WorksheetsLực F7
Total questions: 21
Worksheet time: 5hrs 15mins
Name
Class
Date
1.
According to IAS 36, goodwill should be tested for impairment
a)
A.Only if there is an indication of impairment.
b)
B.Every five years
c)
C.Annually
d)
D.On the acquisition of a subsidiary
2.
18, The cost of a property interest held under a lease should be valued at:
a)
A.Fair value
b)
B.The higher of fair value and PV of minimum lease payments
c)
C.The lower of fair value and PV of minimum lease payments
d)
D.The present value of the minimum lease payments
3.
53, Inventory items should be valued at the lower of cost and net realisable value.
a)
A.True
b)
B.False
4.
54, A contract is, or contains, a lease if the contract conveys the right __________ an identified asset for a period of time in exchange for consideration.
a)
A.To use
b)
B.To control the use of
c)
C.To obtain economic benefits from
d)
D.To recognise depreciation changes of
5.
Happy Plc vacated an office building and let it out to a third party on 30 June 20X8. The building had an original cost of $800,000 on 1 January 20X0 and was being depreciated over 50 years. It was judged to have a fair value on 30 June 20X8 of $800,000. At the year end date of 31 December 20X8 the fair value of the building was estimated at $1.1 million. Happy Plc uses the fair value model for investment property. What amount will be shown in revaluation surplus at 31 December 20X8 in respect of this building?
a)
A.0
b)
B.136,000
c)
C.144,000
d)
D.444,000
6.
Câu 1: The Conceptual Framework deals with the objectives of financial statements. Is this statement true or false?
a)
A. True
b)
B. False
7.
Câu 2: Profit is any amount over and above that required to maintain the capital at the beginning of the period.
a)
A. True
b)
B. False
8.
Câu 3: A business has opening inventory of £3,600 and closing inventory of £4,050. Purchases for the year were £38,250, carriage inwards was £25 and carriage outwards was £90. The figure for cost of sales is: Cost of sale= OB+purchase+ carriage inwards-CB
a)
A. £37,775
b)
B. £37,915
c)
C. £38,725
d)
D. £37,825
9.
Câu 4: According to IAS 2 Inventories, which TWO of the following should be accounted for in the cost of an inventory item?
a)
A. Trade discounts received on purchase of inventories
b)
B. Storage costs of finished goods
c)
C. Import duties on shipping of inventories inwards
d)
D. Material wasted due to a machine breakdown
10.
Câu 5: Is the following statement true or false, according to IAS 2 Inventories? “Maintenance expenses for an item of equipment used in the manufacturing process should be included in the cost of inventories.”
a)
A. True
b)
B. False
11.
Câu 6: Are the following statements regarding the term 'profit' true or false? (1) Profit is any amount over and above that required to maintain the capital at the beginning of the period. (2) Profit is the residual amount that remains after expenses have been deducted from income.
a)
A. 1.False & 2. False
b)
B. 1.False & 2. True
c)
C. 1.True & 2. False
d)
D. 1.True & 2.True
12.
Câu 7: The Conceptual Framework deals with the qualitative characteristics of financial statements. Is this statement true or false?
a)
A. True
b)
B. False
13.
Câu 8: According to IAS 2 Inventories, which one of the following lists consists only of items which may be included in the cost of inventories?
a)
A. Supervisor's wages, carriage outwards, raw materials
b)
B. Raw materials, carriage inwards, plant depreciation
c)
C. Plant depreciation, carriage outwards, raw materials,
d)
D. Carriage outwards, raw materials, Supervisor's wages, plant depreciation
14.
Câu 9: Which of the following is NOT classified as inventory?
a)
A. Raw materials
b)
B. An office building
c)
C. Work in progress
d)
D. Finished goods
15.
Câu 10: Are the following statements true or false, according to IAS 2 Inventories? (1) Cost of factory management should be included in the cost of inventories. (2) Maintenance expenses for an item of equipment used in the manufacturing process should be included in the cost of inventories.
a)
A. 1.False & 2. False
b)
B. 1.False & 2. True
c)
C. 1.True & 2. False
d)
D. 1.True & 2.True
16.
Câu 11: Which one of the following terms best describes financial statements whose basis of accounting recognises transactions and other events when they occur?
a)
A. Accrual basis of accounting
b)
B. Cash basis of accounting
c)
C. Invoice basis of accounting
d)
D. Going concern basis of accounting
17.
Câu 12: M Co sets up his demolition business from scratch on 1 January 20X0. Which items should be represented as capital expenditure?
a)
A. Writes off a damaged machine
b)
B. Rents office premises
c)
C. Pays wages
d)
D. Buys a warehouse
18.
Câu 13: Is the following statement true or false, according to IAS 2 Inventories? “Cost of factory management should be included in the cost of inventories.”
a)
A. True
b)
B. False
19.
Câu 14: Profit is the residual amount that remains after expenses have been deducted from income.
a)
A. True
b)
B. False
20.
Câu 15: The Conceptual Framework normally prevails over International Financial Reporting Standards where there is a conflict between the two. Is this statement true or false?
a)
A. True
b)
B. False
21.
Câu 16: IAS 16 Property, Plant and Equipment requires an asset to be measured at cost on its original recognition in the financial statements. CARLING used its own staff, assisted by contractors when required, to construct a new warehouse for its own use. Which one is recognized as expense:
a)
A. Clearance of the site prior to commencement of construction
b)
B. Professional surveyor fees for managing the construction work
c)
C. CARLING's own staff wages for time spent working on construction
d)
D. A proportion of CARLING's administration costs, based on staff time spent
100 %
