- The following information is available for a manufacturing company which produces multiple products:(i) The product mix ratio
(ii) Contribution to sales ratio for each product
(iii) General fixed cost
- Is the following statement true or false?
True#
FalseWhere there is a significant change in ownership of the company, ISA 210 Agreeing the Terms of Audit Engagements recommends that a new audit engage
- 10 What would the company’s profit become after the correction of the above errors?$634,760
$624,760
$624,440
$625,240#630,000 – 4,320 – 440
- A company predicted that the learning rate for production of a new product would be 80%. The actual learning rate was 75%. The following possible reasons were stated for this:(i) The number of new emp
- Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:Latterly paid $12,650 (half of the cost) on 1 April 2014 and would pay the remaining $12,650 on 31 M
- 18 How should interest charged on partners’ drawings appear in partnership financial statements?As income in the income statement
Added to net profit and charged to partners in the division of profit#
- 19 At 30 June 2004 a company’s allowance for receivables was $39,000. At 30 June 2005 trade receivables totalled $517,000. It was decided to write off debts totalling $37,000 and to adjust the allowan
- 18 Which of the following statements about accounting ratios and their interpretation are correct?1 A low-geared company is more able to survive a downturn in profit than a highly-geared company.
2 If
- Is the following statement true or false?
True#
FalseWhere there is a significant change in ownership of the company, ISA 210 Agreeing the Terms of Audit Engagements recommends that a new audit engage
- 13 Which of the following correctly describes the imprest system for operating petty cash?A
All expenditure out of petty cash must be supported by a properly authorised voucher.
A regular equal amount
- A company predicted that the learning rate for production of a new product would be 80%. The actual learning rate was 75%. The following possible reasons were stated for this:(i) The number of new emp
- Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.Which of the following accounting treatments correctly appl
- 17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterfound that $18,000 paid for the purchase of a motor van had been debited to motor expense
- 18 Which of the following statements about accounting ratios and their interpretation are correct?1 A low-geared company is more able to survive a downturn in profit than a highly-geared company.
2 If
- A company predicted that the learning rate for production of a new product would be 80%. The actual learning rate was 75%. The following possible reasons were stated for this:(i) The number of new emp
- 14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.Beta submitted a statement to Alpha as at the same date showing a balance due of $5,200.
Wh
- 18 How should interest charged on partners’ drawings appear in partnership financial statements?As income in the income statement
Added to net profit and charged to partners in the division of profit#
- 10 What would the company’s profit become after the correction of the above errors?$634,760
$624,760
$624,440
$625,240#630,000 – 4,320 – 440
- 14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.Beta submitted a statement to Alpha as at the same date showing a balance due of $5,200.
Wh
- The following information is available for a manufacturing company which produces multiple products:(i) The product mix ratio
(ii) Contribution to sales ratio for each product
(iii) General fixed cost
- 19 What is the company’s return on shareholders’ equity?15/40 = 37·5%
20/100 = 20%
15/100 = 15%#
20/150 = 13·3%C
- Is the following statement true or false?
True#
FalseWhere there is a significant change in ownership of the company, ISA 210 Agreeing the Terms of Audit Engagements recommends that a new audit engage
- 18 How should interest charged on partners’ drawings appear in partnership financial statements?As income in the income statement
Added to net profit and charged to partners in the division of profit#
- A company predicted that the learning rate for production of a new product would be 80%. The actual learning rate was 75%. The following possible reasons were stated for this:(i) The number of new emp
- 19 At 30 June 2004 a company’s allowance for receivables was $39,000. At 30 June 2005 trade receivables totalled $517,000. It was decided to write off debts totalling $37,000 and to adjust the allowan
- 24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minorityinterest?$32,000
$16,000
$10,000
$24,000#20% x 120,000
- Which of the following statements relating to internal and external auditors is correct?Internal auditors are required to be members of a professional body
Internal auditors’ scope of work should be d
- A company predicted that the learning rate for production of a new product would be 80%. The actual learning rate was 75%. The following possible reasons were stated for this:(i) The number of new emp
- The following information is available for a manufacturing company which produces multiple products:(i) The product mix ratio
(ii) Contribution to sales ratio for each product
(iii) General fixed cost
- Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.Which of the following accounting treatments correctly appl
- 19 At 30 June 2004 a company’s allowance for receivables was $39,000. At 30 June 2005 trade receivables totalled $517,000. It was decided to write off debts totalling $37,000 and to adjust the allowan
- In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.What is the correct treatment of the estate income for individual income tax purposes?
The estate inc
- In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.What is the correct treatment of the estate income for individual income tax purposes?
The estate inc
- Is the following statement true or false?
True#
FalseWhere there is a significant change in ownership of the company, ISA 210 Agreeing the Terms of Audit Engagements recommends that a new audit engage
- 25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?$240,000#
$80,000
$180,000
$140,00020% x (400,000 + 800,000)
- Mr Li, a photographer, had his photos published in the July 2014 edition of the tourism journal. The total fee was RMB20,000 and the publisher agreed to pay Mr Li by two instalments, one of RMB18,000
- 18 How should interest charged on partners’ drawings appear in partnership financial statements?As income in the income statement
Added to net profit and charged to partners in the division of profit#
- Is the following statement true or false?
True#
FalseWhere there is a significant change in ownership of the company, ISA 210 Agreeing the Terms of Audit Engagements recommends that a new audit engage
- 17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterfound that $18,000 paid for the purchase of a motor van had been debited to motor expense
- 25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?$240,000#
$80,000
$180,000
$140,00020% x (400,000 + 800,000)
