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Discount on equipment purchase:

a. Increases the expenditures
b. Decreases acquisition value of the asset
c. Decreases expenditures
d. Increases acquisition value of the asset

2. Accelerated depreciation method is:

a. Result method
b. Method of withdrawal and exchange
c. Method of digressive base
d. Method of complex interest account

3. Plants and equipment grant:

a. Should be depreciated
b. Should not be depreciated
c. Should be immediately written off
d. No need to be booked

4. Expenditures incurred when founding the company are called:

a. Initiation costs
b. Foundation costs
c. Starting costs
d. Official costs

5. Accruals and deferred income – short-term accruals include:

a. Income tax expenditure
b. Calculated liabilities for vacation
c. Potential liabilities
d. Paid deposits
e. Accrued but unpaid costs

6. In case of reconstruction of fixed tangible assets, the following is taken for depreciation
calculation base:
a. Revaluated value
b. Purchasing value
c. Purchasing value increased for reconstruction costs
d. Bookkeeping value increased for reconstruction costs
e. Bookkeeping value

7. Supplies of material can be valuated by:

a. Market prices by which they can be purchased
b. Actual acquisition prices
c. Planned acquisition prices, i.e. standard acquisition prices
d. One group by actual and other group by planned, i.e. standard acquisition prices
8. In the absorption system of cost calculation, in calculation of costs by bearers, the following costs
are not encompassed in total:
a. General costs of production
b. Direct material
c. Direct labor
d. General costs of management, sale and administration
e. CEO salary

9. According to solvency, the receivables can be classified as:

a. Good quality receivables
b. Potential event
c. Impaired receivables
d. Non-performing receivables

10. When the bonds are issued with the premium, the bookkeeping value on the maturity date of the
bonds is:
a. Decreasing
b. Increasing
c. Stays the same
d. Is refunded

11. Shareholders’ equity decreases:

e. By buying own (treasury) shares
f. Cover of loss from reserves
g. Loss creation
h. Loans from the bank

12. Other revenues can be:

a. Revenues from interests
b. Revenues from cancellation of long-term provisions
c. Revenues from written-off liabilities
d. Positive foreign exchange differences
e. Revenues from penalties, fines, rewards, withdrawal fees

13. Authorized (approved) shares can be:

a. Issued shares
b. Non issued shares
c. Regular shares
d. Preferred shares
e. Own (treasury) sales
14. Debt balance on provisional gyro account represents:
a. That the cash was withdrawn from the gyro account
b. That the cash was paid on gyro account
c. That the statement from the business book was recorded on payment on the gyro account

15. Depreciation of intangible assets is called:

a. Depreciation
b. Exhaustion
c. Obsolescence

16. Goodwill can be recognized in one of the following ways:

a. Can be immediately eliminated from the account on charge of the expenses of the period
b. Can be eliminated by depreciation through the income statement
c. Is recognized in balance sheet by acquisition method.

17. Long term investment in shares can be:

a. Shares in non-associated legal entities
b. Interests- shares in associated legal entities
Interests-shares in dependent companies and other associated legal entities
c. Given loans
d. Given deposits
e. Retained and paid guarantees
Investment in debt securities

18. Short-term financial placements can be:

a. Treasury bill
b. Commercial bill
c. Investment in shares for further sale

19. Inventory loss of material which is justified in booked

a. Responsible persons charge
b. Equity charge
c. Expenditure charge

20. Inventory of merchandise in shop is valued by:

a. Retail shop method
b. Selling price with VAT
c. Market price
d. Standard production cost

21. What of the listed below belongs to current liabilities?

a. Accrued, unpaid electricity costs for the previous month
b. Prepaid insurance costs for 6 months
c. Receivables for non-invoiced revenues (accrued, but non-invoiced revenues from the sale
of final products)
d. Prepaid rent for two years

22. Determine which of the following non-current tangible assets are liable to calculation of
a. Property, plants, and equipment in preparation
b. Advances for property, plants, and equipment
c. Construction buildings
d. Land

23. Which of the characteristics listed below is a feature of regular or ordinary shares?
a. They bear cumulative right for collection of all unpaid dividends
b. By their characteristic are between shares and bonds
c. Their owners have the right to priority collection of dividends
d. They bear voting right about questions related to manage the joint-stock company

24. Which of the following methods, according to IAS 2 – Inventories, don’t refer in valuation of
consumption of material in stable conditions of the monetary unit
a. FIFO method
b. LIFO method
c. Method of average weighted acquisition prices (acquisition cost)
d. Method of specific identification

25. Which of the following assets is not within a current asset?

a. Accrued, unpaid cost
b. Prepaid costs
c. Short term investments
d. Cash and cash equivalents

26. Circle the correct statement:

a. Equity represents borrowed sources assets
b. Equity is the residual interest in the assets of the entity after deducting all its liabilities
c. Equity is the difference between revenues and expenses
d. Equity represents the sum of assets and liabilities

27. Determine what of the following does not belong in non-current intangible assets, but is
recognized as an expense:
a. Foundation costs
b. Patents, licenses, concessions
c. Goodwill
d. Development costs

28. For valuation of material surpluses, we can use:

a. Fair price
b. Last acquisition price
c. Net selling price
d. Revalorized price

29. Petty cash book represents:

a. General ledger account
b. Analytical records of cash flow
c. Off book records
d. Ancillary book

30. Goodwill should be depreciated off

a. In the period longer than 5 years
b. During its useful period which is not longer than “10” years
c. Does not depreciate off
d. Retained profit is charged

31. Small inventory write off can be:

a. Linear method
b. 50% write off
c. Progressive method
d. Calculation write off

32. The value of by products in terms of application of calculation of related (purchasing) product can
be performed up to level net selling market price.

33. Methods of depreciation calculation are applied on tangible and intangible assets to get cost of

34. Calculation of earnings per share is based on the amount of net profit, dividends that belong to
preferred shares and weighted number of ordinary shares in circulation

35. Reconstruction costs of tangible assets are recognized acquisition (carrying amount) value if they
meet the following conditions:
a. Extended useful life of assets
b. Enhance quality of its outputs
c. Increases its capacity
d. Significantly reduces production costs

36. Shareholders’ premium is the amount which is achieved with sale above nominal value.

37. Concept of earning per share is applied only on ordinary shares.

38. Depreciation of bonds issued with the premium or discount is done by applying the linear method
or method of effective interests.

39. Two basic methods of calculation are:

a. Additional
b. Divisional

40. Closing rate is a spot rate of exchange on the date of balance sheet.

41. There are three significant dates for declaring and payment of dividends and those are:
a. Date of declaration
b. Date of records
c. Payment date

42. Calculation of costs which are included in costs of inventories of production and inventories of
final products has the following elements:
a. Direct material costs
b. Direct labor costs
c. General variable production costs
d. General fixed costs for used normal capacity
e. Total production cots

43. Missed recognition and recording of liabilities means missed recording of expenses.
44. Inventories are evaluated at acquisition cost (historical) and net sale (market) value depending
on which is the lower of the two.

45. Subsequent costs shall be recognized in the carrying amount if the following criteria are met:
a. It is probable that future economic benefits related with these assets will flow in the
legal entity
b. Asset cost may be reliably measured

46. Calculation of depreciation in line with time depreciation is performed with the three main
depreciation methods (of time) as follows:
a. Linear depreciation method
b. Digressive depreciation method
c. Progressive depreciation method
47. Gains or losses arising from seizure of recognition of some property, plant, or equipment should
be determined as the difference between the net amount of receivables from disposable and
carrying amount of assets.

48. The cost after acquisition of fixed material assets, and during preparation for production should
be included in acquisition cost of asset.

49. Overestimation of accrued and unpaid liabilities cause an increase in capital

50. In order to have positive foreign exchange differences in occurrence of foreign liabilities, it is
needed that the rate of domestic currency against foreign currency increases, that is, to have
revaluation, so that settlement of foreign liabilities requires less domestic currency.

51. Wholesale inventories are valued at acquisition cost

52. Elements that influence the amount of depreciation cost are:

a. Depreciation calculation as per subject
b. Useful life
c. Depreciation calculation base
d. Depreciation calculation method

53. System of calculation of costs:

a. Total cost calculation system
b. Absorption cost calculation system
c. Variable calculation system

54. Different methods of depreciation calculation are:

a. Method of digressive rate on the same base
b. Method of equal rate on digressive base
c. Method of double digressive base or method of double rate of linear depreciation on
the digressive base
d. Method of sum of number of years