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Trang 1ENGLISH FOR ACCOUNTING
1 What type of account is used to record revenues?
a) Asset account
b) Liability account
c) Equity account
d) Revenue account (Answer: d)
2 What type of account is used to record expenses?
a) Asset account
b) Liability account
c) Equity account
d) Expense account (Answer: d)
3 The equation that represents the basic accounting equation is:
a) Assets = Liabilities + Shareholders' Equity
b) Assets - Liabilities = Shareholders' Equity
c) Assets = Liabilities - Shareholders' Equity
d) Assets + Liabilities = Shareholders' Equity (Answer: d)
4 When a company earns revenue, the effect on the accounting equation is: a) Assets increase, liabilities decrease
b) Assets increase, liabilities increase
c) Assets increase, shareholders' equity increase (Answer: c)
d) Assets decrease, shareholders' equity decrease
5 When a company incurs an expense, the effect on the accounting equation is: a) Assets decrease, liabilities decrease
b) Assets decrease, shareholders' equity decrease (Answer: b)
c) Assets increase, shareholders' equity increase
d) Assets decrease, liabilities increase
6 When a company pays off a liability, the effect on the accounting equation is: a) Assets decrease, liabilities decrease (Answer: a)
b) Assets decrease, shareholders' equity decrease
Trang 2c) Assets increase, shareholders' equity increase
d) Assets decrease, liabilities increase
7 When a company borrows money, the effect on the accounting equation is:
a) Assets decrease, liabilities decrease
b) Assets decrease, shareholders' equity decrease
c) Assets increase, liabilities increase (Answer: c)
d) Assets decrease, shareholders' equity increase
8 When a company issues stock, the effect on the accounting equation is:
a) Assets decrease, liabilities decrease
b) Assets decrease, shareholders' equity decrease
c) Assets increase, shareholders' equity increase (Answer: c)
d) Assets decrease, liabilities increase
9 What is the process of allocating the cost of an asset over its useful life called? a) Depreciation (Answer: a)
b) Amortization
c) Depletion
d) Appreciation
10 What is the process of allocating the cost of an intangible asset over its useful life called?
a) Depreciation
b) Amortization (Answer: b)
c) Depletion
d) Appreciation
11 What is the process of allocating the cost of a natural resource over its extraction period called?
a) Depreciation
b) Amortization
c) Depletion (Answer: c)
d) Appreciation
Trang 312 What is the process of adjusting the accounts at the end of an accounting period called?
a) Depreciation
b) Amortization
c) Depletion
d) Closing the books (Answer: d)
13 What is the process of determining the value of an asset for the purpose of financial reporting called?
a) Depreciation
b) Amortization
c) Depletion
d) Valuation (Answer: d)
14 What is the process of determining the cost of goods sold for the purpose of financial reporting called?
a) Depreciation
b) Amortization
c) Depletion
d) Cost accounting (Answer: d)
15 What is the process of determining the cost of goods sold for the purpose of financial reporting called?
a) Depreciation
b) Amortization
c) Depletion
d) Cost accounting (Answer: d)
16 The statement of cash flows reports on the cash inflows and outflows of a business during a specific period What are the three sections of the statement of cash flows? a) Operating, financing, and investing
b) Income, expense, and profit
c) Revenue, cost, and net income
Trang 4d) Assets, liabilities, and equity (Answer: a)
17 What is the purpose of the balance sheet?
a) To show a company's financial position at a specific point in time
b) To show a company's financial performance over a period of time
c) To show a company's cash flow
d) To show a company's revenue and expenses (Answer: a)
18 What is the purpose of the income statement?
a) To show a company's financial position at a specific point in time
b) To show a company's financial performance over a period of time (Answer: b) c) To show a company's cash flow
d) To show a company's revenue and expenses
19 What is the purpose of the statement of retained earnings?
a) To show a company's financial position at a specific point in time
b) To show a company's financial performance over a period of time
c) To show a company's cash flow
d) To show a company's changes in retained earnings over a period of time (Answer: d)
20 What is the purpose of the statement of cash flows?
a) To show a company's financial position at a specific point in time
b) To show a company's financial performance over a period of time
c) To show a company's cash inflows and outflows over a period of time (Answer: c) d) To show a company's changes in retained earnings over a period of time
21 What is the purpose of the trial balance?
a) To ensure that the total debit balance equals the total credit balance
b) To show a company's financial position at a specific point in time
c) To show a company's financial performance over a period of time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
22 What is the purpose of the general ledger?
a) To maintain a record of all financial transactions of a business
b) To ensure that the total debit balance equals the total credit balance
Trang 5c) To show a company's financial position at a specific point in time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
23 What is the purpose of the chart of accounts?
a) To organize a company's financial transactions into meaningful categories
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial position at a specific point in time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
24 What is the purpose of the journal entries?
a) To record financial transactions in a chronological order
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial position at a specific point in time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
25 What is the purpose of the adjusting entries?
a) To adjust account balances to reflect the true financial position of a business
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial position at a specific point in time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
26 What is the purpose of the closing entries?
a) To close temporary account balances and transfer the balances to permanent accounts b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial position at a specific point in time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
27 What is the purpose of the post-closing trial balance?
a) To ensure that the total debit balance equals the total credit balance after the closing entries have been made
b) To show a company's financial position at a specific point in time
c) To show a company's financial performance over a period of time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
28 What is the purpose of the financial statements?
Trang 6a) To provide information about a company's financial performance and position to external users
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's cash inflows and outflows over a period of time
d) To show a company's changes in retained earnings over a period of time (Answer: a)
29 What is the purpose of the financial audit?
a) To provide assurance that a company's financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework b) To ensure that the total debit balance equals the total credit balance
c) To show a company's cash inflows and outflows over a period of time
d) To show a company's changes in retained earnings over a period of time (Answer: a)
30 What is the purpose of the balance sheet?
a) To show a company's financial position at a specific point in time
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial performance over a period of time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
31 What is the purpose of the income statement?
a) To show a company's financial performance over a period of time
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial position at a specific point in time
d) To show a company's cash inflows and outflows over a period of time (Answer: a)
32 What is the purpose of the statement of cash flows?
a) To show a company's cash inflows and outflows over a period of time
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial position at a specific point in time
d) To show a company's financial performance over a period of time (Answer: a)
33 What is the purpose of the statement of retained earnings?
a) To show a company's changes in retained earnings over a period of time
b) To ensure that the total debit balance equals the total credit balance
Trang 7c) To show a company's financial position at a specific point in time
d) To show a company's financial performance over a period of time (Answer: a)
34 What is the purpose of the budget?
a) To plan and control a company's financial resources
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial position at a specific point in time
d) To show a company's financial performance over a period of time (Answer: a)
35 What is the purpose of the cash budget?
a) To plan and control a company's cash inflows and outflows
b) To ensure that the total debit balance equals the total credit balance
c) To show a company's financial position at a specific point in time
d) To show a company's financial performance over a period of time (Answer: a)
36 The financial statement that shows a company's assets, liabilities, and equity at a specific point in time is known as the
a) Income statement
b) Balance sheet (Answer: b)
c) Cash flow statement
d) Statement of retained earnings
37 The financial statement that shows a company's revenues, expenses, and net income (or loss) for a specific period of time is known as the
a) Income statement (Answer: a)
b) Balance sheet
c) Cash flow statement
d) Statement of retained earnings
38 The process of recording the financial impact of a business transaction in the
appropriate account is known as
a) Journalizing (Answer: a)
b) Ledgering
c) Posting
Trang 8d) Recording
39 The process of determining the fair value of an asset or liability based on its expected future cash flows is known as
a) Market approach
b) Income approach (Answer: b)
c) Cost approach
d) None of the above
40 The process of determining the fair value of an asset or liability by estimating the replacement cost is known as
a) Market approach
b) Income approach
c) Cost approach (Answer: c)
d) None of the above
41 The process of transferring the financial transactions recorded in the journal to the appropriate accounts in the general ledger is known as
a) Journalizing
b) Ledgering
c) Posting (Answer: c)
d) Recording
42 The process of adjusting the accounts at the end of an accounting period is known as
a) Closing the books (Answer: a)
b) Opening the books
c) Posting
d) Recording
43 The process of determining the amount of depreciation expense for an asset over its useful life is known as
a) Depreciation (Answer: a)
b) Amortization
Trang 9c) Accrual
d) Valuation
44 The process of determining the fair value of an asset or liability based on the present value of the expected future cash flows is known as
a) Market approach
b) Income approach (Answer: b)
c) Cost approach
d) None of the above
45 The difference between a company's total revenue and its cost of goods sold is known
as
a) Gross profit (Answer: a)
b) Operating income
c) Net income
d) Earnings before interest and taxes (EBIT)
46 The financial statement that shows a company's cash inflows and outflows during a specific period of time is known as the
a) Income statement
b) Balance sheet
c) Cash flow statement (Answer: c)
d) Statement of retained earnings
47 The process of determining the fair value of an asset or liability based on the prices of similar assets or liabilities in an active market is known as
a) Market approach (Answer: a)
b) Income approach
c) Cost approach
d) Non-market approach
48 The process of determining the fair value of an asset or liability by estimating the present value of the expected future cash flows is known as
a) Market approach
Trang 10b) Income approach
c) Cost approach
d) None of the above
49 The process of determining the fair value of an asset or liability by estimating the replacement cost is known as
a) Market approach
b) Income approach
c) Cost approach (Answer: c)
d) None of the above
50 The process of determining the fair value of an asset or liability by estimating the value of the asset or liability to the company is known as
a) Market approach
b) Income approach
c) Cost approach
d) None of the above
51 The process of determining the fair value of an asset or liability by estimating the present value of the expected future cash flows is known as
a) Market approach
b) Income approach (Answer: b)
c) Cost approach
d) None of the above
52 The process of determining the fair value of an asset or liability by estimating the replacement cost is known as
a) Market approach
b) Income approach
c) Cost approach (Answer: c)
d) None of the above
53 The process of determining the fair value of an asset or liability by estimating the value of the asset or liability to the company is known as
Trang 11a) Market approach
b) Income approach
c) Cost approach
d) None of the above
54 The process of determining the fair value of an asset or liability by estimating the present value of the expected future cash flows is known as
a) Market approach
b) Income approach (Answer: b)
c) Cost approach
d) None of the above
55 The process of determining the fair value of an asset or liability by estimating the replacement cost is known as
a) Market approach
b) Income approach
c) Cost approach (Answer: c)
d) None of the above
56 A is an independent auditor who examines an organization's financial statements and records to ensure they are accurate and in compliance with generally accepted accounting principles (GAAP)
a) CPA (Answer: a)
b) CEO
c) CFO
d) COO
57 are the financial statements that show a company's financial performance over a specific period of time, such as a month or a year
a) Balance sheets
b) Income statements (Answer: b)
c) Cash flow statements
d) Statements of retained earnings