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MOCK EXAMINATION – EY
Total questions: 60 MCQs (1.5 points each) and 1 Essay (10 points)
Total marks: 100 points
Time: 2 hours
SECTION A - ACCOUNTING
1. An increase in an allowance for receivables of $8,000 has been treated as a reduction in the allowance
in the financial statements.
Which of the following explains the resulting effects?
A. Net profit is overstated by $16,000, receivables overstated by $8,000

B. Net profit understated by $16,000, receivables understated by $16,000
C. Net profit overstated by $16,000, receivables overstated by $16,000
D. Gross profit overstated by $16,000, receivables overstated by $16,000
2. At 1 January 20X1, there was an allowance for receivables of $3,000. During the year, $1,000 of debts
were written off as irrecoverable, and $800 of debts previously written off were recovered. At 31
December 20X1, it was decided to adjust the allowance for receivables to 5% of receivables which are
$20,000.
What is the total receivables expense for the year?
A. $200 debit C. $2,200 debit

B. $1,800 debit D. $1,800 credit
3. Top Co has total receivables outstanding of $280,000. The accountant believes that approximately 1%
of these balances will not be collected, so wishes to make an allowance of $28,000. No previous
allowance has been made for receivables.
Which of the following is the correct double entry to create this allowance?
Debit Credit
A. Irrecoverable debts Allowance for receivables
B. Allowance for receivables Receivables
C. Irrecoverable debts Receivables
D. Receivables Allowance for receivables
4. Which of the following statements are correct?

1. An aged receivables analysis shows how long invoices for each customer have been outstanding.
2. A credit limit is a tool applied by the credit control department to make suppliers provide goods on
time.
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3. Receivables are included in the statement of financial position net of the receivables allowance.
4. Credit limits are applied to customers who purchase goods using cash only.
A. 1 and 2 C. 1 and 3
B. 2 and 3 D. 3 and 4
5. Evergreen Co owns 35% of the ordinary shares of Deciduous. What is the correct accounting
treatment of the revenues and costs of Deciduous for reporting period in the consolidated statement
of profit or loss of the Evergreen group?
A. The revenues and costs of Deciduous are added to the revenues and costs of Evergreen on a line
by line basis.
B. 35% of the profit after tax of Deciduous should be added to Evergreen’s consolidated profit before
tax.
C. 35% of the revenues and costs of Deciduous are added to the revenues and costs of Evergreen on
a line by line basis.
D. The revenues and costs of Deciduous are added to the revenues and costs of Evergreen Co on a
line by line basis, then 65% of the profit after tax is deducted so that only Evergreen Co ’s share
remains in the consolidated financial statements.
6. Capita had the following bank loans outstanding during the whole of 20X8:
$m
9% loan repayable 20X9 15
11% loan repayable 20Y2 24
Capita began construction of a qualifying asset on 1 April 20X8 and withdrew funds of $6 million on
that date to fund construction. On 1 August 20X8 an additional $2 million was withdrawn for the same
purpose.
Calculate the borrowing costs which can be capitalized in respect of this project for the year ended
31 December 20X8.
A. $560,000 C. $750,000
B. $472,500 D. $350,000
7. Leclerc has borrowed $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. $1 million of the loan was not utilized 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 capitalized for the year ended 31 December 20X9 in respect of
this project.
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A. $130,000 C. $100,000
B. $192,000 D. $162,000
8. Which one of the following is not true concerning the treatment of investment properties under IAS
40?
A. Following initial recognition, investment property can be held at either cost or fair value.
B. If an investment property is held at fair value, this must be applied to all of the entity's investment
property.
C. An investment property is initially measured at cost, including transaction costs.
D. A gain or loss arising from a change in the fair value of an investment property should be
recognized in other comprehensive income.
Question 1: (i) Plethora plc has an administration building which it no longer needs. On 1 July 20X9
Plethora plc entered into an agreement to lease the building out to another company. The building cost
$600,000 on 1 January 20X0 and is being depreciated over 50 years, based on the IAS 16 cost model.
Plethora plc applies the fair value model under IAS 40 Investment property and the fair value of the
building was judged to be $800,000 on 1 July 20X9. This valuation had not changed at 31 December
20X9.
(ii) Plethora plc owns another building which has been leased out for a number of years. It had a fair
value of $550,000 at 31 December 20X8 and $740,000 at 31 December 20X9.
(iii) Plethora plc owns a retail business which has suffered badly during the recession. Plethora plc
treats this business as a separate cash generating unit.
The carrying amounts of the assets comprising the retail business are:
$'000
Building 900
Plant and equipment 300
Inventory 70
Other current assets 130
Goodwill 40
An impairment review has been carried out as at 31 December 20X9 and the recoverable amount of
the cash generating unit is estimated at $1.3m.
9. What is the amount of the revaluation surplus that will be recognized in respect of the building in (i)?
A. $200,000 C. $308,000
B. $314,000 D. Nil
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10. In respect of the building in (ii), how will the increase in value from $550,000 to $740,000 be
accounted for?
A. Credited to profit or loss

B. Credited to the revaluation surplus
C. Credited to retained earnings
D. Credited to an investment property reserve
11. When an impairment review is carried out, a potentially impaired asset is measured at what
amount?
A. Fair value
B. Value in use
C. Recoverable amount
D. Carrying amount
12. What will be the carrying amount of the inventory after the impairment loss in (iii) has been
accounted for?
A. $64,000 C. Nil
B. $70,000 D. $65,000
13. What will be the carrying amount of the building after the impairment loss has been accounted for?
A. $900,000 C. $795,000
B. $836,000 D. $825,000
14. Geek is developing a new product and expects to be able to capitalize the costs. Which one of the
following would preclude capitalization of the costs?
A. Development of the product is not yet complete.

B. No patent has yet been registered in respect of the product.
C. No sales contracts have yet been signed in relation to the product.
D. It has not been possible to reliably allocate costs to development of the product.
15. A company had $20 million of capitalized 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 $1.4 million of
costs. From that date the project incurred development costs of $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
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costs. The project was still in development at 30 September 20X8. Capitalized 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 C. $7,800,000
B. $6,880,000 D. $3,800,000
16. Which one of the following internally-generated items may be eligible for capitalisation as intangible
assets in accordance with IAS 38 Intangible Assets? (Ignore business combinations.)
A. A customer list
B. A pre-production prototype
C. Goodwill
D. The cost of researching new material
17. Riley acquired a non-current asset on 1 October 20W9 (ie 10 years before 20X9) at a cost of $100,000
which had a useful life of ten years and a nil residual value. The asset had been correctly depreciated
up to 30 September 20X4. At that date the asset was damaged and an impairment review was
performed. On 30 September 20X4, the fair value of the asset less costs of disposal was $30,000 and
the expected future cash flows were $8,500 per annum for the next five years. The current cost of
capital is 10% and a five-year annuity of $1 per annum at 10% would have a present value of $3.79.
What amount would be charged to profit or loss for the impairment of this asset for the year ended
30 September 20X4?
A. $17,785 C. $30,000
B. $20,000 D. $32,215
18. Which of the following is NOT an indicator of impairment under IAS 36 Impairment of Assets?
A. Advances in the technological environment in which an asset is employed have an adverse impact
on its future use
B. An increase in interest rates which increases the discount rate an entity uses
C. The carrying amount of an entity's net assets is lower than the entity's number of shares in issue
multiplied by its share price
D. The estimated net realisable value of inventory has been reduced due to fire damage although this
value is greater than its carrying amount
19. A company entered into a contract on 1 January 20X5 to build a factory. The total contract revenue
was $2.8 million. At 31 December 20X5 the contract was certified as 35% complete. Costs incurred
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during the year were $740,000 and costs to complete are estimated at $1.4 million. $700,000 has been
billed to the customer but not yet paid.
What amount will be recognised as a contract asset or liability in respect of this contract in the
statement of financial position as at 31 December 20X5?
A. $271,000 contract asset

B. $509,000 contract asset
C. $271,000 contract liability
D. $509,000 contract liability
20. Which of the following are acceptable methods of accounting for a government grant relating to an
asset in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government
Assistance?
(i) Set up the grant as deferred income

(ii) Credit the amount received to profit or loss
(iii) Deduct the grant from the carrying amount of the asset
(iv) Add the grant to the carrying amount of the asset
A. (i) and (ii) C. (i) and (iii)

B. (ii) and (iv) D. (iii) and (iv)
21. Sale and leaseback or sale and repurchase arrangements can be used to disguise the substance of loan
transactions by taking them 'off balance sheet'. In this case the legal position is that the asset has been
sold but the substance is that the seller still retains the benefits of ownership.
Which one of the following is not a feature which suggests that the substance of a transaction differs
from its legal form?
A. The seller of an asset retains the ability to use the asset.

B. The seller has no further exposure to the risks of ownership
C. The asset has been transferred at a price substantially above or below its fair value.
D. The 'sold' asset remains on the sellers premises.
22. IFRS 3 Business combinations requires an acquirer to measure the assets and liabilities of the acquiree
at the date of consolidation at fair value. IFRS 13 Fair value measurement provides guidance on how
fair value should be established.
Which of the following is not one of the issues to be considered according to IFRS 13 when arriving at
the fair value of a non-financial asset?
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A. The characteristics of the asset

B. The present value of the future cash flows that the asset is expected to generate during its
remaining life
C. The principal or most advantageous market for the asset
D. The highest and best use of the asset
23. How should an associate be accounted for in the consolidated statement of profit or loss?
A. The associate's income and expenses are added to those of the group on a line-by-line basis.
B. The group share of the associate's income and expenses is added to the group figures on a line-by-
line basis.
C. The group share of the associate's profit after tax is recorded as a one-line entry.
D. Only dividends received from the associate are recorded in the group statement of profit or loss
24. Jarvis owns 30% of McLintock. During the year to 31 December 20X4 McLintock sold $2 million of
goods to Jarvis, of which 40% were still held in inventory by Jarvis at the year end. McLintock applies a
mark-up of 25% on all goods sold.
What effect would the above transactions have on group inventory at 31 December 20X4?
A. Debit group inventory $48,000

B. Debit group inventory $160,000
C. Credit group inventory $48,000
D. No effect on group inventory
25. How does IFRS 9 Financial Instruments require investments in equity instruments to be measured
and accounted for (in the absence of any election at initial recognition)?
A. Fair value with changes going through profit or loss

B. Fair value with changes going through other comprehensive income
C. Amortised cost with changes going through profit or loss
D. Amortised cost with changes going through other comprehensive income
Page 7 of 22
SECTION B - AUDITING
Question 1: You are an audit manager in the internal audit department of ABC Co, a listed retail
company. The internal audit department is auditing the company's procurement system.
ABC’s ordering department consists of six members of staff: one chief buyer and five purchasing clerks.
26. All orders are raised on pre-numbered purchase requisition forms, and are sent to the ordering
department.
In the ordering department, each requisition form is approved and signed by the chief buyer. A
purchasing clerk transfers the order information onto an order form and identifies the appropriate
supplier for the goods.
Part one of the two part order form is sent to the supplier and part two to the accounts department.
The requisition is thrown away.
Which of the following is NOT a likely effect of the deficiencies in the internal control system
described?
A. Purchases may be made unnecessarily at unauthorized prices

B. Subsequent queries on orders cannot be traced back to the original requisition
C. The order forms may contain errors that are not identified
D. Goods could be ordered twice in error or deliberately
27. As part of your audit of the procurement system, you have recommended that the goods inwards
department should ensure that the goods received are valid business purchases, by matching all
deliveries to an authorised order form before issuing a GRN.
Which of the following would be an appropriate test of control to confirm that the control is
operating effectively?
A. For a sample of orders, check that there is a matching goods received note
B. Check that the numerical sequence of purchase orders is complete
C. For a sample of goods received notes check that there is an authorised purchase order
D. Check that the numerical sequence of goods received notes is complete
28. ABC Co’s management is keen to increase the range of assignments that the company’s internal audit
undertake.
Which of the following assignments could the internal audit department be asked to perform by
management?
A. Undertake 'mystery shopper' reviews, where they enter the store as a customer, purchase goods
and rate the overall shopping experience
B. Assist the external auditors by requesting bank confirmation letters
C. Provide advice on the implementation of a new payroll package for the payroll department
D. Review the company’s financial statements on behalf of the board.
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29. ABC Co’s management is concerned that a number of inefficiencies in the procurement system may be
having a negative financial impact on the company. As a result, they have requested the internal audit
department to carry out a Value for Money audit focused on the company’s procurement practices.
Which of the following best summarizes the meaning of 'efficiency' in the context of a Value for
Money audit?
A. The lowest cost at which the appropriate quantity and quality of physical, human and financial
resources can be achieved
B. Producing the required goods and services in the shortest time possible
C. The extent to which an activity is achieving its policy objectives
D. The relationship between goods and services produced and the resources used to produce them
Question 2: Cherry Blossom Co (Cherry) manufactures custom made furniture and its year end is 30
April. You are the audit supervisor of Poplar & Co and are developing the audit programmes for
Cherry’s forthcoming interim audit.
30. As part of audit planning, the audit team needs to obtain and understanding of the company’s system
of internal control. Peter, the audit junior, is unsure what a company’s internal control comprises.
Which of the following is NOT a component of an entity’s internal control?
A. The control environment

B. Control activities relevant to the audit
C. The selection and application of accounting policies
D. The information system relevant to financial reporting
31. While reviewing Cherry’s purchases cycle, you identified that goods received notes for raw material
purchases are not sequentially numbered.
Which of the following areas would you consider to be most at risk of material misstatement, as a
result of this internal control deficiency?
A. Rights and obligations of inventory

B. Valuation of payables
C. Existence of inventory
D. Completeness of payables
32. You now need to gain an understanding of Cherry’s non-current assets cycle. Which of the following
statements is correct regarding audit procedures concerning the non-current asset cycle?
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A. The same ordering documentation may be used in the non-current assets cycle as in the purchases
cycle. If this is the case, it will not be necessary to document the non-current assets cycle.
B. Because there are likely to be less capital purchases than standard purchases in the year, it may
not be cost-efficient to undertake tests of controls.
C. Because the control risk around the non-current asset cycle is likely to be high, it is important to
perform tests of controls.
D. The non-current assets cycle is likely to have a lower risk of material misstatement than the
purchases cycle.
33. Cherry’s internal audit department has provided you with details of the internal controls around the
non-current assets cycle. The controls include the following:
On receipt, each asset is assigned a unique serial number and this is recorded on the asset and in the
non-current assets register.
Which TWO of the following describe the MOST RELIABLE audit procedures which enable the auditor
to assess whether this control is operating effectively?
1. Select a sample of capital additions on site, agree that a serial number is recorded on the asset and
confirm it is included in the non-current assets register
2. Select a sample of assets recorded on the non-current assets register, confirm that it includes a serial
number for each asset and agree the number to the physical asset
3. Inspect the non-current asset register and verify that there are no duplicated serial numbers
4. Observe the receipt of assets to confirm that serial numbers are assigned and recorded
A. 1 and 3 C. 1 and 4
B. 2 and 3 D. 2 and 4
Question 3: You are an audit senior of YHT & Co and have worked on the external audit of BJM Co
(BJM), an unlisted company, since your firm was appointed external auditor two years ago.
BJM owns a chain of nine restaurants and is a successful company. BJM has always been subject to
national hygiene regulations, especially in relation to the food preparation process. Non-compliance
can result in a large fine or closure of the restaurant concerned.
34. Despite running a successful company, BJM’s Board have often needed to be reminded of some
fundamental principles and you often have to explain key concepts.
Which of the following statements best defines the external audit?
A. The external audit is an exercise carried out by auditors in order to give an opinion on whether the
financial statements of a company are fairly presented.
B. The external audit is an exercise carried out in order to give an opinion on the effectiveness of a
company's internal control system.
C. The external audit is performed by management to identify areas of deficiency within a company
and to make recommendations to mitigate those deficiencies.
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D. The external audit provides negative assurance on the truth and fairness of a company's financial
statements.
35. The Board has also struggled to differentiate between their responsibilities and those of the external
auditor in circumstances such as the prevention and detection of fraud and error, and compliance with
regulations.
Which of the following statements best describes YHT & Co’s responsibility regarding BJM’s
compliance with hygiene regulations, in line with ISA 250 Consideration of laws and regulations in an
audit of financial statements?
A. YHT & Co should actively prevent and detect non-compliance with the regulations.
B. YHT & Co should perform specific audit procedures to identify possible non-compliance.
C. YHT & Co should obtain sufficient appropriate audit evidence about BJM's compliance with the
regulations as they have a direct effect on the financial statements.
D. YHT & Co does not have any responsibility as the hygiene regulations do not have a direct effect
on the financial statements.
Question 4: You are an audit senior of KLT & Co, and your firm has recently been appointed as the
auditor to South, a private company that runs seven supermarkets in the UK. You are currently
planning your firm's first audit of South and are shortly due to make a preliminary visit to South's head
office.
36. Your audit partner has highlighted to you that because South is a new audit client, it is particularly
important that every member of the audit team has a good understanding of South’s business.
Which of the following procedures must you use to obtain an understanding of the South and its
environment in accordance with ISA 315 Identifying and assessing the risks of material misstatement
through understanding the entity and its environment?
(1) Analytical procedures

(2) Inquiry
(3) Confirmation
(4) Reperformance
A. 1, 2 and 3 C. 2, 3 and 4
B. 1 and 2 D. 1 and 4
37. Having established a good understanding of South and its environment, the audit partner will need you
to produce the planning documentation for the audit.
Page 11 of 22
Which of the following statements describe the objectives / benefits of planning an audit according
to ISA 300 Planning an Audit of Financial Statements ?
(1) To ensure appropriate attention is devoted to important areas of the audit

(2) To assist in the coordination of work done by experts
(3) To facilitate the assignment of work to audit team members
(4) To ensure the audit is completed within budget restraints
A. 1, 2, 3 and 4 C. 1, 2 and 3
B. 1, 3 and 4 D. 2 and 3
38. Which of the following audit procedures would identify subsequent events occurring up to the date
of the auditor’s report?
(1) Enquire of management whether there have been any unusual accounting adjustments
(2) Enquire of management whether there have been any issues of shares/debentures, or changes in
business structure
(3) Review management procedures for identifying subsequent events to ensure that such events are
identified
(4) Obtain written representation that all subsequent events requiring adjustment or disclosure have
been adjusted or disclosed
A. 1 and 2 C. 1, 3 and 4
B. 1 and 3 D. 1, 2, 3 and 4
39. Humphries Co has three warehouses; following extensive rain on 20 November, rain and river water
flooded the warehouse located in Bass. All of the inventory in the warehouse was damaged and has
been disposed of. The insurance company has been contacted. No amendments or disclosures have
been made in the financial statements.
Which of the following statements correctly describe the likely impact this will have on Humphries’
financial statements for the year ended 30 September 20X1?
(1) Inventory should be written down, because the flood damage is an adjusting event
(2) Inventory should not be written down, because the damage is not an adjusting event
(3) If a material amount of inventory is uninsured, it may be necessary to disclose the event and an
estimate of the financial losses
(4) If insurance proceeds are more likely than not to be received, a contingent asset should be
recognized
A. 1 only C. 1 and 4
B. 2 only D. 2 and 3
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40. A key supplier of Humphries Co is suing them for breach of contract. The lawsuit was filed prior to the
year end, and the sum claimed by them is $1 million. This has been disclosed as a contingent liability in
the notes to the financial statements. Correspondence has just arrived from the supplier indicating that
they are willing to settle the case for a payment by Humphries Co of $0.6 million. It is likely that the
company will agree to this.
Which of the following options correctly summarises the impact on the auditor’s report if the
financial statements are not revised in the light of this new information?
A. Unmodified
B. Unmodified with emphasis of matter
C. Qualified ‘except for’
D. Adverse opinion
SECTION C – TAXATION
41. On 1 July 2014, Sameer made a cash gift of £2,500 to his sister. On 1 May 2015, he made a cash gift of
£2,000 to a friend. On 1 June 2015, he made a cash gift of £50,000 to a trust. Sameer has not made any
other lifetime gifts.
In respect of Sameer’s cash gift of £50,000 to the trust, what is the lifetime transfer of value for
inheritance tax purposes after taking account of all available exemptions?
A. £48,500 C. £46,000
B. £44,000 D. £46,500
42. On 31 March 2016, Angus sold a house, which he had bought on 31 March 2002. Angus occupied the
house as his main residence until 31 March 2007, when he left for employment abroad. Angus
returned to the UK on 1 April 2009 and lived in the house until 31 March 2010, when he bought a flat in
a neighbouring town and made that his principal private residence.
What is Angus’ total number of qualifying months of occupation for principal private residence relief
on the sale of the house?
A. 72 months C. 114 months

B. 54 months D. 96 months
43. Abena has made the following gross contributions to her personal pension scheme over the past three
tax years:
Tax year £
Page 13 of 22
2012–13 52,000
2013–14 37,000
2014–15 28,000
What is the maximum gross contribution which Abena can make to her personal pension scheme for
the tax year 2015–16 without giving rise to an annual allowance charge?
A. £63,000 C. £65,000
B. £40,000 D. £55,000
44. Triangle Ltd is registered for value added tax (VAT) and uses the annual accounting scheme. For the
year ended 31 December 2015, the net VAT payable by Triangle Ltd was £73,500. For the year ended
31 December 2014, the net VAT payable by Triangle Ltd was £47,700.
What monthly payments on account of VAT must Triangle Ltd make in respect of the year ended 31
December 2015 prior to submitting its VAT return for that year?
A. Nine monthly payments of £7,350

B. Nine monthly payments of £4,770
C. Ten monthly payments of £4,770
D. Ten monthly payments of £7,350
45. Lili Ltd commenced trading on 1 January 2015. The company incurred the following expenditure prior
to 1 January 2015:
£
30 November 2007 Initial market research 15,000
6 June 2010 Research into competitors 12,000
31 July 2014 Entertaining potential customers and suppliers 8,000
15 December 2014 Donation to local school fair in exchange for advertising 2,000
What is the amount of Lili Ltd’s deductible pre-trading expenditure in respect of the year ended 31
December 2015?
A. £10,000 C. £27,000
B. £14,000 D. £29,000
46. Paloma has been trading for a number of years. Her tax adjusted trading profit for the year ended 31
May 2015 was £48,000 and for the year ended 31 May 2016 was £43,200.
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What is the amount of class 4 national insurance contributions (NIC) payable by Paloma for the tax
year 2015–16?
A. £3,121 C. £3,105
B. £3,595 D. £3,201
47. Which of the following statements is/are true?
(1) Corporation tax is a direct tax on the turnover of companies

(2) National insurance is a direct tax suffered by employees, employers and the self-employed on
earnings
(3) Inheritance tax is a direct tax on transfers of income by individuals
(4) Value added tax is a direct tax on the supply of goods and services by businesses
A. 1 and 3 only C. 1, 2, 3 and 4

B. 2 only D. 1, 2 and 4 only
48. Which of the following statements concerning self-assessment tax returns for individuals is true?
A. Individuals with tax payable of less than £1,000 for a tax year are not required to file a tax return
B. Individuals are only required to file a tax return for a tax year if they receive a notice to deliver
from HM Revenue and Customs (HMRC)
C. All individuals who submit a tax return on time are able to have their tax payable calculated by HM
Revenue and Customs (HMRC)
D. The tax return for an individual covers income tax, class 1, class 2 and class 4 national insurance
contributions and capital gains tax liabilities
Page 15 of 22
SECTION D – GENERAL KNOWLEDGE
49. TPP signed at

A. Russia C. New Zealand
B. America D. Canada
50. For which of the following disciplines is Nobel Prize awarded?
A. Physics and Chemistry

B. Physiology or Medicine
C. Literature, Peace and Economics
D. All of the above
51. FFC stands for
A. Foreign Finance Corporation

B. Film Finance Corporation
C. Federation of Football Council
D. None of the above
52. Galileo was an Italian astronomer who
A. developed the telescope

B. discovered four satellites of Jupiter
C. discovered that the movement of pendulum produces a regular time measurement
D. All of the above
53. Modern football is said to have evolved from
A. England C. France
B. India D. Spain
54. Which Bay in Viet Nam is regarded as one of three best bays in the world along with San Francisco in
U.S.A and Rio De Janiero in Brazil?
A. Hạ Long Bay C. Xuan Doai Bay

B. Lang Co Bay D. Cam Ranh Bay
55. How many world cultural heritages does Viet Nam have?
Page 16 of 22
A. 6 C. 8
B. 7 D. 9
SECTION E – IQ TEST
56. Which is missing?
57. Which two words are most opposite in meaning?
lucrative, proficient, decorous, unskilled, unusual, industrious
58. What number should replace the question mark?
100, 97.25, 91.75, 83.5, ( ? )
59. The average of three numbers is 48. The average of two of these numbers is 56. What is the third
number?
60. How many different sized circles appear below?
Page 17 of 22
SECTION F – WRITING
Social media is becoming increasingly popular amongst all age groups. However, sharing personal information
on social media websites does have risks.
Do you think that the advantages of social media outweigh the disadvantages?
Answer:
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MOCK EXAMINATION – EY
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ANSWER SHEET
Full Name: Mark:

Class Code: Examination Date:
Teacher: Feedback Turnaround Date:
A B C D A B C D A B C D
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SAPP Academy Tel 0466 709 888

8th Floor, No. 54 Le Thanh Nghi Str Sapp.edu.vn

Which of the following explains the resulting effects?

A. Net profit is overstated by $16,000, receivables overstated by $8,000

What is the total receivables expense for the year?

A. $200 debit C. $2,200 debit

4. Which of the following statements are correct?

A. Credited to profit or loss

A. Development of the product is not yet complete.

A. $271,000 contract asset

(i) Set up the grant as deferred income

A. (i) and (ii) C. (i) and (iii)

A. The seller of an asset retains the ability to use the asset.

A. The characteristics of the asset

A. Debit group inventory $48,000

A. Fair value with changes going through profit or loss

A. Purchases may be made unnecessarily at unauthorized prices

Which of the following is NOT a component of an entity’s internal control?

A. The control environment

A. Rights and obligations of inventory

Which of the following statements best defines the external audit?

(1) Analytical procedures

(1) To ensure appropriate attention is devoted to important areas of the audit

A. 72 months C. 114 months

A. Nine monthly payments of £7,350

47. Which of the following statements is/are true?

(1) Corporation tax is a direct tax on the turnover of companies

A. 1 and 3 only C. 1, 2, 3 and 4

SECTION D – GENERAL KNOWLEDGE

49. TPP signed at

50. For which of the following disciplines is Nobel Prize awarded?

A. Physics and Chemistry

51. FFC stands for

A. Foreign Finance Corporation

52. Galileo was an Italian astronomer who

A. developed the telescope

53. Modern football is said to have evolved from

A. Hạ Long Bay C. Xuan Doai Bay

56. Which is missing?

57. Which two words are most opposite in meaning?

lucrative, proficient, decorous, unskilled, unusual, industrious

58. What number should replace the question mark?

100, 97.25, 91.75, 83.5, ( ? )

60. How many different sized circles appear below?

Full Name: Mark:

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