17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterC Co uses material B, which has a current market price of $0·80 per kg. In a linear progr
20 IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.6 Ordan received a statement from one of its suppliers, Alta, showing a balance due
Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.19 At 30 June 2004 a company’s allowance for receivables wa
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
In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.10 What would the company’s profit become after the correction of the above errors?What is the correc
The following information is available for a manufacturing company which produces multiple products:Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:
Which of the following statements relating to internal and external auditors is correct?Is the following statement true or false?Internal auditors are required to be members of a professional body
Int
