[单选题]18 How should interest charged on partners’ drawings appear in partnership financial statements?

正确答案 ：B

Added to net profit and charged to partners in the division of profit

[单选题]15 Which of the following statements about intangible assets are correct?

1 If certain criteria are met, research expenditure must be recognised as an intangible asset. 2 Goodwill may not be revalued upwards. 3 Internally generated goodwill should not be capitalised.

正确答案 ：A

2 and 3 only

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

正确答案 ：C

15/100 = 15%

[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]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]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]Which of the following statements relating to internal and external auditors is correct?

正确答案 ：B

Internal auditors’ scope of work should be determined by those charged with governance

解析：

A is incorrect as internal auditors are not required to be members of any professional body. C is incorrect as external auditors report to shareholders rather than those charged with governance. D is incorrect as internal auditors can be independent of the company, if, for example, the internal audit function has been outsourced.

[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]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.

[单选题]C Co uses material B, which has a current market price of $0·80 per kg. In a linear program, where the objective is to maximise profit, the shadow price of material B is $2 per kg. The following statements have been made:

正确答案 ：I

(i) and (iv)

解析：

Statement (ii) is wrong as it reflects the common misconception that the shadow price is the maximum price which should be paid, rather than the maximum extra over the current purchase price.

Statement (iii) is wrong but could be thought to be correct if (ii) was wrongly assumed to be correct.

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