UJIAN MATRIKULASI

AKUNTANSI KEUANGAN
Drs. Arief Bachtiar, MSA., Ak., CA., SAS.

PART A. Pilihlah jawaban yang menurut Saudara paling tepat dengan

menuliskan huruf di depan alternatif jawaban di lembar jawaban yang
disediakan.

1. Which groups of people are most likely to be interested in the financial

statements of a sole trader?
1. Shareholders of the company
2. The business’s bank manager
3. The tax authorities
4. Financial analysts
A. 1 and 2 only
B. 2 and 3 only
C. 2, 3 and 4 only
D. 1, 2 and 3 only

2. Which of the following statements is/are true?

1. The shareholder needs a statement of financial prospects, ie an
indication of future progress. However, the supplier of goods on credit
needs a statement of financial position, ie an indication of the current
state of affairs.
2. The objective of financial statements is to provide information about
the financial position, performance and changes in financial position of
an entity that is useful to a wide range of users in making economic
decisions.
A. 1 only
B. 2 only
C. Both1and 2
D. Neither 1or 2

3. Which of the following best describes corporate governance?

A. Corporate governance is the system of rules and regulations
surrounding financial reporting.
B. Corporate governance is the system by which companies and other
entities are directed and controlled.
C. Corporate governance is carried out by the finance department in
preparing the financial accounts.
D. Corporate governance is the system by which an entity monitors its
impact on the natural environment.
4. Which of the following statements is/are true?
1. The directors of a company are ultimately responsible for the
preparation of financial statements, even if the majority of the work on
them is performed by the finance department.
2. If financial statements are audited, then the responsibility for those
financial statements instead falls on the auditors instead of the
directors.
3. There are generally no laws surrounding the duties of directors in
managing the affairs of a company.
A. 1 only
B. 1 and 2 only
C. 1, 2 and 3
D. 1 and 3 only

5. According to the IASB Conceptual framework which of the following is not

an objective of financial statements?

A. Providing information regarding the financial position of a business

B. Providing information regarding the performance of a business
C. Enabling users to assess the performance of management to aid
decision making
D. Helping to assess the going concern status of a business

6.The IASB Conceptual framework identifies user groups. Which of the

following is not an information need for the 'Investor' group?
0 A. Assessment of repayment ability of an entity
B. Measuring performance, risk and return
C. Taking decisions regarding holding investments
D. Taking buy/sell decisions

7. Which of the following statements about accounting concepts and policies

is/are correct?
1. Companies should never change the presentation or classification of
items in their financial statements, even if there is a significant change
in the nature of operations.
2. Information in financial statements should be presented so as to be
understood by users with a reasonable knowledge of business and
accounting.
3. Companies should create large provisions in times of company growth
so that they can be utilized in more difficult times to keep profits the
same.
A. 1 and 2
B. 2 and 3
C. 1 only
D. 2 only
8. Which of the following correctly defines ‘equity’ according to the IASB's
Conceptual Framework for Financial Reporting?
 A. Equity is a present obligation of the entity arising from past events, the
settlement of which is expected to result in an outflow from the entity of
resources embodying economic benefit.
B. Equity is a resource controlled by an entity as a result of past events
and from which future economic benefits are expected to flow to the
entity.
C. Equity is the residual interest in the assets of the entity after deducting
all its liabilities.
D. Equity is increases in economic benefits during the accounting period in
the form of inflows or enhancements of assets or decreases of liabilities.

9. Which of the following statements is/are true?

1. Directors of companies have a duty of care to show reasonable
competence in their management of the affairs of a company.
2. Directors of companies must act honestly in what they consider to be
the best interest of the company.
3. A Director’s main aim should be to create wealth for the shareholders of
the company.
A. 1 and 2 only
B. 2 only
C. 1, 2 and 3
D. 1 and 3 only

10. Which accounting concept should be considered if the owner of a

business takes goods from inventory for his own personal use?
1 A. The substance over form concept
2 B. The accruals concept
3 C. The going concern concept
4 D. The business entity concept

11. Sales revenue should be recognized when goods and services have been
supplied; costs are incurred when goods and services have been
received.
Which accounting concept governs the above?
A. The substance over form concept
B. The materiality concept
C. The accruals concept
D. The duality concept
12. Which accounting concept states that omitting or misstating this
information could influence users of the financial statements?
A. The consistency concept
B. The accruals concept
C. The materiality concept
D. The going concern concept

13. According to the IASB's Conceptual Framework for Financial Reporting,

which TWO of the following are part of faithful representation?
1. It is neutral
 2. It is relevant
3. It is presented fairly
4. It is free from material error
A. 1 and 2
B. 2 and 3
C. 1 and 4
D. 3 and 4

14. Which of the following accounting concepts means that similar items
should receive a similar accounting treatment?
A. Going concern
B. Accruals
C. Substance over form
D. Consistency 

15. Listed below are some characteristics of financial information.

1. Relevance
2. Comparability
3. Faithful representation
4. Timeliness
Which of these are fundamental characteristics, according to the IASB's
Conceptual Framework for Financial Reporting?
A. 1 and 2 only
B. 2 and 4 only
C. 3 and 4 only
D. 1 and 3 only
16. Which of the following statements about accounting concepts are correct?
1. The accruals concept requires that revenue earned must be matched
against the expenditure incurred in earning it.
2. The prudence concept means that understating of assets and
overstating of liabilities is desirable in preparing financial statements.
3. The reliability concept means that even if information is relevant, if it is
very unreliable, it may be misleading to recognize it in the financial
statements.
4. The substance over form convention is that, whenever legally possible,
the economic substance of a transaction should be reflected in
financial statements rather than simply its legal form.
A. 1, 2 and 3
B. 1, 2 and 4
C. 1, 3 and 4
D. 2, 3 and 4
17. Listed below are some comments on accounting concepts.
1. In achieving a balance between concepts, the most important
consideration is satisfying as far as possible the economic decision-
making needs of users.
2. Materiality means that only items having a physical existence may be
 recognized as assets.
3. The substance over form convention means that the legal form of a
transaction must always be shown in financial statements, even if this
differs from the commercial effect.
Which, if any, of these comments is correct, according to the IASB's
Conceptual Framework for Financial Reporting?
5 A. 1 only
6 B. 2 only
7 C. 3 only
8 D. None of them
18. Which, if any, of the following statements about accounting concepts and
the characteristics of financial information are correct?
1. The concept of substance over form means that the legal form of a
transaction must be reflected in financial statements, regardless of the
economic substance.
2. Information is not material if its omission or misstatement could
influence the economic decisions of users taken on the basis of the
financial statements.
3. It may sometimes be necessary to exclude information that is relevant
and reliable from financial statements because it is too difficult for
some users to understand.
A. 1 and 2 only
B. 2 and 3 only
C. 1 and 3 only
D. None of these statements are correct

19. The IASB's Conceptual Framework for Financial Reporting gives four
enhancing qualitative characteristics. What are these four characteristics?
A. Consistency, understandability, faithful representation, substance over
form
B. Accruals basis, going concern concept, consistency, true and fair view
C. Faithful representation, comparability, understandability, relevance
D. Comparability, timeliness, understandability, verifiability

20. Which one of the following is not a qualitative characteristic of financial

information according to the Conceptual framework for Financial
Reporting?
A. Going concern
B. Relevance
C. Timeliness
D. Accruals

21. Which one of the following can the accounting equation be rewritten as?
A. Assets + profit – drawings - liabilities = closing capital
B. Assets – liabilities – drawings = opening capital + profit
C. Assets – liabilities – opening capital + drawings = profit
D. Assets – profit – drawings = closing capital – liabilities
22. A trader's net profit for the year may be computed by using which of the
following formulae?
A. Opening capital + drawings – capital introduced – closing capital
B. Closing capital + drawings – capital introduced – opening capital
C. Opening capital – drawings + capital introduced – closing capital
D. Opening capital – drawings – capital introduced – closing capital

23. Which of the following statements is true?

A. A debit records an increase in liabilities.
B. A debit records a decrease in assets.
C. A credit records an increase in liabilities.
D. A credit records an decrease in capital.

24. Which of the following costs may be included when arriving at the cost of
finished goods inventory for inclusion in the financial statements of a
manufacturing company?
1. Carriage inwards
2. Carriage outwards
3. Depreciation of factory plant
4. Finished goods storage costs
5. Factory supervisors' wages
A. 1 and 5 only
B. 2, 4 and 5 only
C. 1, 3 and 5 only
D. 1, 2, 3 and 4 only

25. Which of the following statements about the valuation of inventory are
correct, according to IAS 2 Inventories?
1. Inventory items are normally to be valued at the higher of cost and net
realisable value.
2. The cost of goods manufactured by an entity will include materials and
labour only. Overhead costs cannot be included.
3. LIFO (last in, first out) cannot be used to value inventory.
4. Selling price less estimated profit margin may be used to arrive at cost
if this gives a reasonable approximation to actual cost.
A. 1,3 and 4 only
B. 1 and 2 only
C. 3 and 4 only
D. None of the statements are correct

26. In preparing its financial statements for the current year, a company's
closing inventory was understated by $300,000.
What will be the effect of this error if it remains uncorrected?
A. The current year's profit will be overstated and next year's profit will be
understated.
B. The current year's profit will be understated but there will be no effect
on next year's profit.
 C. The current year's profit will be understated and next year's profit will
be overstated.
D. The current year's profit will be overstated but there will be no effect
on next year's profit.

27. What is the purpose of charging depreciation in accounts?

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

28. Which of the following best explains what is meant by 'capital

expenditure'?
A. Expenditure on non-current assets, including repairs and maintenance
B. Expenditure on expensive assets
C. Expenditure relating to the issue of share capital
D. Expenditure relating to the acquisition or improvement of non-current
assets

29. Which one of the following assets may be classified as a non-current

asset in the accounts of a business?
A. A tax refund due next year
B. A motor vehicle held for resale
C. A computer used in the office
D. Cleaning products used to clean the office floors

30. Which of the following items should be included in current assets?

(i). Assets which are not intended to be converted into cash
(ii). Assets which will be converted into cash in the long term
(iii). Assets which will be converted into cash in the near future
A. (i) only
B. (i) only
C. (iii) only
D. (ii) and (iii)

31. A company pays rent quarterly in arrears on 1 January, 1 April, 1 July and
1 October each year. The rent was increased from $90,000 per year to
$120,000 per year as from 1 October 20X2.
What rent expense and accrual should be included in the company's
financial statements for the year ended 31 January 20X3?
Rent expense ($) Accrual ($)
A. 100,000 20,000
B. 100,000 10,000
C. 97,500 10,000
D. 97,500 20,000
32. A company has received cash for a debt that was previously written off.
Which of the following is the correct double entry to record the cash
received?
Debit Credit
A. Irrecoverable debts expense Accounts receivable
B. Cash Irrecoverable debts expense
C. Allowance for receivables Accounts receivable
D. Cash Allowance for receivables

33. Which of the following would a decrease in the allowance for receivables
result in?
A. An increase in liabilities
B. A decrease in working capital
C. A decrease in net profit
D. An increase in net profit

34. Allowances for receivables are an example of which accounting concept?

A. Accruals
B. Consistency
C. Matching
D. Prudence

35. In preparing a company's bank reconciliation statement at March 20X3,

the following items are causing the difference between the cash book
balance and the bank statement balance:
1. Bank charges $380
2. Error by bank $1,000 (cheque incorrectly debited to the account)
3. Lodgements not credited $4,580
4. Outstanding cheques $1,475
5. Direct debit $350
6. Cheque paid in by the company and dishonoured $400
Which of these items will require an entry in the cash book?
A. 2, 4 and 6
B. 1, 5 and 6
C. 3 and 4
D. 3 and 5

36. A business statement of profit or loss and other comprehensive income

for the year ended 31 December 20X4 showed a net profit of $83,600. It
was later found that $18,000 paid for the purchase of a motor van had
been debited to motor expenses account. It is the company's policy to
depreciate motor vans at 25 per cent per year, with a full year's charge in
the year of acquisition.
What would the net profit be after adjusting for this error?
A. $106,100
B. $70,100
C. $97,100
 D. $101,600

37. Which of the following statements about the analysis of financial

statements is/are true?
1. Comparisons of company’s financial ratios with other companies’
financial ratios can help investors understand the significance of the
figures in the financial statements
2. Ratio analysis is only useful if industry averages are available with
which to make comparisons
3. Making comparisons with other companies can be difficult because of
the different accounting policies different company may choose
A. 1 only
B. 1, 2, and 3
C. 2, and 3 only
D. 1, and 3 only

38. Which of the following will reduce a company’s gross profit ratio, when
sales are increasing?
1. A change in the product sales mix resulting in fewer sales of the more
profitable products
2. Increasing costs of the purchases not passed on to customers
3. An increase in the amount of inventory held
A. 3 only
B. 1 and 2 only
C. 2 and 3 only
D. 1, 2, and 3.
PART B.

Following are the financial statements of Emma, a limited liability company.

You have been asked to prepare the company's statement of cash flows,
implementing IAS 7 Statement of cash flows.
Required :
Prepare a statement of cash flows for the year to 31 December 20X2 using
the format laid out in IAS 7. Fill the blanks of the form provided! Use
additional file/paper to support the calculation to fill the blanks!

-arbach-