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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

Which of the following is not a possible tax rate structure?

Options:

A.

Progressive

B.

Proportional

C.

Direct

D.

Regressive

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Question 2

Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

Options:

A.

Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.

B.

Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.

C.

Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.

D.

Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.

Question 3

The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September 20X0.

2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.

3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.

4. PQ uses the fair value method for non-controlling interest at acquisition.

What is the revenue figure to be included in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0?

Options:

A.

$450,000

B.

$440,000

C.

$480,000

D.

$476,000

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