18 How should interest charged on partners’ drawings appear in partnership financial statements?Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptu
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
15 Which of the following statements about intangible assets are correct?A company predicted that the learning rate for production of a new product would be 80%. The actual learning rate was 75%. The
Mr Li, a photographer, had his photos published in the July 2014 edition of the tourism journal. The total fee was RMB20,000 and the publisher agreed to pay Mr Li by two instalments, one of RMB18,000
24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minorityWhich of the following statements relating to internal and external auditors is correct
Which of the following statements relating to internal and external auditors is correct?A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT) an
13 Which of the following correctly describes the imprest system for operating petty cash?A corporate taxpayer has under-reported its taxable revenue in 2002 and hence underpaid value added tax (VAT)
15 Which of the following statements about intangible assets are correct?18 How should interest charged on partners’ drawings appear in partnership financial statements?1 If certain criteria are met,
The following information is available for a manufacturing company which produces multiple products:25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 Decem
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 allowan
15 Which of the following statements about intangible assets are correct?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
18 Which of the following statements about accounting ratios and their interpretation are correct?8 P and Q are in partnership, sharing profits in the ratio 2:1. On 1 July 2004 they admitted P’s son R
Is the following statement true or false?24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minority19 At 30 June 2004 a company’s allowance for r
14 Alpha buys goods from Beta. At 30 June 2005 Beta’s account in Alpha’s records showed $5,700 owing to Beta.10 Which of the following costs should be included in valuing inventories of finished goods
