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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

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.

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Question 2

RS purchased an asset on 1 May 20X1 for $200,000, exclusive of import duties of $25,000.

The asset was sold on 1 December 20X3 for $450,000, incurring costs to sell of $15,000.

RS is resident in Country Y where indexation is allowable from the date of purchase to the date of sale.

The indexation factor increased by 40% in the period 1 May 20X1 to 1 December 20X3.

Capital gains are taxed at 25%.

What is the capital tax due from RS on disposal of the asset?

Options:

A.

$120,000

B.

$38,750

C.

$30,000

D.

$28,500

Question 3

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.

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