4. Translate the following statements into Chinese (12%)

　　(1) Accounting principles are not like physical laws; they do not exist in nature， awaiting discovery man. Rather， they are developed by man， in light of what we consider to be the most important objectives of financial reporting. In many ways generally accepted accounting principles are similar to the rules established for an organized sport shuch as football or basketball.

　　(2) Accounting have devised procedures whereby the flows of cash receipts and payments are spread over a period of time in a certain way to derive income， which is representative of the economic performance of the firm for the given period. The income concept as applied in the real world involves numerous decisions and judgmenmts.

　　5. Multiple choice questions (choose the best for your answer) (10%)

　　(1) The CPA firm auditing XY Recording Service found that retained earning were understated and liabilities were overstated. Which of the following errors could have been the cause?

　　A. Making the adjustment entry for depreciation expenses twice;

　　B. Failure to recored interest accrued on a note payable;

　　C. Failure to make the adjusting entry to recored revenue which had been earned but not yet billed to clients;

　　D. Faillure to recored the earned portion of fees received in advance.

　　(2) How will net income be affected by the amortization of a discount on bonds payable?

　　A. Interest expense is increased， so net income is decreased;

　　B. Interest expense is decreased， so net income is increased;

　　C. Interest expense is increased， so net income is increased;

　　D. Interest expense is decreased， so net income is decreased;

　　(3) A stock dividend

　　A. Increase the debt-to-equity ratio of a firm;

　　B. Decrease future earnings per share;

　　C. Decrease the size of the firm;

　　D. Increase sharholder‘s wealth;

　　E. None of the above.

　　(4) A company had sales in both 1999 and 2000 of $200000. Cost of sales for 1999 was $140000. In computing the cost of sales for 1999， an item of inventory purchased in 1999 for $50 was incorrectly written down to current replacement cost of $35. The item is currently selling in 2000 for $100， its normal selling price. As a result of this error：

　　A. Income for 1999 is overstated;

　　B. Cost of sales for 2000 will be overstated;

　　C. Income for 2000 will be overstated;

　　D. Income for 2000 will not be affected.

　　E. None of the above.

　　(5)Using the data presented below， calculate the cost of sales for the BC Company for 1999.

　　Current ratio 3.5

　　Quick ratio 3.0

　　Current liabilities 12/31/1999 $600000

　　Inventory 12/31/1999 $500000

　　Inventory turnover 8.0

　　The cost of sales for the BC Company for 1999 was：

　　A. $1600000;

　　B. $2400000;

　　C. $3200000;

　　D. $6400000;

　　E. None of these.

　　(6) W Company computed the following items from its financial records for 1999：

　　Price-earning ratio 12

　　Pay-out ratio 0.6

　　Assets turnover ratio 0.9

　　The dividend yield on W‘s common stock for 1999 is ：

　　A. 5% B. 7.2% C. 7.5% D. 10.2%

　　(7) the data about Accounts receivable of Newton Company for 1999 as follows：

　　Accounts receivable 12/31/1999 $150000

　　Allowance for uncollectible accounts 12/31/1999 5000(credit)

　　Bad debt expenses for the year 2000

　　During 1999 recoveries on bad debts previously written off were correctly recorded at $500. If the beginning balance in the allowance for uncollectible accounts was $4700， What was the amount of accounts receivable written off as bad debts during 1999：

　　A. $1200 B. $1800 C. $2200 D. $2400

　　(8) Which one of the following items would likely increase earnings per share (EPS) of a corporation?

　　A. Declaration of a stock dividend;

　　B. Declaration of a stock split;

　　C. Purchase treasury stock;

　　D. A reduction in the amount of cash dividends paid;

　　E. None of above;

　　(9) The primary purpose for using an inventory flow assumption is to：

　　A. Parallel the physical flow of units merchandise;

　　B. Offset against revenue an appropriate cost of goods sold;

　　C. Minimize income taxes;

　　D. Maximize the reported amount of net income.

　　(10) Delta company sold a plant assets that originally had cost of $50000 for $22000 cash. If Delta company correctly reports a $5000 gain on this sale. The accumulated depreciation on the asset at the date of sale must have been：

　　A. $28000; B. $23000 C. $33000; D. $27000; E. Some other amount

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