WorksheetsKTQT (1->55)
Total questions: 65
Worksheet time: 33mins
Name
Class
Date
1.
Chapter 1 (23 câu)
Câu 1.1: Which of the following is the advantages of Limited Liability Company?
a)
A. No requirement to make financial accounts publicly available, no audit requirement.
b)
B. No company tax on the business.
c)
C. Operating as a limited liability company is less risky than operating as a sole trader.
d)
D. Operating as a limited liability company makes reducing share capital easier than sole trader and partnerships.
2.
Câu 1.2: Which of the following statements best defines a statement of financial position?
a)
A. It is a summary of income and expenditure for an accounting period
b)
B. It is a summary of cash receipts and payments made during an accounting period
c)
C. It is a summary of assets, liabilities, and equity at a specified date.
d)
D. It is a summary of assets and expense at a specified date.
3.
Câu 1.3: Which of the following statements are true?
(1) Accounting can be described as the recording and summarising of transactions.
(2) Financial accounting describes the production of a statement of financial position and statement of profit or loss for internal use.
a)
A. (1) only
b)
B. (2) only
c)
C. Both (1) and (2)
d)
D. None
4.
Câu 1.4: What is the main purpose of financial accounting?
a)
A. To record all transactions in the books of account
b)
B. To provide management with detailed analyses of costs
c)
C. To enable preparation of financial statements that provides information about an entity’s financial performance and position.
d)
D. To calculate profit or loss for an accounting period
5.
Câu 1.5: Which of the following statements about users of accounting information is INCORRECT?
a)
A. Management is an internal user
b)
B. Taxing authorities are external users.
c)
C. Present creditors are external users
d)
D. Regulatory authorities are internal users.
6.
Câu 1.6: Which of the following statements is FALSE?
a)
A. A statement of cash flows summarizes information about the cash inflows (receipts) and outflows (payments) for a specific period of time
b)
B. A statement of financial position reports the assets, liabilities, and owner’s equity at a specific date.
c)
C. An income statement presents the revenues, expenses, changes in owner’s equity, and resulting net income or net loss for a specific period of time.
d)
D. An statement of changes in equity summarizes the changes in owner’s equity for a specific period of time.
7.
Câu 1.7: Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use?
a)
A. The fair presentation concept.
b)
B. The accruals concept.
c)
C. The going concern concept.
d)
D. The business entity concept
8.
Câu 1.8: Sales revenue should be recognised when goods and services have been supplied; costs are incurred when goods and services have been received. Which accounting concept governs the above?
a)
A. The business entity concept
b)
B. The materiality concept
c)
C. The accruals concept.
d)
D. The duality concepts.
9.
Câu 1.9: Which accounting concept states that omitting or misstating this information could influence users of the financial statements?
a)
A. The consistency concept
b)
B. The accruals concept
c)
C. The materiality concepts.
d)
D. The going concern concept.
10.
Câu 1.10: Which ONE of the following statements describes faithful representation, a qualitative characteristic of faithful representation?
a)
A. Revenue earned must be matched against the expenditure incurred in earning it.
b)
B. Revenue earned must be matched against the expenditure incurred in earning it.
c)
C. The presentation and classification of items in the financial statements should stay the same from one period to the next.
d)
D. Financial information should be complete, neutral and free from error.
11.
Câu 1.11: Which one of the following statements best defines a liability?
a)
A. A liability is an obligation arising from a past transaction or event.
b)
B. A liability is a legally binding amount owed to a third party.
c)
C. A liability is an obligation arising from a past transaction or event which is expected to be settled by an outflow of economic benefits.
d)
D. A liability is anything which results in an outflow of economic benefits from an entity.
12.
Câu 1.12: Which one of the following statements best defines an expense?
a)
A. An expense is any outflow of economic benefits in an accounting period.
b)
B. An expense is an outflow of economic benefits resulting from the purchase of resources in an accounting period.
c)
C. An expense is an outflow of economic benefits resulting from a claim by a third party.
d)
D. An expense is an outflow of economic benefits in an accounting period as a result of the using up of resources or a fall in the value of an asset.
13.
Câu 1.13: Which one of the following statements best defines an asset?
a)
A. An asset is a resource owned by the entity with a financial value.
b)
B. An asset is a resource controlled by an entity from which future economic benefits are expected to be generated.
c)
C. An asset is a resource controlled by an entity as a result of past events.
d)
D. An asset is a resource controlled by an entity as a result of past events from which future economic benefits are expected to be generated.
14.
Câu 1.14: Performing services on account will have the following effects on the components of the basic accounting equation:
a)
A. Increase assets and decrease owner’s equity.
b)
B. Increase assets and increase owner’s equity.
c)
C. Increase assets and increase liabilities.
d)
D. Increase liabilities and increase owner’s equity.
15.
Câu 1.15: During 2012, H Company’s assets decreased $50,000 and its liabilities decreased $90,000. Its owner’s equity therefore:
a)
A. Increased $40,000
b)
B. Decreased $140,000.
c)
C. Decreased $40,000
d)
D. Increased $140,000.
16.
Câu 1.16: On the last day of the period, ABC Company buys a $900 machine on credit. This transaction will affect the:
a)
A. Income statement only.
b)
B. Statement of financial position only.
c)
C. Income statement and statement of changes in equity only.
d)
D. Income statement, statement of changes in equity, and statement of financial position.
17.
Câu 1.17: 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
AccountsReceivable:13,500
Equipment: 29,000
Owner’s Drawings: 7,500
Determine the total assets of Lance Company at December 31, 2012?
a)
A. $47,000
b)
B. $33,500
c)
C. $4,500
d)
D. $29,000
18.
Câu 1.18: Which of the following items are assets of Minh Stores?
(a) Cash. (d) Accounts receivable.
(b) Accounts payable. (e) Supplies.
(c) Owner’s drawings. (f) Equipment.
(g) Salaries and wages payable. (i) Rent expense.
(h) Service revenue.
a)
A. a, b, d
b)
B. b, g
c)
C. a, d, e, f
d)
D. g, h
19.
Câu 1.19: 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. (a)
b)
B. (a), (b)
c)
C. (b), (c)
d)
D. (a), (b), (c)
20.
Question 1.20: Which one of the following describes the contents of statement of financial position?
a)
A. A list of all the assets owned and all the liabilities owed by a business as at a particular date.
b)
B. A record of income generated, and expenditure incurred over a given period.
c)
C. A list of ledger balances shown ïn debit and credit columns.
d)
D. A record of the amount of cash generated.
21.
Question 1.21: Which of the following statements are TRUE?
1) Accounting can be described as the recording and summarizing of transactions.
2) The main purpose of financial reporting is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions.
3) Financial statements are more accurate than management accounts.
a)
A. All the above
b)
B. 1 and 2 only
c)
C. 3 only
d)
D. 2 and 3 only
22.
Question 1.22: Which one of the following statements is correct?
a)
A. The directors of a company are liable for any losses of the company.
b)
B. A sole trader business is owned by shareholders and operated by the proprietor.
c)
C. Partners are liable for losses in a partnership in proportion to their profit share ratio.
d)
D. A company is run by directors on behalf of its members.
23.
Question 1.23: Which one of the following statements is TRUE?
1) Directors have a duty of care to show reasonable competence and may have to indemnify
the company against loss caused by their negligence.
2) lf financial statements are audited, then the responsibility for those financial statements
instead falls on the auditors instead of the directors.
3) Directors are not responsible for the preparation of the financial statements of the company.
a)
A. 1 only
b)
B.2 and 3
c)
C. All the above
d)
D. None
24.
Chapter 2 (27 câu)
Câu 2.1: Which of the following are books of prime entry?
a)
A. Sales daybook and trial balance
b)
B. Petty cash book and accounts receivables ledger
c)
C. Petty cash book and journal
d)
D. Purchase daybook and accounts payable ledger
25.
Câu 2.2: 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?
a)
A. The sales daybook
b)
B. The cash payments book
c)
C. The journal
d)
D. The non-current asset register
26.
Câu 2.3: Which one of the following best describes the purpose of a purchase invoice?
a)
A. It is issued by a supplier as a request for payment.
b)
B. It is sent to supplier as a request for a supply.
c)
C. It is issued by supplier listing details of recent transactions.
d)
D. It is sent to the supplier as notification of payment.
27.
Câu 2.4: In which book of prime entry would discounts received be recorded?
a)
A. Cash received book.
b)
B. Cash payments book
c)
C. Sales daybook
d)
D. Purchases daybook
28.
Câu 2.5: Which of the following documents should accompany a return of goods to a supplier?
a)
A. Debit note.
b)
B. Remittance advice
c)
C. Purchase invoice
d)
D. Credit note
29.
Câu 2.6: In which book of prime entry will a business record debit notes in respect of goods which have been sent back to suppliers?
a)
A. The sales returns daybook
b)
B. The cash book
c)
C. The purchase returns daybook
d)
D. The purchase daybook
30.
Câu 2.7: Which of the following would be recorded in the sales daybook?
a)
A. Discounts allowed.
b)
B. Sales invoices
c)
C. Credit notes received.
d)
D. Trade discounts
31.
Câu 2.8: Which one of the following provides evidence that an item of expenditure on petty cash has been approved or authorised?
a)
A. Petty cash voucher
b)
B. Record of the transaction in the petty cash book
c)
C. Receipt for the expense
d)
D. Transfer of cash from the bank account into petty cash
32.
Câu 2.9: How is the total of the sales daybook recorded in the nominal ledger?
Debit Credit
a)
A. Receivables Ledger Receivables Control Account
b)
B. Receivables Control Account Receivables Ledger
c)
C. Sales Receivables Control Account
d)
D. Receivables Control Account Sales
33.
Câu 2.10: Are the following statements about debit entries true or false?
1 A debit entry in the cash book will increase an overdraft in the accounts.
2 A debit entry in the cash book will increase a bank balance in the accounts.
a)
A. Both true
b)
B. Both false
c)
C. 1 true and 2 false
d)
D. 1 false and 2 true
34.
Câu 2.11: A trial balance is made up of a list of debit balances and credit balances. Which of the following statements is correct?
a)
A. Every debit balance represents an expense.
b)
B. Assets are represented by debit balances.
c)
C. Liabilities are represented by debit balances.
d)
D. Income is included in the list of debits balances.
35.
Câu 2.12: Which of the following statements is/are TRUE or FALSE?
1 Cash purchases are recorded in the purchases daybook.
2 The sales day books are used to keep a list of invoices received from suppliers.
a)
A. Both statements are TRUE.
b)
B. Both statements are FALSE.
c)
C. Statement 1 is TRUE and statement 2 is FALSE.
d)
D. Statement 1 is FALSE and statement 2 is TRUE.
e)
E. Statement 1 is FALSE and statement 2 is TRUE.
36.
Câu 2.13: Which pair of the following items would appear on the same side of the trial balance?
a)
A. Drawings and accruals
b)
B. Carriage outwards and prepayments
c)
C. Carriage inwards and rental income
d)
D. Opening inventory and purchase returns
37.
Câu 2.14: The double-entry system of bookkeeping normally results in which of the following balances on the ledger accounts?
a)
A. Debit Assets and revenues Credit Liabilities, capital, and expenses
b)
B. Debit Revenues, capital and liabilities Credit Assets and expenses
c)
C. Debit Assets and expenses Credit Liabilities, capital, and revenues
d)
D. Debit Assets, expenses and capital Credit Liabilities and revenues
38.
Câu 2.15: Which one of the following statements best describes the purpose of a purchase order?
a)
A. It is issued to a supplier to request supply of goods from them on terms specified within the order.
b)
B. It is issued to a customer to confirm the supply of goods to them on terms specified in the order.
c)
C. It is issued to a supplier as notification of payment.
d)
D. It confirms the price that will be charged by a supplier for goods supplied.
39.
Câu 2.16: Which one of the following statements best describes the purpose of a goods despatched note (delivery note)?
a)
A. It is issued by a customer returning faulty goods to their supplier.
b)
B. It is issued by a customer to their supplier and specifies the quantity and type of goods they require to be despatched.
c)
C. It is issued by a supplier to their customer and specifies the quantity and type of goods delivered to that customer.
d)
D. It is issued by a supplier to their customer and specifies what goods will be provided to them at a specified future date.
40.
Câu 2.17: Which one of the following explains the imprest system of operating petty cash?
a)
A. Weekly expenditure cannot exceed a set amount.
b)
B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float.
c)
C. All expenditure out of the petty cash must be properly authorised.
d)
D. Regular equal amounts of cash are transferred into petty cash at intervals.
41.
Câu 2.18: Jones Co has the following transactions:
1. Payment of $400 to J Bloggs for a cash purchase
2. Payment of $250 to J Doe in respect of an invoice for goods purchased last month What are the correct ledger entries to record these transactions?
a)
A. Dr Cash $650 Cr Purchases $650
b)
B. A. Dr Purchases $650 Cr Cash $650
c)
C. A. Dr Purchases $400 Dr Trade Payables $250 Cr Cash $650
d)
D. Dr Cash $650 Cr Trade Payables $250 Cr Purchases $400
42.
Câu 2.19: Smith Co has the following transactions:
1 Purchase of goods on credit from T Rader: $450
2 Return of goods purchased on credit last month to T Rouble: $700 What are the correct ledger entries to record these transactions?
a)
A. Dr Purchases $450 Dr Purchase Returns $700 Cr Cash $450 Cr Trade Payables $700
b)
B. Dr Purchases $450 Dr Trade Payables $700 Cr Purchase Returns $1,150
c)
C. Dr Purchases $450 Dr Trade Payables $250 Cr Purchase Returns $700
d)
D. Dr Purchase Returns $700 Dr Purchases $450 Cr Trade Payables $1,150
43.
Câu 2.20: Mew Ling has the following transactions:
1 Receipt of cash from R Singh in respect of an invoice for goods sold three weeks ago.
2 Receipt of cash from S Kalu for cash sales
What are the correct ledger entries to record these transactions?
a)
A. Dr Cash Cr Sales
b)
B. Dr Cash Cr Sales Cr Trade Receivables
c)
C. Dr Sales Cr Cash
d)
D. Dr Trade Receivables Dr Sales Cr Cash
44.
Câu 2.21: Tin Co purchases $250 worth of metal from Steel Co. Tin Co agrees to pay Steel Co in 60 days time. What is the double entry to record the purchase in Steel Co’s books?
a)
A. Debit sales $250, credit receivables $250
b)
B. Debit purchases $250, credit payables $250
c)
C. Debit receivables $250, credit sales $250
d)
D. Debit payables $250, credit purchases $250
45.
Câu 2.22: 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 storeroom for her to use in the office. What is the double entry for this transaction?
a)
A. Dr Drawings Cr Cost of sales
b)
B. Dr non-current assets Cr Cost of sales
c)
C. Dr Cost of sales Cr Drawings
d)
D. Dr Cost of sales Cr Non-current assets
46.
Câu 2.23: 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?
a)
A. Dr Capital $5,000, Cr Car $5,000
b)
B. Dr Car $5,000, Cr Drawings $5,000
c)
C. Dr Car $5,000, Cr Capital $5,000
d)
D. Dr Drawing $5,000 Cr Car $5,000
47.
Câu 2.24: Which one of the following statements is true in relation to the non-current asset register?
a)
A. It is an alternative name for the non-current asset ledger account.
b)
B. It is a list of the physical non-current assets rather than their financial cost.
c)
C. It is a schedule of planned maintenance of non-current assets for use by the plant engineer.
d)
D. It is a schedule of the cost and other information about each individual non-current asset.
48.
Câu 2.25: Before posting a payment of $5,000, the Accounts Payable of Senator Company had a normal balance of $16,000. The balance after posting this transaction was:
a)
A. $21,000
b)
B. $11,000
c)
C. $5,000
d)
D. Cannot be determined.
49.
Câu 2.26: Which one of the following items should be accounted for as capital expenditure?
a)
A. The cost of painting a building.
b)
B. The replacement of broken windows in a building
c)
C. The purchase of a car by a car dealer for re-sale
d)
D. Legal fees incurred on the purchase of a building.
50.
Câu 2.27: What is the correct accounting treatment for an intangible asset with an indefinite useful life?
a)
A. It is recognised at cost for as long as the entity has the intangible asset.
b)
B. It is recognised at cost and is subject to an annual impairment review.
c)
C. It is recognised at cost and the entity must make an estimate of estimated useful life so that it can be amortised.
d)
D. It cannot be recognised as an intangible asset as it would not be possible to calculate an annual amortisation charge.
51.
Chapter 3 (29 câu)
Câu 3.1: Depreciation is a process of:
a)
A. valuation.
b)
B. cost allocation
c)
C. cash accumulation
d)
D. appraisal.
52.
Câu 3.2: Additions to plant assets are:
a)
A. revenue expenditures.
b)
B. debited to the Maintenance and Repairs Expense account.
c)
C. debited to the Purchases account.
d)
D. capital expenditures.
53.
Câu 3.3: Which of the following statements is false?
a)
A. If an intangible asset has a finite life, it should be amortized.
b)
B. The amortization period of an intangible asset can exceed 20 years.
c)
C. Goodwill is recorded only when a business is purchased.
d)
D. Research and development costs are expensed when incurred, except when the research and development expenditures result in a successful patent.
54.
Câu 3.4: What are the correct ledger entries to record an acquisition of a non-current asset on credit?
a)
A. Debit non-current asset – Cost/ Credit Receivables
b)
B. Debit Payables/ Credit Non-current asset – Cost
c)
C. Debit non-current asset – Cost/ Credit Payables
d)
D. Debit non-current asset – Cost/ Credit Revaluation Surplus
55.
Câu 3.5: Which of the following best explains what is meant by 'capital expenditure'?
a)
A. Expenditure on non-current assets, including repairs and maintenance.
b)
B. Expenditure on expensive assets
c)
C. Expenditure relating to the issue of share capital.
d)
D. Expenditure relating to the acquisition or improvement of non-current assets.
56.
Câu 3.6: Expenditure relating to the acquisition or improvement of non-current assets.
a)
A. A replacement for a broken window
b)
B. Repainting the restaurant
c)
C. An illuminated sign advertising the business name.
d)
D. Cleaning of the kitchen floors
57.
Câu 3.7: Which one of the following costs would be classified as revenue expenditure on the invoice for a new company car?
a)
A. Road tax
b)
B. Number plates
c)
C. Fitted stereo radio.
d)
D. Delivery costs
58.
Câu 3.8: Which one of the following assets may be classified as a receivable in the financial statements of a business?
a)
A. A tax refund due next year
b)
B. A motor vehicle held for resale.
c)
C. A computer used in the office.
d)
D. Cleaning products used to clean the office floors.
59.
Câu 3.9: According to IAS 38 Intangible assets, which of the following statements are correct?
(1) Research expenditure should not be capitalised.
(2) Intangible assets are never amortised.
(3) Development expenditure must be capitalised if certain conditions are met.
a)
A. 1 and 3 only
b)
B. 1 and 2 onl
c)
C. 2 and 3 only
d)
D. All three statements are correct.
60.
Câu 3.10: What is the purpose of amortisation?
a)
A. To allocate the cost of an intangible non-current asset over its useful life
b)
B. To ensure that funds are available for the eventual purchase of a replacement non-current asset.
c)
C. To reduce the cost of an intangible non-current asset in the statement of financial position to its estimated market value
d)
D. To account for the risk associated with intangible assets.
61.
Câu 3.11: Which of the following statements about the treatment of inventory and work in 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.
a)
A. All four statements are correct.
b)
B. (1), (2) and (3) only are correct.
c)
C. (2), (3) and (4) only are correct.
d)
D. (1) and (4) only are correct
62.
Câu 3.12: What journal entry is required to record goods taken from inventory by the owner of a business for personal use?
a)
A. Unit average cost is recalculated each time there is a purchase of inventory.
b)
B. Unit average cost is recalculated each time there is a sale of goods.
c)
C. Unit average cost is calculated once only at the end of an accounting period.
d)
D. Unit average cost is recalculated each time there is a purchase or a sale.
63.
Câu 3.13: If an entity uses the periodic weighted average cost method to value closing inventory, which of the following statements is true?
a)
A. Unit average cost is recalculated each time there is a purchase of inventory.
b)
B. Unit average cost is recalculated each time there is a sale of goods.
c)
C. Unit average cost is calculated once only at the end of an accounting period.
d)
D. Unit average cost is recalculated each time there is a purchase or a sale.
64.
Câu 3.14: Which one of the following items should be accounted for as capital expenditure?
a)
A. The cost of painting a building.
b)
B. The replacement of broken windows in a building
c)
C. The purchase of a car by a car dealer for re-sale
d)
D. Legal fees incurred on the purchase of a building.
65.
Câu 3.15: The reducing balance method of depreciating non-current assets is more appropriate than the straight-line method when:
a)
A. there is no expected residual value for the asset.
b)
B. the expected life of the asset is not capable of being estimated.
c)
C. the asset is expected to be replaced in a short period of time.
d)
D. the asset decreases in value less in later years than in the early years of use.
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