Review Final Accounting


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Review Final Accounting

  1. 1. REVIEW FOR FINAL TEST Subject: English for Accounting - Format test: 50-question test (multiple choice) - Time allowed: 60 minutes - Students are NOT allowed to use materials. CONTENTS: Vocabulary: Unit 1: Reading + Sections 1.1 – 1.4 Unit 2: Reading + sections 2.1 – 2.8 (focus more on 2.8). Unit 3: Reading + sections 3.2, 3.4, 3.5, 3.6, 3.7. Unit 4: Reading (focus more on reading) + sections 4.1 – 4.7 Unit 5: Reading + sections 5.2, 5.3, and 5.4, 5.8, 5.9 (focus more on 5.8 + 5.9) Unit 6: Reading + Section 6.1, 6.4, 6.6. Samples C©u 1 : The order of the Equity account in a Balance sheet is defined by ________ . A. custom and tradition B. a fancy way of saying paid C. the order of their liquidity D. A, B, C are correct C©u 2 : A company has $3,000,000 Owners' Equity and $275,000 in liabilities. What are the assets for the company? A. $3,275,000 B. $2,025,000 C. $250,000 D. $1,250,000 C©u 3 : Liabilities that are expected to be paid sometimes after the next year are _________ A. Current liabilities B. Current assets C. Non-current assets D. Non-current liabilities C©u 4 : ___________ is to show the inflows and outflows, the changes in balance of cash and cash-equivalents during a certain accounting period arising from the operating, investing and financing activities of an enterprise. 1
  2. 2. A. The Statement of Cash Flow B. The Income Statement C. The Statement of Retained D. The Balance Sheet Earnings C©u 5 : Which is the closest meaning to the phrase : ‘ late, not returned as expected’? A. overdue B. knack C. buck D. pay off C©u 6 : Which of the following items is not the main section in a Balance Sheet ? Unearned A. Assets B. Liabilities C. Equity D. revenues C©u 7 : Which is the most common form of Rent expenses account in the Income statement ? A, B, C are A. Rent expenses B. Rent C. Rent liability D. correct. C©u 8 : _______ is the process of taking transactions and turning them into a journal entry. A, B and C are A. Journalizing B. Bookkeeping C. Accounting D. correct C©u 9 : If the statement is for the quarter ended December 31, 2002, how can we state the period of time? A. For the Quarter Ended December B. For the Three Months Ended 31, 2002 December 31, 2002 C. For the Six Months Ended D. A and B are correct December 31, 2002 C©u Items owned by a business that have money value are known as 10 : ____________. A, B, and C are A. Assets B. Liabilities C. Owner’s equity D. correct C©u Which profession is widely considered as a “language of business”? 11 : Short-handing A. Teaching B. C. Accounting D. Bookkeeping and typing C©u What does CPA stand for? 12 : A. It stands for Certified Public Accountant. 2
  3. 3. B. It stands for Certified Public Accountants. C. It stands for Certified Publicy Accountant. D. It stands for Certify Public Accountant. C©u What does the word “quarter” most closely mean? 13 : A. a year B. six months C. a month D. three months C©u _________ is a financial statement that reflects revenues and expenses of an 14 : enterprise during a period. A. The statement of cash flow The statement of retained earnings C. The income statement D. The balance sheet C©u Which is the closest meaning to the phrase “a financial plan of expenses and 15 : income?” Financial expenses and A. buck B. budget C. D. account income C©u What do we call a process by which financial information about a business is 16 : recorded, classified, summarized, interpreted, and communicated? A. Cost accounting B. Managerial accounting C. Budget accounting D. Financial accounting C©u Which of the following items is not a liability? 17 : A. Wage payable B. Accounts payable C. Taxes payable D. Pre-paid expenses C©u _________ is an accounting statement that reflects assets, liabilities and 18 : owner’s equity of an enterprise at a specific date. A. The Income Statement B. The Balance Sheet C. The Statement of Retained D. The Statement of Cash Flow Earnings 3
  4. 4. C©u _________consisits (largely) of auditing and tax services. 19 : A. Financial Accounting B. Public Accounting C. Private Accounting D. Managerial Accounting C©u What date would be for Balance sheet if the Income Statement is for the period 20 : ending December 31st 2006? A. December 30th 2007 B. December 31st 2007 C. December 31st 2006 D. December 30th 2006 C©u Which system involves making at least two entries for every transaction? 21 : A. single_entry system B. double_entry system C. bookkeeping D. Neither single_entry nor double entry system C©u Which title refers to the job of an accountant? 22 : A, B and C are A. ACCA B. CPA C. CA D. correct C©u Which of the following items is not included in the Expenses Account? 23 : Interest Pre-paid Payroll A. B. C. D. Rent expense expense expense C©u Which of the following items is an accounting equation? 24 : A. Common stock = Liabilities + Assets + Retained earnings B. Liabilities = Assets + Common stock + Beginning retained earnings + Net income – Dividends C. Assets = Liabilities + Common stock + Beginning retained Earnings + Revenues - Expenses – Dividends D. A, B, and C are correct C©u Which of the following items is not an owner’s equity? 25 : 4
  5. 5. Common Preferred A. B. C. Inventory D. Capital surplus stocks stocks C©u Money owed to an outsider is a(n) _________________. 26 : A, B, and C are A. Assets B. Liabilities C. Owner’s equity D. correct C©u Which is the closest meaning to the phrase “strapped for cash”? 27 : A. have no money unavailable B. have much money available C. have no money available D. have muchmoney unavailable C©u What is a double-entry bookkeeping system? 28 : A. It involves making at least two entries for every transaction: a debit in one account. B. It involves making at least one entry for every transaction: a credit in one account. C. It involves making at least two entries for every transaction: a debit in one account and a corresponding credit in another account. D. It involves making only two entries for every transaction: a debit in one account and a corresponding credit in another account. C©u What is Accounting? 29 : A. It is helpful for managers, investors, tax authorities and other decision makers make resource allocation decisions. B. A and B are incorrect C. It is the measurement, disclosure or provision of assurance about financial information. D. A and B are correc C©u Which of the following items is equal to “Net income” 30 : A. Revenues – Expenses B. Expenses – Revenues C. Unearned Revenues D. A, B, C are correct Gap-filling 5
  6. 6. Samples - Gap –filling 163 The success or (1)_______ of a business is measured in dollars. And dollars are recorded and reported using (2)_______ . Accounting is truly the language of (3)_______ . No matter what your role may be, if you are involved in business, you can benefit from learning accounting. That's what this book is all about-taking the subject and making it understandable and accessible. This book makes an excellent companion to any standard text, or it can be used as a stand-alone volume. It is designed to present the subject in a straightforward, approachable manner. Financial (4)_______ is an incremental process. What you learn in earlier chapters is used in later ones. There are no shortcuts to learning financial accounting, but at the same time, if it is taught clearly, it is not difficult. Financial accounting involves all the steps from the original entries in the accounting records to the preparation of financial (5)_______ . There are other types of accounting as well, such as managerial accounting, cost accounting, and (6)_______ accounting, to name a few. These other types (7)_______ accounting are covered in other books. The end user of financial accounting is the public; therefore, financial accounting has a lot of rules. These rules are necessary to make the information presented in the financial statements consistent and understandable. In contrast, in (8)_______ accounting, which is used by the managers of a business to improve the business's operations, efficiency, and (9)_______ , there are relatively few rules. Instead, it primarily consists of (10)_______ that have proved themselves over time. 1. A. failure B. provision C. development D. improvement 2. A. communicating B. teaching C. accounting D. budgeting 3. A. business B. accounting C. communication D. transportation 4. A. accountant B. account C. accounted D. accounting 5. A. information B. manufacture C. statements D. provision 6. A. taxing B. taxation C. taxed D. tax 7. A. of B. at C. for D. on 8. A. tax B. financial C. managerial D. cost 9. A. asset B. liability C. profitability D. inventory 10. A. technique B. techniques C. rule D. skill 6
  7. 7. Mã đề: 148 It is easy to appreciate the impact of (1)_______ taxes on American business when it is realized that many of the larger (2)_______ pay over 50 percent of their net income to the federal and state governments in the form of income taxes. Careful planning designed to (3)_______ the tax liability to the lowest level is thus a major concern of business. This planning is made possible by various (4)_______ in the tax laws that offer alternative methods for handing particular transactions or accounting procedures. One alternative may thus have a significant tax (5)_______ over another, resulting in either a tax saving or a postponement of the tax liability. A business can pay substantially more taxes than necessary if the wrong financial decision is made. Among these potentially significant decisions might be included the form of (6)_______ under which to organize, whether or not to set up multiple corporations, and which accounting methods should be used to deal with inventory and (7)_______ . For tax as well as accounting purposes, there are three major forms of business organization: the individual proprietorship the partnership and the corporation. Tax laws vary considerably for each of these; the major difference, however, is between the corporate form and the other two. There are also nontax features that must be evaluated in choosing a form of (8)_______ . Among these are limited liability, continuity of existence, and the ease of raising (9)_______ . The owners usually are not liable, or personally responsible, for the actions of a corporation, since the corporation enjoys legal status as an individual entity. Corporation can also raise capital by selling (10)_______ , known as stock in the ownership of the company 1. A. managerial B. budget C. income D. accounting 2. A. partnership B. individual proprietorship C. corporations D. A,B, and C are correct 3. A. increase B. decrease C. A and B are correct D. A and B are incorrect 4. A. provisions B. possessions C. developments D. improvements 5. A. advantage B. disadvantage C. A and B are correct D. A and B are incorrect 6. A. language B. business C. strategy D. entainment 7. A. depreciation B. appropriation C. information D. application 8. A. organization B. partnership C. individual proprietorship D. corporations 9. A. capital B. fiscal C. financial D. A, B and C are correct 7
  8. 8. 10. A. securities B. stocks C. shares D. markets Reading comprehension: 5 questions Topics: assets, inventories, insurance, and financial statements THE END 8
  9. 9. ANSWER KEY 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 9
  10. 10. 27 28 29 30 Đáp án mã đề: 163 01. A; 02. C; 03. A; 04. D; 05. C; 06. D; 07. A; 08. C; 09. C; 10. B; Đáp án mã đề: 148 1. C; 02. C; 03. B; 04. A; 05. A; 06. B; 07. A; 08. A; 09. D; 10. C; 10