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《会计专业英语》模拟试题及答案一、单选题（每题1分，共20分）1.Whichofthefollowingstatementsaboutaccountingconceptsorassumptionsarecorrect?1）Themoneymeasurementassumptionisthatitemsinaccountsareinitiallymeasuredattheirhistoricalcost.2）Inordertoachievecomparabilityitmaysometimesbenecessarytooverridetheprudenceconcept.3）Tofacilitatecomparisonsbetweendifferententitiesitishelpfulifaccountingpoliciesandchangesinthemaredisclosed.4）Tocomplywiththelaw,thelegalformofatransactionmustalwaysbereflectedinfinancialstatements.A1and3B1and4C3onlyD2and3Johnnyhadreceivablesof$5500atthestartof2010.Duringtheyearto31Dec2010hemakescreditsalesof$55000andreceivescashof$46500fromcreditcustomers.Whatisthebalanceontheaccountsreceivablesat31Dec2010?$8500Dr$8500Cr$14000Dr$14000CrShoulddividendspaidappearonthefaceofacompany’scashflowstatement?YesNoNotsureEitherWhichofthefollowinginventoryvaluationmethodsislikelytoleadtothehighestfigureforclosinginventoryatatimewhenpricesaredropping?WeightedAveragecostFirstinfirstout(FIFO)Lastinfirstout(LIFO)Unitcost5.Whichoffollowingitemsmayappearasnon-currentassetsinacompany’sthestatementoffinancialposition?(1)plant,equipment,andproperty(2)companycar(3)€4000cash(4)€1000chequeA.(1),(3)B.(1),(2)C.(2),(3)D.(2),(4)6.Whichofthefollowingitemsmayappearascurrentliabilitiesinacompany’sbalancesheet?(1)investmentinsubsidiary(2)Loanmaturedwithinoneyear.(3)incometaxaccrueduntillyearend.(4)PreferencedividendaccruedA(1),(2)and(3)B(1),(2)and(4)C(1),(3)and(4)D(2),(3)and(4)7.ThetrialbalancetotalsofGammaat30September2010are:Debit$992,640Credit$1,026,480WhichTWOofthefollowingpossibleerrorscould,whencorrected,causethetrialbalancetoagree?1.Aniteminthecashbook$6,160forpaymentofrenthasnotbeenenteredintherentpayableaccount.2.Thebalanceonthemotorexpensesaccount$27,680hasincorrectlybeenlistedinthetrialbalanceasacredit.3.$6,160proceedsofsaleofamotorvehiclehasbeenpostedtothedebitofmotorvehiclesassetaccount.4.Thebalanceof$21,520ontherentreceivableaccounthasbeenomittedfromthetrialbalance.A1and2B2and3C2and4D3and48.Thetapreparesitsfinancialstatementsfortheyearto30Aprileachyear.Thecompanypaysrentforitspremisesquarterlyinadvanceon1January,1April,1Julyand1Octobereachyear.Theannualrentwas$84,000peryearuntil30June2010.Itwasincreasedfromthatdateto$96,000peryear.Whatrentexpenseandendofyearprepaymentshouldbeincludedinthefinancialstatementsfortheyearended30April2010?ExpensePrepaymentA$93,000$8,000B$93,000$16,000C$94,000$8,000D$94,000$16,0009.At30September2010,thefollowingbalancesexistedintherecordsofLambda:Plantandequipment:$860,000Depreciationforplantandequipment:$397,000Duringtheyearended30September2010,plantwithawrittendownvalueof$37,000wassoldfor$49,000.Theplanthadoriginallycost$80,000.Plantpurchasedduringtheyearcost$180,000.Itisthecompany.spolicytochargeafullyeardepreciationintheyearofacquisitionofanassetandnoneintheyearofsale,usingarateof10%onthestraightlinebasis.WhatnetamountshouldappearinLambda.sbalancesheetat30September2010forplantandequipment?A$563,000B$467,000C$510,000D$606,00010.Acompany’splantandmachineryledgeraccountfortheyearended30September2010wasasfollows:Plantandmachinery–cost2009$2010$1Octoberbalanceb/f3812001JuneDisposal360001Deccash1800030Septbalancec/f36320039920039920030Septbalanceb/f363200Thecompany’spolicyistochargedepreciationat20%peryearonthestraightlinebasis,withproportionatedepreciationinyearsofpurchaseanddisposal.Whatisthedepreciationchargefortheyearended30September2010?A$74,440B$84,040C$72,640D$76,84011.Listedbelowaresomecharacteristicsoffinancialinformation.(1)True(2)Prudence(3)Completeness(4)CorrectWhichofthesecharacteristicscontributetoreliability?A(1),(3)and(4)onlyB(1),(2)and(4)onlyC(1),(2)and(3)onlyD(2),(3)and(4)only12.Theplantandmachinerycostaccountofacompanyisshownbelow.Thecompany’spolicyistochargedepreciationat20%onthestraightlinebasis,withproportionatedepreciationinyearsofacquisitionanddisposal.Plantandmachinery–cost2009$2009$1Janbalanceb/f28000030Junedisposal140001Aprcash480001Septcash3600031Decbalancec/f350000364000364000Balanceb/f350000Whatshouldbethedepreciationchargefortheyearended31December2009?$67,000$64,200$70,000$68,60013.Inpreparingitsfinancialstatementsforthecurrentyear,acompany’sclosinginventorywasunderstatedby$300,000.Whatwillbetheeffectofthiserrorifitremainsuncorrected?AThecurrentyear’sprofitwillbeoverstatedandnextyear’sprofitwillbeunderstatedBThecurrentyear’sprofitwillbeunderstatedbuttherewillbenoeffectonnextyear’sprofitCThecurrentyear’sprofitwillbeunderstatedandnextyear’sprofitwillbeoverstatedDThecurrentyear’sprofitwillbeoverstatedbuttherewillbenoeffectonnextyear’sprofit.14.Inpreparingacompany’scashflowstatement,which,ifany,ofthefollowingitemscouldformpartofthecalculationofcashflowfromfinancingactivities?(1)Proceedsofsaleofpremises(2)Dividendsreceived(3)IssueofsharesA1onlyB2onlyC3onlyDNoneofthem.15.At31March2009acompanyhadoilinhandtobeusedforheatingcosting$8,200andanunpaidheatingoilbillfor$3,600.At31March2010theheatingoilinhandwas$9,300andtherewasanoutstandingheatingoilbillof$3,200.Paymentsmadeforheatingoilduringtheyea