Trong đây là đề thi và bài tập môn chuẩ mực kế toán tài chính 1 Đồng thời có cách giải chi tiết các bài tập cũng như hướng dẫn giúp sinh viên kế toán có thể giải quyết tốt các phần bài tập cơ bản Chuẩn mực báo cáo tài chính quốc tế 1
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KHOA KẾ TOÁN KIỂM TOÁN
-KỲ THI GIỮA -KỲ HỌC -KỲ 1 NĂM HỌC 2020-2021 Môn: CMBCTCQT 1
Đề 1 Bậc: Đại học Thời gian làm bài: … phút
(Sinh viên không được sử dụng tài liệu)
Họ tên sinh viên: ………
Mã số sinh viên: ………
Lớp học phần: ………
ĐỀ THI GIỮA KỲ HỌC KỲ 2 NĂM HỌC 2020-2021
Đề 1 Thời gian làm bài: 45 phút
(Sinh viên không được sử dụng tài liệu)
Điểm kết luận của bài thi
Giáo viên chấm 1
Câu 1: ………… điểm
Câu 2: ………… điểm
Câu 3: ………… điểm
Họ tên và chữ ký Giáo viên chấm 2
Câu 1: ………… điểm Câu 2: ………… điểm Câu 3: ………… điểm
Họ tên và chữ ký
Số phách
Số thứ tự
Họ tên và chữ ký cán bộ coi thi 1:
Họ tên và chữ ký cán bộ coi thi 2:
Số phách
Trang 2Tổng điểm: ………… điểm Tổng điểm: ………… điểm
Question 1 (1 marks):
What is the difference between Periodic and Perpetual inventory system? Which companies usually use Periodic inventory system and which companies usually use Perpetual inventory system?
Solution:
+ The difference between Periodic inventory system and Perpetual inventory system:
Perpetual inventory system Periodic inventory system
The cost of goods sold is already know Require a calculation to determine the cost of
goods sold
The cost of goods sold account will be updated
when a sale is made
The cost of goods sold is calculated at the end
of the accounting period
Closing inventory = opening inventory +
purchase during the period – cost of sales
during the period
Cost of sales during the period = opening inventory + purchase during the period – closing inventory (can only calculate at the end
of the accounting period)
+ Companies usually use periodic inventory system: Company business inventory have a low value, big volume, different type such as material for sewing; small company don’t have the staff to work with perpetual system, so they use periodic inventory system until the benefits of perpetual system bigger than the costs of installing system; company don’t have many stocks to track
+ Companies usually use perpetual inventory system: Huge company with multiple warehouses and large amounts of inventory like car and machine, perpetual system can help owner company know which inventory is selling with a high volume or low volume Can find ways to consume inventory, recover cost; small company look to grow quickly also can use perpetual system to track inventory
Question 2: (0.5 mark)
Page 2 of 11
Trang 3Solution:
Trang 4Choose (C) FIFO or weighted average for the tires and specific identification for the golden wheels Explain:
- The golden wheel is the material so the gold wheel is inventory As on the fax, they planned to install custom gold wheels on specific cars of their new range From this, we can see that yellow wheels are not mass produced or are often not interchangeable as each batch will have a different wheel design Following the IAS 02 inventories, the cost of inventories of items that are not ordinarily interchangeable and goods or services produced and segregated for specific projects shall be assigned by using specific identification of their individual costs
Therefore, it is best to apply method of costing inventory for Gold wheel is Specific indentification
- Tires are raw materials, so tires are inventory For tyres, apply the FIFO or weighted average cost method We see from the fax, they buy tires from suppliers in large quantities because they are imported
in large quantities, so if the FIFO method is applied, the inventory will be less obsolete, ensuring that new goods are always updated The cost of goods in stock is close to the market price, the inventory indicator on the balance sheet is more economic
Question 3: (2 marks)
a If company uses FIFO, how much is the cost of sales? And how much is the closing inventory? (1 mark)
Solution:
No, Unit Unit cost Total cost No, Unit Unit cost Total cost No, Unit Unit cost Total cost
Page 4 of 11
Trang 59/5/20X6 300 2.12 636 300 2.10 630
Cost of sales = (100 x £2.00 + 100 x £2.10) + (300 x £2.10 + 100 x £2.12) + (100 x £2.12) = £1,464
Closing Inventory = (100 x £2.12) + (100 x £2.4) = £452
Including: 100 units is £2.12/unit
100 units is £2.40/unit
b If company uses LIFO, how much is the cost of sales? And how much is the closing inventory? (1 mark)
Solution:
No, Unit
Unit cost
Total cost
No, Unit
Unit cost
Total cost
No, Unit
Unit cost Total
cost
Trang 611/5/20X6 300 2.12 636 100 2.00 200
Cost of sales = (100 x £2.4 +100 x £2.12) + (200 x £2.12 + 200 x £2.1) + (100 x £2.1) = £1,506
Closing Inventory = (100 x £2.1) + (100 x £2.00) = £410
Including 100 units is £ 2.00/unit
100 units is £ 2.1/unit
Question 4 (1 mark)
a The cost of inventory on hand at 1 January 2013 was $20,000 and at 31 December 2013 was $30,000 Inventory purchases for the year amounted to $190,000, freight outwards expense was $1,000 and purchase returns were $1,900 What was the cost of sales for the year ended 31 December 2013? (0.5 mark)
Solution
Calculate Ending Inventory Goods
Beginning Inventory + The debit incurred - The credit incurred = Ending Inventory
X + A - ( B + 1,900) = Y
=> B = X + A - Y
=> B = $20,000 + $190,000 - $35,000 - $1,900
Cost of sales = $20,000 + $190,000 - $35,000 - $1,900
= $178,100
Dr Cost of sales: $178,100
Cr Merchandise Inventory: $178,000
b The following inventory information relates to K Rauma, who uses a periodic inventory system and rounds the average unit cost to the nearest dollar:
Beginning inventory: 20 units x average cost of $30/unit
January purchase: 30 units x $32/unit
Page 6 of 11
Trang 7July purchase: 40 units x $36/unit
October purchase: 20 units x $24/unit
What is the cost of ending inventory using the weighted average costing method? (0.5 mark)
Solution
Beginning inventory = 20 units x $30/unit = $600
January purchase = 30 units x $32/unit = $960
July purchase = 40 units x $36/unit = $1,440
October purchase = 20 units x $24/unit = $480
Inventory = (20× $ 30)+(30 ×$ 32)+ (40 × $ 36)+(20 × $ 24)
20+30+ 40+20
= $31, 636/unit ≈ $32/unit
The cost of ending inventory = 18 units x $32
= $576
Question 5: (2 mark)
Malmo Ltd’s inventory transactions for April 2014 are shown below
No of
unit
Unit cost
Total cost
No of unit
Unit cost
Total cost
No of unit
Unit cost
Total cost
a If Malmo Ltd uses the perpetual inventory system with the FIFO cost flow method, how much of closing inventory? (1 mark)
Solution:
No of
unit
Unit cost
Total cost
No of unit
Unit cost
Total cost
No of unit
Unit cost
Total cost
Trang 8April 4 100 11.00 1,100 30 10.00 300
The closing inventory is 230 units and total cost is $ 2,870
b If Malmo Ltd uses the perpetual inventory system with the moving average cost flow method, how much of closing inventory? (1 mark)
Solution:
No of
unit
Unit cost
Total cost
No of unit
Unit cost
Total cost
No of unit
Unit cost
Total cost
The closing inventory is 230 units and total cost is $2,856.3
Question 6: (3 marks)
Taj Mahal Milling Co., a calendar-year entity, acquired a machine on June 1, 2013, that cost €100,000 with an estimated useful life of four years and a €2,000 salvage value
a Calculate the depreciation expense for every year if company use straight-line method (1.5 mark)
Solution:
Depreciation= Cost – Residual value(Salvage value)
100,000−2,000
01/06/2013
2013 (7 month) (24,500 : 12) x 7= €14,292
Page 8 of 11
Trang 92014 (12 month) €24,500
2015 (12 month) €24,500
2016 (12 month) €24,500
2017 (5 month) €24,500 - €14,292 = €10,208
Year 2013:
Dr Depreciation Expense: €14,292
Cr Accumulated Depreciation: €14,292
Year 2014
Dr Depreciation Expense: €24,500
Cr Accumulated Depreciation: €24,500
Year 2015:
Dr Depreciation Expense: €24,500
Cr Accumulated Depreciation: €24,500
Year 2016:
Dr Depreciation Expense: €24,500
Cr Accumulated Depreciation: €24,500
Year 2017
Dr Depreciation Expense: €10,208
Cr Accumulated Depreciation: €10,208
b Calculate the depreciation expense for every year if company use double-declining balance method (1.5 mark)
Solution:
Double-declining balance
Straight−line rate= 1
Useful life ×100 %=
1
4×100 %=25 % Depreciation = 2 × Straight-line rate × Carrying amount at beginning of year
01/01/2013
2013 (12 months) = 2 x 25% x 100,000= €50,000
2014 (12 months) = 2 x 25%x(100,000 - 50,000) = €25,000
2015 (12 months) = 2 x 25% x (100,000 - 50,000 - 25,000)= €12,500
Trang 102016 (12 months) = 2 x 25% x (100,000 - 50,000 - 25,000 - 12,500)= €6,250
01/06/2013
2013 (7 months) = (50,000 : 12) x 7 = €29,167
2014 (12 months) 5 months of 2013: 50,000 - 29,167 = €20,833
7 months of 2014: 25,000 : 12 x 7 = €14,583
2015 (12 months) 5 months of 2014: 25,000 - 14,583 = €10,417
7 months of 2015: 12,500 : 12 x 7 = €7,292
2016 (12 months) 5 months of 2015: 12,500 - 7,292 = €5,208
7 months of 2016: 6,250 : 12 x 7 = €3,646
2017 (5 months) 5 months of 2016: 6,250 - 3,646 = €2,604
Year 2013
Dr Depreciation Expenses: €29,167
Cr Accumulated Depreciation: €29,167
Year 2014
Dr Depreciation Expenses: €35,416
Cr Accumulated Depreciation: €35,416
Year 2015
Dr Depreciation Expenses: €17,709
Cr Accumulated Depreciation: €17,709
Year 2016
Dr Depreciation Expenses: €8,854
Cr Accumulated Depreciation: €8,854
Year 2017
Dr Depreciation Expenses: €2,604
Cr Accumulated Depreciation: €2,604
Question 7: (0.5 marks)
An asset with a cost of €400,000 was originally estimated to have a productive life of 20 years The straight-line method is used, and there was no residual value anticipated After 6 years, management revises its estimate of useful life to a total of 10 years
Require: Calculate the depreciation after the useful life is changed (from year 7 to year 10)
Solution:
Page 10 of 11
Trang 11- Year 1: Depreciation ¿Cost−Residual value(Salvage value)
400,000−0
20 =€ 20,000
- Year 2: Depreciation = €20,000
- Year 3: Depreciation = €20,000
- Year 4: Depreciation = €20,000
- Year 5: Depreciation = €20,000
- Year 6: Depreciation = €20,000
- Year 7: Depreciation ¿Cost−Residual value(Salvage value)
400,000−120,000
- Year 8: Depreciation = €70,000
- Year 9: Depreciation = €70,000
- Year 10: Depreciation = €70,000
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