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18 How should interest charged on partners’ drawings appear in partnership financial statements?
A As income in the income statement
B Added to net profit and charged to partners in the division of profit
C Deducted from net profit and charged to partners in the division of profit
D Deducted from net profit in the division of profit and credited to partners
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更多 “ 18 How should interest charged on partners’ drawings appear in partnership financial statements?A As income in the income statementB Added to net profit and charged to partners in the division of profitC Deducted from net profit and charged to partners in the division of profitD Deducted from net profit in the division of profit and credited to partners ” 相关考题
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John, CPA, is auditing the financial statements of Company A for the year ended December 31, 20×8. The un-audited information of selected financial statements items is as follows:（Expressed in RMB thousands）FINANCLAL STATEMENTS ITEMS20×820×7Sales6400048000Cost of sales5400042000Net profit30-20December 31, 20×8December 31, 20×7Inventory1600012000Current assets6000050000Total assets10000090000Current liabilities2000018000Total liabilities3000025000During the audit, John has the following findings:(1)On December 31, 20×8,Company A discounted an undue commercial acceptance bill (with recourse) amounted to RMB 6000000, and was charged discounting interest of RMB 180000 by the bank. Company A made an accounting entry on December 31, 20×8 as follows:Dr. Cash in Bank RMB 5820000Dr. Financial Expenses RMB 180000Cr. Notes Receivable RMB 6000000(2)In June 20×8, Company A provided guarantee for Company B’s borrowings from Bank C. In December 20×8, since Company B failed to repay the borrowings in time, Company A was sued by Bank C to make relevant repayment amounted to RMB 3000000. As at December 31, 20×8, the lawsuit was still pending, and, based on the reasonable estimate of the guarantee losses made by the management, Company A made an accounting entry as follows:Dr. Non-operating Expenses RMB 3000000Cr. Provisions RMB 3000000On January 10, 20×9,Company A received a judgment on repaying RMB 2500000to Bank C to settle the guarantee obligation. Company A made the payment and an accounting entry at the end of January 2009 as follows:Dr. Provisions RMB 3000000Cr. Cash in Bank RMB 2500000Cr. Non-operating Income RMB 500000Required:(1)For Revenue and Net Profit, explain which one is more appropriate to be used to calculate planning materiality for Company A’s 20×8 financial statements as a whole. Explain the reasons of that conclusion.(2)Based on the un-audited in formation of selected financial statements items, for the purpose of using analytical procedures as risk assessment procedures, calculate the following ratios:(a)Inventory Turnover Rate in 20×8;(b)Gross Profit Ratio in 20×8;(c)After Tax Return on Total Assets in 20×8; and(d)Current Ratio as at December 31, 20×8(3)For each audit finding identified during the audit, list the suggested adjusting entries that John should made for Company A’s 20×8 financial statements. Tax effects, if any, are ignored.
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The cost method of accounting for stock( )
A、recognizes dividends as incomeB、is only appropriate as part of a consolidationC、requires the investment be increased by the reported net income of the investeeD、requires the investment be decreased by the reported net income of the investee
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Which of the following financial statements reports information as of a specific date? ()
A. income statementB. statement of owner's equityC. statement of cash flowsD. balance sheet
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(b) One of the hotels owned by Norman is a hotel complex which includes a theme park, a casino and a golf course,as well as a hotel. The theme park, casino, and hotel were sold in the year ended 31 May 2008 to Conquest, apublic limited company, for $200 million but the sale agreement stated that Norman would continue to operateand manage the three businesses for their remaining useful life of 15 years. The residual interest in the businessreverts back to Norman after the 15 year period. Norman would receive 75% of the net profit of the businessesas operator fees and Conquest would receive the remaining 25%. Norman has guaranteed to Conquest that thenet minimum profit paid to Conquest would not be less than $15 million. (4 marks)Norman has recently started issuing vouchers to customers when they stay in its hotels. The vouchers entitle thecustomers to a $30 discount on a subsequent room booking within three months of their stay. Historicalexperience has shown that only one in five vouchers are redeemed by the customer. At the company’s year endof 31 May 2008, it is estimated that there are vouchers worth $20 million which are eligible for discount. Theincome from room sales for the year is $300 million and Norman is unsure how to report the income from roomsales in the financial statements. (4 marks)Norman has obtained a significant amount of grant income for the development of hotels in Europe. The grantshave been received from government bodies and relate to the size of the hotel which has been built by the grantassistance. The intention of the grant income was to create jobs in areas where there was significantunemployment. The grants received of $70 million will have to be repaid if the cost of building the hotels is lessthan $500 million. (4 marks)Appropriateness and quality of discussion (2 marks)Required:Discuss how the above income would be treated in the financial statements of Norman for the year ended31 May 2008.
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17 A business income statement for the year ended 31 December 2004 showed a net profit of $83,600. It was laterfound that $18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is thecompany’s policy to depreciate motor vans at 25 per cent per year, with a full year’s charge in the year of acquisition.What would the net profit be after adjusting for this error?A $106,100B $70,100C $97,100D $101,600
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(ii) From the information provided above, recommend the matters which should be included as ‘findingsfrom the audit’ in your report to those charged with governance, and explain the reason for theirinclusion. (7 marks)
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ORGANIZING A BUSINESS IN DIFFERENT WAYS Businesses are structured in different ways to meet different needs. The simplest form. of business is called an individual or sole proprietorship. The proprietor owns all of the property of the business and is responsible for everything. Another kind of business is a partnership. Two or more people go into business together. An agreement is usually needed to decide how much of the partnership each person controls. One kind of partnership is called a limited liability partnership. These have full partners and limited partners. Limited partners may not share as much in the profits, but they also have less responsibility for the business. Doctors, lawyers and accountants often form. partnerships to share their risks and profits. A husband and wife can form. a business partnership together. Partnerships exist only for as long as the owners remain alive. The same is true of individual proprietorships. But corporations are designed to have an unlimited lifetime. A corporation is the most complex kind of business organization. Corporations can sell stock as a way to raise money. Stocks represent shares of ownership in a company. Investors who buy stock can trade their shares or keep them as long as the company is in business. A corporation is recognized as an entity-its own legal being, separate from its owners. A board of directors controls corporate policies. The directors appoint top company officers. The directors might or might not hold shares in the corporation. Corporations can have a few major shareholders, or ownership can be spread among the general public. But not all corporations are traditional businesses that sell stock. Some non-profit groups are also organized as corporations.1. This passage is mainly about ().A. why different forms of business runB. when different forms of business raise moneyC. how different forms of business are organized2. What is usually needed to decide the portion of the partnership each person controls?()A. A rule.B. An agreement.C. A regulation.3. Who are not included in limited liability partnerships?()A. Full partners.B. Limited partners.C. Unlimited partners.4. How can corporations raise money?()A. By selling stock.B. By buying stock.C. By holding corporation shares.5. Who controls corporate policies in a corporation?()A. Chairman of the board.B. A board of directors.C. The owner of the corporation.
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— Generally speaking, value added tax is mainly charged on the taxable services.— Well,()
A. how do you know it?B. why do you say so?C. what do you mean by that?
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听力原文：M: What margins will the lending bank charge?W: Margins mainly depend on these factors: evaluation of credit risk, maturity of credit, and the starting point from which onwards the rate of interest shall be firm.Q: How many factors do margins charged by the lending bank mainly depend on?(12)A．Four.B．Two.C．Three.D．Five.
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Which term means “the amount of money which a business obtains (in a year) from customers by selling goods or services”?
A、Annual incomeB、operation profitC、annual turnoverD、net profit
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Which term means “the profit that a company has obtained from selling its products or services in a particular period of time, in relation to its sales for the period”?
A、Annual incomeB、operation profitC、return on salesD、net profit
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Net income had the year－over－year decrease due to a net loss in its investment income.()
此题为判断题(对，错)。
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The other main source of revenue for a bank is fee income, or called ______ income.A．interestB．commissionC．serviceD．net
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______ shows that net income for a specified period of time and how it was calculated.A．The accounting statementB．The capital statementC．The income statementD．The statement of financial condition
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From the functional income statement we can see clearly the total revenue, total cost and the gross profit etc.A．RightB．WrongC．Doesn't say
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Merchandise inventory at the end of the year was understated. Which of the following statements correctly states the effect of the error.()
A.net income is understatedB.net income is overstatedC.merchandise inventory reported on the balance sheet is overstatedD.cost of merchandise sold is understated
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During inflationary periods, the use of the LIFO method of costing inventory will result in a greater amount of net income than would result from the use of the FIFO method.()
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Which of the following statements relating to internal and external auditors is correct?A.Internal auditors are required to be members of a professional bodyB.Internal auditors’ scope of work should be determined by those charged with governanceC.External auditors report to those charged with governanceD.Internal auditors can never be independent of the company
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How do smart business architecture selling tools help partners increase sales?()
A.free partners from design tasks, which increases profitabilityB.focus on the prepare phase of thecisco lifecycle services model, which maximizes revenueC.enable partners to increase professional services revenue by providing A complete, integrated solution for midsize firms and SMBsD.highlight additional point products that the customer may want
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Which of the following statements is FALSE concerning the proper procedure in handling a fire hose ________．A.A 1.5 inch hose should be deployed with a minimum of a nozzleman and hosemanB.Back-up hosemen should be positioned wherever the hose makes a significant turnC.The fire hose should be partially charged before deploying it from the fire stationD.The nozzleman should always hold the nozzle with one hand on top，to prevent kickback
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What does“down payment”refer to in the passage? __________A.Money borrowed from a bank as a mortgage
B.Money paid to a bank before the mortgages is given
C.Interest received by a person who borrows money as the mortgages
D.Interest charged by a bank on a mortgage
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How do smart business architecture selling tools help partners increase sales?（）A、free partners from design tasks, which increases profitabilityB、focus on the prepare phase of thecisco lifecycle services model, which maximizes revenueC、enable partners to increase professional services revenue by providing A complete, integrated solution for midsize firms and SMBsD、highlight additional point products that the customer may want
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问答题Credit cards enable their holders to obtain goods and services on credit. They are issued by retail stores, banks, credit card companies to approved clients. The bank or credit card company settles the client’s bills, invoicing him monthly and charging interest on any outstanding debts. Their profit comes from the high rate of interest charged, the card holder’s subscriptions, and the fees paid by some organizations that accept cards.
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单选题The ice-skating partners, who were never finishing higher than seventh place, surprised their coaches by finally winning a competition.A
The ice-skating partners, who were never finishing higher than seventh place,B
The ice-skating partners, who had never finished higher than seventh place,C
Having never finished higher than seventh place as ice-skating partners,D
The ice-skating partners never finished higher than seventh place,E
Never finishing higher than seventh place, the skating partners has
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名词解释题利润分配表（Income Statementand Profit Appropriation）ISPA
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