UEH Trắc nghiệm kế toán quốc tế 1

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Đoạn văn câu hỏi

In relation to measurement of the elements of financial statements

If management intends to liquidate the entity’s operations, financial statements are prepared on the basis of

Select one:

a.

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Financial statements do not have to be prepared

The going concern assumption underlying the preparation of financial statements is also know as:

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Câu Hỏi 4

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The accountant is aware that some members of the Board of Lee have little

understanding of accounting and he is worried about his presentation of the

financial statements at the Board meeting How should he deal with this situation?Select one:

In doing his presentation he should omit any complex issues, so that everybody can

understand what he is saying.

The company's statement of profit or loss prepared using historical costs showed a loss from operating its shops, but the company is aware that the increase in the value of its properties during the period far outweighed the operating loss Because loss on operating the shops, the accountant is considering the issue of going

concern If it were decided that this company was no longer a going concern at the

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reporting date, which of the following would apply in accordance with the

The financial statements should be prepared as normal and the going concern status

disclosed in the notes.

Recognition is the process of including within the financial statements items which meet the definition of an element according to the IASB’s Conceptual Framework forFinancial Reporting Which of the following items should be recognised as an asset

in the statement of financial position of a company?

A government grant relating to the purchase of an item of plant several years ago which has

a remaining life of four years

c.

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A skilled and efficient workforce which has been very expensive to train Some of these staff are still in the employment of the company

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The company's statement of profit or loss prepared using historical costs showed a loss from operating its shops, but the company is aware that the increase in the value of its properties during the period far outweighed the operating loss The accountant decides that the properties should be revalued Which concept or

qualitative characteristic has been applied in making this decision?

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Câu Hỏi 8

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Which of the following is NOT a duty of the IFRS Interpretations Committee?Select one:

The measurement method most commonly used in the preparation of financial statements is:

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Which of the following statements is INCORRECT in relation to the recognition criteria for elements of the financial statements?

Income is recognised when an increase in future economic benefits related to a decrease in

an asset or an increase in a liability that has arisen can be measured reliably

c.

Liabilities are recognised when it is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which settlement will take place can be measured reliably

d.

Because equity is the arithmetic difference between assets and liabilities, a separate

recognition criteria for equity is not needed in The Framework

Phản hồi

The correct answer is: Income is recognised when an increase in future economic benefits related to a decrease in an asset or an increase in a liability that has arisen can be

measured reliably

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Câu Hỏi 11

Sai

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An asset is defined in the conceptual framework as:

a resource controlled by the entity as a result of past events and from which future

economic benefits are expected to flow to the entity

In relation to the concept of recognition of an item in the financial statements:

Select one:

a.

Items of equity must satisfy both the probability and measurement criteria before they can

be recognised

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For items to qualify for recognition in the financial statements as liabilities or income they must first satisfy the definition of an element, and then meet both the probability and measurement requirements in relation to recognition

Câu Hỏi 13

Sai

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The Framework focuses on:

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General Purpose Financial Statements:

Which of the following statements is INCORRECT?

Select one:

a.

The Framework defines the objective of financial statements.

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The correct answer is: The Framework defines principles for accounting recognition,

measurement and disclosure.

Câu Hỏi 16

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Sold an asset to a finance company and leased it back for the remainder of its useful life The accountant has decided that this should be treated as a secured loan Which concept or qualitative characteristic has influenced the decision above?Select one:

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Câu Hỏi 17

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The Conceptual Framework identifies an underlying assumption in preparing financial statements This is:

Which of the following bodies report to the IFRS Foundation?

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A liability is defined in conceptual framework as:

c.

a present obligation of the entity arising from past events, the settlement of which is expected to result in an inflow to the entity of resources embodying economic benefits d.

possible obligation of the entity, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

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Câu Hỏi 20

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Information that is able to confirm or correct past evaluations that have been made

by users of financial information is an example of information that satisfies which of the following characteristics of financial information identified in The Framework?Select one:

Technique Co has equipment with a carrying amount of €800,000 The equipment’sfair value less costs to sell is €780,000, and its value-in-use is €815,000 The

equipment is expected to be used in operations in the future What amount (if any) should Technique report as an impairment to its equipment?

Select one:

a.

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Orton Corporation, which has a calendar year accounting period, purchased a new machine for €40,000 on April 1, 20x4 At that time Orton expected to use the

machine for nine years and then sell it for €4,000 The machine was sold for

€22,000 on Sept 30, 20x9 Assuming straight-line depreciation, no depreciation in the year of acquisition, and a full year of depreciation in the year of retirement, the gain to be recognized at the time of sale would be:

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All are incorrect

When an asset is measured using the revaluation model, any impairment loss is treated as:

At reporting date, the carrying amount of a cash-generating unit was considered to

be have been impaired by $900 The unit included the following assets: Land $4000;Plant $3000; Goodwill $500 The amount of impairment allocated to land is:

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When assessing the recoverable of assets that have previously been subject to an impairment loss, which of the following indicators assist in providing external

evidence that an impairment loss has reversed:

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An appropriate journal entry to recognise an impairment loss under the cost model is:

Jam Pty Ltd has two cash generating units CGU A had a carrying amount of €700 and value in use of €750 CGU B has a carrying amount of €900 and a value in use

of €800 The carrying amount of the head office assets is €400 CGUs A and B utilisethe head office services equally The impairment loss for CGU A is:

Select one:

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On January 1, 2018, Fredrichs Inc purchased equipment with a cost of €3,060,000,

a useful life of 12 years and no salvage value The company uses straight-line depreciation At December 31, 2018, the company determines that impairment indicators are present The fair value less cost to sell the asset is estimated to be

€2,600,000 The asset’s value-in-use is estimated to be €2,365,000 There is no change in the asset’s useful life or salvage value The 2018 income statement will report Loss on Impairment of:

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IAS 36 Impairment of Assets suggests how indications of impairment might be recognised Which TWO of the following would be external indicators that one or more of an entity's assets may be impaired?

Select one or more:

Câu trả lời của bạn đúng

The correct answers are: An unusually significant fall in the market value of one or more assets, An increase in market interest rates used to calculate value in use of the assetsCâu Hỏi 10

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Lynch Printing Company determines that a printing press used in its operations has suffered an impairment in value because of technological changes An entry to record the impairment should

The information below refers to three non-current assets of IDLE as at 31 March 20X5:

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Phản hồi

The correct answer is:

The information below refers to three non-current assets of IDLE as at 31 March 20X5:

Under IAS 36 Impairment of Assets, the impairment testing of goodwill occurs at the:

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Đặt cờ

If an entity does not expect to recover the carrying amount of an asset, the entity has incurred:

At reporting date Guilder Limited estimated an impairment loss of €50,000 against its single cash-generating unit The company had the following assets:

Headquarters Building €100,000; Plant €60,000; Equipment €40,000 The net carrying amount of Plant after allocation of the impairment loss is:

Select one:

a.

€45,000

b.

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On January 1, 2018, Fredrichs Inc purchased equipment with a cost of €3,060,000,

a useful life of 12 years and no salvage value The company uses straight-line depreciation At December 31, 2018, the company determines that impairment indicators are present The fair value less cost to sell the asset is estimated to be

€2,600,000 The asset’s value-in-use is estimated to be €2,365,000 There is no change in the asset’s useful life or salvage value The 2019 (second year) income statement will report depreciation expense for the equipment of:

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The impairment test for goodwill must be conducted:

Constructor Limited estimated an impairment loss of €500 against its single generating unit The company had the following assets: Headquarters Building

cash-€1000; Construction Plant €600; Equipment €400 The net carrying amount of the Equipment after allocation of the impairment loss is:

Select one:

a.

All are incorrect

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According to IAS 36 Impairment of Assets, the recoverable amount test requires an entity to compare the fair value an asset less costs to sell, with:

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Câu Hỏi 19

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Under IAS 36 Impairment of Assets, impairment of an asset, and the accounting treatment using

the cost model, are as follows:

Impairment: Carrying amount of an asset is greater than its recoverable

amountAsset is written down to its recoverable amountNo change to the asset valueCarrying amount of an asset is less than its recoverable amount

Accounting treatment: Carrying amount of an asset is greater than its recoverable amountAsset is written down to its recoverable amountNo change to the asset valueCarrying amount of an asset is less than its recoverable amount

Phản hồi

The correct answer is:

Under IAS 36 Impairment of Assets, impairment of an asset, and the accounting treatment using the cost

model, are as follows:

Impairment: [Carrying amount of an asset is greater than its recoverable amount]

Accounting treatment: [Asset is written down to its recoverable amount]

Câu Hỏi 20

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An impairment loss occurs when:

Select one:

a.

the recoverable amount of an asset exceeds its initial cost.

b.

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the recoverable amount of an asset exceeds the carrying amount;

Jeff Corporation purchased a limited-life intangible asset for €150,000 on May 1,

2017 It has a useful life of 10 years What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2019?Select one:

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Harrel Company acquired a patent on an oil extraction technique on January 1, 2018for €6,000,000 It was expected to have a 10 year life and no residual value Harrel uses straight-line amortization for patents On December 31, 2019, the recoverable amount of the patent was estimated to be €5,400,000 At what amount should the patent be carried on the December 31, 2019 statement of financial position?

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On May 5, 2019, MacDougal Corp exchanged 2,000 shares of its £25 par value ordinary treasury shares for a patent owned by Masset Co The treasury shares were acquired in 2018 for £45,000 At May 5, 2019, MacDougal's ordinary shares was quoted at £38 per share, and the patent had a carrying value of £68,000 on Masset's books MacDougal should record the patent at:

Which of the following assets is regarded as meeting the identifiability criteria for recognition as an identifiable intangible asset that can be recorded as acquired in a business combination?

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The characteristic that distinguishes the goodwill from other intangible assets is:Select one:

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IAS 38 Intangibles, requires that the following items in relation to intangibles, each

A company acquires a patent for a drug with a remaining legal and useful life of six years on January 1, 2017 for £2,100,000 The company uses straight-line

amortization for patents On January 2, 2019, a new patent is received for a release version of the same drug The new patent has a legal and useful life of twenty years The least amount of amortization that could be recorded in 2019 isSelect one:

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All are incorrect

The general ledger of Vance Corporation as of December 31, 2019, includes the following accounts: Copyrights: £30,000; Deposits with advertising agency (will be used to promote goodwill) £27,000; Bond sinking fund: £70,000; Excess of cost overfair value of identifiable net assets of acquired subsidiary £390,000 and trademarks

£120,000 In the preparation of Vance's statement of financial position as of

December 31, 2019, what should be reported as total intangible assets?

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Câu Hỏi 9

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Rich Corporation purchased a limited-life intangible asset for €270,000 on May 1,

2017 It has a useful life of 10 years What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2019?

A key characteristic that separates assets such as property, plant and equipment from intangible assets is:

Select one:

a.

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length of useful life

On June 30, 2019, Cey Inc exchanged 2,000 shares of Seely Corp €25 par value ordinary shares for a patent owned by Gore Co The Seely stock was acquired in

2019 at a cost of €55,000 At the exchange date, Seely ordinary shares had a fair value of €48 per share, and the patent had a net carrying value of €110,000 on Gore's books Cey should record the patent at:

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Unless acquired under a business combination, intangible assets must be initially measured using which of the following measurement approaches?

Which of the elements below cannot be recognized as an intangible asset on the statement of financial position of a company Alpha for the reporting period that ends on the 30th of September 20X4?

Select one:

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Câu Hỏi 14

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Malrom Manufacturing Company acquired a patent on a manufacturing process on January 1, 2018 for €4,000,000 It was expected to have a 10 year life and no

residual value Malrom uses straight-line amortization for patents On December 31,

2019, the recoverable amount of the patent was estimated to be €2,720,000 At what amount should the patent be carried on the December 31, 2019 statement of financial position?

Tiêu đề	UEH Trắc nghiệm kế toán quốc tế 1
Trường học	University of Economics Ho Chi Minh City
Chuyên ngành	Accounting
Thể loại	Quiz
Năm xuất bản	2023
Thành phố	Ho Chi Minh City

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Số trang	75
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