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School of Business and Economics
EXAMINATION Version:
Course : Accounting and Financial Reporting Code: EBC1037-1038-1039
Coordinator(s): Annelies Renders
Date : 11 April 2019 Time: 13.00-16.00
Location : MECC Expofoyer
Switch off all your electronic devices. Take off your watch. Put them
in your bag (under your table) or on the floor,
not within arm’s reach! Otherwise we will report this as possible
fraud to the Board of Examiners.
Any changes to the examination after the official end of the examination will be reported as
possible fraud to the Board of Examiners.
If a report of irregularity has been made, the Board of Examiners will invite you for a hearing.
Possible sanctions are:
➢ complete or partial voidance or annulment of the relevant examination;
➢ exclusion from participation or further participation of one or more examinations or exams
at the SBE for a period of time to be determined by the Board of Examiners, with a
maximum period of one year;
➢ termination of the student’s registration for the concerning study programme.
This examination consists of: (please check if you received all pages, before you start
answering)
13 Numbered pages (Front page included)
70 Questions
You are allowed to make use of:
Non-programmable calculator: only Casio FX82 or Casio FX85
Norm:
The maximum score on the exam is 70. Students who have 47 answers correct will certainly pass
the exam. Passing the course also depends on fulfilling the other requirements as stated in the
course manual.
Publication of the results: within 15 workdays
Procedure for comments and inspection:
Any comments about the examination itself must be delivered via a link - provided via “My
Courses” > Examination material- at the latest five (5) days after the examination date.
The exam and answer key will be published on the day after the exam. Students can request a
copy of their answer sheet via www.surfyourself.nl
Particulars:
Unless stated otherwise, all companies in the questions have a fiscal year-end date of December
31 and report on an annual basis. All companies use International Financial Reporting Standards
(IFRS). Unless stated otherwise, the tax rate is assumed to be zero. Always indicate the most
correct answer.
You have to hand in the entire examination set. It is not allowed to take
home, copy or photograph the examination or parts of it!
(In case of Multiple Choice questions: You can write your answers of MC questions on a piece of scrap paper and take it home).
Page 1
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1. According to the Conceptual Framework of the IASB, all of the following are
qualitative characteristics of useful accounting information EXCEPT:
A) reliability.
B) accuracy.
C) relevance.
D) comparability.
2. Which one of the following statements is correct? The going-concern assumption of
accounting:
A) allows accountants to ignore the effect of inflation in the accounting records.
B) ensures that accounting records and statements are based on the most reliable data
available.
C) assumes that the entity will remain in operation long enough to use its existing
assets.
D) maintains that each organization, or section of an organization, stands apart from
other organizations and individuals.
3. Which of the following definitions best describes a liability? Liabilities are:
A) a form of paid-in capital.
B) economic obligations to the owners of the company to be paid at some future date
by the company.
C) future economic benefits to which a company is entitled.
D) things, usually money, that the company owes to a party outside the company.
4. The owners' interests in the assets of a company are known as:
A) Liabilities.
B) Long-term assets.
C) Operating expenses.
D) Equity.
5. According to the Conceptual Framework, revenues are:
A) decreases in retained earnings resulting from delivering goods or services to
customers.
B) decreases in assets resulting from delivering goods or services to customers.
C) increases in retained earnings resulting from delivering goods or services to
customers.
D) increases in liabilities resulting from delivering goods or services to customers.
6. At the end of the current accounting period, account balances were as follows: Cash,
€180,000; Accounts Receivable, €75,000; Share Capital, €20,000; Retained Earnings,
€65,000; Accounts Payables, €7,000. Total liabilities for the period were:
A) €190,000.
B) €170,000.
C) €210,000.
D) €70,000.
Page 2
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i
School of Business and Economics
EXAMINATION Version:
Course : Accounting and Financial Reporting Code: EBC1037-1038-1039
Coordinator(s): Annelies Renders
Date : 11 April 2019 Time: 13.00-16.00
Location : MECC Expofoyer
Switch off all your electronic devices. Take off your watch. Put them
in your bag (under your table) or on the floor,
not within arm’s reach! Otherwise we will report this as possible
fraud to the Board of Examiners.
Any changes to the examination after the official end of the examination will be reported as
possible fraud to the Board of Examiners.
If a report of irregularity has been made, the Board of Examiners will invite you for a hearing.
Possible sanctions are:
➢ complete or partial voidance or annulment of the relevant examination;
➢ exclusion from participation or further participation of one or more examinations or exams
at the SBE for a period of time to be determined by the Board of Examiners, with a
maximum period of one year;
➢ termination of the student’s registration for the concerning study programme.
This examination consists of: (please check if you received all pages, before you start
answering)
13 Numbered pages (Front page included)
70 Questions
You are allowed to make use of:
Non-programmable calculator: only Casio FX82 or Casio FX85
Norm:
The maximum score on the exam is 70. Students who have 47 answers correct will certainly pass
the exam. Passing the course also depends on fulfilling the other requirements as stated in the
course manual.
Publication of the results: within 15 workdays
Procedure for comments and inspection:
Any comments about the examination itself must be delivered via a link - provided via “My
Courses” > Examination material- at the latest five (5) days after the examination date.
The exam and answer key will be published on the day after the exam. Students can request a
copy of their answer sheet via www.surfyourself.nl
Particulars:
Unless stated otherwise, all companies in the questions have a fiscal year-end date of December
31 and report on an annual basis. All companies use International Financial Reporting Standards
(IFRS). Unless stated otherwise, the tax rate is assumed to be zero. Always indicate the most
correct answer.
You have to hand in the entire examination set. It is not allowed to take
home, copy or photograph the examination or parts of it!
(In case of Multiple Choice questions: You can write your answers of MC questions on a piece of scrap paper and take it home).
Page 1
Find more resources on this topic on
, dmuwodmfdmuwodmfdmuwodmf-7eb19749194d00e0b59bc3335cce846e
i
1. According to the Conceptual Framework of the IASB, all of the following are
qualitative characteristics of useful accounting information EXCEPT:
A) reliability.
B) accuracy.
C) relevance.
D) comparability.
2. Which one of the following statements is correct? The going-concern assumption of
accounting:
A) allows accountants to ignore the effect of inflation in the accounting records.
B) ensures that accounting records and statements are based on the most reliable data
available.
C) assumes that the entity will remain in operation long enough to use its existing
assets.
D) maintains that each organization, or section of an organization, stands apart from
other organizations and individuals.
3. Which of the following definitions best describes a liability? Liabilities are:
A) a form of paid-in capital.
B) economic obligations to the owners of the company to be paid at some future date
by the company.
C) future economic benefits to which a company is entitled.
D) things, usually money, that the company owes to a party outside the company.
4. The owners' interests in the assets of a company are known as:
A) Liabilities.
B) Long-term assets.
C) Operating expenses.
D) Equity.
5. According to the Conceptual Framework, revenues are:
A) decreases in retained earnings resulting from delivering goods or services to
customers.
B) decreases in assets resulting from delivering goods or services to customers.
C) increases in retained earnings resulting from delivering goods or services to
customers.
D) increases in liabilities resulting from delivering goods or services to customers.
6. At the end of the current accounting period, account balances were as follows: Cash,
€180,000; Accounts Receivable, €75,000; Share Capital, €20,000; Retained Earnings,
€65,000; Accounts Payables, €7,000. Total liabilities for the period were:
A) €190,000.
B) €170,000.
C) €210,000.
D) €70,000.
Page 2
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