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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 THREE of the following statements are true?

Options:

A.

Tax depreciation replaces accounting depreciation when calculating the taxable profit.

B.

Tax depreciation increases the taxable profit.

C.

Balancing allowances increase the taxable profit.

D.

Balancing charges increase the taxable profit.

E.

Balancing charges reduce the taxable profit.

F.

Balancing allowances reduce the taxable profit.

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Question 2

BC manufactures product X and on 1 February 20X4 started a project to develop a new material for use in its production. The development project is due to be completed by 31 December 20X4 with the new material being used in production from 1 January 20X5. The development project costs have been reliably estimated at $200,000 and it is anticipated that the new material will increase the margin achieved on product X by 20%.

You are a CIMA accountant within BC and are considering how to treat the development costs of $200,000 in the financial statements for the year ended 31 December 20X4.

In accordance with the ethical principle of professional competence and due care, which of the following statements correctly explains how these costs should be accounted for?

Options:

A.

Expense to profit or loss because the development project will be completed by the end of the year.

B.

Expense to profit or loss because the development has not changed the nature of product X.

C.

Capitalise and amortise from 1 February 20X4 because this is the date that the project commenced.

D.

Capitalise but do not amortise until 1 January 20X5 because this is the date that the new material will start to be used.

Question 3

To apply the fundamental principles of the Code of Ethics, existing and potential threats to the entity first need to be identified and evaluated.

Which THREE of the following are identified in the Code as threats?

Options:

A.

Confidentiality threat

B.

Self-interest threats

C.

Self-review threats

D.

Familiarity threats

E.

Integrity threats

F.

Objectivity threats

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