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Total questions: 121
Worksheet time: 1hrs 1mins
According to the VAS No.1- General standards, fundamental accounting requirements for accounting information include
A. Faithfulness, Objectiveness, Adequacy, Timeliness, understandability, Comparability.
B. Faithfulness, Objectiveness, Adequacy,Timeliness, understandability, Comparability, Consistency.
C. Historical cost, Matching. Consistency, Prudence, Materiality.
D. Accruals basic, Continuous operation, Historical cost, Matching, Consistency, Prudence, Materiality.
According to the VAS No.1- General standards, fundamental accounting principles are:
Historical cost, Matching, Consistency, Prudence, Materiality
Faithfulness, Objectiveness, Adequacy, Timeliness, understandability, Comparability
Accruals basic, Going concerns, Historical cost,Matching, Consistency, Prudence, Materiality
Faithfulness, Objectiveness, Adequacy, Timeliness, understandability, Comparability, Consistency.
Which statement is the most appropriate regarding to basic content of accounting organization in enterprises:
Organization of collecting accounting information, Organization of systematizing and processing accounting information, Organization of providing accounting information, Organization of accounting apparatus.
Organization of collecting accounting information, Organization of systematizing and processing accounting information, Organization of providing accounting information, Organization of accounting apparatus, Organization of inspecting accounting information.
Organization of collecting accounting information, Organization of systematizing and processing accounting information, Organization of preparing and submitting financial statements, Organization of accounting apparatus, Organization of inspecting accounting information
Organization of collecting accounting information, Organization of systematizing and processing accounting information, Organization of preparing and submitting financial statements, Organization of accounting apparatus.
Accounting period can be
Yearly
Yearly, quarterly,
Yearly, quarterly, monthly.
Weekly.
Which statement is correct regarding consistency principle:
Adopted accounting methods can be changed.
Adopted accounting methods can be changed if necessary.
Adopted accounting methods can be changed but a business must explain why this change is made and its influence over financial statements.
none of these above mentioned statements is correct
Which below statement is the most appropriate?
Revenues and incomes are recognized only when there is reasonable certainty of potential economic benefits, whereas expenses must be recognized when there is reasonable likelihood of potential occurrence
Revenues and expenses are only recognized when there is reasonable certainty of economic benefits inflow to or outflow from the entity.
Revenues and incomes are only recognized when there is potential economic benefits inflow, whereas expenses must be recognized when there is reasonable certainty of occurrence
Revenues and expenses can only be recognized when cash is collected or paid out.
Which below statement is true?
A. Accounting policies and accounting methods applied are unchangeable.
B. Accounting policies and accounting methods must be applied consistently for at least 3 fiscal accounting periods.
C. Accounting policies and accounting methods must be applied consistently no longer than 5 consecutive fiscal accounting periods.
D. Accounting policies and accounting methods must be applied consistently for at least 1 fiscal accounting period.
Basic requirements for accounting organization?
A. Accounting organization must be suitable with production method, management level and business operation characteristics.
B. Accounting organization must be suitable with management requirements, managerial level and technical equipment in enterprises.
C. Accounting organization must be economical and efficiency.
D. All statements are correct
Which below statement describe the definition of accounting vouchers?
Accounting vouchers can be seen as a means of information.
Accounting vouchers are legal documents to prove for occurred and completed business transactions of one enterprise
Accounting vouchers are the basis of bookkeeping process
All of above-mentioned statements
According to the Vietnamese accounting laws, a voucher must contain following elements
Voucher title and code of vouchers; Date; Name and address of person/entity who creates these vouchers
Voucher title and code of vouchers; Date;Name and address of person/entity who creates these vouchers; Name and address of person/entity who receives vouchers.
Voucher title and code of vouchers; Date; Name and address of person/entity who creates these vouchers; Name and address of person/entity who receives vouchers; Content of vouchers; Quantity, unit price and total value
Voucher title and code of vouchers; Date; Name and address of person/entity who creates these vouchers; Name and address of person entity who receives vouchers; Content of vouchers; Quantity, unit price and total value; Signatures and full name of involved persons
According to the Vietnamese accounting law, an accounting voucher should contain
7 elements
6 elements.
5 elements
4 elements
Regarding to accounting vouchers classification, optional vouchers have following characteristics
Optional vouchers are used internally only.
Optional vouchers are used internally. The state only gives instruction on several content recorded these vouchers for enterprises to follow due to their own business
Optional vouchers are used commonly and widely by different entities in the economy.
Optional vouchers are standardized by the State in respect of type, form, content recorded, target and set-up method of these accounting vouchers.
Accounting vouchers form
A. Paper form
A. Electric form
A. Both paper form and electric form
A. Others
Which below accounting vouchers should be classified as source vouchers?
VAT invoices, bills, goods receipt notes, cash receipts, cash payment
VAT invoices, advance requests, payment requests, bank statements
Advance request, cash payment, goods receipt notes, VAT invoices
A. Goods receipt notes, goods delivery notes, credit notes/ debit notes issued by bank
Which below accounting vouchers should be classified as bookkeeping vouchers?
AT invoices, hills, goode receipt notes, cash receipts, cash payme
VAT mvoices, advance requests, payment requests, credit notes/debi notes issued by banks
Advance request, cash payment, goods receipt notes, VAT invoices.
Goods receipt notes, goods delivery notes, cash receipt notes, cash payment notes
Application of accounting vouchers system in enterprises must be based on
The state's regulations on accounting vouchers.
Business operating characteristics of an enterprise.
Management requirements of an enterprise
All of above statements.
In respect of business transaction nature, accounting vouchers are divided into:
5 categories, including: Labor vouchers, inventory vouchers, sales vouchers, monetary vouchers, and tangible fixed assets vouchers
4 categories, including: Labor vouchers, inventory, vouchers, sales vouchers, monetary vouchers
4 categories, including: Labor vouchers, inventory vouchers, sales vouchers, tangible fixed assets vouchers
4 categories, including: Labor vouchers, sales vouchers, monetary
Which steps are included in organization of accounting voucher system in a enterprise:
Set up a list of accounting vouchers, content of accounting voucher, voucher form
Determination on issuance of vouchers and voucher checking
Set up the voucher rotation process and storage of vouchers
All above steps
Which below vouchers are direct vouchers in respect of collecting data on cash transactions
A. Cash receipt notes, payment request.
A. Cash receipt notes, cash payment notes.
A. Loan contract, cash receipt notes.
A. Application for advance, cash payment notes.
Which below vouchers are relating vouchers in respect of collecting data on cash transactions
Cash receipt notes, payment request.
Cash receipt notes, cash payment notes.
Loan contract, application for advance, payment request(accreditative), cash receiving slip
Application for advance, cash payment notes
Which below statement is correct regarding the basis of purchased goods receipt notes?
Purchased goods receipt note should be issued as an enterprise signs in the contract with supplier
Purchased goods receipt note should be issued as good has been imported into the warehouse
Purchased goods receipt note should be issued as supplier accepts enterprise good’s order
None of the above
Which below departments/persons should be involved in the voucher rotation process for cash at bank:
Serving bank, banking accountant, and related accountant
Stock keeper, chief accountant, Banking accountant
Banking accountant, chief accountant, inventory accountant
Serving bank, chief accountant, cashier
Which below departments/persons should be involved in the voucher rotation process for cash withdrawal from bank (cash fund increment)?
Banking accountant, bank, cash recipient, cash accountant
Banking accountant, customer, cash recipient, cash accountant, casheir
Banking accountant, chief accountant/account holder, bank, cash recipient, cash accountant, cashier
Banking accountant, chief accountant, cash , supplier. cashier
Which below vouchers are direct vouchers in respect of collecting data on inventory transactions?
Goods delivery notes, goods receipt notes
Internal goods, delivery notes, inventory acceptance minutes
Inventory report, inventory stock records, stock card
All of above vouchers
Which below vouchers are relating vouchers in respect of collecting date on inventory transactions?
Goods delivery notes, goods receipt notes
Internal goods, delivery notes, inventory acceptance minutes
VAT invoices, bills, debit notes, credit notes, cash payment notes, cash receipt notes
None of these
Which below departments/persons should be involved in the rotation process for finished goods/outsourced goods receipt?
Production department, stock keeper, inventory accountant, production cost accountant and other related accountants
Production department, fixed assets accountant, production cost accountant and other related accountants
Sales accountant, stock keeper, inventory accountant, and other related accountants
A. Supplier, inventory accountant, production cost and other accountants
Which below departments/persons should be involved in the voucher rotation process for product/goods delivery?
Sales department, customer (buyer), stock keeper, inventory accountant, related accountants
Serving bank, stock keeper, inventory accountant, related accountants
Sales department, supplier (seller), inventory accountant, related accountants
A. Sales department, supplier (seller), chief accountant, inventory accountant
Which accounting principle(s) the accountants shall apply to for inventory measurement?
Historical cost
Consistency
Prudence
All of them
A manufacturing business applies Corporate Accounting Regulations of Circular 133/2016/TT-BTC to its accounting system. Which type of account accountants shall use to collect information of incurred direct material cost when processing and systemizing financial accounting information?
ACC 621
ACC 154
ACC 632
ACC 152
Which of the following is NOT the requirement of accounting book system in an accounting entity?
Accounting book system must ensure the relationship between chronological order and systematic order of book-recording
Accounting book system should ensure the relationship between general ledgers and sub-ledgers
Accounting book system should ensure the effectiveness of accounting voucher rotation
Accounting book system should ensure the procedures of data cross- checking and controlling
What is the structure of an adjusting account for an asset account?
Downward adjusted value on the debit side and upward adjusted value on the credit side
Upward adjusted value on the debit side and downward adjusted value on the credit side
Only posting downward adjusted value on the debit side
Only posting upward adjusted value on the debit side
What is the determinant for the number of General Ledgers in an accounting book system
The number of accounting vouchers
The number of accounting sub-accounts
The number of accounting general accounts
All of the above.
Which of the following statements about the valuation of inventory are correct, according to VAS 2 inventories?
(1) Inventory items are normally to be valued at the lower of cost and net realizable value
(2) The cost of goods manufactured by an entity will include materials and labour only. Overhead costs cannot be included.
(3) Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable approximation to actual cost.
1 only
1 and 2 only
1 and 3 only
None of the statement are correct
Which of the following is NOT about processing and systematization of accounting information?
Application of Value measurement
Organization of account system
Organization of accounting books system
None of above
Accounting objects that need valuing are:
A. Assets, liabilities, owners' equities, revenue, other income, expenses and business performance results
B. Assets, liabilities
C. Assets, liabilities, owners' equities
D. Revenue, other income, expenses and business performance results.
In Vietnam, an accounting entity shall establish its chart os accountants based on:
A. Accounting regulation for enterprises (Circular no 200/2012/TT-BTC)
B. Book recording method of chronological order and systematic order
C. The level of business equipment
D. Either Accounting regulation for enterprises (Circular No 200/2014/TT-BTC) or Accounting regulation for SMEs (Circular No 133/2016/TT-BTC)
In Vietnam, Trade payable account has:
A. A debit balance
A. Either a debit or a credit balance
A. A credit balance
A. A zero balance/ No ending balance
Accounting books are used for:
Recording and keeping track of accounting information
Collecting and systematizing accounting information on the task business management.
Providing accounting information for users
All of above
In General Journal Voucher accounting form, the informations from General journal vouchers are transferred to:
A. General Journal
B. General Ledgers of related accounts
C. Voucher Journal
A. Ledger Journal
Who are the users of accounting information?
A. Administrators within the enterprises
A. The State's functional management agencies
A. User having interests directly and indirectly
D. All of above
Which of the following report is NOT classified as a management accounting report?
Statement of Cash Flow
Inventory Report
Increase or decrease in fixed assets report
Accounts receivable and account payable report.
Based on the basis of reporting accounting reports in enterprises are classified into which of the following?
Financial accounting reports and Management accounting reports
Periodic accounting reports and Regular accounting reports
Performance accounting reports and Predictive recast) amning report
All off the above
Which of the following principles must be followed when preparing financial statement?
A. Going concern, Accrual basis, Consistency, Materiality and aggregation and Offsetting
B. Going concern, Accrual basis, Consistency, Materiality and aggregation
C. Accrual basis, Consistency, Materiality and aggregation and Offsetting
D. Going concern, Accrual basis, Consistency
According to the current accounting regime, the financial accounting reporting system applicable to enterprises includes which of the following reports?
A. Annual financial statements
A. Interim financial statements
A. Annual financial statements and Interim financial statements
A. None of the above
Which of the following are included in the content of a Statement of Cash Flow?
A. Cash flows from operating activities and Cash flows from investing activities
B. Cash flows from investing activities and Cash flows from financing activities
C. Cash flows from operating activities and Cash flows from financing activities
D. Cash flows from operating activities, Cash flows from investing activities, and Cash flows from financing activities
Which of the following methods are commonly used to analyze accounting information?
A. Comparison method
B. Factor analysis method
C. Comparison method and Factor analysis method
D. None of the above
The financial statements of an enterprise provide information about which of the following?
Assets, Liabilities, Equity
Revenue, Other income, Expenses, Profit and Loss
Cash flows
All of the above
Which of the following does NOT describe characteristic of centralized accounting organization
Central accounting department is in charge of all accounting tasks
B. Subordinate units might be entitled to set up their own accounting departments
C. Accounting records are kept and retained at the central accounting department
D. This form enables quick implementation of accounting practices or standardized procedures
Which of the following describes the characteristics of decentralized accounting organization
The central accounting department is responsible for guiding and inspecting the accounting work in the accounting departments at subordinate units
Central accounting department is in charge of all accounting tasks.
Subordinate units are divided into 2 groups: dependent units and independent units
This form is suitable for small and medium-sized enterprises with low hierarchy and do not operated in scattered areas
A is a state-owned company. A has 1 subsidiary called "B company" with independent accounting and 01 subordinate called "C company". Determine the form of accounting organization for the Group of A,B, C companies?
A. Centralized form
B. Decentralized form
C. Semi-centralized form
D. Decentralized form or semi-centralized form
Accounting inspection's missions include:
Examining the recruitment, hiring, training and retraining of accountants; Examining the implementation of the Accounting Law, standards, regimes and legal regulations on accounting
Checking the observance of production and business plans
Examining the organization of accounting apparatus
All of above
A is a state-owned company with 2 subordinates: B factory and C factory. B and C are entitled to set up their own accounting departments. Which financial statements are prepared and submitted by A company as required by the State?
Combined/General financial statements for the whole group as one entity
Financial statements of A company and combined/general financial statements of the group
Separate financial statements of A and combined financial statement of B and C
Separate financial statements of A, B, C.
A is a state-owned company with two subordinates. B factory and C factory. Band Care entitied to set up their own accounting departments. Which financial statements are prepare and submitted by B company as required by the State?
A. Separate financial statements of B
B. Combined/General financial statements for the whole group as one. entity
C. Separate financial statements of B and combined/general financial statements of a group
D. None of above
Who takes the responsibility for regular accounting inspection within an enterprise?
A. The Ministry of Finance
B. State inspection agencies
C. Chief accountant and working accountants
D. Tax authorities
55. Models of management accounts organization (in the relationship with financial accounting) can be classified into:
A. Financial model, Management model and Mixed model
B. Separate model, Combined model and Mixed model
C. Financial-Management model and Separate model
D. General model, Financial - Management model
56. Which of the following describes characteristics of a separate model of management and financial accounting organization?
A. The accounting uses the accounting book system to serve both the financial reporting system and the management accounting reporting system
B. Accountants collect detailed information as required by the management accountant from financial accounting's vouchers and books
C. There must be two separate accounting divisions: the financial and the management accounting division
D. Among all accounting items, some items are subjects to a separate accounting organization while remaining items are subject to a combined accounting organization
57. According to Law on Accounting No88, every accountants must:
A. Have professional accounting knowledge and skills
B. Have a bachelor's degree in Accounting of Finance
C. Strong knowledge of VASAS/IFRS
D. All of above
58. In accounting organization, financial accounting process must comply with related principles, policies, mechanism, and regulations
T
F
59. In accounting organization, management accounting process must be compliance with accounting regulations, principles, mechanism, and regulations
T
F
60. Regarding to requirements and principles of accounting organization, accounting is not necessary suitable with production, management level, retinical equipment/supportive facilities and operation characteristics of an entity
T
F
61. A rational accounting process is only based on accounting laws, accounting standards, and other regulations
T
F
62. Regarding to the principle of consistency, accounting in enterprise must ensure the consistency between accounting divisions and other management divisions, between parent company and affiliate. Accounting contents, objects, methods and accounting system can vary.
T
F
63. Capacity and competency of accountants are not of importance to a rational accounting process?
T
F
64. Conduction of initial bookkeeping to record accounting data on accounting documents and rotation of these documents is the first major content of accounting organization for purposes of collecting accounting information and checking validity and legality of economic transactions occurred
T
F
65. Application of accounting law and related regulations such as accounting document systems, accounts system, books system, and accounting reports together with accounting methods and standards is essential in organization of systematizing and process accounting information
T
F
66. Organization of providing accounting information is a necessary requirement by macro and micro economic management.
T
F
67. Accounting information shall be presented on financial statements only.
T
F
68. Organization of internal accounting inspection is to ensure accounting information shall be presented in compliance with regulations on financial management in general and in accordance with accounting law and standards.
T
F
69. Retention of accounting vouchers/documents may vary upon different categories of accounting vouchers
T
F
70. An enterprise must follow the State's regulations on the form, content, retention of management accounting vouchers.
T
F
71. Cash payments notes, cash receipt notes are created and stored by cashier
T
F
72. Application of accounting accounts system must be based on business operating characteristics of an enterprise
T
F
73. Payment method is not a compulsory element of an accounting voucher
T
F
74. Accounting vouchers that were corrected would be considered as invalid ones
T
F
75. With regarding to data collecting on cash transactions, direct accounting vouchers include cash receipt notes, cash payment notes, debit notes, credit notes.
T
F
76. Payroll sheet, timesheet, work confirmation letter are labor vouchers.
T
F
77. For each occurred business transaction, accounting voucher must be created one time only
T
F
78. Collecting information in the form of accounting vouchers is the intial accounting work in an enterprise
T
F
79. Is the following statement about processing and systemizing management accounting information true or false?
"Processing and systematizing management accounting information should be in compliance with generally accepted accounting principles to assure the reliability and objectivity of economic transactions and events"
T
F
80. Is the following statement about purpose of sub-accounts true or false?
“An accounting entity may open sub-accounts for its information management and control"
T
F
81. Is the following statement about Chart of Accounts true or false?
"With the view to identifying accounts on the basis of information for financial statements, Chart of Accounts can be classified into two main groups, balance sheet accounts and profit and loss accounts".
T
F
82. In Vietnam, each accounting entity may only use one account system for financial accounting as prescribed by the Ministry of Finance.
T
F
83.. According to Vietnamese accounting law, each business entity has only one financial accounting book system for a fiscal year.
T
F
84. Each accounting book must have Opening balance and closing balance.
T
F
85. All forms of accounting book system must include General Journal.
T
F
86. Inventories are valued according to their original prices. Where the net realizable value is lower than the original price, they must be valued according to the net realizable value.
T
F
87. Is the following statement about Chart of Accounts true or false?
"With the view to identifying accounts on the basis of economic nature: Chart of Accounts can be classified into two main groups assets, liabilities"
T
F
88.. In Viemam, each accounting entity is allowed to open more detailed accounting accounts based on the characteristics of production and business activities of the entity.
T
F
89. Is the following statement about making double - entries true or false? "Making double entries needs identifying accounts that being used to present the accounting elements affected by economic transactions"
T
F
90. Management accounting information in some cases may be used by external users of a company?
T
F
91. One of the characteristic of a "good accounting information" is "understandable"?
T
F
92. One of the characteristic of a "good accounting information" is "understandable"?
T
F
93. The form of financial report in Vietnam is required to be consistent with the guidance of Ministry of Finance?
T
F
94. Management reports are always periodic reports?
T
F
95. "Comparative method" is one of the usual methods that is used in accounting analysis?
T
F
96. Financial reports in Vietnam may be not prepared under "going concern assumption"?
T
F
97. "Statement of changes in equity" is a separate statement in financial reports in VietNam?
T
F
98. Enterprises are required to disclose information about management accounting?
F
T
99. In the context of modern technology, some economic transactions may be automatically processed?
T
F
100. In financial statements, the "reporting day" and the "authorized issuing day" are the same.
F
T
101. In Vietnam, FDI enterprises often have to prepare financial statements in accordance with the VASS and IFRSS/IASS
T
F
102. The form of centralized accounting organization is suitable for small and medium-sized enterprises with low hierarchy.
T
F
103. In enterprises with decentralized accounting organization. All subordinate units take responsibilities for their own assets, liabilities and business performance independently
T
F
104. In enterprises with semi-centralized accounting organization. All subordinate units take responsibilities for their own assets, liabilities and business performance independently
T
F
105. The form of semi-centralized organization is a combination of centralized and decentralized forms
T
F
106. All accountants must have accounting certificate/certification.
F
T
107. The quality of the accounting activities depends directly on the qualifications, proficiency, professional ethics and the reasonable assignment of employees in the accounting system.
T
F
108. There are 2 forms of accounting inspection: regular and irregular checks
T
F
109. Accounting inspection requirements are careful, serious, honest, objective
T
F
110. When implementing financial accounting and management accounting, businesses must perform general accounting and detailed accounting simultaneously
T
F
The organization of accounting in businesses is financial accounting organization.
F
T
111. “Chart of accounts is only be opened and used as a whole for the purpose of processing information of financial accounting and management accounting”
F
T
113.. Using accounting books for processing and systemizing financial accounting information, accountants shall comply with Corporate Accounting Regulations in terms of book formats and types"
T
F
114.“Based on book-recording method of chronological order and systematic order, accounting book system consists of ledger, general journal, detailed book”
T
F
115. The deadline for submitting annual financial statements of sole proprietorships and partnerships is…
A. within 45 days from the end of the annual accounting period
B. within 30 days from the end of the annual accounting period
C. within 90 days from the end of the annual accounting period
D. within 20 days from the end of the annual accounting period
116. Which one of the following would occur if the purchase of computer stationary was debited to the tangible asset account in the process of systemizing accounting information (computer stationary did not meet the criteria for being recognized as tangible asset in line with VAS 03)?
A. An understatement of profit and an understatement of non-current assets
B. An overstatement of profit and an understatement of non-current assets
C. An understatement of profit and an overstatement of non-current assets
D. An overstatement of profit and an overstatement of non-current assets
117. “Historical cost has the disadvantage of not necessarily representing the actual fair value of an asset, which is likely to diverge from its purchase cost over time”
T
F
118. Which of the following item is included in the cash flows from financing activities?
A. Dividends paid to owners
A. Interest paid
A. Proceeds from sales
A. Cash received from loan interest
Which statement is true?
A. An accounting period is an established range of time during which accounting functions are performed, aggregated and analyzed. An accounting period is created for reporting and analyzing purposes.
A. In case that either the first fiscal accounting period or the last one is shorter than 90 days, then it should be included in the next fiscal accounting period or the pervious one to create a complete fiscal accounting period; The first accounting period or the last one must be shorter than 15 months.
A. An accounting period is a period of time that covers certain accounting functions, which can be either a calendar or fiscal year, but also a month or a quarter.
All above statements are correct
Which of the following report is NOT classified as a financial accounting report?
A. Revenue, profit and loss report
A. Statement of cash flow
A. Statement of financial position
A. Statement of profit or loss
Management accounting reports are set up according to the regulations of the State.
T
F
