会计专业英语复习资料.docxVIP

会计专业英语复习资料 Post test 1 基本概念 1. Things of value owned by an entity: assets Money: cash Claims of creditors: liabilities Claims of investors: equity 2. 2 types of sources of funds： Stronger claim: liabilities Lesser claim: equity 3. A balance sheet reports the status of an entity ....at a point of time. 4. Give the fundamental accounting equation: Assets = Liabilities + Equity 5. The above equation is consistent with what concept?: Dual-aspect concept 6. Money-measurement concept states that accounting reports only facts that can be expressed in monetary amounts. 7. A balance sheet does not report all the facts about a business. What concept limits the amount or type of information that can be reported? Money-measurement concept 8. Brown Company has 10000 dollar cash. Its owner withdraws 100 dollars for his own use. The owner is (no better or worse off) than he was before. Brown company now has (less) cash. The fact that this event affects the owner differently than it affects the company is an illustration of the entity concept. 9. The entity concept states that accounts are kept for entities as distinguished from the persons who own those entities. 11. The going-concern concept is: Accounting assumes that an entity will continue to operate indefinitely. 12. The asset-measurement concept is: if reliable information is available, accounting focuses on the fair value of assets. Nonmonetary assets are reported at their original cost. 13. An item can be reported as an asset if it passes 3 of the following: item is valuable, item was acquired at a measurable cost, item is owned or controlled by the entity. 14. Goodwill is a favorable name or reputation purchased by the entity. 15. An asset is classified as current if it is cash or is expected to be converted into cash in the near future, usually within one year. 16. A liability is classified as current if it becomes due in the near future, usually within one year. 17. Marketable securities are current assets. Investments