Trắc nghiệm Kế toán tài chính 1

Chapter 1
Q1. Who are main user of financial accounting information (Trang 3/9 trong
sách)
A. Manager
B. Investors
C. Book keepers
D. All of them
Q2. Managers only uses managerial accounting information for running their
businesses (Trang 15)
A. No
B. Yes
Q3. How many sub-statements does a typical financial statement have? (4)
(trang 25)
A. 1
B. 3
C. 5
D. Non of the answers is correct
Q4. Balance sheet is another name of: (trang 25)
A. Income statement
B. Statement of financial position
C. Cash flow statement
D. Notes to financial statements
Q5. Which statements show financial situation of a company? (trang 25)
A. Income statement
B. Trial balance * bảng cân đối thử
C. Cash flows statement
D. All are incorrect
Q6. Which statement shows how a company uses money?
A. Cash flows statements
B. Income statement
C. Statement of financial position
Q7. Which statement shows how a company earn money?
A. Cash flows statement
B. Income statement
C. Statement of financial position
Q8. Financial statements are prepared by
A. Investors
B. Book keepers
C. Accounting department (phòng ban kế toán)
D. CEO
Q9. Which document is applied only for Small and Medium enterprises?
A. Cir 133 (trang 21)
B. Accounting Law
C. Cir 200
D. VAS
Q10. Which circular could be applied for all kinds of companies? Hỏi lại
A. Accounting Law
B. Cir 200
C. Cir 133
D. VAS
Q11. Which documents could be applied for all kinds of businesses
A. Vas
B. Cir 200
C. Accouting Law
D. All of them
Q12. The function of financial accounting is to identify, measure and
communicate financial information about economic entities to interested parties.
=> True
Q13. Accrual accounting provides a better indication of ability to generate cash
flows than does information limited to the financial effects of cash receipts and
cash payments
=> True
Q14 The primary objective of accrual basis accounting is the measurement of
income
=> True

Chapter 2
Q1. The statement of financial position reports a company’s financial position at
a point in time
A. False
B. True
Q2. All current assets are either cash or assets that will be converted into cash or
consumed within twelve months or the operating cycle, if that is longer than one
year
A. False
B. True
Q3. The balance of net receivables represents the amount expected to be
collected
A. True
B. False
Q4. Cash equivalents would include Cash which is not available for current
operations.
A. True
B. False
Q5. Liquidity refers to:
A. Financial leverage
B. The readiness of an asset to be converted to cash
C. The period of time until cash is used and refinancing becomes necessary
D. Tbe amount of cash on hand at a given time
Q6. Prepaid expenses are classified as current assets if the services purchased
are expected to expire within twelve months or the operating cycle, if that is
longer
A. False
B. True
Q7. Long-term assets include machinery, equipment, and inventories
A. False
B. True
Q8. Intangible assets usually are reported in the statement of financial position
as current assets
A. False
B. True
Q9. Which is a shareholders’equity account in the statement of financial
position?
A. Accumulated depreciation
B. Marketable securities
C. Dividends payable
D. Issued capital
Q.10 Assets don’t include:
A. Investments
B. Issued capital
C. Unexpired insurance.
D. Property, plant, and equidment
Q.11 The ultimate responsibility for the financial statements lies with the
auditors.
A. True
B. False
Q.12 Accrued salaries and wages in a statement of financial position represent
salary and wages that have been earned by employees but not yet paid.
A. True
B. False
Q.13 The statement of financial position reports:
A. Assets and equities at a point in time
B. Cash flows for a period of time
C. Net income at a point in time
D. Assets and liabilities for a period of time

Chapter 3
Q1. What is the purpose of the income statement?
A. To summarize the cash inflows and cash outflows in a period
B. To summarize the profit-generating activities occurring in a period
C. To summarize what an entity owns and how much it owes as of a specific
point in time

Q2. What is the purpose of the statement of cashflows?

A. To summarize the cash inflows and cash outflows in a period
B. To summarize the profit-generating activities occurring in a period
C. To summarize what an entity owns and how much it owes as of a specific
point in time

Q3. Why does many Income statements distinguish between Revenue and Other
Incomes (Gains)?
A. To summarize the cash inflows and cash outflows in a period
B. To summarize the profit-generating activities occurring in a period
C. To summarize what an entity owns and how much it owes as of a specific
point in time
D. Help analyst better predict the future cash-flows

Q4. A manufaturing company sells its product (which costs 60 millions VND)
to a customer for 100 millions VND cash. The amount of 100 millions VND is
classified as:
A. Gains (Other income)
B. Revenue
C. Losses (Other Expense)
D. Expenses
Q5. A manuafaturing company sells its product (which costs 60 millions VND)
to a customer for 100 millions VND cash. The amount of 60 millions VND is
classified as:
A. Gains (Other income)
B. Revenue
C. Losses (Other Expense)
D. Expenses
Q6. A practice which a company persuading its distributors to purchase more of
its product than necessary near the end of a reporting period is called:
A. Channel stuffing
B. Big bath accounting
Theory 1. Two ways to provide misleading incomes are: income shifting and
income statement classification
Theory 2. Comprehensive income includes:
Net income (which has been reported on the Statement of Profit and Loss)
Additional gains and losses that change shareholders’ equity (which have not
been reported on the Statement of Profit and Loss)

Q7. What is the purpose of the Statement of Cash flows?

A. Provide relevant information about the amount of cash and cash
equivalents which are received and paid for a period of time
B. Provide relevant information about net income over a period of time
C. Provide relevant information to show financial status of a company at a
point in time

Q8. Cash flows are classified into 3 sections on the Statement of Cashflows.
These 3 sections are:
A. Operating, Investing, Financing activities
 B. Manufacturing, Services, Trading
C. Revenue, Expense, Net Income
D. Operating, Nonoperating, Discontinued activities

Q9. On the SCF, Cash received from sales of products to customers is reported
as
A. Cash flows from investing activities
B. Cash flows from financing activities
C. Cash flows from operating activities
Q10. On the SCF, Cash received from sales of long-term assets used in the
business is reported as
A. Cash flows from investing activities
B. Cash flows from financing activities
C. Cash flows from operating activities
Q11. On the SCF, Cash received from the capital contribution is reported as
A. Cash flows from investing activities
B. Cash flows from financing activities
C. Cash flows from operating activities
Q12. There are two methods for reporting operating activities: Indirect and
Direct?
A. True
B. False
Q.13 There are some different between SCFs presented under VAS and those
presented under IFRS
A. True
B. False
Q.14 Which method is used to prepare its operating cash flows
A. Direct
B. Indirect

Chapter 4
Q.1 Matching principle influences revenue the most. This statement is:
A. Correct
B. Non correct
Q.2 Which documents affect service revenue in Vietnam?
A. Vas 15
B. Vas 01
C. Vas 14
D. Vas 04
Q.3 Customer loyalty program requires company to:
A. Record total revenue at the first time of selling goods or rendering services
B. Deferred revenue to a later period
Q.4 Unit of turnover is?
A. Number of time
B. Currency
Q.5 Another name of return?
A. Profit
B. Income
Q.6 Why should we use average of Equity when calculating ROE?
A. Because of international rules
B. In order to make equity best fit to returns
Q.7 Revenue is?
A. Economic interests that a company earns during a period
B. Cash collected in a period of a company
C. Option 3
Q.8 In income statement, revenue is measured by?
A. Both are correct
B. Unit of currency
C. Number of products
Theory 1 Documents affect revenue in Vietnam
VAS 14
Vas 15
Cir 200
Q.9 ROA is calculated by:
A. Returns divided by Average balance of Assets
B. Returns divided by Ending balance of Assets
C. Returns divided by Beginning balance of Assets

Chapter 5
Q.1 Cash may not include
A. Retricted cash
B. Monetary gold
C. Foreign currency
Q.2 From a financial accounting perspective, the main purposes of a system of
internal control are to improve the accuracy and reliability of accounting
information and to safeguard assets.
A. Flase
B. True
Q.3 In a good system of internal control, the person who initiates a transaction
should be allowed to effectively control the processing of the transaction
through its final inclusion the accounting records.
A. False
B. True
Q.4 Cash equivalents would include investments in marketable equity securities
as long as management intends to sell the securities in the next three months.
A. Flase
B. True
Q.5 Cash equivalents would include Cash which is not available for current
operations.
A. False
B. True
Q.6 VAS allows an overdraft in a cash account at one bank to be offset against a
positive balance in the account at another bank for purposes of reporting cash
on the company’s Statement of Financial Position.
A. True
B. False
Q.7 Accounts receivable are normally reported at the:
A. Present value of future cash receipts.
B. Net amount to be received.
C. Current value less expected collection costs.
D. Current value plus accrued interest.
Q.8 The balance of net receivables represents the amount expected to the
collected.
A. False
B. True
Q.9 The allowance for uncollectible account is a:
A. Contra asset account
B. Deferred revenue account
C. Liability account
D. Deferred charge to expense
Q.10 A company should provide for bad debts on an accounts receivable
balance when it is probable that the accounts receivable balance has been
uncollectable.
A. False
B. True
Q.11 Which of the following does not change the balance in accounts receivable
A. Bad debts expense adjusting entry
B. Write-offs
C. Returns on credit sales
D. Collections from customers
Q.12 The receivables turnover ratio provides a way for an analyst to assess the
effectiveness of a company in managing its investment in receivables
A. True
B. False.

Chapter 6
Q.1 Inventories includes:
A. Goods used for sales
B. Partially finished goods waiting for completion and eventually sale
C. Materials used in production process
D. All are correct
Q.2 ABC company ships $10,000 of merchandise to XYZ company on
November 28 and the merchandise arrives at XYZ’s warehouse on December 1.
Shipping term states that XYZ takes on ownership of the merchandise as soon
as they leave ABC’s shipping dock. XYZ should record an inventory on:
A. November 28
B. December 1
C. Option 3
Q.3 ABC company ships $10,000 of merchandise to XYZ company on
November 28 and the merchandise arrives at XYZ’s warehouse on December 1.
Shipping term states that ownership transfer to the buyer as soon as the
shipment arrives at the buyer. XYZ should record an inventory on:
A. December 1
B. November 28
Q.4 ABC company ships $10,000 of merchandise to XYZ company on
November 28 and the merchandise arrives at XYZ’s warehouse on December 1.
Shipping term states that ownership transfer to the buyer as soon as the
shipment arrives at the buyer. On November 28, XYZ should record this
merchandise as:
A. Work-In-Progress
B. None of the above, XYZ should not record until the shipment arrives.
C. Goods in transit
D. Goods on Consignment
Q.6 Which cost should be excluded from Inventory?
A. Freight-in
B. Freight-out (distribution cost)
C. Direct labour applied in production
D. Invoice price
Ex. 1: S company began the year with 200 units of products at 10000 VND each
On January 1: purchased 100 units for 11000 VND each
On January 15 purchased 200 units for 11500 VND each
On January 28 sold 300 units.
Caculate the cost of goods sold using FIFO
(Type your answer in numbers without any spaces, special characters and
currency unit. For example: 1520000)

Correct answer 3100000

Ex. 2: S company began the year with 200 units of products at 10000 VND each
On January 1: purchased 100 units for 11000 VND each
On January 15 purchased 200 units for 11500 VND each
On January 28 sold 300 units.
Calculate the cost of goods sold for January using average cost.
(Type your answer in numbers without any spaces, special characters and
currency unit. For example: 1520000)
Correct answer 3240000
Q.7 Account 151 is used to record Goods in transit at the end of the month
A. True
B. False
Q.8 Account 152 is used to record In-stock Goods held for sales?
A. False
B. True
Q.9 We ____ inventories accounts when receiving goods
A. Credit
B. Debit
Q.10 We ____ inventories accounts when returning goods to the supplier
A. Debit
B. Credit
Q.11 We ____ inventories accounts when receiving trade discount
A. Credit
B. Debit
Q.12 A set of tools are issued from warehouse to be used in 3 accounting
periods for administrative operation. Journal entry for this transaction is:
A. Dr 242/Cr 153
B. Dr 642/Cr 153
Q.13 A set of tools are issued from warehouse to be used up in 1 accounting
periods for administrative operation. Journal entry for this transaction is:
A. Dr 642/Cr 153
B. Dr 242/Cr 153
Q.14 The rule for recording Inventory accounts are:
A. Option 3
B. Credit when increase, Debit when decrease
C. Debit when Increase, Credit when decrease
Q.15 Accounts used to record cost of manufacturing inventories are:
A. 154 only
B. 621, 622, 627, 154, 155
C. 641, 642

Chapter 7
Q.1 Which statement reports ending balance of inventory?
Statement of financial position
Notes
Q.2 Which statement reports value of inventory sold?
A. Income statement
B. Statement of financial position
C. Notes
Q.3 In statement of financial position, closing balance of provision for
devaluation of inventories are show by negative number because:
A. Beginning balance is lower than closing balance
B. None are correct
C. Closing balnce is lower than beginning balance
Q.4 In statement of financial position, inventory is showed by
A. Adjusting value
B. Cost
C. Market value

Chapter 8
Q.1 Property, plant, equipment and intangible assets are long-term, revenue
producing assets.
A. True
B. False
Q.2 Non current assets are the assets that will be converted into cash or
consumed within twelve months or the operating cycle, if that is longer than one
year
A. True
B. False
Q.3 The initial cost of property, plant and equipment includes all the identifiable
expenditures necessary to bring the asset to its desired condition and location
for use
A. True
B. False
Q.4 Donated assets are recorded at
A. The donor’s book value
B. Zero (memo entry only)
C. The donee’s stated value
D. Fair value
Q.5 Tangible fixed assets exclude:
A. Vans
B. Patent
C. Machines
D. Buildings
Q.6 Property, plant, equipment, investment property and intangible assets are:
A. Long-term revenue-producing assets
B. Current and long-term assets used in the production of either goods or
services
C. Created by the normal operation of the business and include accounts
receivable
D. All assets except cash and cash equivalents
Q.7 Under Vas, development expenditures are:
A. Expensed in the period they are determined to be unsuccessful
B. Expensed in the period incurred
C. Capitalized if certain criteria are met
D. None of the above is correct
Q.8 The cost of repairing tangible fixed assets for sale, knowing that these
assets were previously used for business activities, is recorded into the account:
A. 627
B. 642
C. 811
D. 211
Q.9 When selling fixed assets funded by long-term loans, the remaining value
of fixed assets will be subtracted from the original loans
A. True
B. False
Q.10 The fixed-asset turnover ratio provides:
A. The rate of decline in asset lives
B. The decline in book value of fixed assets compared to capital expenditures
C. The amount of sales generated per dollar of fixed assets
D. The rate of replacement of fixed assets
Q.11 On the Statement of financial positon, section “Fixed assets” excludes:
A. Finance lease assets
B. Inventories
C. Intangible assets
D. Tangible assets
Chapter 9
Q.1 Any change in depreciation method or depreciation estimation should be
applied:
A. Prospectively
B. Depreciation method and estimation are not allowed to change
C. Retrospectively
Q.2 What differentiate the International standards from Vietnam standards in
accounting method for property, plant and equipment?
A. Under international standards, both the cost model and revaluation model are
allowed
B. Under international standards, test for impairment when events or changes in
circumstances indicate that book value may not be recoverable
C. Both are correct
Q.3 Subsequent expenditures should be capitalized in the value of a fixed asset
when
A. It is probable that expenditures increase the future economic benefit of the
asset
B. The expenditures rehabilitate the asset
Q.4 Depreciation, depletion, and amortization are
A. Method of valuation of fixed assets
B. Cost allocation processes
Q.5 Under VAS, the total amount which should be depreciated during useful
life of an asset is:
A. Cost less (-) Residual value at the end of its useful life
B. Cost
Q.6 Which depreciation method is based on activity level of fixed asset?
A. Straight line
B. Units-of-production
C. Declining balance
Q.7 Which depreciation method results in the same amount of depreciation in
each year of the asset’s service life?
A. Straight line
B. Sum of the year’ digits
C. Declining balance
D. Units-of-production
Q.8 Under VAS, which asset should not be depreciated/amortized?
A. Patent
B. Equipment
C. Permanent Land Use Right
D. Buildings
Q.9 Expenditures which are incurred after a fixed asset is recognized in the
financial statement (called “subsequent expenditures”) are always capitalized in
the value of the asset?
A. False
B. True
Q.10 Which time-based depreciation method results in greater amount in the
early years and less each succeeding year of the asset’s life?
A. Units-of-production
B. Declining balance
C. Straight line
Q.11 Under VAS, which depreciation method is NOT allowed?
A. Sum of the year’ digits
B. Units-of-production
C. Straight line
D. Declining balance
Q.12 Under Vietnamese regulation, Account “214” ending balance shows:
A. Depreciation expense incurred in pne period
B. Accumulated depreciation
Q.13 How the financial status of a company is affected by the depreciation of an
fixed asset which is used for administrative purpose?
A. Asset Increase, Expense Decrease
B. There would be no effect
C. Asset Deacrease, Expense Increase
Q.14 How the cash flows of a company is affected by the depreciation of an
fixed asset which is used for administrative purpose?
A. Asset Increase, Expense Decrease
B. There would be no effect
C. Asset Decrease, Expense Increase