| 1. Company purchased truck for $ 1,200. It paid for from current account 500 and 700 by issuing promissory note that matures in 60 days. What are the correct consequences of these changes? |
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a) increased total assets by 1200,
b) increased liabilities for 700
c) decreased solvency of the company
d) the change has affected the amount of the company capital
Answer: b, c |
| 2. Successful internal control includesan appropriate distribution of responsibilities in the company. It means: |
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a)no employee should manage all aspects of thetransaction
b) the responsibility of every employee needs to be precisely defined
c)criteria of motivation should be carefully selected
Answer:a, b,c |
| 3. External audit eliminates the need for: |
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a)Internal Audit
b) developing the confidence of employees who manage certain assets
c)none of the above
Answer:c |
| 4. GAAP is an acronym for: |
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a) an international organizationof the IASB
b) generally accepted accounting principles
c) an association of Portugal professional accountants
Answer:b |
| 5. Professional accountant is prohibited to: |
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a)solve problems on the basis of professional judgment,
b) get a job in another company of the same industry after leaving the company
c)using unpublished informationon the financial position of the client for a personal benefit
d)purchase common sharesof other companies
Answer:c |
| 6. Which of the following statements are related to management accounting: |
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a)definedand accepted reporting standards are used for the presentation
b) information is adapted to needs of decision-makers for certain decisions
c) the information is distributed to external users
d) the results by activities are highlighted
Answer: b, d |
| 7. In the production company, anaccount Costs of production-in-progress is debited for: |
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a)used direct materials, direct labor costsand overall production costs
b) the cost of production of finished products
c) the cost of period
d)all of the above mentioned costs
Answer:a |
| 8. The increase in expenditure is posted to the credit side of the account Expenses |
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a) true
b) is not true
Answer: b |
| 9. Costs are: |
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a)expressed in money value of labor expended, and resources use for one product
b) expressed in moneyvalue of labor expended, and resources used for one product plus financial expenses
c)all of above mentioned under point b plus expenses from asset impairment loss
Answer:a |
| 10. The calculation is a set of activities by which we come to |
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a)cost per unit of the product
b) the total cost of business
c) the total expenses
Answer:a |
| 11. Value added tax is a business expense. |
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a) false
b) not true
Answer: a |
| 12. Accounting planning involves making |
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a) operational plans
b) strategic plans
c) both
Answer: c) |
| 13. Cash ratio (cash liquidity ratio) is the relationship between |
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a) the current assets and current liabilities
b) financial assets and maturing liabilities
c) total assets and total loans
Answer: b |
| 14. In the VAT system, a company which is not a taxpayer, in value of procurement of materials from subject which is a taxpayer, the VAT shown on the supplier’s invoice |
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a) not included in the purchase value of materials
b) included in the purchase value of materials
Answer: b |
| 15. Application of method of calculating consumption of stock of material, under which stock is used in reverse order compared to the order of the procurement, is called |
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a) LIFO
b) FIFO
Answer: a |
| 16. Net current assets is the difference between |
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a) the total assets and total current liabilities
b) the assets and share capital
c) current assets and current liabilities
Answer: c |
| 17. Payment of the founding share from the business owner in an amount of 100,000: |
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a) led to an increase in assets and liabilities for the 100,000
b) led to a reduction of assets and liabilities for 100,000
c) did not lead to a change in total assets
Answer: a |
| 18. According to a bank statement, payment to supplier for construction of office building in an amount of 100,000 was made. Recording for this change is: |
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a) D ba Suppliers in the country, and C ba Business (current) account for 1,000,000
b) D ba Business account, and C ba Approved loans
c) D ba Suppliers in the country, and C ba Long term loans
d) Dba Cost of goods and C ba Long term loans
Answer:a |
| 19. Average current assets turnover ratio is calculated from the relationship |
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a)operating income and average of engaged total capital
b) operating income and aveage of engaged current assets
c)operating expenses and average of engaged total assets
d)operating expenses and average of engaged current assets
Answer:d |
| 20. IAS 1 refers to: |
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a) income
b) borrowing costs
c) stock
d) none of the above
Answer: d |
