ĐỀ THI SÁT HẠCH CHUYỂN ĐỔI NĂM 2010

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2010 – Đề chẵn

Nguồn: de chan on thi chuyen doi nam 2010.pdf

PART I: ECONOMICS REGULATIONS, INVESTMENT LAWS AND AND ENTERPRISE LAW
Circle the correct answer for each of the following statements/questions
1, Persons having the right to establish or to participate in establishment of an enterprise in Viernam are:
a. foreign invested enterprises in Vietnam;
b. individuals, regardless of nationality or residence;
c. both the above.
2. In which of the situations below, a joint stock company must have a supervisory board?
a. having more than 11 shareholders who are individuals or organisations owning more than 50% of the company’s shares;
b. having more than 9 shareholders who are individuals or organisations owning -more than 45% of the company’s shares;
c. having more than 13 shareholders who are individuals or organisations owning more than 30% of the company’s shares.
3. Who have the right to vote the supervisory board of a joint stock company?
a. General shareholder congress;
b. Board of management;
c. Employee community.
4. The Law on Bankruptcy (2004) regulates the bankruptcy resolution of
a. joint stock companies and limited liability companies;
b. enterprises except for those involved directly in national security and defense;
c. enterprises and cooperatives falling in a bankruptcy position.
5. When carrying out business operations, partnership firms are not allowed to issue:
a. shares;
b. bonds;
c. Neither of the above.
6. The transfer of capital by members of limited liability companies with two or more members to a person who is_not a member when:
a. it is approved by the member council;
b. other members of the company do not purchase a!! or part of the capital;
c. it is approved by the director of the company.
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7. Which of the following laws regulates the merger of two joint stock companies producing beverage products in Vietnam?
a. Law on Enterprises (2005);
b. Law on Competition (2004);
c. Both the above.
8. A business entity subject to value added tax (VAT) under the deduction method will be assessed for tax refund in the following situations:
a. Having outstanding deductible input VAT of VND 300 million or more during a month in which it exports goods;
b. Having outstanding deductible input VAT of VND 200 million or more during a month in which it exports goods;
c. Having outstanding deductible input VAT of VND 100 million ar more during a month in which it exports goods.
9. The conditions for an expense to be deductible in determining taxable income:
a. The expenditure is fully supported by legitimate invoices or documents as prescribed under laws and regulations;
b. The expenditure is incurred in connection with the business activities of the enterprise;
c. Both the above conditions must be met.
10. Which of the following incomes of an individual is determined as taxable income?
a. interest income on deposits placed with credit institutions,
b. income earned from life insurance policies; c, dividend income. tL. Financial reserve fund is used for:
a. annual bonus or regular performance bonus based on productivity and achievements of employees;;
b. covering losses of or damages to assets, uncollectible debts incurred in business operations;
c. partial contribution to construction of shared welfare facilities.
12. Raising funds by issuing long-term bonds
a. does not result in an increase in debt ratio of the enterprise;
b. does not result in the owners’ control and management of the enterprise being shared with other parties;
c. does not result in obligation to pay interest. an
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13. The deadline for submission of financial statements for competent authorities is:
a. 90 days from the end of the annual accounting period;
b. 60 days from the end of the annual accounting period;
c. 30 days from the end of the annual accounting period.
14. The determination of a relevant market is applicable to dealing with:
a. unhealthy competition;
b. restricted competition;
c. both the above.
15. Commercial arbitration agencies are authorised to resolve dispute arising in busincss when:
a. there is an agreement on use of arbitration;
b. the agreement on use of arbitration is not invalid;
c. uclaim is submitted by the plaintiff to the arbitration agency.
16. Joint stock Company M, with a registered office in Hanoi wishes to carry out an investment project in which it will establish a sole memberliniited liability company
specialising in production of packaging materials with an investment capital of VND 14
billion. In order to carry out this investment project, Joint stock Company M:
a. must complete investment registration procedures;
b. does not need to complete investment-+registration procedures;
c. must complete investment appraisal procedures.
17. Among the following requirements on examination supporting documents, which one is mandatory
a. requirement on design of template;
b. requirement on principal element of supporting documents;
c. requirement on provision of additional supporting documents for the purpose of examining the value of an enterprise.
18. Among the following principles, which ones are those of independent auditing activities?
a. compliance with regulations on auditing investment activities;
b. compliance with regulations on auditing enterprises;
c. complance with ethical requirement for auditors.
19. Among the following rights; which ones are those of certified public accountants?
a. right to maintain own opinion;
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b. right to request the audited entity to provide sufficient accounting documents and other dacument/in formation related to the engagement contract on a timely basis;
c. both the above rights.
20. When return on asset is lower than borrowing rate, how is return on cquity affected?
a. Return on cquity increases;
b. Reiurn on equity remains unchanged;
c. Return on equity decreases,
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PART II: LAWS AND REGULATIONS ON FINANCE AND FINANCIAL MANAGEMENT

Circle the correct answer for each of the following statements/questions |. Enterprise A has an investment project for which excerpt from data for year | is as follows:
– Net revenue: VND 100 million – Depreciation charge: VND 20 million
– Material costs: VND 30 million – Other expenses in cash: VND 10 million
– Labour costs: VND 20 million – Interest expense: VND 10 million
– Applicable tax rate: 25% If the discount rate applied to the investment project is Weighted Average Cost of Capital determined by the fomula:
WACC = wa ta (1 – T%) + We te
Then, net operating cash flows for year | of the project is:
VND 7.5 million;
VND 27.5 million;
VND 35 million;
VND 37.5 million.
2. Which of the below deposit schemes offered by a bank with different interest compounding period bring the highest benefits when nominal interest rate is 12% pa:
a. 6 months;
b. 3 months;
c. 2 months;
d. 1 month.
3. A finance lease does not require morlgage because: it increases equity; in increases short term debts; the ownership is separated from the right to use the asset; itis a form of direct borrowing by individuals. acgoe
4. [fa company has the effect of combined leverage (DTL) = 3.0, it means that:
a. when the company’s sale volume changes by 1%, it will lead to a 3% change in return on equity (or EPS);
b. when the company’s sale volume increases by 10%, it will lead to a 30% increase in return on equity;
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ce. when the company’s sale volume decreases by 5%, it will lead to a 15% increase in earnings before intcrest and tax;
d. when the company’s sale volume changes by 1%, it wil’ lead to a 3% change in profit before tax.
5. Company A has an opportunity to invest in expansion of production. The company intends to install a new production line in a fully depreciated workshop. Market price
(after tax) of the piece of land on which the workshop is located is VND 3,000 million:
payments for markct survey of VND 1,000 million has been made; capital expenditure to
acquire machinery and equipment is VND 5,000 million; additional working capital
required is VND 1,000 million. Cash out flows of the project is:
a. VND 6,000 million;
b. VND 8,000 million;
c. VND 9,000 million;
d. VND 10,000 million., ” 1
6. By observing (wo enterprises, it is noted that operating leverage of enterprise A is. higher than that of enterprise B. Which of the following statements are incorrect
a. Enterprise A has a ratio of fixed costs over total cost higher than that of enterprise B;
b. If both enterprises have the same increase in sale volume then enterprise A will have a greater increase in earnings before interest and tax than enterprise B;
c. Enterprise A has greater business risk than enterprise B;
d. When sale volume decreases, enterprise B will suffer more from decrease in earnings before interest and tax.
7. cost of debt must be calculated after tax: (I). because interest expenses is an expenses element that reduce taxable income (II). To be consistent for the calculation of weighted avcrage cost of capital (IIL). To be comparable with the project’s internal rate of return (IRR) a t+)
b. H+ TU;. a ce. T+ Ill;
d. t+ + Jl.
8. LAF company has retained profit for reinvestment for the last year of VND 275
million. The company has paid dividends of VND 150 million and hastotal equity at the
end of the year amounting to VND 6,000 million. Previously, LAF company isued
150.000 ordinary shares and currently has 25.000 treasury shares. 1f now, ordinary share is sold for VND95.000/share then what are the ratio of market value over book value (MB) and price to earning ratio (PE)?
a. MB =2.9 and PE = 40.25;
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b, MB =1.98 and PE = 43.18;
c. MB =3.2 and PE = 40.2;
d. MB=2.0 and PE = 39.29,
9. Hoang Long joint stock company issued fixed rate bonds bearing interest at 10% pa.
The bonds have a par value or VND 1,000,000 and will mature after 9 years. Interest are
payable annually. Ifthe bonds are sold for VND 1,075,250 then what is the yield to
maturity (Y TM)?
a. 7.5% pa;
b. 8.2% pa;
c. 8.8% pa;
d. 9.5% pa.
10. Nam Trieu joint stock company has just paid dividend of VND1,750/share. Expected dividend growth rate is 6% pa in the next 3 ycars and subsequently 5% pa to infinity. [f the investors require a rate of return of 12% pa fromthe share of Nam Trieu joint stock company then what is the current price of the share’
a. VND 26,960;
b. VND 28,350;
c. VND 30,127;
d. VND 23,450.
11, Under prevailing regulations, state owned companies have the right to raise funds for the purpose of business at its descretion to the extent that ratio of debt to chartered capital does not exceed:
a. 5 times;
b. 4 times;
c. 3 times;
d. 2 times.
12, When considering a project to product a product, an enterprise notcs that the market for the product has a good potential, could consume a large volume. The enterprise should therefore choose:
a. a low operating leverage;
b. ahigh operating leverage;
c. not to use operating leverage;
d. insufficient information to conclude.
13. An investment project with NPV <0 means:
a. the project is profitable;
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b. the project is certainly not profitable;
c. the project may be profitable;
d. internal rate of return of the project is higher than cost of capital of the project
14. Internal rate of return (IRR) ts. the discount rate used in net present value method; the discount rate uscd in profitability index method; the project’: $ rate of return; maximum cost of capital that could be acceptable for the project. ao Tp
15. Mr A borrows VND 100 million from a bank at an interest rate of 12% pa. The loanand interest are repayable in five equal instalments starting in | year after from the borrowing date. ‘The amount that Mr A has to pay annually is:
VND 27.74 million;
VND 15.74 million;
VND 14.06 million;
VND 31.07 million.
16. Payment of dividend in cash by a company will:
a. Increase the company’s assets:
b. Decrease the company’s assets;
c. Increase the company’s capital source; d, Not change the company’s capital source.
17. A company expects net profit-after tax of VND 100 million. The optimum debt ratio of the company is 0.4. The company has an investment opportunity that requires YND 150 million of capital. If the company follows a dividend surplus policy then the dividend pai to shareholders is:
VND 40 million;
VND 30 million;
VND 20 million:
VND 10 million.
a0 FP
18. Company X has the following capital structure that is considered to be optimum: debts of 30%, preference share capital of 30%, ordinary share capital of 40%. The
company borrows fess than VND100 million at a rate of 10% pa; and more than VND
100 million at a rate of 12%. The company issues preference shares less than VND 200
million at 14% cost of capital; and more than VND 200 million at 15% cost of capital.
Expected profit for reinvestment next year will be VND 300 million that has a cost of
capital of 16%. The company issues ordinary shares of up to VND 300 million at 17%
cost of capital; and more than VND 300 million at 18% cost of capital. How many break
points does the marginal cost chart have?
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2 break points; 3 break points; 4 break points; 5 break points. ao op
19, A company has investment opportunitics with the following assumptions: Project Capital NPV I TRR
a. USD 550,000 USD 105,000 {15%
B | USD 350,000 + USD 85,000 17.7%
C USD 140,000 USD 38,000 20.2%
D USD 60,000 “TUSD 9,000 +14.9%
E _ _ [USD 470,000 USD 3,000 12.2%
Provided that the maximum investment capital is iSD 550,000; cost of capital is 12%. The project that will be chosen by the company jis:
a. Project A;
b. Projects B, C and D;
c. Projects A and C;
d. Projects B and D.
20. Company X currently has debt capital of VND 250 million bearing an interest rate of 10% pa and 20,000 ordinary share in issue. The company does not have preference
share. The company is subjcct to income tax at 25%. Atan EBIT of VND 800 million,
EPS of the company is:
a. WND 25,000/share;
b. VND 29,063/share;
c. WND 38,750/share;
d. VND 40,000/share.
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PART III: LAWS AND REGULATIONS ON TAXATION AND TAX MANAGEMENT

Circle the correct answer for each of the following statements
1. Which of the following is eligible to a0% VAT when all legal criteria arc met?
a. Enterprise in export processing zones (EPZ) selling goods to foreign countries;
b. Domestic enterprise selling good. to foreign counties:
c. EPZ enterprises selling goods to domestic enterprises;
d. Allithe above.
2. Which of the following rights and obligations prescribed under the Law on Tax Management applies to the tax payer who has detect: errors and mistakes previously made that resulted in underdeclaration of tax payabl.-
a. to declare additional tax for all the errors and mistakes usd to compute the penalties for the default payment of the tax shortage;
b. to declare additional tax for the previous years not exceeding 5 years, from the date the errors and mistakes made by the entity’s accountant are detected; ce. to declare additional tax the errors and mistakes are cletected before the tax authorities announce their decision to carry out an examination or inspection, and at the same time to compute the penalties for the default payment of the tax shortage _d. to declare the tax shortage and to be entitled to exemption from penalty for voluntary declaration to the tax authorities.
3. Input VAT on the goods and services (identified on eligible supporting documents) purchased for building a mid-shift break house for an enterprise’ employees:
a. is not deductible;
b. is not deductible if such expenses are funded by the State’s budget;
c. is deductible if such expenses are funded by the enterprise’s profits;
d. is fully deductible.
4. The base price of goods imported for the purpose of excise tax should be:
a. Base price for import tax;
b. Base price for import tax + Import tax (ifany);
c. Base price for excise tax of the goods of same type in the domestic market:
d. Base price for excise tax of the goods as set by the Ministry of Finance.
5. To which of the following a0% VAT shall not apply?
a. Salt exported;
b. Unprocessed aquaculture products exported;
c. Financial derivatives exported;
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d. Fans exported. Which of the following is subject to excise tax in Vietnam? a. b. d. 2-wheel motorcycles with cylinder capacity of 120 ce; Alr-conditioners with capacity of more than 20,000 BTU; Aircraft for use in passenger transportation; 16-seat ambulance vehicles. A passenger transport company purchased a 7-seat car for passenger transportation
at a price of VND 2 billion exclusive of VAT with an eligible invoice and made
payment via bank. The input VAT of the car shall: a. Bc fully deductible; Be fully deductible if the car is used for the enterprise’ activities subject to VAT; Not be deductible;
Be fully deductible in proportion with the car’s valuc portion of VND 1.6
billion and lower, Where income-generating expenses can not be determined in the case of capital transfer due lo inadequate invoices and supporting documents required by laws and regulations, the rate of personal income tax (PIT) applicable should be: b. d. a. b. c. d. L 2% 0.2% 1% 0.1%, Which of the following expenses, all supported with legitimate invoices and supporting documents, is deductible for CIT purpose? a. b. c. d Donation to build a State hospital; Donation to the Women’s Union; Donation to Hanoi University students for scholarship; Consulting fees. 10 For CIT purpose, the ceiling depreciation expenses of a S-seat car not used for passenger transportation, tourism and hote! business should be: a. b,
c. d. VND I billion;
VND 1.6 billion;
VND 1.4 billion;
VND 2 billion.
1] [Imports from an ASEAN country are: a0 [mport lax exempt; Subject to preferential tax rates (MFN tariff) Subject to special tax rate s (CEPT/AFTA); All the above. it
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12. Which of the following imports for creation of fixed assets for an investment incentive project is not exempt from i: nport-tax? a. b. d, equipment, machinery and motor vehicles for exclusive use in a technology line as certilied by the Ministry of Technology and Environment; Vehicles with less than 24 seats, including ones wliose use ts explained by the enterprise as being for transporting employees to and from work; Parts, accessories, separate components, moulds for complete assembly, installation and use with the equipment and machinery referred to in (a) above; All the above.
13. Tax payers of VAT under the direct method shall be: a. b. C: d. Individual Victnamese producers and traders who fail to fully observe the legal regulations on accounting, invoicing and supporting documentation; Foreign individuals and organisations doing business in Vietnam not under the Ia. on Investment and those not following or not fully: observing the legal regulations on accounting, invoicing and supporting documentation; Those trading in gold, silver, gems, foreign currencies; All the above.
14. Which of the following income against which tax relicf can be applied under the current law on personal income tax (PIT)? a. b. c. d. Income from security transfer activity; Ordinary business income; Capital transfer income; Royalty income 15 Tax reduction amount for cach dependent person by the tax payer as defined by law is (VND million): af 7 1.0 aA HNP 1. I. 1.
16. Mr. Kasahara is a Japanese who resides in Vietnam. During February 2010, he received a sum of income from transferring his capital in Company X, a joint venture established under the law of Victnam. He is:
a. obliged to pay VAT on all the income he received from capital transfer;
b. obliged to pay VAT on all the amount received and pay CIT at 25% on the income fram capital transfer; obliged to pay PIT at 20% of the income from capital transfer;
d. not subject to pay any tax. lv
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17. Total expenses declared by a Company ina tax year are VND 100,000 million, of
which:
Donation for construction of poor peoples’ house is VND 500 million;
Donation for students is VND 200 million;
Donation for health care fees for poor patients at Bach Mai Hospital is VND 200 million The remainder is deductible as per legal regulations for CIT purpose. All expense items are supported with legitimate invoices and supporting documents. The poor people whose houses are funded are as defined under the guidance of the Ministry of Labor, War In«alids and Social A ffairs. The total deductil: ic expenses of the company for CIT purpose for the tax year should be:
VND 99,100 million;
VND 99,306 million;
VND 99,600 million;
VND 99,800 million.
Which of the following is not deductible for corporate income tax purpose but should be included in taxable income for personal income tax purpose? a. b. Salaries and wages paid to employees as per personal labor contract or collective labor agreement;: Benefit received in the form of a tour held by the enterprise for all its employees funded with its profit after tax; Payment for life insurance purchased by the enterprise for its employees (not legally required), in which the employees enjoy full insurance benefits but do not pay for the insurance premiums; Payment made by the enterprise for its expatriate employees’ housing as agreed upon in the labor contract.. In which of the following cases, refund of import tax paid for cquipment, machinery, tools, motor vehicles by individuals and organisations eligible for such importation in the manner of temporary import for re-export for implementation of investment projects will not apply under the legal regulations on import tax and export tax? These equipment, machinery, tools, motor vehicles are not re-exported when the temporary import duration expires but are donated for continucd use by other entities in Vietnam as allowed by competent authorities;
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b. These equipment, machinery,, tools, motor vehicles are not re-exported when the temporary import duration expires and are transferred in Vietnam as allowed by competent authorities:
c. Both the above cases.
20. Which of the following tax policies/incentives will apply to an enterprise which currently pays corporate income tax (CIT) at the preferential rate of 15% as prescribed in their investment licences granted before O1 January 2009?
a. The tax incentives provided for under the previous!ezal documents on CIT will continue to apply;
b. The tax incentives under the new Icgal documents effective fram 01 January – 2009 may be applied for the remaining time if the new incentives are higher than those prescribed in the previous }egal documents:
c. ‘The enterprise can choose to apply either (a) or (b) above provided that such incentive is appropriate to the project’s conditions and that the enterprise can satisfy;
d. The enterprise shall change immediately to applying the comnion CIT rate of 25% since the new Law on CIT has abolished the tax rate of 15%. ly
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PART IV: LAWS AND REGULATIONS ON ACCOUNTING AND ACCOUNTING FOR ENTERPRISES
Circle the correct answer for each of the following statements
1. Loe) S we
An cnterprise’s accounting profit before CIT is VND 800,000,000; administrative
penalty paid in the year is VND 20,000,000 and cxcess depreciation expense is
VND 30,000,000. Under the Law on Corporate Income Tax (CIT), CIT payable
(25%) for the current year should be:
a. VND 187,500,000;
b. VND 212,500,000;
c. VND 200,000,000;
d. VND 207,500,000. Which of the following is recognized as revenue for a construction contract under Vietnamese Auditing Standard No. 15 Construction Contract?
a. The revenue stated in the original contract;
b. Incentive payments which are amounts additionally given to the contractors for meeting or exceeding the requirements;
c. Another payment obtained by the contractor from the client to compensate for costs not included in the contract price;
d. All the above. Under the current Vietnam Accounting System for enterprises, the amount of compensation which is less than the amount of goods lost in the purchase process should be charged to: Purchasing costs; Selling expenses; Cost of goods sold; Other expenses. o.0 oP In which of the cases, borrowing costs are charged to a expenses in accordance with VAS 16 “Borrowing costs”?
a. Interest incurred on borrowings used for acquisition of materials and goods for the business’ production;
b. Interest in curred on borrowings used for capital expenditure when the construction work is abnormally suspended;
c. Interest incurred on borrowings used for payment to contractor when the work has been completed and put into use;
d. All the above. When the provision for warranty of construction work made exceeds expenses actually incurred the difference should be:
a. reversed by an entry to A/c 711; is
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b. reversed by a reduction of expense in A/c 627;
c. reversed by a reduction of expenses in A/c 642;
d. treated according to the policy of the enterprise. Where an invoice was issued for a sale of goods and payment reccived in the period but the goods remain undelivered to the customer by year-end,
a. Revenue is recognized (A/c 511);
b. A credit is recorded in Trade Receivables (A/c 131) for the payment received fron: customers;
c. Unearned revenue is recorded in A/c 338 (3387);
d. A short-term deposit received is recorded in A/c 338 (3386). Provisions before a b.-siness is transformed into a joint sisck company is treated as follows: a decrease in jrovisions and an increase in other incomes; a decrease in j: rovisions and increase in operating capital; a decrease in provisions and increase in expenses; offset against losses and increase in legal capital with the remaining balance (if any) Expenses incurred on equitising a State owned enterprise are recorded as: an increase in expenses in A/c 642; an increase in expenses A/c 1385; an increase in expenses A/c 3385; an inercase in expenses A/c 421. aorp Revenue from selling a product subject to excise tax shall be: the selling price inclusive of excise tax; the selling price less excise tax; the issuance cust of the product; All the above are false. aoce. For an investment property sold, its net-book value is recognized into:
a. Financial expenses;
b. Other expenses;
c. Cost of goods sold:
d. General administration expenses.. Under the Vietnamese Accounting System for enterprises, the amount of compensation which is less than the amount of goods lost in the sale process should be charged to:
a. Purchasing costs; Ke
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b. Selling expenses; c, Cost of goods sold;
d. Other expenses.
12. Which of the following is not recognized in revenue from sale of goods under the Victnamese Accounting System for enterprises? aos Sale of merchandise goods: Sale of products; Sale of packaging for the goods for which a separate price is charged; None of the above.
13. Which of the following is not inclu: ted in cost of goods sold under the Vietnamese Accounting System for enterprises”
c. d. Materials cost, labor cost in «xcess of ite normal level and not included in the cost of production; Cost of fixed assets self-consiructed and produced in excess of the normal level and not-included in the cost of tiie fixed assets; Selling cost of an investment property; Cost of packaging for the goods for which a separate price is charge:
14. Under the Vietnamese Accounting System, a tangible fixed asset leased under a finance lease contract leased out as an operating lease shall be recorded as: a. b.
c. d. a tangible fixed asset; finance lease asset; investment properly; Other long-term investment.
15. Deadline for an accounting entity that is a State owned enterprise to file its annual financial statements are as follows:
a. no later than 30 days, from the end of the annual accounting period and for State General Corporation in particular, not later than 90 days;
b. no later than 20 days, from the end of the annual accounting period and for a State General Corporation in particular, not later than 45 days;
c. no later than 30 days, from the end of the annual accounting period;
d. no later than 90 days.
16. For a joint stock company issuing shares, the costs incurred thereon shall be recorded:
a. as financial expenses;
b. as General administration expenses; ao as an increase to share premiums; as a decrease to share premiums. e
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17. The “Advance from customers” caption in the balance sheet coded 338 represents: a. b. d. total amount advanced by customers to purchase assets, goods, investment properties, services at the reporting date and unrealized revenue, including revenue received in advance; total amount advanecd by customers to purchase assets, goods, investment properties, services at the reporting date; all unrealized revenue at the reporting date; total amount advanced by customers to purchase assets, goods, services at the reporting date.
18. Fixed assets which participate in business activities can be depreciated under the | adjusted declining balance method should meet the following criteria: They are a brand-new assets; They are cquipment, machinery; measuring anil experiment tools, devices; as defined by the enterprise’s policy; They are a brand-new assets, which are cquipment, machinery; measuring and experimei: Lools, devices
19. Which of the following shall not be included ii cost of goods produced? a. b. d. Factory manager’s salary; Company director’s salary; Factory technicians’ salary; Factory statistic staff’s salary.
20. At the end of an accounting period, deductions to revenue shal! be transferred to: a. aoc debit side of Income Summary Account (A/c 911); credit side of Income Summary Account (A/c 911); debit side of Sales Revenue Account(A/c 511); credit side of Cost of Goods Sold Account (A/c 632). w
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PART V. LAWS AND REGULAIONS ON AUDIT AND ASSURANCE SERVICES
Circle the correct answer for each of the following statements/questions
1. One of the criteria prescribed by Government Decree 105/2004/ND-CP for a certified public accountant is that he/she has worked in the field of accounting and finance for 4 years and longer or worked as an audit assistant in an audit firm for 3 years and longer.
a. True b. False
2. One of the criteria prescribed by Government Decree No. 105/2004/ND-CP for a certified public accountant is that he/she works under a labor contract with an audit firm which is incorporated and operates under the laws of Vietnam.
a. True b. False
3. A. cording to Vietnamese Standard on Auditing No, 200, an auditor is to detect and report to management of the audited entity all significant managerial and administrative issues of the business.
a. True b. False
4. Which of the following acts a certified public accountant is not prohibited from carrying out according to Decree No. 105/2004/ND-CP and Circular No. 64/2004/TTBTC?
a. contributing capital, borrowing, lending or purchasing any type of share of the audited entity regardless of amount or quantity;
b. renting, lending or allowing other parties to use the own name and Auditor Certificate to carrying out professional activities;
c. working for (wo accounting/auditing enterprises or more at the same time;
d. disclosing infonnation about the auclited entity that the auditor obtained during his/her practice in accordance with the requirements of laws and regulations.
5. Which of the following services that auditing enterprises are not allowed to provide according to Decree No. 105/2004/ND-CP?
a. providing financial statement audit services and operational audit services;
b. providing asset valuation services;
c. providing advertising services or carrying out insurance business.
6. A financial statement review produces reasonable assurance like a financial statement audit.
a. True b. False
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7. In which case, an expert’s material shal} not be referred to in the auditor’s report a. b. Cc. An audit report with an unqualified opinion is issued; An audit report with an modified opinion is issued; Both the above.
8. Examplcs of situations where the advocacy threat could exist: a. b. c. a member of the audit team assumes a role to represent the assurance client in resolving disputes with third parties; being overly dependent on fees from an assurance client; a member of the audit tcam has a blood relative who is the director of the assurance clicnt. 9, When performing preliminary assessment of internal audit function, the auditor must base on the following key criteria: mean Role of the interna’ audit function within the entity’s organisational structure; Responsibilities of the internal audit function; Competence of the internal auditor; Professional due care of the internal auditor; Activities and effectiveness of the internal audit function in prior year; All the above criteria.
10. Which of the following enterprises and organisations are not required to have their annual financial statement audited by an auditing enterprise in accordance with Decree No. 105/2004/ND-CP and Circular No. 64/2004/TT-BTC? a. foreign invested enterprises and organisations which are established and operate in accordance with Vietnamese laws; State-owned enterprises; credit institutions which are established and operate in accordance with the Law on Credit Institutions; banks in all economic sectors and the Development Assistance Fund (now the Development Bank of Vietnam); auditing enterprises, cxceept for foreign invested ones. 1]. According to Vietnamese Standard on Auditing No. 600, the principal auditor is not exposed to audit risk concerning financial information of the audited enlity’s subsidiaries and other business entities.
a. True b. False
12. Which of the following procedures is usually not adopted to audit accounting estimates:
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Reviewing and examining the process of preparing the accounting estimates; Preparing a standalone estimate for comparison with those by the entity; Sending confirmation letters to the entity’s clients; Reviewing events and transactions subsequent to the balance shect date. aos
13. The kind of services that an audit firm can register to render includes: Financial statement audit; Internal audit; Review of financial! information; Agreed-upon procedures; All the above. eaoge
14. Which of the following situations does not result in self interest threat that would impair auditor’s independence?
a. the auditing enterprise has.direct financial interest or matertal indirect financial inferest in an assurance client;
b. the auditing enterprise is overly dependent on the fee from an assurance client;
c. amember of the audit teain is threaten to be replaced when he/she has a disagreement about the application of an accounting principle.
15. An audit strategy should be prepared for every audit engagement.
a. True b. False
16. An external auditor’s liability is not reduced when he/she uses the internal audit documentation.
a. True b, False 17, When the auditor strictly observes the applicable auditing standards and current legal regulations in a financial statement audit, an unqualified audit report shall be issued as a esult.
a. True b. False
18. Article 19 of Government Decree No. 105/2004/ND-CP and point 6 Part A – I of
can buy a small number of shares issued by the audited entity.
a. True b. False
19. Government Decree 105/2004/ND-CP and Ministry of Finance Circular 64/2004/TTBTC regulates that annual financial statements of enterprises and organizations classified below are subject to audit by independent audit firms:
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a. Foreign invested enterprises and organizations incorporated and operating under the laws of Vietnam;
b. Organisations running credit activities which are incorporated and operate under the laws on credit institutions; banks of all economic sectors; and Development Bank of Vietnam;
c. Financing organisations and insurance business enterprises and insurance brokerage enterprises;
d. All the above.
20. In auditing the financial statements of a listed company, the auditor should take into account the legal regulations on the preparation and disclosure of financial statements.
a. Truc – b.False

2010 – Đề lẻ

Nguồn: de le on thi chuyen doi nam 2010.pdf

PART I: ECONOMICS REGULATIONS, INVESTMENT LAWS AND AND ENTERPRISE LAW
Circle the correct answer for each of the following statements/questions J. Article 13, point 2 of the Law on Enterprises (2005) stipulates that the following organisations and individuals are not allowed to cstablish and manage an Sntenprise in Vietnam:
a. foreign orgariisations and individuals; Vietnamese citizens who reside vverseas;
c. Public officials and civil servants according to the law on Pub’ic officials and civil servants.: Zs
2. Under the Law on Enterprise (2005), how many vears does it take for the restrictions on common shares of founding shareholder to be abolished
a. 3 years;
b. 5 years;
c. 2 years.
3. Under the Commercial Law (2005), penalty level for violation of contractual obligation i in business and commercial activities or total penalty for multiple violations as agreed by contracting parties:
a. Shall not excecd 8% of the value attributable to the contractual obligation violated:
b. Shall not exceed 5% of the value attributable to the contractual obligation violated;
c. Shall not exceed 10% of the value attributable to the contractual obligation violated.
4. Under the Vietnamese Law on Competition (2004), an enterprise is considered to be dominant on the market if it has a market share of:
a. 30% or more of the relevant market or having the ability to significantly restrict competition: |
b. 35% or more of the relevant market or having the ability to significantly restrict competition;
c. 33% or more of the releval ant market or having the ability to significantly restrict competition.
5. Authorised body for issuing business registration certificates for enterprises in Vietnam is:
a. business registration agency at province level;
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Pill if
b. business registration agency at district level;
c. business registration agency at province or district level.
6. Unhcaltny competition acts arc handled under the authority of:
a. Competition management department (Ministry of Trade and {ndustries);
b. Market management department (Ministry of Trade and Industries);
c. Competition committee.
7, Investments in the forms of BOT, BTO, BT contracts are those made under contracts ‘signed between:
a. Domestic investors;.
b. Investors and authorised state agencies;
c. Domestic investors and foreign investors. ~
8. How are bondholders of joint stock companies responsible for the company’s liabilities?
a. Nol responsible;
b. Within the capital invested in the company;
c. With all assets belong to their ownership.
9. How are disputes arising from business activilies between traders are resolved?
a. Through negotiation and reconciliation;
b. Through court or arbitration agencies; ¢. Both the above.
10. Investment activities of foreign investors in Vietnam must comply with
a. Law on Enterprises (2005) and Law on Investment (2005);
b. Law on Foreign Investment (1996);
c. all the above three laws.
11. Financial reserve fund ts used for:.
a. annual bonus or regular performance bonus based on productivity and achievements ofemployees;
b. covering losses of or damages to assets, uncollectible debts incurred in business operations; ¢. partial contribution to construction of shared wel fare facilities,
12. A business entity subject to value added tax (VAT) under deduction method will be assessed for tax refund in the following situations:
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Having outstanding deductible input VAT of VND 100 million or more during a
month that it exports goods;
Having outstanding deductible input VAT of VND 200 million or more during a
month that il exports goods;
Having outstanding deductible input VAT of VND 300 million or more during a
month that it exports goods.
13. which of the following incomes of an individual is determined as taxable income? a. b. interest income on loans; interest income on deposits placed with credit institutions; income earned from life insurance policies.
14. Financial reserve fund is used for: c. covering losses of or damage: to assets, uncollectible debts incurred in business operations; covering losses of the company as decided by the Board of Management of owners’ representatives;. both the above.
15. Raising funds by issuing long-term bonds a. b, Cc. does not result in the owners’ control and manageiment of the enterprise being shared with other parties; results in the owners’ control and management of the enterprise being shared with the bondholders;, does not result in obligation to pay interest.
16. The deadline for submission of financial statements for competent authorities is: a. b. c. 30 days from the end of the annual accounting period; 60 days from the end of the annual accounting period; 90 days from the end of the annual accounting period.
17. Among the following requirements on examination supporting documents, which one is mandatory a. b. c. requirement on principal element of supporting documents; requirement on design of template; requirement on provision of additional supporting documents for the purpose of exainining the value of an enterprise.
18. Among the following rights, which ones are those of certified public accountants? a. right to be independent in respect of professional activities;
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b. right to maintain own opinion; ¢c. right to change the audited entity.
19. Among the following factors, which ones are not used for calculating the cost of preference share?
a. market price of preference share;
b. ratio of issuance costs;
c. quantity of preference shares issued.
20. When return on asset is higher than borrowing rate, how is return on equity affected?
a. Return on.quity increases;
b. Return on equity remains unchanged:
c. Return on cquity decreases.
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PART II: LAWS AND REGULATIONS ON FINANCE AND FINANCIAL MANAGEMENT
Circle the correct answer for each of the following statements/questions
1. If present value of VND | at n” year in the future with an interest rate of i% is VND th
0.5, then future value of VND 1 invested today with an interest rate of i% at n’ ycar is:
a. b. c. d. VNI) 0; VNI) 0.5;
VND 1.0;
VND 2.0;
2. An investment project with NPV <0 nieans: y aece the project is profitable; the pr oject may be profitable; the project is certainly not profitable; internal rate of return of the project is higher than cost al caple tal of the project. in Which of the following situations, it is most appropriate to use preference share for aisitg capital: a. existing shareholders wish to maintain control and the company has a low debt ratio; existing shareholders wish to maintain control and the company has a high debt ratio; existing shareholders are not so interested in maintaining control and the company has a low debt ratio; existing shareholders are not so interested in maintaining control and the company has a very high debt ratio.
4. Which of the following points are considered to be advantages of raising find by way of finance lease:
a. not causing increase in the enterprise’s debt ratio;
b. the enterprise pay cost of capital that is lower than borrowing from commercial banks;:
c. itis easter to obtain than commercial banks’ loans;
d. reducing the risk of insolvency for by the enterprise.
5. The level of effect of financial leverage (DFL) of a joint stock company is calculated as a percentage that change in…… when…… changes:
a. EBIT, EPS; b. Revenue, EBIT:
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ball hi
c. EPS, EBIT;
d. EBIT, revenue.
6. [fa company changes its capital structure Return on equity ratio (ROE) does nol change; Ratio of profit after tax on assets (ROA) does not change; Ratio of profit on net revenuc (ROS) does not change; Ratio of carnings before interest and tax on assets does nat change. aege
7. An increase use of operating Icverage will generally result in:
a. An increase in the economical break cven volume;
b. A decrease in the economical break even volume;
c. No impact on the economical break even volume;
d. The economicai break even volume progress to zero.
8. The discount rate used in calculating net present valuc (NPY) is:
a. Cost of owners’ capital;
b. Nominal intercst rate;
c. Risk compensation adjustment;
d. Weighted average cost of capital.
9. Which of the following methods of investment project appraisal does not take into account the size of investment capital of the project? Payback period method; Net present value method; Internal rate of return method; Avcrage return on investment capital method. aoc
10. Under prevailing regulations applicable to state owned companies, total investment made by a state owned company outside the company (including short term and long term) should not exceed: chartered capital of the company; 70% of the company’s equity; equily of the company; 50% of the company’s chartered capital. a9 5 BP
11. Company X has 100,000 ordinary shares with current market value of VND 20,000/share. The company has [00,000 bonds with a par value of YND10.000/bond, bearing interest rate of 10% pa and are being sold on the market at par. In prior year the company paid dividend of VND2,000/share. The company expects a constant dividend growth rate of 5% every year. Issuance cost rate of new ordinary shares is 10% pa. The
[Nguồn scan: trang 7]
company has VND 100 million of retained profit for reinvestment. Income tax rate is
25%. If the company has a requirement for capital amounting to VND 150 million then
the marginal cost of capital is:
a. 12.6%;
b. 13.2%:
d. 14.2%.
12. A company with an optimum capital structure consists of 30% cuits and 50% equity (non preference share). Afler tax cost of debt is 6%. The company expect next year profit –
after tax to be VND. 100 million, dividend payment factor is maintained at 0.5. Cost of __
capita! in respect of retained profit is 14%, cost of capital if new shares are issucd is 16%.
If the company raise additional fund in the range from VND 1 to 100 million then
marginal cost of capital is:
a. 6%;
b. 10%; ce. 1t%;
d. 14%.
’13. Company A choose to change its capital structure by increasing debts from VND 80
billion to VND 125 billion. Provided that borrowing interest is 9% and will remain
unchanged. The company currently has 10 million shares in issue with current value of
VND45,000/share. If the change in capital structure leads to an increase in ROE then
what is the minimum earnings before interest and tax expected by the board of directors? Ignore income tax
VND 45 billion;
VND 46.7 billion;
VND 47 billion;
VND 47.7 billion.
ae ge 14, An investment project has the following data: Expected net revenues in 4 year are
VND 500 million, 600 million, 700 million and 500 million. Working capital turnover is
expected to be at 5 time per annum. The cash flow in relation to working capital at the end of year 2 will be
a. – VND!00 million;
b. + VND100 million; ce. – VND20 million;
d. + VND20 million.
15. Company Y plan to issue bond with par value of VND20,00 bearing interest rate of 8% pa. Interest payment is made onc a year and principal is repayable after 10 years.
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Till I, Determine issuance price of the bend if the rate of return required by the investors is i2% pa. VND16,090.2; VND17,542.2; VND19,040.3; VNID18,540. ao SF P
16. An investment project has the following data:
Year 07 | 2 3
Net annual cash flow 1-100 30 50 70 What is the internal rate of return (IRR) of the project? 17%; 18%; 19%; 20%. aore
17. Enterprise X is considering to invest in a new piece of equipment costing VND 10,000 million. The equipment is depreciated on a straight line basis over 5 years. The investment would enable the enterprise lo save expenses in cash amounting to VND 3,000 million per year. Assume that working capital does not increase. Income tax rate is
25% and the required rate of return is 10%. NPV of the project is:
a. VND 425 million;
b. VND 680 million;
c. VND 850 million; d.
VND 1,250 million.
18. An enterprise has annual net revenue of VND 1,000 million/year. Variable cost
account for 50% of net revenue. Fixed costs are VND 300 million/year. Borrowing
interest is VND 100 million/year. Income tax rate is 25%. The effect of operating
leverage is
a. 2.0;
b. 2.5;
c. 3.0;
d. 3.5.
19. Company X has net annuai revenue of VND 4,000 million, variable costs of VND 3,000 million/year, fixed costs of YND500 miliion/year; borrowing interest of VND230
million/year. In come tax rate is 25%. Owners’ equity is VNDI,875 million. [f EBIT
“increase by 10% then what is ROE?
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a. 10%;
b. 11%;
c. 12%;
d. 13%,
20. Company X’s profit in the last 3 years was VND 500 million, 600 million and 700 million, respectively. Determine the value of the enterprise using net profit method provided that the simple arithmetic average mcthod is used. Provide that the rate of return required by the investors is 12% pa.
a. VND 4,000 million;
b. VND 5,000 million;
c. VND 6,000 million;
d. VND 4,000 million.
[Nguồn scan: trang 10]
Hid I!
PART III: LAWS AND REGULATIONS ON TAXATION AND TAX
Cir. Lvs) ~ MANAGEMENT the correct answer for cach of the following statements Which of the following groups of goods and services are subject to value added tax (VAT) according to the prevailing law and regulations on VAT: |
a. Publication, importation and issuance: newspapers, magazines, specialist newsletters, political books, text books (including video and audio tapes and disks and electronic data); teaching materials:
b. Vocational training and teaching as permitted by laws and regulations; ¢. Teaching aids and learning matcrials, which are models, pictures, rulers, boards, chalks, compasses for usc in teaching and learning and specialized devices and cquipment in use for teaching, researc: and experiment
d. All the above. ”
A compiny purchased a 5-scat car for use in the production of furniture for VND 2
billion before value added tax. The purchase was with a legitimate VAT invoice; payment was made via bank; and the VAT rate applicable is 10%. The amount of input VAT should be:
VND 200 million
YND 180 million
VND 160 million
VND 0.00
ao of In which circumstance can a taxpayer claim VAT refund?
a. The taxpayer pays tax under the deduction method and has not had his cumulative input tax fully deducted for 2 months or longer:
b. The taxpayer pays tax under the deduction method and has not had his cumulative input tax fully deducted for 3 months or longer;
c. The taxpayer pays tax under the direct method and has not had his cumulative input tax fully deducted for 2 months or longer;
d. The taxpayer pays tax under the direct method and has not had his cumulative input tax fully deducted for 3 months or longer. Which of the following incomes is free from corporate income tax (CIT)?
a. Gains from capital assignment and property transfer
b. Income from the ownership and the rights to use of assets;
c. Income from rendering technical services for agriculture production;
d. All the above. To which of the following cases, the VAT rate of 0% shall apply:
a. Goods exported or deemed as exports under the provisions of prevailing laws and regulations; services exported, including those directly rendered to organisations or individuals in a foreign country or a tax-free zone; (o
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b. Goods exported and services exported, which arc services supplied to organisations or individuals in a foreign country’;.
c. Good and services consumed in a tax-free zone and supplied to foreiyners residing in Vietnan:;
d. Goods and services stated in (a) above unless otherwise prescribed by laws and regulatians as not being eligible for a 0% VAT, namely exports which are unprocessed resources and minerals, rv-insurances, technology transfers to other countric: ctc. oO. For a tax deduction-method establishment which trades in gold, silver, gems, curtencics,.:. treatment of VAT shall be as follows:
a. The trading of gold, silver, gems, currencies is not subject to VAT;
b. ‘he trading of gold, silver, gems, currencies shall be separately accounted fur and VAT shai! be declared and paid under the direct method;
c. The trading of gold, silver, gems, currencies is subject to VAT under the deduction method;
d. None ofthe alk «eo.
7. The lowest rate of excise duty shall apply to:
a. Petrol;
b. Air-conditioners with capacity of 20,000 BTU;
c. Bio-powered | 0-seat cars;
d. Bio-powered 16-seat cars;
8. Deductible expenses are determined for taxable income and corporate income tax are as follows:
a. Expenses fully supported with prescribed or legitimate invoices and supporting documents;
b. Expenses attributable to generating revenue and taxable income in the tax assessment period;
c. [Expenses not financed by other funding sources;
d. All the above.
9. Which of the following personal income items are taxable under the law on personal income tax (PIT)?
a. Income from property transfer;
b. Income from property transfer between husband and wife: parents and children; adopted parents and adopted children; parents and children in law; grand parents and grand children and brothers and siblings.
c. Income from transfer of dwelling houses, dwelling land-use rights and properties attached to the land of an individual who has the house and land as his only dwelling properties;
d. Income from transforming farming land of an individual or household to whom such land was allotted by the State for farming purpose.
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10. Determine the price based on which to calculate excise duty of a 5-scat traveting | 12. car put on sale in the domestic markct by the enterprise that produced it at the
invotced amount of VND 990 million with 10% VAT included, given that the rate
of excise tax applicable to this kind of car is 50%.
a. The price is VND 990 million;
b. The price is VND 900 million;
c. The price is VND 600 million;
d. The price is VND 618.75 million;. Which of the following cases represents corporate income tax (CIT) payer under the Law on CIT No. 14/2008/QII12 dated 03 June 2008 and relevant guidance documents?
a. Enterprises of all economic seciors and business entities incorporated and operating under the laws of Vietnam;
b. Enterprises established under the laws of a foreign country (forcign enterprises) with or without a permanent establishment in Vietnam and doing business in Vietnam;
c. Foreign organizations which is a permanent establishment from a foreign country which has yet to enter into a double tax avoidance treaty with Vietnam and carn income paid by a Vietnamese enterprise for its services rendered via Internet;
d. All the above. The records on the sale of a company in a tax month are as follows:
Revenue from domestic sale of 9-seat cars net of VAT: VND 30 billion.
Revenue from sale of 9-seat cars into a export processing zone (EPZ): Total
selling price of VND 10 billion at the gate of the EPZ.
Revenue from export sale of 9-seat cars: VND 50 billion
9 seat cars exported or sold to EPZ are eligible for VAT deduction Rate of VAT appticable to 9-seat vehicles: 10% Total output VAT in the tax month should be:
VND 3 billion;
VND 4 billion;
VND 5 billion;
VND 9 billion.
ao os. Which of the following items of income is not subject to corporate income tax (CIT)?.
a. Interest income from lending, bank deposit and installment sales;
b. Dividends from contributing capital to and acquiring shares of enterprise registered and operating in Vietnam afler the party who-receives the contributed capital or issues shares have paid CIT according to the law;
c. Income from trading properties located in socially and economically specially disadvantaged areas; (z
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d. Income of foreign invested enterpri>cx over a number of years as determined by the enterprises and advised to the tax authorities for monitoring. 14, Which of the following applies in the case of an enterprise which has incurred a loss from its business operation but earned income from property transfers?
a. It can carry forward the loss to any financial year, including prior years bul not exceeding 5 years;
b. I can carry forward the loss to the subsequent years to offset against taxable income. The period for carrying forward losses is determined not exceeding 5 consecutive years, following the year in which the loss is incurred:
c. It can carry forward the loss to the subsequent years and the enterprise can ecide the amounts of loss carried forward to each year and keep the tax authorities thercof far monitoring.
d. It can net off the loss against income from property transfers and any remaining loss balance after -tich netting off can be carried forwards to the subsequent years.
15. Which of the following taxes is subject to the double tax avoidance treaties between Vietnam and other countries?
a. Value added tax, export tax, import tax and excise tax; –
b. Corporate income tax, personal income tax and property tax;
c. Afl the above.
16. A 5-seat car is sold on installment according to which each annual installment
exclusive of VAT is VND 105 million inclusive of interest of VND 5 million. The
immediate settlement price of the car is VND 450 million. The excise tax
applicable is 50%. The base price before excise tax should be:
a. VND 300 million;
b. VND 350 million;
c. VND 450 million;
d. WND 525 million.
17. Which of the folowing services is subject to VAT under the current law and regulations on VAT?
a. Credit and investment fund services, including lending, loan guarantee, discounts of commercial papers and quasi-money valuable papers, sale of collateral assets for loan security, finance leases by financial and credit institutions in Vietnam;
b. Capital assignment under the provisions of Enterprise Law, Cooperative Law-and State Enterprise Law (currently Enterprise Law);
c. Vehicle owners civil responsibility insurance, cargo insurance and other non-life insurance;
d. Securities trading as stipulated n the Law on Securities.
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18. Which of the following is not deductidle for corporate income tax purpose but should be included in taxable income for personal income tax purpose?
a. Salarics and wages paid to employees as per personal labor contract or colleciive labor agreement;
b. Bencfits received in the form of a tour held by the enter prise for all its employes funded with its profit after tax;
c. Payment for life insurance purchased by the enterprise for ils employees (not legally required), in which the employces enjoy full insurance benefits but do not pay for the insurance premiuins;.
d. Payment inade by the enterprise for its expatriate employces’ housing 2 as agreed upon in the labor contract. _
19. A Conipany’s records for a tax year show that:
– Base revenuc: VND 30,000 million;
– Total expenses supported by legitimate invoices and supporting documents and
directly relevant to the Company’s business: VND 20,000 million;
+ Tax default penalty: VND 100 million;
+ VAT not deductible due to late declaration: VND 200 billion
– Net income from disposal of a fixed asset: VND 50 million
The Company’s taxable income should be:
VND 10,350 million;
VND 10,100 million;
VND 10,050 million;
VND 10,150 million.
20. During a tax year, Mr. Man won a lottery tickel with a value of VND 100 million. The amount of personal income tax to be paid by Mr. Man and withheld by the Lottery Company should be:
a. VND 9 million;
b. VND 10 million;
c. VND 5 million;
d. VND 4.5 million. ty Ae
[Nguồn scan: trang 15]
PART IV: LAWS AND REGULATIONS ON ACCOUNTING AND ACCOUNTING FOR ENTERPRISES
Circle the correct answer for each of the foilowing statements
l. Wi Value added tax (VAT) payable on a fixed asset imported for use in activities not subject to VAT by a business paying tax under the deduction method is recorded as:
a. An increase in fixed assets;
b. An increase in VAT deductible and credit to VAT payable;
c. An increase in Overheads;
d. An increase in Other Expenises.. Interest payable for a fixed asset purchased on installment or credit will be allocated to:.
a. Overheads;
b. Gencral lixpenses;
c. Financial expenses;
d. Expense of some kind relevant to the user department/division. The shortage of counted materials less the recovery amount (compensations by responsible individuals) is recorded with: a, adebit to Cost of Goods Sold;
b. a debit to Other Receivables:
c. adebit to Payables to Employees;
d. adebit to General Expenses. For materials, tools contributed to set up a jointly-controlled entity, the difference between their cost and contribution value is recorded as:
a. A decrease in the cost of good sold for the period;
b. An increase in revenues of goods sold and services rendered in the period;
c. An increase in other income for the period;
d. Anailocation to other income in the period and unearned revenuc in proportion with the respective parties’ interests Law on Accounting contains:
a. 06 chapters and 74 articles;
b. 07 chapters and 74 articles;
c. 07 chapters and 64 articles;
d. 06 chapters and 64 articles; In preparing the annual financial statements, in respect of fixed assets contributed or sold to a jointly-controlled entity in the period, the accountant uses the amount transferred from tnearned revenue to realized revenue for the period to record:
a. an increase in deferred tax expenses and an increase in deferred tax liabilities;
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b. an increase in deferred tax expenses and a decrease in deferred tax liabilities;,
c. an increase in deferred tax liabilities and an increase in deferred tax expenses;
d. an increase in deferred tax assets and a decrease in deferred tax expenses;
7. (nthe first accounting period after a business’s transformation of ownership, the business shall keep records and prepare the balance sheet as follows:
a. To present only the amounts for the period from the transformation date to the end of the first accounting period in the “End of Year” Column and the “Beginning of Year” is left blank;
b. The balances of assets, liabilities and owners’ equity from the forerunner business are recorded as new incurrence for the new business an: are presented in the “Endins of Year column; The balances of assets, i: abilities aid owners’ equity from the forerunner business are recorded as new incurrence for the new business and are presented in the “Ending of Year” column; and the “Beginning of Year”. column is Jeft blank;
d. to present only the amounts for the period from the transformation date to the end of the first accounting period in the “Current Year * Column and the “Prior Year” column is left blank; cS.
8. Circular 228/2009/TT-BTC dated 7 December 2009 suggest provision for overdue debt and doubtful debt as follows: 70% of the amount for debts overdue for 2 years up to below 3 years; 70% of the amount for debts overduc less than 4 years; 70% of the amount for debts overdue for less than 6 years; 70% of the amount for debts overdue for 4 years to 6 years. aoc of
9. Under the current accounting regulations of Vietnam, in choosing a currency as the reporting unit for a business, foreign invested enterprises should meet the criteria that:
a. ‘Phe currency should be mainly used in financial investment transactions;
b. The currency should be mainly used in selling goods and services and buying goods and. services;
c. The currency should be mainly used in capital transactions;
10. Under the current accounting regulations of Vietnam, stock issuing costs should be: recognized as financial expenses;.. offset against sharcholders’ equity; offset against share premiums; offset against other shareholders’ equity; aoge
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noi seis ee I}. Under the current accounting regulations, funding for Technology and Science Development Fund is debited to: a. b. an Taxable income; Investment Development Fund; Profit after tax: All the above are false.
12. Loan interest expenses (annum rate 8%) incurred in the year is VND 85,000,000. It is known that the scheduled contribution of tie enterprise” charter capital is
short by VND 800,000,000. Under the provisions of current law on corporate
“income tax, the amount of loan interest that’can be treated as deductible expense fi tax purpose in the period shall be: a. b. c. d. nage V”.EY 85,000,000,
VND 21,000,000:
VND 64,000,000;
All the above are false.
13. The first advance payment of salary to employees are recorded with: a debit to Advance Account (A/c 141); a debit to Short-term prepaid expenses (A/c 142); a debit to Payable to Employees (A/c 334); a debit lo expenses accounts _
14. The difference of unemployment fund less than the amount actually paid to employees should be recorded as: ao 7 S an increase in labor costs; an addition to overheads; an increase in other expenscs; a decrease in other incomes.
15. Which of the following fixed assets are to be depreciated? land-use-rights as an intangible assct; those in use in welfare activilies for the benefits of the enterprise’s employees; those in use in activities for the benefits of a the enterprise’s employees; those financed with nonrefundable donations as handed over by competent agencies to the enterprise for research purpose. s
16. An fuvesimeni property is turned into property for use by owners when: a. the owner begins to tse it;
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b. the owner begins to sell it;
c. the owner stops using it:
d. the owner begin to lease it to others.
17. An investment property is being held by its owner [or sale ai a higher price:
a. may nol be depreciated;
b. must be depreciated;
c. is up to the enterprise to decide whether to be depreciated or not.
18. The tax base of a liability is: 2
a. the amount of taxable income incurred upon recovery of this asset;.
b. the amount of expense deducted against taxable income in the futu-: yeas as a result of this liability;
c. the amount et income excluded from taxable income;
d. the remaining amount that could be included expenses for determination of taxable income for future years. ag Vi
19. Under the current law on value added tax (VAT) applicable to a enterprises paying tax under the deduction method, input VAT on a fixed asset in use for both production of goods and services taxable and non-taxable of VAT is: fully deductible; not deductible; deductible in proportion with taxable revenue over total revenue; all the above are false. aegp
20. An enterprise has a VAT purchase invoice dated 10 April 2010, which was lefi omitted and unrecorded in April 2010 for tax purpose. Under the tax law, the time for additional declaration of this transaction should be no later than the duc date for tax declaration of:
a. July 2010;
b. August 2010; =
c. September 2010; _ |
d. October 2010. 1g
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PART V: LAWS AND REGULATIONS ON AUDIT AND ASSURANCE SERVICES
Circle the correct answer for each of the following statements/questions
J. Onc of the criteria prescribed by Government Decree No. 105/2004/ND-CP for a certified public accountant is that he/she works under a labor contract with an audit firm which is incorporated and operates under the laws of Vietnam.
a. lrue b. False
2. One of the criicria prescribed by Government Decree 105/2004/ND-CP for a certificcl public accountant is-that he/she has worked in the field of accounting and finance for 4: years and longer or worked as an audit ussistant-in an audit firm for 3 years and fonger.
a. True b. False
3. According to Victnamese Standard on Auditing No. 262), an a::’ or is to detect and report to managen. nt of the audited entity all significant inanagcria: and administrative issues of the busisess.
a. True b. False
4. Which of the following enterprises and organisations are not required to have their annual financial statement audited by an auditing enterprise in accordance with Decree No. 105/2004/ND-CP and Circular No. 64/2004/TT-BTC?
a. foreign invested enterprises and organisations which are established and operate in accordance with Vietnamese laws:
b. State-owned enterprises;
c. credit institutions which are established and operate in accordance with the Law on Credit Institutions;
d. banks in all economic sectors and the Development Assistance Fund (now the Development Bank of Vicitnam); e. auditing enlerprises, except for forcign invested ones.
5. Which of the following acts a certified public accountant is not prohibited from carrying out according to Decree No. 105/2004/ND-CP and Circular No. 64/2004/TTBTC?
a. contributing capital, borrowing, lending or purchasing any type of share of the audited entity regardless of amount or quantity;
b. renting, lending or allowing other parties to use the own name and Auditor Certificate to carrying out professional activities;
c. working for two accounting/auditing enterprises or more al the same time;
d. disclosing information about the audited entity that the auditor obtained during his/her practice in accordance with the requirements of laws and regulations.
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fill
6. Which of the following services that auditing enterprises are not allowed lo provide according to Decree No. 105/2004/ND-CP?
a. providing financial statement audit services and operational audit services;
b. providing asset valuation serviccs; c, providing advertising services or carrying out insurance business.
7. In which case, a expert’s matcrial shal! not be referred to in the auditor’s report ‘a. An audit report with an unqualified opinion is issued;
b. An audit report with an modified opinion is issued;
c. Both the above.
8. The kind of services that an audit firm can register to render includes: ‘a. Financial statement: udil;
b. Internal audit;
c. Review of financial information;
d. Agreed-upon procedures; e. All the above.
9. Examples of situations where the advocacy threat could exist:
a. amember of the audit team assumes a role to represent the assurance client in resolving disputes with third parties; b.. being overly dependent on fees from an assurance client;
c. amember of the audit team has a blood relative who is the director of the assurance client;
10. According to Vietnamese Standard on Auditing No. 600, the principal auditor is not exposed to audit risk concerning financial information of the audited entity’s subsidiaries and other business entities.
a. True b. False
11. In auditing the financial statements of a listed company, the auditor should take into account the legal regulations on the preparation and disclosure of financial statements.
a. True, b. False
12. An audit strategy should be prepared for every audit engagement.
a. True b. False
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13. When performing preliminary assessment of internal audit function, the auditor must base on the following key criteria: Role of the internal audit function within the entity’s organisational structure; Responsibilities of the internal audit function; Competence of the internal auditor; Professional due care of the internal auditor; Activitics and effectiveness of the internal audit function in prior year: All the above criteria. mooaoge
14. A financial statement review produces reasonable assurance like a financial: atement audit.
a. True: b. False
15. Which of the following procedures is usually not adopted to audit a Accounting estimates: Reviewing and examining the process of preparing the accouniing estimates; ~ Preparing: a standalone estimate for comparison with those by: the entity; Sending confirmation letters to the entity’s clients; Reviewing events and transactions subsequent to the balance sheet date. ono op
16. Which of the following situations does not result in self interest threat that would impair auditor’s independence?
a. the auditing enterprise has direct financial interest or material indirect financial interest in an assurance client;
b. the auditing enterprise is overly dependent on the fee from an assurance client;
c. amember of the audit team is threaten to be replaced when he/she has a disagreement about the application of an accounting principle.
17. An external auditor’s liability is not reduced when he/she uses the internal audit documentation.
a. True b. False
18. Article 19 of Government Decree No. 105/2004/ND-CP and point 6 Part A – | of
can buy a small number of shares issued by the audited entity.
a. True b. False”
19. When the auditor strictly observes the applicable auditing standards and current legal regulations in a financial statement audit, an unqualified audit report shall be issued as a result.
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a. True b. False
20. Government Deerce 105/2004/ND-CP and Ministry of Finance Circular 64/2004/1’TBTC regulates that annual financial statements of enterprises and organizations classified below are subject to audit by independent audit firms:
a. Foreign invested enterprises and organizations incorporated and operating under the laws of Vietnam;
b. Organisations running credit activities which are incorporated and operate under the laws on credit institutions; banks of all economic sectors; and Development Bank of Vietnam, ce. Financing organisations and insurance business enterprises and i insurance brokerage enterprises;
d. Allthe above.