• [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]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]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]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]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

  • [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 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.


  • [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]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.


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