Câu 1: Wetherby purchased a machine on 1 July 20X7 for 500,000.

It is being depreciated on a
straight line basis over its expected life of ten years. Residual value is estimated at 20,000. On 1
January 20X8, following a change in legislation, Wetherby fitted a safety guard to the machine.
The safety guard cost 25,000 and has a useful life of five years with no residual value. What
amount will be charged to profit or loss for the year ended 31 March 20X8 in respect of
depreciation on this machine?
A. CU 36,000
B. CU 37,000
C. CU 37,125
D. CU 37,250
Câu 2: According to IAS 2 Inventories, which two of the following should be accounted for in
the cost of an inventory item?
A. Trade discounts received on purchase of inventories
B. Storage costs of finished goods
C. Import duties on shipping of inventories inwards
D. Material wasted due to a machine breakdown
Câu 3: Are the following statements true or false, according to IAS 2 Inventories? (1) Cost of
factory management should be included in the cost of inventories. (2) Maintenance expenses for
an item of equipment used in the manufacturing process should be included in the cost of
inventories.
A. False; 2. False
B. False; 2. True
C. True; 2. False
D. True; 2. True
Câu 4: Winter Co incurred the following cost: (1) $86,000 developing new techniques that will
be put in place shortly to raise the quantity of product made; (2) $57,000 researching a new
process to improve the quality of the standard product; and (3) $10,000 on market research into
the commercial viability of a new type of product. According to IAS 38, how much should be
charged as research and development expenditure in profit or loss? (Ignore amortisation)
A. $86,000
B. $96,000
C. $67,000
D. $153,000
Câu 5: Spring Co spent $50,000 on a patent for the new technique on 30 March 20x7. The
company capitalized it as an intangible asset in the financial statements. Spring Co expected to
use the patent for 5 years. According to IAS 38, which one of the following journal entry is
correct to record the amount of the parent amortized for the year ended 30 March 20X7?
A. Dr. Expenses: $50,000; Cr. Accumulated amortization: $50,000
B. Dr. Intangible assets: $10,000; Cr. Accumulated amortization: $10,000
C. Dr. Expenses: $10,000; Cr. Accumulated amortization: $10,000
D. Dr. Accumulated amortization: $10,000; Cr. Intangible assets: $10,000
Câu 6: Under IAS 36 Impairment of assets are the following statements relating to an active
market true or false? (1) Willing buyers and sellers are usually found. (2) Prices are available to
the public.
A. False; 2. False
B. False; 2. True
C. True; 2. False
D. True; 2. True

Lichen Ltd owns a machine that has a carrying amount of $85,000 at the year end of 31 March
20X9. Its market value is $78,000 and costs of disposal are estimated at $2,500. A new machine
would cost $150,000. Lichen Ltd expects it to produce net cash flows of $30,000 per annum for
the next three years. The cost of capital of Lichen Ltd is 8%.

What is the impairment loss on the machine to be recognised in the financial statements at
31 March 20X9?

Đáp án đúng: $7,687

Giá trị suy giảm của tài sản (impairment loss) = Carrying amount - Recoverable amount

Trước hết, cần xác định giá trị có thể thu hồi được của tài sản (Recoverable amount):

 Fairvalue = Market value = $78,000

Cost to disposal = $2,500
→ Fair value - Cost to disposal = $78,000 - $2,500 = $75,500
 Value in use được tính bằng cách chiết khấu dòng tiền thu được từ tài sản trong tương lai
về giá trị hiện tại theo công thức:

Machine này được công ty ước tính sẽ đem lại dòng tiền bằng $30,000 mỗi năm trong 3 năm tới,
do đó ta có phép tính để đưa dòng tiền của 3 năm tới về hiện tại áp dụng công thức trên như sau:

Như vậy, giá trị sử dụng (Value in use) của tài sản bằng $77,312.

So sánh giữa giá trị thanh lý (Fair value - Cost to disposal) là $75,500 với giá trị sử dụng (Value
in use) là $77,312, ta thấy giá trị sử dụng cao hơn giá trị thanh lý và do đó ta có

Giá trị có thể thu hồi (Recoverable amount) = Giá trị sử dụng = $77,312.
Xác định Carrying amount của tài sản = $85,000

Từ đây, ta có thể tính được

Giá trị suy giảm của tài sản (impairment loss) = Carrying amount - Recoverable amount

= $85,000 - $77,312 = $7,687

Câu 7: According to IFRS 15 – Revenue from Contracts with Customers, which one of the
following criteria must be satisfied before revenue from the sale of goods should be recognised
in profit or loss?
A. The customer has no rights to return
B. The outcome of the transaction is certain
C. A performance obligation has been met
D. The transaction price has been settled in full by the customer
Câu 8: Which of the following facts would indicate that a contract's transaction price had a
financing component that would need to be accounted for separately under IFRS 15 Revenue
from contracts with customers?
A. The customer paid in advance and the timing of delivery is at the customer's discretion
B. The credit terms are significantly longer than are normally offered to customers for the
same goods
C. The consideration, or an element of it, is variable because it is a sales-based royalty
D. The customer has the option to delay payment by a year and the price if they choose this
option is noticeably different from the price for immediate cash payment
Câu 9: Are the following statements in relation to deferred tax true or false? (1) Deferred tax
liabilities are the amounts of income taxes payable in future periods in respect of taxable
temporary differences; (2) Deferred tax assets are the amounts of income taxes recoverable in
future periods in respect of deductible permanent differences.
A. False; (2) False
B. False; (2)True
C. True; (2) False
D. Câu trả lời thứ 4
Câu 10: Are the following statements regarding the classification of items under IAS 12 Income
taxes true or false? (1) Interest expense accrued but included in taxable profit on a cash basis
should be classified under deductible temporary differences; (2) Where accumulated depreciation
on an asset is greater than accumulated tax depreciation, the amount should be classified under
deductible temporary differences.
A. False; (2) False
B. False; (2)True
C. True; (2) False
D. True; (2) True
Câu 11: According to IAS 23 – Borrowing Costs, investment income generated from loans taken
in order to finance a qualifying asset should be:
 A. Shown as Investment income in the Income Statement
B. Added to borrowing costs
C. Deducted from borrowing costs
D. Added to cost of property, plant and equipment
Câu 12: Is the following statement true or false, according to IAS 38 intangible assets?
“Expenditure during the research phase of a project may sometimes be capitalised as an
intangible asset”
A. TRUE
B. FALSE
Câu 13: Whether the following sttaement is T or F in accordance with IAS 40 investment
property?
Transfer from investment property to an IAS 16 property must be made at the FV of the IP at the
date of the transfer
A. T
B. F
Câu 14: Is the following statement true or false in respect of a lessee accounting for a lease,
according to IFRS 16 Lease? “Any initial direct costs incurred by a lessee are added to the
amount of the asset recognized in the SFP.
A. T
B. F
51. Under IAS 36 Impairment of assets is the following statement relating to an active market T
or F? “Willing buyers and sellers are usually found.”
A. T
B. F
52. Are the following statements T or F in respect of a lessee accounting for a lease, according to
IFRS 16 Leases?
1. Any initial direct costs incurred by a lessee are added to the amount of the liability recognised
in the statement of Financial position.
2. Any initial direct costs incurred by a lessee are added to the amount of the asset recognised in
the statement of financial position.
A. 1F, 2F
B. 1F, 2T
C. 1T, 2F
D. 1T, 2T
53. Whether the following statement is T or F in accordance with IAS 40 investment property?
An entity should treat any difference between the measurement of an IAS 16 property and the
measurement of an IAS 40 investment property at the date of transfer as an expense to the profit
or loss.
A. T
B. F
55. Are the following statements T or F, according to IAS 38 Intangible assets?
1. Intangible assets can not be treated as having an indenfinite useful life
2. Intangible assets with a finite useful life should be measured at cost and tested annually for
impairment
A. 1F, 2F
B. 1F, 2T
 C. 1T, 2F
D. 1T, 2T
57. Are the following statements in relation to a contigent liability T or F, according to IAS 37
Provisions, contingent liabilities and contingent assets? (1) An obligation as a result of the entity
creating a valid expectation that it will discharge its responsibilities is a contingent liability; (2)
A present obligation that arises from past events but cannot be reliaby measured is a contingent
liability.
A. 1F, 2F
B. 1F, 2T
C. 1T, 2F
D. 1T, 2T

Câu 1: Under IAS 23 Borrowings, which of the following cannot be a qualifying asset?
A. Power generation facilities
B. Manufacturing plants
C. Intangible assets
D. Financial assets
Câu 2: Leclerc has borrowed CU 2.4 million to finance the building of a factory. Construction is
expected to take two years. The loan was drawn down and incurred on 1 January 20X9 and work
began on 1 March 20X9. CU 1 million of the loan was not utilised until 1 July 20X9 so Leclerc
was able to invest it until needed. Leclerc is paying 8% on the loan and can invest surplus funds
at 6%. Calculate the borrowing costs to be capitalised for the year ended 31 December 20X9 in
respect of this project.
A. 130,000
B. 192,000
C. 100,000
D. 162,000
Câu 3: According to IAS 12 Income taxes, are the following statements in relation to deferred tax
liabilities true or false?
(1) Deferred tax liabilities are the amounts of income taxes payable in future periods in
respect of taxable temporary differences;
(2) Deferred tax assets are the amounts of income taxes recoverable in future periods in
respect of deductible temporary differences
A. (1) False; (2) False
B. (1)False; (2)True
C. (1) True; (2) False
D. (1) True; (2)True
Câu 4: According to IAS 12 Income taxes, are the following statements in relation to deferred
tax liabilities true or false? (1) Deferred tax liabilities are the amounts of income taxes payable in
future periods in respect of taxable temporary differences; (2) Deferred tax assets are the
amounts of income taxes recoverable in future periods in respect of deductible temporary
differences.
A. (1)False; (2)False
B. (1)False; (2)True
C. (1)True; (2)False
D. (1) True; (2)True
Câu 5: According to current guidance within IAS 23 Borrowing costs, which of the following
treatments are required for borrowing costs incurred that are directly attributable to the
construction of a qualifying asset?
Treatment 1: Recognise as an expense in the period incurred; and Treatment 2: Capitalise as part
of the cost of the asset.
A. Treatment 1 only
B. Treatment 2 only
C. Either Treatment 1 or Treatment 2
D. Neither Treatment 1 nor Treatment 2
Câu 6: According to IAS 23 Borrowings, a qualifying asset is an asset that necessarily takes
------------ its intended use or sale.
to get ready for
A. A substantial period of time
B. At least 6 months
C. At least 12 months
D. No more than 12 months
Câu 7: Are the following statements in relation to deferred tax true or false?
(1) Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of
taxable temporary differences;
(2) Deferred tax assets are the amounts of income taxes recoverable in future periods in respect
of deductible permanent differences.
A. (1) False; (2) False
B. (1) False; (2)True
C. (1) True; (2) False
D. Câu trả lời thứ 4
Câu 8: The Chadwick Company sells electrical goods covered by a one-year warranty for any
defects. Of sales of CU70 million for the year, the company estimates that 3% will have major
defects, 5% will have minor defects and 92% will have no defects. The cost of repairs would be
CU5 million if all the products sold had major defects and CU3 million if all had minor defects.
What amount should Chadwick recognise as a warranty provision?
A. 300,000
 B. 190,000
C. 8,000,000
D. 5,600,000
Câu 9: According to IFRS 15 - Revenue from Contracts with Customers, which one of the
following criteria must be satisfied before revenue from the sale of goods should be recognised
in profit or loss?
A. The customer has no rights to return
B. The outcome of the transaction is certain
C. A performance obligation has been met
D. The transaction price has been settled in full by the customer
Câu 10: The Hogbean Company is a construction company that has the following costs on its
contracts: (1) Project managers' costs; (2) Purchase of supplies for construction wok; and (3)
Payments to subcontractors. According to IFRS 15 Revenue from contracts with customers,
which costs may be included within contract costs?
A. Cost (2) and cost (3) only
B. Costs (1), (2) and (3)
C. Cost (1) and cost (3) only
D. Cost (1) and cost (2) only
Câu 11: According to IAS 23 - Borrowing Costs, investment income generated from loans taken
in order to finance a qualifying asset should be:
A. Shown as Investment income in the Income Statement
B. Added to borrowing costs
C. Deducted from borrowing costs
D. Added to cost of property, plant and equipment
Câu 12: Under IFRS 15 Revenue from contracts with customers, which of the following is not
given as a method that can be used to establish the stand alone selling price of the separate
performance obligations in a contract?
A. Adjusted market assessment approach
B. Simple cost approach
C. Expected cost plus a margin approach
D. Residual approach
Câu 13: A machine has a carrying amount of CU 85,000 at the year end of 31 March 20X9. Its
market value is CU 78,000 and costs of disposal are estimated at CU2,500. A new machine
would cost CU150,000. The company which owns the machine expects it to produce net cash
flows of CU30,000 per annum for the next three years. The company has a cost of capital of 8%.
What is the impairment loss on the machine to be recognised in the financial statements at 31
March 20X9?
 A. 6,250
B. 11,250
C. 7,500
D. 7,687
Câu 14: According to IFRS 15 Revenue from contracts with customers, which of the following
factors is not taken into account when establishing the transaction price of a contract?
A. Financing components
B. Variable consideration in contract price
C. Non-cash consideration
D. Customer credit quality
Câu 15: Are the following statements regarding the classification of items under IAS 12 Income
taxes true or false?

(1) Interest expense accrued but included in taxable profit on a cash basis should be classified
under deductible temporary differences; (2) Where accumulated depreciation on an asset is
greater than accumulated tax depreciation, the amount should be classified under deductible
temporary differences.
A. (1)False; (2) False
B. (1) False; (2)True
C. c. (1)True; (2) False
D. (1)True; (2) True
Câu 16: IFRS 15 allows the recognition of revenue through the duration of a contract for services
if it has been demonstrated that the performance obligation is met over time. Which two of the
following methods for determining the stage of completion of a contract involving the rendering
of services are specifically referred to in IFRS 15 Revenue from contracts with customers, as
being acceptable?
A. Revenue to date divided by total contract revenue
B. Advances received to date as a percentage of the total amount receivable
C. Surveys of work performed
D. Machine hours worked to date
Câu 17: Which two of the following are examples of deferred tax assets?
A. permanent differences
B. taxable temporary differences
C. the carryforward of unused tax losses
D. deductible temporary differences
Câu 18: According to IAS 37 Provisions, contingent liabilities and contingent assets, which two
of the following best describe the sources of a legal obligation? A legal obligation is an
obligation that derives from:
 A. a contract
B. an established pattern of past practice
C. a published policy
D. legislation
Câu 19: Fill in the blank: "Aaccording to IAS 37 Provisions, an onerous contract is a contract in
which —--------- of meeting the obligations under the contract —--------------- the economic
benefits expected to be received under it."
A. Sunk costs; exceed
B. Unavoidable costs; exceed
C. Opportunity costs; are ess than
D. Avoidable costs; are less than
Câu 20: The Kuma Company is being sued for damages. When preparing its 20X5 financial
statements the directors took the view that the likelihood of any payments having to be made to
the claimant was remote. In preparing the 20X6 financial statements their view was that it was
possible that such payments would have to be made and in preparing the 20X7 statements their
view was that such payments were probable. For the 20X8 statements there was virtual certainty
that the payments would have to be made. The payments were made in the 20X8 accounting
period. Under IAS 37 Provisions, contingent liabilities and contingent assets, in which set of
financial statements should a contingent liability first be disclosed?
A. 20X8
B. 20X7
C. 20X6
D. 20X5
Câu 21: Are the following statements in relation to a contingent liability true or false, according
to IAS 37 Provisions, contingent liabilities and contingent assets? (1) An obligation as a result of
the entity creating a valid expectation that it will discharge its responsibilities is a contingent
liability; (2) A present obligation that arises from past events but cannot be reliably measured is a
contingent liability.
A. 1. False; 2. False
B. 1. False; 2. True
C. c. 1. True; 2. False
D. 1. True; 2. True
Câu 1: Which of the following is NOT shown as intangible non-current assets in financial
position of PEN Co at 31 December 20X1?
A. PEN Co decided to spend $17,000 on researching a new process to raise the quantity of
product made. The research is expected to lead to a new process in 3 years' time.
B. PEN Copurchased a patent for $500,000.
 C. PEN Co spent $40,000 on the development of new techniques that will be put in place
shortly to reduce production cost.
D. A brand name of Summer Co purchased by PEN Co for $10 mil
Câu 2: Wetherby purchased a machine on 1 July 20X7 for 500,000. It is being depreciated on a
straight line basis over its expected life of ten years.
Residual value is estimated at 20,000. On 1 January 20X8, following a change in legislation,
Wetherby fitted a safety guard to the machine. The safety guard cost 25,000 and has a useful life
of five years with no residual value. What amount will be charged to profit or loss for the year
ended 31 March 20X8 in respect of depreciation on this machine?
A. CU 36,000
B. CU 37,000
C. CU 37,125
D. CU 37,250
Câu 3: At the end of the accounting period, ABC Co had the following non-current assets: (1)
Land and buildings at cost $20.8 million; (2) Land and buildings: accumulated depreciation
$0.24 million. ABC Co decided to revalue its land and buildings at the year-end to $30 million.
What will be the value of the revaluation surplus it the revaluation is accounted for?
A. $9,200,000
B. $9,440,000
C. $8,960,000
D. $29,760,000
Câu 4: Which of the following statements about the IASB Conceptual Framework are correct?
(1) The Conceptual Framework deals with the qualitative characteristics of financial statements.
(2) The Conceptual Framework normally prevails over International Financial Reporting
Standards where there is a conflict between the two. (3) The Conceptual Framework deals with
the objectives of financial statements.
A. Statement 1 and Statement 2 only
B. Statement 2 and Statement 3 only
C. Statement 1 and Statement 3 only
D. All of them
Câu 5: According to the IASB Conceptual Framework, which two of the following
characteristics are described as fundamental qualitative characteristics that make the information
provided in financial statements useful to users?
A. Comparability
B. Understandability
C. Relevance
D. Faithful representation
Câu 6: Which one of the following terms best describes the amount of cash or cash equivalents
that could currently be obtained by selling an asset in an orderly disposal?
A. Commercial value
B. Value in use
C. Fair value
D. Residual value
Câu 7: How should import duties be dealt with, in according to IAS 2 Inventories?
A. Ignored
B. Deducted from cost
C. Deducted in arriving at NRV
D. Added to costs
Câu 8: Which one of the following terms best describes financial statements whose basis of
accounting recognises transactions and other events when they occur?
A. Accrual basis of accounting
B. Cash basis of accounting
C. Invoice basis of accounting
D. Going concern basis of accounting
Câu 9: A non-current asset was bought at 1 Jan 20X1 for $4,800 and depreciated by 20% per
annum using the reducing balance method. On 1 Jan 20X4, it was sold for $2,400. What was the
result of this disposal?
A. A loss on disposal of $480
B. A loss on disposal of $57.60
C. A profit on disposal of $57.60
D. A profit on disposal of $480
Câu 10: Are the following statements regarding the cost of an asset true or false, according to
IAS 16 Property, plant and equipment? (1) The cost includes cash equivalents paid to acquire an
asset. (2) The cost includes the fair value of any non-monetary consideration given to acquire an
asset.
A. 1.False; 2. False
B. 1.False; 2. True
C. 1. True; 2. False
D. 1. True; 2. True
Câu 11: According to IAS 38 Intangible assets, which of the following internally generated items
may be recognised as intangible assets?
A. Mastheads
B. Customer lists
C. Publishing Titles
 D. None of theses
Câu 12: According to IAS 02 Inventories, what does inventory cost include?
A. Purchase costs and conversion costs.
B. Purchase costs, net of trade volume rebates, conversion costs and other costs to bring
inventory to its present condition and location and selling costs, storage costs.
C. Purchase costs, net of trade volume rebates, conversion costs and other costs to bring
inventory to its present condition and location.
D. Purchase costs, conversion costs, other costs to bring inventory to its present condition
and location and storage costs.
Câu 13: Under IAS 36 Impairment of assets are the following statements relating to an active
market true or false?

(1) Willing buyers and sellers are usually found. (2) Prices are available to the public.
A. 1. False; 2. False
B. 1.False; 2. True
C. 1. True; 2. False
D. 1.True; 2. True
Câu 14: According to IAS 2 Inventories, which two of the following should be accounted for in
the cost of an inventory item?
A. Trade discounts received on purchase of inventories
B. Storage costs of finished goods
C. Import duties on shipping of inventories inwards
D. Material wasted due to a machine breakdown
Câu 15:: The Scandium Company is commencing a new construction project, which is to be
financed by borrowing. The key dates are as follows:

- 15 May 20X9 Loan interest relating to the project starts to be incurred

- 3 June 20X9 Technical site planning commences

- 12 June 20X9 Expenditures on the project start to be incurred

- 18 July 20X9 Construction work commences

According to IAS 23 Borrowing costs, from what date can Scandium commence the
capitalisation of borrowing costs?
A. 12 June 20X9
B. 18 July 20X9
C. 3 June 20X9
D. 15 May 20X9
Câu 16: Under the principles of IAS 16 Property, plant and equipment, which two of the
following should be included in the cost of an item of property, plant and equipment?
A. Installation and assembly costs
B. Costs of training staff on the new asset
C. Apportioned general overhead costs
D. Initial delivery and handling costs
Câu 17: Under IAS 36 Impairment of assets which one of the following statements best describes
‘value in use’?

A. The amount of cash or cash equivalents that could currently be obtained by selling an
asset in an orderly disposal.
B. The present value of estimated future cash flows expected to arise from the continuing
use of an asset and from its ultimate disposal.
C. The net amount wwhich an entity expects to obtain for an asset at the end of its useful
life.
D. The amount at which an asset could be exchanged between knowledgeable, willing
parties in an arm’s length transaction.
Câu 18: Are the following statements true or false, according to IAS 38 Intangible assets? (1)
Intangible assets cannot be treated as having an indefinite useful life. (2) Intangible assets with a
finite useful life should be measured at cost and tested annually for impairment.
A. 1.False; 2. False
B. 1.False; 2. True
C. 1. True; 2. False
D. 1. True; 2. True
Câu 19: Are the following statements true or false, according to IAS 38 Intangible assets? (1)
Expenditure during the research phase of a project may sometimes be capitalised as an intangible
asset. (2) Expenditure during the development phase of a project may sometimes be capitalised
as an intangible asset.
A. 1.False; 2. False
B. 1.False; 2. True
C. 1. True; 2. False
D. 1. True; 2. True
Câu 20: Are the following statements true or false, according to IAS 2 Inventories?
(1) Cost of factory management should be included in the cost of inventories. (2) Maintenance
expenses for an item of equipment used in the manufacturing process should be included in the
cost of inventories.
A. 1.False; 2. False
B. 1.False; 2. True
 C. 1. True; 2. False
D. 1. True; 2. True
Câu 21: Winter Co incurred the following cost:
(1) $86,000 developing new techniques that will be put in place shortly to raise the quantity of
product made; (2) $57,000 researching a new process to improve the quality of the standard
product; and (3) $10,000 on market research into the commercial viability of a new type of
product. According to lAS 38, how much should be charged as research and development
expenditure in profit or loss? (Ignore amortisation)
A. $86,000
B. В. $96,000
C. $67,000
D. $153,000
Câu 22: A company had CU 20 million of capitalised development expenditure at cost brought
forward at 1 October 20X7 in respect of products currently in production and a new project
began on the same date. The research stage of the new project lasted until 31 December 20X7
and incurred CU 1.4 million of costs. From that date the project incurred development costs of
CU 800,000 per month. On 1 April 20X8 the directors became confident that the project would
be successful and yield a profit well in excess of costs. The project was still in development at 30
September 20X8. Capitalised development expenditure is amortised at 20% per annum using the
straight line method. What amount will be charged to profit or loss for the year ended 30
September 20X8 in respect of research and development costs?
A. А. 8,280,000
B. 6,880,000
C. 7,800,000
D. 3,800,000
Câu 23: Which one of the following terms best describes information that influences the
economic decisions of users?
A. Relevant
B. Prospective
C. Understandable
D. Reliable

Câu 24: According to IAS 23 – Borrowing Costs, investment income generated from loans taken
in order to finance a qualifying asset should be:
Câu 25: According to IAS 23 – Borrowing Costs, investment income generated from loans taken
in order to finance a qualifying asset should be:
Câu 26: According to IAS 1 Presentation of financial statements, which two of the following
must be included in an entity's statement of financial position?
Câu 27: According to IAS 23 – Borrowing Costs, investment income generated from loans taken
in order to finance a qualifying asset should be:
A. Shown as Investment income in the Income Statement
B. Added to borrowing costs
C. Deducted from borrowing costs
D. Added to cost of property, plant and equipment
Câu 28: Is the following statement about the valuation of inventory is TRUE or FALSE? “A
company's financial statements must disclose the accounting policies used in measuring
inventories.”
Câu 29: According to IAS 1 Presentation of financial statements, which two of the following
must be included in an entity's statement of financial position?
A. Deferred tax
B. Share capital and reserves analysed by class
C. Property, plant and equipment analysed by class
D. Cash and cash equivalents
Câu 30: Under the principles of IAS 16 - Property, Plant and Equipment, which TWO of the
following should be included in the cost of an item of property, plant and equipment?
A. Installation and assembly costs
B. Costs of training staff on the new asset
C. Apportioned general overhead costs
D. Initial delivery and handling costs
Câu 31: On 1 April 2021, ABC company held non-current assets with cost of $400,000 and
accumulated depreciation of $100,000 at this date. During the year ended 31 March 2022, ABC
disposed non-current assets which had originally cost of $80,000 and carrying amount of
$50,000. The company’s policy is to charge depreciation of 20% on the reducing balance basis,
with no depreciation charged in the year of disposal. What is the depreciation charge to the
statement of profit or loss for the year ended 31 March 2022?

A. $60,000
B. $50,000
C. $54,000
D. $70,000
Câu 32: M Co sets up his demolition business from scratch on 1 January 20X0. Which items
should be represented as capital expenditure?
A. Pays legal expenses on the purchase of PPE
B. Rents office premises
C. Repairs the warehouse roof
D. Writes off a damaged machine
Câu 33: Under this concept, the life of the business is divided into series of reporting periods.
A. Time period
B. Periodicity
C. Accounting period
D. All of these
Câu 34: Is the following statement true or false, according to IAS 38 Intangible assets?
“Intangible assets with a finite useful life should be measured at cost and tested annually for
impairment.”
Câu 35: According to IAS 02 - Inventories, which of the following should be included in the cost
of an inventory?
A. Settlement discounts received
B. Storage costs of finished goods
C. Import duties of inventories inwards
D. Trade discount allowed
Câu 36: A business buys a machine on 1 January 2019 for $10,000 and depreciates it at 10% per
annum straight line. At the end of 2020 the machine's remaining useful life is reassessed at six
years remaining and it is now believed that the machine has a residual value of $500. What is the
depreciation charge for the third year of the machine's use?
A. $950
B. $1,250
C. $1,267
D. $1,350
Câu 37: Which two of the following are included in a complete set of financial statements,
according to IAS 1 Presentation of financial statements?
A. Summarised statements of financial position for the last five years
B. A statement of changes in equity
C. A statement of cash flows
D. A statement by the board of directors of compliance with local legislation
Câu 38: According to IAS 1 Presentation of financial statements, the notes within the financial
statements contain information in addition to that presented in which two of the following?
A. Statement of profit or loss
B. Chairman's statement
C. Report on sustainability
D. Statement of financial position
Câu 39: The Conceptual Framework deals with the qualitative characteristics of financial
statements. Is this statement true or false?
Câu 40: According to IFRS 15 – Revenue from Contracts with Customers, which one of the
following criteria must be satisfied before revenue from the sale of goods should be recognised
in profit or loss?
A. The customer has no rights to return
B. The outcome of the transaction is certain
C. A performance obligation has been met
D. The transaction price has been settled in full by the customer
Câu 41: Under IAS 23 Borrowings, which of the following cannot be a qualifying asset?
A. Power generation facilities
B. Manufacturing plants
C. Intangible assets
D. Financial assets
E. Investment properties
Câu 42: Whether the following statement is TRUE or FALSE in accordance with IAS 40
Investment Property? “An investment property is initially measured at cost, including transaction
costs.”
Câu 43: Is the following statement true or false, according to IAS 38 Intangible assets?
“Expenditure during the development phase of a project may sometimes be capitalised as an
intangible asset.”
Câu 44: Whether the following statement is TRUE or FALSE in accordance with IAS 40
Investment Property? “If an investment property is held at fair value, this must be applied to all
of the entity's investment properties.”
Câu 45: Is the following statement about the valuation of inventory is TRUE OR FALSE?
Inventory should be valued at the lowest of cost, net realisable value and replacement cost.
Câu 46: Whether the following statement is TRUE or FALSE in accordance with IAS 40
Investment Property ? “Transfer from investment property to an IAS 16, property must be made
at the FV of the investment property at the date of the transfer.”
Câu 47: Is the following statement true or false, according to IAS 2 Inventories? “Cost of factory
management should be included in the cost of inventories.”
Câu 48: On 1 April 2021, ABC company held non-current assets with cost of $400,000 and
accumulated depreciation of $100,000 at this date. During the year ended 31 March 2022, ABC
disposed non-current assets which had originally cost of $80,000 and carrying amount of
$50,000. The company’s policy is to charge depreciation of 20% on the reducing balance basis,
with no depreciation charged in the year of disposal. What is the depreciation charge to the
statement of profit or loss for the year ended 31 March 2022?
A. $60,000
B. $50,000
C. $54,000
D. 70,000
Câu 49: Which of the following statements about users of accounting information is incorrect?
A. Management is an internal user.
B. Taxing authorities are external users.
C. Present creditors are external users.
D. Regulatory authorities are internal users.
Câu 50: Whether the following statement is TRUE or FALSE in accordance with IAS 40
Investment Property? “A gain or loss arising from a change in the fair value of an investment
property should be recognised in the revaluation surplus.”
Câu 51: Which of the following is not included as part of the definition of control under IFRS 10
Consolidated Financial Statements?
A. Exposure, or rights, to variable returns from its investment
B. The ability to use its power over the investee to affect the returns received
C. Ownership of more than 50% of the share capital of the investee
D. Power over the investee
Câu 52: Should the following cost be included in the consideration transferred in a business
combination, according to IFRS 3 Business combinations? Fees paid to accountants to affect the
combination.
Câu 53: A company issued 50,000 equity shares of $1 each at a premium of $0,5 per share. The
cash received was correctly recorded but the full amount was credited to the share capital
account. Which of the following journals corrects this error?
A. Debit Share premium $25,000, Credit Share capital $25,000
B. Debit Share capital $25,000, Credit Share premium $25,000
C. Debit Share capital $75,000, Credit Share premium $75,000
D. Debit Share capital $75,000, Credit Cash at bank $75,000
Câu 54: A business buys a machine on 1 January 2019 for $10,000 and depreciates it at 10% per
annum straight line. At the end of 2020 the machine's remaining useful life is reassessed at six
years remaining and it is now believed that the machine has a residual value of $500. What is the
depreciation charge for the third year of the machine's use?
A. $950
B. $1,250
C. $1,267
D. $1,350
Câu 55: A machine was purchased on 1 Jan 2020 for $9,600 and depreciated by 20% per annum
using the reducing balance method. On 1 Jan 2023, it was sold for $4,800. What was the gain (or
loss) on disposal of the machine that would be reported in the statement of profit or loss?
A. A loss on disposal of $960
B. A loss on disposal of $115.2
C. A gain on disposal of $115.2
D. A gain on disposal of $960
Câu 56: Is the following statement true or false, according to IAS 2 Inventories? “Maintenance
expenses for an item of equipment used in the manufacturing process should be included in the
cost of inventories.”
Câu 57: Is the following statement true or false, according to IAS 38 Intangible assets?
“Expenditure during the research phase of a project may sometimes be capitalised as an
intangible asset.”
Câu 58: When does amortisation of an intangible asset commence?
A. When the asset is substantially complete
B. When the asset is available for use
C. When management determine
D. At the start of the accounting period
Câu 59: A company had CU 20 million of capitalised development expenditure at cost brought
forward at 1 October 20X7 in respect of products currently in production and a new project
began on the same date. The research stage of the new project lasted until 31 December 20X7
and incurred CU 1.4 million of costs. From that date the project incurred development costs of
CU 800,000 per month. On 1 April 20X8 the directors became confident that the project would
be successful and yield a profit well in excess of costs. The project was still in development at 30
September 20X8. Capitalised development expenditure is amortised at 20% per annum using the
straight line method. What amount will be charged to profit or loss for the year ended 30
September 20X8 in respect of research and development costs?
A. 8,280,000
B. 3,800,000
C. 7,800,000
D. 6,880,000
Câu 60: When a constructing office is almost complete; the only remaining work is to install
furniture, should the entity continue capitalising the borrowing costs?
Câu 61: The usefulness of information is assessed in terms of its …
A. qualitative characteristics
B. verifiability
C. timeliness
D. size
Câu 61: Which one of the following is the best description of faithful representation' in relation
to information in financial statements?
A. Inclusion of a degree of caution
B. Complete, neutral and free from error
C. Influence on the economic decisions of users
D. Comprehensibility to users
Câu 62: Recording assets at their acquisition cost (entry value), rather than at their net selling
price (exit value), is in line with the principle of
A. Consistency
B. Historical cost
C. Going concern
D. Matching
Câu 63: A parent leases an office building to a subsidiary. In which financial statements will the
property appear as investment property?
A. Parent company
B. Subsidiary
C. Consolidated financial statements
D. None of these
Câu 64: Information becomes more useful if it can be compared with similar information about
other entities and with similar information about the entity for another period or another date.
Câu 65: Information becomes more useful if it can be compared with similar information about
other entities and with similar information about the entity for another period or another date.
Câu 66: According to IAS 12 Income taxes, is the following statement in relation to deferred tax
liabilities true or false? “Deferred tax assets are the amounts of income taxes recoverable in
future periods in respect of deductible temporary differences.”
Câu 67: A non-current asset was bought at 1 Jan 20X1 for $9,600 and depreciated by 20% per
annum using the reducing balance method. On 1 Jan 20X4, it was sold for $4,800. What was the
result of this disposal?
A. A loss on disposal of $960
B. A profit on disposal of $115.20
C. A loss on disposal of $115.20
D. A profit on disposal of $960
Câu 68: Specific identification method, first in – first out (FIFO) and average cost (AVCO) are
inventory valuation methods. Which of the following statements is correct?
A. Average cost is recomputed following every dispatch or issue of inventory.
B. Specific identification method is used when items of inventory are individually
distinguishable and of high value.
C. FIFO accounting method assumes that the latest items bought are the first items to be sold.
D. In a period of rising purchase costs, FIFO usually gives a lower taxable income than AVCO
and therefore.
Câu 69: This qualitative characteristic requires at least two items.
A. Comparability
B. Timeliness
C. Verifiability
D. Understandability
Câu 70: According to IAS 12 Income taxes, is the following statement in relation to deferred tax
liabilities true or false? “Deferred tax liabilities are the amounts of income taxes payable in
future periods in respect of taxable temporary differences.”
Câu 71: Spring Co spent $5,000 on a patent for the new technique on 31 March 20X7. The
company capitalized it as an intangible asset in the financial statements. Spring Co expected to
use the patent for 5 years. According to IAS 38, which one of the following journal entries is
correct to record the amount of the parent amortized for the year ended 31 March 20X8?
A. Dr. Expenses: $5,000; Cr. Accumulated amortization: $5,000
B. Dr. Intangible assets: $1,000; Cr. Accumulated amortization: $1,000
C. Dr. Accumulated amortization: $1,000; Cr. Intangible assets: $1,000
D. Dr. Expenses: $1,000; Cr. Accumulated amortization: $1,000
Câu 72: Under this accounting principle, a business is not expected to end its operations in the
foreseeable future:
A. Accounting entity
B. Going concern
C. Accrual basis
D. Materiality
Câu 73: On 1 August 20X7 Patronic purchased 18 million of the 24 million CU 1 equity shares
of Sardonic. The acquisition was through a share exchange of two shares in Patronic for every
three shares in Sardonic. The market price of a share in Patronic at 1 August 20X7 was CU5.75.
Patronic will also pay in cash on 31 July 20X9 (two years after acquisition) CU2.42 per acquired
share of Sardonic. Patronic's cost of capital is 10% per annum. What is the amount of the
consideration attributable to Patronic for the acquisition of Sardonic?
A. 105 million
B. 5 million
C. 108.2 million
D. 103.8 million
Câu 74: The Oakes Company has a loan due for repayment in six months' time, but Oakes has
the option to refinance for repayment two years later. Oakes plans to refinance this loan. In
which section of its statement of financial position should this loan be presented, according to
IAS 1 Presentation of financial statements?
A. Non-current liabilities
B. Non-current assets
C. Current assets
D. Current liabilities
Câu 75: In December, 2022, $595 return of goods to a supplier, had been incorrectly recorded in
the sale returns journal as $295. How did this error affect the profit of the entity?
A. The profit was overstated $300
B. The profit was understated $300
C. The profit was overstated $890
D. The profit was understated $890
Câu 76: According to IAS 28 Investments in Associates and Joint Ventures, which one of the
following statements best describes the term ‘significant influence’?
A. The mutual sharing in the risks and benefits of a combined entity
B. The contractually agreed sharing of control over an economic entity
C. The holding of a significant proportion of the share capital in another entity
D. The power to participate in the financial and operating policy decisions of an entity
Câu 77: This enhancing quality refers to a financial information that is classified, characterized,
and presented clearly, and concisely.
A. Comparability
B. Timeliness
C. Verifiability
D. Understandability
Câu 78: If an entity wishes to change from a cost model to fair value model under IAS 40 –
Investment Property, when may it do so?
A. When the board of directors approves a change
B. When a change will result in a more appropriate presentation
C. When the value of the assets will improve with a revised model
D. When the market for these properties is fluctuation
Câu 79: Intangible asset with infinite useful life must be amortized. The above statement is
TRUE OR FALSE?
Câu 80: Capitalised development expenditure must be amortised over a period not exceeding 5
years. The above statement is TRUE OR FALSE?
Câu 81: Capitalisation is suspended if the delays in the development of an asset are:
A. temporary delays which is necessary part of the process
B. abnormal delays
Câu 82: A company had a provision of $10,000 in its financial statements for the year ended 31
March 2021 in respect of a legal claim. In July 2022 the claim was settled at a cost of $13,000.
What is the expense in respect of the legal claim included in the company’s statement of profit or
loss for the year ended 31 March 2022?
A. $10,000
B. $13,000
C. $3,000
D. Nil
Câu 83: The Plaice Company acquired a new filing machine, the list price of which was
CU49,000. The supplier allowed a trade discount of CU1,700 off the list price. On delivery, the
cost of installing the machine in its desired location was CU450. According to IAS 16 Property,
plant and equipment, at what cost should the filing machine be measured in the financial
statements of Plaice? CU49,000 CU47,750 CU49,450 CU47,300 Câu 45: Cloud obtained a 60%
holding in the 100,000 CU1 shares of Mist on 1 January 20X8, when the retained earnings of
Mist were CU850,000. Consideration comprised CU250,000 cash, CU400,000 payable on 1
January 20X9 and one share in Cloud for each two shares acquired. Cloud has a cost of capital of
8% and the market value of its shares on 1 January 20X8 was CU2.30. Cloud measures non-
controlling interest at fair value. The fair value of the non-controlling interest at 1 January 20X8
was estimated to be CU400,000. What was the goodwill arising on acquisition?
A. 139,370
B. 169,000
C. 119,370
D. 130,370
Câu 84: Is the following statement in relation to a contingent liability true or false, according to
IAS 37 Provisions, contingent liabilities and contingent assets? “A present obligation that arises
from past events but cannot be reliably measured is a contingent liability.”
Câu 85: When does amortisation of an intangible asset commence?
A. When the asset is substantially complete
B. When the asset is available for use
C. When management determine
D. At the start of the accounting period
Câu 86: Which of the following is not a condition to commence capitalisation of borrowing
costs?
A. Expenditures are being incurred
B. Borrowing costs are being incurred
C. Repayment of borrowings has commenced
D. Activities to produce the asset for its intended use or sale have commenced
1. Are the following statements or false, according to IAS 1 Presentation of financial statements?
1. Dividends paid should be recognised in the statement of profit or loss and other
comprehensive income.
2. A loss on disposal of assets should be recognised directly in the statement of changes in equity.
A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
D. 1.True
2. True
2. According to IAS 1 Presentation of financial statements, the notes within the financial
statements contain information in addition to that presented in which two of the following?
A. Statement of financial performance
B. Chairman's statement
C. Report on sustainability
 D. Statement of financial position
3. Which one of the following is the best description of faithful representation' in relation to
information in financial statements?
A. Inclusion of a degree of caution
B. Complete, neutral and free from error
C. Influence on the economic decisions of users
D. Comprehensibility to users
4. Which two of the following are included in a complete set of financial statements, according
to IAS 1 Presentation of financial statements?
A. Summarised statements of financial position for the last five years
B. A statement of changes in equity
C. A statement of cash flows
D. A statement by the board of directors of compliance with local legislation
5. According to IAS 1 Presentation of financial statements, which two of the following must be
included in an entity's statement of financial position?
A. Deferred tax
B. Share capital and reserves analysed by class
C. Property, plant and equipment analysed by class
D. Cash and cash equivalents
6. Under the principles of IAS 16 Property, plant and equipment, which two of the following
should be included in the cost of an item of property, plant and equipment?
A. Installation and assembly costs
B. Costs of training staff on the new asset
C. Apportioned general overhead costs
D. Initial delivery and handling costs
7. Are the following statements regarding the cost of an asset true or false, according to IAS 16
Property, plant and equipment?
1. The cost includes cash equivalents paid to acquire an asset.
2. The cost includes the fair value of any non-monetary consideration given to acquire an asset.
A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
D. 1.True
2. True
8. The Scandium Company is commencing a new construction project, which is to be financed
by borrowing. The key dates are as follows:
15 May 20X9 Loan interest relating to the project starts to be incurred
3 June 20X9 Technical site planning commences
12 June 20X9 Expenditures on the project start to be incurred
18 July 20X9 Construction work commences
According to IAS 23 Borrowing costs, from what date can Scandium commence the
capitalisation of borrowing costs?
A. 12 June 20X9
B. 18 July 20X9
C. 3 June 20X9
D. 15 May 20X9
9. According to current guidance within IAS 23 Borrowing costs, which of the following
treatments are required for borrowing costs incurred that are directly attributable to the
construction of a qualifying asset?
Treatment 1: Recognise as an expense in the period incurred.
Treatment 2: Capitalise as part of the cost of the asset.
A. Treatment 2 only
B. Either Treatment 1 or Treatment 2
C. Neither Treatment 1 nor Treatment 2
D. Treatment 1 only
10. According to IFRS 15 Revenue from contracts with customers, which of the following
factors is not taken into account when establishing the transaction price of a contract?
A. Financing components
B. Variable consideration in contract price
C. Non-cash consideration
D. Customer credit quality
11. Are the following statements regarding the classification of items under IAS 12 Income taxes
true or false?
1. Interest expense accrued but included in taxable profit on a cash basis should be classified
under deductible temporary differences.
2. Where accumulated depreciation on an asset is greater than accumulated tax depreciation, the
amount should be classified under deductible temporary differences.
 A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
D. 1.True
2. True
12. What will be the appropriate accounting treatment to unsold goods held at the year end?
A. Recording them as expense for the year
B. Recording them as liability for the year
C. Recording them as fixed asset for the year
D. Recording them as current asset for the year
13. A business has opening inventory of £7,200 and closing inventory of £8,100. Purchases for
the year were £76,500, carriage inwards was £50 and carriage outwards was £180.
The figure for cost of sales is:
A. £75,550
B. £75,650
C. £75,830
D. £77,450
14. M Co sets up his demolition business from scratch on 1 January 20X0. Which items should
be represented as capital expenditure?
A. Rents office premises
B. Buys three wrecking machines
C. Repairs the warehouse roof
D. Writes off a damaged machine.
15. M Co sets up his demolition business from scratch on 1 January 20X0. Which items should
be represented as capital expenditure?
A. Pays legal expenses on the purchase of PPE
B. Rents office premises
C. Repairs the warehouse roof
D. Writes off a damaged machine.
16. M Co sets up his demolition business from scratch on 1 January 20X0. Which items should
be represented as revenue expenditure?
A. Pays legal expenses on the purchase of PPE
B. Buys three wrecking machines
C. Builds an extension to the warehouse
D. Repairs the warehouse roof
17. Allblue buys and sells inventory during the month of April as follows:

No. of units $
Opening inventory 100 2.52/unit
3 April Sales 20
8 April Purchases 140 2.56/unit
12 April Sales 90
20 April Purchases 200 2.78/unit
23 April Sales 180

Which one of the following statements is true when using the FIFO method instead of the
periodic weighted average?
A. Closing inventory is $19.50 lower, so profits are $19.50 lower
B. Closing inventory is $17.50 higher, so profits are $17.50 higher
C. Closing inventory is $17.50 lower, so profits are $17.50 lower
D. Closing inventory is $19.50 higher, so profits are $19.50 higher
18. Alphabooks is a book wholesaler. On each sale, commission of 4% is payable to the selling
agent. The following information is available in respect of total inventories of three of his most
popular titles at his financial year-end:

Cost Selling price

A $2,280 $2,900
B $4,080 $4,000
C $1,280 $1,300

What is the value of these inventories in Alphabooks's statement of financial position?

A. $7,368
B. $7,400
C. $7,560
D. $7,640
19. Winter Co incurred the following cost:

 $86,000 developing new techniques that will be put in place shortly to raise the quantity
of product made;
 $57,000 researching a new process to improve the quality of the standard product; and
 $10,000 on market research into the commercial viability of a new type of product.
According to IAS 38, how much should be charged as research and development expenditure in
profit or loss? (Ignore amortisation) …….
A. $86,000
B. $96,000
C. $67,000
D. $153,000
20. At the end of the accounting period, NQD Co had the following non-current assets:
Land and buildings at cost $20.8 million
Land and buildings: accumulated depreciation $0.24 million
NQD Co decided to revalue its land and buildings at the year-end to $30 million.
What will be the value of the revaluation surplus if the revaluation is accounted for?
A. $9,200,000
B. $9,440,000
C. $8,960,000
D. $29,760,000
21. Which of the following is NOT shown as intangible non-current assets in financial position
of PEN Co at 31 December 20X1?
A. PEN Co decided to spend $17,000 on researching a new process to raise the quantity of
product made. The research is expected to lead to a new process in 3 years' time.
B. PEN Co purchased a patent for $500,000.
C. PEN Co spent $40,000 on the development of new techniques that will be put in place shortly
to reduce production cost.
D. A brand name of Summer Co purchased by PEN Co for $10 mil.
22. On 30 June 20X5, an entity bought a machine. The invoice showed that:
Cost of machine: 105,000
Delivery costs: 1,300
Installation costs: 4,000
One-year maintenance contract: 6,500
Staff training cost: 5,000
At what amount should the machine be capitalized in the entity's records?
A.$110,300
B. $116,800
C. $106,300
D. $109,000
23. On 1 April 2021, ABC company held non-current assets with cost of $400,000 and
accumulated depreciation of $100,000 at this date. During the year ended 31 March 2022, ABC
disposed non-current assets which had originally cost of $80,000 and carrying amount of
$50,000. The company’s policy is to charge depreciation of 20% on the reducing balance basis,
with no depreciation charged in the year of disposal.
What is the depreciation charge to the statement of profit or loss for the year ended 31 March
2022?
A. $60,000
B. $50,000
C. $54,000
D. $70,000
24. Are the following statements true or false, according to IAS 38 Intangible assets?
1. Expenditure during the research phase of a project may sometimes be capitalised as an
intangible asset.
2. Expenditure during the development phase of a project may sometimes be capitalised as an
intangible asset.
A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
 D. 1.True
2. True
25. Are the following statements true or false, according to IAS 38 Intangible assets?
1. Intangible assets cannot be treated as having an indefinite useful life.
2. Intangible assets with a finite useful life should be measured at cost and tested annually for
impairment.
A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
D. 1.True
2. True
26. Under IAS 36 Impairment of assets are the following statements relating to an active market
true or false?
1. Willing buyers and sellers are usually found.
2. Prices are available to the public.
A. 1.False
2. False
B. 1.False
2. True
C. 1.True
2. False
D. 1.True
2. True