会计专业英语试题试卷及答案3个方向全
时尚的英文（财务管理方向）
PART Ⅰ Terms Interpretation (5×2’=10’)
1.Acid test (quick ratio)
2.Times interest earned
3.Discounted cash flow
4.Internal rate of return (IRR)
5.Net prent value (NPV)
Part Ⅰ True or Fal (10×1’=10’)
1. A company’s return on equity will always exceed its return on asts. ( )
2. A company’s current ratio must always be larger than its acid-test ratio. ( )
3. Three variables characterize a bond: its par value, its coupon rate, and its maturity date. ( )
4. Like debt, preferred stock is a fixed-income curity. ( )
5.Unrealized paper gains are less valuable than realized cash earnings. ( )
6. According to the transaction objects, financial market can be divided into short-term financial market and long-term financial market. ( )
7.There is no difference between the traditional and the ABC approaches. ( )
8. Internal control can provide absolute assurance. ( )
9. A budget is a business plan for the short term – typically one year. ( )
10. Board of directors has overall responsibility for designing and implementing effective internal control. ( )
PART Ⅰ Multiple Choice (10×2’=20’)
1. Financial management environment includes ________
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A. Technology environment
B. Economic environment
C. Financial environment
D. Legal environment
2. The following financing methods can reduce financial risk ________keep your head up
A. Financing bank borrowing
B. Retained earnings financing
C. Finance lea financing
D. Common stock financing
3.The basic characteristics of financial instruments include________
A. Time limit
B. Liquidity
dfnC. Risk
D. Profitability
4.The advantages of net prent value method are________
A. Consider investment risk
B. Consider the time value of the funds
C. Can dynamically reflect the real rate of return of the project
D. Considered total net cash flows for the project calculation period
5. The internal rate of return belongs to________
A Dynamic evaluation index
B Positive index
C Main indicators
D Secondary indicator
6. The return on net asts can comprehensively reflect the enterpri’s________
A. Profitability
B. Short-term solvency
C. Long-term solvency
D. Operating capacity
7. Regarding the capital cost of bank borrowing and financing, the following statements are wrong________
A. The capital cost of bank borrowing has nothing to do with the method of repayment of principal and interest.
B. The handling fee of bank borrowing will affect the capital cost of bank borrowing.
C. The cost of capital of bank borrowings only includes interest payments on bank borrowings.
D. The cost of capital rate of bank borrowing is generally equal to the risk-free interest rate.
8. Among the following statements about the characteristics of debt financing, which one is correct ________
A. Rais funds faster新概念英语思维导图
B. Can decentralize control of the company
C. Limited amount of funding
D. Can form a stable capital ba
9. The factors that can affect both the bond value and the bond internal rate of return are________
A. Bond price
B. Minimum investment rate of return
C. Coupon rate
D. Bond face value
10. For short-term financing bills in China, the correct one is________英语语音学
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A. Compared with bank borrowings, its credit rating requirements are higher.
B. Compared with commercial credit, its repayment method is more flexible.
C. Compared with corporate bonds, its financing cost is higher.
D. Compared with bank loans, the total amount of one-time financing is larger.
Part Ⅰ Short Answer Questions (4×5’=20’)
1.What is the financial leverage?
2.Explain the risks of bond investment.
3.What are the differences between economic income and accounting income?
4.What is the liquidity ratios?
Part Ⅰ Ca Study (2×20’=40’)
1. Answer the following questions assuming the interest rate is 12 percent.
a.What is the prent value of $1,000 in six years?
b.What is the prent value of $1,000 in 12 years? Why does the prent value fall as the number of years increas?
c.How much would you pay for the right to receive $5,000 at the end of year 1, $3,000 at the end of year 2, and $10,000 at the end of year 10?
d.How much would you pay for a 14-year bond with a par value of $1,000 and an 8 percent coupon rate? Assume interest is paid annually.
2. Your firm is considering the acquisition of a very promising Internet company. One executive argues against the move, pointing out that becau the Internet company is prently losing money, acquisition will cau your firm’s return on equity to fall.
a.Is the executive correct in predicting that ROE will fall?
b.How important should changes in ROE be in this decision?
会计专业英语试卷（财务管理方向）答案
PART Ⅰ Terms Interpretation (5×2’=10’)
1.Acid test (quick ratio): a measure of liquidity, defined as current asts less
inventories divided by current liabilities.
2.Times interest earned: a coverage ratio measure of financial leverage, defined as
配方英文earnings before interest and taxes divided by interest expen.
3.Discounted cash flow: the method of evaluating long-term projects that explicitly
takes into account the time value of money.
4.Internal rate of return (IRR): discount rate at which project’s net prent value
equals zero. Rate at which funds left in a project are compounding.
5. Net prent value (NPV): prent value of cash inflows less prent value of cash outflows. The increa in wealth accruing to an investor when he or she undertakes an investment.
Part Ⅰ True or Fal (10×1’=10’)
1. T
2. T
3. T
4. T
5. F
6. F
7. F
8. F
9. T 10. F
PART Ⅰ Multiple Choice (10×2’=20’)
1. ABCD
2. BD
3. ABCD
4. ABD
5. ABC
6. ACD
7. ACD
8. AC
9. CD 10. AD
Part Ⅰ Short Answer Questions (4×5’=20’)
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1.Financial leverage refers to the leverage effect that the change in the profit per share
of common stock is greater than the change in profit before interest and tax due to the existence of debt.
2.Bonds as an investment may meet the pernicious effects of inflation on fixed-
income curities. For although the nominal return on fixed-interest-rate bonds are specified, the value of the resulting interest and principal payments to the investor is much less when inflation is high.
3.The primary difference between accounting income and economic income is that
accounting income results from business transactions and economic income results from economic events. Accounting income is realized, meaning that a transaction
took place and resulted in money-in-hand income. Economic income is an increa in the book value of an ast that is unrealized until a future transaction takes place.
4.Liquidity ratios: Ratios intended to measure the liquidity of a company’s asts
relative to its liabilities. The two most common ones are the current ratio and the acid test.
Part Ⅰ Ca Study (2×20’=40’)
1.
a. PV=1,000(0.507) = $507
b. PV=1,000(0.257) = $257. Prent value is less becau the prent sum has more
time to grow into $1,000.
c. PV=5,000(0.893) +3,000(0.797) +10,000(0.322) = $10,076
d. PV=80(6.628) +1,000(0.205) = $735.24
2.
a.ROE will undoubtedly fall. The numerator of the ratio, net income, will decline becau the acquired company is losing money.
b. This, however, is not important to the decision. This is another example of the timing problem. If the Internet company has great promi, it may make complete n to acquire the business even though it is currently losing money. The proper way to evaluate the acquisition is to calculate a time-adjusted figure of merit that takes into account the company’s future performance.
会计专业英语试卷（会计学方向）
PART Ⅰ Terms Interpretation (5×2’=10’)
1. Financial accounting conceptual framework
2. Accrual basis accountingwww gay chine
3. Treasury stock
4. Fair value
5.Goodwill
Part Ⅰ True or Fal (10×1’=10’)
1. The International Accounting Standards Board issues standards in the global economy and hopes to create harmony among accounting practices in different countries. ( )
2. Accounting ethics are beliefs that distinguish right from wrong. ( )
3. Shareholders are insider information urs of public company. ( )
