[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]18 Which of the following statements about accounting ratios and their interpretation are correct?
1 A low-geared company is more able to survive a downturn in profit than a highly-geared company.
2 If a company has a high price earnings ratio, this will often indicate that the market expects its profits to rise.
3 All companies should try to achieve a current ratio (current assets/current liabilities) of 2:1.
正确答案 ：C
1 and 2 only
[单选题]Mr Li, a photographer, had his photos published in the July 2014 edition of the tourism journal. The total fee was RMB20,000 and the publisher agreed to pay Mr Li by two instalments, one of RMB18,000 in June 2014 and the balance of RMB2,000 in August 2014. The same photos were republished by the government in a promotion brochure in August 2014 and Mr Li was paid a further fee of RMB3,000 by the government.
正确答案 ：D
RMB2,548
解析：20,000 x (1 – 20%) x 20% x 70% + (3,000 – 800) x 20% x 70% = RMB2,548
[单选题]A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT) and enterprise income tax (EIT). In 2014, the taxpayer was charged by the tax authority with committing an act of tax evasion in 2002.
正确答案 ：E
The taxpayer must pay the additional taxes and a late payment surcharge but not a penalty as the statute of limitation is five years for penalties
解析：Per Article 86 of the Tax Collection and Administrative Law, the statute of limitation for an administrative penalty on non-compliances is five years.
[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]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 What is the company’s return on shareholders’ equity?
正确答案 ：C
15/100 = 15%
[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]The following statements have been made about life cycle costing:
正确答案 ：G
(iii) only
解析：All of the statements are false except statement (iii).
[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?
正确答案 ：D
Beta has issued a credit note for $500 to Alpha which Alpha has not yet received.
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