ENGLISH FOR ACCOUNTING | Đại học Kinh tế Kỹ thuật Công nghiệp
Understanding accounting in English is crucial for your studies and future career. Familiarizing yourself with the terminology, principles, and financial statements will provide a strong foundation for your knowledge in accounting. A form filed with the government reporting income, expenses, and other relevant tax information.
Môn: Kế toán (KTKTCN)
Trường: Đại học Kinh tế kỹ thuật công nghiệp
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ENGLISH FOR ACCOUNTING TEST 1.1 – 60 MINS
Question 1: (3 marks)
Most people know that the term “bottom line” means “the most important thing”.
But it's also an accounting term. It refers to the bottom line of an income statement. An
income statement is also called a P& L. That means “profit and loss”. A P&L statement
shows a summary of a company's financial transactions over a period of time.
It starts with sales revenue. This is the money a company gets from selling goods.
The cost of those goods is deducted from the revenue. Next the general and administrative
expenses are deducted. Finally, taxes are subtracted. The number that remains on the bottom
line is called net income. This amount is the company's bottom line.
Answer the following questions based on the passage above
1. How to calculate Net Income?
a. equals sales revenue minus cost of goods sold
b. by substracting operating expense from gross profit
c. equals sales revenue minus all expenses
d. administrative costs are subtracted from the gross of margin
2. What is the passage mainly about? a. Sales revenue b. Taxes c. Bottom line d. Income statement 3. Sales revenue means
a. total amount of money a business earns excluding services provided.
b. the money that is received from selling goods only.
c. the amount of income from goods and services before deducting any expenses.
d. the amount of income from goods and services before subtrating cost of goods sold.
Question 2: Decide whether the following statements are True (T) or False (F) and explain (2 marks)
1. Net income is calculated by total expenses add to total revenues. F
2. Non – operating activities are also called investing and financing. T
3. Sometimes, a balance sheet has assets listed at the top, liabilities in the middle and
owner’s equity at the bottom. T
4. Double-entry accounting requires that each transaction affects at least one account. F
Question 3: Translation (2 marks)
a. Translate the following passage into Vietnamese
1. EPS indicates how much shareholders would receive if the company distributed all of its net earnings as dividends.
EPS cho biết cổ đông sẽ nhận được bao nhiêu nếu công ty phân phối tất cả thu nhập
ròng dưới dạng cổ tức.
2. Gains such as the gain on the sale of long-term assets, or lawsuits result from transaction
that is outside of the primary activities of most businesses.
Lợi nhuận như thu được từ việc bán tài sản dài hạn, hoặc các vụ kiện là kết quả của
giao dịch nằm ngoài hoạt động chính của hầu hết các doanh nghiệp
b. Translate the following passage into English.
1. Kế toán tài chính là quá trình tạo lập các báo cáo tài chính của các công ty nhằm phản
ánh tình hình tài chính và kết quả hoạt động kinh doanh với những người bên ngoài doanh
nghiệp như các nhà đầu tư, những người cho vay, nhà cung cấp và khách hàng.
Financial accounting is the process of preparing the financial statements of
companies to reflect the financial position and results of their operations to people
outside the business such as investors, lenders, suppliers and customers.
2. Tài sản là một trong ba loại tài khoản chính trong kế toán. Chúng thường được sắp xếp ở
vị trí đầu tiên trong bảng hệ thống tài khoản của công ty.
Assets are one of the three main types of accounts in accounting. They are usually
arranged at the first position in the company's system of accounts table.
Question 4: Rearrange the following words to make complete sentences (3 marks)
1. entry/ the/ bottom line/ accounting/ net/the/ represents/ period/ the/ final/ earnings/
is / company/ the/ which/ of/ during.
The final entry is the bottom line, which represents net earnings of the company during the period
2. balance/ shows/ specific/ at/ time/ the/ sheet/ a/ in/ firm’s financial situation/ a/ point
The balance sheet show a firm’s financial situation at a specific point in time
3. company/ assets/ left/ of/ debts/ on/ the/ lists/ right/ the/ its/ and/ liabilities/ side/ a/
on/ the/ balance sheet/ and/ its.
A company lists its assets on the left side of the balance sheet and its debt
an liabilities on the right