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Cùng làm một số ví dụ của đề thi KPMG Internship nhé.
1. A company’s statement of profit or loss for the year ended 31 December 20X6 showed a net profit of $83,600. It was later found that $18,000 paid for the purchase of a motor van had been debited to the motor expenses account. It is the company’s policy to depreciate motor vans at 25% per year on the straight-line basis, with a full year’s charge in the year of acquisition.
What would the net profit be after adjusting for this error?
A. $106,100
B. $70,100
C. $97,100
D. $101,600
2. Which TWO of the following errors would cause the total of the debit column and the total of the credit column of a trial balance not to agree?
(i) A transposition error was made when entering a sales invoice into the sales day book
(ii) A cheque received from a customer was credited to cash and correctly recognised in receivables
(iii) A purchase of non-current assets was omitted from the accounting records
(iv) Rent received was included in the trial balance as a debit balance
A. i and ii
B. i and iii
C. ii and iii
D. ii and iv
3. The profit made by a business in 20X7 was $35,400. The proprietor injected new capital of $10,200 during the year and withdrew a monthly salary of $500. If net assets at the end of 20X7 were $95,100, what was the proprietor's capital at the beginning of the year?
A. $50,000
B. $55,500
C. $63,900
D. $134,700
4. The fact that errors and/or omissions in certain relatively insignificant account balances would not affect an auditor's decision when reporting on the financial statements as a whole relates most closely to which major audit concept?
A. Materiality
B. Audit risk
C. Management assertions
D. Reasonable assurance
5. Which of the following assertions are relevant to the audit of tangible non-current assets?
(1) Existence
(2) Occurrence
(3) Classification
(4) Presentation
A. 1 only
B. 1, 3 and 4
C. 2, 3 and 4
D. 1, 2, 3 and 4
6. While reviewing purchases cycle, you identified that goods received notes for raw materials purchases are not sequentially numbered. Which of the following areas would you consider to be most at risk of material misstatement, as a result of this internal control deficiency?
A. Rights and obligation of inventory
B. Valuation of payables
C. Existence of inventory
D. Completeness of payables
7. Which of the following transactions would be subject to foreign contractor tax (FCT) in Vietnam?
(i) Repair of a Vietnamese internet cable offshore
(ii) Online training for the employees of a Vietnamese company where the server is hosted overseas
(iii) An intermediary arrangement for a Vietnamese company to provide services in Singapore
(iv) Granting of rights to a Vietnamese company to use the international brand name of a world-famous product in Vietnam
A. i and ii
B. ii and iv
C. i and iii
D. iii and iv
8. In 2012, company CTC Co contributed capital of VND500 million to Company Z. In 2014, CTC Co transferred 60% of the capital it held in Company Z to a foreign company for VND450 million. At that time the retained earnings of Company Z were VND5 million. CTC Co incurred transfer expenses of VND10 million.
What is the taxable income/(loss) of CTC Co from the transfer?
A. VND50 million (loss)
B. VND140 million
C. VND145 million
D. VND147 million
9. I have been living in Madrid ......
A. since ten years.
B. ten years ago.
C. for ten years.
D. ten years.
10. Have you finished with the newspaper ......
A. still?
B. already?
C. now?
D. yet?
Đáp án:
1. C
Net profit = 83,600 + 18,000 – 25% x 18,000 = 97,100
2. D
3. B.
Net profit = Closing Capital + Drawings – Capital Introduced – Opening Capital
=> Opening Capital = Closing Capital – Capital Introduced + Drawings – Net Profit
= $95,100 - $10,200 + $500 x 12 - $35,400
= $55,500
4. A
5. B. 1, 3 and 4
Existence, classification and presentation are all assertions related to tangible non-current assets.
Completeness and accuracy, valuation and allocation are also relevant assertions. Occurrence relates
to classes of transactions and events recorded in profit or loss.
6. D
The risk that GRNs may be omitted from accounting records and it would be difficult to trace the unrecorded GRNs. Therefore, the payables could be understated.
7. B
8. B
VND450 million – VND500 mil * 60% – VND10 million = VND140 million
9. C
10. D
Net profit = 83,600 + 18,000 – 25% x 18,000 = 97,100
2. D
3. B.
Net profit = Closing Capital + Drawings – Capital Introduced – Opening Capital
=> Opening Capital = Closing Capital – Capital Introduced + Drawings – Net Profit
= $95,100 - $10,200 + $500 x 12 - $35,400
= $55,500
4. A
5. B. 1, 3 and 4
Existence, classification and presentation are all assertions related to tangible non-current assets.
Completeness and accuracy, valuation and allocation are also relevant assertions. Occurrence relates
to classes of transactions and events recorded in profit or loss.
6. D
The risk that GRNs may be omitted from accounting records and it would be difficult to trace the unrecorded GRNs. Therefore, the payables could be understated.
7. B
8. B
VND450 million – VND500 mil * 60% – VND10 million = VND140 million
9. C
10. D
Author: Duy Anh Nguyen