare the September 30 bank reconciliation.Exercise 3. A machine is purchased at the beginning of 2002 for $36 000. its estimated life is 6 years. Freight costs on the machine are $2 000. Installation costs are $1 200. The machine is estimated to have a residual value of $500 and a useful life of 40 000 hours. It was used 6 000 hours in 2002. 2002年初采购机器价款36000美元，估计有6年寿命。
机器的货运成本是2000美元，安装成本是1200美元。
该机预计净残值为500美元，可以使用寿命40000小时。
在过去的2002一年它使用了6000小时。
InstructionsWhat is the cost of the machine for accounting purposes? 36000+2000+1200=39200 Compute the depreciation charge for 2002 using 计算2002年的折旧费(a) the straight-line method 直线法and (b) the service-hours method.工作量法（a）直线法（平均年限法）年折旧额=（固定资产原值-预计净残值）/预计使用年限2002年折旧额=（39200-500）/6=6450（b）工作量法单位工作量折旧费=（固定资产原值-预计净残值）/预计工作总量年折旧额=当年实际工作量*单位工作量折旧费单位….= （39200-500）/40000=0.96752002年折旧额=0.9675*6000=5805Exercise 3.Mick Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Mick reacquired 100 shares at $85 per share. On September 1, Mick reissued 60 shares at $90 per share. On November 1, Mick reissued 40 shares at $83 per share.InstructionsPrepare Mick’s journal entries to record these transactions using (a) the cost method, (b) the par value method.麦克公司拥有优秀的10000股，面值10美元的普通股。
2008年7月1日，麦克发行100股每股85美元。
九月一日，麦克发行60股每股90美元。
十一月一日，麦克发行40股每股83美元。
米克的预备日记帐分录记录下这些交易使用的（a）成本法(b)帐面价值的方法。
（a）成本法：the cost method7/1/08 Treasury stock (100*85) 8500Cash 85009/1/08 Cash(60*90) 5400Treasury stock (60*85) 5100Paid-in capital from treasury stock 30011/1/08 Cash(40*83) 3320Paid-in capital from treasury stock 80Treasury stock (40*85) 3400（b）帐面价值的方法：the par value method7/1/08 Treasury stock (100*10) 1000Paid-in capital from treasury stock 7500Cash (100*85) 85009/1/08 Cash (60*90) 5400Treasury stock (60*10) 600Paid-in capital from treasury stock 480011./1/08Cash (40*83) 3320Paid-in capital from treasury stock 2920Treasury stock (40*10) 4001. The economic resources of a business are called: BA. Owner’s EquityB. AssetsC. Accounting equationD. Liabilities2. DTK Company has a $3500 accounts receivable from GRS Company. On January 20, GRS Company makes a partial payment of $2100 to DTK Company. The journal entry made on January 20 by DTK Company to record this transaction includes: DA. A debit to the cash receivable account of $2100.B. A credit to the accounts receivable account of $2100.C. A debit to the cash account of $1400.D. A debit to the accounts receivable account of $1400.3. In general terms, financial assets appear in the balance sheet at: AA. Face value. 账面价值B. Current value.现值C. Market value. 市场价值D. Estimated future sales value.4. Each of the following measures strengthens internal control over cash receipts except: DA. The use of a voucher system.B. Preparation of a daily listing of all checks received through the mail.C. The deposit of cash receipts intact in the bank on a daily basis.D. The use of cash registers.5. Which of the following items is the greatest in dollar amount? DA. Beginning inventory 期初存货B. Cost of goods sold. 销货成本C. Cost of goods available for saleD. Ending inventory 期末存货6. Why do companies prefer the LIFO inventory后进先出法method during a period of rising prices? BA. Higher reported incomeB. Lower income taxesC. Lower reported incomeD. Higher ending inventory7. Which of the following characteristics would prevent an item from being included in the classification of plant and equipment? DA. IntangibleB. Unlimited lifeC. Being sold in its useful lifeD. Not capable of rendering benefits to the business in the future.8. Which account is not a contra-asset account? BA. Depreciation ExpenseB. Accumulated DepletionC. Accumulated DepreciationD. Allowance for Doubtful Accounts9. What are the two factors that make ownership of an interest in a general partnership particularly risky? AA. Mutual agency and unlimited personal liabilityB. Limited life and unlimited personal liability.C. Limited life and mutual agency.D. Double taxation and mutual agency10. Which of the following types of business owners do not take an active role in the daily management of the business? DA. General partnersB. Limited liability partnersC. Sole proprietors 个体经营者D. Stockholders in a publicly owned corporation11. Analysts can use the footnotes to the financial statements to DA. Help their analysis of financial statementsB. Help their understanding of financial statementsC. Help their checking of financial statements.D. All of the above12. The current liabilities are $30 000, the long-term liabilities are $50 000, and the total assets are $240 000. What is the debt ratio? CA. 0.125B. 0.208C. 0.333D. 3.013. The horizontal analysis is used mainly to AA. Analyzing financial trendsB. Evaluating financial structureC. Assessing the pat performancesD. Measuring the term-paying ability14. Among the following ratios, which is used for long-term solvency analysis? 长期偿债能力分析AA. Current ratio 流动比率B. Times-interest-earned ratioC. Operating cycleD. Book value per share15. A profit-making business that is a separate legal entity and in which ownership is divided into shares of stock is known as a DA. Sole proprietorship 个体独资公司B. Single proprietorshipC. Partnership 合伙公司D. Corporation 股份有限公司一、名词解释(10分)(1) Journal entry：日记账Journal entry is a logging of transactions into accounting journal items. It can consist of several items, each of which is either a debit or a credit. The total of the debits must equal the total of the credits or the journal entry is said to be "unbalanced". Journal entries can record unique items or recurring items such as depreciation or bond amortization.(2) Going concern：持续经营The company will continue to operate in the near future, unless substantial evidence to the contrary exists.(3) Matching principle：一致性原则(4) Working capital：营运资金(5) Revenue expenditure：收入费用二、会计业务（共35分）1. On December 1, ME Company borrowed $250 000 from a bank, and promise to repay that amount plus 12% interest (per year) at the end of 6 months.(1) Prepare the general journal entry to record obtaining the loan from the bank on December 1.(2) Prepare the adjusting journal entry to record accrual of the interest payable on the loan on December 31.(3) Prepare the presentation of the liability to the bank on ME’sDecember balance sheet.Answer:(1) Debit: cash $250000Credit: current liabilities $250000(2) Debit: Accrual Expense $5000 不确定Credit: Interest Payable $5000(3) P392. The following information relating to the bank checking account is available for Music Hall at July 31:Balance per bank statement at July 31 $20 0000 Balance p er depositor’s records 18 860 Outstanding checks 2 000 Deposits in transit 800 Service charge by bank 60Prepare a bank reconciliation银行对账工作fro Music Hall at July 31. Answer:P423. Please prepare the related entries according to the following accounting events.1) Assume the Healy Furniture has credit sale of $1,200,000 in 2002. Of this amount, $200,000 remains uncollected at December 31. The credit manager estimates that $12,000 of these sales will be uncollectible. Please prepare the adjusting entry to record the estimated uncollectible. 2) On March 1, 2003 the manager of finance of Healy Furniture authorizes a write-off of the $500 balance owed by Nick Company. Please make the entry to record the write-off.3) On July 1, Nick Company paid the $500 amount that had been written off on March 1. Answer:(1) Debit: Uncollectible Accounts Expense坏账损失$12000Credit: Allowance for Doubtful Accounts坏账准备$12000(2) Debit: Allowance for Doubtful Accounts $500Credit: Accounts Receivable $500(3) Debit: Accounts Receivable $500Credit: Allowance for Doubtful Accounts $500 Debit: Cash $500 Credit: Accounts Receivable $500四、英译汉（40分）(1) Accounting principles are not like physical laws; they do not exist in nature, awaiting discovery man. Rather, they are developed by man, in light of what we consider to be the most important objectives of financial reporting. In many ways generally accepted accounting principles are similar to the rules established for an organized sport such as football or basketball.会计准则不像自然法则那样天生就存在等待人类去探索。