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Free Practice Questions for Serbia Certified Accountant Exam

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Key Facts: Serbia Certified Accountant Exam Exam

9

Modular examination papers (2.1 to 2.9) covering accounting, law, tax, management, and audit

Savez računovođa i revizora Srbije (SRRS)

> 50 Points

Passing mark required on each 100-point paper under ROS 31 regulations

SRRS ROS 31 (Član 28)

RSD 4,900

Standard fee per subject paper (RSD 6,900 for late registration)

Savez računovođa i revizora Srbije (SRRS)

3–5 Years

Required accounting practical experience depending on degree level (3 years for university)

SRRS ROS 31 (31.22)

SRRS administers nine subject examinations (2.1–2.9) for the professional title Ovlašćeni računovođa. ROS 31 gives a duration range of 45 minutes to 4 hours and requires more than 50 of 100 points per paper. Five papers are centre-based and four are online. This independent English MCQ adaptation supports study of the topics; it is not an official translation or simulation of the assessment.

Sample Serbia Certified Accountant Exam Practice Questions

Try these sample questions to review concepts for the Serbia Certified Accountant Exam exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1A lender uses a company's cash-flow disclosure to predict repayment capacity. The disclosure completely and neutrally depicts the underlying transactions without errors in the reporting process. Which fundamental qualitative characteristics do these two features illustrate under the IASB Conceptual Framework?
A.Relevance and faithful representation
B.Comparability and verifiability
C.Timeliness and understandability
D.Prudence and materiality
Explanation: The Conceptual Framework designates relevance and faithful representation as the two fundamental qualitative characteristics. Information is relevant if it has predictive value, confirmatory value, or both; it faithfully represents economic phenomena when it is complete, neutral, and free from error.
2According to IAS 1 (Presentation of Financial Statements), which of the following is NOT part of a complete set of general-purpose financial statements?
A.Statement of changes in equity for the period
B.Director's report and management commentary on corporate social responsibility
C.Statement of financial position as at the end of the period
D.Notes comprising material accounting policy information and other explanatory information
Explanation: A complete set of financial statements under IAS 1 comprises a statement of financial position, statement of profit or loss and other comprehensive income, statement of changes in equity, statement of cash flows, and explanatory notes. Management reports, directors' commentaries, and environmental reports fall outside the IAS 1 financial statements.
3In the Serbian Chart of Accounts for companies, cooperatives, and entrepreneurs (Kontni okvir), which account class records expenses (Rashodi), including materials, wages, and depreciation?
A.Class 0
B.Class 2
C.Class 5
D.Class 6
Explanation: Class 5 is Rashodi (expenses) and includes materials, employee costs, and depreciation, as well as other expense groups. Class 6 is Prihodi (revenues); neither class is limited to operating items. Class 9 is used for cost and output accounting, so it should not be confused with Class 5 expense recognition.
4Under IAS 2 (Inventories), which cost item must be EXCLUDED from the cost of inventories and recognized as an expense in the period incurred?
A.Import duties and non-recoverable purchase taxes
B.Direct labor costs incurred in bringing items to their current location
C.Abnormal amounts of wasted materials, labor, or other production costs
D.Fixed production overheads allocated based on normal capacity
Explanation: IAS 2 explicitly excludes abnormal amounts of wasted materials, labor, or other production resources from inventory valuation; these must be recognized immediately in profit or loss. Storage costs (unless necessary in the production process), general administrative overheads, and selling costs are similarly expensed.
5Under IAS 16 (Property, Plant and Equipment), which expenditure incurred during the acquisition of a manufacturing machine is capitalized as part of the asset's initial cost?
A.Costs of site preparation and initial installation and assembly
B.Costs of training staff to operate the machine
C.Administration and general overhead costs not directly attributable to the asset
D.Operating losses incurred before the asset reaches commercial production volume
Explanation: IAS 16 states that the initial cost includes expenditures directly attributable to bringing the asset to the location and condition necessary for it to operate in the manner intended by management. Site preparation, delivery, installation, assembly, and testing costs are capitalized.
6A Serbian company begins the month with zero inventory and makes two purchases of identical material: 100 units at RSD 500 per unit, followed by 200 units at RSD 650 per unit. During the month, 180 units are consumed in production. Under the periodic weighted average cost method of IAS 2, what is the cost of materials consumed?
A.RSD 90,000
B.RSD 108,000
C.RSD 117,000
D.RSD 180,000
Explanation: Total acquisition cost equals (100 * RSD 500) + (200 * RSD 650) = RSD 50,000 + RSD 130,000 = RSD 180,000 for 300 units. The weighted average cost per unit is RSD 180,000 / 300 = RSD 600. Consuming 180 units gives a total cost of goods consumed of 180 * RSD 600 = RSD 108,000.
7An enterprise purchases a commercial delivery vehicle for RSD 1,400,000 and makes it available for use on 1 January 2024. It estimates a useful life of 5 years and a residual value of RSD 200,000. Assuming no impairment or revaluation, what is its carrying amount at 31 December 2025 using straight-line depreciation under IAS 16?
A.RSD 480,000
B.RSD 840,000
C.RSD 920,000
D.RSD 1,160,000
Explanation: Depreciable amount is acquisition cost minus residual value: RSD 1,400,000 - RSD 200,000 = RSD 1,200,000. Annual straight-line depreciation is RSD 1,200,000 / 5 = RSD 240,000. After two complete years (2024 and 2025), accumulated depreciation is 2 * RSD 240,000 = RSD 480,000. Carrying amount equals cost minus accumulated depreciation: RSD 1,400,000 - RSD 480,000 = RSD 920,000.
8Under IAS 38 (Intangible Assets), how must an entity account for internal expenditures incurred during the research phase of an internal project?
A.Capitalized as an intangible asset and amortized over its estimated economic life
B.Recognized as an expense in profit or loss when incurred
C.Deferred in equity reserves until commercial production commences
D.Capitalized only if management intends to sell the research findings
Explanation: IAS 38 prohibits the capitalization of research costs because an entity cannot demonstrate that an intangible asset exists that will generate probable future economic benefits during the research phase. All internal research expenditures must be recognized as an expense when incurred.
9When an entity adopts the fair value model for investment property under IAS 40, how are gains and losses arising from changes in fair value recognized?
A.Directly in other comprehensive income and accumulated in a revaluation reserve
B.In profit or loss in the period in which they arise
C.As an adjustment to the initial cost with systematic depreciation over the remaining useful life
D.Deferred on the statement of financial position until the property is disposed of
Explanation: Under the IAS 40 fair value model, investment property is remeasured to fair value at each reporting date, and any resulting gain or loss is recognized directly in profit or loss for the period. Unlike IAS 16 revaluation, the fair value changes do not bypass profit or loss into other comprehensive income.
10A lessee commences a 3-year equipment lease with fixed payments of RSD 500,000 annually in arrears. The implicit interest rate is 8% (discount factors: Year 1 = 0.9259; Year 2 = 0.8573; Year 3 = 0.7938). It pays an agent commission of RSD 40,000 only because the lease was successfully obtained. There are no prepayments, incentives, or restoration obligations. Using the supplied factors, what is the initial right-of-use asset under IFRS 16?
A.RSD 1,288,500
B.RSD 1,328,500
C.RSD 1,500,000
D.RSD 1,540,000
Explanation: The lease liability is RSD 500,000 * (0.9259 + 0.8573 + 0.7938) = RSD 1,288,500. The success-contingent commission is an incremental cost that would not have been incurred without obtaining the lease and qualifies as an initial direct cost. The right-of-use asset is therefore RSD 1,288,500 + RSD 40,000 = RSD 1,328,500.

About the Serbia Certified Accountant Exam Exam

Independent practice by OpenExamPrep for the SRRS professional title Ovlašćeni računovođa. This single English-language MCQ study adaptation covers accounting, Serbian taxation, finance, audit, business law, information systems, and human resources. It is not an official translation or format simulation and does not replace written answers, journal entries, calculations, or case practice. The programme and rules are published in Serbian, but a definitive assessment-language policy was not verified. Topic percentages describe this practice bank's editorial allocation, not official examination weights.

Exam sponsor: Savez računovođa i revizora Srbije (SRRS / Serbian Association of Accountants and Auditors). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Nine modular papers under ROS 31: 2.1 Preparation of Financial Statements, 2.2 Financial Information for Management, 2.3 Human Resources Management (online), 2.4 Information Systems (online), 2.5 Corporate and Business Law (online), 2.6 Tax System, 2.7 Financial Management and Control, 2.8 Financial Reporting, 2.9 Audit and Internal Control (online). Five papers are written at regional examination centres and four are online. Passing requires more than 50 points per paper out of 100.

Time Limit

45 minutes to 4 hours per paper

Passing Score

More than 50 points (out of 100) per subject paper

Exam / Certification Fees

RSD 4,900 per paper standard (RSD 6,900 late registration fee per paper)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

25% of practice bank

Financial Accounting and Reporting

Preparation of financial statements, Serbian Chart of Accounts (Kontni okvir), IFRS/IAS principles, asset valuation, revenue recognition (IFRS 15), leases (IFRS 16), provisions (IAS 37), and consolidated financial statements.

22% of practice bank

Management Accounting and Control

Financial information for management, cost classification, Cost-Volume-Profit (CVP) analysis, budgeting, variance analysis, working capital management, capital budgeting (NPV, IRR), and financing decision methods.

18% of practice bank

Serbian Tax System

Serbian Corporate Income Tax (Porez na dobit pravnih lica), Value Added Tax (PDV), Personal Income Tax and social contributions, tax administration procedures, and electronic invoicing (Sistem elektronskih faktura - SEF).

18% of practice bank

Audit and Internal Control

Audit principles, International Standards on Auditing (ISA / MSR), internal control systems, risk assessment, fraud responsibilities, and the IESBA International Code of Ethics for Professional Accountants.

17% of practice bank

Corporate Law, Information Systems, and Human Resources

Serbian Company Law (Zakon o privrednim društvima), contract law, accounting information systems, IT controls, data security, and human resources management in accounting organizations.

Preparing for the Serbia Certified Accountant Exam Exam

What You Need to Know

  • Passing score: More than 50 points (out of 100) per subject paper
  • Assessment: Nine modular papers under ROS 31: 2.1 Preparation of Financial Statements, 2.2 Financial Information for Management, 2.3 Human Resources Management (online), 2.4 Information Systems (online), 2.5 Corporate and Business Law (online), 2.6 Tax System, 2.7 Financial Management and Control, 2.8 Financial Reporting, 2.9 Audit and Internal Control (online). Five papers are written at regional examination centres and four are online. Passing requires more than 50 points per paper out of 100.
  • Time limit: 45 minutes to 4 hours per paper
  • Exam / certification fees: RSD 4,900 per paper standard (RSD 6,900 late registration fee per paper) Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Serbia Certified Accountant Exam: Suggested Study Strategy

1Review the Serbian Chart of Accounts (Kontni okvir), distinguishing one-digit classes, two-digit groups, and three-digit accounts, alongside IFRS recognition criteria.
2Practice multi-step calculations for Corporate Income Tax tax-balance adjustments (poreski bilans), non-deductible expense caps, and VAT pro-rata deductions.
3Work through quantitative management accounting scenarios including contribution margin ratios, multi-product break-even, and standard costing variances.
4Understand the auditor's responsibilities under ISAs and the five fundamental principles of the IESBA Code of Ethics.

Frequently Asked Questions

What is the official structure of the Ovlašćeni računovođa examination in Serbia?

SRRS administers nine modular subject examinations (2.1–2.9). Papers 2.3, 2.4, 2.5, and 2.9 are online; the other five are written at examination centres. Check the current sitting notice for available centres and arrangements. Paper 2.7 requires passing 2.2 first, and paper 2.8 requires passing 2.1 first. No universal item count or single fixed duration applies across all nine papers.

What is the passing standard and duration for SRRS papers?

Under Article 28 of ROS 31, each paper carries 100 points, and a candidate must score more than 50 points (>50%) on each individual paper to pass. Exam duration ranges from 45 minutes to 4 hours per paper depending on the subject specifications.

Does the Certified Accountant title confer a statutory audit license?

No. Ovlašćeni računovođa is an SRRS professional accounting title, distinct from the separate statutory auditor qualification and licensing regime. Article 18 of the Accounting Law concerns accounting-service provider permits, including a qualifying IFAC-member-body professional title held by an eligible employee or provider. It does not mean every individual who performs bookkeeping must pass this examination.

How does this English MCQ bank adapt the SRRS assessment?

The official rules provide for written answers, and the programme requires applied accounting and financial work. This bank converts selected topics into independent English-language MCQ study exercises. It is not an official translation, item-format simulation, or substitute for written answers, journal entries, calculations, and case practice. A definitive assessment-language policy was not verified; the Serbian language of published programme documents alone does not establish every paper's permitted language.