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Sample CPA Thailand — Paper: Accounting 2 Practice Questions

Try these sample questions to review concepts for the CPA Thailand — Paper: Accounting 2 exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 73+ question experience with AI tutoring.

1Under TFRS 15 (Revenue from Contracts with Customers), what is the correct sequence of the mandatory five-step model for recognizing revenue?
A.1. Identify contract, 2. Identify performance obligations, 3. Determine transaction price, 4. Allocate transaction price, 5. Recognize revenue
B.1. Identify performance obligations, 2. Identify contract, 3. Determine transaction price, 4. Allocate transaction price, 5. Recognize revenue
C.1. Identify contract, 2. Determine transaction price, 3. Identify performance obligations, 4. Recognize revenue, 5. Allocate transaction price
D.1. Identify contract, 2. Identify performance obligations, 3. Allocate transaction price, 4. Determine transaction price, 5. Recognize revenue
Explanation: The TFRS 15 model begins by identifying the contract and its performance obligations. The entity then determines and allocates the transaction price, recognizing revenue when or as each obligation is satisfied; paragraph 5 itself is a scope provision rather than a list of these steps.
2An entity enters into an agreement to deliver specialized consulting services to a new customer facing severe financial distress. At inception, the entity determines that it is not probable that it will collect the consideration to which it will be entitled. Under TFRS 15, how should the entity account for a non-refundable upfront cash payment of THB 100,000 received from this customer?
A.Recognize the THB 100,000 immediately as revenue in profit or loss.
B.Recognize the THB 100,000 as a contract liability (or liability) until the TFRS 15 contract criteria are met or specific termination conditions occur.
C.Credit the THB 100,000 directly to retained earnings as contributed capital.
D.Offset the THB 100,000 against administrative expenses incurred during negotiations.
Explanation: Until the contract criteria are met, consideration received is generally a liability. The alternative revenue triggers require non-refundable consideration and either termination of the contract or no remaining transfer obligations with all, or substantially all, promised consideration received; mere collection difficulty does not permit immediate revenue.
3Under TFRS 15, a promised good or service is capable of being distinct if which of the following criteria is met?
A.The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer.
B.The good or service is legally registered as an independent intellectual property patent.
C.The supplier routinely manufactures the product using a unique proprietary subcontractor.
D.The customer agrees to pay for the good or service in a separate legal invoice with independent credit terms.
Explanation: Under TFRS 15 paragraph 27(a), a promised good or service is capable of being distinct if the customer can benefit from it either on its own or together with other resources that are readily available to the customer. In addition, under paragraph 27(b), the promise must be separately identifiable from other promises in the contract.
4Entity A enters into a contract to construct a commercial asset for THB 10,000,000, with a performance bonus of THB 2,000,000 payable if construction finishes within 12 months. Entity A estimates a 70% probability of finishing within 12 months and a 30% probability of finishing after 12 months. Management determines that the most likely amount method best predicts the variable consideration, but significant uncertainty exists due to pending regulatory permits outside Entity A's control. Under TFRS 15, what constraint must be applied to the variable consideration?
A.Variable consideration is included only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty is resolved.
B.Variable consideration must always be recognized at its mathematical expected value without any limitation.
C.Variable consideration cannot be recognized under any circumstances until legal cash settlement occurs.
D.Variable consideration must be discounted at the sovereign risk-free rate and capitalized as an intangible asset.
Explanation: Variable consideration enters the transaction price only to the extent that a significant reversal of cumulative revenue is highly probable not to occur when uncertainty resolves. Estimating an expected value or most likely amount is therefore not the last step. The entity also applies the constraint and reassesses it as circumstances change.
5Under TFRS 15, an entity enters into a sales contract where payment is due 24 months after the delivery and control transfer of industrial machinery. The market interest rate for similar financing transactions is 8%. How should the entity account for the financing component in the contract?
A.The entity must adjust the promised amount of consideration for the effects of the significant financing component by discounting the future cash receipt to present value at 8%.
B.The entity must ignore the financing component because the practical expedient exempts all contracts under three years.
C.The entity must recognize total cash received in 24 months as revenue at the delivery date without discounting.
D.The entity must defer all revenue until the final cash payment is received at the end of 24 months.
Explanation: Under TFRS 15 paragraph 60, an entity adjusts the transaction price for a significant financing component to reflect the cash selling price at the date of transfer. Under paragraph 63, the practical expedient applies only when the period between transfer and payment is one year or less; since the period here is 24 months, discounting is required, recognizing interest income over the 24 months.
6Entity B enters into a bundled contract to sell an industrial printing press and a two-year routine maintenance contract to a customer for a lump-sum transaction price of THB 240,000. Stand-alone selling prices are THB 200,000 for the printing press and THB 100,000 for the two-year maintenance service. Under TFRS 15, what amount of the transaction price should be allocated to the printing press?
A.THB 160,000
B.THB 200,000
C.THB 120,000
D.THB 140,000
Explanation: Under TFRS 15 paragraph 73-76, the transaction price is allocated to each performance obligation in proportion to its relative stand-alone selling price. Total stand-alone selling prices = THB 200,000 + THB 100,000 = THB 300,000. Proportion allocated to the printing press = (THB 200,000 / THB 300,000) = 2/3. Allocated transaction price = THB 240,000 × (2/3) = THB 160,000.
7Which of the following conditions is ONE of the criteria under TFRS 15 for recognizing revenue over time rather than at a point in time?
A.The customer simultaneously receives and consumes the benefits provided by the entity's performance as the entity performs.
B.The entity has received 100% of the contractual consideration in cash prior to manufacturing.
C.The entity retains significant physical possession of the finished goods at its central warehouse.
D.The contract can be canceled by either party without penalty at any time during production.
Explanation: One over-time recognition criterion is that the customer simultaneously receives and consumes the benefits as the entity performs. Routine cleaning commonly meets that criterion because each period's service benefits the customer as delivered. The other over-time criteria address different circumstances and are considered separately.
8Entity C constructs a commercial building on land owned by a customer under a contract that qualifies for revenue recognition over time. Total expected contract costs are THB 80,000,000 and the fixed contract price is THB 100,000,000. By the end of Year 1, cumulative costs incurred are THB 20,000,000 (all reflecting progress). Using the input method based on costs incurred relative to total expected costs, what cumulative revenue should Entity C recognize at the end of Year 1?
A.THB 25,000,000
B.THB 20,000,000
C.THB 30,000,000
D.THB 100,000,000
Explanation: Under TFRS 15 paragraph B18, the input method recognizes revenue based on the entity's efforts or inputs to satisfaction of a performance obligation. Progress percentage = Cumulative costs incurred / Total estimated costs = THB 20,000,000 / THB 80,000,000 = 25%. Cumulative revenue = 25% × THB 100,000,000 = THB 25,000,000.
9What is the key distinction under TFRS 15 between a 'contract asset' and a 'trade receivable'?
A.A receivable represents an unconditional right to consideration where only the passage of time is required before payment is due, whereas a contract asset is an entity's right to consideration conditioned on something other than the passage of time.
B.A contract asset represents only cash deposited in an escrow bank account, whereas a receivable represents customer promissory notes.
C.A receivable is recognized only when cash has been collected, whereas a contract asset is recognized when goods are ordered.
D.A contract asset carries no credit risk under TFRS 9, whereas a receivable requires full impairment testing.
Explanation: Under TFRS 15 Appendix A and paragraph 107-108, a receivable is an entity's right to consideration that is unconditional (only the passage of time is required before payment becomes due). A contract asset is an entity's right to consideration in exchange for goods or services transferred to a customer when that right is conditioned on something other than the passage of time (such as future performance of another milestone). Both are subject to TFRS 9 impairment.
10Under TFRS 15, how should an entity classify consideration received from a customer before the entity has transferred the promised goods or services?
A.As a contract liability
B.As accrued revenue
C.As other comprehensive income
D.As a contra-asset deduction against inventory
Explanation: Payment or an unconditional amount due before the promised goods or services transfer gives rise to a contract liability at the earlier payment or due date. It represents the obligation to provide the future goods or services. Receiving cash does not itself demonstrate that the performance obligation has been satisfied.

About the CPA Thailand — Paper: Accounting 2 Exam

Independent practice by OpenExamPrep for CPA Thailand — Paper: Accounting 2. This is an independent English-language MCQ study adaptation, not an official translation, format simulation or substitute for handwritten cases and mandatory practical training. This 73-item bank offers selected practice in revenue, financial statement presentation, lessor accounting, insurance contracts, specialized reporting and cost accounting; it does not claim exhaustive coverage of the official scope.

Exam sponsor: สภาวิชาชีพบัญชี ในพระบรมราชูปถัมภ์ — Federation of Accounting Professions under Royal Patronage (TFAC). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

TFAC's paper-based four-hour sitting combines objective answer sheets and handwritten subjective solutions. Answers are in Thai, with English technical terms permitted. The sitting notice specifies no separate oral examination or coursework assignment; supervised audit training is a separate licensing requirement.

Time Limit

Four hours (240 minutes).

Passing Score

At least 60% for this subject; each passed subject may be retained for up to seven years under the current amendment.

Exam / Certification Fees

THB 1,000 per subject.

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 73 practice items; not an official exam weight

Revenue and financial statements

Revenue recognition, statement presentation, cash flows, policies and estimates.

19 of 73 practice items; not an official exam weight

Lessor accounting and specialized reporting

Lessor accounting, EPS, segments, interim reporting, foreign currency, related parties, TFRS 17 insurance, agriculture and first-time adoption.

23 of 73 practice items; not an official exam weight

Cost accumulation and allocation

Manufacturing costs, job and process costing, overhead, ABC and service-department allocation.

6 of 73 practice items; not an official exam weight

Joint products and variances

Joint-cost allocation, further-processing decisions and labor/overhead variances.

Preparing for the CPA Thailand — Paper: Accounting 2 Exam

What You Need to Know

  • Passing score: At least 60% for this subject; each passed subject may be retained for up to seven years under the current amendment.
  • Assessment: TFAC's paper-based four-hour sitting combines objective answer sheets and handwritten subjective solutions. Answers are in Thai, with English technical terms permitted. The sitting notice specifies no separate oral examination or coursework assignment; supervised audit training is a separate licensing requirement.
  • Time limit: Four hours (240 minutes).
  • Exam / certification fees: THB 1,000 per subject. Official sources

Using Our Practice Resources

  • Work through all 73 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

CPA Thailand — Paper: Accounting 2: Suggested Study Strategy

1Use separate workings for revenue allocation, EPS and cost-accounting calculations.
2Study lessor accounting for this paper; the separate Accounting 1 scope covers lessees.
3Practice complete written cost statements and insurance cases beyond these selected MCQs.

Frequently Asked Questions

Does this bank reproduce the official assessment?

This is an independent English-language MCQ study adaptation, not an official translation, format simulation or substitute for handwritten cases and mandatory practical training. The official assessment uses Thai paper objective answers and handwritten subjective solutions. English technical terms are permitted, which does not make the assessment English-language.

What training and result-retention conditions apply?

Recognized accounting education and approved training conditions apply. Auditing 1 and 2 require at least one year and 1,000 training hours before entry; final licensing ordinarily requires at least three years and 3,000 hours plus the other statutory conditions. Each passed subject can be retained for up to seven years under the current amendment; this is not a promise that passing the first subject starts one fixed deadline for all results.

Does Accounting 2 include insurance contracts?

Yes. TFAC identifies TFRS 17 insurance contracts for the current paper, replacing the former TFRS 4 material from the 60th sitting. The official scope also includes lessor accounting, specialized financial reporting and cost accounting.