财务英语.doc

One matching (
Classify the following items as an Asset(A),a liability (L),or Owners’ Equity(E)
Accounts payable ( L ) (2) common stock (E ) (3) Receivables ( A ) (4) Retained earnings (E ) (5) Prepaid expense( A ) (6) Long-term debt ( L ) (7) Merchandise inventory( A ) (8) Notes payable ( L ) (9) Accrued expenses payable( L ) (10)Equipment ( A )
Two matching
Please fill following inventory costing method in blank that associate with explanation
A 、Specific unit cost B 、Average cost C、 FIFO cost D 、LIFO cost
1、Generally associated with saving e taxes D
2、Results in a cost of ending inventory that is close to the current cost of replacing C
3、Used to account for automobiles ,jewelry and art objects A
4、Provides a middle-ground measure of ending inventory and cost of goods sold B
5、Maximizes reported e C
6、Matches the most current cost of goods sold against sales revenue D
7、Results in an old measure of the cost of ending inventory D
8、Writes inventory down when replacement cost drops below historical cost C
9、Enables pany to buy high-cost inventory at year end and thereby decreases reported e and tax D
10、Enables pany to keep reported e from dropping lower by liquidating older layers of inventory D
2. What type of account ( A asset,L liability, E equity, IN e, EX expense, contra) and statement (BS balance sheet, IS e statement) are the following:
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