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报名本机构合作学校，赠送复习资料，复习课程，确保录取。并且可以申请学校奖学金500元～1500元不等！
1.1 QUIZ
1、【单选题】Who issues Chinese accounting standards?
A、Ministry of Finance
B、IASB
C、FASB
D、SEC
2、【判断题】Accounting standards are the basic principles that accountants must follow when they are engaged in accounting work.
A、正确
B、错误
1.2 QUIZ
1、【多选题】What factors will affect the formulation of accounting standards?
A、Law
B、Politics
C、Culture
D、Economy
2、【判断题】Once accounting standards are formulated, they will not be changed.
A、正确
B、错误
3、【判断题】Accounting standards must be formulatedby government.
A、正确
B、错误
4、【判断题】If the capital allocation is mainly indirect finance, financial institutions can obtain more information than other people.
A、正确
B、错误
Unit 1 Test
1、【单选题】Who issues Chinese accounting standards?
A、Ministry of Finance
B、IASB
C、FASB
D、SEC
2、【多选题】What factors will affect the formulation of accounting standards?
A、A Law
B、Politics
C、Culture
D、Economy
3、【判断题】 Accounting standards are the basic principles that accountants must follow when they are engaged in accounting work.
A、正确
B、错误
4、【判断题】 Once accounting standards are formulated, they will not be changed.
A、正确
B、错误
5、【判断题】Accounting standards should be formulated by government.
A、正确
B、错误
6、【判断题】If the capital allocation is mainly indirect finance, financial institutions can obtain more information than other people.
A、正确
B、错误
2.1 QUIZ
1、【判断题】In 1990, the Ministry of Finance issued No. 1 Accounting Standards for Business Enterprises.
A、正确
B、错误
2、【判断题】The process of China accounting standards from exploration to convergence is also a process of continuous reform and open of the China’s economy.
A、正确
B、错误
2.2 QUIZ
1、【判断题】There are 4 assumptions in IFRS, including business entity, going-concern, time period and monetary unit.
A、正确
B、错误
2、【判断题】The accounting entity can be either one company or business group organized by several companies.
A、正确
B、错误
3、【判断题】The fundamental qualitative characteristics of accounting information are faithful representation and understandability.
A、正确
B、错误
Unit 2 Test
1、【单选题】We recognize income, expenses or other accounting elements which based on
A、the formation of rights and obligations
B、the receive of cash
C、The payment of cash
D、The formation of rights.
2、【多选题】The basic standard of the CAS includes_____?
A、General provisions
B、Qualitative requirements of accounting information
C、Accounting elements
D、Accounting measurement
E、Financial reports
3、【多选题】There are 4 assumptions in CAS, including
A、Business entity
B、Going-concern
C、Time period
D、Monetary unit
4、【判断题】In 1990, the Ministry of Finance issued No. 1 Accounting Standards for Business Enterprises.
A、正确
B、错误
5、【判断题】The process of China accounting standards from exploration to convergence is also a process of continuous reform and open of the China’s economy.
A、正确
B、错误
6、【判断题】There are 4 assumptions in IFRS, including business entity, going-concern, time period and monetary unit.
A、正确
B、错误
7、【判断题】The accounting entity can be either one company or business group organized by several companies.
A、正确
B、错误
8、【判断题】The fundamental qualitative characteristics of accounting information are faithful representation and understandability.
A、正确
B、错误
3.1 QUIZ
1、【单选题】Which of the following is a product cost as it relates to inventory?
A、Selling costs
B、Interest costs
C、Raw materials
D、Abnormal spoilage
2、【单选题】All the following costs which would not be included in cost of inventories, except for
A、Abnormal waste of direct materials
B、Storage costs
C、Selling costs
D、Product costs
3、【判断题】The accounting treatment of inventories are quite similar under CAS 1 and IAS 2. Both standards account for inventory acquisitions at historical cost and evaluate inventory for fair value subsequent to acquisition.
A、正确
B、错误
4、【判断题】The term ‘net realizable value’ (NRV) refers to the net amount that a company expects to realize from the sale of inventory.
A、正确
B、错误
5、【判断题】Under CAS 1, a company should abandon the historical cost principle when the future utility of the inventory item falls below its original cost.
A、正确
B、错误
6、【判断题】Under CAS 1, if inventory is written down under the lower-of-cost-or-NRV valuation, the new basis is now considered its cost. As a result, the inventory may not be written back up to its original cost in a subsequent period.
A、正确
B、错误
7、【判断题】Both merchandising and manufacturing companies normally have multiple inventory accounts.
A、正确
B、错误
3.2 QUIZ
1、【单选题】Santo Corporation declares and distributes a cash dividend that is a result of current earnings. How will the receipt of those dividends affect the investment account of the investor under each of the following accounting methods?
A、Fair Value Method Equity Method No Effect Decrease
B、Fair Value Method Equity Method Increase Decrease
C、Fair Value Method Equity Method No Effect No Effect
D、Fair Value Method Equity Method Decrease No Effect
2、【单选题】If the parent company owns 90% of the subsidiary company's outstanding common stock, the company should generally account for the income of the subsidiary under the
A、Cost method
B、Fair value method
C、Divesture method
D、Equity method
3.3 QUIZ
1、【判断题】Investment properties may generate cash flows largely independently of other assets which the entity holds.
A、正确
B、错误
2、【判断题】Under CAS 3, investment property refer to land-use right that have been leased or land-use right held for sale rather than land.
A、正确
B、错误
3.4 QUIZ
1、【单选题】Which of the following is not a major characteristic of a plant asset?
A、Possesses physical substance
B、Acquired for resale
C、Acquired for use
D、Yields services over a number of years
2、【判断题】Depreciation is the systematic allocation of the depreciable amount of an asset over the asset's useful life.
A、正确
B、错误
3、【判断题】Assets classified as property, plant, and equipment can be either acquired for use in operations, or acquired for resale.
A、正确
B、错误
4、【判断题】Costs subsequent to acquisition of property, plant, and equipment should be capitalized when they incurred to achieve greater future benefits.
A、正确
B、错误
3.5 QUIZ
1、【判断题】CAS 6 intangible assets covered the recognition, measurement and disclosure of long term equity instrument.
A、正确
B、错误
Unit 3 Test
1、【单选题】Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer?
A、Raw materials
B、Work-in-process
C、Finished goods
D、Supplies
2、【单选题】CAS1 excludes certain inventories from its scope such as:
A、Work-in-process held by a manufacturer
B、Work in process arising under construction contracts
C、Goods that have been segregated for shipment to a customer
D、Unsold units left on hand in a merchandising company
3、【单选题】Under CSA 1, all of the following cost flow assumptions could be applied except for
A、Moving-average
B、Weighted-average
C、FIFO
D、LIFO
4、【单选题】If the parent company owns 90% of the subsidiary company's outstanding common stock, the company should generally account for the income of the subsidiary under the
A、Cost method
B、Fair value method
C、Divesture method
D、Equity method
5、【单选题】Which of the following is a product cost as it relates to inventory?
A、Selling costs
B、Interest costs
C、Raw materials
D、Abnormal spoilage
6、【单选题】All the following costs which would not be included in cost of inventories, except for
A、abnormal waste of direct materials
B、storage costs
C、selling costs
D、product costs
7、【单选题】Which of the following could be classified as an investment property?
A、A building held for self-use
B、A building constructed on behalf of third parties
C、A building have already been rented
D、A building held as inventory
8、【单选题】For a manufacturer, fixed assets may include:
A、supplies
B、building structures used as offices and factories
C、inventory
D、customers
9、【单选题】Which of the following is not a major characteristic of a plant asset?
A、Possesses physical substance
B、Acquired for resale
C、Acquired for use
D、Yields services over a number of years
10、【单选题】If the fair value model is adopted, investment property shall
A、be depreciated
B、be amortized
C、not be depreciated or amortized
D、 be depreciated or amortized
11、【多选题】For a manufacturer, fixed assets may include:
A、Building structures used as offices and factories
B、Equipments
C、Machinery
D、Supplies
12、【多选题】For income statement purposes, which could depreciation method be used under CAS 4?
A、Units-of-production
B、Straight-line
C、Sum-of-the-years'-digits
D、Declining-balance
13、【判断题】CAS 3 allows the entity to select cost model or fair value model for subsequent measurement freely.
A、正确
B、错误
14、【判断题】If there is conclusive evidence that the fair value of an investment property can be obtained continuously and reliably, a fair value model could be chosen.
A、正确
B、错误
15、【判断题】Investment property should be recognized as an asset when it is probable that the future economic benefits that are associated with the property will flow to the entity, and the cost of the property can be reliably measured.
A、正确
B、错误
16、【判断题】Under both CAS and IFRS, companies should review fixed assets for indicators of impairments on an annual basis.
A、正确
B、错误
17、【判断题】Under CAS 4, companies can use either the historical cost model or the revaluation model.
A、正确
B、错误
18、【判断题】If the fair value model is adopted, investment property shall not be depreciated or amortized. True or false?
A、正确
B、错误
19、【填空题】Under CAS 4, companies only can use the historical cost model or the revaluation model?
A、
4.1 QUIZ
1、【单选题】 Short-term benefits include all of the following except
A、termination benefits
B、paid annual leave and paid sick leave
C、profit-sharing and bonuses
D、wages, salaries and social security contributions
2、【单选题】What are employees looking for in an analysis of an entity's financial statements?
A、to assess creditworthiness
B、to assess whether further loans should be made to the company
C、to highlight weak performing areas in order to focus their attention on these areas
D、as a basis for wage negotiation
3、【填空题】Post-employment benefits can be of two types: defined contribution plan and（）
A、
4.2 QUIZ
1、【判断题】CAS14 specifies the requirement for the recognition and measurement of revenue and disclosure of related information.
A、正确
B、错误
2、【判断题】Revenue have nothing to do with the capital invested by the owner.
A、正确
B、错误
4.3 QUIZ
1、【单选题】YX is based in A-land where corporate income tax is payable in advance based on estimated taxable profit for the year. In 20X2, YX paid the tax authorities $460,000 in relation to estimated taxable profits for the year. However, at the year end of 31 December 20X2, the tax authorities confirmed that YX should only have paid $440,000. What should YX recognise in its statement of financial position as at 31 December 20X2 in relation to current tax?
A、A current tax liability of $20,000
B、A current tax asset of $20,000
C、A current tax liability of $440,000
D、 A current tax asset of $440,000
2、【填空题】Taxation payables or receivables in the future based on ( ) existed at reporting date.
A、
4.4 QUIZ
1、【判断题】A weakness of the historical cost model is that it does not account for changes in the purchasing power of the currency that is used in the financial statements.
A、正确
B、错误
2、【判断题】 Accounting standards are now less likely to require the recording or disclosure of fair value information due to its inherent subjectivity.
A、正确
B、错误
3、【判断题】Because of the historical cost principle, fair values may not be disclosed in the statement of financial position.
A、正确
B、错误
Unit 4 Test
1、【单选题】Short-term benefits include all of the following except:
A、termination benefits
B、paid annual leave and paid sick leave
C、profit-sharing and bonuses
D、wages, salaries and social security contributions
2、【单选题】YX is based in A-land where corporate income tax is payable in advance based on estimated taxable profit for the year. In 20X2, YX paid the tax authorities $460,000 in relation to estimated taxable profits for the year. However, at the year end of 31 December 20X2, the tax authorities confirmed that YX should only have paid $440,000. What should YX recognise in its statement of financial position as at 31 December 20X2 in relation to current tax?
A、 A current tax liability of $20,000
B、A current tax asset of $20,000
C、 A current tax liability of $440,000
D、A current tax asset of $440,000
3、【单选题】QP's tax computation shows tax due of $290,000 on taxable profits for the year ended 30 June 20X4. The tax due is payable in four equal instalments, two before the year end of 30 June 20X4 and two after the year end. As at 30 June 20X4, QP has paid the first two instalments. What should QP recognise in its statement of financial position as at 30 June 20X4 in relation to current tax?
A、 A current tax asset of $145,000
B、A current tax liability of $145,000
C、 A current tax asset of $290,000
D、A current tax liability of $290,000
4、【单选题】At 31 December 20X0, FB recognised a current tax liability of $50,000. This was settled in full on 1 October 20X1 for $59,000. What is the accounting entry required by FB on 1 October 20X1?
A、 Dr Cash $59,000; Cr Current tax liability $50,000, Cr Profit or loss $9,000
B、 Dr Current tax liability $50,000, Dr Profit or loss $9,000; Cr Cash $59,000
C、Dr Current tax expense $59,000; Cr Cash $59,000
D、Dr Cash $59,000; Cr Current tax expense $59,000
5、【单选题】Which one of the following is NOT an advantage of historical cost accounting?
A、Amounts of transactions are reliable and can be verified.
B、Amounts in the statement of financial position can be matched to amounts in the statement of cash flows.
C、It avoids the overstatement of profit which can arise during periods of inflation.
D、It provides fewer opportunities for creative accounting than systems of current value accounting.
6、【单选题】The price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.'This is a definition of which measurement basis?
A、Historical cost
B、Fair value
C、 Value in use
D、Current cost
7、【多选题】Which of the following are the categories of employee benefits?
A、Short term benefits
B、Post-employment benefits
C、Other long-term employee benefits
D、Termination benefits
8、【判断题】CAS14 specifies the requirement for the recognition and measurement of revenue and disclosure of related information.
A、正确
B、错误
9、【判断题】Revenue have nothing to do with the capital invested by the owner.
A、正确
B、错误
10、【判断题】A weakness of the historical cost model is that it does not account for changes in the purchasing power of the currency that is used in the financial statements.
A、正确
B、错误
11、【判断题】Accounting standards are now less likely to require the recording or disclosure of fair value information due to its inherent subjectivity.
A、正确
B、错误
12、【填空题】Taxation payables or receivables in the future based on ( ) existed at reporting date.
A、
13、【填空题】Post-employment benefits can be of two types:defined contribution plan and ( ).
A、
5.1 QUIZ
1、【单选题】Which one is not a type of biological asset according to CAS 5?
A、Bearer biological assets
B、Consumable biological assets
C、Disposal biological assets
D、Commonweal biological assets
2、【单选题】Which one of the followings is not the purpose for holding bearer biological assets?
A、Held for growing agricultural purpose
B、Held for providing service
C、Held to be converted into agricultural produce physically
D、Held for rental
3、【单选题】Which one of the following statements regarding impairment on biological assets is incorrect?
A、Impairment test on bearer biological assets is done through comparing the recoverable amount and carrying value.
B、Impairment test on consumable biological assets is done through comparing the net realizable value and carrying value.
C、Reversal of impairment loss on bearer biological assets is allowed.
D、Reversal of impairment loss on consumable biological assets is allowed.
5.2 QUIZ
1、【判断题】There are two possible measurement of exchanges of non-monetary assets--fair value or carrying value under CAS 7.
A、正确
B、错误
2、【判断题】Companies should recognize immediately any gains or losses on the exchange when the transaction has commercial substance and the fair value of the assets exchanged can be measured reliably.
A、正确
B、错误
3、【判断题】There is no specific IFRS in accounting for exchanges of non-monetary assets, but we can find similar provisions in IAS 16, IAS 38 and IFRS 15.
A、正确
B、错误
4、【判断题】When the future cash flows of the asset received is significantly different from that of the asset given up, in terms of risk, time distribution or amount, a non-monetary asset exchange has a commercial substance.
A、正确
B、错误
5.3 QUIZ
1、【判断题】Once an asset impairment loss is recognized, it can not be reversed in a subsequent accounting period.
A、正确
B、错误
2、【填空题】Asset impairment refers to the asset’s recoverable value is _____(higher/lower) than its book value.
A、
5.4 QUIZ
1、【单选题】BCN grants 1,000 share options to its staff provided they continue to work for BCN for two years from the grant date. The options may be exercised in two years' time at an option price of $6.10. The current fair value of the option is $1.40 and the expected fair value in two years' time is $2.40 (adjusted for the possibility of forfeiture in both cases).Under CAS 11 Share-based Payment, how much expense would be recognised in profit or loss at the date the options are granted to employees?
A、None
B、$700
C、$1,200
D、$1,400
2、【判断题】Share based plan is classified as equity-settled share based payment and cash-settled share based payment.
A、正确
B、错误
3、【判断题】The conception of share based payment is broader than employee share options.
A、正确
B、错误
5.5 QUIZ
1、【单选题】Company A made a decision that it is very hard to collect the accounts receivable of $2,400,000 owed by company B because company B fall into financial distress. After negotiation, company B decided to settle the debt by paying cash of $1,800,000. Company A has charged $1,000,000 of allowance for bad debt on this accounts receivable. What is the amount of loss recognized by company A on this debt restructuring?
A、0
B、400,000
C、-400,000
D、600,000
2、【单选题】On November 15, 2017, company sold goods on credit to company B for 3 million dollars and recognized an accounts receivable. On the due date, company B informed company A that it is incapable of paying this amount because of financial difficulty. After negotiation, company A accepted the offer to convert this debt into equity investment in company B. The number of converted shares is 600,000 and the share has a par value of $1 and fair value of $4. Company A has charged $400,000 into the allowance for doubtful debt.What is the loss recognized by company A for this debt restructuring?
A、2 million
B、0.6 million
C、0.2 million
D、0
3、【多选题】which two of the following accounting treatments regarding debt restructuring is correct?
A、if the debt is to be settled by the delivering inventories, the debtor should record sales revenue and cost of goods sold.
B、if the debt is to be converted into equity instruments, the debtor should recognize the equity instrument at fair value.
C、 for debtor, the difference between the carrying value of debt and sum of recorded amount of equity instruments and restructured new debt should be recorded into profit or loss.
D、if the debt is to be settled by plant assets, the debtor should recognize gain on debt restructuring and gain or loss on assets disposal as well.
Unit 5 Test
1、【单选题】On which of the following dates, the business usually make no accounting treatment?
A、exercise date
B、each of reporting date during the vesting period
C、vesting date
D、grant date
2、【单选题】BCN grants 1,000 share options to its staff provided they continue to work for BCN for two years from the grant date. The options may be exercised in two years' time at an option price of $6.10. The current fair value of the option is $1.40 and the expected fair value in two years' time is $2.40 (adjusted for the possibility of forfeiture in both cases).Under CAS 11 Share-based Payment, how much expense would be recognised in profit or loss at the date the options are granted to employees?
A、None
B、$700
C、$1,200
D、$1,400
3、【单选题】Which one is not a type of biological asset according to CAS 5?
A、Bearer biological assets
B、Consumable biological assets
C、Disposal biological assets
D、Commonweal biological assets
4、【单选题】Which one of the followings is not the purpose for holding bearer biological assets?
A、Held for growing agricultural purpose
B、Held for providing service
C、Held to be converted into agricultural produce physically
D、Held for rental
5、【单选题】On November 15, 2017, company sold goods on credit to company B for 3 million dollars and recognized an accounts receivable. On the due date, company B informed company A that it is incapable of paying this amount because of financial difficulty. After negotiation, company A accepted the offer to convert this debt into equity investment in company B. The number of converted shares is 600,000 and the share has a par value of $1 and fair value of $4. Company A has charged $400,000 into the allowance for doubtful debt.What is the loss recognized by company A for this debt restructuring?
A、2 million
B、0.6 million
C、0.2 million
D、0
6、【单选题】Company A made a decision that it is very hard to collect the accounts receivable of $2,400,000 owed by company B because company B fall into financial distress. After negotiation, company B decided to settle the debt by paying cash of $1,800,000. Company A has charged $1,000,000 of allowance for bad debt on this accounts receivable. What is the amount of loss recognized by company A on this debt restructuring?
A、0
B、400,000
C、-400,000
D、600,000
7、【单选题】If the debt restructuring is to be carried out with a combination of paying cash, transferring non-cash assets and revising the terms of debt, what is sequence for treatments?
A、Revising terms of debts, paying cash, transferring non-cash assets
B、Transferring non-cash assets, paying cash, revising terms of debt
C、Paying cash, transferring non-cash assets, revising terms of debt
D、Paying cash, revising terms of debt, transferring non-cash assets
8、【单选题】Which one of the following accounting treatments regarding biological assets is correct?
A、purchased biological asset should be measured at fair value
B、self-cultivated consumable biological assets should be initially measured at fair value
C、after reaching the condition ready for intended use, the bearer biological assets must be depreciated
D、the biological assets acquired through non-monetary assets exchange should be measured at fair value
9、【多选题】which two of the following accounting treatments regarding debt restructuring is correct?
A、if the debt is to be settled by the delivering inventories, the debtor should record sales revenue and cost of goods sold
B、if the debt is to be converted into equity instruments, the debtor should recognize the equity instrument at fair value
C、for debtor , the difference between the carrying value of debt and sum of recorded amount of equity instruments and restructured new debt should be recorded into profit or loss
D、if the debt is to be settled by plant assets, the debtor should recognize gain on debt restructuring and gain or loss on assets disposal as well
10、【多选题】Which two approaches apply for the subsequent measurement of biological assets?
A、Cost model
B、NRV model
C、Fair value model
D、Equity method
11、【判断题】Share based plan is classified as equity-settled share based payment and cash-settled share based payment.
A、正确
B、错误
12、【判断题】Once an asset impairment loss is recognized, it can not be reversed in a subsequent accounting period.
A、正确
B、错误
13、【判断题】The conception of share based payment is broader than employee share options.
A、正确
B、错误
14、【判断题】Companies should recognize immediately any gains or losses on the exchange when the transaction has commercial substance and the fair value of the assets exchanged can be measured reliably.
A、正确
B、错误
15、【填空题】Asset impairment refers to the asset’s recoverable value is ( ) than its book value.
A、
16、【填空题】There are ___ (2/3) possible measurement of exchanges of non-monetary assets--fair value or carrying value under CAS 7.
A、
6.1 QUIZ
1、【判断题】Enterprise should recognize contingent liabilities and contingent assets.
A、正确
B、错误
2、【判断题】A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
A、正确
B、错误
3、【判断题】No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be required.
A、正确
B、错误
6.2 QUIZ
1、【多选题】Government subsidies have the following characteristics:
A、Economic resources form the government
B、Gratuitous, no need to deliver consideration for goods or services to the government
C、Economic resources form the customer
D、Need to deliver consideration for goods or services to the government
2、【判断题】Government subsidies are divided into asset-related and cash-related.
A、正确
B、错误
6.3 QUIZ
1、【多选题】Three events or transactions must be taking place for capitalization of borrowing costs to be started.
A、Expenditure on the asset is being incurred
B、Borrowing costs are being incurred
C、Activities are in progress that are necessary to prepare the asset for its intended use or sale
D、Borrowing has arrived
2、【判断题】Only borrowing costs that are directly attributable to (the acquisition, construction or production) of a qualifying asset can be capitalized as part of the cost of that asset.
A、正确
B、错误
6.4 QUIZ
1、【单选题】Which one of the following statements about the presentation currency are true?
A、It is the currency of the entity’s primary economic environment
B、It is the currency of the entity’s year-end financial statements
C、It is the currency that mainly influences the entity’s sales prices
D、It is always the same as the entity’s functional currency
2、【单选题】The functional currency of company A is RMB. On December 12, 20x9, company A acquired 500,000 of ordinary shares of company B operated in the USA for $7,500,000 as trading securities. The spot rate on Dec. 12, 20X9 is $1 to RMB6.8. On Dec. 31, 20X9, the market price of company B’s share is $18 and the exchange rate is $1 to RMB 6.6.What is the effect on profit or loss for December 20X9?
A、RMB1,500,000
B、RMB8,400,000
C、RMB1,800,000
D、RMB 0
3、【多选题】Which THREE of the following foreign currency balances would be retranslated at the closing rate at the year end?
A、Notes payable
B、Trade payable
C、Property, plant and equipment (held under the cost model)
D、Cash
6.5 QUIZ
1、【多选题】Right-of-use asset should be initially measured at cost, including
A、Initial direct costs incurred by the lease
B、Fixed payment and actual fixed payment
C、Exercise price
D、Variable lease payment
2、【判断题】The lease term refers to the period during which the lease has the right to use the leased assets and is irrevocable.
A、正确
B、错误
3、【判断题】For short term lease, the lessee may choose not to recognize the right-of–use asset and lease liability.
A、正确
B、错误
4、【填空题】The lessor should divide the lease into financing lease and （ ） lease on the lease start date.
A、
Unit 6 Test
1、【单选题】Which one of the following statements about the presentation currency are true?
A、It is the currency of the entity’s primary economic environment
B、It is the currency of the entity’s year-end financial statements
C、It is the currency that mainly influences the entity’s sales prices
D、It is always the same as the entity’s functional currency
2、【单选题】The functional currency of NM is the A$. On 1 November 20X2, NM sold goods to an overseas customer for B$110,000 when the exchange rate was A$:B$10. At the year end of 31 December 20X2, the full balance was still outstanding and the exchange rate had moved to A$:B$11.Which of the following is correct in respect of the exchange difference on the trade receivable in the financial statements of NM for the year ended 31 December 20X2?
A、Recognize an exchange gain of A$1,000 in profit or loss
B、Recognize an exchange loss of A$1,000 in profit or loss
C、Recognize an exchange gain of A$1,000 in other comprehensive income
D、Recognize an exchange loss of A$1,000 in other comprehensive income.
3、【单选题】The functional currency of company A is RMB. On December 12, 20x9, company A acquired 500,000 of ordinary shares of company B operated in the USA for $7,500,000 as trading securities. The spot rate on Dec. 12, 20X9 is $1 to RMB6.8. On Dec. 31, 20X9, the market price of company B’s share is $18 and the exchange rate is $1 to RMB 6.6. What is the effect on profit or loss for December 20X9?
A、RMB1,500,000
B、RMB8,400,000
C、RMB1,800,000
D、RMB 0
4、【多选题】Government subsidies have the following characteristics:
A、Economic resources form the government
B、Gratuitous, no need to deliver consideration for goods or services to
the government.
C、Economic resources form the customer
D、Need to deliver consideration for goods or services to the government.
5、【多选题】Three events or transactions must be taking place for capitalization of
borrowing costs to be started
A、Expenditure on the asset is being incurred
B、Borrowing costs are being incurred
C、Activities are in progress that
are necessary to prepare the asset for its intended use or sale
D、Borrowing has arrived
6、【多选题】Which THREE of the following foreign currency balances would be
retranslated at the closing rate at the year end?
A、Notes payable
B、Trade payable
C、Property, plant and equipment (held under the cost model)
D、Cash
7、【判断题】Enterprise should recognize contingent liabilities and contingent assets.
A、正确
B、错误
8、【判断题】A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
A、正确
B、错误
9、【判断题】Only borrowing costs that are directly attributable to (the acquisition, construction or production) of a qualifying asset can be capitalized as part of the cost of that asset.
A、正确
B、错误
10、【判断题】Government subsidies are divided into asset-related and cash-related.
A、正确
B、错误
11、【判断题】The lease term refers to the period during which the lease has the right
to use the leased assets and is irrevocable.
A、正确
B、错误
12、【填空题】The lessor should divide the lease into financing lease and ( ) lease on the lease start date.
A、
7.1 QUIZ
1、【单选题】 PZG purchased a 2% holding in equity shares in a listed company, FJK. PZG’s intention is to hold this investment for the long term.How should this financial asset be initially classified and subsequently measured in accordance with IAS 39 Financial instruments: recognition and measurement?
A、Held for trading; fair value through profit or loss
B、Held to maturity, amortised cost
C、Available for sale; fair value through profit or loss
D、 Available for sale; fair value with gains or losses in other comprehensive income
2、【单选题】GZP purchased a small holding in shares in a listed company, ANG. GZP’s intention is to realize this investment within a few months when seasonal fluctuations in its business make a cash shortfall probable.How should this financial asset be initially classified and subsequently measured in accordance with IAS 39 Financial instruments: recognition and measurement?
A、Held for trading; fair value through profit or loss
B、 Held for trading; fair value with gains or losses in other comprehensive income
C、Available for sale; fair value through profit or loss
D、Available for sale; fair value with gains or losses in other comprehensive income
3、【判断题】The four categories of financial instruments are (a) Financial assets or liabilities at fair values through profit or loss, (b) Held-to-maturity investments, (c) Loans and receivables, and (d) Available-for-sale financial assets.
A、正确
B、错误
4、【判断题】Financial liabilities should only be derecognized when the obligation specified in the contract is discharged, cancelled or expires.
A、正确
B、错误
7.2 QUIZ
1、【多选题】A financial asset is any asset that is:
A、cash
B、a contractual right to receive cash or another financial asset from another entity
C、a contractual right to exchange financial instruments with another entity under conditions that are potentially favourable
D、an equity instrument of another entity
2、【判断题】A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise.
A、正确
B、错误
3、【判断题】If it is not clear whether the risks and reward have been transferred the entity considers whether control has passed. If control has passed the entity should derecognise the asset whereas if control is retained the asset is recognised to the extent of the entity’s continuing involvement in the asset.
A、正确
B、错误
4、【判断题】Entities can choose to disclose information about transfers of financial assets.
A、正确
B、错误
7.3 QUIZ
1、【多选题】Which of the following are elements of hedge?
A、Hedged item
B、Hedging instruments
C、Types of hedge
D、Hedged risk
2、【多选题】Hedging instruments include which of the following:
A、Forward contract
B、Futures
C、Options
D、Swap
3、【判断题】If a financial instrument has been taken out to act as a hedge, and this position is clearly identified and expected to be effective, hedge accounting rules should be followed.
A、正确
B、错误
4、【判断题】The hedge is effective in that (i) economic relationship exists between the hedging item and hedged item, (ii) the effect of credit risk does not dominate the value changes, and (iii) the hedge ratio is the same as that arising from quantity of hedged instrument to the quantity of hedging instrument.
A、正确
B、错误
7.4 QUIZ
1、【单选题】Which ONE of the following statements about the earnings per share ratio is correct?
A、All entities must disclose earnings per share in their financial statements
B、Earnings per share represents the return on the investment for all capital providers
C、Earnings per share is calculated as profit after tax divided by the total number of ordinary shares at the year end
D、The denominator of the earnings per share ratio is the weighted average number of ordinary shares outstanding during the period
2、【单选题】Which ONE of the following statements is correct?
A、 EPS= (Net income - Preferred dividends) / weighted average number of common shares outstanding
B、EPS= Net income / weighted average number of common shares outstanding
C、EPS= (Net income - Preferred dividends) / ending number of common shares
D、EPS= (Net income - common dividends) / weighted average number of preferred shares outstanding
3、【多选题】What’s the limitations of the earnings per share ratio?
A、It is based on historical earnings.
B、It isn’t based on historical earnings.
C、EPS does not take inflation into account.
D、EPS takes inflation into account.
Unit 7 Test
1、【单选题】 PZG purchased a 2% holding in equity shares in a listed company, FJK. PZG’s intention is to hold this investment for the long term.How should this financial asset be initially classified and subsequently measured in accordance with IAS 39 Financial instruments: recognition and measurement?
A、Held for trading; fair value through profit or loss
B、Held to maturity, amortised cost
C、Available for sale; fair value through profit or loss
D、Available for sale; fair value with gains or losses in other comprehensive income
2、【单选题】GZP purchased a small holding in shares in a listed company, ANG. GZP’s intention is to realize this investment within a few months when seasonal fluctuations in its business make a cash shortfall probable.How should this financial asset be initially classified and subsequently measured in accordance with IAS 39 Financial instruments: recognition and measurement?
A、 Held for trading; fair value through profit or loss
B、Held for trading; fair value with gains or losses in other comprehensive income
C、Available for sale; fair value through profit or loss
D、Available for sale; fair value with gains or losses in other comprehensive income
3、【单选题】Describe the appropriate accounting treatment, as required by CAS22 Financial instruments: recognition and measurement, for gains and losses on financial assets classified as ‘held for trading’.
A、These assets are held at cost and gains and losses will only be recognised on disposal of the assets
B、These assets are held at amortised cost and the effective interest on the assets will be recognised in profit or loss over the term of the asset.
C、These assets are restated to fair value and gains and losses are recognised in other comprehensive income.
D、These assets are restated to fair value and gains and losses are recognised in profit or loss.
4、【单选题】Which ONE of the following statements is correct?
A、EPS= (Net income - Preferred dividends) / weighted average number of common shares outstanding
B、EPS= Net income / weighted average number of common shares outstanding
C、EPS= (Net income - Preferred dividends) / ending number of common shares
D、EPS= (Net income - common dividends) / weighted average number of preferred shares outstanding
5、【单选题】Which ONE of the following statements about the earnings per share ratio is correct?
A、All entities must disclose earnings per share in their financial statements
B、Earnings per share represents the return on the investment for all capital providers
C、Earnings per share is calculated as profit after tax divided by the total number of ordinary shares at the year end
D、The denominator of the earnings per share ratio is the weighted average number of ordinary shares outstanding during the period
6、【多选题】A financial asset is any asset that is:
A、cash
B、a contractual right to receive cash or another financial asset from another entity
C、a contractual right to exchange financial instruments with another entity under conditions that are potentially favourable
D、an equity instrument of another entity
7、【多选题】Which of the following are elements of hedge?
A、Hedged item
B、Hedging instruments
C、Types of hedge
D、Hedged risk
8、【多选题】Hedging instruments include which of the following:
A、Forward contract
B、Futures
C、Options
D、Swap
9、【多选题】What factors will affect the calculation of EPS?
A、Weighted average number of common shares outstanding
B、Net income
C、Price to earnings ratio
D、Profit before tax
10、【判断题】A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise
A、正确
B、错误
11、【判断题】The four categories of financial instruments are (a) Financial assets or liabilities at fair values through profit or loss, (b) Held-to-maturity investments, (c) Loans and receivables, and (d) Available-for-sale financial assets.
A、正确
B、错误
12、【判断题】Financial liabilities should only be derecognized when the obligation specified in the contract is discharged, cancelled or expires.
A、正确
B、错误
8.1 QUIZ
1、【单选题】Goodwill arising on acquisition is accounted for. Which statement is correct concerning the accounting treatment of positive goodwill arising on acquisition?
A、Carried at cost, with an annual impairment review
B、Written off against reserves on acquisition
C、Amortised over its useful life
D、Revalued to fair value at each year end
2、【单选题】Where the purchase price of an acquisition is less than the aggregate fair value of the net assets acquired, which one of the following accounting treatments of the difference is required ?
A、Deduction from goodwill in the consolidated statement of financial position
B、Immediate recognition as a gain in the statement of changes in equity
C、Recognition in the statement of profit or loss over its estimated useful life
D、Immediate recognition as a gain in the statement of profit or loss
3、【判断题】Business combinations can be classified as three types: merger, consolidation and acquisition.
A、正确
B、错误
8.2 QUIZ
1、【单选题】Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statements were authorised for issue. Which would be treated as a NON-adjusting event under CAS29 Events After the Reporting Period?
A、A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved by the board in February 2015
B、The settlement of an insurance claim for a loss sustained in December 2014
C、Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial position as at 31 March 2015 had been stolen
D、 A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at a price below its carrying amount at 31 March 2015
2、【单选题】Which one of the following events taking place after the year end but before the financial statements were authorized for issue would require adjustment in accordance with CAS29 Evens after the Reporting Period?
A、Three lines of inventory held at the year end were destroyed by flooding in the warehouse.
B、The directors announced a major restructuring.
C、Two lines of inventory held at the year end were discovered to have faults rendering them unsalable
D、The value of the company’s investments fell sharply
8.3 QUIZ
1、【单选题】Which one of the following is not true?
A、If management uses more than one set of segment information, disclosures should be based on the one that best enables users to understand the business and the environment in which it operates.
B、An entity’s reportable segments are those that are used in its internal management reports
C、Management should use only one set of segment information.
D、Segment information reflects the way that the entity is actually managed.
2、【单选题】A segment of a business enterprise is to be reported separately when the revenues of the segment exceed 10 percent of the
A、total combined revenues of all segments reporting profits.
B、total revenues of all the enterprise's segments.
C、total export and foreign sales
D、combined net income of all segments reporting profits
3、【单选题】CAS35 disclosures do not include:
A、Operating segment profit or loss.
B、Segment assets.
C、Segment liabilities.
D、Segment equity.
8.4 QUIZ
1、【单选题】Which of the following would NOT be related parties of WH?
A、A person with a controlling shareholding in the parent company of WH
B、An entity in which the wife of the finance director of WH owns a controlling stake
C、A subsidiary of one of WH's associates
D、WH's major customer who accounts for 80% of WH's revenue
2、【单选题】Which of the following would find related party disclosures the most useful?
A、Directors
B、Shareholders of a large listed entity
C、Group companies
D、Employees
3、【单选题】Which of the following would be regarded as a related party transaction of the entity NV?
A、 A close family member of the chief executive of NV purchased an asset from NV.
B、XYZ Bank lent NV $100,000 on commercial loan terms.
C、The government of Country X awarded NV a grant of $25,000 to help fund a new production facility.
D、YU supplied 60% of NV's raw materials.
8.5 QUIZ
1、【单选题】Which one of the following is not a financial instrument?
A、Forward contract
B、Futures and options
C、Swap
D、Derivative instrument
2、【判断题】An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
A、正确
B、错误
3、【判断题】Commodity contracts would be financial instruments if they were expected to be settled by delivery.
A、正确
B、错误
4、【判断题】Interest, dividends, gains and losses relating to an instrument classified as a liability are reported as income or expense.
A、正确
B、错误
Unit 8 Test
1、【单选题】Goodwill arising on acquisition is accounted for. Which statement is correct concerning the accounting treatment of positive goodwill arising on acquisition?
A、Carried at cost, with an annual impairment review
B、Written off against reserves on acquisition
C、Amortised over its useful life
D、Revalued to fair value at each year end
2、【单选题】Where the purchase price of an acquisition is less than the aggregate fair value of the net assets acquired, which one of the following accounting treatments of the difference is required ?
A、Deduction from goodwill in the consolidated statement of financial position
B、Immediate recognition as a gain in the statement of changes in equity
C、Recognition in the statement of profit or loss over its estimated useful life
D、Immediate recognition as a gain in the statement of profit or loss
3、【单选题】Each of the following events occurred after the reporting date of 31 March 2015, but before the financial statements were authorised for issue. Which would be treated as a NON-adjusting event under CAS29 Events After the Reporting Period?
A、A public announcement in April 2015 of a formal plan to discontinue an operation which had been approved by the board in February 2015
B、The settlement of an insurance claim for a loss sustained in December 2014
C、Evidence that $20,000 of goods which were listed as part of the inventory in the statement of financial position as at 31 March 2015 had been stolen
D、A sale of goods in April 2015 which had been held in inventory at 31 March 2015. The sale was made at a price below its carrying amount at 31 March 2015
4、【单选题】Which one of the following events taking place after the year end but before the financial statements were authorized for issue would require adjustment in accordance with CAS29 Evens after the Reporting Period?
A、Three lines of inventory held at the year end were destroyed by flooding in the warehouse.
B、The directors announced a major restructuring.
C、Two lines of inventory held at the year end were discovered to have faults rendering them unsalable
D、The value of the company’s investments fell sharply.
5、【单选题】CAS35 disclosures do not include:
A、Operating segment profit or loss.
B、Segment assets.
C、Segment liabilities.
D、Segment equity.
6、【单选题】A segment of a business enterprise is to be reported separately when the revenues of the segment exceed 10 percent of the
A、total combined revenues of all segments reporting profits.
B、total revenues of all the enterprise's segments.
C、total export and foreign sales.
D、combined net income of all segments reporting profits.
7、【单选题】Which one of the following is not true?
A、If management uses more than one set of segment information, disclosures should be based on the one that best enables users to understand the business and the environment in which it operates.
B、An entity’s reportable segments are those that are used in its internal management reports.
C、Management should use only one set of segment information.
D、Segment information reflects the way that the entity is actually managed.
8、【单选题】Which one of the following is not a financial instrument?
A、Forward contract
B、Futures and options
C、Swap
D、Derivative instrument
9、【单选题】Which of the following would find related party disclosures the most useful?
A、Directors
B、Shareholders of a large listed entity
C、Group companies
D、Employees
10、【单选题】Which of the following would be regarded as a related party transaction of the entity NV?
A、A close family member of the chief executive of NV purchased an asset from NV.
B、XYZ Bank lent NV $100,000 on commercial loan terms.
C、The government of Country X awarded NV a grant of $25,000 to help fund a new production facility.
D、YU supplied 60% of NV's raw materials.
11、【多选题】Which of the following would be related parties of WH?
A、A person with a controlling shareholding in the parent company of WH
B、An entity in which the wife of the finance director of WH owns a controlling stake
C、A subsidiary of one of WH's associates
D、WH's major customer who accounts for 80% of WH's revenue
12、【判断题】An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
A、正确
B、错误
13、【判断题】Commodity contracts would be financial instruments if they were expected to be settled by delivery.
A、正确
B、错误
14、【判断题】Interest, dividends, gains and losses relating to an instrument classified as a liability are reported as income or expense.
A、正确
B、错误
15、【判断题】Business combination can be classified as three types: merger, consolidation and acquisition.
A、正确
B、错误
16、【判断题】Segment information reflects the way that the entity is actually managed.
A、正确
B、错误
17、【判断题】The details of the transaction and a description of the nature of the relationships between the parties of a related party transaction must be disclosed under CAS 36 Related Party Disclosures
A、正确
B、错误
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