[单选题]13 Which of the following correctly describes the imprest system for operating petty cash?
正确答案 ：D
The exact amount of expenditure out of petty cash is reimbursed at intervals.
[单选题]25 What should the minority interest figure be in the group’s consolidated balance sheet at 31 December 2005?
正确答案 ：A
$240,000
解析：20% x (400,000 + 800,000)
[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?
正确答案 ：B
$22,000
[单选题]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. P
guaranteed that R’s profit share would not be less than $25,000 for the six months to 31 December 2004. The profitsharing
arrangements after R’s admission were P 50%, Q 30%, R 20%. The profit for the year ended 31 December
2004 is $240,000, accruing evenly over the year.
What should P’s final profit share be for the year ended 31 December 2004?
正确答案 ：B
$139,000
解析：80,000 + 60,000 – 1,000 = 139,000
[单选题]The following statements have been made about life cycle costing:
正确答案 ：G
(iii) only
解析：All of the statements are false except statement (iii).
[单选题]18 Which of the following statements about accounting ratios and their interpretation are correct?
1 A low-geared company is more able to survive a downturn in profit than a highly-geared company.
2 If a company has a high price earnings ratio, this will often indicate that the market expects its profits to rise.
3 All companies should try to achieve a current ratio (current assets/current liabilities) of 2:1.
正确答案 ：C
1 and 2 only
[单选题]17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was later
found that $18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is the
company’s policy to depreciate motor vans at 25 per cent per year, with a full year’s charge in the year of acquisition.
What would the net profit be after adjusting for this error?
正确答案 ：C
$97,100
解析：83,600 + 18,000 – 4,500 = 97,100
[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.
正确答案 ：D
RMB2,548
解析：20,000 x (1 – 20%) x 20% x 70% + (3,000 – 800) x 20% x 70% = RMB2,548
[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]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.
正确答案 ：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
解析：Per Article 86 of the Tax Collection and Administrative Law, the statute of limitation for an administrative penalty on non-compliances is five years.
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