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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

Question 1

DE purchased an asset on 1 January 20X1 for $60,000 with a useful economic life of six years and a residual value of $3,000.

DE uses straight line depreciation for this asset.

On 31 December 20X3 the asset has a value in use of $ $28,000 and a fair value of $26,000.

Which of the following values should be used for the asset in DE's statement of financial position as at 31 December 20X3?

Options:

A.

$28,000

B.

$26,000

C.

$30,000

D.

$31,500

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Question 2

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

Options:

A.

Progressive

B.

Proportional

C.

Direct

D.

Regressive

Question 3

Country Q has the following rules in respect of capital tax on the disposal of assets:

*Capital gains are subject to tax at 25%.

*Capital losses can only be carried forward and offset against future capital gains.

The following data relates to ABC:

How much capital tax will be payable on the capital gain recorded in 20X3?

Give your answer to the nearest $.

Options: