QUIZ KTQTe T NG H P [PDF]

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TOPIC 1: Câu Hỏi 1 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Comparability is identified as an enhancing qualitative characteristic in the IASB's Conceptual Framework for Financial Reporting. Which of the following does NOT improve comparability? Select one: a. Restating the financial statements of previous years when there has been a change of accounting policy b. Prohibiting changes of accounting policy unless required by an IFRS or to give more relevant and reliable information c. Applying an entity's current accounting policy to a transaction which an entity has not engaged in before d. Disclosing discontinued operations in financial statements Câu Hỏi 2 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following accounting treatments correctly applies the principle of faithful representation?

Select one: a. Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0% (interest free) finance b. Reporting a transaction based on its legal status rather than its economic substance c. Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability) d. Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the group Câu Hỏi 3 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following measurement base(s) should be used by an entity according to the conceptual framework for financial reporting? Select one: a. Historical cost b. Current cost c. Present value d. Any of the above Câu Hỏi 4 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following statements is incorrect in relation to the recognition criteria for elements of the financial statements? Select one: a. Assets are recognised when it is probable that future economic benefits will flow to the entity and the asset has a cost or value that can be measured reliably. b. Liabilities are recognised when it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which settlement will take place can be measured reliably. c. Income is recognised when an increase in future economic benefits related to a decrease in an asset or an increase in a liability that has arisen can be measured reliably. d. Because equity is the arithmetic difference between assets and liabilities, a separate recognition criteria for equity is not needed in the conceptual framework. Câu Hỏi 5 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following best describes the role of the IFRS Advisory Coucil?

Select one: a. To promote the use of International Accounting Standards amongst its members b. To select the members of the IASB c. To prepare intepretations of International Accounting Standards d. To provide the IASB with the views of its members on standard setting projects Câu Hỏi 6 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following statements in relation to income is true? Select one: a. The conceptual framework requires that all items of income are reported on a net basis. b. Gains and revenue are different in nature and therefore are recognised as separate elements of the financial statements per the conceptual framework. c. The conceptual framework defines income as an increase in economic benefits which results in an increase in equity. d. Gains are normally reported separately from revenue in the Statement of profit or loss and other comprehensive income due to the different probabilities attached to that type of income.

Câu Hỏi 7 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The conceptual framework for financial reporting lists the qualitative characteristics of financial statements.(i) Comparability;(ii) Verifiability;(iii) Timeliness;(iv) Understandability;(v) Relevance;(vi) Faithful representation. Which two of the above are not included in the enhancing qualitative characteristics listed by the conceptual framework? Select one: a. (iv) and (v) b. (ii) and (v) c. (v) and (vi) d. (i) and (vii) Câu Hỏi 8 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which one of the following would be classified as a liability? Select one: a.

Reckless purchased an investment 9 months ago for $120,000. The market for these investments has now fallen and Reckless's investment is valued at $90,000. b. Carter has estimated the tax charge on its profits for the year just ended as $165,000. c. Dexter's business manufactures a product under licence. In 12 months' time the licence expires and Dexter will have to pay $50,000 for it to be renewed. d. Expansion is planning to invest in new machinery and has been quoted a price of $570,000. Câu Hỏi 9 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the bodies listed below is responsible for revewing International Accounting Standards and issuing guidance on their application? Select one: a. IFRS Foundation b. IFRS Intepretation Committee c. IFRS Advisory Council d. International Accounting Standards Board Câu Hỏi 10 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following is a possible advantage of a rules-based system of financial reporting? Select one: a. It prevents a fire-fighting approach to the formulation of standards b. It ensures that no standards conflict with each other c. It offers accountants more protection in the event of litigation d. It encourages the exercise of professional judgement TOPIC 2: Câu Hỏi 1 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi What is the purpose of charging depreciation in accounts? Select one: a. To ensure that funds are available for the eventual replacement of the asset b. To allocate the cost of a non-current asset over the accounting periods expected to benefit from its use

c. To account for the ‘wearing out’ of the asset over its life d. To reduce the cost of the asset in the statement of financial position to its estimated market value

Câu Hỏi 2 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following should be disclosed for tangible non-current assets according to IAS 16 Property, plant and equipment? 1/ Depreciation methods used and the total depreciation allocated for the period. 2/ A reconciliation of the carrying amount of non-current assets at the beginning and end of the period. 3/ For revalued assets, whether an independent valuer was involved in the valuation. 4/ For revalued assets, the effective date for the revaluation Select one: a. 1, 3 and 4 b. 1, 2 and 4 c. 1, 2, 3 and 4 d. 1 and 2 Câu Hỏi 3 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The carrying value of a company’s non-current assets was $200,000 at August 20X0. During the year ended 31 Jul 20X1, the company sold noncurrent assets for $25,000 on which it made a loss of $5,000. The depreciation charge for the year was $20,000. What was the carrying value of non-current assets at 31 Jul 20X1? Select one: a. $180,000 b. $150,000 c. $155,000 d. $160,000 Câu Hỏi 4 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which one of the following statements correctly defines non-current assets? Select one: a. Assets in the form of materials or supplies to be consumed in the production process b.

Non-monetary assets without physical substance that are controlled by the entity and from which future benefits are expected to flow c. Assets which are intended to be used by the business on a continuing basic, including both tangible and intangible assets that do not meet the IASB definition of a current asset d. Assets that are held for use in the production of goods or services and are expected to be used during more than one accounting period Câu Hỏi 5 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi W bought a new printing machine. The cost of machine was $80,000. The installation cost was $5,000 and the employees received training on how to use the machine, at a cost of $2,000. Before using the machine to print customer’s order, a test was undertaken and the paper and ink cost $1,000. What should be the cost of the machine in the company’s statement of financial position? Select one: a. $85,000 b. $88,000 c. $86,000 d. $80,000 Câu Hỏi 6 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi B acquired a lorry on 1 May 20X0 at a cost of $30,000. The lorry has an estimated useful life of four years, and an estimated resale value at the end of that time of $6,000. B charges depreciation on the straight line basis, with a proportionate charge in the period of acquisition. What will the depreciation charge for the lorry be in B’s accounting period to 30 Sept 20X0? Select one: a. $2,500 b. $2,000 c. $5,000 d. $3,000 Câu Hỏi 7 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi A company bought a property 4 years ago from 1 Jan for $170,000. Since then property prices have risen substantially and the property has been revalued at $210,000. The property was estimated as having a useful life of 20 years when it was purchased. What is the balance on the revaluation surplus reported in the statement of financial position? Select one:

a. $34,000 b. $210,000 c. $136,000 d. $74,000 Câu Hỏi 8 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following statements are correct? 1/ IAS 16 Property, plant and equipment requires entities to disclose the purchase date of each asset. 2/ The carrying amount of a non-asset is the cost or valuation of that asset less accumulated depreciation. 3/ IAS 16 Property, plant and equipment permits entities to make a transfer from the revaluation surplus to retained earnings for excess depreciation on revalued assets. 4/ Once decided, the useful life of a non-current asset should not be changed. Select one: a. 2 and 4 b. 1, 2 and 4 c. 2 and 3 d. 1, 2 and 3 Câu Hỏi 9 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which one of the following would occur if the purchase of computer stationary was debited to the computer equipment at cost account? Select one: a. An understatement of profit and an overstatement of non-current assets b. An overstatement of profit and an understatement of non-current assets c. An overstatement of profit and an overstatement of non-current assets d. An overstatement of profit and an understatement of non-current assets Câu Hỏi 10 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi A company sells machine B for $50,000 cash on 30 Apr 20X4. Machine B cost $100,000 when it was purchased and has a carrying value of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? Select one: a. Dr Accumulated depreciation: $35,000; Dr Loss on disposal (SPL): $15,000; Dr Cash: $50,000 / Cr Non-current assets – cost: $100,000 b.

Dr Accumulated depreciation: $35,000; Dr Non-current assets – cost: $65,000 / Cr Profit on disposal (SPL): $50,000; Cr Cash: $50,000 c. Dr Accumulated depreciation: $35,000; Dr Cash: $50,000 / Cr Non-current assets – cost: $65,000; Cr Profit on disposal (SPL): $20,000 d. Dr Accumulated depreciation: $65,000; Dr Loss on disposal (SPL): $35,000 / Cr Non-current assets – cost: $100,000 TOPIC 3: Impairment of asset Câu Hỏi 1 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The carrying amount of an asset is defined under IAS 36 as… Select one: a. The amount at which an asset is recognised after deducting any accumulated depreciation and accumulated impairment losses b. The amount at which an asset is recognised after deducting any accumulated depreciation and adding back any accumulated impairment losses c. The amount at which an asset is recognised after adding any revaluation gains and accumulated impairment losses d. The amount at which an asset is recognised after adding any accumulated depreciation and accumulated impairment losses Câu Hỏi 2 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Value in use is… Select one: a. The discounted future value of future cash flows expected to arise from continuing use of asset, and from its disposal at the end of its useful life b. The undiscounted future value of present cash flows expected to arise from continuing use of asset, and from its disposal at the end of its useful life. c. The discounted present value of historical cash flows expected to arise from continuing use of asset, and from its disposal at the end of its useful life. d. The discounted present value of future cash flows expected to arise from continuing use of asset, and from its disposal at the end of its useful life Câu Hỏi 3 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following is an external indication of impairment? Select one: a. Management commitment to undergo a restructuring b. Ongoing losses

c. Damage to an asset d. Decline in market value Câu Hỏi 4 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi In measuring Value in Use, the discount rate used for discounting the cash flows should be the…. Select one: a. Pre-tax rate that reflects the entity’s assessment of time value of money and risks specific to the asset b. Pre-tax rate that reflects the market assessment of time value of money and risks specific to the asset c. Post-tax rate that reflects the entity’s assessment of time value of money and risks specific to the asset d. Pre-tax rate that reflects the market assessment of time value of money and risks specific to the entity’s competitors Câu Hỏi 5 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ

Đoạn văn câu hỏi When the recoverable amount of an asset is less than its carrying value in the Statement of Financial Poisition, the asset is… Select one: a. in negative equity b. impaired c. in a revaluation deficit d. flawed Câu Hỏi 6 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi When should a reversal of an impairment loss be recognised? Select one: a. Immediately b. None of these c. Never d. When approved by the board of directors Câu Hỏi 7 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi How often should a cash generating unit to which goodwill has been assigned, be tested for impairment? Select one: a. Every year b. Every six months c. At management’s discretion d. As often as practicable Câu Hỏi 8 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Under IAS 36, when it is not possible to calculate the recoverable amount of a single asset, what should be done? Select one: a. The recoverable amount of its cash generating unit should be calculated b. A disclosure should be provided in the notes to the financial statements c. The value should remain unchanged

d. A rough estimate should be provided Câu Hỏi 9 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following is not covered by IAS 36 – Impairment? Select one: a. Motor Vehicles b. Property, Plant and Equipment c. Intangible assets d. Inventory Câu Hỏi 10 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi If the fair value less costs to sell for an asset cannot be determined, then recoverable amount is its… Select one: a. Market value

b. Value in use c. Replacement value d. Fair value Câu Hỏi 11 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi When a cash-generating unit has an impairment loss, the loss must first be applied to… Select one: a. any assets obviously impaired b. on the entire cash generating unit on a pro-rata basis c. against all assets on a pro-rata basis d. goodwill Câu Hỏi 12 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi

What is the treatment of an impairment loss under IAS 36? Select one: a. Record it in Equity under “Revaluations” b. Write it off against profit immediately c. Record a liability in the SOFP for “Impairment losses” d. Write it off against profit over a defined period agreed by management Câu Hỏi 13 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi A cash-generating unit is defined as… Select one: a. the largest identifiable group of assets that generates cash inflows that is largely independent from the cash inflows of other assets. b. the smallest identifiable group of assets that generates cash inflows that are largely independent from the cash inflows of other assets. c. the easiest identifiable group of assets that generates cash inflows that are largely independent from the cash inflows of other assets d. the smallest identifiable group of assets that generates cash outflows that are largely independent from the cash outflows of other assets Câu Hỏi 14 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The amount, which an asset is recorded in the Statement of Financial Position, less any accumulated depreciation and impairment losses, is called… Select one: a. Net realisable value b. Fair value c. Carrying amount d. Present value Câu Hỏi 15 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi When should an impairment loss be recognised? Select one: a. At management’s discretion b. Over a number of accounting periods c. Immediately

d. d.When requested by the entity’s auditors Câu Hỏi 16 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The present value of expected future cash flows generated by an asset, plus its expected disposal value is called… Select one: a. Value in use b. Net present value c. Market value d. Fair value Câu Hỏi 17 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi When should a reversal of a goodwill impairment be recognised? Select one: a. Never

b. Immediately c. At management’s discretion d. At the end of the accounting period Câu Hỏi 18 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi An asset is said to be impaired if… Select one: a. Its carrying amount exceeds its recoverable amount b. Its carrying amount is less than its market value c. Its carrying amount exceeds its net discounted cash inflows d. Its recoverable amount exceeds its carrying amount Câu Hỏi 19 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi

When an impairment loss occurs, the carrying amount of the asset should be reduced to its ____ Select one: a. Net present value b. Market value c. Recoverable amount d. Value in use Câu Hỏi 20 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi IAS 36 presumes that budgets and forecasts while arriving at cash flow projections should be… Select one: a. more than ten years b. not more than five years c. not more than three years d. not more than ten years TOPIC 4: Investment property

Câu Hỏi 1

Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Choose the correct statement: Select one: a. Fair value of investment property carried under cost model should be disclosed in the Statement of financial position. b. Fair value of investment property carried under cost model should not be disclosed in any financial statement. c. Fair value of investment property carried under cost model should be disclosed in the Disclosure note. d. Fair value of investment property carried under cost model should be disclosed in the Statement of Other Comprehensive Income. Câu Hỏi 2 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi ABC Ltd. chooses cost model for its investment property. It sold an investment property that originally cost $20 million. The selling price was $6 million. Depreciation of $12 million had been recorded up to the date of sale. There was no accumulated impairment loss. What does this disposal result in?

Select one: a. $2 million loss b. $14 million loss c. $14 million gain d. $2 million gain Câu Hỏi 3 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Entity measures its investment property under: Select one: a. Cost model only b. Cost model or Revaluation model c. Cost model, fair value model or revaluation model d. Cost model or Fair value model Câu Hỏi 4 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ

Đoạn văn câu hỏi An entity purchased land and building for leasing out under operating lease. Following expenditures related to the acquisition: purchase price: 100; broker’s commission: 10; property transfer tax: 20. What is the cost of the property? Select one: a. 120 b. 130 c. 100 d. 110 Câu Hỏi 5 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi ABC Ltd. chooses fair value model for its investment property. At 1 Jan 20X8, ABC Ltd. transferred an investment property to an owner-occupied property. Investment property has originally cost of $20 million; accumulated depreciation up to the date of transfer was $12 million, there was no impairment loss; property’s fair value at 1 Jan 20X8 was $14 million. What was the carrying value of the Owner-occupied property recorded at 1 Jan 20X8? Select one: a. $8 million b. $2 million c.

$14 million d. $12 million Câu Hỏi 6 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following should be classified as Investment property? Select one: a. Land and building held for administrative purposes. b. Land and building held for used in the production of goods c. Land and building held for short-term sale in the ordinary course of business d. Land and building held for long-term capital appreciation Câu Hỏi 7 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi ABC Ltd. owns a property which has two parts: part A and part B. Part A is used to earn rental income; Part B is used for administrative purpose. Each part can be sold separately. How should ABC classify this property?

Select one: a. Entire property should be classified as Investment property if the portion of B is insignificant b. Part A should be classified as Investment property& part B should be classified as Inventories c. Entire property should be classified as Owner-occupied property if the portion of B is significant d. Part A should be classified as Investment property& part B should be classified as Owner-occupied property Câu Hỏi 8 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi ABC Ltd. owns a property which has two parts, part A and part B. Part A is used to earn rental income; Part B is used for administrative purpose. These two parts cannot be sold separately. How should ABC classify this property? Select one: a. Entire property should be classified as Investment property if the portion of B is insignificant b. Part A should be classified as Investment property& part B should be classified as Owner-occupied property c. Part A should be classified as Investment property& part B should be classified as Inventories d.

Entire property should be classified as Owner-occupied property if the portion of B is significant Câu Hỏi 9 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi ABC Ltd. chooses cost model for its investment property. At 1 Jan 20X8, ABC Ltd. transferred an investment property to an owner-occupied property. Investment property has originally cost of $20 million; accumulated depreciation up to the date of transfer was $12 million, there was no impairment loss; property’s fair value at 1 Jan 20X8 was $14 million. What was the carrying value of the Owner-occupied property recorded at 1 Jan 20X8? Select one: a. $14 million b. $2 million c. $12 million d. $8 million Câu Hỏi 10 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi

Which of the following should be classified as Investment property? Select one: a. An equipment held to earn rental income b. Property being constructed on behalf of third parties. c. Land and building held for sale in the ordinary course of business d. Land and building held to earn rental income TOPIC 5: Intangible asset Câu Hỏi 1 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi According to IAS 38 Intangible assets, which of the following are intangible non-current assets in the accounts of Ita Co? 1. A patent for a new glue purchased for $20,000 by Ita Co; 2. Development costs capitalized in accordance with IAS 38; 3. A licence to broadcast a television series, purchased by Ita Co for $150,000; 4. A state of the art factory purchased by Ita Co for $1.5 million. Select one: a. 1 and 3 b. 2 and 4 c. 2, 3 and 4 d.

1, 2 and 3 Câu Hỏi 2 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi According to IAS 38 Intangible assets, which of the following statements about research and development expenditure are correct? 1.Research expenditure, other than capital expenditure on research facilties, should be recognised as an expense as incurred; 2.In deciding whether development expenditure qualifies to be regconised as an asset, it is necessary to consider whether there will be adequate finance available to complete the project; 3.Development expenditure regconised as an asset must be amortised over a period not exceeding five years. Select one: a. 1, 2 b. 1, 2, 3 c. 1,3 d. 2, 3 Câu Hỏi 3 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi

An exclusive 20-year right to manufacture a product or use a process is a:  Select one: a. Franchise. b. Patent. c. Copyright. d. Trademark. Câu Hỏi 4 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Cromartie LTD. prepares its financial statements according to International Financial Reporting Standards. During 2013 the company incurred $1,245,000 in research expenditures to develop a new product. An additional $756,000 in development expenditures were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2013 fiscal year. Sale of the product began in 2014. What amount of the above expenditures would Cromartie expense in its 2013 income statement? Select one: a. $2,001,000. b. $1,245,000. c. $756,000.

d. $0. Câu Hỏi 5 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Depreciation, depletion, and amortization: Select one: a. All refer to the process of allocating the cost of long-term assets used in the business over future periods. b. Are all handled the same in arriving at taxable income. c. All generally utilize the same methods of cost allocation. d. All of the above are correct. Câu Hỏi 6 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Goodwill is: Select one: a. Amortized over the greater of its estimated life or forty years.

b. Only recorded by the seller of a business. c. The excess of the fair value of a business over the fair value of all net identifiable assets. d. None of the above. Câu Hỏi 7 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi In January of 2013, Vega Corporation purchased a patent at a cost of $200,000. Legal and filing fees of $50,000 were paid to acquire the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In 2016, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent. The amount charged to income (expense and loss) in 2016 related to the patent should be: Select one: a. $215,000. b. $25,000. c. $65,000. d. $40,000. Câu Hỏi 8 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Short Corporation purchased Hathaway Co. for $52,000,000. The fair value of all Hathaway's identifiable tangible and intangible assets was $48,000,000. Short will amortize any goodwill over the maximum number of years allowed. What is the annual amortization of goodwill for this acquisition? Select one: a. $200,000. b. 0. c. $100,000. d. $400,000. Câu Hỏi 9 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The legal life of a patent is generally:  Select one: a. Forty years. b. Indefinite.

c. Life of the inventor plus fifty years. d. Twenty years. Câu Hỏi 10 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Under International Financial Reporting Standards, research expenditures are: Select one: a. Capitalized if certain criteria are met. b. Expensed in the period they are determined to be unsuccessful. c. Expensed in the period incurred. d. Expensed if unsuccessful, capitalized if successful. TOPIC 6: Leases Câu Hỏi 1 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which item is NOT included in the lease payments?

Select one: a. Variable payments depending on an index or a rate b. Variable payments NOT depending on an index or a rate c. Penalties for terminating the lease d. Residual value guarantees Câu Hỏi 2 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi What is the most important factor to decide how to account for the sale & leaseback transaction? Select one: a. Whether the transfer of asset is a sale under IFRS 15 Revenue from Contracts with Customers. b. Whether the sales price is at fair value, above fair value or below fair value. c. Whether the resulting lease is operating or finance. d. Whether the lease payments are at market rentals, below market or above market. Câu Hỏi 3 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Where there is a lease of land and buildings and the title to the land is not transferred, generally the lease is treated as if Select one: a. The land is a finance lease, the building is an operating lease. b. The land is a finance lease, the building is a finance lease. c. The land is an operating lease, the building is a finance lease. d. The land is an operating lease, the building is an operating lease. Câu Hỏi 4 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The arrangement contains a lease when the customer has the following right throughout the period of use: Select one: a. The protective right to an identified asset b. The right to control the use of an identified asset c. The right to design an identified asset

d. The right to obtain the asset’s by-products Câu Hỏi 5 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi At the commencement of the lease, IFRS 16 requires lessee to: Select one: a. Classify the lease as either finance and operating b. Assess if the contract contains the lease. The accounting starts at the inception date. c. Recognize the right-of-use asset and the lease liability d. Recognize the underlying asset under IAS 16 or IAS 38, and the finance lease liability Câu Hỏi 6 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which situation leads to a lease being classified as finance by the lessor in line with IFRS 16? Select one:

a. The lease term is for at least 50% of asset’s economic life. b. Ownership is transferred to the lessee by the end of the lease term. c. The lessor does not classify the lease under IFRS 16 anymore. d. There is an option to purchase the asset at the price equal to its fair value at the end of the lease term. Câu Hỏi 7 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The classification of a lease as either an operating or finance lease is based on Select one: a. The transfer of the risks and rewards of ownership. b. The length of the lease. c. The minimum lease payments being at least 50% of the fair value. d. The economic life of the asset. Câu Hỏi 8 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi When there is a change in the lease term, the lessee needs to: Select one: a. Remeasure the lease liability as an adjustment of the right-of-use asset, by discounting the revised lease payments by the revised discount rate. b. Remeasure the lease liability with difference recognized in profit or loss, by discounting the revised lease payments by the unchanged discount rate. c. Remeasure the lease liability as an adjustment of the right-of-use asset, by discounting the revised lease payments by the unchanged discount rate. d. Remeasure the lease liability with difference recognized in profit or loss, by discounting the revised lease payments by the revised discount rate. Câu Hỏi 9 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi At the commencement of the lease, IFRS 16 requires lessee to: Select one: a. Recognize the right-of-use asset and the lease liability b. Assess if the contract contains the lease. The accounting starts at the inception date.

c. Classify the lease as either finance and operating d. Recognize the underlying asset under IAS 16 or IAS 38, and the finance lease liability Câu Hỏi 10 Hoàn thành Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The lease of land and buildings when split causes difficulty in the allocation of the minimum lease payments. In this case the minimum lease payments should be split Select one: a. Using the sum of the digits method. b. According to the relative fair value of two elements. c. According to any fair method devised by the entity. d. By the entity based on the useful life of the two elements. TOPIC 7: Presentation of Financial statements Quizzes - IAS 1 Câu Hỏi 1 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi A company presented its expenses in the profit or loss as follows: cost of sales, administrative expenses, marketing expenses, distribution expenses and other expenses. This presentation is: Select one: a. By function. b. By segment. c. By nature. d. By operations Phản hồi The correct answer is: By function. Câu Hỏi 2 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi A manufacturing company recognized a valuation provision to inventories due to their obsolescence. Does IAS 1 allow offsetting inventory valuation provision against inventory balance in the statement of financial position: Select one:

a. Yes, because in this case, offsetting leads to better understanding of the financial statements by their users b. No, because IAS 1 does not permit offsetting of assets and liabilities unless is it allowed by another standard c. No, because IAS 1 states that assets and liabilities shall not be offset. d. Yes, because IAS 1 specifically says that this situation is not offsetting. Phản hồi The correct answer is: Yes, because IAS 1 specifically says that this situation is not offsetting. Câu Hỏi 3 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Which of the following companies is a going concern? Select one: a. Oil and gas company operating in Egypt has just received a court order to close the factory and stop all operations in Egypt within 1 year b. State-owned company runs out of cash and is not able to repay its liabilities and salaries on time. According to applicable laws, the state must provide a low-interest loan to this company. c. A bank suffers in the mortgage crash and a state refuses to bail it out

d. A trading company is in serious liquidity problems and a court granted an order to repay debt of CU 1 000 000 to a creditor immediately. The company must sell its assets in order to settle this liability. Phản hồi The correct answer is: State-owned company runs out of cash and is not able to repay its liabilities and salaries on time. According to applicable laws, the state must provide a low-interest loan to this company. Câu Hỏi 4 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi What identification information does NOT need to be presented on the face of the financial statements Select one: a. Date of the end of the reporting period or the period covered by the set of financial statements or notes b. Whether the financial statements are individual or group. c. Date of preparation of the financial statements. d. The presentation currency and the level of rounding. Phản hồi The correct answer is: Date of preparation of the financial statements. Câu Hỏi 5 Đúng

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Đặt cờ Đoạn văn câu hỏi The example of a non-current asset is: Select one: a. Inventories with long production and completion times b. Deferred tax asset c. Trade receivable d. Government bond repayable in 3 months Phản hồi The correct answer is: Deferred tax asset Câu Hỏi 6 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi What components shall a complete set of financial statements include? Select one: a.

Statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, accounting policies and notes. b. Statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cash flows, annual report c. Statement of financial position, statement of other comprehensive income, statement of changes in equity, statement of cash flows, directors report d. Statement of financial position, income statement, statement of changes in equity, statement of cash flows, accounting policies and notes, annual report Phản hồi The correct answer is: Statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, accounting policies and notes. Câu Hỏi 7 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi IAS 1 permits to present expenses in the statement of profit or loss and other comprehensive income in the classification Select one: a. By segment and by function. b. By segment and by operations c. By function and by nature

d. By segment and by nature. Phản hồi The correct answer is: By function and by nature Câu Hỏi 8 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The example of a current liability is Select one: a. Long-term loan that became payable due to breach of covenants. The bank does NOT require immediate repayment and agrees with the original repayment schedule. b. Trade payable with payment deferred beyond 1 year. c. Deferred tax liability. d. Provision for warranty repairs within the second year of guarantee after sale. Phản hồi The correct answer is: Long-term loan that became payable due to breach of covenants. The bank does NOT require immediate repayment and agrees with the original repayment schedule. Câu Hỏi 9 Đúng

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Đặt cờ Đoạn văn câu hỏi Dividends paid to ordinary shareholders shall be presented: Select one: a. In the statement of profit or loss as a financial expense. b. In the statement of other comprehensive income as a decrease in equity c. In the statement of changes in equity as a decrease in equity. d. In the statement of profit or loss as other operating expense. Phản hồi The correct answer is: In the statement of changes in equity as a decrease in equity. Câu Hỏi 10 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi The example of a current asset is: Select one: a. Inventories with quick turnover.

b. Deferred tax asset c. Available-for-sale financial assets. d. Trade receivable with payment deferred beyond 1 year. Phản hồi The correct answer is: Inventories with quick turnover.

Topic 8. Accounting policies, estimates and errors Quizzes - IAS 8 + IAS 10 Câu Hỏi 1 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi When it is difficult to distinguish between a change of estimate and a change in accounting policy, then an entity should Select one: a. Apportion, on a reasonable basis, the relative amounts of change in estimate and the change in accounting policy and treat each one accordingly. b. Treat the entire change as a change in estimate with appropriate disclosure. c.

Since this change is a mixture of two types of changes, it is best if it is ignored in the year of the change; the entity should then wait for the following year to see how the change develops and then treat it accordingly. d. Treat the entire change as a change in accounting policy. Câu Hỏi 2 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi When a public shareholding company changes an accounting policy voluntarily, it has to Select one: a. Treat it prospectively and adjust the effect of the change in the current period and future periods. b. Account for it retrospectively. c. Inform shareholders prior to taking the decision. d. Treat the effect of the change as an extraordinary item. Câu Hỏi 3 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ

Đoạn văn câu hỏi XYZ Inc. changes its method of valuation of inventories from weightedaverage method to first-in, first-out (FIFO) method. XYZ Inc. should account for this change as Select one: a. A change in accounting policy and account for it prospectively. b. Account for it as a correction of an error and account for it retrospectively. c. A change in accounting policy and account for it retrospectively. d. A change in estimate and account for it prospectively. Câu Hỏi 4 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Under IFRS, a voluntary change in accounting method may only be made by a company if: Select one: a. A new standard mandates the change in method. b. There is no prohibition of the method in the standards. c. Management prefers the new method. d. The new method provides reliable and more relevant information.

Câu Hỏi 5 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Applying a new policy to transactions other events and conditions as if that policy had always been applied. This is: Select one: a. Change in accounting estimate b. Retrospective application c. Retrospective restatement d. Change in accounting policies Câu Hỏi 6 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Correcting the recognition measurement and disclosure of amounts in financial statements as if a prior-period error had never occurred. This is: Select one: a. Change in accounting estimate

b. Retrospective restatement c. Change in accounting policies d. Retrospective application Câu Hỏi 7 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Specific principles bases conventions rules and practices applied in presenting financial statements. This defines: Select one: a. accounting errors b. Accounting policies c. Accounting estimates d. Prospective application Câu Hỏi 8 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Change in accounting policy does not include Select one: a. Change from the practice (convention) of paying as Christmas bonus one month’s salary to staff before the end of the year to the new practice of paying one-half month’s salary only. b. Change of method of valuation of inventory from FIFO to weightedaverage. c. Change of method of valuation of inventory from weighted-average to FIFO. d. Change in useful life from 10 years to 7 years. Câu Hỏi 9 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi When an independent valuation expert advises an entity that the salvage value of its plant and machinery had drastically changed and thus the change is material, the entity should Select one: a.

Ignore the effect of the change on annual depreciation, because changes in salvage values would normally affect the future only since these are expected to be recovered in future. b. Retrospectively change the depreciation charge based on the revised salvage value. c. Change the annual depreciation for the current year and future years. d. Change the depreciation charge and treat it as a correction of an error. Câu Hỏi 10 Đúng Đạt điểm 1,00 trên 1,00

Đặt cờ Đoạn văn câu hỏi Adjustment of the carrying amount of an asset or a liability or the consumption of an asset. This defines: Select one: a. A change in accounting policies b. Misstatements c. Acconting policies d. A change in accounting estimates

Topic 10. Provisions, contingencies

Quizzes - IAS 37