Conceptual framework

Câu Hỏi 1
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Which of the following is not true concerning a conceptual framework in

accounting?

a.
It should be a basis for standard-setting
b.
It should allow practical problems to be solved more quickly by reference to it
c.
It should be based on fundamental truths that are derived from the laws of nature
d.
All of these answers are correct
Phản hồi
The correct answer is:
It should be based on fundamental truths that are derived from the laws of nature

Câu Hỏi 2
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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.
(v) and (vi)
b.
(iv) and (v)
c.
(ii) and (v)
d.
(i) and (vii)
Phản hồi
The correct answer is: (v) and (vi)

Câu Hỏi 3
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Which of the following measurement base(s) should be used by an entity according

to the conceptual framework for financial reporting?
Select one:
a.
Current cost
b.
Present value
c.
Historical cost
d.
Any of the above
Phản hồi
The correct answer is: Any of the above

Câu Hỏi 4
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Which of the following basic elements of financial statements is more associated

with the statement of financial position than the income statement?
a.
Gains
b.
Income
c.
Expenses
d.
Equity
Phản hồi
The correct answer is:
Equity

Câu Hỏi 5
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Which of the following statements in relation to income is true?

Select one:
a.
The conceptual framework defines income as an increase in economic benefits which results
in an increase in equity.
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 requires that all items of income are reported on a net basis.
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.
Phản hồi
The correct answer is: 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 6
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What is meant by comparability when discussing financial accounting information?

a.
Information is timely
b.
Information has predictive or feedback value
c.
Information is reasonably free from error
d.
Information that is measured and reported in a similar fashion across companies
Phản hồi
The correct answer is:
Information that is measured and reported in a similar fashion across companies

Câu Hỏi 7
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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.
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.
c.
Carter has estimated the tax charge on its profits for the year just ended as $165,000.
d.
Expansion is planning to invest in new machinery and has been quoted a price of $570,000.
Phản hồi
The correct answer is: Carter has estimated the tax charge on its profits for the year just
ended as $165,000.

Câu Hỏi 8
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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.
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.
c.
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.
d.
Because equity is the arithmetic difference between assets and liabilities, a separate
recognition criteria for equity is not needed in the conceptual framework.
Phản hồi
The correct answer is: 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.

Câu Hỏi 9
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What is the objective of general-purpose financial reporting?

a.
to provide financial information about the reporting entity that is useful to present and
potential equity investors, lenders, and other creditors in making decisions in their capacity
as capital providers
b.
to provide users with financial information that implies total freedom from error.

c.
to provide a metric for financial information used to determine when the boundary between
two or more entities should be disregarded and the entities considered to be a licensing
arrangement
d.
to provide companies with the option to select information that favors one set of interested
parties over another.
Phản hồi
The correct answer is:
to provide financial information about the reporting entity that is useful to present and
potential equity investors, lenders, and other creditors in making decisions in their capacity
as capital providers

Câu Hỏi 10
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Which of the following best describes the role of the IFRS Advisory Coucil?
Select one:
a.
To prepare intepretations of International Accounting Standards
b.
To provide the IASB with the views of its members on standard setting projects
c.
To promote the use of International Accounting Standards amongst its members
d.
To select the members of the IASB
Phản hồi
The correct answer is: To provide the IASB with the views of its members on standard
setting projects

Câu Hỏi 1
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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.
Applying an entity's current accounting policy to a transaction which an entity has not
engaged in before
c.
Prohibiting changes of accounting policy unless required by an IFRS or to give more relevant
and reliable information
d.
Disclosing discontinued operations in financial statements
Phản hồi
The correct answer is: Applying an entity's current accounting policy to a transaction which
an entity has not engaged in before

Câu Hỏi 2
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Which of the bodies listed below is responsible for revewing International

Accounting Standards and issuing guidance on their application?
Select one:
a.
IFRS Advisory Council
b.
IFRS Intepretation Committee
c.
IFRS Foundation
d.
International Accounting Standards Board
Phản hồi
The correct answer is: International Accounting Standards Board

Câu Hỏi 3
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The International Accounting Standards Board’s (IASB’s) Conceptual

Framework includes all of the following except:

a.
Relevance
b.
Comparability
c.
Materiality
d.
Neutrality
Phản hồi
The correct answer is:

Relevance

Câu Hỏi 4
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The International Accounting Standards Board’s (IASB’s) Conceptual

Framework includes all of the following except:

a.
Objective of financial reporting
b.
Supplementary information

c.
Elements of financial statements
d.
Qualitative characteristics of accounting information
Phản hồi
The correct answer is:
Supplementary information

Câu Hỏi 5
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What is a purpose of having a conceptual framework?

a.
To provide comparable information for different companies
b.
To make sure that economic activity can be identified with a particular legal entity
c.
To segregate activities among competing companies
d.
To enable the profession to more quickly solve emerging practical problems and to provide a
foundation from which to build more useful standards
Phản hồi
The correct answer is:
To enable the profession to more quickly solve emerging practical problems and to provide a
foundation from which to build more useful standards

Câu Hỏi 6
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Company A issuing its annual financial reports within one month of the end of the
year is an example of which enhancing quality of accounting information?

a.
Understandability
b.
Verifiability
c.
Timeliness
d.
Comparability
Phản hồi
The correct answer is:
Timeliness

Câu Hỏi 7
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Which of the following is a possible advantage of a rules-based system of financial

reporting?
Select one:
a.
It offers accountants more protection in the event of litigation
b.
It encourages the exercise of professional judgement
c.
It ensures that no standards conflict with each other
d.
It prevents a fire-fighting approach to the formulation of standards
Phản hồi
The correct answer is: It offers accountants more protection in the event of litigation

Câu Hỏi 8
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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.
Recording the whole of the net proceeds from the issue of a loan note which is potentially
convertible to equity shares as debt (liability)
c.
Reporting a transaction based on its legal status rather than its economic substance
d.
Excluding a subsidiary from consolidation because its activities are not compatible with
those of the rest of the group
Phản hồi
The correct answer is: Allocating part of the sales proceeds of a motor vehicle to interest
received even though it was sold with 0% (interest free) finance

Câu Hỏi 9
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Which of the following is a fundamental quality of useful accounting information?

a.
Conservatism
b.
Consistency
c.
Comparability
d.
Faithful representation
Phản hồi
The correct answer is:
Faithful representation

Câu Hỏi 10
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Changing the method of inventory valuation should be reported in the financial
statements under what qualitative characteristic of accounting information?

a.
Verifiability
b.
Consistency
c.
Timeliness
d.
Comparability

Câu Hỏi 1
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Changing the method of inventory valuation should be reported in the financial

statements under what qualitative characteristic of accounting information?

a.
Timeliness
b.
Consistency
c.
Comparability
d.
Verifiability
Phản hồi
The correct answer is:
Comparability

Câu Hỏi 2
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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.
(i) and (vii)
b.
(v) and (vi)
c.
(iv) and (v)
d.
(ii) and (v)
Phản hồi
The correct answer is: (v) and (vi)

Câu Hỏi 3
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Which of the following basic elements of financial statements is more associated

with the statement of financial position than the income statement?
a.
Equity
b.
Expenses
c.
Gains
d.
Income
Phản hồi
The correct answer is:
Equity

Câu Hỏi 4
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Which of the following statements is incorrect in relation to the recognition criteria

for elements of the financial statements?
Select one:
a.
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.
b.
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.
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.
Phản hồi
The correct answer is: 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.

Câu Hỏi 5
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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.
Applying an entity's current accounting policy to a transaction which an entity has not
engaged in before
b.
Disclosing discontinued operations in financial statements
c.
Restating the financial statements of previous years when there has been a change of
accounting policy
d.
Prohibiting changes of accounting policy unless required by an IFRS or to give more relevant
and reliable information
Phản hồi
The correct answer is: Applying an entity's current accounting policy to a transaction which
an entity has not engaged in before

Câu Hỏi 6
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Which one of the following would be classified as a liability?

Select one:
a.
Expansion is planning to invest in new machinery and has been quoted a price of $570,000.
b.
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.
c.
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.
d.
Carter has estimated the tax charge on its profits for the year just ended as $165,000.
Phản hồi
The correct answer is: Carter has estimated the tax charge on its profits for the year just
ended as $165,000.

Câu Hỏi 7
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Which of the following accounting treatments correctly applies the principle of

faithful representation?
Select one:
a.
Reporting a transaction based on its legal status rather than its economic substance
b.
Recording the whole of the net proceeds from the issue of a loan note which is potentially
convertible to equity shares as debt (liability)
c.
Excluding a subsidiary from consolidation because its activities are not compatible with
those of the rest of the group
d.
Allocating part of the sales proceeds of a motor vehicle to interest received even though it
was sold with 0% (interest free) finance
Phản hồi
The correct answer is: Allocating part of the sales proceeds of a motor vehicle to interest
received even though it was sold with 0% (interest free) finance

Câu Hỏi 8
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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 encourages the exercise of professional judgement
c.
It offers accountants more protection in the event of litigation
d.
It ensures that no standards conflict with each other
Phản hồi
The correct answer is: It offers accountants more protection in the event of litigation

Câu Hỏi 9
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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 provide the IASB with the views of its members on standard setting projects
d.
To prepare intepretations of International Accounting Standards
Phản hồi
The correct answer is: To provide the IASB with the views of its members on standard
setting projects

Câu Hỏi 10
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What is meant by comparability when discussing financial accounting information?

a.
Information that is measured and reported in a similar fashion across companies
b.
Information has predictive or feedback value
c.
Information is timely
d.
Information is reasonably free from error
Phản hồi
The correct answer is:
Information that is measured and reported in a similar fashion across companies
 Impairment of asset
Câu Hỏi 1
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Which of the following is an external indication of impairment?

Select one:
a.
Decline in market value
b.
Ongoing losses
c.
Management commitment to undergo a restructuring
d.
Damage to an asset

Câu Hỏi 2
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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 adding any accumulated depreciation and
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 deducting any accumulated depreciation
and adding back any accumulated impairment losses

Câu Hỏi 3
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When should a reversal of a goodwill impairment be recognised?

Select one:
a.
Immediately
b.
At management’s discretion
c.
At the end of the accounting period
d.
Never

Câu Hỏi 4
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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.
The value should remain unchanged
c.
A rough estimate should be provided
d.
A disclosure should be provided in the notes to the financial statements

Câu Hỏi 5
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Which of the following is not permitted as a cost to sell under IAS 36?
Select one:
a.
Cost to dismantle machine
b.
Transport costs for machine
c.
Standard wages for employees
d.
Auctioneers fees

Câu Hỏi 6
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The present value of expected future cash flows generated by an asset, plus its
expected disposal value is called…
Select one:
a.
Fair value
b.
Net present value
c.
Value in use
d.
Market value

Câu Hỏi 7
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An asset is said to be impaired if…

Select one:
a.
Its carrying amount exceeds its net discounted cash inflows
b.
Its carrying amount is less than its market value
c.
Its recoverable amount exceeds its carrying amount
d.
Its carrying amount exceeds its recoverable amount

Câu Hỏi 8
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When a cash-generating unit has an impairment loss, the loss must first be applied
to…
Select one:
a.
against all assets on a pro-rata basis
b.
any assets obviously impaired
c.
goodwill
d.
on the entire cash generating unit on a pro-rata basis
Câu Hỏi 9
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Value in use is…

Select one:
a.
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.
b.
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
c.
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
d.
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.

Câu Hỏi 10
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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.
Post-tax rate that reflects the entity’s assessment of time value of money and risks specific
to the asset
c.
Pre-tax rate that reflects the market assessment of time value of money and risks specific to
the entity’s competitors
d.
Pre-tax rate that reflects the market assessment of time value of money and risks specific to
the asset

Câu Hỏi 1
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When should a reversal of an impairment loss be recognised?

Select one:
a.
Immediately
b.
Never
c.
When approved by the board of directors
d.
None of these

Câu Hỏi 2
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A cash-generating unit is defined as…

Select one:
a.
the smallest identifiable group of assets that generates cash outflows that are largely
independent from the cash outflows of other assets
b.
the easiest identifiable group of assets that generates cash inflows that are largely
independent from the cash inflows of other assets
c.
the largest identifiable group of assets that generates cash inflows that is largely
independent from the cash inflows of other assets.
d.
the smallest identifiable group of assets that generates cash inflows that are largely
independent from the cash inflows of other assets.

Câu Hỏi 3
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IAS 36 presumes that budgets and forecasts while arriving at cash flow projections
should be…
Select one:
a.
not more than five years
b.
more than ten years
c.
not more than three years
d.
not more than ten years

Câu Hỏi 4
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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.
impaired
b.
in a revaluation deficit
c.
flawed
d.
in negative equity

Câu Hỏi 5
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When an impairment loss occurs, the carrying amount of the asset should be
reduced to its ____
Select one:
a.
Market value
b.
Recoverable amount
c.
Net present value
d.
Value in use

Câu Hỏi 6
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Which of the following is not covered by IAS 36 – Impairment?

Select one:
a.
Property, Plant and Equipment
b.
Intangible assets
c.
Inventory
d.
Motor Vehicles

Câu Hỏi 7
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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.
Fair value
c.
Value in use
d.
Replacement value

Câu Hỏi 8
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What is the treatment of an impairment loss under IAS 36?

Select one:
a.
Write it off against profit over a defined period agreed by management
b.
Record a liability in the SOFP for “Impairment losses”
c.
Record it in Equity under “Revaluations”
d.
Write it off against profit immediately

Câu Hỏi 9
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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.
Carrying amount
c.
Present value
d.
Fair value

Câu Hỏi 10
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When should an impairment loss be recognised?
Select one:
a.
At management’s discretion
b.
Immediately
c.
d.When requested by the entity’s auditors
d.
Over a number of accounting periods

Câu Hỏi 1
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How often should a cash generating unit to which goodwill has been assigned, be
tested for impairment?
Select one:
a.
At management’s discretion
b.
As often as practicable
c.
Every six months
d.
Every year

Câu Hỏi 2
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When should a reversal of an impairment loss be recognised?

Select one:
a.
Never
b.
Immediately
c.
When approved by the board of directors
d.
None of these

Câu Hỏi 3
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IAS 36 presumes that budgets and forecasts while arriving at cash flow projections
should be…
Select one:
a.
not more than five years
b.
more than ten years
c.
not more than ten years
d.
not more than three years

Câu Hỏi 4
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What is the treatment of an impairment loss under IAS 36?

Select one:
a.
Record a liability in the SOFP for “Impairment losses”
b.
Write it off against profit immediately
c.
Write it off against profit over a defined period agreed by management
d.
Record it in Equity under “Revaluations”

Câu Hỏi 5
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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 a revaluation deficit
b.
impaired
c.
flawed
d.
in negative equity

Câu Hỏi 6
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The present value of expected future cash flows generated by an asset, plus its
expected disposal value is called…
Select one:
a.
Market value
b.
Fair value
c.
Value in use
d.
Net present value

Câu Hỏi 7
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Which of the following is an external indication of impairment?

Select one:
a.
Decline in market value
b.
Ongoing losses
c.
Damage to an asset
d.
Management commitment to undergo a restructuring

Câu Hỏi 8
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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 entity’s competitors
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 asset

Câu Hỏi 9
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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 adding any accumulated depreciation and
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 deducting any accumulated depreciation
and adding back any accumulated impairment losses

Câu Hỏi 10
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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.
Fair value
d. Replacement value

PPE
Câu Hỏi 1
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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 and 2
d.
1, 2, 3 and 4

Câu Hỏi 2
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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 overstatement of profit and an understatement of non-current assets
b.
An overstatement of profit and an overstatement of non-current assets
c.
An overstatement of profit and an understatement of non-current assets
d.
An understatement of profit and an overstatement of non-current assets

Câu Hỏi 3
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Which one of the following statements correctly defines non-current assets?

Select one:
a.
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
b.
Non-monetary assets without physical substance that are controlled by the entity and from
which future benefits are expected to flow
c.
Assets in the form of materials or supplies to be consumed in the production process
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 4
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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.
$80,000
c.
$88,000
d.
$86,000

Câu Hỏi 5
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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 Cash: $50,000 / Cr Non-current assets – cost:
$65,000; Cr Profit on disposal (SPL): $20,000
c.
Dr Accumulated depreciation: $65,000; Dr Loss on disposal (SPL): $35,000 / Cr Non-current
assets – cost: $100,000
d.
Dr Accumulated depreciation: $35,000; Dr Non-current assets – cost: $65,000 / Cr Profit on
disposal (SPL): $50,000; Cr Cash: $50,000

Câu Hỏi 6
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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.
1, 2 and 4
b.
2 and 4
c.
2 and 3
d.
1, 2 and 3

Câu Hỏi 7
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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.
$5,000
c.
$3,000
d.
$2,000

Câu Hỏi 8
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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.
$136,000
c.
$74,000
d.
$210,000

Câu Hỏi 9
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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 non-current 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.
$150,000
b.
$155,000
c.
$160,000
d.
$180,000

Câu Hỏi 10
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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 reduce the cost of the asset in the statement of financial position to its estimated market
value
c.
To account for the ‘wearing out’ of the asset over its life
d.
To allocate the cost of a non-current asset over the accounting periods expected to benefit
from its use

Câu Hỏi 1
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What is the purpose of charging depreciation in accounts?

Select one:
a.
To reduce the cost of the asset in the statement of financial position to its estimated market
value
b.
To ensure that funds are available for the eventual replacement of the asset
c.
To allocate the cost of a non-current asset over the accounting periods expected to benefit
from its use
d.
To account for the ‘wearing out’ of the asset over its life

Câu Hỏi 2
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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.
$80,000
c.
$86,000
d.
$88,000

Câu Hỏi 3
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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 and 2
b.
1, 2 and 4
c.
1, 3 and 4
d.
1, 2, 3 and 4
Câu Hỏi 4
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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 5
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Which one of the following statements correctly defines non-current assets?

Select one:
a.
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
b.
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
c.
Assets in the form of materials or supplies to be consumed in the production process
d.
Non-monetary assets without physical substance that are controlled by the entity and from
which future benefits are expected to flow

Câu Hỏi 6
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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 non-current 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.
$160,000
c.
$150,000
d.
$155,000

Câu Hỏi 7
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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 Cash: $50,000 / Cr Non-current assets – cost:
$65,000; Cr Profit on disposal (SPL): $20,000
b.
Dr Accumulated depreciation: $35,000; Dr Loss on disposal (SPL): $15,000; Dr Cash:
$50,000 / Cr Non-current assets – cost: $100,000
c.
Dr Accumulated depreciation: $35,000; Dr Non-current assets – cost: $65,000 / Cr Profit on
disposal (SPL): $50,000; Cr Cash: $50,000
d.
Dr Accumulated depreciation: $65,000; Dr Loss on disposal (SPL): $35,000 / Cr Non-current
assets – cost: $100,000

Câu Hỏi 8
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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.
1, 2 and 3
b.
2 and 4
c.
2 and 3
d.
1, 2 and 4

Câu Hỏi 9
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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 overstatement of profit and an understatement of non-current assets
b.
An overstatement of profit and an overstatement of non-current assets
c.
An overstatement of profit and an understatement of non-current assets
d.
An understatement of profit and an overstatement of non-current assets

Câu Hỏi 10
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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.
$5,000 Câu Hỏi 1
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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.
1, 2 and 4
b.
1, 2 and 3
c.
2 and 4
d.
2 and 3

Câu Hỏi 2
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What is the purpose of charging depreciation in accounts?

Select one:
a.
To account for the ‘wearing out’ of the asset over its life
b.
To allocate the cost of a non-current asset over the accounting periods expected to benefit
from its use
c.
To ensure that funds are available for the eventual replacement of the asset
d.
To reduce the cost of the asset in the statement of financial position to its estimated market
value

Câu Hỏi 3
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Which one of the following statements correctly defines non-current assets?

Select one:
a.
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
b.
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
c.
Assets in the form of materials or supplies to be consumed in the production process
d.
Non-monetary assets without physical substance that are controlled by the entity and from
which future benefits are expected to flow

Câu Hỏi 4
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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: $65,000; Dr Loss on disposal (SPL): $35,000 / Cr Non-current
assets – cost: $100,000
b.
Dr Accumulated depreciation: $35,000; Dr Loss on disposal (SPL): $15,000; Dr Cash:
$50,000 / Cr Non-current assets – cost: $100,000
c.
Dr Accumulated depreciation: $35,000; Dr Non-current assets – cost: $65,000 / Cr Profit on
disposal (SPL): $50,000; Cr Cash: $50,000
d.
Dr Accumulated depreciation: $35,000; Dr Cash: $50,000 / Cr Non-current assets – cost:
$65,000; Cr Profit on disposal (SPL): $20,000

Câu Hỏi 5
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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 non-current 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.
$155,000
b.
$160,000
c.
$150,000
d.
$180,000

Câu Hỏi 6
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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, 2, 3 and 4
b.
1, 2 and 4
c.
1, 3 and 4
d.
1 and 2

Câu Hỏi 7
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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.
$136,000
c.
$210,000
d.
$74,000

Câu Hỏi 8
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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.
$2,000
b.
$3,000
c.
$2,500
d.
$5,000

Câu Hỏi 9
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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.
$88,000
b.
$86,000
c.
$80,000
d.
$85,000

Câu Hỏi 10
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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 overstatement of profit and an understatement of non-current assets
b.
An overstatement of profit and an overstatement of non-current assets
c.
An overstatement of profit and an understatement of non-current assets
d.
An understatement of profit and an overstatement of non-current assets
c.
$2,000
d.
$3,000

Presentation of FS-IAS1
Câu Hỏi 1
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What identification information does NOT need to be presented on the face of the
financial statements
Select one:
a.
The presentation currency and the level of rounding.
b.
Date of preparation of the financial statements.
c.
Date of the end of the reporting period or the period covered by the set of financial
statements or notes
d.
Whether the financial statements are individual or group.
Phản hồi
The correct answer is: Date of preparation of the financial statements.

Câu Hỏi 2
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Which of the following would be a suitable accounting policy note for disclosure in
the financial statements relating to land and buildings?
a.
Land and buildings are accounted for at cost and are written off over their expected useful
life of fifty years on a straight-line basis.
b.
The entity uses the same accounting policy for land and buildings as it does for intangible
assets.
c.
Land and buildings are accounted for at cost and are not depreciated as the directors
believe that the market value of land and buildings will increase over time.
d.
Land and buildings are accounted for at cost, and the buildings are written off over their
expected useful life of fifty years on a straight-line basis.
Phản hồi
The correct answer is: Land and buildings are accounted for at cost, and the buildings are
written off over their expected useful life of fifty years on a straight-line basis.

Câu Hỏi 3
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Which of the following companies is a going concern?

Select one:
a.
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.
b.
A bank suffers in the mortgage crash and a state refuses to bail it out
c.
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
d.
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.
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
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The example of a current liability is

Select one:
a.
Provision for warranty repairs within the second year of guarantee after sale.
b.
Deferred tax liability.
c.
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.
d.
Trade payable with payment deferred beyond 1 year.
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 5
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The occurrence that most likely would have no effect on 2019 net income is the
a.
collection in 2019 of a dividend from an investment.
b.
stock purchased in 2005 deemed worthless in 2019.
c.
correction of an error in the financial statements of a prior period discovered subsequent to
their issuance.
d.
sale in 2019 of an office building contributed by a stockholder in 1970.
Phản hồi
The correct answer is: correction of an error in the financial statements of a prior period
discovered subsequent to their issuance.

Câu Hỏi 6
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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 IAS 1 specifically says that this situation is not offsetting.
b.
No, because IAS 1 states that assets and liabilities shall not be offset.
c.
Yes, because in this case, offsetting leads to better understanding of the financial
statements by their users
d.
No, because IAS 1 does not permit offsetting of assets and liabilities unless is it allowed by
another standard
Phản hồi
The correct answer is: Yes, because IAS 1 specifically says that this situation is not
offsetting.

Câu Hỏi 7
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The principal benefit of separately reporting discontinued operations and continuing

operations is to enhance:
a.
Predictive ability.
b.
Consistency in reporting.
c.
Comprehensive reporting.
d.
Intraperiod continuity.
Phản hồi
The correct answer is: Predictive ability.

Câu Hỏi 8
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Treasury shares should be reported as a

a.
reduction of equity.
b.
investment.
c.
other asset.
d.
current asset.
Phản hồi
The correct answer is: reduction of equity.

Câu Hỏi 9
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The example of a non-current asset is:

Select one:
a.
Inventories with long production and completion times
b.
Deferred tax asset
c.
Government bond repayable in 3 months
d.
Trade receivable
Phản hồi
The correct answer is: Deferred tax asset

Câu Hỏi 10
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Which of the following should be reported for share capital?

a.
All of these choices are correct.
b.
The shares issued
c.
The shares authorized
d.
The shares outstanding
Phản hồi
The correct answer is: All of these choices are correct.