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Examination Outline---Professional Accounting English

Part one: Ten multiple-choice questions (3 marks for each, total 30 marks) Part two: Translate ten words from Chinese to English (2 marks for each, total 20 marks)

Part three: Make entries according to business transactions (total 20 marks) Part four: Calculation/Prepare financial statements (total 30 marks) Pass: 60 out of 100

Content

Ⅰ. Multiple-choice questions

1. The general ledger is also called control account. p. 50

2. The balance sheet is often called the statement of financial position. P.63 3. Different types of inventories in manufacturing enterprises such as raw materials, work in process, and finished goods. P.115

4. The cost of land and the cost of land improvements p. 138 5. Users of managerial accounting and financial accounting p.10 6. Compare three different types of business entities p.20-21 7. The accounting equation p.22 8. The definition of posting p.29

9. Purchase something on credit/on account (entry) 10. Purchase something for cash (entry) 11. Interest= face amount×rate×time p.97

12. Periodic inventory system and perpetual inventory system (entry) p.116-117 13. Using the FIFO method to calculate the cost of goods sold p.123 14. Dividends declaration date/ record date/ payment date p.180 15. Bonds issue at face amount/at a discount/at a premium p. 170-171 16.The priority of preferred stocks p.178 17.Issue common/preferred stocks (entry) p.177

18. Provide service and receive cash immediately (entry) 19. How to calculate the amount of gross margin? P.69 20. Types of intangible assets p. 150

21. Depreciation of fixed assets p.141 22. Entries about dividends distribution p.180 23. ‘Owner’s equity’ is often called as ‘ net assets’ 24. The account format of balance sheet p.65 25. Adjusting entries for prepaid expenses p.203 26. Two methods of accounting bad debts p.100-104 27. Accounting periods p.199 28. Bank reconciliation p.92 29. Contra accounts p.172 30. Fixed assets (PPE)

Ⅱ.Translations (from Chinese to English) 审计 auditing 总分类帐general ledger

应付账款accounts payable 到期日due date

坏账准备 allowance for doubtful accounts 期初存货 beginning inventory 债权人 creditor

余额balance 银行存款调节表 bank reconciliation 流动资产 current asset 决策 decision-making 债权人debtor 流动性liquidity

银行对账单 bank statement 期末存货 ending inventory 财务会计financial accounting 复式记账double-entry bookkeeping

经营周期 operating cycle 会计期间 fiscal period 运费 freight in 股东shareholder 分类账ledger

特种日记账 special journal 空头支票 NSF cheque

临时性账户 temporary account 本金 principal 冲销 write off

摊销amortization 盈余公积capital surplus

权责发生制accrual-basis accounting 著作权copyright 现金股利cash dividends 应计收入 accrued revenues 折耗depletion 合并incorporation 调整分录 adjusting entry 土地改良land improvement 名义利率nominal rate 中期 interim period 处置损失loss on disposal 可赎回redeemable

收入原则 revenue principle 每半年的 semiannual 股本share capital 短期借款 short-term loans

Ⅲ. Make entries