[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]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]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]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]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]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]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]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.

[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

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