Which ONE of the following characteristics of financial information contributes to thefundamental qualitative characteristic of relevance, according to the IASB’s“Conceptual Framework for Financial Reporting”?

1 .A company’s draft financial statements showed a profit for the year of $815,000. However,the trial balance did not balance, and a suspense account has been created and included in thedraft statement of financial position.Subsequent checking revealed the following errors:(1) The cost of an item of equipment $32,000 had been entered correctly in the cashbook but recorded in the equipment account as $23,000.(2) Depreciation at the rate of 20% per year ($4,600) had been charged in respect of (1)above.(3) Bank charges for the year of $560 appearing in the bank statements had not beenentered in the company’s records.(4) The “motor sundries” column of the analysed cash payments book had beenovercast by $5,000.Which two errors would require an entry to the suspense account in correcting them?

A 1 and 2 B 2 and 3 C 3 and 4 D 1 and 4

题型: 单选题 提问时间: 2021-08-23

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2 .A company’s draft financial statements showed a profit for the year of $815,000. However,the trial balance did not balance, and a suspense account has been created and included in thedraft statement of financial position.Subsequent checking revealed the following errors:(1) The cost of an item of equipment $32,000 had been entered correctly in the cashbook but recorded in the equipment account as $23,000.(2) Depreciation at the rate of 20% per year ($4,600) had been charged in respect of (1)above.(3) Bank charges for the year of $560 appearing in the bank statements had not beenentered in the company’s records.(4) The “motor sundries” column of the analysed cash payments book had beenovercast by $5,000.What is the company’s profit after the correction of all the errors?

A $807,640 B $812,640 C $817,360 D $817,640

题型: 单选题 提问时间: 2021-08-23

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3 .

A $6,900 overdrawn B $14,940 overdrawn C $15,900 overdrawn D $37,740 overdrawn

题型: 单选题 提问时间: 2021-08-23

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4 .

A $54,000 B $55,000 C $58,500 D $62,500

题型: 单选题 提问时间: 2021-08-23

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5 .Who is responsible for the preparation and presentation of the annual financialstatements 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: 2021-08-23

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7 .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: 2021-08-23

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8 .Which of the following costs should be included in the valuation of inventory of finishedgoods 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: 2021-08-23

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9 .Exco sells washing machines with a mark-up of 20%. It also sells with each machine a threeyearextended warranty for $100. 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 recognisedinitially for a cash sale in accordance with IAS 18 “Revenue” (to the nearest $)?

A $1,140 B $1,188 C $1,200 D $1,235

题型: 单选题 提问时间: 2021-08-23

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10 .Alberta has the following research and development activities in the year to 31 December2013:(1) Carried out detailed investigative work for a new manufacturing process incurringcosts of $150,000. Tests were still in progress at the end of the year.(2) Bought a patented design for a product costing $200,000.(3) Training staff to operate new machinery $100,000.(4) Development of a new brand costing $240,000.How much should Alberta recognise in its statement of financial position at 31December 2013 in accordance with IAS 38 “Intangible Assets”?

A $200,000 B $300,000 C $390,000 D $440,000

题型: 单选题 提问时间: 2021-08-23

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