ĐỀ THI SÁT HẠCH CHUYỂN ĐỔI NĂM 2009

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2009 – Đề chẵn

Nguồn: de chan on thi chuyen doi nam 2009.pdf
F OF VIETNAM EXAMINATION COUNCIL FOR “NATIONAL AUDITORS
TEST FOR FOREIGN CERTIFIED AUDITORS
November 14″ 2009 – Hanoi and Ho Chi Minh City (180 minutes)
Required: Please tick or circle 01 correct answer for each of the Questions listed in the following 5 parts (one mark for eauls correct answer):
PART I: ECONOMIC LEGISLATION, INVESTMENT LAW AND ENTERPRISE LAW
PART II: FINANCE AND FINANCIAL MANAGEMENT
PART III: LAWS AND REGULATIONS ON TAXATION AND TAX MANAGEMENT
PART IV: LAWS AND REGULATIONS ON ACCOUNTING. AND ACCOUNTING FOR ENTERPRISES
PART V: LAWS AND REGULATIONS ON AUDIT AND ASSURANCE SERVICES

Notes: Headi (1). Examinee for auditor certificate: the exam includes 5 parts (180 minutes) eading | (2). Examinee for accountant certificate: the exam includes 4 parts (145 minutes) ° No: | (3). Examinee has already participated in ACCA & MOF examination: – In case of ‘finishing 2 subjects: the exam includes 3 parts (108 minutes) * – In case of finishing I subject: the exam includes 4 parts (145. minutes) t
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PART I: ECONOMIC LEGISLATION, INVESTMENT LAW AND ENTERPRISE LAW (1)
Question 01. Under the Enterprise Law (2005), the owner of a single member limited company can withdraw his/her capital by:
a. filing a request to the business licensing agency for charter capital contraction _. transferring part or all of the Company’s charter capital to other organizations or individuals
c. contracting the charter capital to a level equivalent to the amount of reduced assets of the Company
d. All the above.

Question 02: A joint stock company shall elect a control committee where CS it is registered as a public company. 99?
b. it has more than 11 members, all being individuals = Balan # ¢. ithas institutional members which hold controlling shares over the Company. guld Qe pt (b) and (c) are true.

Question 03. Holders of dividend preferred shares and refund preferred shares are all ept from the following rights: ot ‘ voting, attending shareholders’ meetings and nominating people to the Board of _ Management and Control Committee oe ie he /b. transferring preferred shares within 03 years of the date the Company is granted a business registration certificate.
c. acquiring more preferred shares from the Company’s new issues of shares
d. All the above are true,

Question 04. Misters A, B, C and D are all, founding members of Joint-stock Company X which was granted a business registration certificate on 15 January 2009. Since 10 October 2009, Mr. C’has expressed his desire to transfer all hisjshares and regulations:. amon,/a. waiting for the 3 years of the business registration certificate-dafe to elapsé and then all transfer restrictions to be lifted. quit the business. Which one of the following options is TRUE under the current, nom, 4 ‘ o B and D shall hold at least 20% of the Company’s marketable ordinary shares
c. registering to offer his shares on the stock exchange floor for openness and \~” transparency “s
d. He can choose to apply any of the options above.
Question 05. Foreign individuals make investments in setting up a single owner business entity in Vietnam, which has full legal status and whose owner takes his/her limited liability for the assets in use for the business. Such a business should be
a. apartner ship
b. a private enterprise _&. a limited company
d. a State owned enterprise ar & Cb ae fal os 3 transferring his shares to Mr. A, B and D provided that upon the transfer, Mr. A, fi) as 20, ta iq dot ren gv L Ng Be
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Question 06. Which type of companies below is not governed by the Enterprise Law (2005)
a. a partnership “b, a State owned enterprise
c. a limited company
d. a joint-stock company
Question 07. Disputes associated with foreign investment activities in Vietnam shall be settled:./a. by negotiation and in case of failure, settlement should be concluded by means of mutual agreement, economic arbitration or court procedure
b. upon a party’s request that the case be settled by an arbitration. _
c. upon the parties negotiating with each other, reaching a mutual, agreement or taking the case to court.
d. by negotiation or court resolution.
Question 08. Among the following taken to-guarantee implementation of an economic contract, which one is not an asset-assured measure?
a. Deposits
b. Mortgages 7 <7 Trust security G, Nha op
d. Collaterals fe a?
Question 09. Under the Commercial Law (2005) “a, all sale-purchase contracts shall be made in writing
b. all sale-purchase contracts can be made verbally cou ao c. cross-border sale-purchase contracts shall be made.in writing or by other instruments of equal legal validity
Question 10. Partners in a partnership (2005) Aache 133.
a. can not be at a time partner of another partnership | /b. can be at a time partner of another partnership as acoeipie’ by other partners in the partnership
c. can not contribute capital in a limited company.
Question 11. If the parties to a commercial dispute have received an arbitrative agreement, aoe bee eae:
a. inno circumstances shall the case be under the authority of resolution by the court
b. shall in all cases be settled by the commercial arbitration /c. Both (a) and (b) are false.
Question 12. Misconduct of competition
a. shall in all cases are legally prohibited;
b. can be committed in cases provided for by law
c. Both (a) and (b) are false.
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Question 13. Under the Investment Law (2005), purchasing shares is in all cases seen as: Sg
a. Direct investments /b. Indirect investments
c. Both (a) and (b) are false.
Question 14. Under the Ordinance on Commercial Arbitration, an arbitrative agreement with legal validity
a. shall be made up in writing
b. shall be included as an article in the written contract
c. can be established verbally.
Question 15. An enterprise’s branch:
a. shall take all liability for the asset obligations it is committed to its customers
b. has title of ownership over the assets the enterprise has invested. in the Bench. vé. has no legal status.
Question 16. Civil servants are prohibited from ‘ Linated: aloo. > Ca)contributing capital in a partnership. > mo soc, i aor 29 /b. acting as a member of the Board of Management of a joint-stock company 3
c. buying shares of a joint stock company
Question 17. Under the Enterprise Law (2005), the business licensing ‘agency is to consider application documents and grant business registration certificates within: 10 (ten) working days of the date of receipt of application documents. 15 (fifteen) working days of the date of teceipt of application documents
c. 30 (thirty) working days of the date of receipt of application documents een
Question 18. Under the Law of Competition (2004), an enterprise is seen as having a market dominating position if it has a market share representing: Ja. 30% or higher of the relative market or maintains a capacity of significantly restricting competitions
b. 25% or higher of the relative market 0 or maintains a capacity of significantly restricting competitions
c. 35% or higher of the relative market or maintains a capacity of signifi cantly restricting competitions
Question 19. A contract-which was signed by a relevant State agency with an. investor, thereby to allow the latter to build and operate a work over a particular period of time and, upon the contract expiry, to iad ieee avers ona non-fundable basis to the State of Vietnam represents investment in’ ratte form of.
a. BCC
b. BTO “. BOT
d. BT
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Question 20. The secand priority for settlement in the case of asset disposals and liabilities liquidations by a bankrupt enterprise is: Sa. Bankruptcy costs 7 b. Unsecured debts to creditors
c. Salaries, wages and other amounts payable to employees
d. Taxes to the State Budget
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PART Il: FINANCE AND FINANCIAL MANAGEMENT
Question 01. According to the current regulation in Vietnam, the cost threshold criterion for recognition of fixed asset:
is over VND.10,000,000 (ten million Vietnam dong)
is over VND 5,000,000 (five million Vietnam dong)
is equal to or more than VND 10,000,000 (ten million Vietnam dong)
vary from finn to firm Po oP
Question 02. Consider 2 companies which manufacture the same product range. Company A has ratio of earnings before interest and tax (EBIT) on assets (ROA) equal to that of ‘Company B; but its return on equity (ROE) of Company A is greater than that of Company B, the reason is:
a. The ROA of two companies are equal but borrowing interest rate of Company A is higher than that of Company B.
b. The ROA of two Companies are smaller than borrowing interest rate, and Company A has debt-to-equity ratio higher than that of Company B..
c. The ROA of two Companies are greater than borrowing interest rate and Company B has debt-to-equity ratio higher than that of Company. A. _..
d. The ROA of two Companies are greater borrowing interest rate and Company A has debt-to-equity ratio higher than Company B.
Question 03. Cost of fixed asset which is right land use right includes:
a. Payment to obtain legal land use right
b. Compensation costs for land clearance and land surface preparation costs, stamp duty,
c. Cost of constructions on land
d. Both a and b
Question 04. Joint stock company X which manufactures product A has the following forecasted data for year N:
Total assets during the year is VND 20,000 million; which ware funded 40% and 60% by
equity and debt 60% respectively. Interest rate of debt is 10% per annum. Ratio of earnings
before interest and tax (EBIT) on assets (ROA) is 20%; Corporate income tax. rate applicable
to the company is 25%. Return on equity of Company is:
a. 20.2%
b. 15.2%
c. 26.25%
d. 27.2%
Question 05. A firm which leases a fixed asset under a finance lease arrangement:
a. Depreciates the finance leased asset as its own fixed assets according to the current regulations
b. Does not depreciate the asset but records the total annual lease payments as expense:
c. None of above is correct
d. It depends on specific circumstances
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Question 06. When the company has ratio of earnings before interest and tax (EBIT) on assets (ROA) greater than borrowing interest rate (r), and debt-to-equity ratio of company is lower than industry average, Company can magnify its return on equity by:
a. Increasing the proportion of fixed costs in total casts.
b. Increasing equity in its capital structure.
c. Increasing the proportion of variable costs in total costs.
d. Increasing the debt-to-equity ratio.
Question 07. Fixed assets which are acquired or disposed during the year are depreciated for:
a. Whole full year
b. Half of the year
c. Number of months in use, except the month of transaction
d. Number of days assets in use
Question 08. Stock dividend will result in:
a. Decrease of the company assets.
b. Increase of owners’ equity.
c. Increase of the company investment capital.
d. Decrease of the company investment capital.
Question 09. According to the current regulation, revaluation of long term asset of a firm:-
a. Not allowed
b. Allowed if the firm pays income tax.on the increased value of asset _
c. Allowed if the firm has evidence of the increase in asset value
d. Revalue the long term asset in accordance with the laws
Question 10. A company has the optimal capital structure including 50% debt and 50% equity (no preferred stock). The after tax cost of debt with amount under-VND100 million is
8%/year. The company estimates the net profit for next year of VND 200 million, dividend
payout ratio remains stable at 0.5%. The cost of retained earning is 14%, if the Company © issues new common stock, the cost of new equity will be 16%. If the Company mobilizes
new capital over VND 200 million, marginal cost will be:
a. 15%
b. 13%
c. 12%
d. 16%
Question 11. The issuing of the bonus stock to outstanding stockholders of a public company ~ is recorded as increase in the charted capital and decrease of:
a. Development and investment fund
b. Surplus capital
c. Retained earning d, All above
Question 12. The objective of studying marginal cost of capital is:
a. To select the optimal asset structure.
b. To select the optimal capital size.
c. To select better projects ~
d. To select the optima! ‘capital structure,
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Question 13. Treasury stock of joint stock company:
a. Stock printed for selling but not yet sold to’stockholders
b. Stock issued and sold to stockholder but then the company bought back
c. Both of two above
d. None of the above
Question 14. The net sales of the company is VND 7,000 million. The fixed cost is VND 1,400 million and variable cost equals to 60% of net sales. When the sale increases by 10%, the earning before interest and tax will increase:
a. 30%
b. 20%
c. 40%
d. 10%
Question 15. When the public company can buy back the treasury stock?
a. After 6 months since it bought back but not over 3 years from then
b. After 12 months since it bought back but not over 3 years
c. Any time the company has the plan to sell
d. When stock price increases compared to the price at which the company purchased
Question 16. The company A is considering a project with the following cash flows: _ Net cash flows -100 50 50 50 50 50:If discount rate is 10%/year, the discounted payback time is:
a. 2 years and 1 month
b. 2 years and 2 months
c. 2 years and 6 months
d. 2 years and 4 months
Question 17. Preferred stock ofa joint stock company may include:
a. Dividend preferred stock, voting preferred stock, withdrawal preferred stock
b. Dividend preferred stock, voting preferred stock, withdrawal preferred stock, and the stock sold to company staff by State based on working time:?
c. Dividend preferred stock only
d. Withdrawal preferred-stock only.
Question 18. Tien Phong company is considering a project with the following cash flows: Co * =.2,000, C) = 600, Cr = 700, C3 = 800, Ca= 600. What is internal ‘rate of return of this project? |.
a. 13.04%
b. 12.06%
c. 11.03%
d. 14.05%
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Question 19. According to the discounted cash flow method for company evaluation, if Dj is dividend paid for year i, K is relevant discount rate, P, is actual value of state equity at the company at year n, actual value of State equity of the firm at present: P, Difference in value _ Di ape TD ~ ae (+K)i n (i+ Ky a of land use right acquired, rented Dae EKY
c. None of the above
d. Both a andb
Question 20. According to current regulations, for overdue receivables between 1 year and 2 years, a firm has to set provision for bad debt equal to:
a. 30% amount
b. 50% amount.
c. 70% amount
d. 100% amount
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PART III -LAWS AND REGULATIONS ON TAXATION AND TAX
ADMINISTRATION
Question 01. According to the law on VAT, effective from 1 January 2009, VAT rates include:
a. 0%, 5%, 10%, 15%
b. 0%, 5%, 10%
c. 0%, 5%, 15%
d. 0%, 5%, 10%, 20%
Question 02. An enterprise exported goods under a contract signed with a foreign party. The customs office has certified that these goods have been exported but there is no via bank payment proof is presented for this sale:. ok
a. No output VAT is required but input VAT is not creditable for VAT purpose. Input VAT is deductible for CIT oa
b. No output VAT is required but input VAT is not creditable for WAT and not deductible for CIT °
c. Output VAT is required as if these goods are sold in domestic market and input VAT is creditable
d. Output VAT is required as if these goods are sold in domestic market and input VAT is not creditable
Question 03. An enterprise manufactures and exports 4-seated cars (with sufficient invoices and vouchers as stipulated by law and via-bank payment). This transaction shall be:
a. Subject to VAT at the rate of 0%, not subject to excise duty
b. Subject to VAT at the rate of 0%, subject to excise duty C, Subject to VAT at the rate of 0%, subject to excise duty at the rate of 0O%
d. Not subject to VAT, subject to excise duty at the rate of 0%
Question 04. Which of the following goods is subject to import duty?
a. Goods transferred from.an export processing zone to another export processing zone
b. Goods imported to a non-tariff zone
c. Goods imported to an export processing zone
d. Goods sold from an export processing zone to domestic market
Question 05. Under the Law on CIT of Vietnam, expenses being deductible for CIT purpose must satisfy conditions:
a. Directly attributable to the generation of the taxable incomes in a tax year
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b. Having sufficient legitimate invoices and vouchers as stipulated by law
c. Having proof of real payment
d. All of the above conditions
Question 06. To which of the following incomes, family deduction is applicable under the.Law on Personal Income Tax (PIT) of Vietnam:
a. Income from stock transfer
b. Business income
c. Income from capital transfer
d. Income from franchising: Question 07. Which of the following incomes is exempt from PIT under the Law on PIT of Vietnam?
a. Interest from a bank deposit
b. Interest from loans to enterprises
c. Total salary for overtime working
d. Interest from personal loans
Question 08. Which of the following incomes is deducted under the Law on PIT of Vietnam?
a. Bonus-for-holidays: –
b. Bonus for high productivity
c. Allowance paid for working as a member of a board of management of a company
d. Occupational allowance as stipulated by law
Question 09. A tea farm has the following data in a tax month:
– Pre-VAT domestic sale of semi-processed tea: VND 150 million
– FOB price of exported semi-processed tea: VND 240 million
– Pre- VAT domestic sale of canned tea: VND 180 million
~ Value of promotional tea: VND 30 million
– Input VAT on value added invoices: VND 60 million. Credit method is applicable to
this farm. VAT invoices are all legitimate. Via-bank payment is applied to all the above ° transactions. Input VAT amount is not creditable for the tax month is:
a. 0
b. VND 15 million
c. VND 18 million
d. VND 42 million
Question 10. An enterprise has the following data in the tax years:
% Total expenses declared by the enterprise: VND 25,000 million of which:
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– Purchase of a lorry: VND 500 million
– Donation to a local youth union: VND 100 million
– Interest paid for loan which is used for business from Vietnam bank for investment and
development: VND 300 million
– Advertisement and promotion expenses: VND 2,500 million
<All of the expenses have legitimate invoices and vouchers as stipulated by law. All of the rest expenses are deductible for CIT purpose. This.is the 5″ year of operation of this enterprise The amount of advertisement and promotion expenses being deductible for CIT purpose in the tax year is:
a. VND 2,500 million
b. VND 2,250 million
c. VND 2,440 million
d. VND 2,190 million
Question 11. Where a sale discount is applied, VAT base price (taxable price) of goods and services is:
a. The declared price including the sale discount. The sale discount is a deductible expense
b. The declared price less the sale discount
c. The (A)-and-(B)-are both applicable with advantage.choice for enterprise…
Question 12. VAT rate of 10% is applicable to:,
a. Goods and services in the list of non – taxable goods. and services
b. Goods and services which are not listed in the non – taxable goods and services list and not listed in the VAT rate of 0% list.
c. Goods and services which are not listed in the non – taxable goods and services list and not listed in the VAT rate of 0% list and the 5 % list.
d. All kind of goods and services
Question 13. When all of the conditions for input VAT are met, the amount of creditable input VAT is defined by:.
a. Total VAT recorded in purchased value added invoices of goods and services (including fixed asset)
b. VAT recorded in payment vouchers for imported goods
c. VAT recorded in payment vouchers paid on behalf of a foreign party
d. All of the above cases: (A), (B), (C).
Question 14. A 5-seat car sold by a manufacturing company in internal market with a
payment price (including VAT amount at the rate of 10%).of VND. 660, million. Given
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the excise duty rate applicable to this kind of car is 50%, the excisable price (taxable price for SCT) is:
a. VND 660 million
b. VND 400 million
c. VND 412.5 million
d. VND 600 million
Question 15. Taxable (base) income for CIT is defined by:.
a. Assessable income generated in a tax period
b. Assessable income generated in a tax period less exempt incomes
c. Assessable income generated in a tax’ period less exempt incomes and losses carried forward as stipulated by law
Question 16. Which of the following expenses is not deductible for CIT purpose but is a taxable income for PIT purpose?
a. Salary paid to employees as stipulated in labour contracts
b. Longevity insurance premium paid by the enterprise (Employees don’t have to pay)
c. House rent for foreign employees (as committed in the labour contracts that the employer has to pay)
Question 17. Input VAT is not creditable if:
a. Purchased goods and services are used for the business of VAT taxable goods and services
b. Purchased goods and services are used for the business of VAT non-taxable goods and services
c. Goods and services purchased for export
d. Purchased goods and services are used both for the business of VAT taxable goods and services and non-taxable goods and services
Question 18. Which of the following person shall apply the subtraction method of VAT (The direct method)? |
a. Vietnamese individuals engaged in production and business that do not fully applied the regime on accounting and invoices ‘
b. Foreign organizations and individuals that conduct business in Vietnam without establishing legal entities in Vietnam and fail to satisfy all of the conditions on accounting and invoices as a basis for credit method.
c. Establishments trading in gold, silver, gems and foreign currencies
d. All of the above individuals or entities
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Question 19. Time for determining revenue for CIT purpose:
a. For goods, it is the time when the ownership or using right is transferred to the buyer
b. For services, it is the time when the service is completed or when the invoice is issued
c. Both above (A) and (B)
Question 20. Under the law on CIT, forms of incentive include:
a. Lower-than-the standard rate (Preferential tax rate).
b. Tax holiday j C. A reduction of an amount of CIT equal’to a certain expense: D. All of the above forms 13 ‘
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PART IV–LAWS AND REGULATIONS ON ACCOUNTING AND ACCOUNTING
FOR ENTERPRISES |
Question 01. Special consumption tax of imported goods purchased and received is recorded under:
a. purchase costs
b. actual cost of goods received
c. costs of sale
Question 02. According to the Accounting Law of Vietnam, when a supporting document is converted from paper into electronic form, which document is valid as evidence. of the economic/financial transaction?
a. electronic supporting document
b. paper supporting document
c. both the above
Question 03. Items subject to provision for decline in value of inventory according: to the current Vietnamese Accounting System are:
a. all inventory items of which cost is riches that net realizable value
b. inventory items which has legitimate invoices, supporting documents according to regulation of the Ministry of Finance or other evidence proving the cost of the inventory
c. inventory items owned by the enterprise at the date of the financial statements
Question 04. Which of the following can be included in cost of inventory?
a. Selling expenses
b. Processing cost
c. General an administration expenses
d. Raw material cost, labor costs incurred in excess of normal level,
Question 05. Deadline to publish annual financial statements for limited companies, joint stock companies, foreign invested enterprises, co-operatives according to the Accounting Law of Vietnam
a. 60 days from the end of the annual accounting period.
b. 90 days from the end of the annual accounting period
c. 120 days from the end of the annual accounting period.
d. 150 days from the end of the annual accounting period
Question 06. On 31/12/N, Company X processes reversal of provision for doubtful debs How should the reversal of provision be accounted for?
a. Reduction of general and administration expenses for year N
b. Reduction of revenue from sale of goods, services rendered during the. neniad
c. Reduction of cost of goods sold during the period apll m
d. Increase in other income for the period
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Question 07. Foreign exchange losses related to construction of fixed assets during: the period of normal operations are:
a. recorded in costs of related fixed assets
b. recorded as prepaid expenses and amortised over 5 years from the date that the are completed, handed over and put into use
c. recorded in foreign exchange differences account under equity: section of the balance sheet
d. recorded in the income statement in the period incurred
Question 08.
A fixed asset costing VND150 million. Nest book value of the asset is VND 100: million.
Accumulated depreciation for corporate income tax a is VND 90 million. CIT rate is
25%, On the annual financial statements, which of the following figures will be presented by the enterprise?
a. deferred income tax liabilities: VND60 million
b. deferred income tax asset: VND60 million
c. deferred income tax liabilities: VND10 million
d. deferred income tax asset: VND40 million
Question 09. Which of the following cases is considered as change in accounting policies
a. change in fixed asset depreciation method
b. change in inventory costing formula’ moe ney –
c. the application of new accounting policy to transactions, events which sreviculy have not happened or were not material ae
d. the application of accounting policy to transactions, events tae are = substantially different from transactions, events which happened previously
Question 10. Which of the following cases is considered accounting error?
a. recognition of exchange differences, arising frorn foreign currency borrowings directly related to construction or production of asset which is in PFOBTESS, in the | value of the asset under construction.
b. Recognition of deferred tax asset for salary expense in the financial seer which have not been paid after tax filing deadlineisdue
c. Recognition of internal revenue for products, goods used to pay to employee as remuneration in kind –
d. Recording as an expenses the entire amount of advertising expenses oakeding 15% © of total general and administration expenses for the purpose of determining accounting profit for the period
Question 11. Conditions for Vietnamese who wants to provide accounting services asa sole. practitioner according to the Accounting Law of Vietnam.
a. meeting the conditions specified in accounting law’ | fot
b. being a member of an accounting professional association coe \ t
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c. having registered with the Ministry of Finance or an organization authorized by the
have labor contract with the firm
d. all the above conditions
Question 12. According to the current ‘Vietnamese Accounting System, profits accutmulated before the acquisition of share and bonds are accounted for as:
a. Financial income
b. Retained earnings
c. Reduction in value of the investment
d. Other income
Question 13. According to VAS 03 Tangible Fixed Assets, in which of the following cases, can expenditure incurred subsequent to initial recognition be capitalized in the cost of the asset?
a. Major overhauls of fixed assets with the purpose to improve the capacity and lengthen the useful life of the fixed assets
b. Major overhauls of fixed assets with the purpose to restore the capacity of the fixed assets
c. Periodical repairs according to a plan for the purpose of maintenance
d. All of the above
Question 14. According to VAS 02 “Inv entory”, whiet of the folowanse is not allowed to pe ° included i in
a. Import duties, special consumption tax of imported agads
b. Commission paid to entrusted import agent
c. Design cost for a specific order of customer
d. Losses in the inventory storage
Question 15. When company N sold goods to company V, company made payment before. due date and company N agree to give aan early settlement discount to company V, How should the accountant of company N treat the settlement discount?
a. Reduction of revenue from sale of goods
b. Increase in financial expenses
c. Reduction of financial expenses
d. Reduction in financial income
Question 16. ‘Company X produces product A which is subject to special. consumption tax at, a rate of 30% and VAT at arate of 10%. The company calculates VAT according to the deduction method. During the period, the company sold one lot of product A at price of VND260,000, 000. excluding VAT. In this case the accountant of company N-records revenue for the sale of this lot at: oa
a. WND260;000,000
b. VND200,000,000
c. VND296,000,000
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d. VND371,800,000
Question 17. He According to the Accounting Law, which of the following types of exchange rate is used for \ translation of financial statements in foreign currency into Vietnam Dong for accounting entity which mainly receives and pays money in foreign currency and uses a foreign currency as accounting currency?: zi
a. historical rate
b. average rate for the accounting period c, actual rate of the transaction
d. exchange rate at the time of closing and preparation of financial statement
Question 18. On 31/12/2007, the company sold an asset and received VND600 million. It is provided that the sale of asset is associated with after sale setvices to be provided in 12 months. Costs of the after sale services is estimated at VND36 million. Gross profit margin of the after sale service is 25%. a Determine revenue amount to be recorded in 2007 Unit: million Dong
a. 600
b. 564
c. 555
d. 552 In 06/N, amounts that Mr A received from Company N comprise of: – – Salary: VND5,000,000 – Uniform allowance: VND800,000 – Bonus paid out from bonus fund: VND1,000,000 vid – Social insurance compensation for the time Mr A is sick: VND300,000 – Advances for purchase of raw materials: VND8,000,000 Mr A’s income for June is:
a. WND15,100,000
b. VWND7,100,000°
c. VWND6,300,000
Question 20. ‘s
On 15/5/N, Company N purchased 50,000 ordinary shares (par value of VND 10,000/share)
of company V through securities company M. The purchase: matching price was mk VND100,000/share. Transaction fee is 0.5% of purchase matching price. On 15/6/N, ~ Company N sold these 50.000 shares at matching price of VND1 10,000/share. Transaction fee is 0.5% of matching price. On’15/6/N, how much can Company N recognize as financial income? ae: AS bugs VND475.000.000 VND447,500.000 VND5.500.000.000 VND5.472.500.000 Bo oP
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PART V- LAWS AND REGULATIONS ON AUDIT AND ASSURANCE SERVICES
Question 01. Which of the following activities are not prohibited for audit firms? a, b. d, buying or receiving shares of audited entity as gift; receiving remunerations outside audit fee or other expenses stated in service contract; asking authorized organizations or individuals to provide professional examinations or advices accepting to collect debts on behalf of the audited entity.
Question 02. According to prevailing regulations, which of the following forms may. ‘audit firm may be established in?
a. joint stock company, partnership, limited liability company b. limited liability company, partnership, sole practitioner
c. partnership, limited liability company, state owned enterprise
d. joint stock company, partnership, sole practitioner ‘
Question 03. Which organization has the authority to resolve claims, allegations and to deal with © Vielemen of laws and segulauons on independent auditing? p b om d
State Securities Commission Vietnam Associate of Certified Public Accountants
Question 04. Nature, timing and extent of procedures to obtain an understanding of the accounting and internal control systems depend on: a. Bs c. d. materiality as determined by-the auditor and the audit firm nature of the entity’s policies in respect of specific control procedures volume of transactions incurred, records of internal control iecuinrentanor of the client all of the above
Question 05. Objective of engagement to review financial statements is: a. to enable to auditor to express an opinion whether the financial, statements are prepared in accordance with prevailing (or generally accepted) accounting standards and regimes, comply with relevant regulatory requirernent and give a true and fair view in al material respects. To enable to audit to provide a conclusion whether anything le come to his/her attention which cause him/her to believe that the financial statements are not ba ossasia abi
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prepared, in all material respect, in accordance with Vietnamese Accounting ‘ Standard (or generally accepted accounting standards).: %
c. To enable the auditor to perform procedures which have been agreed between the auditors, the audited entity and third parties in respect of the fi nancial statements
d. All ofthe above
Question 06. In the case that the auditor uses the work of specialists in the audit process, when issuing audit report with an unqualified opinion, the auditor
a. must not refer to the work of the specialist in the audit report: be
b. must refer to the work of the specialist in the audit report including name of the specialist and his/her scope of work.:
c. only refer to the work of specialist 1 in the audit report with prior approval of the specialist
d. may or may not refer to the work of specialist at his/her discretion
Question 07. According to prevailing regulation, auditor should only sign audit report if:
a. his/her name is included in the list of registered practicing auditor approved by the Ministry of Finance (o an organization authorized by the Ministry of Finance) he/she has auditor certificate issued by the Ministry of Finance,, he/she has a forcign auditor certificate recognized by the Ministry of Finance
d. te) ane has peer admitted as a member of the Association of Certified Public QF
Question 08. According to the requirements of Vietnamese Standards on Auditing, when the. auditor discovers non-compliance with laws and regulations of the audited entity, the auditor and the audit firm must:
a. withdraw from the engagement
b. inform the user of audit report
c. evaluate the potential cffect on the financial statements
d. express an adverse opinion,
Question 9. Techniques to obtain audit evidence include:
a. Inspection, investigation, confirmation, computation, analytical procedures and’ communication
b. Inspection, observation, investigation, confirmation, computation and analytical procedures
c. Inspection, confirmation, computation, inquiry, 1 itvestigation| ‘anit: analytical procedures
d. Ail the above three answer Ag:
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Question 10. Audit firm must retain and s
a. S years
b. 7 years
c. 10 years
d. According to the policy determined by the
Question 11. Which of the following are not included in the principles of independent auditing activities?
a. Compliance with law and regulations and Vietnamese Standards on Auditing
b. Being responsib!: under law and regulations for professional activities and audit results
c. Compliance with
Question 12. afeguard audit documentation for a minimum period of: director of the audit firm Vietnamese Accounting Standards
d. Compliance with code of ethics for auditors Basic principles governing an audit of financial statements are:
a. compliance with Statc’s laws and regulations, accounting standards and, professional ethics
b. compliance with auditing standard, professional ethics and having professional skepticism
c. compliance with State’s laws and regulations, compliance with principles of professional-ethics; auditing-standards-and-havin g-professional.skepticism
d. compliance with auditing standards, accounting standards and professional ethics
Question 13. Auditor must determine materiality when:
a. assessing inherent risk and determine nature, timing and extent of audit procedures
b. evaluating the cect of misstatement and select audit samples
c. determining nature, timing and extent of audit procedures and evaluating the effect of misstatement
d. All the above three answers
Question 14. Audit evidence must be:
a. sufficient and accurate accurate and app: ‘opriate b.
c. sufficient and appropriate d All the above thy
Question 15. When the auditor send ic © answers ucr to third parties requesting for confirmation of balances and transactions but does not reccived response, the auditor should: Lo
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a. express a qualified opinion in respect of the balances and transaction in the audit report 4
b. require the entity’s management to provide written representation in representation letter
c. Perform alternative audit procedures to obtain appropriate audit evidence.
Question 16. According to requirements 0 Vietnamese Standard on Auditing 300 (VSA 300), components of audit plan include: « Audit strategy Overall audit approach Detailed audit plan Audit program a, b andc a, b andd mo aoge
Question 17. When inherent risk is high, sample size to be selected must be:
a. reduced i:.
b. increased
c. not affected as simple size does not depend on inherent risk
Question 18. _ According to.Decree.No..105/2004/ND-CP, which of the following does not belongto the rights of practicing auditor? aa
a. can carry out audit of financial statements and services of audit firm.
b. can require the audited entity to provide sufficient accounting documents, other documents, infixy nation related to the service contract on a timely manner
c. can examine, confirm economic and financial information related to the audited entity vibes
d. can provide information about the audited entity to anyone who need such information e. none of the above
Question 19. One of the responsibilitics of practicing auditor, according to Decree 105/2004/ND-CP,. is: py date
a. correcting miss’.: cment in the financial statements of the audited entity
b. signing the audited /inancial statements and taking responsibility for that only
c. signing audit report and taking responsibility of his/her professional activities
d. preparing finance: statements for the audited entity
Question 20. e According to Decree 1′)5/2004/ND-CP, auditor must refuse to provide audit service to client if te May
a. he/she consider that lve/she does not have sufficient technical competence TA ‘
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sop ete aliagaenenenat he/she consider: hat the client violate requirements of Decree 105/2004/ND-CP he/she consider that there is not sufficient condition to perform the audit including a, banc including a and bh only eno SF

2009 – Đề lẻ

Nguồn: de le on thi chuyen doi nam 2009.pdf
OF VIETNAM EXAMINATION COUNCIL FOR NATIONAL AUDITORS,
TEST FOR FOREIGN CERTIFIED AUDITORS
November 14″ 2009 – Hanoi and Ho Chi Minh City (180 minutes)
Required: Please tick or circle 01 correct answer for each of the ques dns s listed in the following 5 parts (one mark for each correct answer): oe
PART I: ECONOMIC LEGISLATION, INVESTMENT LAW AND ENTERPRISE LAW PART II: FINANCE AND FINANCIAL MANAGEMENT

PART III: LAWS AND REGULATIONS ON TAXATION AND TAX
PART IV: LAWS AND REGULATIONS ON ACCOUNTING AND ACCOUNTING FOR ENTERPRISES
PART V: LAWS AND REGULATIONS ON AUDIT AND ASSURANCE SERVICES.

Notes: Headi: (l). Examinee for auditor certificate: the exam includes § parts (180 minutes) esuing. #2): Examinee for accountant certificate: the exam includes 4 parts (145 minutes) » No: | (3). Examinee has already participated in ACCA & MOF examination: ‘In case of finishing 2 subjects:.the exam includes 3 parts (108 minutes) _ | | – Incase of finishing I subject: the exam includes 4 parts (145 minutes) i
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PART I: ECONOMIC LEGISLATION, INVESTMENT LAW AND ENTERPRISE LAW (2)
Question 01. An enterprise which has a legal status and is not eligible to issue securities under the law of Vietnam is:
4. asingle member limited company / » vb. a 2-member or more limited company _ 7 BE a partnership ~ a private enterprise
Question 02. An individual of Japanese nationality makes investments in Vietnam on the conditions that it is joined by Vietnamese partners for a business which has legal. status, and is permitted to issue securities and whose owners have limited liability for the assets in use for business. This business enterprise is: J \A. a2-member or more limited company ( a hued
b. a joint-stock company (ar Yor 3 dove ews ~ c. a partnership
d. astate owned enterprise
Question 03. Under the law of Vietnam, 2 joint stock company shall have: S/S /a. ordinary shares B: b. voting preferred shares
c. ordinary shares and preferred shares
d. preferred shares
Question 04. Under the law of Vietnam, which one of the following isto file a: request to the relevant court to open procedures for bankruptcy settlement for an be enterprise. going bankrupt: tt ” Gayest % a Uninsured creditors & dunt Re anceouad _ © ~ b. The representative of laborers in the enterprise vA Yc. Shareholders in the joint stock company _d. The business owner and the representative of laborers in the enterprise.
Question 05. Under the law of Vietnam, which of the following acts is treated as misconduct of competition; ler providing misleading instruction/guidance merging businesses acquiring businesses going into joint ventures with others v
Question 06. The chairman of the Board of Management in a joint-stock company in: which the State holds no share capital: _a. is always the business representative under the law
b. has the right to resolve the diminishment of the Company Director for breaches of S the Company’s charter _/c. shall not at the time work as a civil servant
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Question 07. Cross-border sale-purchase contracts under the Commercial Law iu 2005): – vA shall be made in writing or other forms or instruments which are as legally valid as a written contract
b. can be engaged verbally
c. both (a) and (b) are false.
Question 08. Under the Law of Competition (2004), all acts of abusing market dominating positions: j J/a. are all prohibited by law _ J b. are all named as restrictions of competition
d. both (a) and (b) are false.
Question 09. Under the Investment Law (2005), purchasing securities is an act of
a. direct investment -_ / Jb. indirect investment (Pp c. investment in a business’ charter capital
Question 10. Founding members of a 2-member or more limited company Se a. is a person who contributes capital, and takes part in the making, approving and vA signing of the Company’s first charter
b. shall be an individual
c. shall be an individual of Vietnamese nationality
Question 11. The commercial arbitration as defined under the Ordinance of,. Commercial Arbitration (2003) Carn ro) ovbitia hn ba poe nde la od MIO, Nobu Xo a isa State agency * Vb. is an organization belonging in Vietnam’s political system Lae oO,
c. both (a) and (b) are false. bh ASO a whe -* ial ) ae AE retolx’ tory,
Question 12. An effective resolution by the Commercial Arbitration on dispute “tear thun) TH _ settlement ‘
a. cannot be implemented coercively by a law enforcement agency / >. can be reheard by the Court under a lawsuit filed by one party disagreeing upon the resolution
c. is finally binding and no party involved is allowed to resist
Question 13. In a bankruptcy procedure, the liquidation of property is carried out
a. upon the statement of the court member in charge of the case that the enterprise and/or the cooperative has gone bankrupt. upon the refusal by the creditors’ meeting to accept the business recovery plan for va the enterprise or the cooperative.
c. upon the failure of the enterprise or the cooperative in trouble to recover from the business difficulty WA d. Both (b) and (c) are true.
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Question 20. Under the Enterprise Law (2005), part of a joint-stock company’s – charter capital shall be in the form of ordinary shares and the founding members shall f as a whole hold at least: 4 15% of the Company’s ordinary marketable shares 20% of the Company’s ordinary marketable shares
c. 25% of the Company’s ordinary marketable shares
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PART II: FINANCE AND FINANCIAL MANAGEMENT
Question 01. Of the followings, which one increases the equity of the firm?
a. Bond issuing
b. Borrowings from staff
c. Common stock issuing
d. Financing lease
Question 02. Cost occurred to the firm to acquire trademark, copy right, customer list, Research & Development cost and the related items:, a. Recorded as costs of intangible asset internally generated
b. Not recorded as the costs of tangible asset but as expense in the period of occurrence
c. It depends on specific cases,
d. None of above NS
Question 03. Which one of the following transactions does not affect to the acid -test ratio of company?;
a. Payment to purchase material and equipment from suppliers.
b. Depreciation of fixed assets.
c. Dividend paid to shareholders.
d. Sell of products for cash.
a. Revalue the cost of long-term asset in accordance with laws -b. Upgrading of long-term asset
c. Removal part of long-term asset
d. All above
Question 05. When the company increases debt, the result is:
a. Decreasing the return on equity.
b. Increasing the return on equity. -¢, Decreasing the financial risk a d. Increasing the financial risk.
Question 06. If the firm owns land use right as an intangible asset:
a. It depreciates this asset not over 70 years
b. It depreciates this asset not over 50 years
c. It depreciates this asset not over 60 years
d. Enterprise not depreciated
Question 07. Of the following capital sources of a joint stock company which one generates tax shield::
a. Bond issuing
b. Retained earning for reinvestment
c. Common stock issuing
d. Joint-venture capital __ Question.04: Cost.of long-term asset-in the enterprise can be adjusted in the following cases: |._
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Question 08. A fixed asset purchased on 1/1/2006 with the cost of VND 10 million. The gs useful life of this asset is five years and it has been depreciated using modified accelerated A cost recovery system (MACRS), the book value of this asset on 3 1/12/2009:
| a. VND 2,160,000.
b. VND 2,000,000
c. VND 1,080,000
d. VND 1,296,000
Question 09. A company forecasts after tax income of VND 100 million. The optimal debt ratio of the company is 0.4. The Company is considering a VND150. million investment project. If the company uses the surplus dividend, income used to pay dividend is:
a. VND 10 million
b. VND 20 million
c. WND 30 million
d. VND 40 million my ‘ ‘a Question 10: The firm can account provision for financial investment loss to:
a. All securities investment of the firm a
b. All securities investment with the term 1 year or more
c. Securities investment which decrease in value compared to the cost of purchase –
d. Securities investment which can be freely traded on market and has the market value lower than book value
Question 11. A company has the optimal capital structure comprises of 50% debt and 50% equity (no preferred stock). The company plans to retain earning next year for reinvestment
of VND 100 million at the cost of 14%, if the company issues new common stock, with the
amount of under VND 100 million, the cost will be 15%, with the amount over VND 100
million, the cost will be 16%. Determine the break even point of the marginal cost of capital generated by new common stock issuing?
a. 300 b.. 600
c. 400 d, 500 & Question 12: [If the selling price of treasury stock smaller than price at which the company purchased, the difference is: a, Recorded as expense
b. Compensated by earning before tax
c. Compensated by surplus capital, if surplus capital is not sufficient then the company use after tax income
d. None of above
Question 13. The company Y does business in product A. The fixed cost is VND 4,800
million. The unit selling price (excluding VAT) is VND 100,000; the variable cost is VND
60,000/unit. Assume that the company Y can sell 240,000 units. The degree of operating leverage is:; a 2.5%
b. 1.5%
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fet?
c. 2.2%
d. 2.0%
Question 14. Treasury stocks of company are:
a. The company asset
b. The company liability c: Both of two above
d. None of the above
Question 15. A fixed asset which costs VND 500 million useful life of 5 years. This asset is depreciated using double declining balance method. What is depreciation expense of the year of 3?:
a. VND 76 million
b. VND 72 million
c. VND 74 million
d. VND 80 million.
Question 16. ; According to the current regulations, a public company: “|
a. has to pay dividend if it’s profitable:
b. is not compulsory to pay dividend and distribute to establish bonus and welfare fund
c. is compulsory to distribute to bonus and welfare fund if it’s profitable.
d. None of the above
Question 17. The cash flows of a project are: CF = – 100,000; CF; = 50,000; CF2 = 150,000; CF; = 100,000. If the discount rate changes from 12%, to 15%, net’ present value of the project (NPV) will:: ” ae
a. increase 122,650
b. decrease 135,400
c. decrease 12,750
d. increase 12,750
Question 18. The bonus stock rewarded to outstanding shareholders based on the ownership rate is:
a. A form of income distribution to shareholder
b. An increase to the chattered capital as well as an increase to shareholders value
c. An increase to the chattered capital but no changes to shareholders value
d. Depending on specific cases, it affects the value of shareholders
Question 19. According to current regulations, state enterprises have autonomy in mobilizing. funds within scope of debt-equity ratio not greater than:.;.
a. 2 times
b. 3 times
c. 4 times
d. 5 times
Question 20. According to the current regulation, the stock selling price of equitised state own enterprise to the strategic shareholders as stipulated:
a. Equal to 80% of average successful bidding price at IPO a J
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b. Equal to average successful bidding price at IPO
c. Not lower than average successful bidding price at IPO
a. is set by the equitisation committee h/ y wit
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PART I – LAWS AND REGULATIONS ON TAXATION AND TAX. ADMINISTRATION Questions 01: Which of the following items is subject to VAT under the Law on VAT of Vietnam?
a. Non-processed products of cultivation at the import stage
b. _Non-processed products of cultivation.at internal trade stages
c. Salt products
d. Breeding eggs
Question 02. Input VAT of goods and services using for the trading of taxable goods (all conditions for credit are met) arose in March 2009 is deductible by:
a. September 2009
b. October 2009 ” C. November 2009
d. December 2009 Ww
Question 03. Input VAT of goods and services used for the trading of taxable goods shall not be deductible in case: °
a. The payment of the purchase is not via-bank
b. The payment of the one-off purchase with value of VND18 million is not via-bank -. ‘ak “Cr “The payment-of the-one-off purchase-with-value-of below-VND20 million is-not-via–bank. D. The VAT invoice of the purchase is not legitimate
Question 04. The zero rate of VAT under the Law on VAT of Vietnam shall not be applicable to:;. A. Exported cars
b. Exported beer el | C. Cars sold to a company ina non-tariff area © 6 D. Beer sold to a company in a non-tariff area
Question 05. The highest excise duty (special consumption tax) rate effective from | January 2010 is:
a. 65%
b. 70%
c. 75%
d. 80%
Question 06. Which of the following objects is subject to excise duty (special consumption; tax) in Vietnam? Two-wheel motors with cylinder capacity of 1 15° Air conditioners with capacity of more than 90,000 BTU Air conditioners with capacity of 90,000 BTU 24-seat cars ‘ vow >
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Question 07. Which of the following expenses (with legitimate invoices and vouchers) is deductible for CIT purpose?
a. Refunded input VAT
b. Fines for late payment of tax
c. Credited input VAT
d. Donations to victims of a storm given through Vietnam Television: Question-08-Where-the-expenses-related-to-generating incomes-cannot_be-defined due_to insufficient invoices and documents, the tax rate of PIT applicable to incomes derived from real estates transfer is:
a. 2%.B. 1%
Question 09. The highest rate of CIT in Vietnam currently is: 50% 45% 35% 32% YOW>.—Questi on-10:-For CIT purpose, the.ceiling of expenses.on promotion, marketing, conferences,___ reception, commissions and the like of am enterprise within 3 years since the year of foundation is:
a. 10%- of total deductible expenses excluding expenses on promotion, marketing, conferences, reception, commissions and the like which are capped for CIT purpose
b. 12% of total deductible expenses excluding expenses on promotion, marketing, conferences, reception, commissions and the like which are capped for CIT purpose
c. 20% of total deductible expenses excluding expenses on promotion, marketing, | conferences, reception, commissions and the like which are capped for CIT purpose bl D. 15% of total deductible expenses excluding expenses on promotion, marketing, * conferences, reception, commissions and the like which are capped for CIT purpose
Question 11. A machine is imported at the declared import price of VND100 millioh. The taxable price for import duty for that machine is VND130 million. The import duty rate applicable to that machine is 20% and the VAT rate applicable to that machine is 10%. The amount of VAT payable at the import stage for that machine is:
a. VND10 million
b. VND12 million.
c. VND13 million
d. VND15.6 million
Question 12. Record on the sale of a company in a tax month is as follows: 7 – Internal sale of product A with before-VAT price stated on the VAT ‘invoice: VND200 million, 4a
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era – Internal sale of product B with only total payment price including VAT (no VAT and before-VAT price is separated on the VAT invoice): VND330 million – Exported product B with FOB price: VND400 million. Exported product B is qualified for the deduction and refund of input VAT. – – The rate of VAT applicable to the above product is 10%. The total amount of output VAT of this company for the tax month is:. VND70 million. VND73 million XPT $2 i VINDSS-faih116 B:. VNDS50 million Uo Dp Ww >
Question 13. In the tax month, BD Co. ltd. engaging in trading business has the following data: – Product X is subject to VAT. Product Y is not subject to VAT. – Total input VAT written on legitimate value added invoices is VND20 million of which the input VAT of a fixed asset is VND5 million. The company cannot record separately the input VAT for each item. – Via-bank payment is applied to all of the purchases of goods and services. – Internal sale of product X (before-VAT price) in the tax month is VND100 million, product ¥ is VNDSO million. The amount of creditable input VAT of this company for the tax monthis:
a. VND20 million
b. VND15 million oe mem ENE nd EO rn rn aaa -D. VNDS5 million
Question 14. Record on the business of Inc. Co. Itd in the tax month is as follows: – Domestic sale of cars with before-VAT price stated on the value added invoice: VND60 billion. – Exported cars with FOB price: VND100 billion. Exported cars are qualified for the deduction and refund of input VAT.. – Sale of cars to companies in an export processing zones with legitimate documents at before-VAT price: VND10 billon. – Creditable input VAT: VNDS5 billion. – The rate of VAT applicable to cars is 10%. The VAT amount payable by this company for the tax month is:
a. VND1 billion
b. VND2 billion
c. VND6 billion
d. VND12 billion
Question 15. A botile of wine is sold at before-VAT price of VND125,000. The excise duty rate applicable to this kind of wine is 25%. The rate of VAT applicable to this kind of wine is 10%. The taxable (base) price for excise duty of this bottle of wine (special consumption tax)
a. VND75,009
b. VND100, G00
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mm. eA
c. VND125,060
d. VND137,560
Question 16. A 5-seated car is imported at CIF price of VND1,000 million. The taxable price for import duty of this car is VND1,200 million. Import duty rate applicable to this car is 83%. Excise duty rate applicable to this car is 50%. The excise duty (special consumption tax) amount payable for this car at the import stage is:
a. VND500 million
b. VND915 million
c. VND1,098 million
d. VND600 million
Question 17. Total declared expenses of a company in the tax year are VND90,000 million of which: Depreciation of coaches used for carrying employees from home to work compliance ‘with regulations on depreciation by the MOF: VND400 million Donation tc the Women’s Union: VND100 million Donation to the Hanoi National University for students’ scholarships: VND200 million The rest expenses are deductible for CIT purpose. All of the expenses are proved with legitimate invoices or vouchers. Total deductible expenses for CIT purpose of this company for the tax year are:
a. VND89,700 million _ -B–VND89,600-million-..- a
c. VND89,500 million
d. VND89,909 million
Question 18. The following information has been recorded at an enterprise in a tax year: Taxable income from main business activities: VND8,000 million Incomes from contribution of capital to joint ventures in Vietnam: VND300 million (no income tax has been paid for this income before the payment of the income). Incomes from contribution of capital to joint ventures in Vietnam: VND200 million (this is income after CIT has been paid by the investee at the CIT rate of 20%). CIT rate: 25%. Taxable (base) income for CIT purpose for the tax year is:
a. VND8,300 million
b. VND8,250 million
c. VND8,500 million
d. VND8,550 million
Question 19. The following information has been recorded at a company. in a tax year: Base turnover: VND20,000 million Total expenses directly related to generating the incomes of the company with. legitimate invoices and vouchers: VND16,000 million of which rent of houses paid. in advance of 3 years is VND900 million. ‘ Losses carried forward in compliance with the Law on CIT: VND400 million AZ
[Nguồn scan: trang 13]
– CIT rate applicable: 25%. The amount of CIT payable for the tax year by this company is:
a. VND1,000 million
b. VND900 million
c. VND1,050 million
d. VND975 million
Question 20. Mr Man, a resident under the Law on PIT of ‘Vietnam, has the following information for the tax year: mi bd Salary inconie after the deduction of the sociatand-healtheare fees; ND150 million ___ of which the extra salary paid for night shift is VND10 million – Pension: VND60 million; Mr. Man is qualified for the deduction of a dependant for the tax year. The taxable (base) income of Mr Man for the tax year is:
a. VND72.8 million
b. VND82.8 million
c. VND 142.8 million
d. VND132.8 million
[Nguồn scan: trang 14]
PART IV–LAWS AND REGULATIONS ON ACCOUNTING AND ACCOUNTING
FOR ENTERPRISES Question $1 Purchase costs of merchandise goods in an trading enterprise are:
a. Recorded as actual costs of goods received
b. Recorded under costs of sale during the period
c. Accumulated separately and allocated to costs of goods sold during the period and a ed inventory-at the-end-of the-period.
Question 02. According to accounting Law of Vietnam, accounting document are:
a. accounting vouchers, accounting books, financial statements and management – accounting reports; b.- audit report, accounting inspection report
c. other documents related to accounting
d. All the above documents
Question 03. According to the Accounting Law of Vietnam, which organization is responsible for printing, issuance of supporting document forms which have standard compulsory format, and valuable documents such as cheque, bank transfer form, receipts, bonds, bills, etc?.
a. Organisation and entities authorized by the Ministry of Finance to print and issue such documents
b. General Tax Department
c. Ministry of Finance 7
d. Enterprises subject to written approval of authorized financial management agency
Question 04. Special consumption tax of taxable goods sold is recorded: as a deduction from revenue financial expenses selling expenses general an administration expenses Boop
Question 05. Period of archiving payment voucher (2nd copy) in enterprises according to the Accounting Law of Vietnam:,. ‘
a. atleast 1 year
b. atleast 5 years
c. atleast 10 years. d. permanent archive.
Question 06. Company X calculates VAT in accordance with the deduction method and has just put into use an item of manufacturing equipment. Cost of purchase excluding VAT is VND15,000,000. VAT as stated on invoice is VND1,500,000. Company X has paid the supplier in cash. Goods produced by company X are subject to VAT at the rate of 5%. In this case, deductible VAT for company X is: a \
a. VND1,500,000 oe
[Nguồn scan: trang 15]
b. VND750,000
c. 0
Question 07. Internally generated goodwill:
a. Can be recorded as intangible fixed assets
b. Can be recorded as prepaid expenses
c. Can be recorded as other expenses a–Cannot be recorded-as-an-asset
Question 08. The company constructed a fixed asset from 1/2/2009 and completed it for use on 1/10/2009.
Total material costs and labor costs for the construction of this asset is VND 1 billion which
were funded by 3 existing loans of the company.as follows: Loan 1 amounting to VND1.5 billion bearing interest at 6% per annum Loan 2 amounting to VND1 billion bearing interest at 7% per annum Loan 3 amounting to VND500 million bearing interest at 8% per annum Determine borrowing costs eligible for capitalization in cost of the fixed asset constructed. The annual accounting period of the company starts on 1/1 and ends on 31 /12. Unit: thousand Dong 50,000….06,656.. a
b. 0 c
d. 45,000
Question 09. Goodwill arising when a parent company acquires a subsidiary is:
a. the excess of carrying value over fair value of net identifiable asset of the subsidiary
b. the excess of cost of the investment over fair value of net identifiable asset of the subsidiary:
c. the excess of cast of the investment over carrying value of net identifiable asset of the subsidiary
d. the excess of fair value over carrying value of net identifiable asset of the subsidiary
Question 10. On 31/12/N, Company X process reversal of provision for inventory. How should the reversed provision amount be accounted for?.
a. Reduction of selling expenses for year N
b. Reduction of general and administration expenses for year N
c. Increase in financial income for year N
d. Reduction in costs of sale for year N
Question 11. Number of share use or calculation of basic earnings per share is number of ordinary shares at the beginning 0 the period weighted average number of ordinary shares in issue during the period © weighted average number of ordinary shares and preference shares during the period number of ordinary share at the end of the period. ~ ao oP t Av
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Question 12. The deadline for submission of financial statements for limited companies, joint stock companies, foreign invested enterprises, co-operatives according to the Accounting Law of Vietnam -s
a. 60 days from the end of the annual accounting period
b. 90 days from the end of the annual accounting period
c. 120 days from the end of the annual accounting period fol é [50 days from the end-of the annual accounting period
Question 13. According to the materiality principle, a payment is recorded as prepaid expenses when;
a. Itrelates to multiple accounting periods regardless the amount
b. Itis considered to be significant to the entity
c. Itrelates to multiple accounting periods and the value is equal to or greater than VND10,000,000
d. Itrelates to multiple accounting periods and is considered to be significant to the entity
Question 14. According to VAS 16 “Borrowing costs”, in which case can borrowing costs be capitalized?
a. Borrowings was made for the purpose of purchasing materials and goods
b. Borrowed to pay for contractor when the construction has been completed and put into used 7._ Borrowed to pay for contractor when the construction is in progress c
d. All ofthe above
Question 15. ~ When purchasing raw materials, Company N prepaid before due date and received a early settlement discount. How shall this settlement discount be treated?
a. Reduction of raw material cost
b. Reduction of costs of sale during the period
c. Increase in financial income
d. Reduction of financial expenses
Question 16. Company X produces product A which is subject to special consumption tax at a rate of 30% and VAT ata rate of 10%. During the period, the company sold one lot of product A at price of VND260,000,000 excluding VAT. In this case special consumption tax of this lot is:
a. VND78,000,000
b. VND85,800,000
c. VND66,000,000
d. VND60,000,000
Question 17. Proceeds from products, substandard products from trial run of tangible fixed assets can be recorded as:
a. Reduction of selling expenses..b. Reduction of general and administration expenses
c. Reduction of fixed asset’s cost AG
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d. Increase in income
Question 18. When translating financial.statements of a foreign subsidiary, accumulated retained profit after tax incurred after the acquisition date is translated at
a. exchange rate at the end of the reporting period
b. average exchange rate during he reporting period
c. exchange rate at the acquisition date t-none-of the above rates-are-used-but-the-amount should -be calculated after-translating items of revenues, expenses of each period in which they are incurred.
Question 19. ; oa, The company leased an asset with fair value of VND600 million in 10 years. Costs directly
related to the lease contract initially incurred are VND 30 million. Present value of minimum
lease payment is discounted at implicit interest rate is VND560 million Which of the following figures will the enterprise present on its annual financial statements?
a. VND 590 million
b. VND 560 million
c. VND 600 million
d. VND 630 million
Question 20. oo Company N purchased 50,000 ordinary shares (par value of VND10,000/share) of Company V through securities company M. purchase matching price was VND100,000/share. Transaction cost is 0.5% of purchase matching price. At the reporting aate, market price company V’s ordinary share is VND1 10,000/share. In this case, what value should company N report on its financial statements for the 50,000 shares? a
a. VND500,000,000 -b. VND5,025,000,000
c. WND5,527,500,000
d. VND502,500,000 Ir
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PART V–LAWS AND REGULATIONS ON AUDIT AND ASSURANCE SERVICES
Question 01. Which of the following activities are not prohibited for practicing auditors? a–buying-any-type-of shares-of the audited-entity
b. signing as both the auditor and the director (or authorized person) on an audit | report
c. working for two or more audit firms at the same time
d. all the above three activities are strictly prohibited
Question 02. You intend to establish an audit firm and are considering different types of enterprises. According to prevailing regulation, which of the following types of enterprises are not allowed for establishment of a new audit firm?
a. One-member limited liability company
b. Limited company with two or more members
c. Partnership
d. Sole practitioner
Question 03. Your audit firm had three practicing auditors. One of them subsequently moved to regulations?
a. Your audit firm should stop signing new audit contracts
b. Your firm may hire associates who are practicing auditors in other audit firms –
c. If your firm is unable to get more members who have auditor certificate in the next six months, it must stop providing audit services
Question 04. Audit firms are not allowed to register for or carry out business in which of the following areas?
a. Human resource consultancy
b. Asset valuation services
c. Internal audit services.
d. Audit firms are allowed to register for and carry out business in all the above three areas
Question 05. . During the audit process, the auditor may have to use the work of specialists. Which of the following practices is not in accordance with prevailing regulation in this area?
a. The specialists must be individuals or organizations external to the firm, must not be personnel of the audited entity or of the audit firm. another-company-Which-of the followin g-actions-is-in-compliance-with-prevailing — ee
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b. When the auditor plan to use the work of specialist, he/she should determine the qualification and evaluate the objectivity of the specialists to prove that the work’ of the specialists meet the requirement of the audit
c. Where the audit report expresses an unqualified opinion, the audit report shall not refer to the work of the specialist.
d. The auditor and the audit firm should obtain sufficient and appropriate audit -: evidence-that the work: of specialist meet the requirement of the audit
Question 06. Which of the following is not an obligation of audit firm?
a. Make compensation for damages caused to its client due to its failure during the performance of audit service and other related services.
b. Buy professional indemnity insurance for auditors or make provision for professional risk so as to create a fund for making compensation for damage cause to its client due to failure of the firm. Detect all frauds which have material effect on the financial statements During the audit, if it is discovered that the audited entity has indications of violating laws and regulations on finance, accounting, the audit firm has an obligation to inform the audited entity or note in the audit report
a. 9
Question 07. Which of the following is not the responsibility of audit firm?
a. Directly manage professional activities of the registered auditors of the firm. | ene ene a De Be responsibie ror civil obligation in respect of professional activities carried out by auditors related to the firm
c. All services provided to clients must have service contract or engagement letter in accordance with the requirement of laws and regulations on contracting and. requirements of auditing standards; implement fully all terms and conditions stated in the signed service contracts.
d. Make compensation for every damage caused to clients or user of audit results.
Question 08. Audit risk is:
a. the risk that the auditor does not detect fraud or misstatement
b. the risk that the auditor does not detect noncompliance of the audited entity with laws and regulations
c. the risk that the auditor and the audit firm express an inappropriate audit opinion when the audited financial statements still contain material misstatement
Question 09. If the directors of the audited entity refuse to provide representation, the auditor should express an audit opinion that is:
a. unqualified
b. qualified or a disclaimer
c. adverse
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‘Question 10 The audit firm is not liable to the user of audit result when:
a. the user of audit results does not have interest that is directly related to the results. of audit services of the audited entity as of the date of the audit report
b. such liability is not stated in the audit contract
c. the user of audit results used information in the audited financial statement in an imprudent_manner
d. Both a and c are correct
Question 11. An auditor is not allowed to carry out an audit if he/she has (as stipulated i in Decree No. 105/2004/ND-CP):
a. aclose friend who is the director of the audited entity
b. parent, siblings who are employees of the audited entity
c. spouse who is a member of the audited entity’s management
d. All the above cases
Question 12. According to the requirements related to conditions for auditor to practice, an auditor whose name has been deleted from the practicing registration list shall not be allowies! to register to practice for a period of:
a. one (1) year from the date of his/her name being deleted
b. two (2) year fram the date of his/her name being deleted c.-three.(3)-year-from_the.date.of his/her name_being deleted
d. four (4) year from the date of his/her name being deleted
Question 13. , ~ Which of the following does not belong to the rights of practicing auditor according to Decree No. 105/2004/ND-CP?
a. can carry out audit of financial statements and services of audit firm.
b. can provide information about the audited entity to anyone who need such information
c. can require the audited entity to provide sufficient accounting documents, other documents, information related to the service contract on a timely manner
Question 14. One of the responsibilities of practicing auditor according to Decree No. 105/2004/ND- ‘ CP is: correcting misstatement in the financial statements of the audited entity preparing financial statements for the audited entity signing the audited financial statements and taking responsibility for that only signing audit report and taking responsibility of his/her professional activities none of the above (9 ROT pf
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Question 15. One of the conditions of auditor or (according to Decree No. 105/2004/ND-CP) is:
a. being able to use one of the five common languages: English, Russian, French, German and Spanish; and being able to use computer (PC) proficiently
b. being able to use one of the five common languages: English, Russian, French, German and Italian; and being able to use computer (PC) proficiently c.-being-able to-use_one-of the five common_languages: English, Russian, French, EELES Chinese and German; and being able to use computer (PC) proficiently
d. none of the above
Question 16. According to Decree No. 1052004/ND- CP, in the case that an auditor is working in an enterprise that is not an audit firm and is also working in an audit firm at the same time, the auditor only allowed to register to practice auditing if there is written consent of the legal representative of:
a. the audit firm
b. the enterprise that is not an audit firm
c. both the above two enterprises
d. none of the above
Question 17. If the auditor is unable to obtain sufficient and appropriate audit evidence, he/she should express an audit opinion that is, a.-an-adverse-opinion
b. a disclaimer of opinion or a qualified opinion _c, an unqualified opinion with an emphasis of matter
d. one of the ebove depending on the circumstances:
Question 18. Audit materiality
a. the higher the materiality level, the lower the audit risk
b. the higher the materiality level, the higher the audit risk
c. materiality and audit risk are two separate concepts which are not directly related to each other –Question 19 When control risk is high, sample size to be selected must be:
a. reduced
b. increased
c. not affected as sample size does not depend on control risk
Question 20. ; Which of the following docs not belong to the basic principles governing an audit of financial statements according to Vietnamese Standards on Auditing 200 (VSA 200)?
a. compliance with law and regulations of the State
b. compliance with requirements of professional ethics 2A;
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c. compliance witi accounting standards
d. auditors must have professional skepticism e. None of the above e iy