Practice Questions (练习题)
Question 1 — Accounting Equation
What is the accounting equation?
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Assets = Liabilities + Equity 资产 = 负债 + 权益📝 点击查看解析
The accounting equation ensures balance between resources (assets) and claims (liabilities & equity). 会计恒等式保证了资源（资产）与权益（负债和股东权益）的平衡。Question 2 — Contributed Capital
What is contributed capital?
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Funds invested in the business by stockholders. 股东投资于企业的资金。📝 点击查看解析
It represents external financing from shareholders, different from retained earnings which come from internal profits. 它代表股东提供的外部资金，不同于来自内部利润的留存收益。Question 3 — Retained Earnings
How are retained earnings calculated?
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Beginning RE + Net Income – Dividends = Ending RE 期初留存收益 + 净利润 – 股息 = 期末留存收益📝 点击查看解析
The statement of retained earnings tracks how profit is reinvested or distributed. 留存收益表记录利润如何被再投资或分配。Question 4 — Revenue Recognition
When is revenue recognized under accrual accounting?
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When goods/services are delivered, not when cash is received. 在货物/服务交付时，而不是收到现金时确认。📝 点击查看解析
Revenue is tied to earning activities, not payment timing. 收入与实现挂钩，而不是收款时间。Question 5 — Expense Recognition
When are expenses recognized?
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When resources are consumed, not when cash is paid. 在资源被消耗时，而不是付款时确认。📝 点击查看解析
This follows the matching principle, aligning expenses with related revenues. 这符合配比原则，将费用与相关收入匹配。Question 6 — Net Income vs Net Loss
What is the difference between net income and net loss?
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Net Income = Revenues > Expenses Net Loss = Revenues < Expenses 净利润 = 收入大于费用 净亏损 = 收入小于费用📝 点击查看解析
Net income shows profitability, while net loss signals inefficiency. 净利润表示盈利能力，而净亏损反映经营效率低下。Question 7 — Four Basic Financial Statements
Name the four basic financial statements.
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1. Balance Sheet (资产负债表) 2. Income Statement (利润表) 3. Statement of Retained Earnings (留存收益表) 4. Statement of Cash Flows (现金流量表)📝 点击查看解析
These four statements together summarize a company’s financial performance and position. 这四张报表共同反映了公司的财务表现和财务状况。Question 8 — Notes to Financial Statements
What are the three types of notes to financial statements?
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1. Accounting rules applied (会计政策说明) 2. Additional detail of items (报表项目细节) 3. Extra information not on the statements (补充披露信息)📝 点击查看解析
Notes provide transparency and aid interpretation of the financials. 附注提升透明度，帮助解读报表。Question 9 — Market Value vs Equity
Why might market value differ from shareholders’ equity?
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Market value reflects investor expectations, while equity is book value from accounting records. 市值反映投资者预期，而股东权益是会计账面价值。📝 点击查看解析
Growth opportunities or risks create differences between market and book values. 增长机会或风险导致市值与账面价值不同。Question 10 — P/E Ratio
How is the Price/Earnings ratio calculated?
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P/E = Market Capitalization ÷ Net Income 市盈率 = 公司市值 ÷ 净利润📝 点击查看解析
It shows how much investors are willing to pay for each unit of earnings. 它反映投资者愿意为每单位利润支付多少价格。Question 11 — Application: Balance Sheet Calculation
If a company has Assets = 70,000, what is Equity?
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Equity = $50,000 股东权益 = 50,000美元📝 点击查看解析
By accounting equation: Assets – Liabilities = Equity. 根据会计等式：资产 – 负债 = 股东权益。Question 12 — Application: Retained Earnings
Beginning RE = 5,000, Dividends = $2,000. What is Ending RE?
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Ending RE = $11,000 期末留存收益 = 11,000美元📝 点击查看解析
Formula: Beginning RE + Net Income – Dividends = Ending RE. 公式：期初留存收益 + 净利润 – 股息 = 期末留存收益。Question 13 — Application: Revenue Recognition
A sale of $2,000 was made on March 20, cash collected April 5. When is revenue recognized?
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March 20 3月20日📝 点击查看解析
Revenue is recognized when the sale occurs, not when cash is received. 收入在销售发生时确认，而不是在收款时确认。Question 14 — Application: Expense Recognition
On July 1, a company pays $600 for insurance covering July–December. How much expense is recognized in July?
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$100 (one month’s expense) 100美元（一个月费用）📝 点击查看解析
Expenses are recognized as consumed, so $600 ÷ 6 months = $100 for July. 费用按消耗确认，600美元 ÷ 6个月 = 7月确认100美元。Question 15 — Application: Net Income Calculation
Revenues = 30,000, Operating Expenses = 2,000, Tax = $3,000. Net Income?
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Net Income = $5,000 净利润 = 5,000美元📝 点击查看解析
$50,000 – 30,000 – 10,000 – 2,000 – 3,000 = $5,000. 逐项扣减后净利润为5,000美元。Question 16 — Application: Cash Flow Categories
Identify whether the following is Operating, Investing, or Financing:
- Pay dividends $1,000
- Buy equipment $5,000
- Collect cash from customers $20,000
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1) Financing 筹资活动 2) Investing 投资活动 3) Operating 经营活动📝 点击查看解析
Dividends = Financing, Equipment purchase = Investing, Customer cash = Operating. 股息=筹资，设备购买=投资，客户收款=经营。Question 17 — Application: Cash Flow Reconciliation
Beginning cash = 2,500. What is Ending cash?
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Ending cash = $7,500 期末现金 = 7,500美元📝 点击查看解析
Formula: Beginning cash + Net cash flow = Ending cash. 公式：期初现金 + 净现金流 = 期末现金。Question 18 — Application: Market Value vs Equity
Company’s book equity = 120M. Why the difference?
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Market value reflects growth expectations beyond book value. 市值反映了超出账面价值的增长预期。📝 点击查看解析
Investors expect higher future earnings, so market cap > equity. 投资者预期未来盈利更高，因此市值大于股东权益。Question 19 — Application: P/E Ratio
If a company’s market cap = 20M, what is its P/E ratio?
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P/E = 10 市盈率 = 10📝 点击查看解析
$200M ÷ $20M = 10. 200M ÷ 20M = 10。Question 20 — Application: GAAP & IFRS
Why do international firms care about GAAP and IFRS convergence?