会计专业英语章节练习题及答案（共17章）chapter 4.docx

Chapter 4: Discussion Questions: 1. Differences: (1) Current liabilities are amounts payable within one year from the date of the balance sheet or within the normal operating cycle, where this is longer than a year. (2) Non-current liabilities are those obligations not due for settlement within one year. 2. Commons: (1) it must involve a future sacrifice of cash, goods, of services; (2) it must be an obligation of the enterprise; (3) the transaction or event giving rise to the enterprise’s obligation must already have occurred; (4) it is amount payable within one year from the date of the balance sheet or within the normal operating cycle. 3. Omitted 4. The Financial Accounting Standards Board (FASB) provides these guidelines to account for contingent losses (or expenses) and their related liabilities: (1) Record an actual liability if it is probable that the loss (or expenses) will occur and the amount can be reasonably estimated. (2) Report the contingency in a financial statement note if it is reasonably possible that a loss (or expense) will occur. Lawsuits in progress are a prime example. (3) There is no need to report a contingent loss that is remote-unlikely to occur. Instead wait until an actual transaction clears up the situation. Contingent liabilities may be reported in a short presentation, after total liabilities on the balance sheet, but with no amounts given. 5. A bond is a fixed obligation to pay that is issued by a corporation or government entity to investors. Bonds are used to raise cash for operational or infrastructure projects. Bonds usually include a periodic coupon payment, and are paid off as of a specific maturity date. Bonds are a number of additional features that a bond may have, such as being convertible into the stock of the issuer, or callable prior to its maturity date. 6. Omitted Exercise: 1-7：BACDBAB 8. 答案：January 5：Fixed assets—office furniture 15,000 固定资产 Account payable 15,000 应付账款 July 1 ：Acco