17-8 Oanh Nguyễn POA Final T8.2021 -Final- Nguyên lí kế toán PDF

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EXAMINATIONCode: 01Program: VNUCourse Code: INSCourse Title: Principles of AccountingLevel: UndergraduateTime allowed: delivered 24 hour before submissionDeliver time: 9:00, 18/08/ Submission time: 7:30 – 9:30, 19/8/Platform: Online on TeamsLecturer’s Signature & full nameNguyễn Thị Phương DungD...

Description

EXAMINATION Code: 01 Lecturer’s Signature & full name Program: VNU Course Code: INS2009 Course Title: Principles of Accounting Level: Undergraduate Time allowed: delivered 24 hour before submission

Nguyễn Thị Phương Dung Date: ………………………………

Deliver time: 9:00, 18/08/2021 Department’s Signature

Submission time: 7:30 – 9:30, 19/8/2021 Platform: Online on Teams

Nguyễn Thị Kim Oanh Date: ………………………………

Instructions to students: 1. Closed/Opened book examination: Opened book 2. Submitted your project as a 01 PDF file 3. The file name is as follows: Student name_Student number_Course code (Example: Nguyễn Văn A_19071122_INE1050.01)

This exam paper contains 04 pages, including the cover page.

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Question 1 (2 marks) Điện Biên Company provides security services. Selected transactions for the company are presented below. Oct. 1 Received $66,000 cash in the business in exchange for ordinary shares. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15. 4 Paid one month of rent for building for $2,000. 7 Purchased equipment for $18,000, paying $4,000 cash and the balance on account. 8 Paid $500 for advertising. 10 Received bill for equipment repair cost of $390. 12 Provided security services for event for $3,200 on account. 16 Purchased supplies for $410 on account. 21 Paid balance due from October 7 purchase of equipment. 24 Received and paid utility bill for $148. 27 Received payment from customer for October 12 services performed. 31 Paid employee salaries and wages of ($5,100 +STT). Required: 1. Journalize the transactions. Do not provide explanations. (1.0 marks) 2. Post the transactions to T-accounts. (0.5 marks) 3. Prepare a unadjusted trial balance at October 31, 2020. (Hint: Compute ending balances of T-accounts first.) (0.5 marks) Question 2: (2 marks) LALA Company had the following adjusted trial balance. LALA COMPANY Adjusted Trial Balance For the Month Ended June 30, 201X Account Titles Debits Cash $ 3,200 Accounts Receivable 3,900 Supplies 500 Accounts Payable Unearned Service Revenue Share Capital-Ordinary Retained Earnings Dividends 300 Service Revenue Salaries and Wages Expense 1,800 Miscellaneous Expense (300 +STT) Supplies Expense 2,300 Salaries and Wages Payable $12,300 +STT

Credits

$ 1,800 (200 + STT) 4,000 800 5,100

400 $12,300 +STT

Required: 1. Prepare Income Statement, Statement of Retained Earnings (0.6 marks). 2. Prepare the Statement of Financial Position for December 20xx. (0.3 marks)

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3. Prepare closing entries (0.4 marks). 4. Prepare post-closing trial balance (0.3 marks). 5. Why adjusting the accounts is needed in accounting? What are consequences of inaccurate adjusting entries? Provide one example for this. [Word count: 200 words] (0.4 marks) Question 3 (1.5 marks) 1.

Bình Định’s inventory, purchases, and sales for March and April follow. The company closes its books at the end of each month. It uses the perpetual inventory system. March 1 Beginning Inventory 160 Units at $49 10 Purchase 100 Units at $52 31 Ending Inventory (70 +STT) Units April 4 15 23 25 30

Purchase Purchase Sale Purchase Ending inventory

120 Units at $53 50 Units at $54 200 Units 100 Units $55 ???

Required: a. Compute the cost of the ending inventory on March 31 and April 30 using the average-cost method. In addition, determine cost of goods sold for March and April. (Round unit costs to the nearest cent.) (0.5 marks) b. Compute the cost of the ending inventory on March 31 and April 30 using the FIFO method. Determine cost of goods sold for March and April. (0.5 marks). c. What are relationships between the cost of goods sold and net income as well as between the cost of goods sold and the ending inventory? (0.5 marks). Question 4: (1.5 marks) Hoang Lam Company purchased a new machine on October 1, 2020, at a cost of €96,000. The company estimated that the machine would have a residual value of €12,000. The machine is expected to be used for 10,000 working hours during its 5-year life. Required: Compute the depreciation expense under the following methods for the year indicated. a. Straight-line for 2020. (0.5 marks) b. Units-of-activity for 2020, assuming machine usage was 1,700 hours. (0.5 marks) c. Declining-balance using double the straight-line rate for 2020 and 2021. (0.5 marks) d. What are relationships between depreciation expense and net income? Suppose the net income before depreciation of the company was €187.000 USD, calculate the net income after depreciation and make suggestion on choices of depreciation method for the company? (0.5 marks).

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Question 5 (3 marks) a)

“What do you know about the process of applying IFRS (International Financial Reporting Standards) in Vietnam in the future?. (word count: 400 words) (1.5 marks)

b) “An accountant is a qualified person who prepares, audits, and finalizes the accounts of companies, individuals, and other entities”. Do you agree? Explain. (Less than 500 words) (1.5 marks) (word count: 400 words).

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