Lecture 12
Which account reflects the actual cost of manufactured products during the month?
A) Account 25
B) Account 20
C) Account 44
D) Account 68
B) Account 20
Which of the following qualifies as finished products according to accounting standards?
A) Goods still being assembled in the workshop
B) Products accepted into the warehouse with quality documents
C) Items awaiting customer pickup with no acceptance certificate
D) Raw materials allocated to production
B) Products accepted into the warehouse with quality documents
What is the final financial result of an enterprise's activity, which shows whether it operated profitably or at a loss?
Profit or Loss
True or False: Only legal entities are required to prepare accounting reports.
False
True or False: Only legal entities are required to prepare accounting reports.
False
A company purchases electricity to run its manufacturing machines. This cost is recorded during the month.
Where should this cost be recorded, and why is it important for production accounting?
Account 25 "General Production Costs"
The volume of marketable products includes which of the following?
A) Only finished goods stored in the warehouse
B) Only semi-finished goods for internal use
C) Finished products and semi-finished goods for external sale
D) Only services provided by external contractors
C) Finished products and semi-finished goods for external sale
True or False: The final financial result (net profit or net loss) includes only the profit from sales of products.
False
Which of the following is NOT a main requirement for accounting statements?
A) Timeliness
B) Profitability
C) Accessibility
D) Completeness
B) Profitability
Which of the following is NOT one of the basic principles of auditing?
A) Confidentiality
B) Independence
C) Creativity
D) Professional competence
C) Creativity
What are general production costs, and where are they recorded?
A) Costs related to advertising, recorded in D44
B) Costs for management and operations of workshops, recorded in Account 25
C) Legal fees and penalties, recorded in D90
D) None of the above
B) Costs for management and operations of workshops, recorded in Account 25
Which document officially transfers finished goods from the production department to the warehouse?
A) Waybill
B) Invoice for payment
C) Acceptance invoice
C) Acceptance invoice
Which account is used to summarize income and expenses not related to core operations?
A) 50 "Cash register"
B) 68 "Calculations on taxes and fees"
C) 91 "Other income and expenses"
D) 99 "Profits and losses"
C) 91 "Other income and expenses"
What is the reporting period for annual accounting reports?
From January 1 to December 31.
Which of the following audits focuses on evaluating management efficiency and effectiveness in achieving business goals?
A) Financial audit
B) Operational audit
C) Environmental audit
D) Compliance audit
B) Operational audit
A factory tracks the exact consumption of rare materials by evaluating savings or overspending after each job. What accounting method is used?
A) Documentation method
B) Batch method
C) Subsequent calculation method
D) Indirect method
B) Batch method
When is the actual cost of finished products determined, and why can’t it be calculated immediately during production?
At the end of the reporting month
What is the purpose of account 99 "Profits and losses"?
To summarize the final financial result of the company
Which of the following is one of the three main types of reporting mentioned in the text?
A) Operational and marketing
B) Forecasting
C) Operational and technical
D) Regulatory
C) Operational and technical
Imagine a Belarusian IT startup in the High Technologies Park receives investor funding. What kind of audit must it undergo annually?
A) Initiative audit
B) Technical audit
C) Environmental audit
D) Mandatory audit
D) Mandatory audit
Name at least three accounts that are used to track production costs and briefly explain the role of one of them.
Account 20: Main Production
Account 23: Auxiliary Production
Account 25: General Production Costs
Account 26: General Business Expenses
Account 28: Marriage in Production
A company produces several types of furniture stored in different warehouses. To accurately track each type, they must:
A) Use a single card for all products
B) Combine records monthly
C) Perform analytical accounting by product type and storage location
D) Only record finished products at sale
C) Perform analytical accounting by product type and storage location
Final Financial Result (Net Profit or Loss) = ______________
= Profit (loss) from activities + Other income (expenses)
According to the Law of the Republic of Belarus "On Accounting and Reporting," what must be confirmed in the annual accounts of commercial banks, joint-stock banks, and joint (foreign) banks?
An audit report
Type of Audit
1. Financial Audit
2. Compliance Audit
3. Operational Audit
Focus Area
A. Laws and contracts
B. Financial statement accuracy
C. Management efficiency
1 → B
2 → A
3 → C