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Đề thi Kế toán 1 Icaew CFAB final dasua

Accounting Principles (Đại học Kinh tế Quốc dân)

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CÂU HỎI TRẮC NGHIỆM MÔN: Kế toán 1 (ICAEW CFAB)

Ngày thi 13/12/2021
(90 phút)

STT Mã Nội dung Đáp Cố định Nhóm

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1 The following statement relating to the IASB’s Conceptual Framework for D
Financial Reporting is false?
A. The Framework is not a Standard itself, although it is used as a
reference document when new standards are developed.
B. It assists preparers in developing consistent accounting policies when
no Standard applies. It assists in developing IFRS based on consistent
concepts
C. It assists all parties in understanding and interpreting IFRS Standards
D. It is one international standard
2 Which of the following statements best defines the equity or capital of a A
business?
A. Equity or capital of a business is represented by the net assets of the
business
B. Equity or capital of a business is equivalent to the value of the
business
C. Equity or capital of a business is equivalent to the value of the
business assets
D. Equity or capital of a business is represented by the total assets of the
business
3 Which of the following pairs of items would appear on the same side of the B
trial balance?
A. Drawings and accruals

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B. Carriage outwards and prepayments

C. Carriage inwards and rental income
D. Opening inventory and purchase returns
4 Sasha has prepared a draft statement of P/L for her business as follows: A
-Sales 256,800
-Cost of sales
Opening inventory 13,400
Purchases 145,000
Closing inventory (14,200)
(144,200)
-Gross profit 112,600
-Expenses (76,000)
-Net profit 36,600
Sasha has not yet recorded the following items:
Carriage in of £2,300
Discounts received of £3,900
Carriage out of £1,950
After these amounts are recorded, what are the revised values for gross and
net profit of Sasha’s business?
Gross profit Net profit
A. 114,200 36,250
B. 114,200 28,450
C. 110,300 28,450
D. 110,300 36,250

5 Elane started the month with cash at bank of £1,780. B

What was the balance carried forward after accounting for the following

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transactions in June?
(1) Elane withdrew £200 per week to cover living expenses.
(2) A customer paid for goods with a list price of £600, less trade discount of
5%.
(3) An amount of £400 was received from a credit customer.
(4) Bankings of £1,200 from canteen vending machines
Choose the correct answer:
A. 3,950
B. 3,150
C. 3,750
D. 3,510
6 During the year, Allardyce made the following accounting entries to account D
for the cash proceeds received upon disposal of an item of machinery:
Dr. Bank £2,500
Cr. Sales revenue £2,500
What journal entry is required to account correctly for the disposal proceeds
received upon disposal of the item of machinery?
A. Dr. Accumulated depreciation £2,500, and Cr. Disposal of machinery
£2,500
B. Dr. Sales revenue £2,500, and Cr. Bank £2,500
C. Dr. Disposal of machinery £2,500, and Cr. Machinery asset £2,500
D. Dr. Sales revenue £2,500, and Cr. Disposal of machinery £2,500
7 What are the accounting entries required to account for settlement discount B
received of £250 from a credit supplier?
A. Dr. Purchases £250, and Cr. Trade payables’ control £250
B. Dr. Trade payables’ control £250, and Cr. Purchases £250
C. Dr. Discount received £250, and Cr. Trade payables’ control £250
D. Dr. Trade payables’ control £250, and Cr. Revenue £250
8 Mike wrongly paid Norman £250 twice for goods purchased on credit. D
Norman
subsequently reimbursed Mike for the overpayment of £250.

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How should Mike account for the reimbursement received from Norman?
A. Debit Cash received, and Credit Sales
B. Debit Cash received, and Credit Discount received
C. Debit Cash received, and Credit Trade receivables’ control account
D. Debit Cash received, and Credit Trade payables’ control account
9 What are the accounting entries required to record sales on credit of A
£10,000, on which VAT is applied at the rate of 20%?
A. Dr. Trade receivables’ control account £12,000, Cr. Sales revenue
£10,000 and Cr. VAT £2,000
B. Dr. Trade receivables’ control account £10,000, Cr. Sales revenue
£8,000 and Cr. VAT £2,000
C. Dr. Sales revenue £10,000, Dr. VAT £2,000 and Cr. Suspense £12,000
D. Dr. Sales revenue £8,000, Dr. VAT £2,000 and Cr. Suspense £10,000
10 Himlan uses the imprest method of accounting for petty cash. She counted A
the petty cash and there was £66.00 in hand. There were also the following
petty cash vouchers:
£
Sundry purchases 22.00
Loan to sales manager 10.00
Purchase of staff drinks 19.00
Sundry sales receipts 47.00
What is Himlan’s imprest amount?
Choose the correct answer:
A. 117
B. 70
C. 107
D. 170
11 ABC Co sold goods with a list price of £1,000 to Smith which was subject to C
trade discount of 5% and early settlement discount of 4% if the invoice was
paid within 7 days. The normal credit period available to credit customers is
30 days from invoice date. At the point of sale, Smith was not expected to

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take advantage of early settlement terms offered.

If Smith subsequently paid within 7 days and was eligible for the settlement
discount, what accounting entries should be made by ABC Co to record
settlement of the amount outstanding?
A. Dr. Cash £950, Dr. Revenue £50 and Cr. Trade receivables £1,000
B. Dr. Cash £950, Cr. Revenue £38 and Cr. Trade receivables £912
C. Dr. Cash £912, Dr. Revenue £38 and Cr. Trade receivables £950
D. Dr. Cash £912, and Cr.Trade receivables £912
12 Kiera’s interior design business received a delivery of fabric on 29 June C
20X6 and was included in the inventory valuation at 30 June 20X6. As at 30
June 20X6, the invoice for the fabric had not been accounted for.
Based upon the available information, what effect(s) will this have on
Kiera’s profit for the year ended 30 June 20X6 and the inventory valuation at
that date?
(1) Profit for the year ended 30 June 20X6 will be overstated.
(2) Inventory at 30 June 20X6 will be understated.
(3) Profit for the year ended 30 June 20X7 will be overstated.
(4) Inventory at 30 June 20X6 will be overstated.
A. (1) and (2)
B. (2) and (3)
C. (1) only
D. (1) and (4)
13 Ajay’s annual inventory count took place on 7 July 20X6. The inventory value on this date B
was £38,950. During the period from 30 June 20X6 to 7 July 20X6, the following took
place:
Sales £6,500
Purchases £4,250
The mark up is 25% on cost.
What is Ajay’s inventory valuation at 30 June 20X6?
A. 41,200
B. 39,900
C. 42,100

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D. 39,000
14 Inventory movements for product X during the last quarter were as follows: C
Opening inventory at 1 January was 6 items valued at £15 each.
January Purchases 10 items at £19.80 each
February Sales 10 items at £30 each
March Purchases 20 items at £24.50
Sales 5 items at £30 each

What was gross profit for the quarter, if inventory is valued using the continuous
weighted average cost method?
A. 150
B. 160
C. 155
D. 165
15 Your firm values inventory using the periodic weighted average cost method. D
At 1 October 20X8, there were 60 units in inventory valued at £12 each. On
8 October, 40 units were purchased for £15 each, and a further 50 units were
purchased for £18 each on 14 October. On 21 October, 75 units were sold for
£1,200.
What was the value of closing inventory at 31 October 20X8?
A. 1,100
B. 1,000
C. 1,101
D. 1,110
16 What would be the effect on an entity’s profit for the year of discovering that B
inventory with cost of £1,250 and a net realisable value of £1,000 had been
omitted from the original inventory valuation?
A. An increase of £1,250
B. An increase of £1,000
C. A decrease of £250
D. No effect at all
17 In times of rising prices, the valuation of inventory using the first in, first out method, as A

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opposed to the weighted average cost method, will result in which of the following
combinations?
Cost of sales Profit Closing inventory
A. Lower Higher Higher
B. Lower Higher Lower
C. Higher Lower Higher
D. Higher Higher Lower

18 Details of B Co’s insurance policy are as follows: A

Premium for year ended 31 March 20X6 paid April 20X5 £10,800
Premium for year ending 31 March 20X7 paid April 20X6 £12,000

What figures should be included in the B Co’s financial statements for the year ended
30 June 20X6?
Statement of profit or loss Statement of financial position
A. 11,100 9,000 prepayment
B. 11,700 9,000 prepayment
C. 11,100 9,000 accrual
D. 11,700 9,000 accrual
19 Vine Co sublets part of its office accommodation to earn rental income. The rent is D
received quarterly in advance on 1 January, 1 April, 1 July and 1 October. The annual rent
has been £24,000 for some years, but it was increased to £30,000 from 1 July 20X5.
What amounts for rent should appear in Vine Co’s financial statements for the year
ended 31 January 20X6?
Profit or loss Statement of financial position
A. £27,500 £5,000 in accrued income
B. £27,000 £2,500 in accrued income
C. £27,000 £2,500 in prepaid income
D. £27,500 £5,000 in prepaid income

20 At 1 September, the motor expenses account showed 4 months’ insurance D

prepaid of £80 and fuel costs accrued of £95. During September, the
outstanding fuel bill was paid, plus further bills of £245. At 30 September

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there was a further outstanding fuel bill of £120.

What was the expense included in the statement of profit or loss for motor
expenses for September?
A. 583
B. 853
C. 358
D. 385
21 Which of the following statements is false? B
A. Accruals decrease profit
B. Accrued income decreases profit
C. A prepayment is an asset
D. An accrual is a liability
22 On 9 October, Parker paid his heat and power bill for the three months ended C
30 September 20X4. The bill included a meter rental charge of £60 for the
three months ending 31 December 20X4 and a usage charge of £135 for the
three month period to 30 September 20X4. Parker has an accounting year
end date of 31 October 20X4.
Which of the following pairs of adjustments is required in relation to the
heat and power expense as at 31 October 20X4?
A. Rental accrual of £40 Usage prepayment of £45
B. Rental accrual of £45 Usage prepayment of £40
C. Rental prepayment of £40 Usage accrual of £45
D. Rental prepayment of £45 Usage accrual of £4
23 Farthing’s year‐end is 30 September. On 1 January 20X6 Farthing took out a B
loan of £100,000 with annual interest of 12%. The interest is payable in
equal instalments on the first day of April, July, October and January in
arrears.
How much should be charged to the statement of profit or loss account for
the year ended 30 September 20X6, and how much should be accrued on the
statement of financial position?
Statement of profit or loss Statement of financial position

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A. £12,000 £3,000
B. £9,000 £3,000
C. £9,000 £0
D. £6,000 £3,000
24 The electricity account for the year ended 30 June 20X3 was as follows: A
Opening balance for electricity accrued at 1 July 20X2 300
Payments made during the year:
1 August 20X2 for three months to 31 July 20X2 600
1 November 20X2 for three months to 31 October 20X2 720
1 February 20X3 for three months to 31 January 20X3 900
30 June 20X3 for three months to 30 April 20X3 840
What was the expense charged to the statement of profit or loss for the year
ended 30 June 20X3 and the accrual at 30 June 20X3?
Accrued at June 20X3 Expense in profit or loss
A. 560 3,320
B. 300 0
C. 340 3,220
D. 650 0
25 In the statement of financial position at 31 December 20X5, Boris reported net receivables B
of £12,000. During 20X6 he made sales on credit of £125,000 and received cash from
credit
customers amounting to £115,500. At 31 December 20X6, Boris decided to write off debts
of £7,100 and increase the specific allowance for receivables by £950 to £2,100.
What was the net receivables figure reported in the statement of financial position at
31 December 20X6?
A. £12,300
B. £13,450
C. £14,400
D. £15,550

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26 D
The following balances relate to Putney:
Receivables at 1 January 20X8 £34,500
Cash received from credit customers 247,790
Contra with payables 1,200
Cash sales 24,000
Irrecoverable debts 18,600
Increase in allowance for receivables 12,500
Discounts received 15,670
Receivables at 31 December 20X8 45,000

What is the revenue figure reported by Putney in the year ended 31 December 20X8?
A. £275,690
B. £278,090
C. £320,690
D. £302,090
27 In the year ended 30 September 20X8, Fauntleroy had sales of £7,000,000. The A
year‐end receivables amounted to 5% of annual sales. At the year end, Fauntleroy’s
specific allowance for receivables equated to 4% of receivables. He also identified
that this amount was 20% higher than at the previous year end.
During the year irrecoverable debts amounting to £3,200 were written off and debts
amounting to £450 and previously written off were recovered.
What was the irrecoverable debt expense for the year?
A. £5,083
B. £5,550
C. £5,583
D. £16,750
28 The following is an extract from the trial balance of Gardeners: B
£ £
Non‐current assets 50,000
Inventory 2,600
Capital 28,000
Receivables and payables 4,500 5,000

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Allowance for receivables 320

Cash 290
Purchases and Sales revenue 78,900 120,000
Rental expense 3,400
Sundry expenses 13,900
Bank interest 270
Total 153,590 153,590

The following items have not yet been accounted for:

1. Rent of £200 was prepaid.
2. Inventory valuation at the end of the accounting period was £1,900.
3. The allowance for receivables should be amended to £200.
What was the profit for the year?
A. 32,960
B. 23,690
C. 32,690
D. 23,960
29 The following year‐end adjustments are required to a set of draft financial B
statements:
1. Closing inventory of £45,700 to be recorded.
2. Depreciation at 20% straight line to be charged on assets with a cost of
£470,800.
3. An Irrecoverable debt of £230 to be written off.
4. Deferred income of £6,700 to be recorded.
What is the impact on net assets of these adjustments?
A. £55,390 increase
B. £55,390 decrease
C. £41,990 decrease
D. £41,990 increase
30 The following is the extract of Jenny's trial balance as at 31 December 20X7: B
The policy of the business is to charge depreciation at 10% per annum on a

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straight line basis.

DR CR
Plant and machinery 50,000
Plant and machinery accumulated depreciation 15,000
What is the depreciation charge to the statement of profit or loss for the year
ended 31 Dec 20X7 and the closing carrying amount as at 31 Dec 20X7?
Depreciation charge Carrying amount
A. 3,500 31,500
B. 5,000 30,000
C. 5,000 45,000
D. 3,500 30,000
31 What is the most important reason for producing a trial balance prior to C
preparing the financial statements?
A. It confirms the accuracy of the ledger accounts
B. It provides all the figures necessary to prepare the financial statements
C. It shows that the ledger accounts contain debit and credit entries of an
equal value
D. It enables the accountant to calculate any adjustments required
32 Ordan received a statement from one of its suppliers, Alta, showing a D
balance due of £3,980. The amount due according to the payables’ ledger
account of Ordan was only £230.
Comparison of the statement and the ledger account revealed the following
differences:
(1) A cheque sent by Ordan for £270 has not been recorded in Alta’s
statement.
(2) Alta has not recorded goods returned by Ordan £180.
(3) Ordan made a contra entry, reducing the amount due to Alta by £3,200,
for a balance due from Alta in Ordan’s receivables ledger. No such entry has
been made in Alta’s records.
What difference remains between the two entities’ accounting records after
adjusting for these items?

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A. £460
B. £640
C. £6,500
D. £100
33 A supplier sent Lord a statement showing a balance outstanding of £14,350. B
Lord’s records show a balance outstanding of £14,500.
Which of the following reasons could account for this difference?
A. The supplier sent an invoice for £150 which Lord has not yet received
B. The supplier has allowed Lord £150 cash discount which you had
omitted to enter in your ledgers
C. Lord has paid the supplier £150 which he has not yet accounted for
D. Lord has returned goods worth £150 which the supplier has not yet
accounted for
34 The cash book of Worcester shows a credit balance of £1,350. Cheques of D
£56 have been written to suppliers but not yet cleared the bank; uncleared
lodgements amount to £128.
The bank has accidentally credited Worcester’s account with interest of £15
due to another customer. A standing order of £300 has not been accounted
for in the general ledger.
What is the balance on the bank statement?
A. £993 Cr
B. £993 Dr
C. £1,707 Cr
D. £1,707 Dr
35 A bank reconciliation statement for Dallas at 30 June 20X5 is being B
prepared. The following information is available:
(1) Bank charges of £2,340 have not been entered in the cash book.
(2) The bank statement shows a balance of £200 Dr.
(3) Unpresented cheques amount to £1,250.
(4) A direct debit of £250 has not been recorded in the ledger accounts.
(5) A bank error has resulted in a cheque for £97 being debited to Dallas’

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account instead of Dynasty’s account.

(6) Cheques received but not yet banked amounted to £890.
What will be the final balance in the cash book after all necessary
adjustments?
A. £463 Dr
B. £463 Cr
C. £63 Cr
D. £63 Dr
36 At 1 January 20X8, Clarinet Co had an estimated income tax liability of C
£2,350. This liability was settled by a payment of £2,050 made In March
20X8. Due to challenging trading conditions, Clarinet Co made a loss for the
year ended 31 December 20X8 and expects to recover a repayment of
income tax of £2,120 during 20X9.
What amounts should be included in Clarinet Co’s financial statements for
the year ended 31 December 20X8 for income tax?
Statement of profit or loss Statement of financial position
A. £2,420 tax charge £1,820 tax recoverable asset
B. £2,120 tax credit £2,120 tax payable
C. £2,420 tax credit £2,120 tax recoverable asset
D. £1,820 tax charge £2,120 tax recoverable asset
37 Brown Co had £100,000 £0.50 shares and £400,000 8% irredeemable preference B
shares in issue. A dividend of 3 cents per equity share and half of the preference
dividend was paid during the year.
Which of the following statements is/are true?
(1) An equity dividend of £3,000 was paid during the year.
(2) A preference dividend of £16,000 was accrued at the year end.
A. (1) only
B. (2) only
C. Neither (1) nor (2)
D. Both (1) and (2)

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38 At 1 October 20X6, Ozber Co’s capital structure was as follows: C

£
Equity shares, £0.25 100,000
Share premium 30,000
On 10 January 20X7, in order to raise finance for expansion, Ozber Co made
a 1 for 4 rights issue at £1.15. The issue was fully taken up. This was
followed by a 1‐for‐10 bonus issue on 1 June 20X7.
What was the balance on the share premium account after these
transactions?
A. £17,500
B. £21,250
C. £107,500
D. £120,000
39 In which TWO financial statements, compiled in accordance with IFRS C
Standards, would you expect to find dividends paid?
A. Statement of profit or loss and other comprehensive income
B. Statement of financial position
C. Statement of cash flows & Statement of changes in equity
D. Statement of cash flows & Statement of profit or loss and other
comprehensive income
40 The following information is relevant to Wimbledon: C
£
Opening inventory 12,500
Closing inventory 17,900
Purchases 199,000
Distribution costs 35,600
Administrative expenses 78,800
Audit fee 15,200
Carriage in 3,500
Carriage out 7,700
Depreciation 40,000

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Depreciation is to be split in the ratio 70:30 between the factory and the
office. All office expenses are classified as administrative expenses.
Based upon the available information, what was Wimbledon’s cost of sales?
A. £233,600
B. £221,600
C. £225,100
D. £237,100

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