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17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterA corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid v
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The following information is available for a manufacturing company which produces multiple products:The following statements have been made about life cycle costing:(i) The product mix ratio
(ii) Cont
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24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minorityMr Li, a photographer, had his photos published in the July 2014 edition of the tourism
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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 $2 per kg. The following state
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15 Which of the following statements about intangible assets are correct?15 A trader who fixes her prices by adding 50% to cost actually achieved a mark-up of 45%.1 If certain criteria are met, resear
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8 P and Q are in partnership, sharing profits in the ratio 2:1. On 1 July 2004 they admitted P’s son R as a partner. P22 Which of the following items may appear in a company’s statement of changes in
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12 Which of the following statements are correct?21 Which of the following statements about contingent assets and contingent liabilities are correct?(1) Contingent assets are included as assets in fin
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24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minority2 Which of the following are correct?interest?1. The balance sheet value of inventory s
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In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.5 Which of the following factors could cause a company’s gross profit percentage on sales to fall bel
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18 Which of the following statements about accounting ratios and their interpretation are correct?10 Which of the following costs should be included in valuing inventories of finished goods held by a
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23 The capital structure of a company at 30 June 2005 is as follows:11 The following information is available for Orset, a sole trader who does not keep full accounting records:$m
Ordinary share capit
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15 A trader who fixes her prices by adding 50% to cost actually achieved a mark-up of 45%.5 Which of the following events after the balance sheet date would normally qualify as adjusting events accord
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19 What is the company’s return on shareholders’ equity?6 Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980. The amount dueaccording to the payables ledger ac
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5 Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expected2 Which of the following are correct?level?
1 Understatement of closing inventories.
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24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minority19 What is the company’s return on shareholders’ equity?interest?$32,000
$16,000
$10,00
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In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.Under certain circumstances, profits made on transactions between members of a group need to be elimi
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20 IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.6 Ordan received a statement from one of its suppliers, Alta, showing a balance due
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19 What is the company’s return on shareholders’ equity?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 wri
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11 The following information is available for Orset, a sole trader who does not keep full accounting records:24 What figure should appear in the consolidated balance sheet of the J group as at 31 Dece
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10 Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing2 Which of the following are correct?company, according to IAS2 Inventories?
1 Carria
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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. P13 Which of the following correctly describes the imprest system for operating pet
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19 What is the company’s return on shareholders’ equity?24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minorityinterest?15/40 = 37·5%
20/100 =
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13 Which of the following correctly describes the imprest system for operating petty cash?24 Sigma’s bank statement shows an overdrawn balance of $38,600 at 30 June 2005. A check against the company’s
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The following information is available for a manufacturing company which produces multiple products:Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:
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Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.21 Which of the following statements about contingent asset
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10 What would the company’s profit become after the correction of the above errors?14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.Beta sub
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19 Which of the following statements about intangible assets in company financial statements are correct according25 What should the minority interest figure be in the group’s consolidated balance she
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Which of the following statements relating to internal and external auditors is correct?5 Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expe
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15 What journal entry is required to record goods taken from inventory by the owner of a business?12 At 1 July 2004 a company had prepaid insurance of $8,200. On 1 January 2005 the company paid $38,00
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20 IAS 2 Inventories defines the extent to which overheads are included in the cost of inventories of finished goods.The following statements have been made about life cycle costing:Which of the follo
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5 Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expected6 Ordan received a statement from one of its suppliers, Alta, showing a balance due
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24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minority15 What journal entry is required to record goods taken from inventory by the owner of
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11 The following information is available for Orset, a sole trader who does not keep full accounting records:Which of the following statements relating to internal and external auditors is correct?$
I
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10 Which of the following factors would cause a company’s gearing ratio to fall?11 The following information is available for Orset, a sole trader who does not keep full accounting records:1 A bonus i
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14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.Mr Li, a photographer, had his photos published in the July 2014 edition of the tourism jou
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25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?The following information is available for a manufacturing company which produces multiple
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17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterMr Li, a photographer, had his photos published in the July 2014 edition of the tourism j
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Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.24 What figure should appear in the consolidated balance sh
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13 Which of the following correctly describes the imprest system for operating petty cash?19 What is the company’s return on shareholders’ equity?A
All expenditure out of petty cash must be supported
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17 Which of the following statements are correct?10 Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing(1) All non-current assets must be d
