[单选题]Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.

正确答案 ：E

Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0% (interest free) finance

解析：

The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.

[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]In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.

正确答案 ：B

The estate income is not taxable

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

正确答案 ：C

15/100 = 15%

[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

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