審計(jì)專業(yè)英語(yǔ)課件

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Auditing專業(yè)英語(yǔ)審計(jì)學(xué)

ChapterOne:Introduction、WordsandPhrases:enterprise企業(yè)

business企業(yè)

firm公司、商號(hào)

concernvt.涉及與…有關(guān)企業(yè)generalpurpose（普遍）通用的

criterion標(biāo)準(zhǔn)enhancevt.提高、放大感興趣returnon回報(bào)、報(bào)酬

returnof回收收回financialposition財(cái)務(wù)狀況

financialprogress財(cái)務(wù)進(jìn)展internalusers內(nèi)部信息使用者

externalusers外部信息使用者taxaccounting稅務(wù)會(huì)計(jì)

taxplanning稅務(wù)籌劃incometaxreturn所得稅申報(bào)表debt-payingability償債能力

liquidity清償，償債能力cash

flow:inflow流入outflow流出例：aninflowofbankdeposits銀行存款的增加

?

SAPAGInsuranceTaxStockholderAdministerjusticeBankAuditorMedia,FinancialanalystAdministratorManagerEmployeeControllerTheborderofdirectorExternalandInternalUsers(2)ManagementAccounting(3)TaxAccounting3.ThreeFieldsofAccountingPrivateAccountingPublicAccountingGovernmentAccounting(nonprofitorganizations)

4.Extendingyourknowledge(會(huì)計(jì)道德）Multiple-choicequestion:

P12Q-1.Whichofthefollowingdoesnotdescribeaccounting?a.Languageofbusiness.b.Isanendratherthanameanstoanend.c.Usefulfordecisionmaking.dUsedbybusiness,government,nonprofitorganizations,andindividuals.Q-2.Tounderstandanduseaccountinginformationinmakingeconomicdecisions,youmustunderstand:a.Thenatureofeconomicactivitiesthataccountinginformationdescribes.b.Theassumptionsandmeasurementtechniquesrevolvedindevelopingaccountinginformation.,c.Whichinformationisrelevantfora~typeofdecisionthatisbeingmade.d.Alloftheabove.Q-5Whichofthefollowingareimportantfactorsinensuringtheintegrityofaccountinginformation?a.Institutionalfactors,suchasstandardsforpreparinginformation.b.Professionalorganizations,suchastheAmericanInstituteofCPAs.

c.Competence'judgment'andethicalbehaviorofindividualaccountants'd.Alloftheabove.EXERCISEE1-1Yourecentlyinvested$12,000ofyoursavingsinasecurityissuedbyalargecompany.Thesecurityagreementpaysyou7percentperyearandhasamaturitytwoyearsfromthedayyoupurchasedit.Whatisthetotalcashflowyouexpecttoreceivefromthisinvestment,separatedintoreturnonyourinvestmentandthereturnofyourinvestment?E1-2Divideintogroupsasinstructedbyyourprofessoranddiscussthefollowing:a.Howdoesthedescriptionofaccountingasthe"languageofbusiness"relatetoaccountingasbeingusefulforinvestorsandcreditors?b.Explainhowthedecisionsyouwouldmakemightdifferifyouwereanexternalinvestorormemberofanenterprise'smanagementteam.

CASEC1-1.Afriendlearnsthatyouaretakinganaccountingcourse.Knowingthatyoudonotplanacareerinaccounting,thefriendasksyouwhyyouare"wastingyourtime."Explaintothefriendhowyouandyourfriendswilluseaccountinginformationina.Yourpersonallife.b.Thebusinessofyourfriend,whoplanstobeafarmer.c.Thebusinesslifeofanotherfriend,whoplansacareerinsales.C1-2Ethicalconductandprofessionaljudgmenteachplayimportantrolesintheaccountingprocess.a.Ingeneralterms,explainwhyitisimportanttosocietythatpeoplewhoprepareaccountinginformationactinanethicalmanner.b.Identifyatleastthreeareasinwhichaccountantsmustexerciseprofessionaljudgment,ratherthanmerelyrelyingonwrittenrules.2、Reading

Comprehension(GAAP)

(1)AssumptionAccounting

entity會(huì)計(jì)主體Separateentity獨(dú)立實(shí)體Goingconcern持續(xù)經(jīng)營(yíng)Continueoperation(orcontinuingconcern)measuringunit計(jì)量單位

monetaryunit貨幣計(jì)量

stable-money-unit穩(wěn)定的貨幣單位Accountingperiod會(huì)計(jì)分期Time-period期間概念Periodicity定期

(2)Principles:

accrualbasis&cashbasisHistoricalcostMatchingRealizationFull-disclosure(adequatedisclosure)ObjectiveConsistencyConservatismMaterialityCost-benefit(3)Organization

FASB(美）財(cái)務(wù)會(huì)計(jì)準(zhǔn)則委員會(huì)

APB會(huì)計(jì)準(zhǔn)則委員會(huì)AICPA（美）注冊(cè)會(huì)計(jì)師協(xié)會(huì)3.MainPoints1.Natureofatheoreticalframework2.TheoreticalFrameworkFirstlevel—BasicobjectivesdecisionusefulnessSecondlevel—FundamentalconceptsQualitativeCharacteristicsAccountingElementsThirdlevel—RecognitionandMeasurementConcepts(1.Assumptionsb.Principlesc.Constraints)3.ExtendingKnowledge——IndustryPractice

forA.Determiningtheimpactofinflation.B.Long-livedassetreplacements.C.Assessingmarketvaluesofassets.D.Evaluatingprospectivecashflows.Q2-3.Theinformationreportedinthestatementofcashflowsshouldhelpinvestors,creditors,andotherstoassessallofthefollowingexcepttheA.Amount,timing,anduncertaintyofprospectivenetcashinflowsofafirm.B.Company'sabilitytopaydividendsandmeetobligations.C.Company'sabilitytogeneratefuturecashflows.

D.Managementofthefirmwithrespecttotheefficientandprofitableuseofitsresources.Q2-4.AstatementoffinancialpositionisintendedtohelpinvestorsandcreditorsA.Assesstheamount,timing,anduncertaintyofprospectivenetcashinflowsofafirm.B.Evaluateeconomicresourcesandobligationsofafirm.C.Evaluateeconomicperformanceofafirm.D.Evaluatechangesintheownershipequityofafirm.Q2-5.Accordingtotext,ObjectivesofFinancialReportingbyBusinessEnterprises,A.Externalusershavetheabilitytoprescribeinformationtheywant.B.Informationisalwaysbasedonexactmeasures.C.Financialreportingisusuallybasedonindustriesortheeconomyasawhole.D.Financialaccountingdoesnotdirectlymeasurethevalueofabusinessenterprise.EXERCISE1E2

OnFebruary1,2000,acomputersoftwarefirmagreestoprogramtoasoftwarepackage.Twelvepaymentsof$10,000onthefirstofeachmontharetobemade,withthefirstpaymentMarch1,2000,ThesoftwareisacceptedbytheclientJune1,2001.Howmuch2000revenueshouldberecognized?ChapterThree

AccountingCycle1.WordsandPhrases:Keywords,phrases,andspecialtermsp38interval間隔

order次序

inorderofdate=chronological按時(shí)間順序originaldocument=sourcedocument原始憑證makeanentry=journalize作分錄post傳遞郵遞過(guò)賬

posting過(guò)賬individualadj.個(gè)人的單獨(dú)的

individuallyadv.分別地逐筆地

例：postingdailyandindividually每天逐筆過(guò)賬

Two-column”account“兩欄式”賬“Three-column”account“三欄式”賬“T“account

T型賬minus減去deductvt.減去扣除

lessprep.減去subtract(from)vt.減去扣除例：Fourminustwoistwo4–2=2taxbenefit稅收收益

2.

Abbreviation(縮略語(yǔ)）Co.=Company公司Inc.=Incorporation公司Ltd.=Limited有限的

a/cA/c=account賬戶賬目A/o=accountof…….賬戶

Amt.=amount金額總計(jì)Dr.=Debit借方

Cr.=Credit貸方Rec.=receipt收據(jù)

T.B.=TrialBalance試算表Ult.(拉)ultimo=lastmonth上月的

3.MainPoints(1.)AccountingCyclep27Makeaccountingentriesp28-30Journalizingandpostingp30-31Makingend-of-periodadjustingentriesp31-33Worksheetp34Preparingfinancialstatementsp36-37(2.)Worksheet4.ExtendingKnowledgep37---AdjustmentfortaxesinunprofitableperiodsMultiple-choicequestionp39

Exercise1p40

E2.OnFebruary1,2000,acomputersoftwarefirmagreestoprogramtoasoftwarepackage.Twelvepaymentsof$10,000onthefirstofeachmontharetobemade,withthefirstpaymentMarch1,2000,ThesoftwareisacceptedbytheclientJune1,2001.Howmuch2000revenueshouldberecognized?E2.Answer:0

E3-1J.LindabeganapublicaccountingpracticeandcompletedthesetransactionsduringNovemberofthecurrentyear:Nov.1Invested$3,500cashinapublicaccountingpracticebegunthisday.Paidcashforthreemonths’officerentinadvance$900.Purchasedofficesupplies,$60,andofficeequipment,$2,000,oncredit.Paidthepremiumontwoinsurancepolicies,$375.CompletedaccountingworkforJackHallandcollected$15cashtherefore.Required:1.Openfollowingaccounts:Cash;AccountsReceivable;PrepaidRent;PrepaidInsurance;OfficeSupplies;OfficeEquipment;AccountsPayable;J.LindaCapital;AccountingRevenue;UtilityExpenses;J.Linda,personal.

2…Preparegeneraljournalentriestorecordthetransactions,posttotheaccounts,andprepareatrialbalance.HeadthetrialbalanceJ.Linda,CPA.

E3-1Answer:

Nov.1,

Dr.Cash$3,500Cr.CapitalStock$3,500Dr.PrepaidRent$900Cr.Cash$9002,Dr.OfficeEquipment$2,000OfficeSupplies60Cr.Accts.Pay.$2,0603,Dr.PrepaidRent$375Cr.Cash$375

8,

Dr.Cash$15Cr.AccountingRevenue$1513,Dr.Accts.Rec.$350

Cr.AccountingRevenue$35015,Dr.OfficeSupplies$25Cr.Accts.Pay.$2523,Dr.Cash$350

Cr.Accts.Rec.$35024,Dr.Accts.Pay.$250Cr.Cash$25029,Dr.J.Linda,personal$45Cr.Cash$4530,Dr.Accts.Rec.$300

Cr.AccountingRevenue$300Dr.UtilityExp.$30Cr.Cash$30E3-2Nicebegananewbusinessandduringashortperiodcompletedthesetransactions;Beganbusinessbyinvesting$20,000incashandofficeequipmenthavinga$1,000fairvalue.Purchasedfor$10,000landtobeusedasanofficesiteandforparkingEquipmentpaid$5,000incashandsignedapromissorynoteforthebalance.CompletedaworkforABCco.$5，000，oncredit.Paidthewagesoftheequipmentoperator$900.Received$5,000fromABCco.fortheworkoftransactionPaidthemonthlyutilitybillsofthebusiness,$100.Nicewrotea$120checkonthebankaccountofthebusinesstopaytheelectricbillofherpersonal.Paidcashforthreemonthsofficerentinadvance.$300.Required:

maketheentriestorecordtheabovetransactions.ChapterFour

BasicFinancialStatements1、WordsandPhrases:Keywords,phrases,andspecialtermsp51

Otherincome(expense)其他收入（支出）miscellaneousadj.雜項(xiàng)的混合的concise簡(jiǎn)明的簡(jiǎn)潔的incontrastto與對(duì)照相比arrive(at)到達(dá)達(dá)賬結(jié)出

reach結(jié)賬short-term短期long-term長(zhǎng)期long-livedasset=fixasset固定資產(chǎn)plantasset廠場(chǎng)資產(chǎn)settlement清償liquidation清算due=maturity到期

discount折扣貼現(xiàn)contributedcapital投入資本繳入資本approach=method=means=way方法手段goods=merchandise商品

total總計(jì)

合計(jì)

subtotal小計(jì)freightin=transportationin（進(jìn)）運(yùn)費(fèi)freightout=transportationout（出）運(yùn)費(fèi)deliverycost

運(yùn)費(fèi)provisionfor備付profit-sharingplan（職工）分紅計(jì)劃2.

Abbreviation(縮略語(yǔ)）Gen.Exp.=GeneralExpense總務(wù)費(fèi)Adm.Exp.=AdministrationExpense管理費(fèi)SalesDis.=SalesDiscount銷貨折扣Pur.Dis.=PurchaseDiscount購(gòu)貨折扣3.ReadingComprehension(MainPoints)(1.)BalancesheetAssets=Liabilities+Owner’sEquity(Stockholder’sEquity)Assets:1)currentassets2)long-termassets(non-currentassets):fixedassetsInvestment(morethanoneyear)intangibleassetsLiabilities:currentliabilitieslong-termliabilitiesOwner’sEquity:(1)contributedcapital(2)retainedearnings2.IncomeStatement:Single-stepapproachMultiple-stepapproach3.RetainedEarningsStatement4.ExtendingKnowledge_____CombinedStatementofIncomeandRetainedEarningsMultiple-choicequestionp52

Q4-1.Asetoffinancialstatements:a.Isintendedtoassistusersinevaluatingthefinancialposition,profitability,andfutureprospectsofanentity,b.IsintendedtoassisttheInternalRevenueServiceindeterminingtheamountofincometaxesowedbyabusinessorganization,c.Includesnotesdisclosinginformationnecessaryfortheproperinterpretationofthestatements.d.Isintendedtoassistinvestorsandcreditorsinmakingdecisionsinvolvingtheallocationofeconomicresources.Q4-2.WaterworldBoatShoppurchasedatruckfor$12,000,makingadownpaymentof$5,000cashandsigninga$7,000notepayableduein60days.Asaresultofthistransaction:a.Totalassetsincreasedby$12,000.b.Totalliabilitiesincreasedby$7,000.c.Fromtheviewpointofashort-termcreditor,thistransactionmakesthebusinessmoreliquid.d.Thistransactionhadnoimmediateeffectontheowners'equityinthebusiness.Q4-3.Atransactioncauseda$15,000decreaseinbothtotalassetsandtotalliabilities.Thistransactioncouldhavebeen:a.Purchaseofadeliverytruckfor$15,000cash.b.Anassetwithacostof$15,000wasdestroyedbyfire.c.Repaymentofa$15,000bankloan.d.Collectionofa$15,000accountreceivable.Q4-4.Whichofthefollowingis(are)correctaboutacompany'sbalancesheet?a.Itdisplayssourcesandusesofcashfortheperiod.b.Itisanexpansionofthebasicaccountingequation:Assets=Liabilities+Owners'Equity.

c.Itissometimesreferredtoasastatementoffinancialposition.d.Itisunnecessaryifbothanincomestatementandstatementofcashflowsareavailable.Q4-5.Whichofthefollowingwouldyouexpecttofindinacorrectlypreparedincomestatement?a.Cashbalanceattheendoftheperiod.b.Revenuesearnedduringtheperiod.c.Contributionsbytheownerduringtheperiod.d.Expensesincurredduringtheperiodtoearnrevenues.EXERCISES2p53

E4-1,SINGLE-STEPINCOMESTATEMENTThefollowingitemsrelatetothecurrentyear’soperationsofJohnsonEquipmentCompany:

Inventory,beginningofyear……………$69,126,500Depreciation………….5,032,200Sales……….293,621,000Purchases…………………198,735,600Inventory,endofyear………………….63,433,500Salesreturnsandallowances……………..4,111,700Freightin………………….33,007,200Incometaxes………………11,813,000Purchasediscounts,returns,andallowances…………...27,234,500Miscellaneousincome……..2,364,000Selling,general,andadministrativeexpe…46,045,300Interestexpense……………4,952,200Otherexpenses……………..670,100REQUIREDPrepareingoodformasingle-stepincomestatement.E4-2SINGLE-STEPANDMULTIPLE-STEPINCOMESTATEMENTThefollowingincomestatementitemsweretakenfromtheaccountsofComfyComput6erCorporation(inmillionsofdollars):

Sales………………$2,845.7Interestexpense…………………...39.3Researchanddevelopmentcosts………………….187.2Gainonsaleoffixedassets……………..16.7Costofsales………….2,239.3Computerrentalandservicerevenue………………..702.1Incometaxes……………140.7Taxbenefitofoperatinglosscarryforward…………..19.9Selling,general,andadministrativeexpenses……….794.0Interestincome……….17.5

REQUIREDPrepareasingle-stepincomestatement,Prepareamultiple-stepincomestatement,E4-3ThebalancesheetitemstoTheOvenBakery(arrangedinalphabeticalorder)wereasfollowsatAugust1,2005.(Youaretocomputethemissingfigureforretainedearnings.)AccountsPayable...........$16,200CapitalStock...............$80,000AccountsReceivable.....11,260Land................67,000Building...................84,000NotesPayable...........74,900Cash.....................6,940SalariesPayable.........8,90EquipmentandFixtures..44,500Supplies...................7,000REQUIRED:PrepareabalancesheetatAugust12005.ChapterFiveCurrentAssetsA、Keywords,phrases,andspecialtermsp74intactadj.完整的如數(shù)的

intransit在途salesoncredit(account)賒銷purchaseoncredit(account)賒購(gòu)cashpayment=cashdisbursement現(xiàn)金支付bankdeposit=cashinbank銀行存款change

vt.改變n.找頭例：toomuchchangeorbeshortchanged多找或少找place=deposit存入（銀行）collection

n.收集收獲托收款項(xiàng)uncollectibleitems退票（未收款）

money匯票(moneyorder)

draft匯票(bankdraft)cancelledcheck已付支票factor因素代理商pledge擔(dān)保抵押品誓約collateral附帶的間接的B.

Abbreviation(縮略語(yǔ)）Inv.No.=InvoiceNumber發(fā)票號(hào)碼Exp.=Explanation摘要Accts.Rec.=AccountsReceivable應(yīng)收賬款A(yù)ccts.Pay=AccountsPayable應(yīng)付賬款Col.Fee=Collectionfee手續(xù)費(fèi)Outst.Check=OutstandingCheck未兌現(xiàn)支票C.MainPoints1.CashInternalcontrolBankReconciliationPettycash2.TemporaryInvestment3.AccountsReceivable(1)Receivables:AccountsRec./NotesRec./OtherRec.(2)AccountsRec.BaddebtsEstimating:Incomestatementmethod(percentageofcreditsale)Balancesheetmethod:a.Allowancemethodb.Directwrite-off(3)

NotesRec.Maturityvalue=principal+interestDiscounting4.ExtendingKnowledge_____FactoringAccountsReceivableMultiple-choicequestionp75

Q5-1.Ingeneralterms,financialassetsappearinthebalancesheetat:a.Facevalue.b.Currentvalue.c.Cost.d.Estimatedfuturesalesvalue.Q5-2.Whichofthefollowingpracticescontributestoefficientcashmanagement?a.Neverborrowmoney--maintainacashbalancesufficienttomakeallnecessarypayments.b.Recordallcashreceiptsandcashpaymentsattheendofthemonthwhenreconcilingthebankstatements.c.Preparemonthlyforecastsofplannedcashreceipts,payments,andanticipatedcashbalancesuptoayearinadvance.d.Payeachbillassoonastheinvoicearrives.Q5-3.Eachofthefollowingmeasuresstrengthensinternalcontrolovercashreceiptsexcept:a.Theuseofapettycashfund.b.Preparationofadailylistingofallchecksreceivedthroughthemail.c.Thedepositofcashreceiptsinthebankonadailybasis.d.Theuseofcashregisters.Q5-4.PugetSoundCo.soldmarketablesecuritiescosting$80,000for$92,000cash.Inthecompany'sincomestatementandstatementofcashflows,respectively,thiswillappearas: a.A$12,000gainanda$92,000cashreceipt. b.A$92,000gainandan$8,000cashreceipt. c.A$12,000gainandan$80,000cashreceipt. d.A$92,000saleanda$92,000cashreceipt.Q5-5.Underthedirectwrite-offmethodofaccountingforuncollectibleaccounts: a.Thecurrentyearuncollectibleaccountsexpenseislessthantheexpensewouldbeundertheallowanceapproach. b.Therelationshipbetweenthecurrentperiodnetsalesandcurrentperioduncollectibleac-countsexpenseillustratesthematchingprinciple.c.TheAllowanceforDoubtfulAccountsisdebitedwhenspecificaccountsreceivablearedeterminedtobeworthless.

d.Accountsreceivablearenotstatedinthebalancesheetatnetrealizablevalue,butatthebalanceoftheAccountsReceivablecontrolaccount.Q5-6.October1,2005,CoastFinancialloanedBartCorporation$300,000,receivinginexchangeanine-month,12percentnotereceivable.CoastendsitsfiscalyearonDecember31andmakesadjustingentriestoaccrueinterestearnedonallnotesreceivable.TheinterestearnedonthenotereceivablefromBartCorporationduring2006willamountto:a.$9,000.b.$18,000.c.$27,000.d.$36,000.

EXERCISESp77

E5-1,2,4ChapterSixInventoryA

.Keywords,phrases,andspecialtermsp89actualphysicalcount 實(shí)地盤點(diǎn)averagecostmethod 平均成本contraaccount 備抵賬戶currentreplacementcost 現(xiàn)時(shí)重置成本deflation 通貨緊縮costofgoodsavailableforsale 可供銷售的商品成本endinginventory 期末存貨FIFO（first-in,first-outmethod） 先進(jìn)先出法finishedgoods 產(chǎn)成品freight-in 運(yùn)費(fèi)goodsinprocessofmanufacture在產(chǎn)品goodsintransit 在途存貨goodsonhand 庫(kù)存商品inflation 通貨膨脹LIFO（last-in,first-outmethod） 后進(jìn)先出法periodicinventorysystem 定期盤存制perpetual inventorysystem 永續(xù)盤存制physicalinventorysystem 實(shí)地盤存制precedingyear 以前年度purchasesreturnsandallowances購(gòu)貨退回及折讓rawmaterials 原材料retailprice 零售價(jià)格specificidentificationmethod 個(gè)別辨認(rèn)法transportation-in（out）進(jìn)（銷）貨運(yùn)費(fèi)weightaverage 加權(quán)平均Wordsandphrases

actualphysicalcount實(shí)地盤點(diǎn)（計(jì)數(shù)）

physicalcheck=takeinventory盤點(diǎn)存貨deflation通貨緊縮inflation通貨膨脹costofgoodsavailableforsale可供銷售商品的成本costofgoodssold銷貨成本

B.MainPoints1.InventorySystemsPerpetualInventorySystemPeriodicInventorySystem2.Pricinginventorya.Valuation:FIFO/LIFO/A-W/Specificb.Comparison---lowerofcostormarketrule3.EstimatingInventoryGrossprofitmethodRetailinventorymethod4.Extendingknowledge---LIFOReserves

Multiple-choicequestionp90

Q6-1Theprimarypurposeforusinganinventoryflowassumptionisto: a.Parallelthephysicalflowofunitsofmerchandise. b.Offsetagainstrevenueanappropriatecostofgoodssold. c.Minimizeincometaxes. d.Maximizethereportedamountofnetincome.Q6-2T-ShirtCityusesaperiodicinventorysystem.Duringthefirstyearofoperations,thecompanymadefourpurchasesofaparticularproduct.Eachpurchasewasfor500unitsandthepricespaidwere$9perunitinthefirstpurchase,$10perunitinthesecondpurchase,$12perunitinthethirdpurchase,and$13perunitinthefourthpurchase.Atyear-end,650oftheseunitsremainedunsold.ComputethecostofgoodssoldundertheFIFOmethodandLIFOmethodandLIFOmethod,respectively.

a.$13,700(FIFO)and$16,000(LIFO). b.$8,300(FIFO)and$6,000(LIFO). c.$16,000(FIFO)and$13,700(LIFO). d.$6,000(FIFO)and$8,300(LIFO).Q6-3AlliedProductsmaintainsalargeinventory.ThecompanyhasusedtheLIFOinventorymethodformanyyears,duringwhichthepurchasecostsofitsproductshaverisensubstantially.(Morethanoneofthefollowinganswersmaybecorrect.)a.Alliedwouldhavereportedahighernetincomeinpastyearsifithadbeenusingtheaverage-costmethod.b.Allied'sfinancialstatementsimplyalowerinventoryturnoverratethantheywouldifthecompanywereusingFIFO.c.IfAlliedweretoletitsinventoryfallfarbelownormallevels,thecompany'sgrossprofitratewoulddecline.d.AlliedwouldhavepaidmoreincometaxesbeforeifithadbeenusingtheFIFOmethod.Q6-4.Anitemofinventorypurchasedin1996for$25,00hasbeenincorrectlywrittendowntoacurrentreplacementcostof$17.50.Theitemiscurrentlysellingin1997for$50.00,itsnormalsellingprice.Whichoneofthefollowingstatementsiscorrect?a.Theincomefor1996isoverstated.b.Thecostofsalesfor1997willbeoverstated.C.Theincomefor1997willbeoverstated.d.Thedosinginventoryof1996isoverstated.EXERCISES3p91

E6-1Calculatingcostofgoodsavailable

ThefollowinginformationisavailableforGrant,Inc.,for2004:Freightin$20000Purchasereturns80000Sellingexpense200000Endinginventory90000 Thecostofgoodssoldisequalto700percentofsellingexpense.Requires:Calculatethecostofgoodsavailableforsale. E6-2Periodicvs.perpetualinventory

WaxonCo.startedyear3with100unitsofinventorycosting$10perunit.Duringyear3thesummarytransactionslistedbelowaffectedWaxon’sinventory.WaxonusestheFIFOcostflowassumptioninaccountingforitinventory.4/30/yr.3Purchases(200×$11)$22009/20/yr.3Purchases(150×$12)18005/10/yr.3Sales(220soldfor$15each)330011/15/yr.3Sales(100soldfor$16each)1600Required:Makesummaryjournalentries,includingadjustingandclosingentries,forWaxonCo.under(a)theperiodicinventorysystemand(b)theperpetualinventorysystem.Comparetheadvantagesanddisadvantagesoftheperiodicandperpetualinventorysystems.ChapterSevenLong-termAssetsA

.Keywords,phrases,andspecialtermsp105

accumulateddepletion 累計(jì)折耗accumulateddepreciation 累計(jì)折舊acquisitioncost 取得成本allocation 分配amortization 攤銷capitalexpenditure 資本性支出carryingvalue 結(jié)轉(zhuǎn)價(jià)值copyright 版權(quán)declining-balancemethod雙倍余額遞減（折舊）法deliverycost 運(yùn)費(fèi)depletion 折耗depreciablecost 可折舊成本deterioration 磨損disposalofplantasset 固定資產(chǎn)的處置estimatedresidualvalue 預(yù)計(jì)殘值expectedusefullife 預(yù)計(jì)使用年限fairmarketvalue 公平市場(chǎng)價(jià)值；公允價(jià)值fixedasset 固定資產(chǎn)freightcharge