[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]24 Sigma’s bank statement shows an overdrawn balance of $38,600 at 30 June 2005. A check against the company’s cash book revealed the following differences:

1 Bank charges of $200 have not been entered in the cash book. 2 Lodgements recorded on 30 June 2005 but credited by the bank on 2 July $14,700. 3 Cheque payments entered in cash book but not presented for payment at 30 June 2005 $27,800. 4 A cheque payment to a supplier of $4,200 charged to the account in June 2005 recorded in the cash book as a receipt. Based on this information, what was the cash book balance BEFORE any adjustments?

正确答案 ：A

$43,100 overdrawn

[单选题]Faithful representation is a fundamental characteristic of useful information within the IASB’s Conceptual framework for financial reporting.

正确答案 ：E

Allocating part of the sales proceeds of a motor vehicle to interest received even though it was sold with 0% (interest free) finance

解析：

The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.

[单选题]22 Which of the following items may appear in a company’s statement of changes in equity, according to IAS 1 Presentation of financial statements?

1 Unrealised revaluation gains. 2 Dividends paid. 3 Proceeds of equity share issue. 4 Profit for the period.

正确答案 ：C

All four items

[单选题]Hindberg is a car retailer. On 1 April 2014, Hindberg sold a car to Latterly on the following terms:

正确答案 ：F

$24,150

解析：

At 31 March 2015, the deferred consideration of $12,650 would need to be discounted by 10% for one year to $11,500 (effectively deferring a finance cost of $1,150). The total amount credited to profit or loss would be $24,150 (12,650 + 11,500).

[单选题]2 Which of the following are correct?

1. The balance sheet value of inventory should be as close as possible to net realisable value. 2. The valuation of finished goods inventory must include production overheads. 3. Production overheads included in valuing inventory should be calculated by reference to the company’s normal level of production during the period. 4. In assessing net realisable value, inventory items must be considered separately, or in groups of similar items, not by taking the inventory value as a whole.

正确答案 ：D

2, 3 and 4

[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]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.

[单选题]The following information is available for a manufacturing company which produces multiple products:

正确答案 ：G

(i), (ii) and (iii) only

解析：

The method of apportioning general fixed costs is not required to calculate the break-even sales revenue.

[单选题]24 What figure should appear in the consolidated balance sheet of the J group as at 31 December 2004 for minority

interest?

正确答案 ：D

$24,000

解析：20% x 120,000

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