Which ONE of the following characteristics of financial information contributes to the qualitative characteristic of relevance, according to the IASB’s “Framework for the Preparation and Presentation of Financial Statements”?

1 .A company’s draft financial statements showed a profit for the year of USD815,000. However, the trial balance did not balance, and a suspense account has been created and included in the draft statement of financial position.Subsequent checking revealed the following errors:(1) The cost of an item of equipment USD32,000 had been entered correctly in the cash book but recorded in the equipment account as USD23,000.(2)Depreciation at the rate of 20% per year (USD4,600) had been charged in respect of (1) above.(3) Bank charges for the year of USD560 appearing in the bank statements had not been entered in the company’s records.(4) The “motor sundries” column of the analysed cash payments book had been overcast by USD5,000.What is the company’s profit after the correction of all the errors?

A USD807,640 B USD812,640 C USD817,360 D USD817,640

题型: 单选题 提问时间: 2021-08-22

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2 .Where should dividends paid be shown in a company’s published financial statements?

A In the statement of other comprehensive income B In the statement of financial position C In the statement of changes in equity D In profit or loss

题型: 单选题 提问时间: 2021-08-22

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3 .Who is responsible for the preparation and presentation of the annual financial statements of a limited liability company?

A Audit committee B Board of directors C Finance director D Independent auditor

题型: 单选题 提问时间: 2021-08-22

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5 .Which of the following items may appear in a company’s statement of changes in equity, according to IAS 1 “Presentation of Financial Statements”?(1) Unrealised revaluation gains.(2) Dividends paid.(3) Proceeds of equity share issue.(4) Profit for the period.

A 1, 2 and 4 only B 1, 3 and 4 only C 2, 3 and 4 only D All four items

题型: 单选题 提问时间: 2021-08-22

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6 .Which of the following costs should be included in the valuation of inventory of finished goods held by a manufacturing company, in accordance with IAS 2 Inventories?(1) Import duties on raw materials(2) Materials wasted in the production process that exceed normal losses(3) Finance department costs relating to the payroll for production employees.

A All three items B 1 and 2 only C 1 and 3 only D 2 and 3 only

题型: 单选题 提问时间: 2021-08-22

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7 .Exco sells washing machines with a mark-up of 20%. It also sells with each machine a three-year extended warranty for USD100. Exco offers a 5% discount if the customer pays in cash.If the cost of a washing machine is $1,000 how much revenue should be recognised initially for a cash sale in accordance with IAS 18 “Revenue” (to the nearest $)?

A USD1,140 B USD1,188 C USD1,200 D USD1,235

题型: 单选题 提问时间: 2021-08-22

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8 .Alberta has the following research and development activities in the year to 31 December 2011:(1) Carried out detailed investigative work for a new manufacturing process incurring costs of USD150,000. Tests were still in progress at the end of the year. (2) Bought a patented design for a product costing USD200,000. (3) Training staff to operate new machinery USD100,000. (4) Development of a new brand costing USD240,000. How much should Alberta recognise in its statement of financial position at 31 December 2011 in accordance with IAS 38 “Intangible Assets”?

A USD200,000 B USD300,000 C USD390,000 D USD440,000

题型: 单选题 提问时间: 2021-08-22

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