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

正确答案 ：C

15/100 = 15%

[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)

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