【英文会計無料問題集】英文会計中級講座 の練習問題と解答

USCPA英文会計学院の「英文会計無料講座」が役に立つ人

1. 「英文会計入門講座」「英文会計実務講座」で学習した人
2. USCPA（米国公認会計士）のため、英文会計の学習をしている人
3. ACCA（英国勅許公認会計士）の学習をしている人・しようと考えている人
4. 仕事などで、英語で会計を理解する必要がある人
5. 英語が得意で、会計の知識を身につけてキャリアアップしたい人

英文会計中級講座＜全6回＞で学んだこと

＜第1回＞会計の基本概念を覚えましょう

1. 会計公準（Accounting Convention）ー４つ
2. 会計の基本原則 ー４つ

＜第2回＞棚卸資産の評価　低価法の適用について学びましょう

1. 低価法（Lower of Cost of Market： LCM）とは
2. 棚卸資産（Inventory）の低価法（LCM）適用の際の時価（Market Value）ー２つ
3. 低価法（LCM）の計算

＜第3回＞外貨建取引の換算について学びましょう

1. 外貨建取引（Foreign Currency Transaction）とは
2. 取引時、期末時、決算時の取り扱い

＜第4回＞貸倒引当金の計上と貸倒損失について理解しましょう

1. 貸倒引当金（Allowance for Uncollectible Accounts：AUA）とは
2. 貸倒引当金（AUA）の計上 ー 引当金法（Allowance Method）
3. 貸倒引当金（AUA）の金額の計算 ーPLから、BSから、年齢調べ（Aging）
4. 貸借対照表（Balance Sheet：BS）上の表示

＜第5回＞その他の引当金と債務の計上について理解しましょう

1. 負債性引当金
2. 有給休暇引当金（Vacation Liability）
3. 製品保証引当金（Warranty Liabilities）
4. 偶発債務（Contingencies）ー利益の場合、損失の場合
5. 偶発損失（Loss Contingencies）ー財務諸表（Financial Statements：FS）への表示
6. 後発事象（Subsequent Events）ー財務諸表（Financial Statements：FS）への表示

＜第6回＞会社の税金について理解しましょう

1. 会社の所得にかかる税金の計上
2. 消費税（Japanese Consumption Tax）の計上
3. 預り源泉税の計上
4. その他の税金の計上

The valuation of assets in the balance sheet is based primarily upon:

1. what it would cost to replace the assets.
2. cost, because cost is usually factual and verifiable.
3. current fair market value as established by independent appraisers.
4. cost, because in the event of liquidation, the assets would be sold at an amount equal to their original cost.

Which of the following is not a generally accepted accounting principle relating to the valuation of assets？

1. The historical cost principle －in general, assets are valued at cost, rather than at estimated market values.
2. The economic entity assumption －activity of the economic entity is independent from that of its owner or other entity.
3. The safety principle －assets are valued at no more than the value for which they are insured.
4. The going concern assumption －one reason for valuing assets such as buildings and equipment at cost rather than at their current market values is the assumption that the business will use these assets, rather than sell them.

Which of the following is not a generally accepted accounting principle relating to the valuation of assets？

1. The historical cost principle －in general, assets are valued at cost, rather than at estimated market values.
2. The economic entity assumption －activity of the economic entity is independent from that of its owner or other entity.
3. The safety principle －assets are valued at no more than the value for which they are insured.
4. The going concern assumption －one reason for valuing assets such as buildings and equipment at cost rather than at their current market values is the assumption that the business will use these assets, rather than sell them.

Each year the accountant for the company adjusts the recorded value of each asset to its market value. Using these market value figures on the balance sheet violates:

1. The economic entity assumption
2. The historical cost principle
3. The accounting equation
4. The monetary unit assumption

Each year the accountant for the company adjustments the recorded value of each asset to its market value. Using these market value figures on the balance sheet violates:

The owner of A Company purchased a new car for his daughter who is away at college at a cost of 2,000,000 yen and reported this amount as car in the company’s balance sheet. The reporting of this item in this manner violated the:

1. Historical Cost Principle
2. Principle of Economic Entity Assumption
3. Full Disclosure Principle
4. Going-concern Assumption

The owner of A Company purchased a new car for his daughter who is away at college at a cost of 2,000,000 yen and reported this amount as car in the company’s balance sheet. The reporting of this item in this manner violated the:

1. Historical Cost Principle
2. Principle of Economic Entity Assumption
3. Full Disclosure Principle
4. Going-concern Assumption

1. The assumption that a company will continue indefinitely is known as                          .
2. The 　　　    　　  principle requires assets to be reported at acquisition price.
3. Recognition of revenue when realized or earned instead of when paid illustrates the                             principle.
4. Depreciation purposes to allocate the asset cost over its useful life since the asset contributes to earn periodical revenue directly or indirectly. This is based on the idea of               principle.

1. The assumption that a company will continue indefinitely is known as Going Concern.
2. The Historical Cost principle requires assets to be reported at acquisition price.
3. Recognition of revenue when realized or earned instead of when paid illustrates the Revenue Recognition principle.
4. Depreciation purposes to allocate the asset cost over its useful life since the asset contributes to earn periodical revenue directly or indirectly. This is based on the idea of Matching principle.

When the market value to be determined by lower of cost or market method, if the replacement cost is greater than the ceiling the market value would be

1. Selling Price
2. Net Realizable Value
3. Replacement Cost
4. Floor

When the market value to be determined by lower of cost or market method if the replacement cost is greater than the ceiling the market value would be

1. Selling Price
2. Net Realizable Value
3. Replacement Cost
4. Floor

Under the lower of cost or market method, what amount should be reported as year-end inventory value per below data?

• Original Cost：29,000 yen
• Selling Price：32,000 yen
• Cost for Sale：1,800 yen
• Current Replacement Cost：29,500 yen
• Normal Profit Margin：3,200

1. 27,000 yen
2. 29,000 yen
3. 29,500 yen
4. 30,200 yen

Under the lower of cost or market method, what amount should be reported as year-end inventory value per below data?

• Original Cost ：21,000 yen
• Selling Price：24,000 yen
• Cost for sale：1,000 yen
• Current Replacement Cost：20,000 yen
• Normal Profit Margin：2,500 yen

1. 20,000 yen
2. 20,500 yen
3. 21,000 yen
4. 23,000 yen

Under the lower of cost of market method, what amount should be reported as year-end inventory value per below data?

• Original Cost ：21,000 yen
• Selling Price：24,000 yen
• Cost for sale：1,000 yen
• Current Replacement Cost：20,000 yen
• Normal Profit Margin：2,500 yen

1. 20,000 yen
2. 20,500 yen
3. 21,000 yen
4. 23,000 yen

Which statement is incorrect if the company has foreign currency transactions?

1. Transaction with foreign currency such as export or import is recorded with the exchange rate when incurred.
2. When the balance at the fiscal year end described in foreign currency, it should be converted into the local or functional currency for the financial statements.
3. Foreign exchange gain or loss is incurred due to change of currency exchange rate.
4. The company can show two or more currencies in one financial statement if there are balances with various currencies.

Which statement is incorrect if the company has foreign currency transactions?

1. Transaction with foreign currency such as export or import is recorded with the exchange rate when incurred.
2. When the balance at the fiscal year end described in foreign currency, it should be converted into the local or functional currency for the financial statements.
3. Foreign exchange gain or loss is incurred due to change of currency exchange rate.
4. The company can show two or more currencies in one financial statement if there are balances with various currencies.

Journalize the following transactions in Japanese yen. The company is located in Japan and reports transactions in Japanese yen. Its fiscal year end is December 31 2021.

• Dec 18 2021：Bought merchandise of 500 US dollars for cash. The exchange rate was USD1=JPY120.
• Dec 23 2021：Sold merchandise of 1,000 Australian dollars on  account. The exchange rate was AUD1=JPY70
• Dec 31 2021：Year-end. The exchange rate on the day was USD1=JPY110, AUD1=JPY80
• Jan 20 2022：Cash account collected from the sale on December 23 2021. The exchange rate was AUD=JPY60

Journalize the following transactions in Japanese yen. The company reports transactions in Japanese yen. Its fiscal year end is December 31 2021.

• Dec 18 2021：Bought merchandise of 500 US dollars for cash. The exchange rate was USD1=JPY120.

Dr）Purchases　60,000

 Cr）Cash 60,000

USD500×JPY120／USD1＝JPY60,000

• Dec 23 2021：Sold merchandise of 1,000 Australian dollars on  account. The exchange rate was AUD1=JPY70

Dr）Accounts Receivable 70,000

 Cr）Sales 70,000

AUD 1,000×JPY70／AUD1＝JPY70,000

• Dec 31 2021：Year-end. The exchange rate on the day was USD1=JPY110, AUD1=JPY80

Dr）Accounts Receivable 10,000

 Cr）Foreign Exchange Gain 10,000

AUD 1,000×JPY80／AUD1＝JPY80,000

JPY80,000-JPY70,000=JPY10,000

AUD建ての売掛金を換算替えしたことにより、売掛金残高は80,000円になります。

• Jan 20 2022：Cash account collected from the sale on December 23 2021. The exchange rate was AUD1=JPY60

Dr）Cash 60,000

      Foreign Exchange Loss 20,000

Cr）Accounts Receivable 80,000

80,000円の売掛金が為替の影響で60,000円しか回収できなかったため、差額は為替差損となります。

Aging method is one of the ways to calculate the allowance for uncollectible accounts. Which of the following statement is incorrect regarding the aging method？

1. Accounts receivables are categorized into cash collecting period.
2. The method is based on annual sales.
3. The longer the uncollected period is, the higher the uncollectible percentage becomes.
4. One of the methods based on the accounts receivable balance at the year-end.

Aging method is one of the ways to calculate the allowance for uncollectible account. Which of the following is incorrect regarding the aging method？

1. Accounts receivables are categorized into cash collecting period.
2. The method is based on annual sales.
3. The longer the uncollected period is, the higher the uncollectible percentage becomes.
4. One of the methods based on the accounts receivable balance at the year-end.

Following information related to the accounts receivable in the company book of account at the year-end of December 31 2021.

• Accounts Receivable as of Jan 1 2021：5,000,000 yen
• Sale on account during 2021：40,000,000 yen
• Cash payment from the customers during 2021：37,000,000 yen
• Allowance for uncollectible accounts as of Jan 1 2021：800,000 yen
• Accounts written-off during 2021：200,000 yen

The company estimates 3% of the sales on account would be uncollectible.

Q1 What amount should be recorded as bad debt expense during 2021?

1. 1,800,000 yen
2. 1,600,000 yen
3. 1,400,000 yen
4. 1,200,000 yen

Q2 What is the balance of allowance for bad debt as of December 31 2021？

1. 1,800,000 yen
2. 1,600,000 yen
3. 1,400,000 yen
4. 1,200,000 yen

Following information related to the accounts receivable in the company book of account at the year-end of December 31 2021.

• Accounts Receivable as of Jan 1 2021：5,000,000 yen
• Sale on account during 2021：40,000,000 yen
• Cash payment from the customers during 2021：37,000,000 yen
• Allowance for uncollectible accounts as of Jan 1 2021：800,000 yen
• Accounts written-off during 2021：200,000 yen

The company estimates 3% of the sales on account would be uncollectible.

Q1 What amount should be recorded as bad debt expense during 2021?

1. 1,800,000 yen
2. 1,600,000 yen
3. 1,400,000 yen
4. 1,200,000 yen

解答は、④です。

売上高比率法（Percentage of Sales Approach）により計上する。

40,000,000 ×3％＝1,200,000円

Q2 What is the balance of allowance for bad debt as of December 31 2021？

1. 1,800,000 yen
2. 1,600,000 yen
3. 1,400,000 yen
4. 1,200,000 yen

解答は、①です。

貸倒引当金（Allowance for Uncollectible Accounts：AUA）の期末残高は、以下のようになります。

期首＋当期引当－貸倒れ＝800,000＋1,200,000-200,000＝1,800,000円

Following information related to the accounts receivable at the year-end of December 31 2021.

The balance of allowance for uncollectible accounts was 300,000 yen at December 31 2021. During the fiscal year, 200,000 yen was written-off.

Q1 What the company applies aging method, what amount should be reported as allowance for uncollectible accounts in the December 31 2021 balance sheet？

1. 700,000 yen
2. 600,000 yen
3. 500,000 yen
4. 400,000 yen

Q2 When the company applies aging method, what amount should be reported as bad debt expense for the period from January 1 2021 to December 31 2021？

1. 700,000 yen
2. 600,000 yen
3. 500,000 yen
4. 400,000 yen

Following information related to the accounts receivable at the year-end of December 31 2021.

The balance of allowance for uncollectible accounts was 300,000 yen at December 31 2021. During the fiscal year, 200,000 yen was written-off.

Q1 What the company applies aging method, what amount should be reported as allowance for uncollectible accounts in the December 31 2021 balance sheet？

1. 700,000 yen
2. 600,000 yen
3. 500,000 yen
4. 400,000 yen

解答は、②です。

売掛金比率法（Percentage of Accounts Receivable Approach）による年齢調べ（Aging）では、売掛金（AR）残高にあわせて貸倒引当金（AUA）の残高を設定します。

20,000,000円×1％＋10,000,000円×2％＋5,000,000円×４％＝200,000円＋200,000円＋200,000円＝600,000円

Q2 When the company applies aging method, what amount should be reported as bad debt expense for the period from January 1 2021 to December 31 2021？

1. 700,000 yen
2. 600,000 yen
3. 500,000 yen
4. 400,000 yen

解答は、③です。

貸倒引当金（AUA）が600,000円である。

期首＋当期引当－貸倒れ＝期末

当期引当＝期末－期首＋貸倒れ＝600,000円－300,000円＋200,000円＝500,000円

The company estimated the amount of loss that would incur if the company lost in a lawsuit. When the likelihood of the case was reasonably possible, a loss of contingency should be.

1. Accrue as a liability but not disclosed.
2. Disclosed and accrues as a liability.
3. Disclosed but not accrued as a liability.
4. Neither accrued as a liability nor disclosed.

When the company accrues a loss contingency, the estimated rage of the loss would be 10,000,000 yen to 50,000,000 yen. If the possibility of the loss would be probable and there is no best estimate. What amount should be accrued?

1. 0 yen
2. 10,000,000 yen
3. 30,000,000 yen
4. 50,000,000 yen

When the company accrues a loss contingency, the estimated rage of the loss would be 10,000,000 yen to 50,000,000 yen. If the possibility of the loss would be probable and there is no best estimate. What amount should be accrued?

1. 0 yen
2. 10,000,000 yen
3. 30,000,000 yen
4. 50,000,000 yen

• At the fiscal year end of December 2021, A Company accrued income tax at 40% tax rate against net income of 80,000,000 yen.
• On April 20 2022, the company paid 30,000,000 yen final income tax for the year 2021.

• At the fiscal year end of December 2021, A Company accrued income tax at 40% tax rate against net income of 80,000,000 yen.

Dr）Tax Expense／Income Taxes 32,000,000

 Cr) Income Tax Payable 32,000,000

• On April 20 2022, the company paid 30,000,000 yen final income tax for the year 2021.

Dr）Income Tax Payable 30,000,000

 Cr）Cash 30,000,000

• A Company bought cash merchandise of 1,000 yen and paid 1,100 yen, 10% consumption tax included.

• The company sold merchandise on account at 5,500 yen, 10% consumption tax included.

• At the fiscal year end of December 31 2021, the company has following balances related to consumption tax. The company offset the balances and accrue consumption tax payable.

Prepaid Consumption tax 85,000 yen

Consumption Tax Receipt 120,000 yen

• The company paid consumption tax for the fiscal year ended December 31 2021.

• A Company bought cash merchandise of 1,000 yen and paid 1,100 yen, 10% consumption tax included.

Dr）Purchase 1,000

      Prepaid Consumption Tax 100

Cr）Cash 1,100

• The company sold merchandise on account at 5,500 yen, 10% consumption tax included.

Dr）Accounts Receivable 5,250

 Cr）Sales 5,000

       Consumption Tax Receipt 250

• At the fiscal year end of December 31 2021, the company has following balances related to consumption tax. The company offset the balances and accrue consumption tax payable.

Prepaid Consumption tax 85,000 yen

Consumption Tax Receipt 120,000 yen

Dr）Consumption Tax Receipt 120,000

　Cr）Prepaid Consumption Tax 85,000

        Consumption Tax Payable 35,000

• The company paid consumption tax for the fiscal year ended December 31 2021.

Dr）Consumption Tax Payable 35,000

 Cr）Cash 35,000

• The company paid 82,000 yen to the employees as follows.

Gross Salary：100,000 yen

Less Withholding income tax：18,000 yen

Net Payment：82,000 yen

• The company paid out tax withheld of 18,000 yen to the tax office.

• The company paid property tax of 5,000 yen

以下の仕訳をしてください。