海量文库 文档专家
您现在的位置:首页 > 初中教育 > 初中英语初中英语

Homework(learning outcome1,2a,3)

发布时间:2013-12-21 13:38:34  

Learning outcome 1

Understand the basic concepts of accounting, explain the double-entry accounting. ASSESSMENT CRITERIA:

a. Explain the accounting meaning of assets, liabilities, and equity.

b. Understand the five of the nine concepts that govern all accounting.

Learning outcome 2

Explain and prepare the balance sheet, the income sheet and the statement of cash flows.


a. Define the meaning of the principal items reported on a balance sheet and explain how several types of transactions change the amounts reported on the balance sheet.

Learning outcome 3

Explain the accounting records and systems.


a. Explain the nature of the account and how entries are made to accounts. b. Explain the meaning of debits and credits.

c. Use of the ledger and the journal.

Ⅰ. Basic concepts

1. Dual-aspect concept: ( ) = ( ) + ( )

2.Money-measurement concept: Accounting reports only facts that can be expressed in ___ ___ .

3. Entity concept : Accounts are kept for an ___ as distinguished from the ___ associated with that entity.

4. The accounting concept that assumes that an entity will continue to operate indefinitely and that it is not about to be sold is ___ - ___ concept.

5. Asset – measurement concept : Accounting focuses on the ___ ___ of monetary assets; nonmonetary assets are reported at an amount based on cost.

Ⅱ. Translate the following sentences into Chinese

1. After recording each transaction, the equation should still be in balance; the totals both sides of the equation should always be equal.

2. Since the equation should balance after recording each business transaction, the double-entry system also helps us to check whether we have made any arithmetic mistakes recording business transactions.

3. The left side of a T account is the debit side, and the right side is the credit side.

4. Assets, liabilities, and owner’s equity are the three basic elements of accounting.

5. Owner’s equity is also called net assets which are the difference between total assets and total liabilities.

6. The account is a record used to summarize all increases and decreases in an asset, liability, owner’s equity, revenue, or expense.

7. When journalizing journal entries, always keep in mind that we record the debit part of the entry first and then record the credit part of the entry.

8. Posting is the process of transferring each journal entries from the journal to the ledger accounts.

9. To record the transaction involving purchase of equipment on

credit, we shall debit the Equipment account and credit the Accounts Payable account.

10. A balance sheet presents a picture of the financial standing of a business at a given date.

Ⅲ. Problems

1. Mr. Wang is a barber. He opened a barber’s shop called Wang’s

Barbershop on January 1, 2012. At the end of the year, his business had the following property: Cash, 100,000 yuan;

Equipment, 23,000 yuan; Building, 1,650,000 yuan; Automobile,

125,000 yuan. On the same date, the business owed its creditors the following; X Equipment Company, 90,000 yuan; Y Beauty Supply Company, 12,500 yuan. Compute the following amounts in the fundamental accounting equation.

Assets ___ = Liabilities ___ + Owner’s Equity _


2. On May 31, 2012, Guo’s Grocery had total assets of 300,000

yuan, total liabilities of 200,000 yuan, and owner’s equity of 100,000 yuan. The business has the following transactions in June of 2012:

a. The owner invested an additional cash of 50,000 yuan in the


b. The business purchased goods for 120,000 yuan, paying 40,000

yuan in cash with the remaining to be paid in 90days.

c. The business paid off 30,000 yuan of its accounts payable. d. The business collected 27,000 yuan of its accounts receivable. Instructions:

Compute the following as of June 30, 2012.

a. Total assets

b. Total liabilities

c. Owner’s equity

3. A list of ledger accounts used by a business called Baiyun Truck Rental is given below, followed by a series of transaction by placing the appropriate account number in the space provided.

(1) Cash (2) Accounts Receivable

(3) Trucks (4) Notes Payable

(5) Accounts Payable (6) Baiyun, Capital

(7) Baiyun, Drawing (8) Revenue

(9) All Expense Accounts (10) Income Summary

网站首页网站地图 站长统计
All rights reserved Powered by 海文库
copyright ©right 2010-2011。