国际会计题目.docx

国际会计题目.docx

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国际会计题目

LectureOne

1.WhicharetheobjectivesoftheIASB?

A.ToenforceIFRSs      B.ToissueIFRSs

2.Whathappenedin2005forlistedcompaniesintheEU?

A.IFRSstobeusedforallfinancialstatements

B.IFRSstobeusedforconsolidatedfinancialstatements

CaseOne:

Aretailercommencesbusinesson1Januaryandbuysinventoryof20washingmachines,eachcosting$100. Duringtheyearhesells17machinesat$150each. Howshouldtheremainingmachinesbevaluedat31Decemberinthefollowingcircumstances?

A.Heisforceddowntoclosehisbusinessattheendoftheyearandtheremainingmachineswillrealise$60eachinaforcedsale.

B.Heintendstocontinuehisbusinessintothenextyear.

CaseTwo:

Emmaprints20T–shirtsinherfirstmonthoftrading（May）atacostof$5each. Shethensellsallofthemfor$10each. Emmahasthereforemadeaprofit$100,bymatchingtherevenue（$200）earnedagainstthecost（$100）ofacquiringthem.

IfEmmaonlysells18T–shirts,itisincorrecttochargeherincomestatementwiththecostof20T–shirts,asshestillhastwoT–shirtsininventory. Howmuchprofitdidsheearn?

CaseThree:

Acompanybeginstradingon1January20X5andsellsgoodsworth$100,000duringtheyearto31December. At31Decemberthereareaccountsreceivableoutstandingof$150,000. Ofthese,thecompanyisnowdoubtfulwhether$6,000willeverbepaid.

QuestionThree:

Salesrevenueshouldberecognisedwhengoodsandserviceshavebeensupplied;costsareincurredwhengoodsandserviceshavebeenreceived.

Whichaccountingconceptgovernstheabove?

A.Theprudenceconcept

B.Thematerialityconcept

C.Theaccrualsconcept

Questionfour:

Whichaccountingconceptrequiresthatforeseenlossesshouldbeanticipatedandtakenintoaccountimmediately?

A.Theconsistencyconcept

B.Theaccrualsconcept

C.Theprudenceconcept

D.Thegoingconcernconcept

LectureTwo:

CaseOne:

XYCoboughtamachinefiveyearsagofor$15,000. Itisnowwornoutandneedsreplacing. Anidenticalmachinecanbepurchasedfor$20,000.

CaseTwo:

XYCo’smachinefromtheCaseOnecanberestoredtoworkingorderatacostof$5,000. Itcanthenbesoldfor$10,000. WhatisNRV?

CaseThree:

SupposeXYCobuythenewmachinefor$20,000. Itisestimatedthatthenewmachinewillgenerateprofitsof$4,000peryearforitsusefullifeof 8years. Whatisitseconomicvalue?

Answer:

$32,000

Excises（11.05.05）:

1.Whichoneofthefollowingstatementsistrueofthehistoricalcostconvention?

A.Itfailstotakeaccountofchangingpricelevelsovertime

B.Itrecordsonlypasttransactions

C.Itvaluesallassetsattheircosttothebusiness,withoutanyadjustmentfordeprecation

D.Ithasbeenreplacedinaccountingrecordsbyasystemofcurrentcostaccounting.

2.Whichoneofthefollowingisthemainaimofaccounting?

A.Tomaintainledgeraccountsforeveryassetandliability

B.Toprovideinformationtousersofsuchinformation

C.Toproducetrialbalance

D.Torecordeveryfinancialtransactionindividually.

3.Whichaccountingconceptorconventionwhich,intimesofrisingprices,tendstounderstateassetvaluesandoverstateprofits?

A.Thematerialityconcept

B.Theprudenceconcept

C.Therealisationconcept

D.Thehistoricalcostconvention

4.Whichaccountingconceptwhichrequiresassetstobevaluedattheirnetbookvalue,ratherthantheir‘break–up’value?

A.Thegoingconcernconcept

B.Theprudenceconcept

C.Therealisationconcept

D.Thehistoricalcostconvention

5.Whichaccountingconceptshouldbeconsiderediftheownerofabusinesstakesgoodsfrominventoryforhisownpersonaluse?

A.Theprudenceconcept

B.Thecapitalisationconcept

C.Themoneymeasurementconcept

D.Theseparateentityconcept

6.Assetsareusuallyvaluedunderwhichbasis?

A.Replacementcost

B.Historicalcost

C.NRV

7.Intimesofrisingprices,whateffectdoestheuseofthehistoricalcostconcepthaveonacompany’sassetvaluesandprofit?

A.Assetvaluesandprofitbothunderstated

B.Assetvaluesandprofitbothoverstated

C.Assetvalueunderstatedandprofitoverstated

D.Assetvaluesoverstatedandprofitunderstated

8.Listedbelowaresomecommentsonaccountingconcepts.

1.Inachievingabalancebetweenrelevanceandreliability,themostimportantconsiderationissatisfyingasfaraspossibletheeconomicdecision–makingneedsofusers.

2.Materialitymeansthatonlyitemshavingaphysicalexistencemayberecognisedasassets.

3.Thesubstanceoverformconventionmeansthatthelegalformofatransactionmustalwaysbeshowninfinancialstatements,evenifthisdiffersfromthecommercialeffect.

Which,ifany,ofthesecommentsiscorrect,accordingtoIASB’sFrameworkforthePreparationandPresentationofFinancialStatements?

A.1only

B.2only

C.3only

D.Noneofthem

9.Whichofthefollowingmostcloselydescribesthemeaningofprudence,asthetermisdefinedintheIASB’sFrameworkforthePreparationandPresentationofFinancialStatements?

A.Ensuringthataccountingrecordsandfinancialstatementsarefreefrommaterialerror.

B.Theuseofadegreeofcautioninmakingestimatesrequiredunderconditionsofuncertainty.

C.Understatingassetsandgainsandoverstatingliabilitiesandlosses.

D.Ensuringthefinancialstatementscomplywithallaccountingstandardsandlegalrequirements.

10.Whichofthefollowingstatementsaboutaccountingconceptsarecorrect?

1.Themoneymeasurementconceptisthatonlyitemscapableofbeingmeasuredinmonetarytermscanberecognisedinfinancialstatements.

2.Theprudenceconceptmeansthatunderstatingofassetsandoverstatingofliabilitiesisdesirableinpreparingfinancialstatements.

3.Thehistoricalcostconceptisthatassetsareinitiallyrecognisedattheirtransactioncost.

4.Thesubstanceoverformconventionisthat,wheneverlegallypossible,theeconomicsubstanceofatransactionshouldbereflectedinfinancialstatementsratherthansimplyitslegalform.

A.1,2and3

B.1,2,and4

C.1,3,and4

D.2,3,and4

11.Listedbelowaresomecharacteristicsoffinancialinformation:

1.Neutrality

2.Prudence

3.Completeness

4.Timeliness

Whichofthesecharacteristicscontributetoreliability,accordingtotheIASB’sFrameworkforthePreparationandPresentationofFinancialStatements?

A.1,2,and3only

B.1,2,and4only

C.1,3,and4only

D.2,3,and4only

12.Which,ifany,ofthefollowingstatementsaboutaccountingconceptsandthecharacteristicsoffinancialinformationarecorrect?

1.Theconceptofsubstanceoverformmeansthatthelegalformofatransactionmustbereflectedinfinancialstatements,regardlessoftheeconomicsubstance.

2.Thehistoricalcostconceptmeansthatonlyitemscapableofbeingmeasuredinmonetarytermscanberecognisedinfinancialstatements.

3.Itmaysometimesbenecessarytoexcludeinformationthatisrelevantandreliablefromfinancialstatementsbecauseitistoodifficultforsomeuserstounderstand.

A.1and2only

B.2and3only

C.1and3only

D.Noneofthesestatementsarecorrect

LectureThree:

ExampleOne:

CompanyBboughtsomegoodsfromCompanyAfor$40;when

CompanyAsendouttheinvoicetoCompanyB,itwasprinted

with$80on,whatisCompanyAtodo?

Answer:

A寄$40Creditnote给B

ExampleTwo:

Atthebeginningof1September,RobinPlentyhad$900inthebank.

During1September20X7,RobinPlentyhadthefollowingreceiptsandpayments.

（a）Cashsale:

receiptof$80

（b）PaymentfromcreditcustomerHay$400lessdiscountallowed$20

（c）PaymentfromcreditcustomerBeen$720

（d）PaymentfromcreditcustomerSeed$150lessdiscountallowed$10

（e）Chequereceivedforcashtoprovideashort–termloanfromLenDinger$1,800

（f）Secondcashsale:

receiptof$150

（g）Cashreceivedforsaleofmachine$200

（h）PaymenttosupplierKew$120

（i）PaymenttosupplierHare$310

ExampleThree:

DEFoperatesanimprestsystemforpettycash. DuringFebruary2009,thefollowingpettycashtransactionstookplace.

$

2.2.X9

Stamps

12.00

3.2.X9

Milk

25.00

8.2.X9

Taxifare

15.00

17.2.X9

Stamps

5.00

18.2.X9

Receivedfromstaffforphotocopying

8.00

28.2.X9

Stationery

7.50

Theamountremaininginpettycashattheendofthemonthwas$93.50. Whatistheimprestamount?

Answer:

$93.5+（12+25+15+5+7.5）-8=150

Example:

Statewhichbooksofprimeentrythefollowingtransactionswouldbeenteredinto.

（a）YourbusinesspaysABrown（asupplier）$450.00.

（b）YousendDSmith（acustomer）aninvoicefor$650.

（c）Youraccountsmanagerasksyoufor$12urgentlyinordertobuysomeenvelopes.

（d）YoureceiveaninvoicefromABrownfor$300.

（e）YoupayDSmith$500.

（f）FJones（acustomer）returnsgoodstothevalueof$250.

（g）YoureturngoodstoJGreentothevalueof$504.

（h）FJonespaysyou$500.

QuestionOne:

Whichoneofthefollowingisnotabookofprimeentry.

A.Salesinvoice

B.Purchasedaybook

C.Salesdaybook

QuestionTwo:

Whichofthefollowingisasourcedocumentforpettycash.

A.Purchaseinvoice

B.Salesinvoice

C.Receiptandclaimform

QuestionThree:

Whatisthepurchasereturnsdaybookusedtorecord?

A.Supplier’sinvoices

B.Customer’sinvoices

C.Detailsofgoodsreturnedtosuppliers

D.Detailsofgoodsreturnedbycustomers

QuestionsFour:

Pettycashiscontrolledunderanimprestsystem. Theimprestamountis$100. Duringaperiod,paymentstotalling$53havebeenmade. Howmuchneedstobereimbursedattheendoftheperiodtorestorepettycashtotheimprestamount?

A.$100

B.$53

C.$47

D.$50

QuestionFive:

Allpettycashclaims