Mã đề:

1. In accounting, what does GAAP stand for?

a. Generally accepted accounting principles c. Guideline for accepted accounting principles
b. Generally acceptable accounting principles d. Guideline for acceptable accounting principles
2. What is the accounting equation?
a. Assets = Liabilities + Bonds
b. Assets = Short-term liabilities + Long-term liabilities
c. Assets = Liabilities + Owner’s Equity
d. Assets = Long-term liabilities + Owner’s Equity
3. The simplest ____ of the account is known as the “T” account because it resembles the letter “T”.
a. form b. measure c. period d. concept
4. The ____________ may be defined as a summary of the revenue, expenses and net income or net
loss of the business entity for a specific period of time.
a. Ledger b. Profit and loss c. Trial balance d. Balance sheet
statement
5. The _______ may then be defined as a statement showing the assets, liabilities and owner’s equity
of a business entity at a specific date.
a. Balance sheet b. Statement of equity c. Profit and loss d. Trial balance
statement
6. Contributed capital is the amount that is invested in the business by the __________.
a. investors b. creditors c. suppliers d. customers
7. Which of the following would not be included on a balance sheet?
a. Accounts b. Accounts payable c. Sales d. Cash
receivable
Using the following information to answer question from 8 to 13:
You have the following information for Timberlake’s store to sell picture frames in Jan
2020 (the company uses perpetual inventory system). The company has no beginning inventory in
Jan 2020.
11th Purchased 2,500 units at $3 per unit on account.
15th Paid for the good purchased on the 11th.
16th Sold 1200 units at $5.75 per unit and received cash.
18th Purchased 2,500 units at $3.5 per unit on account.
19th Purchased $1,000 units at $4 per unit paid cash.
22nd Sold 1800 units at $5.75 per unit and received 40% cash, the rest is on credit.
31st Sold 1500 units at $5.85 per unit and received cash.
31st Collected cash from customer on the 22nd.
8. What is the value of Cost of Goods Sold for the month under the FIFO valuation method?
a. $15,051 b. $16,051 c. $14,500 d. $12,500
9. What is the value of Cost of Goods Sold for the month under the weighted average cost valuation
method?
a. $15,051 b. $16,051 c. $14,500 d. $12,500
10. What is the company Gross Profit for the month under the FIFO valuation method?
a. $12,525 b. $11,525 c. $10,525 d. $10,974
11. What is the company Gross Profit for the month under the weighted average cost valuation
method?
a. $12,525 b. $11,525 c. $10,525 d. $10,974
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12. What is the ending inventory value under the FIFO valuation method?
a. $8,205 b. $5,205 c. $6,750 d. $5,750
13. What is the ending inventory value under the weighted average cost valuation method?
a. $8,205 b. $5,205 c. $6,750 d. $5,750
Using the following information to answer questions from 14 to 17.
Company A has the following transaction related to their bad debt:
Dec 31st, 2018: Account Receivable balance is $100,000, estimated doubtful debt is 5%
Mar 2nd, 2019: Customer C went bankrupt and unable to pay $1,000
14. If the company using Allowance method for the uncollectible receivable, what is the balance for
Account Receivable on Dec 31st, 2018?
a. $100,000 b. $0 c. $5,000 d. $5,750
15. If the company using Direct write-off method for the uncollectible receivable, what is balance
for the Account Receivable on Mar 2nd, 2019?
a. $95,000 b. $0 c. $99,000 d. $5,000
16. If the company using Allowance method for the uncollectible receivable, what is the amount
should be recorded into Doubtful debt expense account on Dec 31st, 2018?
a. $5,000 b. $0 c. $1000 d. $4,000
17. If the company using Allowance method for the uncollectible receivable, what is the balance of
Allowance for doubtful debt account on Mar 2nd, 2019?
a. $5,000 b. Dr $0 c. Dr $1000 d. $4,000
18. Under …………………. principle, expected losses to be recognised in the accounting books as
soon as possible.
a. Matching b. Historical cost c. Consistency d. Prudence
19. Net Book Value of a fixed assets equal to ………………………… subtract ………………….
a. Cost of Fixed Assets; Depreciation
b. Market price of Fixed Assets; Depreciation
c. Cost of Fixed Assets; Accumulated Depreciation
d. Market price of Fixed Assets; Accumulated depreciation
20. On July 4th 2019, Massa Co. purchased used truck for $15,000, paying $4,000 cash and the rest
of the balance on account. Calculate quarterly depreciation for the truck know that the useful life
is 9 years with no residual value given that the company is using straight-line method.
a. $417 b. $834 c. $139 d. $131
21. Staff salary remaining unpaid as at the year-end should be accounted for as:
a. Dr Salary payable account and Cr Staff salary account
b. Dr Pre-paid Salary account and Cr Staff salary account
c. Dr Staff salary account and Cr Cash account
d. Dr Salary Expenses account and Cr Salary Payable account
22. At the end of the current month, the company performed services for customer A for $3,000.
This amount was not recorded as the end of the month. A bill will be sent to our customer in the
following month. What are the adjustment entries for this transaction at the end of the current
month?
a. Dr Account Receivable; Cr Revenue
b. Dr Revenue; Cr Account Receivable
c. Dr Unearned Revenue; Cr Cash
d. Dr Cash; Cr Unearned Revenue
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23. The ………… concept means that financial statements of the business are prepared for a period
of time, either a month or a year.
a. Historical cost b. Accounting period c. Consistency d. Going concern
24. The ………… concept means that transactions are recorded using the cost at the point of
transaction.
a. Historical cost b. Accounting period c. Consistency d. Going concern
25. Company BBA paid $2,400 cash for one-year insurance policy effective on July 1st, 2019. What
is the balance of the company’s Prepaid insurance account on August 31st, 2019?
a. Dr $200 b. Dr $2,400 c. Dr $2,000 d. Cr $2,000
26. Accounting concept that supports reporting revenues and related expenses in the same period is
called the ………………
a. Matching concept b. Historical cost c. Consistency d. Prudence concept
concept concept
27. The supplier gave company C credit term 2/10; n/30 for their purchase. This mean:
a. C will get 10% discount if they pay for the purchase within 30 days
b. C will get 2% if they pay within 10 days, or paying the full amount within 30 days
c. C will get 10% discount if they pay for the purchase with in 2 days
d. C will get 2% if they pay 10% of the purchase within 30 days.
28. Which account increases will increase owner’s equity?
a.expenses
b.drawings
c.account payable
d.revenues
29. Under FOB shipping point term, the transportation cost will be paid by ……….
a. The seller b. The buyer c. The shipper d. Shared between the
seller and the buyer
30. AZN Co. has the following information at the end of July 2019:
- Sale revenue $100,000
- Sales discount $500
- Cost of Goods Sold $56,000
- Operating expenses $5,000
What is AZN net profit at the end of July 2019?
a. $38,500 b. $39,000 c. $43,500 d. $44,000
th
31. On August 8 , 2019, TPC Co. purchased merchandises from ABC Co. amounted $235,000. ABC
Co offered TPC Co. the following credit term 3/10; n/30. TPC Co made a cash payment for the
purchase on August 14th. What is the appropriate accounting treatment for this transaction on
August 14th?
a. Debit AP 235,000; Credit Cash 235,000
b. Debit AR 235,000; Credit Cash 235,000
c. Debit AP 235,000; Credit Cash 227,950; Credit Purchase Discount 7,050
d. Debit AR 235,000; Credit Cash 227,950; Credit Purchase Discount 7,050
32. The collection of accounts receivable by cash is recorded by:
a. Debit to Account Receivable and credit Account Payable
b. Debit to Cash and credit to Accounts Payable
c. Debit to Accounts Receivable and credit to Cash

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d. Debit to Cash and credit to Accounts Receivable
33. Which one of the following is an example of unearned income?
a. Cash paid to supplier
b. Advanced payment received from a bank
c. Advanced payment received from a customer for a service in the future
d. Cash discount received from customer
34. TMV Co. signed a rental contract for 6 months, $1,000 each and paid cash in full amount, at the
beginning of the year 2019. How would TMV Co. record this transaction?
a. Dr Cash 1,000; Cr Rent Expense 1,000
b. Dr Prepaid Rent 1,000; Cr Cash 1,000
c. Dr Rent Expense 1,000; Cr Cash 1,000
d. Dr Prepaid Rent 1,000; Cr Rent Expense 1,000
35. …………………… inventory system: Inventory is accounted for at the end of the period
a. Periodic b. Average c. Perpetual d. Continuous
36. …………………… inventory system: Each purchase and sale of goods is recorded in an
Inventory Account.
a. Periodic b. Average c. Perpetual d. FIFO
37. Which of the following is not an asset of a business?
a. Motor Vehicle c. Building
b. Loan to buy Equipment d. Computer
38. Which of the following would not be found on a Profit and Loss Statement for Trading
Business?
a. Cost of Goods Sold c. Operating expenses
b. Gross Profit d. Receivable amount from customer
39. Calculate David Marks's equity given the following assets and liabilities: Non-current Assets
$60,000, Inventory $10,000, Cash balance in hand $5,000, Bank Loan $28,000.
a. $63,000 b. $37,000 c. $47,000 d. $103,000
40. According to cash basis of accounting, financial or business transaction is recorded:
a. when cash is received or paid
b. when transaction occurs
c. when profit is computed
d. when balance sheet is prepared

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