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On the balance sheet, assets and liabilities are classified as either (61) or long-term to indicate their relative liquidity. Liquidity is a (62) of how quickly an item may be converted to cash. Therefore, (63) is the most liquid asset. Accounts receivabl
题目
On the balance sheet, assets and liabilities are classified as either (61) or long-term to indicate their relative liquidity. Liquidity is a (62) of how quickly an item may be converted to cash. Therefore, (63) is the most liquid asset. Accounts receivable are a (64) liquid asset because the business expects to collect the amount in cash in the near future. (65) are less liquid than accounts receivable, and furniture and buildings are even less so.
(46)
A．short-term
B．current
C．circulating
D．futures
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更多“On the balance sheet, assets and liabilities are classified as either (61) or long-term to indicate their relative liquidity. Liquidity is a (62) of how quickly an item may be converted to cash. Therefore, (63) is the most liquid asset. Accounts receivabl”相关问题
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第1题：
5 Ambush, a public limited company, is assessing the impact of implementing the revised IAS39 ‘Financial Instruments:
Recognition and Measurement’. The directors realise that significant changes may occur in their accounting treatment
of financial instruments and they understand that on initial recognition any financial asset or liability can be
designated as one to be measured at fair value through profit or loss (the fair value option). However, there are certain
issues that they wish to have explained and these are set out below.
Required:
(a) Outline in a report to the directors of Ambush the following information:
(i) how financial assets and liabilities are measured and classified, briefly setting out the accounting
method used for each category. (Hedging relationships can be ignored.) (10 marks)
正确答案：5 Report to the Directors of Ambush, a public limited company
(a) The following report sets out the principal aspects of IAS 39 in the designated areas.
(i) Classification of financial instruments and their measurement
Financial assets and liabilities are initially measured at fair value which will normally be the fair value of the
consideration given or received. Transaction costs are included in the initial carrying value of the instrument unless it
is carried at ‘fair value through profit or loss’ when these costs are recognised in the income statement.
Financial assets should be classified into four categories:
(i) financial assets at fair value through profit or loss
(ii) loans and receivables
(iii) held-to-maturity investments (HTM)
(iv) available-for-sale financial assets (AFS).
The first category above has two sub categories which are ‘held for trading’ and those designated to this category at
inception/initial recognition. This latter designation is irrevocable.
Financial liabilities have two categories: those at fair value through profit or loss, and ‘other’ liabilities. As with financial
assets those liabilities designated as at fair value through profit or loss have two sub categories which are the same as
those for financial assets.
Reclassifications between categories are uncommon and restricted under IAS 39 and are prohibited into and out of the
fair value through profit or loss category. Reclassifications between AFS and HTM are possible but it is not possible from
loans and receivables to AFS. The held to maturity category is limited in its application as if the company sells or
reclassifies more than an immaterial amount of the portfolio, it is barred from using the category for at least two years.
Also all remaining HTM investments would be reclassified to AFS.
Subsequent measurement of financial assets and liabilities depends on the classification. The following tablesummarises the position:
Amortised cost is the cost of an asset or liability adjusted to achieve a constant effective interest rate over the life of the
asset or liability.
It is not possible to compute amortised cost for instruments that do not have fixed or determinable payments, such as
for equity instruments, and such instruments therefore cannot be classified into these categories.
A company must apply the effective interest rate method in the measurement of amortised cost. The effective interest
rate method determines how much interest income or interest expense should be reported in profit and loss.
For financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, all
changes in fair value are recognised in profit or loss when they occur. This includes unrealised holding gains and losses.
For available-for-sale financial assets, unrealised holding gains and losses are deferred in reserves until they are realised
or impairment occurs. Only interest income and dividend income, impairment losses, and certain foreign currency gains
and losses are recognised in profit or loss.
Investments in unquoted equity instruments that cannot be reliably measured at fair value are subsequently measureat cost. Unrealised holding gains/losses are not normally recognised in profit/loss. -
第2题：
20 Which of the following events occurring after the balance sheet date are classified as adjusting, if material?
1 The sale of inventories valued at cost at the balance sheet date for a figure in excess of cost.
2 A valuation of land and buildings providing evidence of an impairment in value at the year end.
3 The issue of shares and loan notes.
4 The insolvency of a customer with a balance outstanding at the year end.
A 1 and 3
B 2 and 4
C 2 and 3
D 1 and 4
正确答案：B
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第3题：
12 Which of the following statements are correct?
(1) Contingent assets are included as assets in financial statements if it is probable that they will arise.
(2) Contingent liabilities must be provided for in financial statements if it is probable that they will arise.
(3) Details of all adjusting events after the balance sheet date must be given in notes to the financial statements.
(4) Material non-adjusting events are disclosed by note in the financial statements.
A 1 and 2
B 2 and 4
C 3 and 4
D 1 and 3
正确答案：B
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第4题：
The balance sheet is divided into ______ sections: ______.
A．two.., assets and liabilities
B．two.., incomes and expenditures
C．three.., assets, liabilities and owner's equity
D．three.., incomes, expenditures, and equity
正确答案：C
解析：the balance sheet资产负债表。expenditures支出，花费。 -
第5题：
Liabilities are usually classified as either current or noncurrent liabilities. Current liabilities are those obligations whose (61) is reasonably expected to require the use of existing resources properly classified as current (62) , or the creation of other current liabilities. This definition of current liabilities emphasizes a short-term creditor's claim to working capital rather than to the due date for (63) purposes. Accounts payable, dividends payable, salaries payable, and taxes payable are examples of current liabilities. Liabilities which are not current liabilities are (64) as noncurrent or long-term liabilities. Bonds payable and mortgages payable are examples of (65) liabilities.
(46)
A．calculation
B．liquidation
C．counting
D．account
正确答案：B
解析：liquidation意思是“清算”，其他几个词的意思都是“计算”；此处考查了经济学术语“清算”。 -
第6题：
听力原文：M: If a bank has inadequate liquidity, what would happen?
W: In this case, it cannot obtain sufficient funds, either by increasing liabilities or by converting assets promptly. Thus, insufficient liquidity can lead to the insolvency of a bank.
Q: What would lead to a bank's insolvency?
(14)
A．Adequate liquidity.
B．Insufficient liquidity.
C．Increasing liabilities.
D．Converting assets.
正确答案：B
解析：从女士的回答“insufficient liquidity can lead to the insolvency of a bank”，可知资金流动不足可导致银行破产。 -
第7题：
The income statement is prepared from ().A.the income statement columns of the work sheet
B.the adjusted trial balance
C.either the adjusted trial balance or the income statement columns of the work sheet
D.both the adjusted trial balance and the income statement columns of the work sheet
正确答案：C
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第8题：
A balance sheet is simply the enumeration of the various assets of a business on one side of a ledger and the enumeration of various liabilities and (61) accounts on the other side. The two sides must be equal, or balance. Only one further point should be (62) : A balance sheet refers to a single point in time, for example, the close of business on December 31. Taken by itself, a balance sheet does not show (63) over time. It is what economists call a stock concept, not a (64) concept. That is, the balance sheet shows the stock of goods a firm has on hand at any particular instant and does not show the flow of goods through the firm over time. For this reason, a balance sheet does not show business (65) , which are a flow.
(46)
A．profit
B．capital
C．income
D．cash
正确答案：B
解析：资产负债表分为三部分：资产、负债、所有者权益。capital accounts等于owner's equity。 -
第9题：
What does the accountant do in recording assets and liabilities according to the stable-monetary-unit concept?
A．He simply adds all the amounts together.
B．He puts the assets and liabilities on the balance sheet objectively.
C．He makes restatement if the value of money depreciates.
D．He records the assets and liabilities on the balance sheet ignoring the change in purchasing power value of the currency.
正确答案：D
解析：文章最后一段提到The stable-monetary-unit concept is the accountant's…the changing value of the dollar。统一货币计量单位使得会计在编制资产负债表的时候不用去考虑 通货膨胀和美元贬值的影响。所以D选项符合题意。 -
第10题：
On the balance sheet, the amount shown for the Allowance for Doubtful Accounts is equal to the ( )
A. Uncollectible accounts expense for the year
B. total of the accounts receivables written-off during the year
C. total estimated uncollectible accounts as of the end of the year
D. sum of all accounts that are past due.
答案：B
解析：题目翻译为：在资产负债表上，坏账准备的金额等于()
A.本年度的坏账费用
B.本年度应收账款冲销总额
C.截至年底估计的坏账总额
D.所有逾期账款的总和。
坏帐准备在资产负债表里没有单独设立科目，是通过应收账款科目来体现的。坏账准备是应收账款的备抵账户，资产负债表中应收账款项目应根据所属各明细科目的期末借方余额合计数减去坏账准备后的金额填列。“坏账准备”科目，核算应收款项的坏账准备计提、转销等情况。企业当期计提的坏账准备应当计入资产减值损失。“坏账准备”科目的贷方登记当期计提的坏账准备金额，借方登记实际发生的坏账损失冲减的坏账准备金额，期末余额一般在贷方，反映企业已计提但尚未转销的坏账准备。坏账准备可按以下公式计算：当期应计提的坏账准备＝当期按应收款项计算应提坏账准备金-（或＋）“坏账准备”科目的借贷方（或借方）余额 -
第11题：
The balance of the allowance for doubtful accounts is added to accounts receivable on the balance sheet.()
正确答案：错
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第12题：
单选题A sight glass is installed in the liquid line to indicate the condition of the refrigerant charge and may also indicate the （）.Acondition of the expansion valve
Bmoisture in the system
Ccondition of the compressor suction valves
Dcondenser temperature
正确答案： D解析： 暂无解析 -
第13题：
16 Which of the following statements about accounting concepts and conventions are correct?
(1) The entity concept requires that a business is treated as being separate from its owners.
(2) The use of historical cost accounting tends to understate assets and profit when prices are rising.
(3) The prudence concept means that the lowest possible values should be applied to income and assets and the
highest possible values to expenses and liabilities.
(4) The money measurement concept means that only assets capable of being reliably measured in monetary terms
can be included in the balance sheet of a business.
A 1 and 2
B 2 and 3
C 3 and 4
D 1 and 4
正确答案：D
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第14题：
5 Which of the following events after the balance sheet date would normally qualify as adjusting events according
to IAS 10 Events after the balance sheet date?
1 The bankruptcy of a credit customer with a balance outstanding at the balance sheet date.
2 A decline in the market value of investments.
3 The declaration of an ordinary dividend.
4 The determination of the cost of assets purchased before the balance sheet date.
A 1, 3, and 4
B 1 and 2 only
C 2 and 3 only
D 1 and 4 only
正确答案：D
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第15题：
17 Which of the following statements are correct?
(1) All non-current assets must be depreciated.
(2) If goodwill is revalued, the revaluation surplus appears in the statement of changes in equity.
(3) If a tangible non-current asset is revalued, all tangible assets of the same class should be revalued.
(4) In a company’s published balance sheet, tangible assets and intangible assets must be shown separately.
A 1 and 2
B 2 and 3
C 3 and 4
D 1 and 4
正确答案：C
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第16题：
The task of an auditor is to certify that the accounts and balance sheet show ______.
A．an accurate statement of income and expenditure
B．that the figures stated are accurate and correct
C．a true and fair view of the business
D．that the reserves are enough
正确答案：C
解析：auditor审计员。balance sheet资产负债表。statement of income and expenditure损益表。income and expenditure支出和收入。a true and fair view of the business对公司真实公平的看法。reserves储备金。 -
第17题：
Current liabilities may include the following items ______.
A．taxes payable
B．dividends payable
C．accounts payable
D．all of the above
正确答案：D
解析：文章第二段提到Current liabilities are those obligations...and dividends payable.流动负债是指在一年内到期的短期债务，包括应付税款、应付利息、应付账款等，所以，本题应选D项。 -
第18题：
The accounting equation shows the relationship among ______.
A．assets, liabilities and investor's yield
B．assets, liabilities and owner's equity
C．capital, liabilities and profits
D．capital, costs and profits
正确答案：B
解析：会计等式(accounting equation)：资产=负债+所有者权益。investor's yield投资者的收益。assets, liabilities and owner's equity分别是指：资产、负债、所有者权益。 -
第19题：
听力原文：M: Can you tell me something about a balance sheet?
W: Yes. It is divided into three sections: assets, liabilities, and owner's equity and it is used to summarize a company's financial position on a given date.
Q: Which of the following is not a section of a balance sheet?
(15)
A．Profit and Joss
B．Owner's equity.
C．Liabilities
D．Assets.
正确答案：A
解析：根据女士回答资产负债表分为三部分，即"assets", "liabilities" 和"owner's equity"，A项未提及。 -
第20题：
"Balance Sheet" means the statement on which a bank's assets and liabilities are listed.
A．Right
B．Wrong
C．Doesn't say
正确答案：A
解析：从文中第二句后半部分other on-and-off balance sheet exposures such as guarantees, acceptances and securities investments. 可以倒推出来。资产负债表外业务没有涉及资产和负债，那么资产负债表就应该包含资产和负债。on-and-off balance sheet资产负债表内外，balance sheet。 -
第21题：
What is the short-coming of the concept?
A．The accountant has to restate the assets and liabilities on the balance sheet.
B．It is difficult to compare the balance sheets of different companies.
C．The balance sheet can not reflect the precise worth of the assets and liabilities.
D．Another company will not decide whether to buy the piece of land.
正确答案：C
解析：文章最后一段提到Suppose another company paid…a much higher amount for the land．如果是基于这样一个观点的话，这样一个资产负债表所反映的内容就要比实物要高出很多，由此可知这一观点的缺点在于，资产负债表不能精确的反映资产和负债的实际情况。 -
第22题：
Sinking Fund Cash would be classified on the balance sheet as ( )
A. a current asset
B. a fixed asset
C. an intangible asset
D. an investment
正确答案：D
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第23题：
单选题Customers may also be permitted to ______ their current accounts for a short period in anticipation of a credit item coming in.Aoverextend
Boverdraw
Covervalue
Doverpay
正确答案： C解析：
句意：如果客户已知即将有一笔存入款项，则可在短期内透支其往来账户。overdraw透支。overextend货款过多。overvalue估价过高。overpay多付款。