1st ACCOUNTING CHAMPIONSHIP
1st Accounting Championship Quiz
Test your knowledge with our 1st Accounting Championship Quiz! This engaging quiz covers a range of topics related to accounting, financial regulations, and practices aimed at ensuring accurate and efficient management of finances. Whether you're a budding accountant, an experienced finance professional, or just curious to learn more, this quiz provides the perfect opportunity to challenge yourself.
Key Features:
- Multiple choice questions on various accounting topics.
- Evaluate your understanding of current accounting standards.
- Engagement and learning through a competitive format.
OKR - Provide Monthly Management Reports to clients. Which is the margin we need to be in, to track the result from 0 to 1?
Linearly from 30% to 100% <100%, where 30% is 0 and 100% is 1.
Linearly from 50% to 100% <100%, where 50% is 0 and 100% is 1.
Linearly from 0% to 100% <100%, where 0% is 0 and 100% is 1.
OKR - UFS should be correct at first attempt, when we send it to client. Linearly from 95% to 100%, where 95% is 0 and 100% is 1. Which is our current %?
63%
43%
95%
OKR - File UFS to ACRA and ECI to IRAS without penalties for 100% of clients. Linearly from 98% to 100%, where 98% is 0 and 100% is 1. What is our current result?
1
0.99
0.7
OKR - Every accountant needs to introduce himself to new clients within 2 days. Linearly, where 90% is 0 and 100% is 1. Our current % is 80%, what is our kr then?
0.8
0
0.9
OKR: Every query of our clients needs to be answered within 24 hours. Linearly, where 95% is 0 and 100% is 1. If we always answer within 8 hours, what is our result in the okr?
8
24
1
ACCOUNTING PACKAGES - What is the % discount that we are applying to our packages if the client pays upfront and not monthly?
15%
10%
20%
ACCOUNTING PACKAGES - How many packages do we have (including the MINI - Anual one?)
5
6
7
PRICING - How much do we charge for consolidation for a company that has 2 subsidiaries on top of the parent company??
1,600 SGD
1,000 SGD
1,300 SGD
ACCOUNTING - How many accounting clients do we have?
Almost 600
Almost 800
Almost 900
ACCOUNTING PRODUCTS - What % of the packages are we charging ND clients for ND Accounting review if they don't take our packages?
20%
40%
50%
IFRS 9 sets out the standard for recognising financial assets at fair value. Which classification of Financial Assets is the default classification per IFRS 9?
Fair Value through other comprehensive income
Fair Value through profit and loss
Fair Value at amortised cost
None of the above
For financial assets elected to be classified as amortised cost, it has to meet certain conditions before being designated at amortised cost. Which of the following are conditions for assets to be classified as amortised cost?
Fair value test and Asset held within model to collect cash flows
Asset held for trading purposes
Asset held within model to collect cash flows and Asset give rise to payments of principal and interest.
Share based payment transactions such as equity settled, have a fair value of recording transactions. Which of the following best describes how the value of payments arise, for equity settled share based payments?
The value of payment is recorded based on the price of the entity's equity instruments
The value of payment is recorded based on the fair value of goods/services obtained and The value of payment is recorded based on the fair value of shares on grant date
The value of payment is recorded based on the director's valuation.
4. Revaluation on assets are done on regular intervals, and have to be elected between the Cost Model or Revaluation Model. An asset is purchased at S$100,000 on 1 Jan 2019 and is to be depreciated over 5 years. At 31 December 2021, the Directors wish to revalue the asset to it's current market value. Details of the current market value of asset are as follows: 31 December 2020 - S$120,000 31 December 2021 - S$150,000 What is the value of the revaluation reserves as at 31 December 2021 based on the above?
S$50,000
S$30,000
S$100,000
S$120,000
Non-current Assets Held for Sale emphasizes the valuation of asset that should be carried in the financial statements when an asset meets the criteria to be classified as held for sale. On 30 April 2010, OCS wishes to sell an asset which it no longer has use for, and all criteria to reclassify the asset has been met. The carrying value of the asset at 30 June 2010 is S$ 170,000. Upon market research, it is found that the asset is valued at S$200,000. However, market conditions state that for the sale to be highly probable, it is best to lower prices of such assets by 15%. An agent is able to assist in selling this asset for a fee of S$5,000. State the value which OCS should value the asset in its financial statements as at 30 June 2010.
S$170,000
S$200,000
S$195,000
S$165,000
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