[单选题]Is the following statement true or false?

正确答案 ：B

True

解析：

Where there is a significant change in ownership of the company, ISA 210 Agreeing the Terms of Audit Engagements recommends that a new audit engagement letter is sent to avoid misunderstandings.

[单选题]17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was later

found that $18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is the company’s policy to depreciate motor vans at 25 per cent per year, with a full year’s charge in the year of acquisition. What would the net profit be after adjusting for this error?

正确答案 ：C

$97,100

解析：83,600 + 18,000 – 4,500 = 97,100

[单选题]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. P

guaranteed that R’s profit share would not be less than $25,000 for the six months to 31 December 2004. The profitsharing arrangements after R’s admission were P 50%, Q 30%, R 20%. The profit for the year ended 31 December 2004 is $240,000, accruing evenly over the year. What should P’s final profit share be for the year ended 31 December 2004?

正确答案 ：B

$139,000

解析：80,000 + 60,000 – 1,000 = 139,000

[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]13 Which of the following correctly describes the imprest system for operating petty cash?

正确答案 ：D

The exact amount of expenditure out of petty cash is reimbursed at intervals.

[单选题]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:

正确答案 ：G

(i) only

解析：

The learning rate was actually better than expected and only (i) could cause it to improve.

[单选题]19 What is the company’s return on shareholders’ equity?

正确答案 ：C

15/100 = 15%

[单选题]19 At 30 June 2004 a company’s allowance for receivables was $39,000. At 30 June 2005 trade receivables totalled $517,000. It was decided to write off debts totalling $37,000 and to adjust the allowance for receivables to the equivalent of 5 per cent of the trade receivables based on past events.

What figure should appear in the income statement for these items?

正确答案 ：B

$22,000

[单选题]Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:

正确答案 ：F

$24,150

解析：

At 31 March 2015, the deferred consideration of $12,650 would need to be discounted by 10% for one year to $11,500 (effectively deferring a finance cost of $1,150). The total amount credited to profit or loss would be $24,150 (12,650 + 11,500).

[单选题]The following information is available for a manufacturing company which produces multiple products:

正确答案 ：G

(i), (ii) and (iii) only

解析：

The method of apportioning general fixed costs is not required to calculate the break-even sales revenue.

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