1. [单选题]Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:
A. Latterly paid $12,650 (half of the cost) on 1 April 2014 and would pay the remaining $12,650 on 31 March 2016 (two years after the sale). Hindberg’s cost of capital is 10% per annum.
B. What is the total amount which Hindberg should credit to profit or loss in respect of this transaction in the year ended 31 March 2015?
C. $23,105
D. $23,000
E. $20,909
F. $24,150
2. [单选题]14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.
Beta submitted a statement to Alpha as at the same date showing a balance due of $5,200. Which of the following could account fully for the difference?
A. Alpha has sent a cheque to Beta for $500 which has not yet been received by Beta.
B. The credit side of Beta’s account in Alpha’s records has been undercast by $500.
C. An invoice for $250 from Beta has been treated in Alpha’s records as if it had been a credit note.
D. Beta has issued a credit note for $500 to Alpha which Alpha has not yet received.
3. [单选题]The following information is available for a manufacturing company which produces multiple products:
A. (i) The product mix ratio
B. (ii) Contribution to sales ratio for each product
C. (iii) General fixed costs
D. (iv) Method of apportioning general fixed costs
E. Which of the above are required in order to calculate the break-even sales revenue for the company?
F. All of the above
G. (i), (ii) and (iii) only
H. (i), (iii) and (iv) only
I. (ii) and (iii) only
4. [单选题]Is the following statement true or false?
B. True
C. False
5. [单选题]Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.
A. Which of the following accounting treatments correctly applies the principle of faithful representation?
B. Reporting a transaction based on its legal status rather than its economic substance
C. Excluding a subsidiary from consolidation because its activities are not compatible with those of the rest of the group
D. Recording the whole of the net proceeds from the issue of a loan note which is potentially convertible to equity shares as debt (liability)
E. Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0% (interest free) finance
