Question 1. Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use? A. The fair presentation concept B. The accruals concept C. The going concern concept D. The business entity concept Question 2. According to the IASBs Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful representation? 1 It is neutral 2 It is relevant 3 It is presented fairly 4 It is free from material error A. 1 and 2 B. 2 and 3 C. 1 and 4 D. 3 and 4 Question 3. Listed below are some characteristics of financial information. 1 Relevance 2 Consistency 3 Faithful representation 4 Accuracy
lOMoARcPSD|7762758 NH câu hỏi on tap- KTTC KTQT Final financial accounting (Trường Đại học Thương mại) Studocu is not sponsored or endorsed by any college or university Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) lOMoARcPSD|7762758 TRƯỜNG ĐẠI HỌC THƯƠNG MẠI NGÂN HÀNG CÂU HỎI ƠN TẬP Học phần: KẾ TỐN TÀI CHÍNH & KẾ TỐN QUẢN TRỊ Bộ mơn: … KẾ TỐN TÀI CHÍNH Số tín chỉ: 3TC Trình độ đào tạo: ĐAI HỌC Thời gian thi: 90 phút ST T Nhó m Câu hỏi 10 TRƯỞNG BỘ MÔN/ TRƯỞNG HỌC PHẦN PGS.TS ĐỒN VÂN ANH Nội dung Câu hỏi ơn tập Chương/Nhó m kiến thức Question 1: What is the accounting equation? Give illustrative example? 11.1 Question 1: What is the format of a long term asset account? Give illustrative example Question 1: What is the format of a revenue account? Give illustrative example of sale of goods Question 1: What is the format of a liability account? Give illustrative example Question 1: What is the format of a capital account? Give illustrative example Question 1: What is the rules of double entry bookkeeping? Give illustrative example of double entry for cash transaction Question 1: What is the rules of double entry bookkeeping? Give illustrative example Question 1: What is the format of an Inventory account? Give illustrative examples of types of inventories Question 1: Illustrating the format of inventory account? Give illustrative examples of ledger entry for the increase of goods Question 1: Illustrating the format of inventory account? Give illustrative examples of ledger entry for the decrease of raw material 11.2 Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 11.3 11.4 11.5 12.1 12.2 13.1 13.2 13.3 lOMoARcPSD|7762758 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Question 1: What is the definition of Inventoies according to IAS 2, Inventories? Give illustrative examples of types of inventories Question 1: How to calculate the cost of sale in the company applying periodic inventory system? Give illustrative examples Question 1: How to calculate the cost of inventory under IAS 2, Inventories? Give illustrative examples Question 1: How to calculate the initial cost of non-current assests under IAS 16, Property, plant and equipment? Give illustrative examples Question 1: Specify what is included in the cost of a non-current asset under IAS 16, Property, plant and equipment? Give illustrative examples Question 1: Identify how to account for non-current assets? Give illustrative examples of ledger entry for the increase of a machine in a manufacturing company Question 1: Illustrating the format of cash account? Give illustrative examples of ledger entry for the decrease of cash Question 1: Illustrating the format of bank account? Question 1: Illustrating the format of trade receivable account? Question 1: How to account trade receivable in trading companies? Question 1: Illustrating the format of trade payable account? Question 1: Illustrating the format of capital account? Question 1: What is the definition of fixed asset according to IAS 16, PPE? Question 1: Illustrating the format of trade payable account? Question 1: What is the definition of intangible assets according to IAS 38, Intangible assets? 13.10 Question 1: 15.1 Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 13.1 13.5 13.6 13.7 13.8 13.9 13.11 13.12 13.13 14.1 14.2 14.3 14.4 14.5 lOMoARcPSD|7762758 27 28 29 30 31 32 33 34 35 36 37 38 39 40 1 2 Illustrating the format of revenue account? Question 1: How to account sale transaction? Question 1: How to account purchase transaction? Question 1: How to account cash transaction? Question 1: How to account machine in manufacturing company? Question 1: How to account long-term liability? Question 1: How to account credit transaction? Question 1: Specify the definition of direct cost and its types Question 1: Specify the definition of direct cost and its types Question 1: What is indirect costs? Question 1: What is fixed costs? Give illustrative examples Question 1: What is variable costs? Give illustrative examples Question 1: What is break even point? Question 1: What is fixed costs? Question 1: What is variable costs? Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Saudi Company (Saudi Co): a) The business began by owning the cash that Saudi (the owner) has put into it, £15,000 cash b) Saudi Co repaid the loan from a bank: £2,000 in cash c) Saudi Co purchased a fix asset from Lunna Company for £20,400, paid by transfer via bank Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 15.2 15.3 15.4 15.5 15.6 15.7 16.1 16.2 16.3 16.4 16.5 17.1 17.2 17.3 21.1 21.2 lOMoARcPSD|7762758 transaction at Elsa Company (Elsa Co): a) The business began by owning the cash that Elsa (the owner) has put into it, £42,000 cash b) Elsa Co purchased a vehicle for cash, at a cost of £25,400 c) Elsa Co purchased license from Link Company, at a cost of £60,500 Elsa is agreed to pay after 30 days Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Henze Company (Henze Co): a) Henze Co bought goods from Julia Co for £2,150 by cash b) Henze Co got a bank loan: £8,650 in credit at bank c) Henze Co settled the trade payable to len Hennry £3,560 by cash at bank 21.3 Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Mechant Company (Mechant Co): a) Mechant Co got a bank loan: £4,500 in cash at bank b) Mechant Co purchased £42,000 worth of vehicle on credit c) Mechant Co bought a van to pick up goods on credit for £4,500 21.4 Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Eward Company (Eward Co): a) Eward Co purchased fix assets at a cost of £4650 Eward Co is agreed to pay after 40 days b) On November, Eward Co bought some goods for £6,320 (credit) c) Eward Co settled the trade payable to len Hollee £2,600 by cash at bank 21.5 Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Nepall Company (Nepall Co): a) The business got the loan from a Bank, £32,000 cash b) Nepall Co paid £950 to the credit supplier c) It bought a machine cost £20,200 in cash 22.1 Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Fish Company (Fish Co): a) Fish Co purchased some fix assets from a trader in the wholesale market, at a cost of £12,550 Fish 22.2 Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) lOMoARcPSD|7762758 Co is agreed to pay after 35 days b) Fish Co got a bank loan: £4,350 in cash at bank c) The owners decided to withdraw £360 for her in cash week's work Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Lecone Company (Lecone Co): a) Lecone Co bought goods from Lepal Company for £1,400 in credit b) Lecone Co paid £600 to a credit supplier c) Lecone Co borrowed £4,200 from bank by cash at bank 22.3 Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Estel Laura Company (Estel Laura Co): a) Estel Laura Co repaid the loan from a bank: £4,300 in cash b) Estel Laura Co bought vehicle costing £12,000 Of these purchases £6750 are paid in cash, with the remaining on seven days' credit c) Estel Laura Co bought some goods for £1,250 (credit) 22.4 10 Question 2: What is the accouting equation? Analyzing the movements in the accounting equation after each following transaction at Chuppy Company (Chuppy Co): a) Chuppy Co got a bank loan: £6,500 in cash at bank b) Chuppy Co bought on credit for £8,300 c) The owners decided to withdraw £360 for her in cash week's work 22.5 11 23.1 12 You are required to calculate the profit after tax of Murad Company for the year ended 31 Dec 20X9, given the following information: $ Sale 850.000 Other income 30.600 Administrative expense 3.100 Trade discount received 1.500 Cost of goods sold 642.000 Trade discount allowed 5.900 Distribution cost 7.500 Income tax rate: 20% You are required to calculate the profit after tax of Gudpee Company for the year ended 31 March 20X9, Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 23.2 lOMoARcPSD|7762758 given the following information: 13 14 15 $ Cash sale 700.000 Credit sales 200.000 Administrative expense 4.000 Cash discount received 900 Cost of good sold 502.000 Cash discount allowed 1.250 Selling expense 7.500 Income tax rate: 20% You are required to calculate the profit after tax of Narch Co for the year ended 31 March 20X9, given the following information: $ Cash sale 360.000 Credit sales 630.000 Other income 11.400 Administrative expense 7.000 Cost of good sold 548.000 Cash discount allowed 1.700 Distribution cost 3.420 Income tax rate: 20% You are required to calculate the profit after tax of Infew Co for the year ended 31 March 20X8, given the following information: $ Cash sale 803.000 Credit sales 648.000 Other income 35.800 Administrative expense 3.700 Trade discount received 1.500 Cost of good sold 642.000 Distribution cost 6.500 Income tax rate: 20% Question 2: You are required to calculate the profit after tax of Phuzzy Timber Merchants for the year ended 31 March 20X8, given the following information: $ Cash sale 810.000 Credit sales 320.000 Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 23.3 24.1 24.2 lOMoARcPSD|7762758 16 17 18 19 Other income 30.800 Administrative expense 5.000 Cash discount received 1.100 Cost of good sold 672.000 Income tax rate: 20% You are required to calculate the profit before tax of Sew Merchants for the year ended 31 March 20X6, given the following information: $ Cash sale 910.000 Credit sales 350.000 Other income 20.800 Administrative expense 5.000 Cash discount received 1.100 Cash discount allowed 2.250 Distribution cost 6.500 You are required to calculate the profit before tax of Gree Co for the year ended 31 March 20X6, given the following information: $ Cash sale 100.000 Credit sales 75.000 Administrative expense 6.200 Cost of good sold 65.000 Cash discount allowed 2.250 Distribution cost 6.500 You are required to calculate the profit before tax of York Company for the year ended 31 Dec 20X6, given the following information: $ Credit sales 215.000 Other income 52.800 Administrative expense 6.200 Trade discount received 3.500 Cost of good sold 85.000 Trade discount allowed 6.000 Distribution cost 8.500 You are required to calculate the profit after tax of Newtown Company for the year ended 31 Dec 20X8, given the following information: $ Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 24.3 24.5 25.1 25.2 lOMoARcPSD|7762758 20 21 22 Sales 135.000 Other income 52.600 Administrative expense 7.200 Cash discount received 1.100 Cost of good sold 85.000 Cash discount allowed 3.250 Distribution cost 5.500 Income tax 20% You are required to calculate the profit after tax of Newtown Company for the year ended 31 Dec 20X8, given the following information: $ Cash sale 90.000 Credit sales 125.000 Other income 52.000 Cost of good sold 105.000 Trade discount allowed 4.000 Distribution cost 6.500 Income tax 25% You are required to calculate the profit after tax of Redflag Company for the year ended 31 Dec 20X8, given the following information: $ Total sale 90.000 Administrative expense 6.500 Cash discount received 3.300 Cost of good sold 105.000 Cash discount allowed 1.250 Distribution cost 5.500 Income tax 25% Question 2: A firm has the following transactions with respect to its product Green Year Opening inventory: nil Buys 15 units at £350 per unit Buys 12 units at £300 per unit Buys units at £250 per unit Sells 15 units at £400 per unit Year Buys 16 units at £250 per unit Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 25.3 25.4 26.1 lOMoARcPSD|7762758 23 24 25 Buys 15 units at £250 per unit Sells 20 units at £500 per unit Requirement Using FIFO, calculate the following for both Year and Year 2: -Closing inventory -Cost of sales Question 2: A firm has the following transactions with respect to its product Year Opening inventory: nil Buys 35 units at £350 per unit Sells units at £450 per unit Buys units at £250 per unit Year Buys 12 units at £250 per unit Sells units at £400 per unit Sells 20 units at £450 per unit Requirement Using FIFO, calculate the following for both Year and Year 2: -Closing inventory Question 2: A firm has the following transactions with respect to its product A Year Opening inventory: nil Buys 15 units at £350 per unit Sells units at £450 per unit Buys 12 units at £300 per unit Year Buys 15 units at £240 per unit Buys 12 units at £250 per unit Sells 25 units at £450 per unit Requirement Using FIFO, calculate the following for both Year and Year 2: -Closing inventory -Cost of sales Question 2: A firm has the following transactions with respect to its product B Year Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 26.2 26.3 26.4 lOMoARcPSD|7762758 35 36 2 Issues July 200 Receipts July 300 22 Issues 14 July 400 Receipts 18 July 100 25 Issues 25 July 100 Note: +Receipts mean goods are received into store +Issues represent the issue of goods from store Requirement How would issues of goods and closing inventory be valued using: AVCO? Question 2: Transactions during July 20X8 at Freeking Ltd: Quantity Unit cost Units 22 Opening balance 100 July Receipts July 400 21 Issues July 100 Receipts July 200 22 Issues 11 July 400 Receipts 18 July 100 25 Issues 20 July 100 Note: +Receipts mean goods are received into store +Issues represent the issue of goods from store Requirement How would issues of goods and closing inventory be valued using: FIFO? Question 2: Transactions during July 20X8 at Greeking Ltd: Quantity Unit cost Units Opening balance 100 22 July Receipts July 400 21 Issues July 100 Receipts July 300 22 Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 6,600 2,500 27.5 Total cost 2,200 8,400 4,400 2,500 27.6 Total cost 2,200 8,400 6,600 lOMoARcPSD|7762758 Issues 11 July Receipts 18 July Issues 20 July Closing balance 31 July 37 38 2 450 100 150 200 25 Note: +Receipts mean goods are received into store +Issues represent the issue of goods from store Requirement How would issues of goods and closing inventory be valued using: AVCO? Question 2: Transactions during July 20X8 at ABC Ltd: Quantity Unit cost Units Opening balance 200 22 July Receipts July 400 21 Issues July 250 Receipts July 300 22 Issues 11 July 350 Receipts 18 July 100 25 Issues 20 July 100 Note: +Receipts mean goods are received into store +Issues represent the issue of goods from store Requirement How would issues of goods and closing inventory be valued using: FIFO? Question 2: Transactions during July 20X8 at Plan Ltd: Quantity Unit cost Units Opening balance 50 22 July Receipts July 400 21 Issues July 200 Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 2,500 27.7 Total cost 4,400 8,400 6,600 2,500 27.8 Total cost 1,100 8,400 lOMoARcPSD|7762758 39 40 2 Receipts July 300 22 Issues 11 July 400 Receipts 18 July 50 25 Issues 20 July 100 Closing balance 31 100 July Note: +Receipts mean goods are received into store +Issues represent the issue of goods from store Requirement How would issues of goods and closing inventory be valued using: AVCO? Question 2: Transactions during July 20X8 at Menaid Ltd: Quantity Unit cost Units Opening balance 100 22 July Receipts July 400 21 Issues July 100 Receipts July 300 22 Issues 11 July 400 Receipts 18 July 100 25 Issues 20 July 200 Note: +Receipts mean goods are received into store +Issues represent the issue of goods from store Requirement How would issues of goods and closing inventory be valued using: FIFO? Question 2: Transactions during July 20X8 at Moud Ltd: Quantity Unit cost Units Opening balance 100 22 July Receipts July 400 22 Issues July 200 Receipts July 300 22 Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 6,600 1,250 27.9 Total cost 2,200 8,400 6,600 2,500 27.10 Total cost 2,200 8,800 6,600 lOMoARcPSD|7762758 Issues 11 July Receipts 18 July Issues 20 July Closing balance 31 July 300 100 200 200 25 2,500 Note: +Receipts mean goods are received into store +Issues represent the issue of goods from store Requirement How would issues of goods and closing inventory be valued using: AVCO? Question 3: A business has the following transactions: a Receive £650 in respect of a cash sale, cost of goods sold: £300 b Pay a rent bill for its showroom totalling £750 cash c Pay £190 cash for goods d Collected £160 from E, a credit customer 31.1 Requirement Record these transactions in the nominal ledger accounts 3 Question 3: A business has the following transactions: a Pay a rent bill for its showroom totalling £850 cash b Pay £200 cash for a van for distribution c Collected £180 from E, a credit customer d Paid rent of £700 for its head quater to landlord C Requirement Record these transactions in the nominal ledger accounts Remember each transaction will be posted twice, in accordance with double entry rules Question 3: A business has the following transactions: a Pay £300 cash for goods b Paid D (a credit supplier) £500 c Collected £280 from M, a credit customer d Paid net wages £3,500 for managers Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 31.2 31.3 lOMoARcPSD|7762758 Requirement Record these transactions in the nominal ledger accounts Remember each transaction will be posted twice, 3 in accordance with double entry rules Question 3: A business has the following transactions: a Receive £450 in respect of a cash sale, cost of goods sold: £180 b Pay a rent bill for its showroom totalling £250 cash c Paid D £360 for goods d Paid net wages £3,500 for managers Requirement Record these transactions in the nominal ledger accounts Remember each transaction will be posted twice, in accordance with double entry rules Question 3: A business has the following transactions: a Receive £350 in respect of a cash sale, cost of goods sold: £280 b Pay a rent bill for its showroom totalling £250 cash c Pay £300 cash for a van for distribution d Paid D (a credit supplier) £400 31.4 31.5 Requirement Record these transactions in the nominal ledger accounts Remember each transaction will be posted twice, in accordance with double entry rules Question 3: A business has the following transactions: a Pay a rent bill for its showroom totalling £250 cash b Pay £210 cash for a van for distribution c Collected £280 from E, a credit customer d Paid rent of £750 for its head quater to landlord G 31.6 Requirement Record these transactions in the nominal ledger accounts Remember each transaction will be posted twice, in accordance with double entry rules Question 3: A business has the following transactions: Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 31.7 lOMoARcPSD|7762758 a b c d Receive £350 in respect of a cash sale, cost of goods sold: £190 Pay £250 cash for a van for distribution Paid D (a credit supplier) £350 Collected £210 from E, a credit customer Requirement Record these transactions in the nominal ledger accounts Remember each transaction will be posted twice, in accordance with double entry rules Question 3: A business has the following transactions: a Receive £350 in respect of a cash sale, cost of goods sold: £160 b Pay £320 cash for a van for distribution c Paid net wages £4,500 for managers d Paid rent of £800 for its head quater to landlord F 31.8 Requirement Record these transactions in the nominal ledger accounts Remember each transaction will be posted twice, 10 3 in accordance with double entry rules Question 3: A business has the following transactions: a Receive £350 in respect of a cash sale, cost of goods sold: £280 b Pay a rent bill for its showroom totalling £250 cash c Paid net wages £4,500 for managers d Paid rent of £750 for its head quater to landlord G Requirement Record these transactions in the nominal ledger accounts Remember each transaction will be posted twice, in accordance with double entry rules Question 3: A business has the following transactions: a Receive £350 in respect of a cash sale, cost of goods sold: £160 b Pay £210 cash for goods c Paid net wages £4,500 for managers d Paid rent of £750 for its head quater to landlord G Requirement Downloaded by Th?y Tr?n (tranthuy10112002@gmail.com) 31.9 31.10 ... raw material 11 .2 Downloaded by Th?y Tr?n (tranthuy101 120 02@ gmail.com) 11.3 11.4 11.5 12. 1 12. 2 13.1 13 .2 13.3 lOMoARcPSD|77 627 58 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Question 1: What... ended 31 Dec 20 X8, given the following information: $ Downloaded by Th?y Tr?n (tranthuy101 120 02@ gmail.com) 24 .3 24 .5 25 .1 25 .2 lOMoARcPSD|77 627 58 20 21 22 Sales 135.000 Other income 52. 600 Administrative... Tr?n (tranthuy101 120 02@ gmail.com) 6,600 2, 500 27 .5 Total cost 2, 200 8,400 4,400 2, 500 27 .6 Total cost 2, 200 8,400 6,600 lOMoARcPSD|77 627 58 Issues 11 July Receipts 18 July Issues 20 July Closing