Đề KT AVCN KT

Class: ………………………… 3rd Test
Full name: ………………………………
Đọc hiểu: (2đ)
THE BALANCE SHEET
Financial statements are the final product of the accounting process. They provide information on the financial condition of a company. The balance sheet, one type of financial statement, provides a summary of what a company owns and what it owes on one particular day.
Assets represent everything of value that is owned by a business, such as property, equipment, and accounts receivable. On the other hand, liabilities are the debts that a company owes – for example, to supplier and banks. If liabilities are subtracted from assets (assets – liabilities), the amount remaining is the owners’ share of a business. This is known as owners’ or stockholders’ equity.
One key to understand the accounting transactions of a business is to understand the relationship of its assets, liabilities, and owners’ equity. This is often represented by the fundamental accounting equation: assets equal liabilities plus owners’ equity.
Assets = Liabilities + Owners’ Equity (Shareholders’ Equity)
These three factors are expressed in monetary terms and therefore are limited to items that can be given a monetary value. The accounting equation always remains in balance; in other words, one side must equal the other.
The balance sheet expands the accounting equation by providing more information about assets, liabilities, and owner’s equity of a company at a specific time (for example, on December 31, 2009). It is made up of two parts. The first part lists the company assets, and the second part details liabilities and owners’ equity. Assets are divided into current and fixed assets. Cash, accounts receivable and inventories are all current assets. Property, building, and equipment make up the fixed assets of a company. The liabilities section of the balance sheet is often divided into current liabilities (such as accounts payable, and income taxes payable) and long-term liabilities (such as bonds and long-term notes).
The balance sheet provides a financial picture of a company on a particular date, and for this reason, it is useful in two important areas. Internally, the balance sheet provides managers with financial information for company decision-making. Externally, it gives potential investors data for evaluating the company’s financial position.
A. Đọc bài khóa và trả lời các câu hỏi sau.
What is the final product of the accounting process?
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Does the balance sheet provide financial information for a long period?
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What is the difference between assets and liabilities?
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How can the relationship between assets, liabilities, and owners’ equity be represented?
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Điền vào ô trống các từ liên quan tới tài sản: (4đ)
book value
current assets
depreciable assets
convertibility

prepaid expenses
fixed assets
long-term assets
intangible assets


Assets are the economic resources of an organization that can usefully be expressed in monetary terms. The assets can be classified into (1) ______________ and (2) ______________. Current assets are cash and the assets that will be converted into cash or used up during the normal operating cycle of the business or one year, whichever is longer. Current assets are usually listed in the order of their “liquidity” or (3) _______________ into cash. Some examples of current assets are notes receivable and marketable securities. (4) ______________ such as insurance, rent, and supplies are normally consumed during the operating cycle rather than converted into cash.
Long-term assets are relatively long-lived assets used in operating an organization and may be further classified into (5) _________________ (or plant and equipment) and (6) ___________________. Fixed assets may include land, buildings, and various kinds of equipment (machinery, store fixtures, office equipment, delivery equipment, etc.). They constitute the major category of the long-term assets. (7) ___________________ are normally shown at their original cost. The accumulated portion of the cost taken as depreciation to date is subtracted from its original cost to obtain the (8) _________________ of the asset. Intangible assets are characterized by the legal claims or rights which may include patents, trademarks, franchises, goodwill, etc.
Sử dụng từ điển để tìm hiểu ý nghĩa các thuật ngữ trong lĩnh vực kế toán ở cột bên trái và ghép với các giải nghĩa bằng tiếng Anh của chúng ở cột bên phải: (4đ)


A written statement that shows the financial state of a company at a particular time.



An official financial record that gives details of all a company`s income and expenses for a particular period and shows if it has made a profit or a loss.



The activity of keeping detailed records of the amounts of money a business or person receives and spends.

balance sheet

Money that a business spends on supplies, workers, services, etc. in order to operate.



The things that a company owns, that can be sold to pay debts.