Tổng Hợp Đề Ôn Thi Kế Toán Quốc Tế 1 - Có Đáp Án Chi Tiết
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Which of the following items are assets of Minh Stores?
(a) Cash.
(b) Accounts payable.
(c) Owner's drawings.
(d) Accounts receivable.
(e) Supplies.
(f) Equipment.
(g) Salaries and wages payable.
(h) Service revenue.
(i) Rent expense.
a, b, d
b, g
a, d, e, f
g, h
Which ONE of the following statements describes faithful representation, a qualitative characteristic of faithful representation?
Revenue earned must be matched against the expenditure incurred in earning it.
Revenue earned must be matched against the expenditure incurred in earning it.
The presentation and classification of items in the financial statements should stay the same from one period to the next.
Financial information should be complete, neutral and free from error
Which of the following would be recorded in the sales day book?
Discounts allowed
Sales invoices
Credit notes received
Trade discounts
Which one of the following statements best describes the purpose of a goods despatched note (delivery note)?
It is issued by a customer returning faulty goods to their supplier
It is issued by a customer to their supplier and specifies the quantity and type of goods they require to be despatched
It is issued by a supplier to their customer and specifies the quantity and type of goods delivered to that customer
It is issued by a supplier to their customer and specifies what goods will be provided to them at a specified future date
The purchase price of a software that will be used for more than 12 months should be regarded as:
a revenue expenditure
a capital expenditure
a long term expense
an accounting period expense
Which of the following statements is false?
If an intangible asset has a finite life, it should be amortized
The amortization period of an intangible asset can exceed 20 years.
Goodwill is recorded only when a business is purchased.
Research and development costs are expensed when incurred, except when the research and development expenditures result in a successful patent.
Additions to plant assets are:
revenue expenditures.
debited to the Maintenance and Repairs Expense account.
debited to the Purchases account.
capital expenditures.
How are intangible assets disclosed in the statement of financial position?
Cost only without any recognition of amortisation or impairment
Cost or valuation - amortisation - impairment = Carrying amount
The amortisation amount only
At the disposal proceeds value
NRV or net realizable value of inventory is the expected selling price or market value less:
Carry value of the inventory
Expenses necessary to complete sale
Cost of the stock
Replacement cost
Indicate the effects INCREASE in the accounting equation from the following transactions:
a. Owner invested cash in the business.
b. Performed services for cash.
c. Purchased equipment by signing a note payable.
(a)
(a), (b)
(b), (c)
(a), (b), (c)
In which book of prime entry would discounts received be recorded?
Cash received book
Cash payments book
Sales day book
Purchases day book
Oscar runs a sole trader business selling computers. On 12 January 20X7, he employed his daughter as an administrator for the business and took a computer from the store room for her to use in the office.
What is the double entry for this transaction?
Dr Drawings Cr Cost of sales
Dr Non-current assets Cr Cost of sales
Dr Cost of sales Cr Drawings
Dr Cost of sales Cr Non-current assets
During 2012, H Company's assets decreased $50,000 and its liabilities decreased $90,000. Its owner's equity therefore:
Increased $40,000
Decreased $140,000.
Decreased $40,000
Increased $140,000.
A company purchased a new machine for $500,000 and machine's test run was started to make sure that machine works properly. There was expense of $5000 incurred on test run, however the sale proceeds of test production were $2000. You are required to find out the total cost of machine?
$500,000
$505,000
$503,000
$495,000
A company purchased a vehicle for $6000. I will be used for 5 years and its residual value is expected to be $1000. What is the annual amount of deprecation using straight line method of depreciation?.
$1,000
$2,000
$3,000
$3,300
Performing services on account will have the following effects on the components of the basic accounting equation:
Increase assets and decrease owner's equity.
Increase assets and increase owner's equity.
Increase assets and increase liabilities.
Increase liabilities and increase owner's equity.
Which of the following statements about users of accounting information is INCORRECT?
Management is an internal user
Taxing authorities are external users
Present creditors are external users
Regulatory authorities are internal users
Under which method of depreciation the amount of depreciation expenses remains constant throughout the useful life of a fixed asset?
Reducing balance method
Unit of activity method
Straight line method
None of these
Andrea started a taxi business by transferring her car, at a value of $5,000, into the business.
What accounting entries are required to record this transaction?
Dr Capital $5,000, Cr Car $5,000
Dr Car $5,000, Cr Drawings $5,000
Dr Car $5,000, Cr Capital $5,000
Dr Drawing $5,000 Cr Car $5,000
On the last day of the period, ABC Company buys a $900 machine on credit. This transaction will affect the:
Income statement only.
Statement of financial position only.
Income statement and statement of changes in equity only.
Income statement, statement of changes in equity, and statement of financial position.
Which of the following statements about the treatment of inventory and work in polo dang progress in financial statements are correct?
(1) Inventory should be valued at the lower of cost, net realisable value and replacement cost.
(2) In valuing work in progress, materials costs, labour costs and variable and fixed production overheads must be included.
(3) Inventory items can be valued using either first in, first out (FIFO) or weighted average cost.
(4) An entity's financial statements must disclose the accounting policies used in measuring inventories.
All four statements are correct
(1), (2) and (3) only are correct
(2), (3) and (4) only are correct
(1) and (4) only are correct
A fixed asset having book value of $2000 was sold for $1500. Which of the following is the gain or loss on the sale of fixed asset?
$500 gain
$1500 loss
$500 loss
$1000 gain
Financial statements mainly help in
Assumption of economic events
Anticipation of economic events
Recording of economic events
Communication of economic events
Which one of the following items should be accounted for as capital expenditure?
The cost of painting a building
The replacement of broken windows in a building
The purchase of a car by a car dealer for re-sale
Legal fees incurred on the purchase of a building
In preparing its financial statements for the current year, a company's closing inventory was understated by $300,000.
What will be the effect of this error if it remains uncorrected?
The current year's profit will be overstated and next year's profit will be understated
The current year's profit will be understated but there will be no effect on next year's profit
The current year's profit will be understated and next year's profit will be overstated
The current year's profit will be overstated but there will be no effect on next year's profit.
An inventory record card shows the following details.
February 1 50 units in stock at a cost of $40 per unit
7 100 units purchased at a cost of $45 per unit
14 80 units sold
21 50 units purchased at a cost of $50 per unit
28 60 units sold
What is the value of inventory at 28 February using the FIFO method?
$2,450
$2,700
$2,950
$3,000
Which of the following statements about a journal is false?
It is not a book of original entry
It provides a chronological record of transactions
It helps to locate errors because the debit and credit amounts for each entry can be readily compared
It discloses in one place the complete effect of a transaction
The double-entry system of bookkeeping normally results in which of the following balances on the ledger accounts?
Debit balances: Assets and revenues/ Credit balances: Liabilities, capital and expenses
Debit balances: Revenues, capital and liabilities/ Credit balances: Assets and expenses
Debit balances: Assets and expenses/ Credit balances: Liabilities, capital and revenues
Debit balances: Assets, expenses and capital/ Credit balances: Liabilities and revenues
Martha Beyerlein Company incurred $150,000 of research and development costs in its laboratory to develop a patent granted on January 2, 2012. On July 31, 2012, Beyerlein paid $35,000 for legal fees in a successful defense of the patent. The total amount debited to Patents through July 31, 2012, should be:
$150,000
$35,000.
$185,000
$170,000.
Book value of a fixed asset equals to market value or sale proceeds of a fixed asset if:
Gain on sale=0
Loss on sale=0
Gain or loss on sale=0
Gain> loss on sale
Which pair of the following items would appear on the same side of the trial balance?
Drawings and accruals
Carriage outwards and prepayments
Carriage inwards and rental income
Opening inventory and purchase returns
Which of the following is a double entry for depreciation expenses?
Accumulated depreciation debit and depreciation expenses Credit
Depreciation expenses Debit and accumulated depreciation Credit
Cash Debit and depreciation expenses Credit
Depreciation expenses Debit and cash Credit
In which book of prime entry would a business record the part-exchange value received for a vehicle traded in when purchasing a new vehicle?
The sales daybook
The cash payments book
The journal
The non-current asset register
Which of the following is NOT an example of intangible assets?
Franchise rights
Goodwill
Patents
Land
Which one of the following assets may be classified as a receivable in the financial statements of a business?
A tax refund due next year
A motor vehicle held for resale
A computer used in the office
Cleaning products used to clean the office floors
The inventory value for the financial statements of Global Co for the year ended 30 June 20X3 was based on a inventory count on 7 July 20X3, which gave a total inventory value of $950,000. Between 30 June and 7 July 20X6, the following transactions took place.
$
Purchase of goods 11,750
Sale of goods (mark up on cost at 15%) 14,950
Goods returned by Global Co to supplier 1,500
What figure should be included in the financial statements for inventories at 30 June 20X3?
$952,750
$949,750
$926,750
$958,950
Presented below is selected information related to Lance Company at December 31, 2012. Lance reports financial information monthly.
Accounts Payable $ 3,000
Salaries and Wages Expense $16,500
Cash 4,500
Notes Payable 25,000
Advertising Expense 6,000
Rent Expense 10,500
Service Revenue 51,500
Accounts Receivable 13,500
Equipment 29,000
Owner's Drawings 7,500
Determine the total assets of Lance Company at December 31, 2012?
$47,000
$33,500
$4,500
$29,000
Which of the following best explains what is meant by 'capital expenditure'?
Expenditure on non-current assets, including repairs and maintenance
Expenditure on expensive assets
Expenditure relating to the issue of share capital
Expenditure relating to the acquisition or improvement of non-current assets
Which one of the following statements best explains the sales account?
It is credited with the total of sales made, including sales tax
It is credited with the total of sales made, excluding sales tax
It is credited with the total purchases made, including sales tax
It is credited with the total expenses, excluding sales tax
Schopenhauer Company exchanged an old machine, with a book value of $39,000 and a fair value of $35,000, and paid $10,000 cash for a similar new machine. The transaction has commercial substance. At what amount should the machine acquired in the exchange be recorded on Schopenhauer's books?
$45,000.
$46,000.
$49,000.
$50,000.
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