Professional Documents
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Using this information, what is the trader's profit for the year ended 30 June 20X6?
A. $126,000
B. $50,000
C. $86,000
D. $90,00
Page 1 of 36
SAPP Academy Tel 0466 709 888
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8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
3. Which of the following items could appear in a company’s statement of cash flows?
(i) Surplus on revaluation of non-current assets
(ii) Repayment of long-term borrowing
(iii) Bonus issue of shares
(iv) Interest received
A. i and ii
B. iii and iv
C. i and iii
D. ii and iv
5. A company sublets part of its office accommodation. In the year ended 30 June 20X5
cash received from tenants was $83,700. Details of rent in arrears and in advance at the
beginning and end of the year were:
In arrears In arrears
$ $
30 June 20X6 3,800 2,400
30 June 20X7 4,700 3,000
Page 2 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
7. The figures shown in the table below are an extract from the accounts of Ridgeway
(capital employed is $1.5m).
$
Revenue 1,000,000
Cost of sales 400,000
Gross profit 600,000
Distribution expenses and administration cost 300,000
Profit before interest and tax 300,000
Finance cost 50,000
Profit before tax 250,000
Income tax expense 100,000
Profit after tax 150,000
What is the return on capital employed (ROCE)?
A. 7%
B. 10%
C. 40%
D. 20%
Page 3 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
8. Ordan received a statement from one of its suppliers, Alta, showing a balance due of
$3,980. The amount due according to the payables ledger account of Alta in Ordan's
records was only $230. Comparison of the statement and the ledger account revealed
the following differences:
A cheque sent by Ordan for $270 has not been allowed for in Alta's statement.
Alta has not allowed for goods returned by Ordan $180.
Ordan made a contra entry, reducing the amount due to Alta by $3,200, for a
balance due from Alta in Ordan's receivables ledger. No such entry has been made
in Alta's records.
What difference remains between the two companies' records after adjusting for these
items?
A. $460
B. $640
C. $6,500
D. $100
Page 4 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
11. The following information is available about the transactions of Razil, a sole trader who
does not keep proper accounting records:
$
Opening inventory 77,000
Closing inventory 84,000
Purchases 763,000
12. Tinsel Co has 5 million $1 issued ordinary shares. At 1 May 20X0 Fairy Co purchased 60%
of Tinsel Co’s $1 ordinary shares for $4,000,000. At that date Tinsel Co had net assets
with a fair value of $4,750,000 and a share price of $1.10. Fairy Co valued the non-
controlling interest in Tinsel Co at acquisition as $2,200,000.
What is the total goodwill on acquisition at 1 May 20X0?
A. $1,150,000
B. $1,750,000
C. $ 750,000
D. $1,450,000
13. On 1 September 20X6, a business had inventory of $380,000. During the month, sales
totaled $650,000 and purchases $480,000. On 30 September 20X6 a fire destroyed
some of the inventory. The undamaged goods in inventory were valued at $220,000.
The business operates with a standard gross profit margin of 30%.
Based on this information, what is the cost of the inventory destroyed in the fire?
A. $185,000
B. $140,000
C. $405,000
D. $360,000
Page 5 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
14. A business received a delivery of goods on 29 June 20X6, which was included in
inventory at 30 June 20X6. The invoice for the goods was recorded in July 20X6.
(i) Profit for the year ended 30 June 20X6 will be overstated.
(ii) Inventory at 30 June 20X6 will be understated.
(iii) Profit for the year ending 30 June 20X7 will be overstated.
(iv) Inventory at 30 June 20X6 will be overstated.
What effect will this have on the business?
A. i and ii
B. ii and iii
C. i only
D. i and iv
15. Which of the following statements about the requirements of VAS 18 Provisions,
Contingent Liabilities and Contingent Assets are correct?
(i) Contingent assets and liabilities should not be recognised in the financial
statements.
(ii) A contingent asset should only be disclosed in the notes to a financial statement
where an inflow of economic benefits is probable.
(iii) A contingent liability may be ignored if the possibility of the transfer of economic
benefits is remote.
A. All three statements are correct
B. i and ii only
C. i and iii only
D. ii and iii only
16. Carter, a limited liability company, has non-current assets with a carrying value of
$2,500,000 on 1 December 20X7.
During the year ended 30 November 20X8, the following occurred:
Depreciation of $75,000 was charged to the statement of profit or loss.
Land and buildings with a carrying value of $1,200,000 were revalued to $1,700,000.
An asset with a carrying value of $120,000 was disposed of for $150,000.
The carrying value of non-current assets at 30 November 20X8 was $4,200,000.
In accordance with VAS 24 Statement of Cash Flows, what net cash flows from the
above transactions would be included within ‘net cash flows from investing activities’
for the year ended 30 November 20X8?
A. $(1,395,000)
B. $(1,365,000)
C. $150,000
D. $(1,245,000)
Page 6 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
18. Which of the following costs should be included in valuing inventories of finished goods
held by a manufacturing company, according to VAS 2 Inventories?
(i) Carriage inwards
(ii) Carriage outwards
(iii) Depreciation of factory plant
(iv) Accounts department costs relating to wages for production employees
A. All four items
B. ii and iii only
C. i, iii and iv only
D. i and iv only
19. The increase in net assets is $173, drawings are $77 and capital introduced is $45.
What is the net profit for the year?
A. $295
B. $205
C. $51
D. $141
20. Capital introduced is $50. Profits brought forward at the beginning of the year amount
to $100 and liabilities are $70. Assets are $90.
What is the retained profit for the year?
A. $130 profit
B. $130 loss
C. $10 profit
D. $10 loss
Page 7 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
23. What is the primary difference between fraud and errors in financial statement
reporting?
A. The materiality of the misstatement
B. The intent to deceive
C. The level of management involved
D. The type of transaction effected
Page 8 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
25. What are the two elements of the risk of material misstatement at the assertion level?
A. Inherent risk and detection risk
B. Audit risk and detection risk
C. Inherent risk and control risk
D. Detection risk and control risk
26. The auditor of Z Co has set performance materiality at $100,000. Which of the following
could be the materiality level set for the financial statements as a whole for Z Co?
A. $80,000
B. $95,000
C. $100,000
D. $120,000
27. Due to disruptions caused by the recent transition to a new accounting system, one
month of H Co's inventory records have been lost. The auditors performing the
statutory audit for the twelve-month period have determined that the possible effects
of undetected misstatements could be material, but not pervasive.
What form of audit opinion would the auditor give?
A. Unmodified opinion with an emphasis of matter paragraph
B. Qualified opinion
C. Adverse opinion
D. Disclaimer of opinion
Page 9 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
29. The auditor of Mondays Ltd is performing a test to ensure that there are no omissions
from the non-current asset register.
In respect of which of the following assertions will this procedure provide audit
evidence?
A. Cut-off
B. Valuation
C. Completeness
D. Existence
E. Classification
30. Which of the following financial statement assertions will be supported by a sample
check on the numberical sequence of despatch notes and invoices?
A. Allocation
B. Occurrence
C. Completeness
D. Valuation
33. As an audit team member with two years of experience, you were assigned to carry out
a substantive test on directors’ expenses. The result of the test showed that in several
cases involving the same director, the Chief Financial Officer (CFO) had authorised the
over payment of his expenses. Each expense item was less than the performance
materiality level.
Page 10 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
34. Talland &Co is the external auditor of Huntley Co, a retailer. The managing partner has
been called to a meeting with the board of directors of Huntley Co. At that meeting the
firm has been asked if it can provide the following non-audit services. Huntley Co plans
to implement a new sales system. The board proposes that Talland & Co takes on a
consultancy project to evaluate several possible systems, advise on which system should
be selected, and oversee the installation of the new system.
Which of the following threats would arise from the above scenario, if the project was
accepted by Talland & Co?
A. Advocacy
B. Familiality
C. Self-review
D. Intimidation
35. Which of the following statement are true with respect to use of analytical procedures
in audits?
(1) They are used at the planning stage
(2) They involve tracing transactions from documentation to accounting records
(3) They are used to provide substantive evidence
(4) They are used to provide evidence of the operation of control
Page 11 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
40. Company A is liable to pay value-added tax by the credit method. The added-value
invoice contains the following items:
Selling price: VND 100,000.
VAT (10%): VND 10,000.
Payment price: VND 110,000
What is the turnover for calculating taxable income?
A. VND 110,000
B. VND 100,000
C. VND 111,111
D. VND 90,000
Page 12 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
41. Company A, which is a business organization that pays tax using credit-invoice method,
buys coffee beans from farmers, then sells them to business household H.
VAT shall be levied on:
A. 5% the profit from selling coffee beans to business household H
B. 5% the revenue from selling coffee beans to business household H
C. 10% the revenue from selling coffee beans to business household H
D. 10% the profit from selling coffee beans to business household H
42. Mrs. C earns an income of 40 million VND from wages and remuneration in the month,
and pay 7% of wages for social insurance premium, 1.5% of wages for health insurance
premium. Mrs. C has 2 children under the age of 18, and makes no charitable donations.
The assessable income of Mrs.C is:
A. 29.4 million VND
B. 20.4 million VND
C. 24 million VND
D. 23.8 million VND
43. Non-business unit A leases a house and earns an annual turnover of VND 100 million. It
cannot determine the cost of and income from this activity, so it chooses to declare and
pay enterprise income tax at a percentage of the turnover from the sale of goods and
services as follows:
A. 2 million VND
B. 5 million VND
C. 1 million VND
D. 25.15 million VND
45. Mr. D directly signs a contract with lottery company X to act as a level I agent of
company X. In 2016, Mr. D receives a total commission of VND 240 million (> VND 100
million). In this case, what is the revenue to calculate tax from lottery agent activities?
A. 100 million VND
B. 240 million VND
C. 140 million VND
D. None of above
Page 13 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
50. How many times did Vietnam participate in FIFA U-20 WorldCup?
A. 0
B. 1
C. 2
D. 3
Page 14 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
53. Which of the following Vietnamese films broke the box office record?
A. Vu em tap su
B. Em chua 18
C. Ve si Sai Gon
D. Bui doi cho lon
Page 15 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
V. IQ (5 Questions)
56. The numbers in the grid to together in a certain way.
Which number should be in the square marked by the question mark?
35 30 27
31 26 23
28 23 ?
A. 19
B. 20
C. 21
D. 22
58. The present age of Ram is 20 years and of his father is 40 years. How many years ago
the age of his father was three times of his age?
A. 10 years
B. 8 years
C. 6 years
D. 4 years
Page 16 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
VI. ESSAY
More and more people decide to have children later in their life nowadays. By an
essay of at least 250 words, discuss the reasons and effects on society and family life.
Page 17 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
ANSWER SHEET
Full name:
Test:
Mark:
Class code:
Total questions: 60 MCQs + 1 essay
Time: 90 minutes
A B C D A B C D A B C D
1 21 41
2 22 42
3 23 43
4 24 44
5 25 45
6 26 46
7 27 47
8 28 48
9 29 49
10 30 50
11 31 51
12 32 52
13 33 53
14 34 54
15 35 55
16 36 56
17 37 57
18 38 58
19 39 59
20 40 60
Page 18 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
Essay:
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Page 19 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
Using this information, what is the trader's profit for the year ended 30 June 20X6?
A. $126,000
B. $50,000
C. $86,000
D. $90,00
Answer: Profit = Increase in net asset - capital introduce + drawings = 88 – 50 + 88 = 126
3. Which of the following items could appear in a company’s statement of cash flows?
(i) Surplus on revaluation of non-current assets
(ii) Repayment of long-term borrowing
(iii) Bonus issue of shares
(iv) Interest received
A. i and ii
B. iii and iv
C. i and iii
D. ii and iv
Page 20 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
5. A company sublets part of its office accommodation. In the year ended 30 June 20X5
cash received from tenants was $83,700. Details of rent in arrears and in advance at the
beginning and end of the year were:
In arrears In arrears
$ $
30 June 20X6 3,800 2,400
30 June 20X7 4,700 3,000
All arrears of rent were subsequently received. What figure for rental income should be
included in the company's statement of profit or loss for the year ended 30 June 20X5?
A. $84,000
B. $83,400
C. $80,600
D. $85,800
Page 21 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
7. The figures shown in the table below are an extract from the accounts of Ridgeway
(capital employed is $1.5m).
$
Revenue 1,000,000
Cost of sales 400,000
Gross profit 600,000
Distribution expenses and administration cost 300,000
Profit before interest and tax 300,000
Finance cost 50,000
Profit before tax 250,000
Income tax expense 100,000
Profit after tax 150,000
8. Ordan received a statement from one of its suppliers, Alta, showing a balance due of
$3,980. The amount due according to the payables ledger account of Alta in Ordan's
records was only $230. Comparison of the statement and the ledger account revealed
the following differences:
A cheque sent by Ordan for $270 has not been allowed for in Alta's statement.
Alta has not allowed for goods returned by Ordan $180.
Ordan made a contra entry, reducing the amount due to Alta by $3,200, for a
balance due from Alta in Ordan's receivables ledger. No such entry has been made
in Alta's records.
What difference remains between the two companies' records after adjusting for these
items?
A. $460
B. $640
C. $6,500
D. $100
Page 22 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
11. The following information is available about the transactions of Razil, a sole trader who
does not keep proper accounting records:
$
Opening inventory 77,000
Closing inventory 84,000
Purchases 763,000
Page 23 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
12. Tinsel Co has 5 million $1 issued ordinary shares. At 1 May 20X0 Fairy Co purchased 60%
of Tinsel Co’s $1 ordinary shares for $4,000,000. At that date Tinsel Co had net assets
with a fair value of $4,750,000 and a share price of $1.10. Fairy Co valued the non-
controlling interest in Tinsel Co at acquisition as $2,200,000.
What is the total goodwill on acquisition at 1 May 20X0?
A. $1,150,000
B. $1,750,000
C. $750,000
D. $1,450,000
13. On 1 September 20X6, a business had inventory of $380,000. During the month, sales
totaled $650,000 and purchases $480,000. On 30 September 20X6 a fire destroyed
some of the inventory. The undamaged goods in inventory were valued at $220,000.
The business operates with a standard gross profit margin of 30%.
Based on this information, what is the cost of the inventory destroyed in the fire?
A. $185,000
B. $140,000
C. $405,000
D. $360,000
14. A business received a delivery of goods on 29 June 20X6, which was included in
inventory at 30 June 20X6. The invoice for the goods was recorded in July 20X6.
(i) Profit for the year ended 30 June 20X6 will be overstated.
(ii) Inventory at 30 June 20X6 will be understated.
(iii) Profit for the year ending 30 June 20X7 will be overstated.
(iv) Inventory at 30 June 20X6 will be overstated.
What effect will this have on the business?
A. i and ii
B. ii and iii
C. i only
D. i and iv
Page 24 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
15. Which of the following statements about the requirements of VAS 18 Provisions,
Contingent Liabilities and Contingent Assets are correct?
(i) Contingent assets and liabilities should not be recognised in the financial
statements.
(ii) A contingent asset should only be disclosed in the notes to a financial statement
where an inflow
of economic benefits is probable.
(iii) A contingent liability may be ignored if the possibility of the transfer of economic
benefits is remote.
A. All three statements are correct
B. i and ii only
C. i and iii only
D. ii and iii only
16. Carter, a limited liability company, has non-current assets with a carrying value of
$2,500,000 on 1 December 20X7.
During the year ended 30 November 20X8, the following occurred:
Depreciation of $75,000 was charged to the statement of profit or loss.
Land and buildings with a carrying value of $1,200,000 were revalued to $1,700,000.
An asset with a carrying value of $120,000 was disposed of for $150,000.
The carrying value of non-current assets at 30 November 20X8 was $4,200,000.
In accordance with VAS 24 Statement of Cash Flows, what net cash flows from the
above transactions would be included within ‘net cash flows from investing activities’
for the year ended 30 November 20X8?
A. $(1,395,000)
B. $(1,365,000)
C. $150,000
D. $(1,245,000)
Page 25 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
17. A newly registered company is considering the accounting policies it should adopt.
Policies under consideration are:
(i) Research and development expenditure should be capitalised and amortised over
the years in which the resultant product is sold or used.
(ii) Inventory should be valued at the lower of cost and net realisable value.
(iii) Goodwill arising in a business combination should be written off immediately to the
statement of profit or loss.
Which of these possible accounting policies would, if adopted, contravene International
Financial Reporting Standards?
A. i and ii only
B. ii and iii only
C. i and iii only
D. i, ii and iii
18. Which of the following costs should be included in valuing inventories of finished goods
held by a manufacturing company, according to VAS 2 Inventories?
(i) Carriage inwards
(ii) Carriage outwards
(iii) Depreciation of factory plant
(iv) Accounts department costs relating to wages for production employees
A. All four items
B. ii and iii only
C. i, iii and iv only
D. i and iv only
19. The increase in net assets is $173, drawings are $77 and capital introduced is $45. What
is the net profit for the year?
A. $295
B. $205
C. $51
D. $141
20. Capital introduced is $50. Profits brought forward at the beginning of the year amount
to $100 and liabilities are $70. Assets are $90.
What is the retained profit for the year?
A. $130 profit
B. $130 loss
C. $10 profit
D. $10 loss
Page 26 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
23. What is the primary difference between fraud and errors in financial statement
reporting?
A. The materiality of the misstatement
B. The intent to deceive
C. The level of management involved
D. The type of transaction effected
Page 27 of 36
SAPP Academy Tel 0466 709 888
6th Floor, No. 2A Trai Ca alley, Truong Dinh St Sapp.edu.vn
8th Floor, Sinh Plaza Tower, No. 261 Pham Van Dong St Hotline: 0969 729 463
6th Floor GIC Tower, No. 326 Cach Mang Thang Tam St
25. What are the two elements of the risk of material misstatement at the assertion level?
A. Inherent risk and detection risk
B. Audit risk and detection risk
C. Inherent risk and control risk
D. Detection risk and control risk
26. The auditor of Z Co has set performance materiality at $100,000. Which of the following
could be the materiality level set for the financial statements as a whole for Z Co?
A. $80,000
B. $95,000
C. $100,000
D. $120,000
27. Due to disruptions caused by the recent transition to a new accounting system, one
month of H Co's inventory records have been lost. The auditors performing the
statutory audit for the twelve month period have determined that the possible effects
of undetected misstatements could be material, but not pervasive.
What form of audit opinion would the auditor give?
A. Unmodified opinion with an emphasis of matter paragraph
B. Qualified opinion
C. Adverse opinion
D. Disclaimer of opinion
28. The auditor of A Co wishes to reduce audit risk. Which of the following actions could the
auditor take to achieve this?
(i) Increase sample sizes
(ii) Reduce control risk
(iii) Assign more experienced staff to the engagement team
A. i only
B. ii only
C. i and iii
D. ii and iii
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29. The auditor of Mondays Ltd is performing a test to ensure that there are no omissions
from the non-current asset register.
In respect of which of the following assertions will this procedure provide audit
evidence?
A. Cut-off
B. Valuation
C. Completeness
D. Existence
E. Classification
30. Which of the following financial statement assertions will be supported by a sample
check on the numberical sequence of despatch notes and invoices?
A. Allocation
B. Occurrence
C. Completeness
D. Valuation
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33. As an audit team member with two years of experience, you were assigned to carry out
a substantive test on directors’ expenses. The result of the test showed that in several
cases involving the same director, the Chief Financial Officer (CFO) had authorised the
over payment of his expenses. Each expense item was less than the performance
materiality level.
34. Talland &Co is the external auditor of Huntley Co, a retailer. The managing partner has
been called to a meeting with the board of directors of Huntley Co. At that meeting the
firm has been asked if it can provide the following non-audit services. Huntley Co plans
to implement a new sales system. The board proposes that Talland & Co takes on a
consultancy project to evaluate several possible systems, advise on which system should
be selected, and oversee the installation of the new system.
Which of the following threats would arise from the above scenario, if the project was
accepted by Talland & Co?
A. Advocacy
B. Familiality
C. Self-review
D. Intimidation
35. Which of the following statement are true with respect to use of analytical procedures
in audits?
(1) They are used at the planning stage
(2) They involve tracing transactions from documentation to accounting records
(3) They are used to provide substantive evidence
(4) They are used to provide evidence of the operation of control
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40. Company A is liable to pay value-added tax by the credit method. The added-value
invoice contains the following items:
Selling price: VND 100,000.
VAT (10%): VND 10,000.
Payment price: VND 110,000
What is the turnover for calculating taxable income?
A. VND 110,000
B. VND 100,000
C. VND 111,111
D. VND 90,000
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41. Company A, which is a business organization that pays tax using credit-invoice method,
buys coffee beans from farmers, then sells them to business household H. VAT shall be
levied on:
A. 5% the profit from selling coffee beans to business household H
B. 5% the revenue from selling coffee beans to business household H
C. 10% the revenue from selling coffee beans to business household H
D. 10% the profit from selling coffee beans to business household H
42. Mrs. C earns an income of 40 million VND from wages and remuneration in the month,
and pay 7% of wages for social insurance premium, 1.5% of wages for health insurance
premium. Mrs. C has 2 children under the age of 18, and makes no charitable donations.
The assessable income of Mrs.C.
A. 29.4 million VND
B. 20.4 million VND
C. 24 million VND
D. 23.8 million VND
43. Non-business unit A leases a house and earns an annual turnover of VND 100 million. It
cannot determine the cost of and income from this activity, so it chooses to declare and
pay enterprise income tax at a percentage of the turnover from the sale of goods and
services as follows.
A. 2 million VND
B. 5 million VND
C. 1 million VND
D. 25.15 million VND
45. Mr. D directly signs a contract with lottery company X to act as a level I agent of
company X. In 2015, Mr. D receives a total commission of VND 240 million (> VND 100
million). In this case, what is the revenue to calculate tax from lottery agent activities?
A. 100 million VND
B. 240 million VND
C. 140 million VND
D. None of above
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50. How many times did Vietnam participate in FIFA U-20 WorldCup?
A. 0
B. 1
C. 2
D. 3
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53. Which of the following Vietnamese films broke the box office record?
A. Vu em tap su
B. Em chua 18
C. Ve si Sai Gon
D. Bui doi cho lon
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V. IQ, EQ (5 questions)
56. The numbers in the grid to together in a certain way.
Which number should be in the square marked by the question mark?
35 30 27
31 26 23
28 23 ?
A. 19
B. 20
C. 21
D. 22
58. The present age of Ram is 20 years and of his father is 40 years. How many years ago
the age of his father was three times of his age?
A. 10 years
B. 8 years
C. 6 years
D. 4 years
60. Three friends had dinner at a restaurant. When the bill was received, Amita paid 2/3 as
much as Veena paid, and Veena paid 1/3 as much as Tanya paid. What fraction of the
bill did Veena pay?
A. 1/3
B. 3/11
C. 3/14
D. 5/8
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VI. ESSAY
More and more people decide to have children later in their life nowadays. By an essay of
at least 250 words, discuss the reasons and effects on society and family life?
Suggested solution:
In recent years, the decision of parents to start a family later in life has become an
increasingly popular trend. There are a number of reasons for this trend, which is having a
significant impact on both family life and on the community as a whole.
There are two important reasons why more people nowadays are deciding against having
children when they are young. Firstly, rather than embarking on parenthood, many
individuals consider that building their own successful careers is top-priority. If they had to
split their time between working and bringing up their offspring when they were in the early
stages of their careers, their performance at work and promotion prospects could be
negatively affected. Secondly, delaying childbirth could give young people countless
opportunities to enjoy their lives. For example, this choice may let young couples have a
richer social life, pursue their interests and hobbies or even to travel the world.
However, this tendency could have negative consequences in terms of both family life and
society. An important concern for a family is that raising children could be a huge challenge
for older parents. Even though they might have a high socioeconomic status, as well as great
experience and knowledge, it may not be easy for them to communicate with and relate to
their children, due to the generation gap. Another negative factor is that getting pregnant
after 35 years of age oftentimes carries more potential health risks. Specifically, this could
increase the danger of having a miscarriage or stillbirth for older mothers, and babies might
be at greater risk of having Down’s syndrome. Consequently, this could negatively affect the
quality of the future workforce.
In conclusion, there are a number of reasons why more and more people prefer giving birth
later in life. As a result, there could be negative influences on individual families and the
society at large.
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