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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

Country A permits the following deductions in an entity's annual corporate income tax return in relation to entertaining expenses and gifts;

1 Employee entertaining up to a value of $150 a head

2 Entertaining of overseas customers.

3 Individual gifts not to exceed $10 in value

Which THREE of the following actions would be regarded as tax evasion?

Options:

A.

Delay the next entertainment event for staff until the next financial year so that the $150 limit is not breached.

B.

Inflate the number of employees that are recorded as being entertained so that the overall employee entertainment bill falls below $150 a head.

C.

Split any gifts made so that any gift does not exceed $10 on an individual basis.

D.

Ensure that employees reimburse their employers for any entertaining incurred which exceeds the $150 a head limit

E.

Record customers who do not meet the overseas criteria as overseas customers.

F.

Deduct all entertaining expenses without any analysis of what the entertaining relates to.

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Question 2

An entity has an inventory holding period of 52 days.

This means that the inventory:

Options:

A.

takes 52 days to arrive after it has been ordered.

B.

stays in the entity's warehouse for an average of 52 days before it is sold.

C.

takes 52 days to manufacture.

D.

takes 52 days to be paid for.

Question 3

On 1 May 20X8 DEF enters into a contract to lease plant with a fair value of $200,000. Annual lease payments of $50,000 are to be paid in advance and DEF incurred direct costs to arrange the lease of S2.000 The present value of future lease payments at 1 May 20X8 is $190,000.

What is the amount to be recognised as a right-of-use asset on 1 May 20X8?

Options:

A.

$192 000

B.

$200,000

C.

$240,000

D.

$242000

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