财务会计英语版课后答案.docx
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财务会计英语版课后答案.docx
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财务会计英语版课后答案
Chapter1
Page8
1.Classifyfollowingitemsaseitheranexpense(E),arevenue(R),anasset(A),oraliability(L);Cash,buildings,salariesofthesalesforce,$5owedtoacompanyforworkperformed,Mortgagetoabank,sales.
Answer:
Cash—ABuildings—ASalariesofthesalesforce—E
$5owed—LMortgagetoabank—LSales—R
2.Classifyeachofthefollowingasnoperating(O),bank(I),orfinancing(F)inastatementofcashflows;Wagepaidtoworkers,Cashreceivedformabankintheformofamortgage,cashdividendspaidtoasupplierofinventory,Cashpaidtopurchaseanewmachine.
Answer:
Wagepaid—OCashofmortgage--FCashdividendspaid--F
Cashpaidtosupplierofinventory—OCashpaidtopurchaseamachine—I
Page11
1.Listseveraleconomicdecisionsthatrelyonaccountinginformation.
Answer:
·Whethertograntaloan
·Howmuchtopayforashareofcommonstock.
·Whethertograntarateincreasetoanelectricutility
·Howmuchindamagestheloserofalawsuitmustpay
·Howmuchofabonustopayaplantmanager
·Whethertoenteranewmarket
2.Whydofinancialstatementshavefootnotes,andwhatkindsofinformationmightyoufindinthem?
Answer:
Financialstatementshavefootnotesbecausefinancialdisclosureisacomplexbusiness.Thenotestellussomeofthespecificsaboutthecompanyenvironment,whataccountingmethodsthecompanyhasused,whattheaccountingnumbersmightbeifalternativemethodshadbeenused,andsomeofthemajorcontingenciesthatarenotformallyincludedinthestatementproper.
Page20
1.Describetheprocessofsettingaccountingstandards.Whataretherolesofallthepartiesyoumention?
Answer:
TheFASB,aprivate,not-for-profitorganization,setsGAAPintheU.S.Itpubliclydeclaresanagenda,promulgates"ExposureDrafts"ofproposedstandards,holdsopenmeetings,andinvitesinputfrominterestedparties.TheFASBhasbeendelegatedthisauthoritybytheSEC,agovernmentagencywithlegalauthoritytodetermineGAAP.
2.Thinkofanexample,liketheexecutivecompensationexampleinthechapter,whereincentivesmightexisttobiasaccountingnumbersonewayoranother.
Answer:
Thereareotherexamples,buthereisonethatisdifferent.Ataxpayerhasincentivestobiasreportedincomedownwardinordertominimizeincometaxpayments.However,itisimportanttounderstandthattaxaccountingrulesaredifferentfromGAAP,andthisbookisaboutGAAP.Chapter14coversGAAPfortaxesinmoredetail.
Otherexamplesinclude:
·Anentrepreneurseekingaloanfromabankorfundingfromaventurecapitalistmighthaveincentivestobiasaccountingnumberstolookfavorable.
·Afirmthatissubjecttoscrutinyforearningexcessprofits(e.g.,anoilcompany)mighthaveincentivestobiasaccountingnumberstolooklessfavorable.
·Autilitysubjecttorateregulationmighthaveanincentivetobiasaccountingnumberstolooklessfavorableinordertogainmoregenerousincreasesinitsrates.(Atthiswriting,thereisaratherseverecontroversyaboutwhetherelectricutilitiesinCaliforniaaregenuinelyinfinancialdifficultyandshouldbeallowedtocontinuetoimposelargerateincrease.)
Chapter2
Page38
1Defineassets,liabilities,andequities.Gaveanexampleofeach.Howareassetsvalued?
Howareliabilitiesvalued?
Answer:
Anassetisaprobablefutureeconomicbenefitobtainedor
controlledbyanentityasaresultofapasttransaction.Cash
marketablesecurities,accountsreceivable,inventories,prepaidexpenses,patents,copyrights,trademarks,andproperty,plantandequipmentareallexamplesofassets.Aliabilityisaprobablefuturesacrificeofeconomicbenefitsarisingfrompresentobligationsofanentitytotransferassetsorprovideservicesasaresultofapasttransactionorevent.Accountspayable,accruedliabilities,unearnedrevenues,warranties,andbondspayableareallexamplesofliabilities.Accountingvaluationofassetsusesseveraldifferentmethods,includingmarketvalue,expectedrealizablevalue,lowerofcostormarket,presentvalueoffuturecashflows,andhistoricalcost.Accountingvaluationofliabilitiesistheexpectedamountthatwillbepaid,perhapsadjustedforthetimevalueofmoney.
2.Explainwhatismeantbytheentityconcept.
Answer:
Theentityisthepersonororganizationaboutwhichaccounting'sfinancialhistoryisbeingwritten.
3.Acompanysignsaten-yearemployeecontractwithavicepresident.Thesalaryis$peryear,guaranteed.Isthiscontractanasset?
Woulditappearonthebalancesheet?
Explain.
Answer:
Therightsconveyedbythecontratmaybeanassetfromaneconomicpointofview,buttheyarenotanassetunderGAAP.Thecontractwouldnotappearonthebalancesheetasanasset,becauseGAAPdoesnotrecordexecutorycontracts,whicharecontractsthatrequirefutureperformanceformbothparties.Thatis,GAAPviewsthecontractasdeterminingwhatserviceswillbeprovided,noassetisrecognizedunderGAAP.(Neitherisaliabilityforpaymentrecognizeduntilserviceshavebeenperformed.)
4.Acompanypurchasedaparcelofland10yearsagoatacostof$.Thelandhasrecentlybeenappraisedat$.Atwhatvalueisthelandcarriedinthebalancesheet?
Howdoestheappraisalaffectthecarryingvalueinthebalancesheet?
Answer:
Thelandisonthebalancesheetatitshistoricalcostof$.Thecarryingvalueofthelandisunaffectedbytheappraisal.
Page42
1、Definedebitandcredit.Whatkindofbalance,debitorcredit,wouldyouexpecttofindintheinventoryT-account?
IntheCommonStockT-account?
Answer:
AdebitisanentryontheleftsideofaT-account.AcreditisanentryontherightsideofaT-account.WewouldexcepttofindadebitbalanceinInventory,andcreditbalancesinBondsPayableandCommonStock.Thereasonistheconventionthatincreasesinassetsaredebitsandincreasesinliabilitiesandequitiesarecredits.
2、Ifthetrialbalances,itmeansthatyouhaveanalyzedalltheeffectsoftransactionscorrectly.Trueorfalse?
Explain.
Answer:
False.Abalancedmeansthatthetrialbalanceisconsistent,notnecessarilycorrect.Forexample.IfanarbitraryentryismadethatdebitsCashandcreditsCommonStockforanequalamount,thetrialbalancewillbalancebutitwillbewrong.Anaccountingcanreceiptofcashandtheissuanceofcommonstock,butitalonecannotmakecashoradditionalcommonshares.
3﹑SupposeWebsellleasesaportionofitsspacetoanothercompany.Websell’saccountsaredebitedandcreditedtorecordthistransaction?
Answer:
WebsellwoulddebitCashandaliability,RentReceivedinAdvance,fortheprepayment.
Chapter3
Page57
1.Definerevenueandexpense.Howdoesonedecidetolistanitemasrevenueinanincomestatement?
Whatismatching?
Answer:
Revenuesareincreasesinnetassetsresultingfromoperationsoveraperiodoftime.Expensearedecreasesinnetassetsresultingfromoperationsoveraperiodoftime.Revenueisrecognizedtheearningsprocessissubstantiallycomplete,atransaction
2.Giveanexamplenotfoundinthetext,ofanexpensethatispaidforincashinaprioraccountingperiod.Inasubsequentaccountingperiod.
Answer:
Therearemanyallowableresponses.Anexampleisapatentthatispurchasedandpaidforinoneyearandusedinnext.
3.Giveanexample,notfoundinthetext,ofarevenuethatisreceivedincashinaprioraccountingperiod.Inasubsequentaccountingperiod.
Answer:
Anexampleisahousepaintingcontractorthatreceivespaymentforone-thirdofthecontractpricebeforebeginningthepainting.
4.Explainwhyitisrighttothinkofanassetasacostandanexpenseasanexpiredcost.
Answer:
Anassetisafuturebenefit.Andthereisanopportunitycostassociatedwithnotsellingitforcashorexchangingittosettle
Chapter6
Page120:
1.ThefollowingtableliststheadjustmentsandhasanXinthecolumnindicatingtheapproach:
Adjustment
Estimateexpense,
Plugendingbalance
Estimateendingbalance
Plugexpense
B
X
C
X
D
X
E
X
F
X
G
X
H
X
I
X
J
X
K
X
M
2.Wefirsttakeadjustmentforprepaidinsuranceandinsuranceexpense.Itwouldbeeasytothinkofthisadjustmentasfocusingonhowmuchoftheinsurancecoverageremained,asopposedtohowmuchwasused.Infact,thesametypeoflogiccouldbeused---computingamonthlyrateforthecoverageandapplyingthattothemonthsreminding,insteadofthemonthsused.
Nowtakeadjustmentfordepreciationexpenseandaccumulateddepreciation.Estimatingthevalueoftheequipmentatyearendmightbeeasy,forexample,ifthereisamarketforusedequipment,orverydifficult,forexample,iftheequipmentwasspeciallydesignedforWebsell.Onceavalueestimatefortheequipmentatyearendisobtained,depreciationexpensewouldbethechangeinvalueovertheyear.
Page123
1.$5000×(1+0.06)^10=$5000×1.79085=$8954.24
2.$5000×(1+0.06/2)^(10×2)=$5000×(1+0.03)^20
=$5000×1.80611=$9030.56
3.$1000×(1.05)^3+$1000×(1.05)^2+$1000×(1.05)^1=$3310.13
4.($1000×0.05/5)^13+$1000×(1+0.05/5)^10+$1000×(1+0.05/5)^5
=($1000×(1.01)^15)+($1000×(1.01)^10)+($1000×(1.01)^5)
=$1160.97+$1104.62+$1051.01
=$3316.6
Page124
1.x×.(1.07)^3=$3000x=$3000/(1.07)^3=$2448.89
2.Calculatethepresentvalueat10%of$1300receivedtwoyearsfromnow.Ifthatisgreaterthan$1000,youarebetteroffwiththe$1300tobereceivedintwoyears.Ifitspresentvalueislessthat$1000,youbetteroffwith$1000now.$1300/(1.10)^2=$1074.38
Therefore,youarebetteroffreceiving$1300twoyearsfromnow.
Anotherwaytodothisproblemistotakethefuturevalueat10%of$1000.Attheendoftwoyears,the$1000wouldcompoundu
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