Tổng hợp các câu hỏi trắc nghiệm và đáp án thường thấy trong các đề kiểm tra giữ kỳ và kết thúc học phần của bộ môn Financial and Accounting 1 tại Đại học UEH. Câu hỏi bài tập sẽ có lời giải chi tiết.
1 Current assets include cash and all other assets expected to become cash or be consumed: Within one year or one operating cycle, whichever is longer The allowance for uncollectible accounts is a:Contra asset account The net assets of a corporation are equal to:Shareholders’ equity Which of the following transactions has no effect on the profit presented in the income statement for the period? Paying dividends to shareholders Cash flows from investing activities not include:Proceeds from issuing bonds In a perpetual inventory system, the cost of inventory sold: Debited to cost of goods sold When a company purchases inventory on credit:Its quick ratio decreases Which of the following is not true about net operating cash flow?It is a measure used in accrual accounting and is recognized as the best predictor of future operating cash flow What is the effect on each of the following accounts of the collection of an account previously written off?Allowance for uncollectible accounts: unchanged: Accounts Receivable: unchanged -> DR 111,112/CR 711 10 Adjustment entries before closing the income statement are made based on which accounting principle:Matching 11 In case of liquidation of fixed assets that are still of use value and cash collection, the following accounts shall be recorded:Increase income, increase costs 12 If a company has gone bankrupt, its financial statements likely violate: The going concern assumption 13 Inventory does not include: Equipment used in the manufacturing of assets for sale 14 Rent collected in advance is:A liability account in the statement of financial position 15 The difference between single-step and multiple-step income statements is primarily an issue of: Reporting (presenting) 16 In comparing the direct method with the indirect method of preparing the statement of cash flows: Only operating activities are presented differently 17 A company reported cost of goods sold of $2,000,000 this year The inventory account increased by $200,000 during the year to an ending balance of $400,000 What was the cost of merchandise that the company purchased during the year?$2,200,000 (2,000,000+200,000) 18 Inventory was acquired in 2013 at a cost of $40,000 A qualified appraiser placed its value at $48,000, and a recent firm offer for the inventory was for a cash payment of $46,000 The inventory should be reported in the financial statements at: $40,000 (the of cost and NRV) 19 Accounts receivable are normally reported at the: Net amount to be received 20 At the beginning of October, the company shipped out the shipment for sale with a total selling price of VND 100,000,000 Due to a promotion program, the company offers customers a maintenance voucher with a period of 12 months from the beginning of October Knowing this maintenance service has a reasonable value of VND 1,200,000 On the year-end income statement, revenue from sales and services is present in the amount (unit: VND): 99.110,672 (= 98,814,229 + 1,185,770*3/12) ● ALLOCATE: 100,000,000 ● 101,200,000 250/253 % 98,814,229 1,200,000 3/253 % 100 % 100,000,000 1,185,770 21 Time of reversal of provision for impairment of Inventories: At the end of the accounting period when preparing the financial statements 22 Revenue should not be recognized until: The risks and rewards of ownership have transferred from seller to buyer 23 An asset that is not expected to be converted to cash or consumed within one year or the operating cycle is: Goodwill 24 Company X has determined its year-end inventory on a FIFO basis to be $600,000 at cost Information pertaining to that inventory is as follows: Selling price: $620,000; Disposal costs: 30,000 What should be presented as this company inventory on the Statement of Financial position? $590,000 (the of cost and NRV) 25 Which of the following is NOT part of the Income statement:Prepaid expenses 26 Under VAS, operating cash flows would include: Interest paid 27 Accrued expenses: Result from services received before payment 28 Which of the following defines “liabilities”?Present obligation that is expected to result in an outflow of economic benefits 29 At the end of the financial year, the company has a bond payable of VND 1,000,000,000 with a term of years The bonds are paid periodically each year in equal amounts and the first payment is due at the end of March of the following year Information on payable bonds is presented in the statement of financial position as follows (unit: thousand dong): Short-term liabilities: 200,000 and Long-term liabilities: 800,000 VND 30 Balance at the beginning of the period: cost of goods A: 100 unit * 100,000 VND, provision has been made for 100 unit * 30,000 VND/ unit In the period the enterprise sells 60 unit, unit price is 80,000 VND (0% VAT), at the time of sale, accountants determine cost and revenue, respectively: 6,000,000; 4,800,000 VND (provision of inventory not effect on selling) 31 Schneider Ltd had salaries payable of $60,000 and $90,000 at the end of 2012 and 2013, respectively During 2013, Schneider recorded $620,000 in salary expenses in its income statement Cash outflows for salaries in 2013 were: $590,000 (=620-(90-60)) 32 The enterprise liquidated one production equipment with the original cost of 164,000,000 VND, accumulated depreciation is 153,000,000 VND Income from selling this equipment in the form of scrap is collected in cash 2,500,000 VND Accountants record this entry as follows (unit: thousand dong): Dr 811: 11,000, Dr 214: 153,000/ Cr 211: 164,000 and Dr 111:2,500/ Cr 711:2,500 33 Office equipment has original cost of 170,000,000 VND, accumulated depreciation is 34,000,000 VND So, information about office equipment on the Financial Statement is presented as follows: Tangible fixed assets: VND 136,000,000.- Cost: 170,000,000 VND, - Accumulated depreciation: (34,000,000 VND) 34 During the year, company K wrote off bad debts of 4,000 Before this entry, the balance of accounts receivable from customers was 50,000 and the balance of provision account for bad debts was 4,500.net bad debts after write-off of receivables is: 45,500 (write off not effect on bad debt expense) 35 In the Statement of Financial Position at the end of its first year of operations, Company D reported an allowance for uncollectible accounts of $82,000 During the year, Company D wrote off $32,000 of accounts receivable they had attempted to collect and failed Credit sales for the year were $2.200,000, and cash collections from credit customers totaled $1.950,000 What bad debt expense would company D report in its first-year Statement of Profit or Loss? $114,000 (82+32) 36 At the end of the year, the accountant determines the amount of bad debts that need to be made provision to be 30 million dong, knowing the opening balance of account 2293 is 10 million dong, the following accounts shall be recorded: Dr 642/Cr 2293 20 million dong 37 Telcoba Ltd's trial balance included the following account balances at December 31, 2019: Accounts receivable: $10,000: Inventories 40,000; Patent: 12.000; Investments: 30,000; Prepaid insurance: 6,000; Note receivable, due 2022:50,000 Investments consist of treasury bills that were purchased in December and mature in next February Prepaid insurance is for the next two years What amount should be included in the current asset section of Telcoba's December 31, 2019, statement of financial position? $83,000 38 At the end of June, the company shipped 12,000,000 worth of tools to the management department with an estimated useful life of 12 months Recorded accounting (accounting period calculated according to the calendar year): Dr 242: 12,000,000/ Cr 153: 12,000,000 and at the end of amortization period Dr 642: 6,000,000 / Cr 242: 6,000,000 39 At the end of the month, the accountant gathers the cost of significant repairs Fixed assets at the sales department include: materials used: 500,000 Cash spent: 1.100.000 (including 10% VAT) The repair has not been completed, the accountant records (unit: thousand dong): Dr 2413: 1.500, Dr 133: 100/Cr 152: 500, Cr 111: 1,100 40 How many sub-statements does a typical financial statement have?4 (Financial position, income statement, notes and cash flow) 41 Who are the main users of the financial accouting information?extenal (investor, creditor, author, customer, ) 42 Which statement shows how a company uses money? cash flow statement 43 Managers only uses managerial accounting information for running their businesses -> No (FALSE) 44 Which circular could be applied for all kinds of companies? Cir 200 45 Balance sheet is the another name of: Statement of financial position 46 Which statement shows how a company earns money? Income statement 47 Which documents are applied only for Small and Medium enterprises? Cir 133 48 Financial statements are prepared by: Accounting department 49 Which statements show financial situation of a company: all the financial statement 50 Which legal documents could be applied for all kinds of companies? ALL (Cir 200, Vas, accounting law) 51 Liquidity refers to: The readliness of asset to be converted to cash 52 Intangible assets usually are reported in the statement of financial position as current assets: FALSE 53 The ultimate responsibility for the financial statements lies with the auditors: FALSE 54 Which is the shareholders' equity account in the statement of financial position? Issued capital 55 Long – term assets include machinery, equipment and inventories: False 56 All current assets are either cash or assets that will be converted into cash or consumed within twelve months or operating cycle, if that is longer than one year -> TRUE 57 The statement of financial position reports a company’s financial position at a point in time-> TRUE 58 Assets not include: Issued capital 59 Accrued salaries and wages in a statement of financial position represent salary and wages that have been earned by employees but not yet paid -> TRUE 60 Cash equivalents would include Cash which is not available for current operations -> FALSE 61 Prepaid expenses are classified as current assets if the services purchased are expected to expire within twelve months or the operating cycle, if that is longer -> TRUE 62 The balance of net receivables represents the amount expected to be collected -> TRUE 63 The statement of financial position reports: Assets and equities at a point in time 64 Why many Income statements distinguish between Revenue and Other Incomes (Gains)? Help analysts better predict the future cash-flows 65 On the SCF, Cash received from sales of products to customers is reported as: Cash flows from operating activities 66 There are two methods for reporting operating activities: Indirect and Direct 67 A practice which a company pursuing its distributors to purchase more of its product than necessary near the end of a reporting period is called:Channel stuffing 68 What is the purpose of the statement of cashflows? To summarize the cash inflows and cash outflows in a period 69 On the SCF, Cash received from the capital contribution is reported as: Cash flows from financing activities 70 Cash flows are classified into sections on the Statement of Cashflows These sections are: Operating, Investing, Financing activities 71 What is the purpose of the income statement? To summarize the profit-generating activities occurring in a period 72 What is the purpose of the Statement of Cash flows? Provide relevant information about the amount of cash and cash equivalents which are received and paid for a period of time 73 On the SCF, Cash received from sales of long-term assets used in the business is reported as: Cash flows from investing activities 74 A manufacturing company sells its product (which costs 60 millions VND) to a customer for 100 millions VND cash The amount of 100 millions VND is classified as: REVENUE 75 A manufacturing company sells its product (which costs 60 millions VND) to a customer for 100 millions VND cash The amount of 60 millions VND is classified as: Expenses 76 Matching principle influences revenue the most 77 Revenue is: Economic interests that a company earns during a period 78 In the income statement, revenue is measured by: Unit of currency 79 Which documents affect service revenue in Vietnam: VAS 14 80 Which documents affect revenue in Vietnam: VAS 14, VAS 15, CIR 200 81 Customer loyalty program requires company to: Deferred revenue to a later period 82 ROA is calculated by: Returns divided by Average balance of assets 83 Unit of turnover is: NUMBER OF TIME 84 Another name of return: profit 85 Why should we use the average of Equity when calculating ROE? In order to make equity best fit to returns 86 In a good system of internal control, the person who initiates a transaction should be allowed to effectively control the processing of the transaction through its final inclusion in the accounting records -> FALSE 87 Which of the following does not change the balance in accounts receivables? BAD DEBT EXPENSE, RECOVERY 88 The allowance for uncollectible account is a: Contra asset account 89 A Company should provide for bad debts on an accounts receivable balance when it is portable that the account receivable balance has been uncollectible 90 The receivables turnover ratio provides a way for an analyst to assess the effectiveness of a company in managing its investment in receivables -> FALSE 91 From a financial accounting perspective, the main purposes of a system of internal control are to improve the accuracy and reliability of accounting information to safeguard assets 92 Cash may not include: Restricted cash 93 Cash equivalents would include Cash which not available for current operations: FALSE 94 Cash equivalents would include investments in marketable equity securities as long as management intends to sell the securities in the next three months: FALSE 95 VAS allows an overdraft in a cash account at one bank to be offset against a positive balance in the account at another bank for purposes of reporting cash on the company’s Statement of Financial Position: FALSE 96 Account receivable are normally reported at the: net amount to be received 97 Account 152 is used to record: in-stock materials 98 We _ inventories accounts when receiving trade discounts: credit 99 A set of tools are issued from the warehouse to be used up in accounting period for administrative operation Journal entry for this transaction is: DR 642/CR 153 100 Which cost should be excluded from Inventory? Freight-out (distribution cost) 101 Inventories includes: Goods used for sales /Partially finished goods waiting for completion and eventually sale / Materials used in production process 102 We _ inventories accounts when returning goods to the supplier: CREDIT 103 A set of tools are issued from the warehouse to be used in accounting periods for administrative operation Journal entry for this transaction is: DR 242/CR 153 104 Account 151 is used to record: Goods in transit at the end of the month 105 We _ inventories accounts when receiving goods: DEBIT 106 Accounts used to record cost of manufacturing inventories are: 621,622,627,154,155 107 ABC company ships $10,000 of merchandise to XYZ company on November 28 and the merchandise arrives at XYZ's warehouse on December Shipping terms state that XYZ takes on ownership of the merchandise as soon as they leave ABC's shipping dock XYZ should record an inventory on: NOVEMBER 28 108 ABC ships $10,000 of merchandise to XYZ on November 28 and the merchandise arrives at XYZ's warehouse on December Shipping term states that ownership transfer to the buyer as soon as the shipment arrives at the buyer XYZ should record an inventory on: DECEMBER 109 ABC ships $10,000 of merchandise to XYZ on November 28 and the merchandise arrives at XYZ's warehouse on December Shipping term states that ownership transfer to the buyer as soon as the shipment arrives at the buyer On November 28, XYZ should record this merchandise as: XYZ should not record until the shipment arrives 110 A company should provide for bad debts on an accounts receivable balance when it is probable that the accounts receivable balance has been uncollectible: FALSE 111 The balance of net receivables represents the amount expected to be collected: TRUE 112 What differentiate the International standards from VAS in accounting method for property, plant and equipment? · Under international standards both the cost model and revaluation model are allowed · Under international standards, tests for impairment when events or changes in circumstances indicate that book value may not be recoverable · Both are correct 113 Any change in depreciation method or depreciation estimation should be applied: prospectively 114 How the cash flows of a company is affected by the depreciation of an fixed asset which is used for administrative purposes? Asset decrease, expense increase 115 How the financial status of a company is affected by the depreciation of an fixed asset which is used for administrative purpose? Asset decrease, expense increase 116 Under VN regulation, Account 214 ending balance shows: accumulated depreciation 117 Under VAS, which asset should not be depreciated/ amortized? Permanent land use right 118 Which depreciation method is based on activity level of fixed asset? Units – of – production 119 Which time-based depreciation method results in greater amounts in the early years and less each succeeding year of the asset’s life? Declining balance 120 Which depreciation method results in the same amount of depreciation in each year of the asset’s life? Straight line 121 Under VAS, which depreciation method is not allowed? Sum of the year digits 122 Under VAS, the total amount which should be depreciated during useful life of an asset is: cost less (-)residual value at the end of its useful life 123 Depreciation, depletion and amortization are cost allocation processes 124 Subsequent expenditures should be capitalized in the value of a fixed asset when It is probable that the expenditures increase the future economic benefit of the asset 125 Expenditures which are incurred after a fixed asset is recognized in the financial statement (called “subsequent expenditures”) are always capitalized in the value of the asset? FALSE 126 Donated assets are recorded at: fair value 127 Tangible fixed assets exclude: patent 128 The initial cost of property, plant, and equipment includes all the identifiable expenditures necessary to bring the asset to its desired condition and location for use TRUE 129 Property, plant, and equipment and intangible assets are long – term, revenue producing assets TRUE 130 Property, plant, and equipment, investment property and intangible assets are: long term revenue-producing assets 131 The fixed- assets turnover ratio provides: the amount of sales generated per dollar of fixed assets 132 When selling fixed assets funded by long-term loans, the remaining value of fixed assets will be subtracted from the original loans FALSE 133 Under VAS, development expenditures are capitalized if certain criteria are met 134 On the statement of financial position, section “fixed assets” excludes : Inventories 135 The cost of repairing tangible fixed assets for sale, knowing that these assets were previously used for business activities, is recorded into the account: 811 136 Accrued salaries and wages in a statement of financial position represent salary and wages that have been earned by employees but not yet paid TRUE 137 The statement of financial position reports: assets and equities at a point in time 138 The ultimate responsibility for the financial statements lies with the auditors FALSE 139 Assets not include: investments 140 Which is a shareholders’ equity account in the statement of financial position? Issued capital 141 Intangible assets usually are reported in the statement of financial position as current assets: FALSE 142 Long- term assets include machinery, equipment and inventories FALSE 143 145 The statement of financial position reports a company’s financial position at a point in time TRUE 144 All current assets are either cash or assets that will be converted into cash or consumed within twelve months or the operating cycle, if that is longer than one year TRUE 145 Assets not include: Issued capital 146 Cash equivalents would include Cash which is not available for current operations: FALSE 147 Intangible assets usually are reported in the statement of financial position as current assetsL TRUE 148 Which is a shareholders’ equity account in the statement of financial position? Dividends payable 149 Assets acquired a lump sum purchased are valued based on: The relative fair value 150 rent collected in advance is an asset: a liability account in the SoFP 151 In the DuPont formula, return on asset equal: Profit margin on sales x Assets turnover 152 Cost of inventories equal : plus freight in, less purchase discount 153 For a typical manufacturing, the most common critical point for recognizing revenue on the date is: the product is delivered 154 when receiving the seller’s invoice of rebate of purchase goods in stock, the buyer record: Dr 331/ Cr 156, Cr 133 155 The ending balance of account 1381 will be presented in the SoFP in which items: shortage of assets awaiting resolution 156 The equity of the business will be reduced when: distributed profit by cash 157 The enterprise buys used fixed assets, the agreed purchase price is 200 ml, VAT 10% is deducted paid by cash bank Assume TSCĐ have a useful life of 10 years, depreciation 10% The initial cost of this asset is: 200 ml 158 The item “Long term spare parts equipment” in the SoFP is presented in: noncurrent assets 159 The item inventories (code 141) on the SoFP, reflects the value if inventory according to: original cost 160 if the provision of inventories to be made at the end of accounting period is larger than the provision for devaluation of inventories recorded at the opening thí period: Dr 632 /Cr 2294 161 The enterprise buys a fax machine used at the management department with a value of 30 ml, estimated to be used for years The machine will be recorded on: Ac 211 162 VAS 01 can be used in place of specific accounting standards: FALSE 163 The monthly depreciation of a fixed asset for the selling department is 65,500,000 Thí asset is formed from the owner's equity Double entry: DR 641/ CR 214 164 “Undistributed profit after tax” reflects the amount of profit or loss after tax that has not been finalized or not distributed at the reporting time 165 The buyer will record the missing goods for unknown reason when purchasing goods by the method of receiving goods at the seller;s warehouse to the account: Acc 138 166 The enterprise receives a fixed asset with a purchase price of 100 ml VND before tax, 10% VAT (deductible), paid by cash bank The asset is financed from long term loans Accountants record : Dr 211=100, Dr 133=10/Cr 112= 110 167 Basis accounting principles include: accrual basis, going concern, historical cost, matching, consistency, prudence, materiality 168 After removing a part of the production line, it will reduce the output as well as the future performance of this line -> reduce initial of fixed asset 169 According vas 14, revenue from service provision is recognized when bla bla how many conditions are satisfied? 170 The buyer will record the missing goods for unknown reason when purchasing goods by the method of CIF to the account: no recording 171 Depreciation of fixed assets used for the selling department will affect : Net operating profit (or loss) 172 Trade discount -> Revenue deductions 173 Revenue on the IS includes : revenue from sales, financial income, revenue from service provision 174 when classifying financial statements according to the reporting time, they can classify into: annual, interim, special case 175 NOT part the income statement: Undistributed after tax profit (Retained earnings) Note: ➔ ➔ ➔ ➔ ➔ ● Cách xác định nguyên tắc: Liên quan tới revenue, expense: matching Liên quan tới allowance, provision : Prudence Liên quan tới at the time of lập giao dịch: accrual liên quan tới lựa chọn sách kế tốn, phương pháp tính thay đổi sách: quán consistently Liên quan tới độ quan trọng lớn nhỏ thông tin: trọng yếu (materiality) Vd: việc lập dự phòng khoản phải thu: nguyên tắc prudence, nguyên tắc phụ matching (vì có liên quan tới chi phí) Có loại accounting: financial accounting management accounting ● FA: internal external (tập trung chủ yếu vào external) ● MA: internal Luật pháp VN kế toán theo thứ tự thấp dần: Law -> Standards -> regime -> circular Law: cao nhất, tảng foundation cho standards regime Hướng dẫn lập BCTC: Cir.200 Chế độ kế toán dành cho MỌI DN: cir.202 Chế độ kế toán cho DN NHỎ VÀ VỪA: cir.133 nguyên tắc: accrual, going concern, cost, matching, consistence, prudence, materiality -> using for recording BCTC bắt buộc phải thỏa mãn yêu cầu sau: Faithful relevance verifiable, understandable, timeliness consistency, comparable VAS income statement: Revenues A sales deductions B Net revenues C =A-B Cost of sales D Gross profit E=C-D Financial income F Financial expenses G in which, financial H interest Selling E I G&A J Net operating profit K=E+F-G-I-J (excluded H) other income L other E M results activities of Accounting Before tax other N=L-M profit O=K+N CIT P=O x tax rate (20%) Net income =O-P Income Statement: summarize the profit - generating during period Cash flow statement: the cash receipts and cash disbursements during period -> hai giúp đánh giá khả sinh lời công ty, liệu cơng ty có đủ tiền để trả cho khơng IS có thu nhập từ hoạt động: HĐ thường xun (bán hàng dịch vụ+hđ tài chính, ): có khả kinh tế future ; Hđ bất thường (lâu lâu xảy ra): economic benefit short time Dividends : financing activities Nguyên tắc ghi nhận REVENUE: Sales for goods, service: VAS 14, Construction: VAS 15 Đối với sales goods: có điều kiện cần thỏa mãn, chuyển giao quyền sở hữu rủi ro quan trọng Các trường hợp đặc biệt ghi nhận dthu, để ý: quyền sở hữu rủi ro, cơng việc hồn thành ghi nhận nhiêu, mua hàng khuyến mãi, tặng kèm hay khách hàng truyền thống Tài khoản 131: Debit: trade receivable (current assets), credit: prepaid expense (liability) Chiết khấu tốn (khi trả tiền đc giảm): 635 ; chiết khấu thương mại (cost deductions): 521 Internal control: who handle cash not be involved or have access to record all expenditures should be approved by authorized Hạn chế trả tiền = 111, nên sd 112 định kỳ so sánh số dư sổ sách thực tế Nguyên giá = cost + chi phí có liên quan tới việc mua hàng hóa - deduction - - Kế tốn TSCĐ: dùng VAS 03 04 Các hoạt động mua bán TSCĐ với mục đích dành cho quỹ phúc lợi (welfare fund) (khơng dùng vào HĐKD) khơng khấu trừ thuế GTGT mà gộp thuế GTGT vào nguyên giá VN dùng pp khấu hao: straight-line, declining balance, component (không đc dùng sum of the year’s digits) Tiền thuê đất phân bổ dần vào chi phí kinh doanh 62*, 64* KHƠNG ghi nhận TSCĐ vơ hình Chi phí phát sinh đem lại lợi ích ghi nhận chi phí SXKD kỳ phân bổ dần thời gian tối đa KHÔNG QUÁ NĂM - Phát thiếu TSCĐ xử lý khơng sử dụng acc 1381 Thuế GTGT khơng tính đất Inventory: VAS 02 Inventory tính theo original cost trình bày BCTC theo giá thấp original cost NRV FIFO: giá tăng giá trị HTK cuối kỳ > PP average-cost => the average-cost results in lower income taxes (lower net income) during time of rising prices inventory error COGS net income understates beginning inv understated overstated overstates beginning inv overstated understated understates ending inv overstated understated overstates ending inv understated overstated Khấu hao = (cost - giá trị lý)/ useful life ... entry as follows (unit: thousand dong): Dr 811 : 11 ,000, Dr 214 : 15 3,000/ Cr 211 : 16 4,000 and Dr 11 1:2,500/ Cr 711 :2,500 33 Office equipment has original cost of 17 0,000,000 VND, accumulated depreciation... 500,000 Cash spent: 1. 100.000 (including 10 % VAT) The repair has not been completed, the accountant records (unit: thousand dong): Dr 2 413 : 1. 500, Dr 13 3: 10 0/Cr 15 2: 500, Cr 11 1: 1, 100 40 How many... purchase price of 10 0 ml VND before tax, 10 % VAT (deductible), paid by cash bank The asset is financed from long term loans Accountants record : Dr 211 =10 0, Dr 13 3 =10 /Cr 11 2= 11 0 16 7 Basis accounting