[单选题]16 Which of the following statements about accounting concepts and conventions are correct?

(1) The entity concept requires that a business is treated as being separate from its owners. (2) The use of historical cost accounting tends to understate assets and profit when prices are rising. (3) The prudence concept means that the lowest possible values should be applied to income and assets and the highest possible values to expenses and liabilities. (4) The money measurement concept means that only assets capable of being reliably measured in monetary terms can be included in the balance sheet of a business.

正确答案 ：D

1 and 4

[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]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]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.

正确答案 ：A

2 and 3 only

[单选题]11 Which of the following statements are correct?

1 A company might make a rights issue if it wished to raise more equity capital. 2 A rights issue might increase the share premium account whereas a bonus issue is likely to reduce it. 3 A bonus issue will reduce the gearing (leverage) ratio of a company. 4 A rights issue will always increase the number of shareholders in a company whereas a bonus issue will not.

正确答案 ：A

1 and 2

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