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
17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterA corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid v
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
13 Which of the following correctly describes the imprest system for operating petty cash?Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:A
All expe
18 How should interest charged on partners’ drawings appear in partnership financial statements?18 Which of the following statements about accounting ratios and their interpretation are correct?1 A lo
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
19 Which of the following statements about intangible assets in company financial statements are correct according25 What should the minority interest figure be in the group’s consolidated balance she
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:Mr Li, a photographer, ha
11 The following information is available for Orset, a sole trader who does not keep full accounting records:24 What figure should appear in the consolidated balance sheet of the J group as at 31 Dece
Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:The following information is available for a manufacturing company which produces multiple products:
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
25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?The following information is available for a manufacturing company which produces multiple
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. PC Co uses material B, which has a current market price of $0·80 per kg. In a linea
