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13 Which of the following correctly describes the imprest system for operating petty cash?18 How should interest charged on partners’ drawings appear in partnership financial statements?Is the followi
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The following statements have been made about life cycle costing: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 decid
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The following statements have been made about life cycle costing:A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT) and enterprise income tax
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Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where t
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12 Which of the following statements are correct?17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterThe following information is relevant fo
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9 Which of the following items must be disclosed in a company’s published financial statements (including notes)Faithful representation is a fundamental characteristic of useful information within the
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16 Which of the following statements about accounting concepts and conventions are correct?19 Which of the following statements about intangible assets in company financial statements are correct acco
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The following statements have been made about life cycle costing:13 At 1 January 2005 a company had an allowance for receivables of $18,00024 Sigma’s bank statement shows an overdrawn balance of $38,6
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24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minority2 Which of the following are correct?C Co uses material B, which has a current market p
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19 Which of the following statements about intangible assets in company financial statements are correct accordingHindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the fo
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25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?19 Which of the following statements about intangible assets in company financial statement
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Which of the following statements relating to internal and external auditors is correct?5 An enterprise has made a material change to an accounting policy in preparing its current financial statements
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12 Which of the following statements are correct?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 pric
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8 Which of the following statements about accounting concepts and conventions are correct?5 An enterprise has made a material change to an accounting policy in preparing its current financial statemen
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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
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The following information is relevant for questions 9 and 1013 Which of the following correctly describes the imprest system for operating petty cash?10 What would the company’s profit become after th
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12 At 1 July 2004 a company had prepaid insurance of $8,200. On 1 January 2005 the company paid $38,000 for15 What journal entry is required to record goods taken from inventory by the owner of a busi
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Is the following statement true or false?15 What journal entry is required to record goods taken from inventory by the owner of a business?10 Which of the following costs should be included in valuing
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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
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15 A trader who fixes her prices by adding 50% to cost actually achieved a mark-up of 45%.11 The following information is available for Orset, a sole trader who does not keep full accounting records:I
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17 Which of the following statements are correct?The following statements have been made about life cycle costing:In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two mo
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25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?5 An enterprise has made a material change to an accounting policy in preparing its current
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In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.11 Which of the following statements are correct?10 What would the company’s profit become after the
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12 Which of the following statements are correct?10 Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing20 IAS 2 Inventories defines the ext
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20 IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.25 What should the minority interest figure be in the group’s consolidated balance
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6 Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980. The amount due16 Which of the following statements about accounting concepts and conventions are correct?
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20 IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.5 Which of the following events after the balance sheet date would normally qualify
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12 Which of the following statements are correct?24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minorityThe following information is available
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11 Which of the following statements are correct?10 What would the company’s profit become after the correction of the above errors?The following information is relevant for questions 9 and 101 A comp
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5 Which of the following events after the balance sheet date would normally qualify as adjusting events according16 Which of the following events between the balance sheet date and the date the financ
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9 Which of the following items must be disclosed in a company’s published financial statements (including notes)20 IAS 2 Inventories defines the extent to which overheads are included in the cost of i
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5 Which of the following events after the balance sheet date would normally qualify as adjusting events according10 Which of the following factors would cause a company’s gearing ratio to fall?22 Whic
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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
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14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months
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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:10 What would the company
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Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:Faithful representation is a fundamental characteristic of useful information within the IASB’s Conc
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The following statements have been made about life cycle costing:A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT) and enterprise income tax
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The following statements have been made about life cycle costing:25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?19 At 30 June 2004 a compa
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18 Which of the following statements about accounting ratios and their interpretation are correct?C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the
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5 Which of the following events after the balance sheet date would normally qualify as adjusting events accordingThe following information is available for a manufacturing company which produces multi
