[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]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]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]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]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]19 Which of the following statements about intangible assets in company financial statements are correct according

to international accounting standards? 1 Internally generated goodwill should not be capitalised. 2 Purchased goodwill should normally be amortised through the income statement. 3 Development expenditure must be capitalised if certain conditions are met.

正确答案 ：A

1 and 3 only

[单选题]6 Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980. The amount due

according to the payables ledger account of Alta in Ordan’s records was only $230. Comparison of the statement and the ledger account revealed the following differences: 1 A cheque sent by Ordan for $270 has not been allowed for in Alta’s statement. 2 Alta has not allowed for goods returned by Ordan $180. 3 Ordan made a contra entry, reducing the amount due to Alta by $3,200, for a balance due from Alta in Ordan’s receivables ledger. No such entry has been made in Alta’s records. What difference remains between the two companies’ records after adjusting for these items?

正确答案 ：D

$100

解析：3,980 – 270 – 180 – 3,200 = 330 : difference 100

[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.

[单选题]5 Which of the following events after the balance sheet date would normally qualify as adjusting events according

to IAS 10 Events after the balance sheet date? 1 The bankruptcy of a credit customer with a balance outstanding at the balance sheet date. 2 A decline in the market value of investments. 3 The declaration of an ordinary dividend. 4 The determination of the cost of assets purchased before the balance sheet date.

正确答案 ：D

1 and 4 only

[单选题]12 Which of the following statements are correct?

(1) Contingent assets are included as assets in financial statements if it is probable that they will arise. (2) Contingent liabilities must be provided for in financial statements if it is probable that they will arise. (3) Details of all adjusting events after the balance sheet date must be given in notes to the financial statements. (4) Material non-adjusting events are disclosed by note in the financial statements.

正确答案 ：B

2 and 4

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