18 How should interest charged on partners’ drawings appear in partnership financial statements?Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptu
20 IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.The following statements have been made about life cycle costing:Which of the follo
Which of the following statements relating to internal and external auditors is correct?A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT) an
13 Which of the following correctly describes the imprest system for operating petty cash?A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT)
The following information is available for a manufacturing company which produces multiple products:25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 Decem
In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.The following information is available for a manufacturing company which produces multiple products:8
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. PMr Li, a photographer, had his photos published in the July 2014 edition of the to
Which of the following statements relating to internal and external auditors is correct?A company predicted that the learning rate for production of a new product would be 80%. The actual learning rat
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
19 What is the company’s return on shareholders’ equity?6 Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980. The amount dueaccording to the payables ledger ac
13 Which of the following correctly describes the imprest system for operating petty cash?Which of the following statements relating to internal and external auditors is correct?19 At 30 June 2004 a c
14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid val
14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.2 Which of the following are correct?17 A business income statement for the year ended 31 D
17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterWhich of the following statements relating to internal and external auditors is correct?f
Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.In 2014 Mr Yuan inherited an estate of RMB2 million from hi
