[单选题]12 Which of the following statements are correct?

(1) Contingent assets are included as assets in financial statements if it is probable that they will arise. (2) Contingent liabilities must be provided for in financial statements if it is probable that they will arise. (3) Details of all adjusting events after the balance sheet date must be given in notes to the financial statements. (4) Material non-adjusting events are disclosed by note in the financial statements.

正确答案 ：B

2 and 4

[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.

正确答案 ：E

(i) only

解析：

(i) is the only correct elimination required by IFRS.

[单选题]The following information is relevant for questions 9 and 10

正确答案 ：C

3 and 4 only

[单选题]8 Which of the following statements about accounting concepts and conventions are correct?

(1) The money measurement concept requires all assets and liabilities to be accounted for at historical cost. (2) The substance over form. convention means that the economic substance of a transaction should be reflected in the financial statements, not necessarily its legal form. (3) The realisation concept means that profits or gains cannot normally be recognised in the income statement until realised. (4) The application of the prudence concept means that assets must be understated and liabilities must be overstated in preparing financial statements.

正确答案 ：B

2 and 3

[单选题]23 The capital structure of a company at 30 June 2005 is as follows:

$m Ordinary share capital 100 Share premium account 40 Retained earnings 60 10% Loan notes 40 The company’s income statement for the year ended 30 June 2005 showed: $m Operating profit 44 Loan note interest (4) ___ Profit for year 40 ____ What is the company’s return on capital employed?

正确答案 ：C

44/240 = 181/3 per cent

[单选题]10 What would the company’s profit become after the correction of the above errors?

正确答案 ：D

$625,240

解析：630,000 – 4,320 – 440

[单选题]19 Which of the following statements about intangible assets in company financial statements are correct according

to international accounting standards? 1 Internally generated goodwill should not be capitalised. 2 Purchased goodwill should normally be amortised through the income statement. 3 Development expenditure must be capitalised if certain conditions are met.

正确答案 ：A

1 and 3 only

[单选题]24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minority

interest?

正确答案 ：D

$24,000

解析：20% x 120,000

[单选题]22 Which of the following items may appear in a company’s statement of changes in equity, according to IAS 1 Presentation of financial statements?

1 Unrealised revaluation gains. 2 Dividends paid. 3 Proceeds of equity share issue. 4 Profit for the period.

正确答案 ：C

All four items

[单选题]6 Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980. The amount due

according to the payables ledger account of Alta in Ordan’s records was only $230. Comparison of the statement and the ledger account revealed the following differences: 1 A cheque sent by Ordan for $270 has not been allowed for in Alta’s statement. 2 Alta has not allowed for goods returned by Ordan $180. 3 Ordan made a contra entry, reducing the amount due to Alta by $3,200, for a balance due from Alta in Ordan’s receivables ledger. No such entry has been made in Alta’s records. What difference remains between the two companies’ records after adjusting for these items?

正确答案 ：D

$100

解析：3,980 – 270 – 180 – 3,200 = 330 : difference 100

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