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Note: requirement (a) includes 4 professional marks.13 At 1 January 2005 a company had an allowance for receivables of $18,000Which of the following statements relating to internal and external audito
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24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minority19 At 30 June 2004 a company’s allowance for receivables was $39,000. At 30 June 2005 t
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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. P10 What would the company’s profit become after the correction of the above errors
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(b) Explain how the adoption of residual income (RI) using the annuity method of depreciation might prove toUnder certain circumstances, profits made on transactions between members of a group need to
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19 What is the company’s return on shareholders’ equity?11 The following information is available for Orset, a sole trader who does not keep full accounting records:19 Which of the following statement
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25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?21 Which of the following statements about contingent assets and contingent liabilities are
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10 What would the company’s profit become after the correction of the above errors?18 How should interest charged on partners’ drawings appear in partnership financial statements?24 Sigma’s bank state
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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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18 How should interest charged on partners’ drawings appear in partnership financial statements?Mr Li, a photographer, had his photos published in the July 2014 edition of the tourism journal. The tot
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15 Which of the following statements about intangible assets are correct?16 Which of the following statements about accounting concepts and conventions are correct?Mr Li, a photographer, had his photo
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17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was later5 Which of the following factors could cause a company’s gross profit percentage on sales
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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.9 Which of the following items must be disclosed in a company’s published financial stateme
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13 Which of the following correctly describes the imprest system for operating petty cash?C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objecti
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Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.The following information is relevant for questions 9 and 1
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18 Which of the following statements about accounting ratios and their interpretation are correct?12 Which of the following statements are correct?5 Which of the following events after the balance she
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(c) Discuss the factors that might influence whether the initial bid is likely to be accepted by the shareholders of Wragger plc.15 Which of the following statements about intangible assets are correc
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The following information is available for a manufacturing company which produces multiple products:19 What is the company’s return on shareholders’ equity?24 Sigma’s bank statement shows an overdrawn
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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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Is the following statement true or false?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
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Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:12 Which of the following statements are correct?20 IAS 2 Inventories defines the extent to which ov
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In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.2 Which of the following are correct?The following information is available for a manufacturing compa
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Which of the following statements relating to internal and external auditors is correct?17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was later1
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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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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:17 A business income stat
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The following statements have been made about life cycle costing:5 An enterprise has made a material change to an accounting policy in preparing its current financial statements.In 2014 Mr Yuan inheri
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A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT) and enterprise income tax (EIT). In 2014, the taxpayer was charged by the tax authority wi
