MINISTRY OF FINANCE FINAL ASSESSMENT ACADEMY OF FINANC Code: 01/2022 Subject: Vietnamese financial accounting 1 Time allowed: 03 days QUESTION 1: List source of data and preparation method to present item “Cash” in Balance Sheet. Make example for illustration QUESTION 2: On 1" December: Handing over an equipment to Sales Department. This equipment was purchased on credit at total price of 880,000 (including 10% VAT). Transportation expenses: 10,000. Installment and testing expense incurred: 30,000. Staff training cost for the equipment usage: 50,000. The company’s accountant recorded cost of fixed asset: 880,000, a. Did the accountant record exactly? If it did not, write correct entry for the transaction b. Identify the impact of wrong entries on Balance Sheet and Income Statement Knowing that: The equipment’s useful life is 10 years and company A applies straight line method for FA depreciation. Make assumption if needed. QUESTION 3: Christmas Itd. applies deductible VAT method and perpetual inventory system. In 2021, the following information as below: (Unit: CU) 1 Purchased on credit 10,000 kg material A with price exclusive of VAT: 55/kg 2. Sent 8,000 kg material A for direct production 3. Direct labor cost incurred: 500,000, 4. Manufacturing overhead cost incurred: 255,000 5. During the year, there were 1,000 finished produets was put into the warehouse and 50 units work in progress (total cost of the work in progress: 85,000) 6. During the year, ABC: - Sold on credit 500 finished goods to Bell Ltd. with price exclusive of VAT: X/product - Sold 350 goods to customer Candy Cane Ltd. with price exclusive of VAT of Y/product; the payment was made at date of sale - Received 20 returned goods from Bell Itd. 7. Administrative expenses incurred: 500,000 8 Selling expenses incurred: 200,000 Required: 1, Replace X,Y with suitable amount, so the company would make profit. 2. Prepare journal entries (included closing entri determine the business's performance) from the to calculate cost of goods manufactured and n information. 3. Prepare Income Statement ‘Noted that: Beginning balances are as follows: Account 152 (material A): 1,200 x 45; Account 154: 100,000; Account 155: 200 x 1,020 ‘The company applies FIFO method for calculating cost of inventory, CIT rate 20%End of the Assessment Sv CHU Y: 1. Thdi gian nOp bai: Theo théi gian lim bai 3 ngay tinh tir thai diém nbn dé + 20 phat 2. Bai duge vi i trang 3. Khi chup dnb luu ¥ khong bj mat s6 thirty trang, chyp 13 i ty céc trang danh 6 tir dau dén trang eudi. 4. Lam sai ma dé, ghi sai ho tén thi sé khong duaej chm bai va coi nh Odiém 5. Tai trang dau tién cia bai thi can trinh bay day du cdc théng tin theo diing quy dinh cia Hoe vign nhur sau: Ho vi Khoa/Lép tin chi: STT theo danh sich thi: Ngiy tl BAI THI MON: HINH THUC THI: Ma a8 thi ‘Thoi gian thi ly dit céc thong tin nhu quy dinh trong qué trinh chém sé trt diém Néu khéng ghiMINISTRY OF FINANCE FINAL ASSESSMENT ACADEMY OF FINANC Code: 02/2022 Subject: Vietnamese financial accounting 1 Time allowed: 03 days QUESTION 1: List source of data and preparation method to present item “Inventory” in Balance Sheet. Make example for illustration. QUESTION 2: On 1* December: Handing over an equipment to Sales Department. This equipment was purchased on credit at total price of 880,000 (including 10% VAT) Transportation expenses: 10,000. Installment and testing expense incurred: 30,000. Staff training cost for the equipment usage: 50,000. The company’s accountant recorded cost of fixed asset: 880,000. a. Did the accountant record exaetly? If it did not, write correct entry for the transaction b. Identify the impact of wrong entries on Balance Sheet and Income Statement, Knowing that: The equipment’s useful life s 10 years and company A applies straight line method for FA depreciation. Make assumption if needed, QUESTION 3: Christmas Itd. applies deductible VAT method and perpetual inventory system. In 2021, the following information as below: (Unit: CU) 9. Purchased on credit 10,000 kg material A with price exclusive of VAT: 55/kg 10, Sent 8,000 kg material A for direct production 11, Direct labor cost incurred: 500,000 12. Manufacturing overhead cost incurred: 255,000 13, During the year, there were 1,000 finished products was put into the warehouse and 50 units work in progress (total cost of the work in progress: 85,000) 14, During the year, ABC: - Sold on credit 500 finished goods to Bell Ltd. with price exclusive of VAT: X/product - Sold 350 goods to customer Candy Cane Ltd. with price exclusive of VAT of Y/product; the payment was made at date of sale = Received 20 returned goods from Bell Itd. 15, Administrative expenses incurred: 500,000 16, Selling expenses incurred: 200,000 Required: 1, Replace X,Y with suitable amount, so the company would make profit. 2. Prepare journal entries (included closing entties to calculate cost of goods manufactured and determine the business’s performance) from the given information. 3. Prepare Income Statement Noted that: Beginning balances are as follows: Account 152 (material A): 1,200 x 45; Account 154: 100,000; Account 155: 200 x 1,020 ‘The company applies FIFO method for calculating cost of inventory, CIT rate 20%SV CHU ¥ End of the Assessment _ Thai gian ndp bai: Theo thdi gian lam bai 3 ngay tinh tir thoi diém nan dé + 20 phat . Bai duge viét tay ho: cdc trang duge danh sé thir ty ln Iuot & cudi trang . Khi chup anh hru ¥ khéng bi mat s6 thir ty trang, chyp lan lugt theo thir ty cac trang da duge danh sé tir dau dén trang cu sé khong duocj cham bai va coi nhu 0diém Tai trang dau tién cua bai thi cn trinh bay day du cac théng tin theo dung quy dinh cua Hoe vign nhu sau: Ho va tén: Ma sinh vien:. Khoa/Lép tin chi: STT theo danh sich thi: Ngiy t Khoa/Lép nién chi ID phang thi: Gio th BAI THI MOD HINH THUC THI .. Théigian tl iy du cac théng tin nhu quy dinh trong qué trinh cham sé tri diém Ma dé Néu khéng ghiMINISTRY OF FINANCE FINAL ASSESSMENT ACADEMY OF FINAN Code: 03/2022 Subject: Vietnamese financial accounting 1 Time allowed: 03 days QUESTION 1 illustrate the appl xplain accounting principles applied in recognized Revenue? Provide | example to principles in recognizing revenue QUESTION 2: In April 2021, the accountant omitted a fixed asset purchase transaction. In which, purchase price including 10% VAT: 990.000.000. Related installment and testing expenses: 75.000.000. Products collected during testing process was sold in cash: 15.000.000. All payment was made via bank. ‘The FA was handed over and was in use from 1* July 2021, Required: Make journal entries for above transactions and identify the impact of omitted entries on Balance Sheet and Income Statement. QUESTION 3: Christmas td. applies deductible VAT method and perpetual inventory system. In 2021, the following information as below: (Unit: CU) 1. Purchased on credit 10,000 kg material A with price exclusive of VAT: 55/kg 2. Sent 8,000 kg material A for direct production 3. Direct labor cost incurred: 500,000 4. Manufacturing overhead cost incurred: 255,000. 5. During the year, there were 1,000 finished products was put into the warehouse and 50 units work in progress (total cost of the work in progress: 85,000) 6. During the year, ABC: = Sold on credit 500 finished goods to Bell Ltd. with price exclusive of VAT: X/product - Sold 350 goods to customer Candy Cane Ltd. with price exclusive of VAT of Y/product; the payment was made at date of sale - Received 20 returned goods from Bell Itd. 7. Administrative expenses incurred: 500,000 8. Selling expenses incurred: 200,000 Required: 1. Replace X,Y with suitable amount, so the company would make profit. 2. Prepare journal entries (included closing entries to calculate cost of goods manufactured and determine the business’s performance) from the given information. 3. Prepare Income Statement Noted that: Beginning balances are as follows: Account 152 (material A): 1,200 x 45; Account 154: 100,000; Account 155: 200 x 1,020 ‘The company applies FIFO method for calculating cost of inventory, CIT rate 20% End of the AssessmentSV CHU 1. Thoi gian np bai: Theo thai gian Lim bai 3 ngay tinh tir thai diém nhfn dé + 20 phuit 2. Bai duge viét tay ho&c dinh may, cdc trang duge dinh sé ther tu lan lugt 6 cudi trang 3. Khi chup anh hru ¥ khong bj mat s6 thir tr trang, chup lan lrot theo thir ty céc trang da duge danh sé tir dau dén trang cudi. 4. Lam sai ma dé, ghi sai ho tén thi sé khéng duocj cham bai va coi nhu Odiém 5. Tai trang dau tién cia bai thi cdn trinh bay day dit cdc théng tin theo ding quy dinh cia Hoe vign nhu sau: Ho va ten: Khoa/Lép tin chi: STT theo danh sach thi Ngiy BAI THI MON: HINH THUC THI: Ma dé tl Thai gian tl Néu khong ghi day dui cdc théng tin nhu quy dinh trong qua trinh chém sé trir diém Néu khéng ghi day di céc théng tin nhu quy dinh trong qua trinh cham sé trir diémMINISTRY OF FINANCE FINAL ASSESSMENT ACADEMY OF FINANC Code: 04/2022 Subject: Vietnamese financial accounting 1 Time allowed: 03 days QUESTION 1: Make your own example about calculation and payment of payroll and payroll related compensation in a company. Then, record related journal entry. QUESTION 2: In April 2021, the accountant omitted a fixed asset purchase transaction. In which, purchase price including 10% VAT: 990.000.000. Related installment and testing expenses: 75.000.000. Products collected during testing process was sold in cash: 15,000,000. All payment was made via bank. ‘The FA was handed over and was in use from 1* July 2021 Required: Make journal entries for above transactions and identify the impact of omitted entries on Balance Sheet and Income Statement. QUESTION 3: Christmas Itd. applies deductible VAT method and perpetual inventory system. In 2021, the following information as below: (Unit: CU) 1. Purchased on credit 10,000 kg material A with price exclusive of VAT: 55/kg 2. Sent 8,000 kg material A for direct production 3. Direct labor cost incurred: 500,000 4. Manufacturing overhead cost incurred: 255,000 5. During the year, there were 1,000 finished products was put into the warehouse and 50 units work in progress (total cost of the work in progress: 85,000) 6. During the year, ABC: - Sold on credit 500 finished goods to Bell Ltd. with price exclusive of VAT: X/product - Sold 350 goods to customer Candy Cane Ltd. with price exclusive of VAT of Y/product; the payment was made at date of sale - Received 20 returned goods from Bell Itd. 7. Administrative expenses incurred: 500,000 8. Selling expenses incurred: 200,000 Required: 1. Replace X,Y with suitable amount, so the company would make profit. 2. Prepare journal entries (included closing entri determine the business's performance) from the to calculate cost of goods manufactured and n information. 3. Prepare Income Statement ‘Noted that: Beginning balances are as follows: Account 152 (material A): 1,200 x 45; Account 154: 100,000; Account 155: 200 x 1,020 ‘The company applies FIFO method for calculating cost of inventory, CIT rate 20% End of the Assessment SV CHU ¥:eRe & nhan dé + 20 phat ay, cde trang duge dinh sé thé ty Kin lugt & cuéi trang Khi chup anh luu y khong bj mat s6 thirty trang, chyp lin lot theo thi ty ede trang da duge Lam sai ma d8, ghi sai ho sé khong duoc) chdm bai va coi nhu Odiém Tai trang dau tién ciia bai thi can trinh bay day du cdc théng tin theo diing quy dinh ciia Hoe vign nhur sau: Ho va tén: Khoi/Lép tin cl STT theo danh sach thi: Ngiy tl MA sinh vién: Khoi/Lép nién chi ID phang thi: Gio th BAI THI MON: HINH THUC THI Ma dé tMINISTRY OF FINANCE FINAL ASSESSMENT ACADEMY OF FINANC Code: 05/2022 Subject: Vietnamese financial accounting 1 Time allowed: 03 days QUESTION 1: Make your own example about source of data and related accounting data for preparation of item “Receivables from customer” and “Advance payment from customer”. Then, present it on Balance sheet. QUESTION 2: On 1* December: Handing over an equipment to Sales Department. This equipment was purchased on credit at total price of 880,000 (including 10% VAT). Transportation expenses: 10,000. Installment and testing expense incurred: 30,000. Staff training cost for the equipment usage: 50,000. The company’s accountant recorded cost of fixed asset: 880,000. a. Did the accountant record exactly? If it did not, write correct entry for the transaction b. Identify the impact of wrong entries on Balance Sheet and Income Statement Knowing that: The equipment’s useful life is 10 years and company A applies straight line method for FA depreciation. Make assumption if needed. QUESTION 3: Christmas itd. applies deductible VAT method and perpetual inventory system. In 2021, the following information as below: (Unit: CU) 1. Purchased on credit 10,000 kg material A with price exclusive of VAT: 55/kg 2. Sent 8,000 kg material A for direct production labor cost incurred: 500,000 4. Manufacturing overhead cost incurred: 255,000. 5. During the year, there were 1,000 finished products was put into the warehouse and 50 units work in progress (total cost of the work in progress: 85,000) 6. During the year, ABC: = Sold on credit 500 finished goods to Bell Ltd. with price exclusive of VAT: X/product = Sold 350 goods to customer Candy Cane Ltd. with price exclusive of VAT of Y/product; the payment was made at date of sale - Received 20 returned goods from Bell Itd. 7. Administrative expenses incurred: 500,000 8. Selling expenses incurred: 200,000 Required: 1. Replace X,Y with suitable amount, so the company would make profit. 2. Prepare journal entries (included closing entri determine the business’s performance) from the calculate cost of goods manufactured and n information. 3. Prepare Income Statement Noted that: Beginning balances are as follows: Account 152 (material A): 1,200 x 45; Account 154: 100,000; Account 155: 200 x 1,020 ‘The company applies FIFO method for calculating cost of inventory, CIT rate 20%End of the Assessment gc danh s6 tir dau dén trang cudi. 4, Lam sai ma dé, ghi sai hg tén thi sé khong duoc} c Tai trang dau tién cia bai thi cdn trinh bay day dit cdc théng tin theo dung quy dinh ciia Hoe vign nhur sau: Ho vi Khoa/Lép tin chi: STT theo danh sich thi: Ngiy tl BAI THI MON: HINH THUC THI Ma dé thi ‘Thai gian thi:SV CHU ¥: Thoi gian ngp bai: nhan dé + 20 phat 2. Bai duge viét tay trang duge danh sé ther tu lan lugt & cudi trang 3. Khi chup anh luu ¥ khéng bj mat s6 thir ty trang, chyp lan uot theo thir ty cde trang da duge danh sé tir dau dén trang cw sé khéng duocj cham bai va coi nhu Odiém (én ciia bai thi can trinh bay day du cdc théng tin theo ding quy dinh cia Ma sinh vien: Khoa/Lép nién ch ID phang thi: Git thi STT theo danh sich thi: Ngay fl BAI THI MON: HINH THUC THI Ma dé t