Full test for Big4 (Đề 1) - Kiểm toán Deloitte, KPMG, EY, PwC

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Start-up with Big4: Mid- term test Full name: ……………………………………………………………………………………………………… Class: …………………………………………………………………………………………………… Note: Mobile phone was not allowed during the test VAS (Mark: 30) 1. Upon the finalization of construction work in progress under self-constructed method, abnormal expenses during the construction process shall be A. capitalized B. included in cogs in the period C. recognized as administration expenses D. recognized as financial expenses 2. For fully depreciated tangible assets, the Company shall A. record no additional depreciation B. continue recording depreciation C. consider the economic effeciency of the use of such asset D. A and C E. None of the above 3. The initial direct cost in financial lease is recognized as A. financial expenses B. general overheads C. administration expenses D. included in the cost of the lease 4. The historical cost of a finance lease is A. The total lease payments, including both principal and interest B. The VAT inclusive price that the lessor pay for such asset C. The VAT either inclusive or exclusive price that the lessor pay for such asset depending on what activities the lessee use the asset for D. Always the VAT exclusive price that the lessor pay for such asset The given information bellows for question 5 and 6 Sanjay Motors is a trading and servicing company and its fiscal year ends at 31 December 2015. The Company has total receivable outstanding at that day of $500,000. A receivable accountant gives a review of the receivables balancesand highlights two following problems. 1 ThiNganHang.com

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Start-up with Big4: Mid- term test A, One of its customers, Mann Co, has gone bankrupt. Mann Co bought a car cost $50,000 but only paid $36,000. The rest amount is now considered irrecoverable. B, At 1 November 2015, Sanjay Motors is owed $20,000 by Jackson for servicing and repair work carried out on Jackson’s fleet of motor vehicles. Of the $20,000 outstanding, $3,500 relates to work that Jackson feels was substandard. Despite of discussions and negotiation, and although Jackson is generally a ‘good customer’, Sanjay is doubtful that Jackson will ever pay this $3,500. At 1 January 2015, Sanjay Motors had an allowance for receivables of $18,000 and it wishes to set up a general allowance of 5%. 5. How should the accountant do in this circumstance? A. Write-off bad debt $14,000 B. Write-off bad debt $50,000 C. Record expense $17,500 D. Record expense $22,800 E. Record expense $25,000 F. Record expense $6,125 6. Explain the impact on Financial Statements should the issue remain unresolved. A. BS was overstated $14,000 – PL was overstated $17,500 B. BS was overstated $50,000 – PL was overstated $ 28,000 C. BS was overstated $22,800 – PL was overstated $22,800 D. BS was overstated $17,500 – PL was overstated $6,125 E. BS was overstated $20,000 – PL was understated $20,000 F. None of above The given information bellows for question 7 and 8 Sunshine Company operating in manufacturing sector has its fiscal ended 31December and monthly depreciation policy. a) On February 1, 2015, X-men company started to build a new warehouse. The accountant recorded all the cost of $240m at that date toTangible Non-current assets account, and started to depreciate it from this date with the rate of 5% per annual. On Jun 30, 2015, X-men made punishment with an amount of $15m to supplier due to lateness in construction; the accountant recorded it as other income. This new warehouse was completed and used from July 1, 2015 7. If no adjustment entry made, the following consequence with BS ending date 31 Dec 15 A. FA (net) was overstated by $15 B. FA (net) was understated by $5 2 ThiNganHang.com

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Start-up with Big4: Mid- term test C. FA (net) was overstated by $14.313 D. FA (net) was overstated by $9.625 8. Production costs incurred during the month: Cost of direct materials 200,000 ; Cost of direct labor 145,600 ; Fixed overheads 10,000 ; Machinery 80% of standard capacity. At the end of the period, 200 units are finished goods and 20 are WIP 40% complete (assessed using equivalent units of production, raw materials were input at the beginning, other expenses incurred along the process). No WIP at the start of the period. The actual cost of inventory is: A. 394,000 B. 372,200 C. 372,126 D. None of the above 9. Which of the following statements are correct? A. When machinery operates at standard capacity, general overheads shall be transferred to the debit side of WIP account to calculate cost per unit. B. Components reckoned in the calculation of COGS and cost per unit are identical C. The cost of production is that incurred in terms of labor and materials used to make one unit. D. A and B 10. Special consumption tax incurred when selling products subject to special consumption tax shall be recognized as: A. cost of asset B. administration cost C. Sales revenue D. None of the above 11. Company M issues bond A with a term of 3 years, par value of VND 100 million, and bond discount of 12 million. Payment is made via bank transfer. This transaction shall be recorded as A. Dr Cash 100/ Cr Bond discount: 12, Cr Bond :88 B. Dr Cash 112/ Cr Bond 100, Cr Bond discount 12 C. Dr Cash 88/ Dr Bond discount 12, Cr Bond 100 D. Dr Cash 112/ Cr Bond 100, Cr Bond discount 12 12. In a manufacturing company: cost of production incurred in the period: direct materials 450,000 ; direct labor 200,000 ; general overheads 60,000 in which fixed overheads 20,000 3 ThiNganHang.com

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