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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

Question 1

Which TWO of the following are features of a bank overdraft?

Options:

A.

A fixed amount of interest is determined for the period of the overdraft

B.

Repayments are scheduled in advance

C.

The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.

D.

The bank cannot demand repayment of the overdraft before the end of the agreed period.

E.

Interest is charged on the balance outstanding.

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Question 2

ABC uses an aggressive approach to managing its working capital. XYZ uses a conservative approach to managing its working capital.

Which of the following is ABC more at risk of compared to XYZ?

Options:

A.

Inventory obsolescence

B.

Running out of cash

C.

High finance costs

D.

Receivables not paying on time

Question 3

In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.

To be a faithful representation financial information must be as far as possible which THREE of the following?

Options:

A.

Timely

B.

Understandable

C.

Free from error

D.

Complete

E.

Comparable

F.

Neutral