1. [单选题]25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?
A. $240,000
B. $80,000
C. $180,000
D. $140,000
2. [单选题]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 allowance for receivables to the equivalent of 5 per cent of the trade receivables based on past events.
What figure should appear in the income statement for these items?
A. $61,000
B. $22,000
C. $24,000
D. $23,850
3. [单选题]13 Which of the following correctly describes the imprest system for operating petty cash?
A. A
B. All expenditure out of petty cash must be supported by a properly authorised voucher.
C. A regular equal amount of cash is transferred into petty cash.
D. The exact amount of expenditure out of petty cash is reimbursed at intervals.
E. A budget is fixed for a period which petty cash expenditure must not exceed.
4. [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.
A. Which of the following statements is correct?
B. The taxpayer must pay the additional taxes due, plus a late payment surcharge and a penalty
C. There is no need for the taxpayer to pay any additional taxes, late payment surcharge or penalty as the statute of limitation is ten years
D. The taxpayer must pay the additional taxes, but no late payment surcharge or penalty as the statute of limitation is ten years for late payment surcharge and penalties
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
5. [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.
A. 2 and 3 only
B. 1 and 3 only
C. 1 and 2 only
D. All three statements are correct
6. [单选题]19 What is the company’s return on shareholders’ equity?
A. 15/40 = 37·5%
B. 20/100 = 20%
C. 15/100 = 15%
D. 20/150 = 13·3%
7. [单选题]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 in June 2014 and the balance of RMB2,000 in August 2014. The same photos were republished by the government in a promotion brochure in August 2014 and Mr Li was paid a further fee of RMB3,000 by the government.
A. What is the total amount of individual income tax (IIT) which Mr Li will pay on the above incomes?
B. RMB2,492
C. RMB2,576
D. RMB2,548
E. RMB3,680
8. [单选题]The following information is available for a manufacturing company which produces multiple products:
A. (i) The product mix ratio
B. (ii) Contribution to sales ratio for each product
C. (iii) General fixed costs
D. (iv) Method of apportioning general fixed costs
E. Which of the above are required in order to calculate the break-even sales revenue for the company?
F. All of the above
G. (i), (ii) and (iii) only
H. (i), (iii) and (iv) only
I. (ii) and (iii) only
9. [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?
A. Alpha has sent a cheque to Beta for $500 which has not yet been received by Beta.
B. The credit side of Beta’s account in Alpha’s records has been undercast by $500.
C. An invoice for $250 from Beta has been treated in Alpha’s records as if it had been a credit note.
D. Beta has issued a credit note for $500 to Alpha which Alpha has not yet received.
10. [单选题]18 How should interest charged on partners’ drawings appear in partnership financial statements?
A. As income in the income statement
B. Added to net profit and charged to partners in the division of profit
C. Deducted from net profit and charged to partners in the division of profit
D. Deducted from net profit in the division of profit and credited to partners
