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EGEL Plus CNI practice questions

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Question 1Contabilidad y auditoría

Under IFRS, which qualitative characteristic requires that financial information influence the economic decisions of users?

  1. Understandability
  2. Timeliness
  3. Relevance Correct answer.
  4. Comparability

Explanation

Relevance means information is capable of making a difference in user decisions, which includes predictive and confirmatory value plus materiality. The other characteristics enhance usefulness but do not by themselves define decision influence.

Question 2Contabilidad y auditoría

A company purchases equipment for 50,000 with an estimated residual value of 5,000 and a useful life of 5 years. Using straight-line depreciation, what is the annual depreciation expense?

  1. 11,000
  2. 10,000
  3. 8,000
  4. 9,000 Correct answer.

Explanation

Straight-line depreciation equals (cost minus residual value) divided by useful life: (50,000 - 5,000) / 5 = 9,000. Residual value is excluded because it is not consumed over the asset's life.

Question 3Contabilidad y auditoría

Which financial statement reports changes in a company's equity during a period, including contributions and distributions to owners?

  1. Statement of comprehensive income
  2. Statement of cash flows
  3. Statement of changes in equity Correct answer.
  4. Statement of financial position

Explanation

The statement of changes in equity reconciles opening and closing equity and shows comprehensive income, owner transactions, and other equity movements. The other statements report assets/liabilities, cash flows, or performance.

Question 4Contabilidad y auditoría

What is the primary purpose of an audit of financial statements?

  1. To prepare the entity's tax returns
  2. To express an opinion on whether the statements are fairly presented Correct answer.
  3. To detect all instances of employee fraud
  4. To guarantee that the entity is profitable

Explanation

An audit provides reasonable assurance that the financial statements are free of material misstatement and culminates in an opinion. Auditors do not guarantee profitability, detect every fraud, or prepare tax filings.

Question 5Contabilidad y auditoría

Under the accrual basis, revenue is recognized when:

  1. The performance obligation is satisfied Correct answer.
  2. Cash is collected from the customer
  3. The invoice is printed
  4. The fiscal year ends

Explanation

Accrual accounting recognizes revenue when the entity satisfies a performance obligation by transferring promised goods or services. Cash receipt timing is irrelevant to revenue recognition under accrual accounting.

Question 6Contabilidad y auditoría

Which of the following is an asset account with a normal debit balance?

  1. Retained earnings
  2. Prepaid insurance Correct answer.
  3. Sales revenue
  4. Accounts payable

Explanation

Assets carry normal debit balances, and prepaid insurance is an asset representing future benefits. Liabilities, equity, and revenues carry normal credit balances.

Question 7Contabilidad y auditoría

Which document typically authorizes an auditor to perform an audit engagement and defines its scope?

  1. Engagement letter Correct answer.
  2. Internal control questionnaire
  3. Management representation letter
  4. Audit program

Explanation

An engagement letter is agreed between auditor and client and sets out the objective, scope, and responsibilities of the engagement. The other documents are used during or after the audit.

Question 8Contabilidad y auditoría

The accounting equation states that:

  1. Assets = Liabilities + Equity Correct answer.
  2. Equity = Assets + Liabilities
  3. Liabilities = Assets + Equity
  4. Assets = Liabilities - Equity

Explanation

The accounting equation is Assets = Liabilities + Equity, reflecting that resources equal claims of creditors and owners. Rearranging terms must preserve this equality.

Question 9Contabilidad y auditoría

A company has current assets of 120,000 and current liabilities of 80,000. What is its current ratio?

  1. 1.50 Correct answer.
  2. 2.00
  3. 1.20
  4. 0.67

Explanation

The current ratio is current assets divided by current liabilities: 120,000 / 80,000 = 1.50. It measures short-term liquidity.

Question 10Contabilidad y auditoría

Under IFRS, inventory is measured at the lower of:

  1. Selling price and net realizable value
  2. Cost and net realizable value Correct answer.
  3. Historical cost and replacement cost
  4. Cost and fair value

Explanation

IAS 2 requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is estimated selling price less costs to complete and sell.

Question 11Contabilidad y auditoría

An auditor obtains evidence that controls operate effectively and then reduces substantive testing. This approach relies primarily on:

  1. Analytical procedures alone
  2. Inquiry of management only
  3. Physical observation of assets
  4. Tests of controls Correct answer.

Explanation

When controls are tested and found effective, the auditor may rely on them to reduce substantive procedures. Tests of controls support that reliance.

Question 12Contabilidad y auditoría

Which concept requires that expenses be recognized in the same period as the revenues they helped generate?

  1. Matching Correct answer.
  2. Going concern
  3. Prudence
  4. Consistency

Explanation

The matching principle aligns expenses with the revenues recognized in the same period. It supports accrual accounting and proper period reporting.

Question 13Contabilidad y auditoría

An entity issues a 100,000 bond at a discount, receiving 96,000. Under the effective interest method, interest expense in the first period will be:

  1. Equal to the coupon payment
  2. Higher than the coupon payment Correct answer.
  3. Lower than the coupon payment
  4. Zero until maturity

Explanation

When a bond is issued at a discount, the carrying amount is below face value, so effective interest expense exceeds the cash coupon. The difference accretes the discount over the bond's life.

Question 14Contabilidad y auditoría

Which of the following best describes the audit risk model?

  1. Audit risk = Inherent risk / Detection risk
  2. Audit risk = Detection risk - Control risk
  3. Audit risk = Inherent risk + Control risk + Detection risk
  4. Audit risk = Inherent risk x Control risk x Detection risk Correct answer.

Explanation

The audit risk model expresses audit risk as the product of inherent risk, control risk, and detection risk. The auditor manages detection risk to keep overall audit risk at an acceptably low level.

Question 15Contabilidad y auditoría

A company records a sale on credit. Which journal entry correctly records the transaction?

  1. Debit revenue, credit accounts receivable
  2. Debit accounts receivable, credit revenue Correct answer.
  3. Debit cash, credit revenue
  4. Debit accounts payable, credit cash

Explanation

A credit sale increases accounts receivable (asset) with a debit and increases revenue with a credit. No cash is received at the time of sale.

Question 16Contabilidad y auditoría

Which of the following is a key element of the auditor's report under ISA 700?

  1. The auditor's personal investment recommendations
  2. A detailed listing of every transaction tested
  3. A guarantee of the entity's future profitability
  4. An opinion section stating whether the statements are fairly presented Correct answer.

Explanation

ISA 700 requires an opinion section expressing whether the financial statements are presented fairly in all material respects. The report does not guarantee future results or list every procedure.

Question 17Contabilidad y auditoría

A company's gross profit is 200,000 and net sales are 800,000. What is the gross profit margin?

  1. 25% Correct answer.
  2. 20%
  3. 40%
  4. 60%

Explanation

Gross profit margin equals gross profit divided by net sales: 200,000 / 800,000 = 25%. It measures profitability before operating expenses.

Question 18Contabilidad y auditoría

Under IFRS, which method is required for the statement of cash flows?

  1. Either the direct or the indirect method Correct answer.
  2. Indirect method only
  3. The equity method
  4. Direct method only

Explanation

IAS 7 permits operating cash flows to be presented using either the direct or the indirect method. Entities must disclose interest and dividends consistently.

Question 19Contabilidad y auditoría

An entity estimates that a lawsuit will probably result in a loss and can reliably estimate the amount. Under IFRS, the entity should:

  1. Ignore the matter until resolved
  2. Disclose the contingency only
  3. Recognize a provision Correct answer.
  4. Recognize a contingent asset

Explanation

IAS 37 requires recognition of a provision when a present obligation from a past event is probable and the amount can be reliably estimated. Disclosure alone applies when the outflow is possible but not probable.

Question 20Contabilidad y auditoría

Which assertion addresses whether recorded assets and liabilities exist at the reporting date?

  1. Existence Correct answer.
  2. Rights and obligations
  3. Completeness
  4. Valuation

Explanation

The existence assertion concerns whether recorded items actually exist at the reporting date. Completeness addresses omissions, valuation addresses measurement, and rights and obligations address ownership.

Question 21Contabilidad y auditoría

An entity using the revaluation model for property, plant, and equipment revalues an asset upward. Under IFRS, the increase is recognized:

  1. In other comprehensive income and accumulated in equity Correct answer.
  2. As a liability
  3. In profit or loss immediately
  4. As a reduction of depreciation expense

Explanation

IAS 16 requires upward revaluations to be recognized in other comprehensive income and accumulated in equity as a revaluation surplus, unless reversing a prior decrease. This preserves the nature of the gain.

Question 22Contabilidad y auditoría

A company has net income of 60,000, sales of 500,000, total assets of 400,000, and total equity of 250,000. What is its return on equity?

  1. 6%
  2. 24% Correct answer.
  3. 15%
  4. 12%

Explanation

Return on equity equals net income divided by total equity: 60,000 / 250,000 = 24%. It measures profitability relative to shareholders' investment.

Question 23Contabilidad y auditoría

In a bank reconciliation, an outstanding check written by the company will be:

  1. Deducted from the book balance
  2. Added to the book balance
  3. Added to the bank statement balance
  4. Deducted from the bank statement balance Correct answer.

Explanation

Outstanding checks have been recorded by the company but not yet cleared the bank, so they are deducted from the bank balance. Book-side adjustments address items the bank recorded but the company has not.

Question 24Contabilidad y auditoría

An auditor identifies a material weakness in internal control over financial reporting. The most appropriate consequence is:

  1. Concluding that the entity's internal control is ineffective and communicating the matter Correct answer.
  2. Issuing an unqualified opinion without modification
  3. Reducing substantive testing
  4. Removing the weakness from the audit file

Explanation

A material weakness means internal control does not provide reasonable assurance of reliable reporting, so the auditor concludes controls are ineffective and communicates the matter to those charged with governance. The auditor may still issue an opinion on the statements.

Question 25Contabilidad y auditoría

Under IFRS, a lease with a term of five years and total payments that are not substantially all of the asset's fair value is generally classified by the lessee as:

  1. A contingent asset
  2. A finance lease, recognizing a right-of-use asset and a lease liability Correct answer.
  3. An operating lease with no balance sheet recognition
  4. A sale and leaseback

Explanation

IFRS 16 requires lessees to recognize a right-of-use asset and a lease liability for most leases, eliminating the operating lease classification for lessees. The classification distinction remains relevant mainly for lessors.

Question 26Contabilidad y auditoría

Which financial statement reports the changes in a company's equity during a period?

  1. Statement of changes in equity Correct answer.
  2. Statement of cash flows
  3. Statement of comprehensive income
  4. Statement of financial position

Explanation

The statement of changes in equity presents the movements in each component of equity, including share capital, reserves, and retained earnings, for a period. It reconciles the opening and closing balances of equity.

Question 27Contabilidad y auditoría

Which of the following is an example of an internal control activity?

  1. Control environment
  2. Segregation of duties Correct answer.
  3. Monitoring of controls
  4. Risk assessment

Explanation

Segregation of duties is a specific control activity designed to prevent errors or fraud by ensuring that no single person has control over all aspects of a transaction. Risk assessment, monitoring, and control environment are components of the overall internal control framework, not specific activities.

Question 28Contabilidad y auditoría

Which of the following costs should be expensed immediately rather than capitalized as part of the cost of property, plant, and equipment?

  1. Cost of training staff to operate the equipment Correct answer.
  2. Freight charges for delivering the equipment
  3. Installation and testing costs
  4. Legal fees for acquiring the asset

Explanation

Training costs are not directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, so they are expensed as incurred. Costs such as freight, installation, testing, and legal fees are capitalized.

Question 29Contabilidad y auditoría

A company uses the allowance method for doubtful accounts. It estimates that 2% of credit sales will be uncollectible. If credit sales for the year are 500,000, what is the adjusting entry to record bad debt expense?

  1. Debit Bad Debt Expense 10,000; Credit Accounts Receivable 10,000
  2. Debit Allowance for Doubtful Accounts 10,000; Credit Bad Debt Expense 10,000
  3. Debit Bad Debt Expense 10,000; Credit Allowance for Doubtful Accounts 10,000 Correct answer.
  4. Debit Accounts Receivable 10,000; Credit Allowance for Doubtful Accounts 10,000

Explanation

Under the allowance method, bad debt expense is estimated and recorded with a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts. The amount is 2% of 500,000 = 10,000.

Question 30Contabilidad y auditoría

Which of the following is a test of control that an auditor might perform?

  1. Observing physical inventory count
  2. Inspecting signatures on purchase orders to verify authorization Correct answer.
  3. Analytical review of gross margin trends
  4. Confirming accounts receivable balances with customers

Explanation

Inspecting signatures on purchase orders is a test of control because it evaluates whether the authorization control operated effectively. Confirmation, analytical procedures, and inventory observation are substantive procedures.

Question 31Contabilidad y auditoría

Under IFRS, which of the following is a criterion that must be met to recognize a provision?

  1. The entity has a contingent asset related to the obligation.
  2. The obligation is expected to be settled within one year.
  3. The entity has a present obligation as a result of a past event. Correct answer.
  4. The amount of the obligation can be measured with absolute certainty.

Explanation

A provision is recognized when there is a present obligation arising from a past event, it is probable that an outflow of resources will be required, and a reliable estimate can be made. Absolute certainty is not required.

Question 32Contabilidad y auditoría

An entity has a building with a carrying amount of 800,000. At year-end, the recoverable amount is 750,000. Under the cost model, what is the required accounting treatment?

  1. Revalue the building upward to fair value.
  2. Disclose the impairment in the notes only.
  3. Recognize an impairment loss of 50,000 in profit or loss. Correct answer.
  4. Recognize a revaluation surplus of 50,000 in other comprehensive income.

Explanation

Under the cost model, when the recoverable amount is less than the carrying amount, an impairment loss is recognized immediately in profit or loss. The loss is the difference between carrying amount and recoverable amount.

Question 33Contabilidad y auditoría

In a bank reconciliation, an error made by the bank that incorrectly decreased the company's cash balance should be:

  1. Deducted from the company's book balance
  2. Deducted from the bank statement balance
  3. Added to the bank statement balance Correct answer.
  4. Added to the company's book balance

Explanation

An error by the bank that decreased the bank statement balance means the bank balance is understated. To reconcile to the correct cash balance, the amount is added to the bank statement balance.

Question 34Contabilidad y auditoría

A company has 100,000 shares outstanding and earns net income of 250,000. It also has 10,000 convertible bonds, each convertible into 5 shares, with annual after-tax interest expense of 20,000. What is the diluted earnings per share (EPS)?

  1. 2.00
  2. 2.50
  3. 1.80 Correct answer.
  4. 2.25

Explanation

Diluted EPS = (net income + after-tax interest) / (weighted average shares + shares from conversion). Conversion adds 50,000 shares. Adjusted net income = 250,000 + 20,000 = 270,000. Adjusted shares = 100,000 + 50,000 = 150,000. Diluted EPS = 270,000 / 150,000 = 1.80.

Question 35Contabilidad y auditoría

Which of the following best describes the auditor's responsibility regarding subsequent events?

  1. The auditor is responsible for detecting all subsequent events that occur before the financial statements are issued.
  2. The auditor must perform procedures to identify subsequent events up to the date of the auditor's report. Correct answer.
  3. The auditor only considers subsequent events that are recorded in the accounting records.
  4. The auditor has no responsibility for subsequent events after the balance sheet date.

Explanation

The auditor is required to perform procedures designed to obtain sufficient appropriate audit evidence that all events up to the date of the auditor's report that may require adjustment or disclosure have been identified. The auditor is not responsible for detecting all events after that date.

Question 36Contabilidad y auditoría

A company uses the percentage-of-completion method for a long-term construction contract. Contract price is 1,000,000, total estimated costs are 800,000, and costs incurred to date are 200,000. What amount of revenue should be recognized to date?

  1. 800,000
  2. 200,000
  3. 1,000,000
  4. 250,000 Correct answer.

Explanation

Revenue recognized = (costs incurred to date / total estimated costs) × contract price = (200,000 / 800,000) × 1,000,000 = 250,000.

Question 37Contabilidad y auditoría

Which of the following is a key difference between a financial statement audit and an internal audit?

  1. Internal audits are required by law for all entities, while financial statement audits are voluntary.
  2. Financial statement audits are performed by external auditors, while internal audits are performed by employees of the entity. Correct answer.
  3. Financial statement audits focus on operational efficiency, while internal audits focus on financial reporting.
  4. Internal audits provide absolute assurance, while financial statement audits provide reasonable assurance.

Explanation

A financial statement audit is conducted by an independent external auditor, whereas internal audit is performed by employees of the entity (or outsourced) and reports to management or those charged with governance. Both provide reasonable assurance, but internal audit may cover operational and compliance matters.

Question 38Contabilidad y auditoría

An entity has a defined benefit pension plan. At year-end, the present value of the defined benefit obligation is 1,200,000 and the fair value of plan assets is 1,000,000. The entity also has a net cumulative unrecognized actuarial gain of 100,000. Under IFRS, what is the amount of the net defined benefit liability to be recognized?

  1. 100,000
  2. 200,000 Correct answer.
  3. 1,200,000
  4. 300,000

Explanation

Under IAS 19, the net defined benefit liability is the present value of the defined benefit obligation minus the fair value of plan assets. Actuarial gains and losses are recognized in other comprehensive income and do not affect the net liability. Thus, 1,200,000 - 1,000,000 = 200,000.

Question 39Contabilidad y auditoría

An auditor is evaluating the appropriateness of management's going concern assumption. Which of the following conditions most likely indicates a material uncertainty that may cast significant doubt on the entity's ability to continue as a going concern?

  1. Net liability position and inability to obtain financing for maturing debt Correct answer.
  2. Availability of a committed line of credit that is sufficient to meet obligations for the next 12 months
  3. Adequate plans to mitigate identified risks and a strong cash position
  4. A history of profitable operations and positive operating cash flows

Explanation

A net liability position and inability to obtain financing for maturing debt are indicators of financial difficulty that may cast significant doubt on the entity's ability to continue as a going concern. The other options indicate financial strength or mitigants.

Question 40Contabilidad y auditoría

Under IFRS, which of the following is a required disclosure for financial instruments measured at fair value?

  1. The profit margin on each financial instrument.
  2. The fair value hierarchy level (Level 1, 2, or 3) for each class of financial instruments. Correct answer.
  3. The credit rating of the entity's management.
  4. The name of the counterparty for each transaction.

Explanation

IFRS 13 requires disclosure of the fair value hierarchy level for financial instruments measured at fair value, among other disclosures. The other options are not required disclosures.

Question 41Finanzas

Una empresa tiene activos totales de $500,000 y pasivos totales de $200,000. ¿Cuál es el valor de su capital contable?

  1. $500,000
  2. $300,000 Correct answer.
  3. $700,000
  4. $200,000

Explanation

La ecuación contable básica establece que Activos = Pasivos + Capital. Por lo tanto, el capital se obtiene restando los pasivos de los activos: $500,000 − $200,000 = $300,000.

Question 42Finanzas

¿Qué estado financiero muestra los flujos de efectivo generados y utilizados en actividades de operación, inversión y financiamiento durante un periodo?

  1. El estado de cambios en el capital contable
  2. El balance general
  3. El estado de resultados
  4. El estado de flujos de efectivo Correct answer.

Explanation

El estado de flujos de efectivo clasifica las entradas y salidas de efectivo en tres actividades: operación, inversión y financiamiento. Los demás estados presentan saldos o resultados, no movimientos de efectivo por actividad.

Question 43Finanzas

Una obligación cuya liquidación se espera dentro de los doce meses siguientes al cierre se clasifica como:

  1. Pasivo a largo plazo
  2. Capital contable
  3. Pasivo a corto plazo Correct answer.
  4. Activo circulante

Explanation

Un pasivo se clasifica como corto plazo cuando su liquidación está prevista dentro del ciclo normal de operaciones o dentro de los doce meses posteriores al cierre. Si el plazo excede ese horizonte, se clasifica como largo plazo.

Question 44Finanzas

¿Cuál es el efecto en la razón circulante si una empresa paga con efectivo una cuenta por pagar a corto plazo, manteniendo todo lo demás constante?

  1. La razón circulante se vuelve negativa
  2. La razón circulante disminuye
  3. La razón circulante aumenta Correct answer.
  4. La razón circulante no cambia

Explanation

Al pagar una deuda circulante con efectivo, tanto el activo circulante como el pasivo circulante disminuyen en el mismo monto. Si la razón circulante es mayor que 1, el cociente resultante aumenta porque el numerador y el denominador se reducen en igual cantidad pero el denominador es menor.

Question 45Finanzas

Una empresa vende mercancía a crédito por $10,000 con un costo de $6,000. ¿Cuál es el efecto neto en la utilidad bruta?

  1. Aumenta $10,000
  2. No se afecta hasta el cobro
  3. Aumenta $6,000
  4. Aumenta $4,000 Correct answer.

Explanation

La utilidad bruta es la diferencia entre el ingreso por venta y el costo de ventas, reconocidos bajo el principio de devengado al transferir el control del bien. Por lo tanto, $10,000 − $6,000 = $4,000, independientemente de que el cobro sea posterior.

Question 46Finanzas

El valor presente neto (VPN) de un proyecto es de −$50,000 con una tasa de descuento del 12%. ¿Qué decisión es congruente con el criterio del VPN?

  1. Rechazar el proyecto porque destruye valor Correct answer.
  2. Rechazar el proyecto solo si la TIR es negativa
  3. Aceptar el proyecto si la TIR es menor al 12%
  4. Aceptar el proyecto porque generará flujos futuros

Explanation

El criterio del VPN indica aceptar proyectos con VPN positivo y rechazar los de VPN negativo, ya que estos últimos reducen el valor de la empresa. Un VPN negativo implica que los flujos descontados no recuperan la inversión al costo de capital dado.

Question 47Finanzas

¿Cuál es la principal limitación del periodo de recuperación simple como criterio de inversión?

  1. No puede calcularse con flujos anuales
  2. Requiere conocer la tasa de descuento
  3. Solo aplica a proyectos con TIR negativa
  4. Ignora los flujos posteriores al periodo de recuperación Correct answer.

Explanation

El periodo de recuperación simple mide cuánto tarda en recuperarse la inversión, pero ignora el valor del dinero en el tiempo y los flujos que ocurren después del plazo de recuperación. Por ello puede rechazar proyectos valiosos de largo plazo.

Question 48Finanzas

Una empresa emite bonos con valor nominal de $1,000 y tasa cupón del 8% anual pagadero anualmente. Si la tasa de mercado relevante es del 10%, el bono se cotiza:

  1. Con descuento Correct answer.
  2. Con tasa cupón variable
  3. A la par
  4. Con prima

Explanation

Cuando la tasa cupón es menor que la tasa de mercado, los flujos prometidos son menos atractivos y el precio del bono cae por debajo de su valor nominal, es decir, se cotiza con descuento. La relación entre tasa cupón y rendimiento determina prima o descuento.

Question 49Finanzas

En el modelo CAPM, si la beta de una acción es 1.5, la tasa libre de riesgo es 4% y la prima de riesgo de mercado es 6%, ¿cuál es el rendimiento esperado?

  1. 9.0%
  2. 6.0%
  3. 10.0%
  4. 13.0% Correct answer.

Explanation

El CAPM calcula el rendimiento esperado como tasa libre de riesgo más beta por la prima de riesgo de mercado: 4% + 1.5 × 6% = 13%. La beta amplifica la prima de mercado según el riesgo sistemático del activo.

Question 50Finanzas

¿Qué mide la beta de un activo en el contexto del riesgo financiero?

  1. La volatilidad total de sus flujos de efectivo
  2. El riesgo específico diversificable del activo
  3. La rentabilidad histórica promedio del activo
  4. La sensibilidad de su rendimiento a los movimientos del mercado Correct answer.

Explanation

La beta cuantifica el riesgo sistemático, es decir, la sensibilidad del rendimiento del activo frente a cambios en el rendimiento del mercado. El riesgo específico no se refleja en la beta porque es diversificable.