ACCOUNTING PRINCIPLES ACCOUTING STANDARDS

1. What does VAS in accounting stand for?

• 1. Vietnamese Accounting System

• 1. Vietnamese Auditing Standards

• 1. Vietnamese Accounting Service

• 1. Vietnamese Accounting Standards

1. Choose one answer including only principles-based standards:

• 1. IFRS and VAS

• 1. VAS, US GAAP and IFRS

• 1. VAS and US GAAP

• IFRS

1. What is NOT an accounting principle?

• 1. Matching principle

• 1. Materiality concept

• 1. Fair value

• 1. Accrual basis

1. Choose the correct answer:

• 1. IFRS specifically includes accounting standards and interpretations tailored to Vietnamese business practices.

• 1. Compared to VAS, the Presentation and Disclosure requirements in IFRS are much more complete.

• 1. VAS always aligns with changes in international accounting standards.

• 1. IFRS has fewer standards and covers a smaller range of topics compared to VAS.

1. Which is NOT the advantage of rules-based accounting?

• 1. Increase accuracy and reduce ambiguity

• 1. Ensure transparency in the financial reporting process

• 1. Flexibility

• 1. Provide detailed guidance and solutions to problems

1. How many countries are required to apply IFRS?

• 1. Over 140

• 1. Over 150

• 1. Over 160

• 1. Over 170

1. What is the disadvantage of principles-based accounting?

• 1. Compliance is Difficult

• 1. Cause unnecessary complications

• 1. Not be comprehensive enough to provide answers to each different case

• 1. Lack of flexibility

1. What is VFRS?

• 1. a global set of accounting standards

• 1. accounting standards and guidelines followed in the United States for financial reporting purposes

• 1. a set of standards modified from IFRS with narrow scope modifications to suit Vietnam’s circumstance.

• 1. a single set of high quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.

1.  When are Vietnamese companies expected to be required to apply VFRS?

• 2035

• 2025

• 2030

• 2040

1. What is the definition of Accounting Principles?

• 1. the process of reviewing and confirming financial reports.

• 1. the fundamental framework to be followed by businesses for their accounting.

• 1. the set of guidelines, rules, and procedures to prepare and present their financial statements.

• 1. the action or process of keeping financial accounts.