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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

Question 1

The following information relates to ABC.

Which of the following would be a reason for the movement in the trade receivable days?

Options:

A.

A new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.

B.

A system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.

C.

One customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.

D.

It was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.

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Question 2

Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?

Options:

A.

Whether the entity has kept proper accounting records.

B.

Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.

C.

Whether all the information and explanations necessary for the purposes of the audit have been received.

D.

Whether every transaction that underpins the financial statements has been correctly recorded.

E.

Whether the entity has been exposed to any fraud.

Question 3

When calculating the gam chargeable to tax on the disposal of a building, which of the following would NOT be an allowable deduction?

Options:

A.

Interest on a loan that was used to assist with its original purchase.

B.

Costs of constructing an extension to the building.

C.

Legal fees arising on the original purchase of the building.

D.

Estate agent's fee payable on its sale.