[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

[单选题]10 Which of the following costs should be included in valuing inventories of finished goods held by a manufacturing

company, according to IAS2 Inventories? 1 Carriage inwards. 2 Carriage outwards. 3 Depreciation of factory plant. 4 Accounts department costs relating to wages for production employees.

正确答案 ：C

1, 3 and 4 only

[单选题]15 A trader who fixes her prices by adding 50% to cost actually achieved a mark-up of 45%.

Which of the following factors could account for the shortfall? 1 Sales were lower than expected. 2 The opening inventories had been overstated. 3 The closing inventories of the business were higher than the opening inventories. 4 Goods taken from inventories by the proprietor were recorded by debiting drawings and crediting purchases with the cost of the goods.

正确答案 ：C

2 only

[单选题]23 The capital structure of a company at 30 June 2005 is as follows:

$m Ordinary share capital 100 Share premium account 40 Retained earnings 60 10% Loan notes 40 The company’s income statement for the year ended 30 June 2005 showed: $m Operating profit 44 Loan note interest (4) ___ Profit for year 40 ____ What is the company’s return on capital employed?

正确答案 ：C

44/240 = 181/3 per cent

[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.

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