Which one of the following sentences is NOT a distinction between financial accounts and management accounts?
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1 .Randolph started a trading business on 1 May 2015 with capital of USD40,000. In his first year of trading he made a profit of USD117,000, selling goods at a mark-up on cost of 60%. He injected additional capital of USD30,000 in the year and withdrew a monthly amount of USD3,200 for his living expenses. At the end of the year he withdrew all remaining goods inventory with a resale value of USD7,200 for his personal use.What were Randolph’s net assets at 30 April 2016?
A USD141,400 B USD144,100 C USD144,280 D USD179,300
2 .Which one of following formulae may be used to calculate the profit of a business?
A Opening capital – drawings + capital introduced – closing capital B Closing capital + drawings – capital introduced – opening capital C Opening capital + drawings – capital introduced – closing capital D Closing capital – drawings + capital introduced – opening capital
3 .Paul is a sole trader whose accounting records are incomplete. All the sales are cash sales and during the year USD50,000 was banked, including USD5,000 from the sale of a business car. He paid out USD12,000 wages in cash and withdrew USD2,000 per month for his living expenses. Cash in hand at the beginning and end of the year was USD300 and USD400 respectively.What were Paul’s sales for the year?
A USD80,900 B USD81,000 C USD81,100 D USD86,100
4 .Which of the following are roles of the IASB?(1) Responsibility for all IFRS technical matters(2) Publication of IFRSs(3) Overall supervision and governance of the IFRS Advisory Council(4) Final approval of interpretations by the IFRS Interpretations Committee
A 2 only B 1 and 2 only C 1, 2 and 3 only D 1, 2 and 4 only
5 .Which of the following are stages in the due process of developing a new International Financial Reporting Standard?(1) Issuing a discussion paper that sets out the possible options for a new standard(2) Publishing clarification on the interpretation of an IFRS(3) Drafting an IFRS for public comment(4) Analysing the feedback received on a discussion paper
A 1, 2 and 3 only B 2, 3 and 4 only C 1, 3 and 4 only D 1, 2 and 4 only
7 .Which of the following bodies has responsibility for encouraging global convergence of international financial reporting standards?
A The International Financial Reporting Standards Interpretations Committee B The International Financial Reporting Standards Foundation C The International Accounting Standards Board D The International Accounting Standards Committee
8 .Which of the following items must be disclosed in a company’s published financial statements (including notes) if material, according to IAS 1 “Presentation of Financial Statements”?(1) Finance costs.(2) Staff costs.(3) Depreciation and amortisation expense.(4) Movements on share capital.
A 1 and 3 only B 1, 2 and 4 only C 2, 3 and 4 only D All four items
9 .Which of the following most accurately defines “going concern” in accordance with IAS 1 Presentation of Financial Statements?
A The directors do not intend to liquidate the entity or to cease trading in the foreseeable future B The entity is able to pay its debts as and when they fall due C The directors expect the entity’s assets to yield future economic benefits D Financial statements have been prepared on the assumpti...
10 .According to IAS 1 Presentation of Financial Statements, compliance with International Financial Reporting Standards will normally ensure which one of the following?
A The entity’s inventory is valued at net realisable value B The entity’s assets are valued at their break-up value C The entity’s financial statements are prepared on the assumption that it is a going concern D The entity’s financial position, financial performance and cash flows are “pre...
