2014金融英语刘文国第二课后练习.docVIP

Answers for Chapter eight Ⅰ Answer the following questions in English: In what section of the balance sheet would one find patents and trademarks? Patents and trademarks can be found in section intangible section. Which depreciation method bases depreciation expense for a given period on actual use? The Straight-line depreciation method bases depreciation expense for a given period on actual use. Which financial statement is prepared as of a particular date rather than for a period ending on a particular date? The balance sheet is prepared as a particular date. Who has the primary responsibility for the financial statements? Manager has the primary responsibility for the financial statements. At what value is land used in a business shown on the balance sheet? Land is shown on the balance sheet at historical value. Which of the following results from using the LIFO method of inventory cost flows during a period of inflation? The result is higher costs of goods sold by using the LIFO method of inventory during a period of inflation. What reflects the net tax effects of the temporary differences between the carrying values of assets and liabilities for financial reporting purposes and amounts used for income tax purposes? The deferred income taxes result from temporary differences in taxable and financial statement income. What is the cost of a fixed asset less its accumulated depreciation? It is the net value of the fixed assets. How are held-to-maturity securities reported on the balance sheet? It is reported as current assets on the balance sheet. How many types of inventories does a manufacturing firm list on its balance sheet? There are three types of inventories that the manufacturing firm list on its balance sheet. Such as raw material, working-in-process and finished products. What does the FIFO inventory method assume about the first units purchased? The FIFO inventory method assumes that the first units purchased should be first in use in order to