Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expected level?
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1 .Which of the following statements regarding the equity method of accounting is true?(1) An investment in an associate is always carried at cost.(2) An investor recognises its share of the associate’s profit or loss in consolidated profit or loss.
A Neither statement B Statement 1 only C Statement 2 only D Both statements
2 .Which of the following could provide evidence of “significant influence”?(1) 51% of the voting power of the investee.(2) interchange of management personnel.(3) participation in decisions about dividends.(4) provision of essential technical information.
A 1, 2 and 3 only B 1, 2 and 4 only C 1, 3 and 4 only D 2, 3 and 4 only
3 .Inveresk has equity shareholdings in three other companies, as shown below, and has a seat on the board of each: Inveresk Other shareholdersRaby 40% No other holdings larger than 10%Seal 30% Another company holds 60% of Seal’s equityToft 15% Two other companies hold respectively 50% and 35% of Toft’s equity, and each has a seat on its board. Inveresk exerts significant influence over ToftWhich of the above shareholdings are associated undertakings of Inversk?
A Raby only B Raby and Seal C Raby and Toft D Raby, Seal and Toft
4 .Holly has a 30% holding in Johnson which allows Holly to exert significant influence over Johnson. During the current year Holly sold goods to Johnson for USD15,000; Holly applies a mark-up of 25% on cost. Johnson still held half of these goods in inventory at the year end.What is the amount of unrealised profit that will be reflected in Holly’s consolidated financial statements for the current year?
A USD450 B USD562.5 C USD1,500 D USD3,000
5 .An entity that fixes prices by adding 50% to cost actually achieved a mark-up of 45%.Which of the following factors could account for the shortfall?
A Sales were lower than expected B Opening inventories had been overstated C Closing inventories were higher than opening inventories D Purchases were higher than expected
7 .Which of the following are true of trend analysis?(1) It uses changes in monetary amount and percentage terms to identify patterns.(2) It concentrates on the relative size of current assets.(3) It examines changes over time.(4) It examines the relationships of percentage changes to each other.
A 1 and 3 only B 1 and 4 only C 2 and 3 only D 2 and 4 only
8 .Gormenghast’s current ratio has been calculated as 1.2. However, it has now been discovered that closing inventory has been understated by USD24,000 and opening inventory has been overstated by USD24,000.How did these misstatements affect the calculations of Gormenghast’s current ratio and inventory days?
A Current ratio:Too high ; Inventory days:Too high B Current ratio:Too high ; Inventory days:Too low C Current ratio:Too low ; Inventory days:Too high D Current ratio:Too low ; Inventory days:Too low
9 .The following are extracts from the financial statements of Lamas for the year ended 31 December 20X2.What is the return on capital employed at the end of the year?
A 22.5% B 19.9% C 16.9% D 16.6%
10 .Welwyn buys and sells a single product. The following is an extract from its statement of financial position at 31 December 20X7: 20X7 20X6 USD USDInventories 50 40Trade receivables 16 24Sales and purchases during 20X7 were USD200,000 and USD120,000 respectively. 20% of sales were for cash.What were the average receivables collection period and gross profit percentage for the year ended 31 December 20X7?
A Average receivables collection period:37 days; Gross profit percentage:35% B Average receivables collection period:37 days; Gross profit percentage:45% C Average receivables collection period:46 days; Gross profit percentage:35% D Average receivables collection period:46 days; Gross profit percent...
