- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objective is to maximise profit, the shadow price of material B is $2 per kg. The following state
- 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
- 8 P and Q are in partnership, sharing profits in the ratio 2:1. On 1 July 2004 they admitted P’s son R as a partner. Pguaranteed that R’s profit share would not be less than $25,000 for the six months
- 15 Which of the following statements about intangible assets are correct?1 If certain criteria are met, research expenditure must be recognised as an intangible asset.
2 Goodwill may not be revalued u
- 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#
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 15 Which of the following statements about intangible assets are correct?1 If certain criteria are met, research expenditure must be recognised as an intangible asset.
2 Goodwill may not be revalued u
- 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
- 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
- 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
- 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
- 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
- C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objective is to maximise profit, the shadow price of material B is $2 per kg. The following state
- 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
- 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
- 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
- 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
- 8 P and Q are in partnership, sharing profits in the ratio 2:1. On 1 July 2004 they admitted P’s son R as a partner. Pguaranteed that R’s profit share would not be less than $25,000 for the six months
- 15 Which of the following statements about intangible assets are correct?1 If certain criteria are met, research expenditure must be recognised as an intangible asset.
2 Goodwill may not be revalued u
