[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.
[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]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]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]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 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]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]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]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]19 What is the company’s return on shareholders’ equity?
正确答案 ：C
15/100 = 15%
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