Bài kiểm tra chứng chỉ Kế toán FIA &CAT của Hiệp hội Kế toán Công chứng Anh

Dưới đây là bài thi mẫu của chương trình FIA&CAT

Time allowance: 15 minutes

I/ Multiple choice questions
Identify the letter of the choice that best completes the statement or answers the question.

1.    Which of the following are the elements of owners’ equity?
a.    Assets, liabilities, revenues and expenses
b.    Owner investments, withdrawals, revenues and expenses.
c.    Assets, liabilities, owner investments and withdrawals
d.    Revenues, expenses and withdrawals

2.    At any given point in time, it is possible to describe general ledger accounts as having an expected or "normal" balance: either a debit balance or a credit balance. This normal balance is on the side of the account, i.e., debit side or credit side, that represents the "increase" side of the account. In order, what is the normal balance for the Equipment account, the Owners Equity account, and the Sales Revenue account?

a.    debit, credit, credit
b.    debit, debit, debit
c.    credit, debit, credit
d.    None of the above

3.    Which of the following would be true if the amount received upon providing services for customers were recorded as an increase in withdrawals?

a.    Owners’ equity would be overstated
b.    Assets would be overstated.
c.    Liabilities would be understated.
d.    None of the above

4.    A company buys a one-year insurance policy on February 1, 2006, and immediately pays in cash the $720 insurance premium. The companys bookkeeper records the transaction by crediting the Cash account for $720 but debits Insurance Expense for $720, instead of debiting Prepaid Insurance, which would be the correct entry. Based on this information, which statement concerning the trial balance is correct if the company leaves this situation as it is?

a.    The trial balance is correct as it is.
b.    The total debits of the trial balance do not equal the total credits of the trial balance.
c.    The total debits on the trial balance are higher than the total credits.
d.    The total trial balance debits equal the trial balance credits but one or more account balances are incorrect.

5.    Which of the following are true about owners’ capital and owners?

a.    Owners’ capital includes all investments made in the business.
b.    Withdrawals are considered to be a part of owners’ capital.
c.    The investors in the business are the owners of the business.
d.    All of the above are true.

6.    What credit is required as part of an adjusting entry when a prepaid expenses is initially recorded as an expense?

a.    A credit to an asset account.
b.    A credit to a deferred revenue account
c.    A credit to an expense account
d.     A credit to a contra account

7.   A proprietorship has total assets of $1,000,000, total liabilities of $300,000, and total owners equity of $700,000. What is the debt ratio (rounded to the nearest percent)?

a.    33%
b.    40%
c.    70%
d.    30%

8.   Which of the following “red flags” that a company is suffering from an inability collecting and may soon suffer a cash shortage?

a.    Inventory turnover is too slow
b.    Days’ sale in receivables is growing faster than for competitors
c.    Cash flow from operations is consistently lower than net income
d.    Sales, receivables, and inventory are not moving together

9.    One of your companys business checks clears the bank at its correct amount of $500. The transaction that underlies this check was the cash purchase of office supplies. The entry was recorded as a debit to Insurance Expense for $50 and a credit to Cash for $50. The correcting entry should include which of the following?

a.    A debit to Accounts Receivable for $450
b.    A credit to Supplies Expense for $500
c.    A credit to Cash for $50
d.    A credit to Cash for $450

II/ Problems

1. Following is the information of  SouthOak Company in April 2011:

(1) Accounts receivable of $1,550, were received in cash on April 12.
(2) The company sold merchandise costed $150,000 for $44,000 cash and $130,000 on credit.
(3) The company collected $147,500 from customers paying their accounts.
(4) Accounts payable of $2,500 were paid via bank accounts.
(5) The company collected $500 from customers for services provided in April, the cost of goods sold are $350.

Required: Prepare journal entries to record above transactions.
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