注意：请将所有答案手写在答题纸上！
Ⅰ. Identify true (T) or false (F) statements  (12X1′=12′)
F . 1. An income statement is a summary of the revenues and expenses of a business as of a specific date.
T  2. Accounting is thought to be the “language of business” because business information is communicated to stakeholders.
F  3. If a building is appraised for $90,000, offered for sale at $95,000, and the buyer pays $85,000 cash for it, the buyer would record the building at $90,000.
F  4. Cash equivalents are short-term highly liquid investment assets that are readily converted to a known cash amount, and have maturities of one year.
F  5. For good internal control over cash, all payments should be made from the petty cash, except for very large payments.
T  6. The aging method of determining bad debts expense is based on the knowledge that the longer a receivable is past due, the lower the likelihood of collection.
F  7. Land improvements are generally charged to the Land account.
T  8. Recording depreciation each period is an application of the matching principle.
T  9. The cost of an inventory item includes its invoice cost minus any discount, and plus any added or incidental costs necessary to put it in a place and condition for sale.
T  10. A consignor who has goods out on consignment with an agent should include the goods in ending inventory even though they are not in the possession of the consignor.
F  11. Whether purchase costs are rising or falling, FIFO always will yield the highest gross profit and net income.
T  12. If the perpetual inventory system is used and a physical count disclosed a shortage, the cost of merchandise sold should be debited and the merchandise inventory account credited.
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Ⅱ. Insert “+” for increase and “-”for decrease in the appropriate columns below, based on double-entry bookkeeping rules  (6X2′=12′)
      Account
Debit
Credit
1. Notes Receivable
+
-
2. Paid-in Capital
-
+
3. Prepaid Rent
+
-
4. Salary Expenses
-
+
5. Retained Earnings
-
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6. Income Tax Payable
-
+
Ⅲ. Translate the accounting terms from English to Chinese (No. 1-6) and from Chinese to English (No. 7-10)  (10X2′=20′)
1. General journal （总分类账）      2. Accounting elements （会计要素）        3. Closing entries （结账分录）
4. CICPA（中国注册会计师协会）                      5. Net realizable value（可变现净值）            6. Accrual-basis accounting （应计制会计） 7. 非流动负债 （non-current liabilities）    8. 历史成本（Historical cost）      9. 分类账（ledger）      10. 经营周期  （Operating cycle）
Ⅳ. Short answer questions  (3X6′=18′)
1.What is accounting?
Accounting may be described as the process of identifying, measuring, recording,
and communicating economic information to permit informed judgments and
decisions by users of that information
2.What is depreciation of plant assets? What is the basic purpose of depreciation?
Depreciation, as the term is used in accounting, is the allocation of the cost of a
tangible plant asset to expense in the periods in which services are received from the
asset. In short, the basic purpose of depreciation is to achieve the matching principle
that is, to offset the revenue of an accounting period with the costs of the goods
and services being consumed in the effort to generate that revenue.
3.Identify the tools of financial statement analysis.
The analysis of financial data employs various techniques to emph
asize the
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comparative and relative significance of the data presented and to evaluate the
position of the firm. Three commonly used tools are as following.
Horizontal analysis
evaluates a series of financial statement data over a period
of time.
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Vertical
analysis evaluates financial statement data by expressing each item in a
financial statement as a percent of a base amount.
Ratio analysis
expresses the relationship among selected items of financial
statement data.
Ⅴ. Problem Solving  (38′)
1. Analyze the effects of business transactions on the Accounting Equation.  (2X5′=10′)
Transaction (1): paid a $6,500 premium on July 1 for one year’s insurance in advance. 
Transaction (2): bought office equipment from Brown Company on account $2,800.
2. Prepare journal entries for the two transactions in No. 1 above-mentioned.  (2X5′position of the day=10′)
3. Samuel Co. Ltd issued a $15,000, 6%, 9-month note payable. How much is the interest payment at maturity?
(Calculating process is required)  (6′)   

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