[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]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]A company predicted that the learning rate for production of a new product would be 80%. The actual learning rate was 75%. The following possible reasons were stated for this:

正确答案 ：G

(i) only

解析：

The learning rate was actually better than expected and only (i) could cause it to improve.

[单选题]In 2014 Mr Yuan inherited an estate of RMB2 million from his uncle who had died two months earlier.

正确答案 ：B

The estate income is not taxable

[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?

正确答案 ：D

Beta has issued a credit note for $500 to Alpha which Alpha has not yet received.

[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 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]19 What is the company’s return on shareholders’ equity?

正确答案 ：C

15/100 = 15%

[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]Which of the following statements relating to internal and external auditors is correct?

正确答案 ：B

Internal auditors’ scope of work should be determined by those charged with governance

解析：

A is incorrect as internal auditors are not required to be members of any professional body. C is incorrect as external auditors report to shareholders rather than those charged with governance. D is incorrect as internal auditors can be independent of the company, if, for example, the internal audit function has been outsourced.

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