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1 (Chương 1 --&gt…

Chương 1
This is the process of IFRSs setting:

- Request for information Agenda consultation

- Exposure draft, give out final IFRS standard Standards development

Please drag right anwser to correct blank:

Income is increases in economic benefits during the accounting period in the form of
inflows or enhancements of assets or liabilities that result jn increases in etuity. other than
those relating to contributions from equity participants an asset is a resource controlled
by the entity as a result of past events and from which future economic benefits are
expected to flow to the entity.

When there is a conflict between the Conceptual framework and an IFRS, the
person preparing the financial statements has the discretion to decide whether the
Conceptual Framework or the IFRS prevails.

⇨ FALSE

The objective of general purpose financial statements is to provide financial

information about the reporting entity that is useful to: (In accordance with the
Conceptual Framework)

a. Investors

b. Borrowers

c. Lenders

d. Auditors

e. Suppliers and trade creditors

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Conceptual frameworks improve the consistency and comparability of financial

statements.

⇨ True

Users of financial statements have different primary interests when interpreting the
information contained in them. Match the user group with suitable statement.

Government agencies

⇨ Information needed in order to regulate the -activities Of the entity…..

Investor

⇨ The risk and return provided by their investment.

The accountant of Scrub and Shine Ltd identified an aggregate charge of $500.000
(comprising 126 various suppliei invoices) of advertising expense for a new
microfibre cloth Within the entity's financial records, Should the accountant
present this item separately in the financial statements?

⇨ Possibly. This would depend on the size and nature of the advertising expenditure
relative to other items disclosed in the financial report.

The primary purpose of financial reporting is:

⇨ Providing information that can help users to make decision.

………..is resource controlled as a result of past events from wich future economic
benefits are expected to flow.

Which of the following is not an objective of The Conceptual Framework?

⇨ Enables implementation of one universal set of accounting standards.

Which of the followings relate to financial position in a set of financial statements?

⇨ Assets, liabilities, equity

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Please drag right anwser to correct blank:

An asset is a resource controlled by the entity as a result of past events and from which
future economic benefits are expected to flow to the entity. Equity is the residual interest
in the assets of the entity after deducting all its liabilities.

Underlying assumption of financial statements is discontinued operation.

⇨ False

Entity has been trading at severe losses for three years. A has a intention •to
liquidate the entity in next month. The financial statements have to be prepared on
going concern basis.

⇨ False

GAAP stands for:

⇨ Generally accepted accounting principles

Which of the following would not be an example of a user who may rely on general
purpose financial reports?

⇨ Singh who manufactures sugar free muesli bars hopes to secure long term sales
fontracts with school canteens all over the county

Entity A has been trading at severe losses for the past three years. During the year,
it has implemented a number of measures to improve the performance and financial
position of the company. These measures include the following:

• Entity A has laid off 50% of its staff during the year as part of its cost reduction
program.

Entity A has sold various fixed assets to improve its working capital v • Entity A is
negotiating with its principal bankers to extend the payment terms of loans that fall

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due within the next year Entity A has discontinued those loss-making operations so
that it can focus its business development on more profitable operations.

Which of the following statements is correct when Entity A prepares its annual
financial statements?

⇨ Chưa có đáp án

Please drag right anwser to correct blank:

…............Liabilities are recorded at the amount of proceeds receivec in exchange for the
obligation, or in some circumstances (for example, income taxes), at the amounts of cash
or cash equivalents expected to be paid to satisfy the liability in the normal course of
business. Current cost Assets are carried at the amount of cash or cash equivalents that
would have to be paid if the same or an equivalent asset was acquired currently.

Present value / Historical cost

Conceptual' framework requires all enhancing qualitative characteristics have to be

maximised

⇨ False

What effect does a framework have on an accountant's need to exercise professional

judgement?

⇨ Reduces the scope for professional judgement.

This is the process of IFRSs setting:

- Request for information ………

- Exposure draft, give out final IFRS standard Standards development

Which of the followings is not a role of The Conceptual

Framework?

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⇨ It is an alternative to the detailed accounting standards as it is much easier to

understand by ……

Which of the following measurement bases is not specificany defined in the

Conceptual Framework?

⇨ Fair value

When judging the relative importance of the qualitative characteristics, which of the
following principles should be applied?

⇨ The relative importance of each characteristic is a matter of professional judgment

Liability is present obligation arising from past events, the settlement of which is
expected to result in inflow of resources embodying economic benefits

⇨ False

Which of the followings are the fundamental qualitative characteristics of financial

statements?

⇨ Faithful representation
⇨ Relevance

Timeliness means that information is available to decision-makers in time to be capable

of influencing their decisions.

Comparability and verifiability are the fundamental qualitative characteristics.

⇨ False

Conceptual framework is an IFRS standard

⇨ False

Measurement is the process of determining monetary amounts at which elements are

recognised and carried.

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Please drag right anwser to correct blank:

Timeliness means that information is available to decision-makers in time to be capable

of influencing their decisions. Faithful representation seeks to maximise the underlying
characteristics of completeness, neutrality and freedom from error.

In assessing whether the information presented in financial statements is faithfully

represented, which of the following factors is not to be considered?

⇨ The cost of collecting the information

Please drag right anwser to correct blank: Income is increases in economic benefits
during the accounting period in the form of inflows or enhancements of assets or
decreases of liabilities that result in increases in equity, other than those relating to
contributions from equity participants an asset is a resource controlled by the entity as a
result of past events and from which future economic benefits are expected to flow to the
entity.

In circumstances where there may be a conflict between the Conceptual Framework

and an IFRS, which following statements is true?

⇨ In such cases the requirements of the specific IFRS prevail over the Conceptual
Framework.

GAAP stands for:

⇨ Generally accepted accounting principles

Please drag right anwser to correct blank: Present value Assets are carried at the
present discounted value of the future net cash inflows that the item is expected to
generate in the normal course of business

Realisable (settlement) value Liabilities are carried at their settlement values; that is. the
undiscounted amounts of cash or cash equivalents expected to be paid to satisfy the
liabilities jn the normal course of bustness.

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comparability

Please drag right answer to correct blank: Understandability means that classifying
characterisingand presenting information clearly and concisely makes it understandable.
Comparability enables users to identify and understand Similarities in. and differences
among. items

Choose the correct users of financial statements with their information needs.

Suppliers and trade creditors are interested in information that will help them
determine whether the amounts owing to them Will be paid on time. Employees wish to
know about the stability and profitability of their employers.

Câu hỏi:

Choose the correct users of financial statements with their information needs. Employees
wish to know about the stability and profitability of their employers. Lenders want
information that will enable them to decide Whether their loans will be pard when due,
and whether or not to issue new loans to the entity.

Which of the following is not an objective of The Conceptual Framework?

⇨ Enables implementation of one universal setof accounting standards.

In circumstances where there may be a conflict between the Conceptual Framework

and an IFRS„ which following statements is true?

⇨ In such cases the requirements Of the specific IFRS prevail over the Conceptual
Framework

Which of the followings are the enhancing qualitative characteristics of financial

statements?

=> Verifiability

=> Timeliness

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=> Understandability

=> Comparability

Comparability and verifiability are the fundamental qualitative characteristics.

⇨ False

Lucy Kilbride is preparing the financial statements for her company.

Leaming•Solutions. One otthe transactions that occurred during the year was a
complex hedging transaction. Lucy is of the opinion that as the majority of financi al
statement users won't understand the transaction, she should leave it off the
statement of financial position. Is her opinion correct?

⇨ False

Measurement is the process of determining monetary amounts at which elements are

recognised and carried.

The objective of financial reporting is to provide information about the financial

position, financial performance and changes in the financial position of a reporting
entity, complete the following sentences With the financial statement section Where
the information can be found.

To check the financial position, I would consult the

⇨ The statement of financial position

To monitor an entity's financial performance, I would look at the

⇨ The statement of profit or loss and other comprehensive income.

Conceptual framework requires all enhancing qualitative characteristics have to be

maximised.

⇨ False

Please drag right answer to correct blank:

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An asset is a resource controlled by the entity as a result of past events and from which
future economic benefits are expected to flow to the entity. Equity is the residual
interest in the assets of the entity after deducting all its liabilities

Please drag right answer to correct blank:

A liability 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 benefits. are decreases in economic benefits. Expenses are decreases in
economic benefits during the accounting period in the form of outflows or depletions of
assets or incurrences of liabilities that result in decreases in equity, other than those
relating to distributions to equity participants.

In definition of current cost assets are carried at the amount Of cash or cash
equivalents that could currently be Obtained by selling the asset in an orderly
disposal.

⇨ False

Which of the following would not be on example of d user who may rely on general
purpose finencidl reports?

⇨ Singh who manufactures sugar free muesli bars hopes to secure term sales contracts
With school canteens all over the county

Which of the fallowing stetements about the e pplicetion of IFR5 in eccordence with
The Conceptuel Framework is the most correct?

⇨ Entities may change the valuation and measurement of assets provided they disclose
the change and its effects in the financial report

Entity A has been trading at severe losses for three years. A has a intention to
liquidate the entity in next month. The financial statements have to be prepared on
going concern basis.

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⇨ False

Which or the followings are the enhancing qualitative characteristics or financial

statements?

⇨ Understandability
⇨ Timeliness
⇨ Verifiability
⇨ Comparability

The objective of general-puspose financial statements is provide information about

the reporting entitiy users.

⇨ False

Underlying assumption ottn.nciel statements is discontinued operation.

⇨ False

CAAP stands for

=> Generally accepted accounting principles

In assessing whether the information.................?

=> The cost of collecting the information

This is the process of IFRSs setting:

- Research, discussion paper, agenda proposal Research programme - Post

implementation Review. Implementation

What effect does a framework have on an accountant's need to exercise professional

judgement?

=> Reduces the scope for professional judgement.

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Conceptual frameworks improve the consistency and comparability of financial

statements.

=> True

Liability is present obligation arising from past events, the settlement of which is
expected to result in inflow of resources embodying economic benefits

⇨ False

Fair value is not defined clearly in Conceptual Framework

⇨ True

Which of the following statements about the application of IFRS in accordance with
The Conceptual Framework is the most correct?

⇨ Entities may change the valuation and measurement of assets provided they disclose
the change and its effects in the financial report.

In definition of current cost, assets are carried at the amount of cash or cash
equivalents that could currently be obtained by selling the asset in an orderly
disposal.

⇨ False

Underlying assumption of financial statements is discontinued operation.

⇨ False

Chương 2
TRUE-FALSE
In the case of commondity broker-traders’ inventory, IAS 2 permits that these
inventories can be valued at Net realisable value less costs to sell.
False

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Standard costing is often useful for management (internal) system reporting

under some conditions.
True
When actual production output is abnormally high, the fixed overheads allocated
should be reduced
True
Unallocated fixed overheads maybe applied to the inventory valuation at the
end of the financial period.
False
IAS 2 stipulates that a new assessment of the net realisable value should be made
in each subsequent period; when the reason for a previous write –down no longer
exists (i.e, when net realisable value has improved), it should be reserved.
True
IAS 2 stated that estimates of net realisable value should be applied on an item-by-
item basic in most instances, although it makes an exception for those situations
where there are groups of related products or di"erent items that can be properly
value in the aggregate
False
General storage costs must be expensed
True
According to IAS 2, the primary basic of accounting for inventory is Fair value
False
Inventory held in different geographical locations may use different cost models.
False

ĐIỀN TỪ-KÉO THẢ

Finished goods : Completed but unsold products produced by a manufacturing
firm.
Raw materials : For a manufacturing firm, materials on hand awaiting entry
into the production process.

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Joint products : Two or more products produced jointly, where neither is viewed as
being more important; in some cases additional production steps are applied to one or
more joint products after a split –off point
Expenses are decreases in economic benefits during the accounting period in the
form of outflows or depletions of assets or incurrences of liabilities that result in
decreases in equity, other than those relating to distributions to equity
participants
Retail method : Inventory costing method that uses a cost of ratio to reduce ending
inventory (valued at retail) to cost. Cost of inventory determined by reducing the
sales value of inventories by the appropriate percentage gross margin.
Goods in transit : Goods being shipped from seller to buyer at year-end
LIFO : Cost flow assumption, the last goods purchased are assumed to be the first
goods sold.
Specific identification : Inventory system where the seller identifies which specific
items have been sold and which ones remain in the

Markup : Increase above original purchase price.

Markdown : Decrease below original retail price.
Inventory : Assets held for sale in the normal course of business, or which are in the
process of production for such sale.
Finished goods : Completed but unsold products produced by manufacturing firm
Weighted average : Periodic inventory costing method where ending inventory and
cost of goods sold are priced at the weighted average cost of all items available for
sale.
Standard costs : Predetermined unit costs, which are acceptable for financial
reporting purposes if adjusted periodically to reflect current conditions.
Under IAS 2, fixed production overheads should be allocated to items of
inventory on the basic of Normal production capacity.

CHỌN ĐÁP ÁN
Which of the following costs are not included while computing the cost of
purchase?

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Recoverable taxes
Which of the following is not permitted as a cost of inventory?
Storage costs
How are unallocated overheads treated as per IAS 2?
Recognise as an expense in the period in which they are incurred
Which of the following items are excluded from the scope of IAS 2- Inventories
Agricultural produce at the point of harvest
Inventories are stated at
Lower of cost and net realisable value
A restructuring provision:
Does not cover future operating losses, unless they relate to an onerous contract.
Which of the following best describes the accrual method of accounting for warranty
costs?
Expensed based on estimate in year of sale.
Which of the following cost models is not permitted under IAS2?
Last In, First Out (LIFO)
Any amount of write down of inventories to net relisable value should be...
Recognised as an expense in the period in which the write down
occurs Which of the following is allowed as a cost of inventory?

Variable manufacturing overheads

TÍNH TOÁN
A company has decided to switch from using FIFO method of inventory valuation to
using the average cost method (AVCO).
In the first accounting period were the change is made, opening inventory valued by
the FIFO method was $53,200. Closing inventory valued by the AVCO method was

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$57,900. Total purchases and during the period were $70,000. Using the AVCO
method, opening inventory would have been valued at $189,600.
The cost of materials that should be included in the statement of profit or loss for
the period : (189,600+70,000-57,900)
$201,700
At 31 March Tentacle had 2,500 units of production W32 in inventory, included at
cost of $18 per unit. During April and May 2017 units of were being sold at a price
of $8 each, with sales sta" receiving a 15% commission on the sales price of the
product.
The amount of inventory of product W32 be recognised in the in the financial
statements of Tentacle as 31 March 2017 : ($8 x 2,500)-($8 x 2,500 x 15%)
$17,000
Ximeland has the following products in inventory at the year end :
Product------ Quality-------Cost-------Selling price---------------Selling cost
X 800 $40 $55 $8
Y 1,190 $15 $25 $4
Z 1,100 $23 $27 $5
The amount of inventory be stated in the statement of financial position :
800x40+1190x15+1100x(27-5)
$74,050
The closing inventory of X amounted to $216,400 excluding the following two
inventory lines:
350 items which had cost $4 each. All were sold after reporting period for $3 each,
with selling expenses of $200 for the batch. 420 di"erent items which had cost $30
each. These items were found to be defective at the end of the reporting period.
Rectification work after the statement of financial position amounted to $1,200, after
which they were sold for $35 each, with selling expenses totalling $300.
The following total figures should appear in the statement of financial position of
X for inventory: (216,400+350x3-200+420x35-300-1,200)

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$230,450
The inventory value for the financial statements of Pepper Co. for the year ended 31
December 2017 was based on an
invnetory count on 4 January 2018, which gave a total inventory value of $732,500.
Between 31 December and 4 Jan 2018, the following transactions took place:
Purchases of goods $8,800, sales of goods (profit margin 30% on sale) $14,000,
goods returned by Pepper Co. to supplier $1,500.
The adjusted figure should be included in the financial statements for inventories at
31 December 2017: (14,000-8,800-14,000 x 30%)+1,500+732,500
$735,000

Chương 3
An entity constructs a machine for its own use. Construction is started on 1 January
2009 and is completed on 1 March 2009. The machine is installed on 1 April 2009
and the entity does not begin using the machine until 1 May 2009. The entity should
begin charging depreciation on:
➔ 04/01/2009
Which of these is an allowable cost of an asset under IAS 16?
➔ Professional fees
Disposal group is a group of assets (and liabilities associated with those assets) to be
disposed of, by sale or otherwise, together as a group in a single transaction.
Fair value less costs to sell is the amount obtainable from the sale of an asset in an
arm’s- length transaction between knowledgeable, willing parties, less the costs of
disposal.
The objective of financial reporting is to provide information about the financial
position, financial performance and changes in the financial position of a reporting
entity. Complete the following sentences with the financial statement section where
the information can be found.
➔ To monitor an entity’s financial performance, I would look at the => The
statement of profit or loss and other comprehensive income

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➔ To check the financial position, I would consult the => To check the financial
position, I would consult the statement of financial position
What are the 3 key elements used to decide whether an intangible xed asset should
be recognised in the accounts?
➔ Control, identiability, economic benefits
Which of the following is not an asset that falls under the scope of IAS 16?
➔ Assets held for sale in the normal course of business
The price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. What is
it the definition of?
➔ Fair value
Under IAS 16, which two subsequent accounting treatments are allowed
subsequently to initial recognition?
➔ Cost model and revaluation model
Decommissioning costs are the costs of dismantling an asset and restoring the land
on which it was sited, and any other affected assets to their previous state.
What is a change in depreciation method?
➔ Change in accounting policy
The cost of an item of property, plant and equipment is recognized as an asset if,
and only if? (IAS 16)
➔ When it can be reliably measured
The costs of dismantling an asset and restoring the land on which it was sited, and
any other affected assets to their previous state. What is it the definition of?
➔ Decommissioning costs
The journal entry to record the sale or disposition of a depreciable plant asset
always includes:
➔ A debit to the Accumulated Depreciation account for the related accumulated
depreciation
Match the right definition to the content:

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➔ Highly probable => is significantly more likely than probable.

➔ Impairment loss => is the excess of the carrying amount of an asset or a cash-
generating unit over its recoverable amount.
Corporate assets are assets, excluding goodwill, that contribute to future cash flows
of both the cashgenerating unit under review for impairment as well as other cash-
generating units of the entity.
Cost is amount of cash or cash equivalent paid or the fair value of the other
consideration given to acquire an asset at the time of its acquisition or construction
or, where applicable, the amount attributed to that asset
Costs of disposal is the incremental costs directly associated with the disposal of an
asset; these do not include financing costs or related income tax effects
If one large asset has a number of individual components with different useful lives,
how should this be depreciated?
➔ Break down into different parts
A building that is being amortized at $10,000 per year is being amortized under the
straight line method of amortization
An entity has a policy of revaluing its PPE (property, plant, and equipment). An
asset cost $5m on 1 January 2008 and has a useful life of five years and is
depreciated on a straight-line basis to a zero residual value. The value of the asset at
31 December 2008 was $3.8m. The fall in value will be accounted for as follows:
➔ Depreciation $1m and fall in value of $200,000 both to the income statement
A contract modification is the change in the price and/or scope that is approved by
the parties to the contract in a written form only
➔ False
Assets, excluding goodwill, that contribute to future cash flows of both the cash-
generating unit under review for impairment as well as other cash-generating units
of the entity. What do these statements refer to?
➔ Corporate assets
Users of financial statements have different primary interests when interpreting the
information contained in them. Match the user group with suitable statement.

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➔ Government agencies => Information needed in order to regulate the activities

of the entity.
➔ Investor => The risk and return provided by their investment.
What does IAS 16 state about how we should depreciate an asset?
➔ Assets should be depreciated by systematically allocating their depreciable amount
over their useful life
Depreciation method is a method of allocating the depreciable amount of an asset on
a systematic basis over its useful life. Beyond that, the standard leaves the choice of
method to the entity, even though it does cite the following methods; straight-line,
diminishing balance, and units of production methods.
Another term for residual value or scrap value is salvage value
Failure to record the year-end adjustment for amortization. What will that result?
➔ an overstatement of income and an overstatement of assets
Depreciation is the process of allocating the depreciable amount (cost less residual
value) of an asset over the expected useful life of the asset. This process reduces the
carrying amount of an asset as a result of wear and tear, age, or obsolescence, and
recognizes depreciation expense in profit or loss.
When the accountant multiplies the cost an asset by 50% to determine the
amortization expense on an asset with a four-year life, the accountant is using the
declining balance amortization method.
A company purchases land with an office building. The building has a useful life of
20 years. How should the land be depreciated?
➔ Doesn’t depreciate the land
What is the net amount of an entity expects to obtain for an asset at the end of its
useful life?
➔ Residual value
Match the right definition to the content
➔ Nonmonetary transactions => are exchanges and nonreciprocal transfers that
involve little or no monetary assets or liabilities.
➔ Nonmonetary assets => are assets other than monetary assets. Examples are
inventories; investments in equity instruments; and property, plant and equipment

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What is the value of an asset classified as property, plant, and equipment on the
statement of financial position?
➔ cost less accumulated depreciation
Period over which an asset is expected to be available for use by an entity, or the
number of production or similar units expected to be obtained from the asset by an
entity. What is it the definition of?
➔ Useful life
Asset held for sale is a noncurrent asset or a group of assets (disposal group) to be
disposed of in a single transaction, together with directly associated liabilities. Assets
classified as held for sale are not subject to depreciation and are carried at the lower
of carrying amount and fair value less costs to sell. Separate classification of “assets
and liabilities held for sale” in the statement of financial position is required.
IFRS 15 is Applied to report useful information to users of financial statements
about the nature, amount, timing, and Uncertainty of income and cash flows arising
from a contract with a customer
➔ False
Under IAS 16, which of the following is allowable as a directly attributable cost of a
machine?
➔ Purchase price
➔ Estimated dismantling costs

Which of the following disclosures is not required when an asset is revalued?

➔ Name of valuer
An entity owns a fleet of company cars and executive vehicles, and has other
property and equipment in order to service the fleet. It decided to revalue some of
its property, plant and equipment. Which one of the following options complies with
IAS 16?
➔ Revalue an entire class of property, plant and equipment
The purpose of depreciation is to replace an asset at the end of its useful life
➔ False
Which of the following is covered by IAS 16- Property, Plant and Equipment?

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➔ Office building
Depreciable amount is cost of an asset or the other amount that has been substituted
for cost, less the residual value of the asset.
If an asset increase in value, what is the increase noted as?
➔ An increase in revaluation surplus in the Statement of Financial Position
(SOFP) and other comprehensive income in the Statement of Comprehensive
Income (SOCI)
How should an asset be initially recognised in the financial statements?
➔ Measure at cost

An asset that cost $65,000 has accumulated depreciation of $23,000 is sold for
$50,000. The journal entry to record the sale of the asset would include:
➔ a credit to Gain on Disposal of Asset of $8,000
Assets other than monetary assets. Examples are inventories; investments in equity
instruments; and property, plant and equipment. What is it the definition of ?
➔ Nonmonetary assets
Costs to sell are the incremental costs directly attributed to a disposal of an asset (or
disposal group), excluding finance costs and income tax expense.
Match the right definition to the content:
➔ Residual (salvage) value => is an estimated amount that an entity would currently
obtain from disposal of the asset, net of estimated costs of disposal, if the asset
were already of..
➔ Property, plant and equipment => are tangible assets that are expected to be
used during more than one period, and that are held for use in the process of
producing goods or services…
Match the right definition to the content:
➔ Fair value => is the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the
measurement…

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➔ Useful life => is a period over which an asset is expected to be available for use
by an entity, or the number of production or similar units expected to be obtained
from…
The cost of an item of property, plant and equipment is recognized as an asset if,
and only if? (IAS16)
➔ When it can be reliably measured
The key elements used to decide whether an intangible fixed asset should be
recognised in the accounts:
➔ Control
➔ economic benefits
➔ identifiability
The cost of an item of property, plant and equipment is recognized as an asset if,
and only if? (IAS16)
➔ When it is probable that economic benefits will flow to the entity from the asset
➔ When it can be reliably measured

Component of an entity includes operations and cash flows that can be clearly
distinguished, operationally and for financial reporting purposes, from the rest of
the entity.
Exchange is reciprocal transfer between an entity and another entity that results in
the acquisition of assets or services, or the satisfaction of liabilities, through a
transfer of other assets, services, or other obligations.
The total of all prior year deductions for depreciation taken to write off the value of
a fixed asset over its estimated useful life. It is a contra asset account, which reduces
the value of total property, plant and equipment in the statement of financial
position. What do these statements refer to?
➔ Accumulated depreciation.
What is the amount of an asset is recognized at in the statement of financial position
less any accumulated depreciation or impairment losses?
➔ Carrying amount
Multipart has purchased a budget airline and is discussing the way in which it
should depreciate the aircraft as aircraft have a lifespan of 10 years, engines have a

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lifespan of seven years and tyres have a lifespan of 18 months. The aircraft should
be depreciated on a straight-line basis over:
➔ Seven years useful life of the engine, 1.5 years useful life of the tyres, and 10
years useful life applied to the balance
Carrying amount is the amount at which an asset is recognized after deducting any
accumulated depreciation and accumulated impairment losses.
What are the 3 key elements used to decide whether an intangible fixed asset should
be recognised in the accounts?
➔ Control, identifiability, economic benefits
All of the following would be classified as property, plant, and equipment except
➔ Equipment held for resale
When an item of property, plant and equipment is revalued, what should be
revalued?
➔ The whole class of assets to which it belongs
All substance is the ability to change an entity's future cash flows; used in
determining the accounting for certain nonmonetary exchanges.
Under IAS 16, if assets are exchanged in an arms lenght, commercial transaction,
their value will be measured at:
➔ Fair value
Under IAS 16, if an asset is idle, how is depreciation?
➔ Depreciation continues
Contract is An agreement between two or more parties that creates enforceable
rights and obligations
➔ True
Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market parti cipants at the measurem ent
date.
Cash-generating unit is the smallest identifiable group of assets generating cash
inflows from continuing use that are largely independent of the cash inflows

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associated with other assets or groups of assets; used for impairment testing
purposes

Multipart has purchased a budget airline and is discussing the way in which it
should depreciate the aircraft as aircraft have a lifespan of 10 years, engines have a
lifespan of seven years and ryres have a lifespan of 18 months. The aircraft should
be depreciated on a straightline basis over:

➔ Seven years useful life of the engine, 1.5 years useful life of the tyres, and 10
years useful life applied to the balance

When an asset is sold or disposed of, wh«e is the gain or loss recognized?

➔ Profit and loss

Under IAS 16, how often should the useful life of an asset be reviewed?

➔ At least at each financial year end

What dose IAS 16 state about how we should depreciate an asset?

➔ Assets should be depreciated by systematically allocating their depreciable

amount over their useful life

IAS 16 requires a revaluation surplus resulting from initial revaluation of PPE

(property, plant, and equipment) to be treated in one of the following ways

➔ Debited to the class of PPE that is being revalued and credited to a

equity Which of the following is not a component of cost of an asset?

➔ Refundable sales tax

Component depreciation is the systematic allocation of the cost of each part of an item
of property. plant and equipment when this cost is significant in relation to the total
cost the item. An entity should allocate the amount initially recognized as an item of

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property, plant and equipment to its significant parts and depreciate separately each
such part

Commercial substance is the is the ability to change an entity's future cash flows;
used in determining the accounting for certain nonmonetary exchanges.

A firm purchase commitment is an agreement with an unrelated party, binding on

both parties and usually legally enforceable, that specifies all important terms,
including the price and timing of the transactions, and includes a disincentive for
nonperformance (sufficiently large) making performance highly probable.

What is an impairment loss?

➔ The amount by which the carrying amount of an asset exceeds the recoverable
amount

Chương 4

IAS 38 shall be applied in accounting for all intangible asset except for
financial asset
➔ True
A new product was developed during the year. The expenditure totalled $1590000.
of which $1090000. was incurred prior to 30 November 2008, the date on which it
became clear that the product was technically viable. The new product will be
launched in the next four months and its recoverable amount is estimated at
$208000..
How much will be the development expenditure appearing in the statement of
nancial position?
The development expenditure appearing in the statement of nancial position will be
valued at
➔ $ 500,000 ( 1,590,000 – 1,090,000)
Which of the following internally generated items may not be recognised as
intangible assets?
➔ Publishing Titles, Mastheads and Customer lists
Which of the following measurement models is not permitted for the subsequent
measurement of intangible assets under IAS 38?
➔ Capital Assets pricing model

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An intangible asset will be recognized if, and only if:

➔ the cost of the asset can be measured reliably
➔ it is probable that the future economic bene ts attributable to the asset
will ow to the entity
Choc Co acquires a chocolate bar brand from a competitor for $659,000 on 1August
20X9. The brand is considered by Choc Co to have a useful life of 25 years,and in
order to maintain its market position, Choc Co have, since acquisition,
spent$108,000 on a marketing campaign. What intangible asset is recognised in
ChocCo's statement of financial position at 31 December 20X9? $648,017
[(Giá tại ngày 1/8 – (Giá tại ngày 1.8/25 * 5/12)]
An intangible asset that is internally generated can only be recognised if
certain requirements are met. Which of the following statements are correct
regarding the recognition of an internally generated intangible asset?
➔ there must be an intention to use or sell the intangible asset
➔ only cost in the development phase are capitalized as part of the cost of the
intangible asset
➔ the technical feasibility of completing the intangible asset so that it will be
available for use or sale needs to be proved
Research costs may be recorded as an intangible asset
➔ False
Jumbo Limited wishes to record sta training and education costs as an
intangible asset, as this gives the company’s employees’ technical knowledge
which is a competitive advantage. May Jumbo Limited record the training
costs as an intangible asset?
➔ False
If an asset is revalued, and the revised valuation is less than its current
valuation, where will the change be noted?
➔ Income Statement as an expense
An entity may classify an internal project’s cost as either research or
development if it cannot distinguish between each phase.
➔ False
Clever Co has incurred the following costs in the course of the year ended 30 June
20X9: $456,000 training selected sta members to be ‘World Class Knowledge
Holders’ (an internal quali cation which is believed to result in increased sales).
$103,000 acquiring patents, $134,000advertising new products. The advertising is

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expected to result in a doubling of sales in the coming year. What amount should
Clever Co capitalise as an intangible asset in respect of these items in the year
ended 30 June 20X9?
➔ $ 103,000
How often should the useful life of an intangible asset with a nite useful life be
reviewed?
➔ Every year
Cost of testing whether the asset is functioning properly is an example of cost
of an intangible asset
➔ True

Choc Co acquires a chocolate bar brand from a competitor for $950,000 on 1

August 20X9. The brand is considered by Choc Co to have a useful life of 25
years, and in order to maintain its market position, Choc Co have, since
acquisition, spent $72,000 on a marketing campaign. What intangible asset is
recognised in Choc Co’s statement of nancial position at 31 December 20X9?
$ 934,167 [(Giá tại ngày 1/8 – (Giá tại ngày 1.8/25 * 5/12)]
Which of the following is not an example of an intangible asset?
➔ Cash in bank
IAS 38 "Intangible asset" speci cally excludes certain internally generated
intangibles from being recognized as an asset, for example Brands or Customer
lists
Big Limited has spent $100,000 developing a software product, which is obsolete
before it reaches the market. May Big Limited recognise the $100,000 expense
as an intangible asset?
➔ False
An intangible asset is an identi able non-monetary asset with physical substance
➔ False
The rm completed a big marketing and advertising campaign costing $3270000..
The nance director had authorized this campaign on the basis that it would create
$7200000. of additional pro ts over the next three years. What is the value of
intangible asset?
The intangible asset is recognized at a cost of
➔ $0

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Which of the following is not a requirement to capitalise development costs under

IAS 38 – Intangible Assets?
➔ The commercial feasibility for the asset may be uncertain
Internally generated goodwill is not recognised as an asset
➔ True
Sta participated in a training program which cost the company $336000.. The
training organization had made a presentation to the directors of Baxter outlining
that incremental pro ts to the business over the next twelve months would be
$517000. What is the value of intangible asset?
The intangible asset is recognized at a cost of
➔ $0
What are intangible assets?
➔ Non-monetary assets without physical substance

A company may internally generate an intangible asset

➔ True
If one intangible asset is exchanged for another, the cost of the intangible is
measured at....
➔ Fair value
Clever Co has incurred the following costs in the course of the year ended 30June
20X9: $424,000 training selected staff members to be World Class Knowledge
Holders’ (an internal qualification which is believed to result in increased sales).
$112,000 acquiring patents, $126,000advertising new products. The advertising is
expected to result in a doubling of sales in the coming year. What amount should
Clever Co capitalise as an intangible asset in respect of these items in the year
ended 30June 20X9?
➔ $112,000
Jumbo Limited wishes to record staff training and education costs as an intangible
asset, as this gives the company’s employees’ technical knowledge which is a
competitive advantage. May Jumbo Limited record the training costs as an
intangible asset?
➔ False
An intangible asset is an identifiable non-monetary asset with physical
substance

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➔ Flase
A new product was developed during the year. The expenditure totalled 52250000.
of which $1120000. was incurred prior to 30 November 2008, the date on which it
became clear that the product was technically viable. The new product will be
launched in the next four months and its recoverable amount is estimated at
$292000.. How much will be the development expenditure appearing in the
statement of financial position?
The development expenditure appearing in the statement of financial position will
be valued at
➔ 51,130,000
An intangible asset with a finite useful life should be amortised over...
➔ Its expected useful life
Choc Co acquires a chocolate bar brand from a competitor for $655,000 on 1
August 20X9. The brand is considered by Choc Co to have a useful life of 25 years,
and in order to maintain its market position, Choc Co have, since acquisition, spent
$63,000 on a marketing campaign. What intangible asset is recognised in Choc Co’s
statement of financial position at 31 December 20X9?
$644,083. Cách tính: [(655,000 – (655,000/25 * 5/12)]
Choc Co acquires a chocolate bar brand from a competitor for $749,000 on 1 August
20X9. The brand is considered by Choc Co to have a useful life of 25 years, and in
order to maintain its market position, Choc Co have, since acquisition, spent
$130,000 on a marketing campaign. What intangible asset is recognised in ChocCo's
statement of financial position at 31 December 20X9? $736,517
[(Giá tại ngày 1/8 – (Giá tại ngày 1.8/25 * 5/12)]
Which key characteristic(s) that a factory building lack to meet the definition
of an intangible asset?
➔ Lack of physical substance
Where is the amortisation of an intangible asset recognised?
➔ Profit or Loss
An intangible asset is identifiable if it either:
➔ Arises from contractual or other legal rights, regardless of whether those
rights are transferable or separable from the entity or from other rights
and obligations
➔ is separable
Choc Co acquires a chocolate bar brand from a competitor for $510,000 on 1

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August 20X9. The brand is considered by Choc Co to have a useful life of 25 years,
and in order to maintain its market position, Choc Co have, since acquisition, spent
$103,000 on a marketing campaign. What intangible asset is recognised in Choc
Co’s statement of financial position at 31 December 20X9?
➔ $501,500
Match the right definition to the content
Intangible assets: is identifiable nonmonetary assets, without physical substance
Monetary assets: are money held and assets to be received fixed or determinable
amounts of money. Examples are cash, accounts receivable, and notes receivable.
The key characteristics of an intangible asset are
➔ Non-monetary in nature
➔ Lack of physical substance
➔ Identifiable
If an intangible asset is revalued upwards, the increase in value should be
credited
-> to Equity under “Revaluation Surplus”
A new product was developed during the year. The expenditure totalled $1840000.
of which $1060000. was incurred prior to 30 November 2008, the date on which it
became clear that the product was technically viable. The new product will be
launched in the next four months and its recoverable amount is estimated at
$236000.. How much will be the development expenditure appearing in the
statement of financial position?
The development expenditure appearing in the statement of financial position will
be valued at
➔ $ 780,000
Clever Co has incurred the following costs in the course of the year ended 30 June
20X9: $454,000 training selected staff members to be ‘World Class Knowledge
Holders’ (an internal qualification which is believed to result in increased sales).
$56,000 acquiring patents. $147,000advertising new products. The advertising is
expected to result in a doubling of sales in the coming year.
What amount should Clever Co capitalise as an intangible asset in respect of these
items in the year ended 30 June 20X9?
➔ $ 56,000
Staff participated in a training program which cost the company $321000.. The

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training organization had made a presentation to the directors of Baxter outlining

that incremental profits to the business over the next twelve months would be
$733000. What is the value of intangible asset?
The intangible asset is recognized at a cost of
➔ $0
When does amortisation of an intangible asset commence?
➔ When the asset is available for use
The firm completed a big marketing and advertising campaign costing $2680000.
The finance director had authorized this campaign on the basis that it would create
$7600000. of additional profits over the next three years. What is the value of
intangible asset?
The intangible asset is recognized at a cost of
➔ $0
Jumbo Limited wishes to record staff training and education costs as an intangible
asset, as this gives the company’s employees’ technical knowledge which is a
competitive advantage. May Jumbo Limited record the training costs as an
intangible asset?
 False
What is the initial recognition measurement of an intangible asset?
➔ Cost
Examples of expenditures recognized as an expense, including
➔ Training activities
➔ Advertising and promotion activities
The firm completed a big marketing and advertising campaign costing $2620000..
The finance director had authorized this campaign on the basis that it would create
$7000000. of additional profits over the next three years. What is the value of
intangible asset? The intangible asset is recognized at a cost of
➔ $0
Staff participated in a training program which cost the company $312000.. The
training organization had made a presentation to the directors of Baxter outlining
that incremental profits to the business over the next twelve months would be
$709000. What is the value of intangible asset?
The intangible asset is recognized at a cost of

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➔ $0
Examples of expenditures that are part of the cost of an intangible asset are cost of
➔ Professional fees arising directly from bringing the asset to its
working condition
➔ Cost of employee benefits arising directly from bringing the asset to its
working condition
Which of the following is an intangible asset under IAS 38?
➔ Patent rights
A new product was developed during the year. The expenditure totalled $1910000.
of which $940000. was incurred prior to 30 November 2008,
the date on which it became clear that the product was technically viable. The new
product will be launched in the next four months and its recoverable amount is
estimated at $302000..
How much will be the development expenditure appearing in the statement of
financial position?
The development expenditure appearing in the statement of financial position will
be valued at
➔ $ 970,000
(Chi phí phát sinh trước ngày 30/11 năm 2008 là 94,000 $ sẽ được ghi nhận
là chi phí phát sinh trong kỳ. -> Chi phí phát sinh sau ngày 30/11/2008 được
ghi nhận như là tài sản vô hình với nguyên giá = 1,910,000 – 94,000 =
970,000)
Clever Co has incurred the following costs in the course of the year ended 30 June
20X9: $340,000 training selected staff members to be ‘World Class Knowledge
Holders’ (an internal qualification which is believed to result in increased sales).
$90,000 acquiring patents.$111,000 advertising new products. The advertising is
expected to result in a doubling of sales in the coming year. What amount should
Clever Co capitalise as an intangible asset in respect of these items in the year ended
30 June 20X9?
➔ $ 90,000
A company may internally generate an intangible asset.
-> True
An entity is permitted to use the revaluation model for the initial recognition
of an intangible asset.
➔ False

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An entity may classify an internal project's cost as either research or

development if it cannot distinguish between each phase.
➔ False
Which of the following measurement models is not permitted for the
subsequent measurement of intangible assets under IAS 38?
➔ Capital Assets pricing model
Staff participated in a training program which cost the company $339000.. The
training organization had made a presentation to the directors of Baxter outlining
that incremental profits to the business over the next twelve months would be
$596000. What is the value of intangible asset?
The intangible asset is recognized at a cost of
➔ $0
The firm completed a big marketing and advertising campaign costing $2470000..
The finance director had authorized this campaign on the basis that it would create
$9500000 of additional profits over the next three years. What is the value of
intangible asset? The intangible asset is recognized at a cost of
➔ $0
What are examples of intangible assets?
➔ An acquired customer list
➔ Computer software
➔ The copyright on a publication or article
➔ Internet domain names
➔ A registered patent on a product
Choc Co acquires a chocolate bar brand from a competitor for $998,000 on 1
August 20X9. The brand is considered by Choc Co to have a useful life of 25
years, and in order to maintain its market position, Choc Co have, since
acquisition, spent $117,000 on a marketing campaign. What intangible asset is
recognised in Choc Co's statement of financial position at 31 December 20x9?
 $981,367. Cách tính [(Giá tại ngày 1/8 – (Giá tại ngày 1.8/25 * 5/12)]

Clever Co has incurred the following costs in the course of the year ended 30 June
20X9: $460,000 training selected staff members to be World Class Knowledge
Holders' (an internal qualification which is believed to result in increased sales).
$145,000 acquiring patents. $150,000advertising new products. The advertising is

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expected to result in a doubling of sales in the coming year. What amount should
Clever Co capitalise as an intangible asset in respect of these items in the year
ended 30 June 20x9?
➔ $ 145,000 ($145,000 acquiring patents: mua Bằng sáng chế)

Chương 5
1. Magazine subscriptions and airline ticket sales both result in unearned revenues
- True
2. A restructuring provision covers
- Investment in new systerms and distribution netwworks
3. A short-term obligation can be excluded from curent liabilities if the company
intends to refinance it on a long-term basis
- False
4. Companies should accrue an estimated loss from a loss contingency if information
available prior to the issuance of financial statements indicates that it iss probable that a
liability has been incurred
- False
5. The cause for litigation must have occurred on or before the data of the financial
stateents to report a liability in the financial statements
- True
6. Which of the following iterms is a current liability?
- Bonds (for which …..) due in eleven months
7. Discount on Notes Payable is a contra account to Notes Payable on the stateent of
financial position
- True
8. Which of the following iss a current liability?
- Preferred dividends in…
- A dividend payable…
- A cash dividend ….
9. Which of the following terms is associated wwith recording a cotingent liability?
- Probable
10. If it is no longer probable that payment relating to a provisiom wil be required
- The provision should be reversed
11. Why is the liability section of the statement of financial position of orimary
importance to bankers?
- To assist in understanding the entity’s liquidity
12. When is a contingent liability recorded
- When the future events are probable to and the amount…….

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13. Which of the following are not factors that are considered when evaluating
whether os not to record a liability for pending litigation
- The type of litigation involved
14. Ortiz Corporation, a manufacturer of household paints, is preparing annual……..
- Operating expense of 800,000 and liability of 800,000
15. Provisions are started
- Before tax
16. A liability is
- An obligation arising from past events
17. Assume that a manufacturing corporation has (1) good quality control, (2) a one-
year operating cycle, (3) a relatively stable pattern of annual sales, and (4) …………
- should be reported as part current and part long-term
18. An account which would be classified as a current liability is
- Short-term loan
- ..
19. Examples of restructuring are
- Changes in managament structure
20. Current liabilities are usually recorded and reported in financial statements at their
full maturity value
- True
21. Reimbursements should be recorded as
- Trừ (A reduction of the provision liability; An expense; A separate asset)
22. What is the relationship between current liabilities and a company’s operating
cycle?
- Liquidation of current liabilities is ……
23. Companies should recognize the expense and related liability for compensated
absences in the year earned by employees
- True
24. Which of the following best describes the cash-basis method of accounting for
warranty costs
- Expensed when incurred
25. All long-term debt maturing within the next year must be classified as current
liability on the statement of financial position
- False
26. Which of the following is the proper way to report a gain contingency
- As a disclosure only
27. Stock dividends distributable should be classified on the

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- Statement of financial position as an item of stockholders’ eqity

28. Gains from disposal of assets should
- Not be taken into account in provisions
29. What is a cotingency
- An exising …………uncertainty…….as to possible gain or loss that will be
resolved when one of more future events occur of fail to occur
30. Which of the following situations may give rise to unesrned revenue
- Selling maganize subscriptions
31. A company discloses gain contingencies in the notes only when a high probability
exists for realizing them.
- True
32. Which of the following is the proper way to report a gain contingency?
- As a disclosure only
33. Deasin Company becomes aware of a lawsuit after the date of the financial
statements, but before they are issued. A loss and related liability should be reported in
the financial statements if the amount can be reasonably estimated, an unfavorable
outcome is highly probable, and
- the cause for action occurred during the accounting period covered by the
financial statements.
34. A restructuring provision
- Does not cover future operating losses, unless they relate to an onerous contract.
35. Reimbursements should be booked when
- When it is virtually certain that the money will be received.
36. Which of the following terms is associated with recording a contingent liability?
- Probable
37. Under the expense warranty approach, companies charge warranty costs only to
the period in which they comply with the warranty
- False
38. A contingent liability is
- A possible obligation that arises from past events.

39. If the possibility of a penalty is remote

- Record a provision
40. Companies should accrue an estimated loss from a loss contingency if information
available prior to the issuance of financial statements indicates that it is probable that a
liability has been incurred
- False
41. Which of the following may be a current liability
- Withheld Income Taxes

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- Deferred Revenue
- Deposits Received from Customers
42. The cause for litigation must have occurred on or before the date of the financial
statements to report a liability in the financial statements
- True
43. Which of the following are not factors that are considered when evaluating
whether or not to record a liability for pending litigation?
- The type of litigation involved
44. When is a contingent liability recorded
- When the future events are probable to occur and the amount can be reasonably
estimated.
45. IAS 37 provisions include
- Environmental provisions
46. In November, your board decides to restructure the group. In December, the plan
is finalised. In January it is announced. The group has a constructive obligation in
-January.
64. Accrued liabilities are disclosed in financial statements by

b. appropriately classifying them as regular liabilities in the statement of financial

position
65. Reimbursements should be recorded as
Loại có 3 đáp án (đã sai A reduction of the provision liability.) còn An expense.
A separate asset.

66. What is the relationship between present value and the concept of a liability?
a. Present values are used to measure all liabilities.(sai)

67. A constructive obligation:

Arises when you indicate that you accept certain responsibilities.
69. Liabilities are:
Obligations arising from past transactions and payable in assets or services in the future.
Gains from disposal of assets should: Not be taken into account in provisions.
When is a contingent liability recorded?
When the future events are probable to occur and the amount can be reasonably
estimated.

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Companies should accrue an estimated loss from a loss contingency if information

available prior to the issuance of financial statements indicates that it is probable
that a liability has been incurred.
False
Reimbursements should be booked when:

Arises when you indicate that you accept certain responsibilities

Accrued liabilities are disclosed in financial statements by:
Appropriately classifying them as regular liabilities in the statement of financial position.
A constructive obligation:
Record a provision.
Discount on Notes Payable is a contra account to Notes Payable on the statement of
financial position.
True
Assume that a manufacturing corporation has (1) good quality control, (2) a one-
year operating cycle, (3) a relatively stable pattern of annual sales, and (4) a
continuing policy of guaranteeing new products against defects for three years that
has resulted in material but rather stable warranty repair and replacement costs.
Any liability for the warranty .....
should be reported as part current and part long-term
Which of the following contingencies need not be disclosed in the financial
statements or the notes there to?
Probable losses not reasonably estimable
Environmental liabilities that cannot be reasonably estimated
A provision should be recorded when:
An undertaking has a present obligation legal, or constructive.
An estimate can be made of the obligation
A restructuring provision covers:
Investment in new systems and distribution networks.
Which of the following situations may give rise to unearned revenue?
Selling magazine subscriptions.
If there is a present obligation to pay money, you should record a: Provision.

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Provisions are stated: Before tax.

If no claims are probable, product service warrantees are: Contingent liabilities.
Which of the following best describes the accrual method of accounting for
warranty costs?
Expensed based on estimate in year of sale.
What is the relationship between present value and the concept of a liability?
Present values are used to measure certain liabilities.
IAS 37 provisions include:
Environmental provision
A constructive obligation: Arises when you indicate that you accept certain
responsibilities.
Provisions should be: Either exact amounts or estimates.
Future operating losses indicate a need to: Test for impairment.
Ortiz Corporation. a manufacturer of household paints, is preparing annual
financial statements at December 31.201 x. Because of a recently proven health
hazard in one of its paints, the government has clearly indicated its intention of
having Ortiz recall all cans of this paint sold in the last six months. The
management of Ortiz estimates that this recall would cost $800,000. What
accounting recognition, if any, should be accorded this situation?
Operating expense of $800,000 and liability of $800,000
A liability is: An obligation arising from past events
All long-term debt maturing within the next year must be classified as a current
liability on the statement of financial position.
False.
Contingent asset is recorded when cash inflows are: Probable.
Magazine subscriptions and airline ticket sales both result in unearned revenues.
True
A provision is recorded: For a present obligation.
A provision is: A liability of uncertain timing, or amount.

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Why is the liability section of the statement of financial position of primary

importance to bankers?
To assist in understanding the entity's liquidity
When is a contingent liability recorded?
When the future events are probable to occur and the amount can be reasonably
estimated.
If there is no present obligation, but one is highly likely, you should record: A
contingent liability.
Current liabilities are usually recorded and reported in financial statements at their
full maturity value.
True
Reimbursements should be recorded as: A separate asset.
An account which would be classified as a current liability is:
Special consumption tax payable
Short-term loan
Ortiz Corporation, a manufacturer of household paints, is preparing annual
financial statements at December 31, 201x. Because of a recently proven health
hazard in one of its paints, the government has clearly indicated its intention of
having Ortiz recall all cans of this paint sold in the last six months. The
management of Ortiz estimates that this recall would cost $800,000. What
accounting recognition, if any, should be accorded this situation?
Operating expense of $800,000 and liability of $800,000
The cause for litigation must have occurred on or before the date of the financial
statements to report a liability in the financial statements.
True
Which of the following items is a current liability?
Bonds (for which there is an adequate appropriation of retained earnings) due in eleven
months
A restructuring provision:
Does not cover future operating losses, unless they relate to an onerous contract.
Stock dividends distributable should be classified on the:

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Statement of financial position as an item of stockholders' equity.

Which of the following best describes the cash-basis method of accounting for warranty
costs?
Expensed when incurred.
Examples of restructuring are:
Changes in management structure.
Companies should accrue an estimated loss from a loss contingency if
Companies should recognize the expense and related liability for compensated
absences in the year earned by employees.
True.
Which of the following should not be included in the current liabilities section of the
balance sheet?
The discount on short-term notes payable
Short-term zero-interest-bearing notes
payable Trade notes payable

Discount-rate should be

Pre-tax
IAS 37 provisions include:
Environmental provisions
Which of the following may be a current liability?
Withheld Income
Taxes Deferred
Revenue
Deposits Received from Customers
An account which would be classified as a current liability is
Special consumption tax payable
Short-term loan
Which of the following contingencies need not be disclosed in the financial
statements or the notes thereto?
Environmental liabilities that cannot be reasonably estimated
Probable losses not reasonably estimable

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A restructuring provision covers:

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Investment in new systems and distribution networks.

Stock dividends distributable should be classified on the:
Income statement as an expense.
If it is no longer probable that payment relating to a provision will be required
The provision should be reversed
All long-term debt maturing within the next year must be classified as a current
liability on the statement of financial position
False
A contingent liability:
is the result of a loss contingency
Provisions are reported: Separately.
A short-term obligation can be excluded from current liabilities if the company
intends to refinance it on a long-term basis.
False.
Warranty claims normally generate a: provision
What is a contingency?
An existing situation where uncertainty exists as to possible gain or loss that will be
resolved when one or more future events occur or fail to occur.
Of the following items, the only one which should not be classified as a current
liability is:
short-term obligations expected to be refinanced.
Which of the following is a current liability?
à Preferred dividends in arrears
à A cash dividend payable to preferred stockholders
à A dividend payable in the form of additional shares of stock
What is a contingency?
à An existing situation where uncertainty exists as to possible gain or loss that will
be resolved when one or more future events occur or fail to occur.
Under the expense warranty approach, companies charge warranty costs only to the
period in which they comply with the warranty. à False.

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Chương 6

H+nh 1. Công thức áp dụng cho các bài tính toán ở chương 6*
*Tham khảo các bài chương 6 đường link bên dưới và bài làm chương 6 đã up tại profile
Link: https://www.studocu.com/vn/document/truong-dai-hoc-van-lang/kinh-te-chinh-tri/tn-tren-
mang-chuan-muc-bctct-quoc-te/41911367

1. An entity shall recognise revenue to depict the transfer of promised goods or

services to customers in the amount that reflects the consideration to which the
entity expects to be entitled in exchange for those goods or services.

Gross

2. Which of the following is an exception for application of IFRS 15?

Lease contracts and Insurance contracts

3. Under the realization principle, revenue is recognized as earned when there is

reasonable certainty as to the collectibility of the asset to be received and

4. According to IFRS 15, the asset is transferred to a customer…

When the customer obtains control over it

5. Contract is an agreement between two or more parties that creates enforceable

rights and obligations

True

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Which of the following is not an indicator that control of a good has passed from the
seller to the buyer?

Buyer has scheduled delivery.

Which of the following is not one of the characteristics of a contract for purposes of
revenue recognition?

Reasonable profit margin.

6. How many step apply to recognize revenue?
5

When an intangible asset is sold, the gain or loss is recognised:

In the profit or loss.

IFRS 15 is Applied to report useful information to users of financial statements
about the nature, amount, timing, and certainty of revenue and cash flows arising
from a contract with a customer
False
Which of the following is not an indicator that revenue for a service can be
recognized over time?
b. The seller has significant experience with the customer and anticipates fulfillment of
the contract.
When IFRS uses the cost recovery method to account for a long-term contract,
c. Revenue equal to costs are typically recognized early in the life of the contract.

Which of the following is not one of the steps for recognizing revenue?
Estimate the total transaction price of the contract based on the sum of the stand-alone selling prices of the
goods and services in the contract.
Which of the following is not an indicator that control of a good has passed from the seller to the
buyer?
Buyer has scheduled delivery
According to IFRS 15, the asset is transferred to a customer...
When the customer obtains control over it
Which of the following is a separate performance obligation?
An extended warranty

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