1. [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.
2. [单选题]Under certain circumstances, profits made on transactions between members of a group need to be eliminated from the consolidated financial statements under IFRS.
A. Which of the following statements about intra-group profits in consolidated financial statements is/are correct?
B. (i) The profit made by a parent on the sale of goods to a subsidiary is only realised when the subsidiary sells the goods to a third party
C. (ii) Eliminating intra-group unrealised profits never affects non-controlling interests
D. (iii) The profit element of goods supplied by the parent to an associate and held in year-end inventory must be eliminated in full
E. (i) only
F. (i) and (ii)
G. (ii) and (iii)
H. (iii) only
3. [单选题]5 Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expected
level? 1 Understatement of closing inventories. 2 The incorrect inclusion in purchases of invoices relating to goods supplied in the following period. 3 The inclusion in sales of the proceeds of sale of non-current assets. 4 Increased cost of carriage charges borne by the company on goods sent to customers.
A. 3 and 4
B. 2 and 4
C. 1 and 2
D. 1 and 3
4. [单选题]Which of the following statements relating to internal and external auditors is correct?
A. Internal auditors are required to be members of a professional body
B. Internal auditors’ scope of work should be determined by those charged with governance
C. External auditors report to those charged with governance
D. Internal auditors can never be independent of the company
5. [单选题]13 Which of the following correctly describes the imprest system for operating petty cash?
A. A
B. All expenditure out of petty cash must be supported by a properly authorised voucher.
C. A regular equal amount of cash is transferred into petty cash.
D. The exact amount of expenditure out of petty cash is reimbursed at intervals.
E. A budget is fixed for a period which petty cash expenditure must not exceed.
