Q1 Which ONE of the following statements correctly describes the contents of the Statement of Financial Position?

A. A list of ledger balances shown in debit and credit columns.

B. A list of all the assets owned and all the liabilities owed by a business.
C. A record of income generated and expenditure incurred over a given period.
D. A record of the amount of cash generated and used by a company in a given period.

Answer B

Đáp án A=> Trial balance

Đáp án C=> PL
Đáp án D => Cash Flow
ement of Financial Position?
 According to VAS 23 - Events After The Reporting Period, which TWO of the events require an adjustment to the fi
Q2
financial statements?
A. The bankrupcy of a major customer, with a subtantial debt outstanding at the end of the reporting perio
B. A fire destroying some of the company's inventory (the company's going concern status is not affected)
C. An issue of shares to finance expansion
D. Sale for less than cost of some inventory held at the end of the reporting period.

Answer A, D
equire an adjustment to the figures in the draft

the end of the reporting period

oncern status is not affected)
Q3 LIFO can be used in IFRS?
A. Yes
B. No

Answer B

Solution

IFRS prohibits LIFO due to potential distortions it may have

on a company's profitability and financial statements
 Which of the following are not examples of payables of a business?
1. An estimation of tax owed to the tax authority for the year just ended
2. $500 owed to a supplier for invoiced goods
Q4 3. An estimation of probable repair costs under warranty claims

A. 1, 2, and 3
B. 1 only
C. 1 and 3 only
D. 2 only

Answer C Đây là được ghi nhận dưới dạng dồn tích. Do đó, số tiền nợ cơ quan thuế (1) là một kho
Dự phòng là một khoản nợ phải trả không chắc chắn về thời gian hoặc giá trị. Thời gian
hơn là dồn tích
Solutions
Statements (1) and (3) are correct.
A payable is a person or institution to whom a business owes money eg, a supplier. The amount
of money owed will be known exactly as it will have been billed or invoiced by the supplier.
Therefore the liability of $500 for invoiced goods (2) is a payable.
An accrual or accrued expense is an expense which is charged against the profit or loss for a
particular period, with a corresponding liability, even though it has not yet been paid for. The
amount and timing of money owed will not be known exactly as it will not yet have been billed or
invoiced. However timing is virtually certain and a close estimate is usually known. This is
recorded as the accrual. The amount owed to the tax authorities (1) is therefore an accrual rather
than a payable.
A provision is a liability of uncertain timing or amount. The timing and/or amount are less certain
than for an accrual. The amount owed for the warranty claims (3) comes under this definition
rather than a payable.
 quan thuế (1) là một khoản dồn tích thay vì hơn một khoản phải trả.
an hoặc giá trị. Thời gian và/hoặc số lượng ít chắc chắn
Q5 A company has been notified that a customer has been declared bankrupt. The company had previously made an
Which of the following is the correct double entry to account for this new information?
DEBIT CREDIT
A. Irrecoverable debts Receivables
B. Receivables Irrecoverable debts
C. Allowance for receivables Receivables
D. Receivables Allowance for receivables

Answer C

Solutions
The debt needs to be fully written out of the books. An allowance was already made, so the SPL
has already been charged ie:
Dr Irrecoverable debts (SPL)
X
Cr Allowance for receivables (SOFP) X
Therefore you only need to clear the balances from Receivables and Allowances for receivables,
which option C will do
had previously made an allowance for this debt.
 Which of the following statements about research and development expenditure are correct?
1. If certain conditions are met, an entity may decide to capitalise development expenditure
2. Research expenditure, other than capital expenditure on research facilities, must be recognized as an expense as
Q6 3. Capitalised development expenditure must be amortised over a period not exceeding 5 years.
4. Capitalised development expenditure must be disclosed in the statement of financial position under intangible n

A. 1,2 and 4 only

B. 1 and 3 only
C. 2 and 4 only
D. 3 and 4 only

Answer C

Solutions

1 Development expenditure must be capitalised if the criteria are met.

3 There is no time scale given by IAS 38 for amortisation.
 e correct?
nditure
e recognized as an expense as incurred.
ing 5 years.
ial position under intangible non-current assets.
 Q7 Which of the following does not define investment property?
A. Property held to earn rentals.
B. Property held for capital appreciation.
C. Property used in the production or supply of goods or services.
D. A and C

Answer C Bất động sản đầu tư áp dụng cho việc hạch toán bất động sản (đất đai và/hoặc

Solution IAS 40 Investment Property applies to the accounting for property (land and/or buildings) held to earn rentals
or for capital appreciation (or both). Investment properties are initially measured at cost and, with some
exceptions. may be subsequently measured using a cost model or fair value model, with changes in the fair
value under the fair value model being recognised in profit or loss.
động sản (đất đai và/hoặc tòa nhà) được nắm giữ để thu tiền cho thuê hoặc để tăng giá vốn

) held to earn rentals

and, with some
changes in the fair
 Which of the following companies are subsidiaries of Gamma Co?
Zeta Co: Gamma Co owns 51% of the non-voting preference shares of Zeta Co
Lota Co: Gamma Co has 3 representatives on the board of directors of Iota Co. Each director can cast 10 votes each
votes at board meetings.
Q8 Kappa Co: Gamma Co owns 75% of the ordinary share capital of Kappa Co, however Kappa Cois located overseas an
that country.

A. Zeta Co, Iota Co and Kappa Co

B. Zeta Co and Kappa Co
C. Iota Co and Kappa Co
D. Zeta Co and Iota Co

Answer C

Solutions
Iota is a subsidiary as Gamma has power to cast a majority of votes at meetings of the board of
directors. Kappa is a subsidiary as Gamma owns >50% of the ordinary shares of Kappa, it
doesn’t make any difference that Kappa is based overseas or pays tax in that country. Zeta is not
a subsidiary of Gamma because Gamma’s investment in the non-voting preference shares will not
give it the ability to control Zeta.
director can cast 10 votes each out of the total of 40

Kappa Cois located overseas and is subject to tax in

 Most entities make use of IT systems for financial reporting and operational purposes. Controls operating in an IT
split into general controls and application controls
Q9 Which one of the following is an application control?

A. Training staff in a new IT procedure

B. Taking back - up copies of programs
C. Maintenance agreements over IT equipment
D. Cyclical reviews of all master files

Answer D
es. Controls operating in an IT environment can be
 The probability of an auditor' s procedures leading to the conclusion that a material error does not exist in an acc
Q10 fact such error does exist is referred to as

A. Prevention risk
B. Inherent risk
C. Control risk
D. Detection risk

Answer D
error does not exist in an account balance when in
 What type of opinion would an auditor express when the auditor, having obtained sufficient appropriate audit ev
Q11
misstatements, individually or in aggregate, are both material and pervasive to the financial statements?

A. Disclaimer sai sót xét riêng lẻ hoặc tổng hợp lại đều là trọng yếu và c
B. Adverse
C. Qualified
D. Unmodified (unqualified)

Answer B
sufficient appropriate audit evidence, concludes that
financial statements?

hợp lại đều là trọng yếu và có ảnh hưởng lan tỏa đối với báo cáo tài chính?
 Which ONE of the following procedures which could be undertaken to confirm the valuation of a client's bank ba
Q12
reliable?
A. Inspection of the bank reconciliation
B. Inspection of the bank statement
C. Inspection of the bank letter
D. Inspection of the cash book

Answer C
valuation of a client's bank balance is the most
Q13 Which of the following statements NOT correct regarding the duties of an auditor?
A. Physical verification of Fixed Assets is primarily the responsibility of the auditor
B. Ownership of fix assets should be verified by examining the title deed by the auditor
C. Auditor should ascertain the assets are in the procession of the client
D. The auditor should satify himself that the assets have been valued in the financial statement according t

Answer A
nancial statement according to the accounting principles
 Melanice Hotel is a global group of hotels. The parent company, Melanice Holdings plc employs an internal audit
Q14 and investigations on the individual hotels in the group.
Which two of the following could the internal audit function carry out and still operate effectively?

A. Secondment to the accounts department of the Singapore Melanice to cover the maternity leave of the
B. Special investigation into the profits of the New York Melanice where the group directors suspect a fraud
C. Test of the controls at the Edinburgh Melanice as part of a routine internal audit cycle
D. Identification of risks at the proposed Nairobi Melanice, which is due to open in nine months' time

Answer B, C
plc employs an internal audit function which carries out audits

rate effectively?

ver the maternity leave of the financial controller.

group directors suspect a fraud may have been carried out.
audit cycle
en in nine months' time
Q15 Which two of the following constitute sampling?
A. Testing 100% of the items in a population
B. Testing less than 100% of the items in a population
C. Testing all items with a certain characteristic
D. Testing items selected randomly from the population

Answer B, D
 Major LLP, a firm of chartered accountants, offer the following additional services to various audit client.
Q16 In which of the following situations is NOT an insurmountable self-review threat most likely to arise?

A. Preparing the financial statements for the Power Group plc, a listed company, on a regular basis
B. Carrying out valuations of various non-current property assets for Tower Investments Ltd, a property inv
Promoting tax structures to Haven Ltd, where there is scope for doubt about the appropriateness of the
involved to achieve the tax benefits
C.
D. Helping Craven plc in defining its corporate strategies and identifying possible sources of finance for a po

Answer D
o various audit client.
ost likely to arise?

any, on a regular basis

nvestments Ltd, a property investment company
ut the appropriateness of the accounting treatments

ble sources of finance for a power new venture

 If the company wants to earn a profit of $42,000 instead of breaking even, what is the number of units the compa

182000

Q17 #NAME?

A. 14,000
B. 18,200
C. 26,000
D. 17,000

Answer B

Solutions
Calling X is The number of units the company must sell to earn a profit of 42,000$
Profit + Fixed Expenses = (Unit price - Variable expenses) * No. of units
=> $42,000 + ($130,000 + $10,000) = ($17 - $7) * X
=> X = 18,200

Sales - Expense= Profit

Unit Price * Number of unit - (Variable Ex+ Fixed Ex) = Profit
Unit Price * Number of unit - Variable Ex * Number of Unit = Profit +Fixed Ex
number of units the company must sell?
 Which of the following statements are correct?
(1) A certificate of deposit is an example of a money market instrument
Q18 (2) Money market deposits are short-term loans between organisations such as banks
(3) Treasury bills are bought and sold on a discount basis

A. 1 and 2 only
B. 1 and 3 only
C. 2 and 3 only
D. 1, 2 and 3

Answer D

Solution Money markets include markets for such instruments as bank accounts, including term
certificates of deposit; interbank loans (loans between banks); money market mutual funds;
commercial paper; Treasury bills; and securities lending and repurchase agreements (repos).

Treasury bills, which are issued by the government, are securities with maturities of less than a
year. US Treasury bills, sold at a discount from face value and actively bought and sold after
they are issued, are the safest instrument in which to place short-term savings.
s

cluding term
ket mutual funds;
reements (repos).

turities of less than a

ght and sold after
ings.
Q19 What does the accounts receivable turnover ratio tell us?
A. How often AR is received
B. How many times average AR is collected
C. AR Balance is at the end of a period
D. Bad debt balances at year end

Answer B
 The Carlos Company has gross sales of $2.5 million and a net profit margin of 6%. Total equity is $3.8 million with
Q20 outstanding. There are no preferred shares. The company has a P/E ratio of 18. What is the market price per shar

A. $0.68
B. $2.70 150000 0.15
C. $3.80
D. $4.10

Answer B

Solutions
The net earnings are $150,000 (= 6%*$2.5 million)
EPS = $150,000 / 1,000,000 shares = $0.15
Price = EPS * P/E = $0.15 * 18 = $2.7
otal equity is $3.8 million with 1 million shares
at is the market price per share?

2.7
 Which function in Excel tells how many numeric entries are there ?
Q21
A. NUM
B. COUNT
C. SUM
D. CHKNUM

Answer B
 When you need to find everything in a table or a range by rows. For example, look up part of a car's price by part
Q22 employee names based on their employee IDs. You will use functionality :
A. SUMIFS
B. FIND
C. IF
D. VLOOKUP

Answer D
up part of a car's price by part number, or find
Q23 What type of chart will you use to compare performance of two employees in the year 2016 ?

A. Column Chart
B. Line Chart
C. Pie Chart
D. Dot Chart

Answer B
ear 2016 ?
 There are four pipes used to fill a tank at a constant rate. Altogether, the four pipes are able to fill up the tank in
Q24 wishes to reduce this time taken to 2 hours. How many more pipes filling up the tank at a constant rate will they
A. 2
B. 4
C. 6
D. 8

Answer B

Solutions
are able to fill up the tank in 4 hours. The owner
k at a constant rate will they need to install?
Q25

The Bronze Watch displays the time as 15:45.

A. TRUE .=> Small silver = 15:40
B. FALSE .=> Gold =15h40 (đúng)
C. Insuffient information

Answer A
 There are 5 objects: scissors, pencil, bottle, apple and banana. They are kept in either one of the three boxes - left
- Each box must contain at least 2 objects
- The scissors are in the right box.
- The apple and banana are in the box next to one with the bottle
Q26 - The pencil is in the left box
- The bottle is in the same box with the pencil.
The sixth object, a coin, is placed in one of the three boxes. Which box is it placed in?

A. Left Left Center Right

B. Centre Pencil Apple Scissors
C. Right Bottle Banana Coin

Answer C

Left Center Right

Pencil apple Scissors
Bottle bânna
er one of the three boxes - left, right and centre.

n?
Q27 What numbers should replace the question marks? 100, 95, ?, 79, 68, ?, 40
A. 88 and 50
B. 88 and 55
C. 70 and 50
D. 80 and 55

Answer B

100
95 =100-5 11
88 =95-7
79 =88-9
68 =79-11
55 =68-13
40 =55-15
Q28 What country is Van Gogh from?
A. French
B. Italian
C. Netherlands
D. British

Answer C
Q29 Which year was the first iPhone launched?
A. 2007
B. 2008
C. 2009
D. 2010

Answer A
Q30 The traditional dance of the Hawaii island is:
A. Cha cha cha
B. Samba
C. Hula
D. Tango

Answer C