Professional Documents
Culture Documents
Section A
Section A
2 marks,
total 4 marks)
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10
Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20
Question 1
Which of the following are personal accounts?
(i) Buildings
(ii) Wages
(iii) Trade receivables
(iv) Trade payables
A. (i) and (iv) only
B. (ii) and (iii) only
C. (iii) and (iv) only
D. (ii) and (iv) only
Question 2
The descending order in which current assets should be shown in the balance sheet is (tính thanh
khoản)
A. Inventory, Trade receivables, Bank, Cash
B. Cash, Bank, Trade receivables, Inventory
C. Trade receivables, Inventory, Bank, Cash
D. Inventory, Trade receivables, Cash, Bank
Question 3
Notes Payable could not appear as a line on the balance sheet in which classification?
A. Current Assets
B. Current Liabilities
C. Long-term Liabilities
D. Owner's Equity
Question 4
The personal assets of the owner of a company will not appear on the company's balance sheet
because of which principle/guideline?
A. Cost
Economic Entity (nguyên tắc thực thể kinh doanh – coi
B. doanh nghiệp và chủ dn riêng biệt với nhau
C. Monetary Unit
D. None of the above
Question 5
Adjusting entries at the end of an accounting period would not be required for which of the following
Multiperiod costs that must be split among two or more
A. accounting periods. Accrual
Multiperiod revenues that must be split among two or more
B. accounting periods. prepaid
Expenses that have been incurred in a given period but not as
C. yet recorded in the accounts.accrual
Revenue that has been earned and recorded in the
D. accounting records.
Question 6
The Journal is
A. Part of the double entry system (ledger)
B. A supplement to the Cash Book
C. Not part of the double entry system (original entry)
D. Not part of the double entry system
Question 7
Transactions involve two elements. Which one guides you to identify the accounts to debit
and credit?
A. The item exchanged
B. The buyer
C. The seller
D. The form of settlement (cash/credit/capital)
Question 8
What are the two fundamental characteristics of useful financial information according to
the IASB’s Conceptual Framework for Financial Reporting?
A. Completeness and neutrality
Comparability and understandability (trong Slide t làm
B. nha)
C. Timeliness and verifiability
D. Relevance and faithful representation
Question 9
Credit notes issued by us will be entered in our
A. Sales Account
B. Return Inwards Account
C. Return Inwards Book
D. Return Outwards Book
Question 10
Which of the following equations properly represents a derivation of the fundamental accounting
equation?
A. Assets + liabilities = owner's equity.
B. Assets = owner's equity.
C. Cash = assets.
D. Assets – liabilities = owner's equity.
Question 11
Which of the following do not affect trial balance agreement? Làm bên dr # cr
(i) Sales £105 to A. Henry entered in P. Henry account -> comission error
(ii) Cheque payment of £134 for Motor expenses entered only in Cash book; -> suspense
(iii) Purchases £440 from C. Browne entered in both account as £404; ->
(iv) Wages account added up incorrectly, being totalled £10 too much -> suspense
Question 13
ABC Co. incurs cleanup expense of $500 on December 30. The supplier's invoice states that the $500
is due by January 10 and ABC will pay the invoice on January 9. ABC follows the accrual basis of
accounting and its accounting year ends on December 31. What is the effect of the cleanup service on
the December balance sheet of ABC?
Vì công ty này theo accrual concept, vào tháng 12, expenses incurres, Mà tận tháng 1 mới trả
tiền. -> increase liabilities
A. Assets Decreased
B. Liabilities Increased
C. No Effect On Owner's Equity
D. None of the above
Question 14
Which of the following is an asset account?
A. Accounts Payable
B. Prepaid Insurance (chi phí trả trước sẽ là asset)
C. Unearned Revenue
D. All of the above
Question 15
Blankenship Company pays its employees every Friday for work rendered that week. The payroll is
typically $10,000 per week. Blankenship’s year-end occurred on Wednesday, at which time a correct
adjusting entry was recorded. On the following Friday, which of the following payroll journal entries
should be recorded?
Salary Expense 10,000
A. Cash 10,000
Question 16
ABC Co. follows the accrual basis of accounting and performs a service on account (on credit) in
December. The service was billed at the agreed upon amount of $3,500. ABC Co. debited Accounts
Receivable for $3,500 and credited Service Revenue for $3,500. The effect of this entry on the balance
sheet of ABC is to increase assets by $3,500 and to
Dr receivable 3500
Cr Services revenue 3500 -> doanh thu tăng -> có lợi nhuận ở income statement -> vốn chủ sở
hữu tăng
A. Decrease Assets By $3,500
B. Increase Owner's (Stockholders') Equity By $3,500
C. Neither (A) and (B)
D. Both (A) and (B)
Question 17
Which of these best describes non-current assets?
A. Items bought to be used in the business (cash,… inventory,…)
B. Items which will not wear out quickly
C. Expensive items bought for the business
Items having a long life and not bought specifically for
D. resale
Question 18
Gross profit is
Excess of sales over cost of goods sold (sales – cost of goods
A. sold)
B. Sales less purchases
C. Cost of goods sold + opening inventory
D. Net profit less expenses of the period
Question 19
Is it true that the trial balance totals should agree?
A. No, there are sometimes good reasons why they differ
B. Yes, except where the trial balance is extracted at the year end
C. Yes, always
D. No, because it is not a balance sheet
Question 20
Which principle/guideline directs a company to show all the expenses related to its revenues of a
specified period even if the expenses were not paid in that period?
A. Cost
B. Matching
C. Monetary Unit
D. None of the above
Section B – Short Answer Question (Choose 4 out of 6 questions, each question worth 0.5 marks,
total 2 marks)
Notes: Please show your full working / calculation to support your answers. No mark will be
awarded for answer without supporting working / calculation.
Freezer
2020 £ 2020 £
May-1 Sales 250 May-17 Cash 400
May-14 Sales 400 May-18 Returns 150
May-30 Sales 200
Q4 Given that:
Opening trade receivables £ 15,000
Sales £ 60,000
Receipt from debtors £ 65,000
Q5 Given that:
Trade payable at 1 January 2019 £ 5,000
Trade payable at 31 December 2019 £ 20,000
Payment to creditors £ 30,000
Q6 Given that:
Opening capital £ 16,500
Closing capital £ 11,350
Drawings £ 3,300
As at 31 December 2021, a business named Andrew Noel, has the following balances:
Account Balance ($)
Sales 126
Purchases 111
Returns outwards 18
Wages and salaries 30
Van 500
Trade receivables 98
Trade payables 36
Fixtures and
fittings 150
Cash at bank 296
Cash in hand 73
Drawings 22
Capital 1,000
Long-term Loan 100
Questions:
a. Prepare a trial balance at the end of 31 December 2021.
b. Prepare the Statement of Profit or Loss (Income Statement) for 31 December 2021.
c. Prepare the Statement of Financial Position (Balance sheet) at the end of 31 December
2021.