Accounting Principle Week1

Liên hệ gia sư các môn: KTTC1(TV TA,NLKT (TV,TA), TCDN1234 (TV, TA), XSTK, NLTK, KTL, VI MÔ; VĨ MÔ;
TCC1;2; TACB1;2; TIN ĐẠI CƯƠNG; KTCT; các môn năm 3; năm 4; F3; F5; F6; F7; F8; F9 ACCA; Accounting
CFAB v.v) tại page D Ôn Thi HVTC hoặc sms: 0965 084 577.
Click Youtube: Địa chỉ học thử: Số nhà 28- Ngõ 176 Văn Hội (Quận Bắc Từ Liêm)
Page | 1
Exercise 1 : Apply the accounting concept to record these situations:
1. 4 Oct N, Company A acquires some fixed asset (truck; production equipment),

purchase price: 1600mil. Delivery cost: 10mil, installation cost: 40mil.
On 31 Dec N, the market value of asset: 1850mil.
Record value of fixed asset if applies:
a. Historical cost
b. Market value
c. Lower between cost and market value
Click ở đây để xem Link: Th.S Nguyễn Ngọc Dũng- DREAMII

Feedback của học viên VI MÔ- TIN Đ/C- KTCT
0965 084 577 NLTK, NLKT; KTTC1;2; F3 ACCA TV+TA
Passed level F (F1-F9) chứng chỉ ACCA
2. on 20 December N, Company X sells some merchandise goods to Company Y:

The total selling price is 300 million. Company Y immediately pays 40% by cash
Page | 2
at bank. The rest of amount, Y Company commits to pay on 10 January of the
next year
Requirements: How does company X's accountant recognize revenue for year N
and year N + 1 if:
• X applies the cash basis
• X applies the accrual basis
3. on 25 December, Company P hires company Q to maintain some cars for its

sales activities. The repair work was completed within a day with a total value of
20 million VND. Company P has accepted and immediately paid 10 million VND
by cash at bank. The remaining amount P commits to pay after 10 days.
A. How does company P record repair EXPENSE for year N and year (N + 1) in 2
situations: cash accounting and accrual accounting.
B, How will company Q accountant record income in 2 cases: cash accounting and
accrual accounting.

4. Company C signs a contract to enterprise D: The total quantity of goods that

enterprise C will provide to customers is 1000 tons, with selling price 1 million /
Page | 3 ton. On December 20, Company C issues (xuất kho) 500 tons from warehouse to
the customer at cost (giá gốc): 0.7 mil VND / ton.
On 31st December , Company D has received 400 tons of goods and committed to
pay within 5 days.
C's accountant for year N (Gợi ý: ÁP DỤNG NGUYÊN TẮC PHÙ HỢP-
matching)
5. in January N, company A issues (xuất kho) a number of tools and supplies

(Table, Chair, Fridge,…) for sale activities. Total value is 20 million, is estimated
to be used over 2 years.
A, If the value of tool and supplies (20 million) is considered MATERIAL, then
what is the cost of Year 1 and Year 2?
B, Similar to A, but tools and supplies value is IMMATERIAL?

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Page | 4 Câu hỏi trắc nghiệm hay gặp trong đề thi:
1. Which concept or principle states that the life of a business can be divided into
equal time periods?

2. Which accounting principle/concept allows accountants to ignore other accounting
principle/concept if the amount in question is immaterial?

3. Under the cash basis of accounting, when are revenues reported in the accounting
period?
4. The John Marketing Company provides advertising services to an investment

company in year A but receives advertising fee in year B. The John Marketing
Company recognizes this revenue in year A. This action of John Marketing Company
is justified by which concept/principle?
5. Which accounting concept or principle states that the transactions of a business must
be recorded separately from those of its owners or other businesses?
6. When the accountant has to choose between two acceptable alternatives, the
accountant should select the alternative that will report less profit, less asset amount,
or a greater liability amount. This is based upon which principle/concept?
7. A corporation pays its annual property tax bill of approximately $12,000 in one
payment each December 28. During the year, the corporation's monthly income
statements report Property Tax Expense of $1,000. This is an example of which
accounting principle/guideline?

8. A company sold merchandise of $8,000 to a customer in December. The
company's sales terms require the customer to pay the company in 30 days. The
company's income statement reported the sale in December. This is proper under
Page | 5 which accounting principle/concept?
9. A large company purchases a $250 digital camera and expenses it immediately
instead of recording it as an asset and depreciating it over its useful life. This
practice may be acceptable because of which principle/guideline?
10. Which principle/concept requires a company's balance sheet to report its land at
the amount the company paid to acquire the land, even if the land could be sold
today at a significantly higher amount?
11. Which principle/concept allows a company to ignore the change in the purchasing
power of the dollar over time?

12. Which principle/concept is associated with the assumption that the company will
continue on long enough to carry out its objectives and commitments?

13. Which principle/concept directs a company to show all the expenses related to its
revenues of a specified period even if the expenses were not paid in that period?


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Liên hệ gia sư các môn: KTTC1(TV TA,NLKT (TV,TA), TCDN1234 (TV, TA), XSTK, NLTK, KTL, VI MÔ; VĨ MÔ;

Exercise 1 : Apply the accounting concept to record these situations:

1. 4 Oct N, Company A acquires some fixed asset (truck; production equipment),

On 31 Dec N, the market value of asset: 1850mil.

Record value of fixed asset if applies:

Click ở đây để xem Link: Th.S Nguyễn Ngọc Dũng- DREAMII

2. on 20 December N, Company X sells some merchandise goods to Company Y:

3. on 25 December, Company P hires company Q to maintain some cars for its

Click ở đây để xem Link: Th.S Nguyễn Ngọc Dũng- DREAMII

4. Company C signs a contract to enterprise D: The total quantity of goods that

5. in January N, company A issues (xuất kho) a number of tools and supplies

Click ở đây để xem Link: Th.S Nguyễn Ngọc Dũng- DREAMII

equal time periods?

principle/concept if the amount in question is immaterial?

4. The John Marketing Company provides advertising services to an investment

Click ở đây để xem Link: Th.S Nguyễn Ngọc Dũng- DREAMII

8. A company sold merchandise of $8,000 to a customer in December. The

power of the dollar over time?

continue on long enough to carry out its objectives and commitments?

Click ở đây để xem Link: Th.S Nguyễn Ngọc Dũng- DREAMII

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