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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

Which of the following does the phrase 'events after the reporting period' refer to?

Options:

A.

Material events which occur between the statement of financial position date and the date on which the financial statements are approved

B.

Material events which occur after the release of the statement of financial position

C.

Material events which occur before the statement of financial position date

D.

Material events which occur between the income statement date and the statement of financial position date

Question 3

KL has S90.000 of plant and machinery which was acquired on 1 June 20X4. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for 560,000 on 1 June 20X6

Calculate the tax balancing allowance or charge on disposal tor the year ended 31 May 20X7 and state the effect on the taxable profit.

Options:

A.

A balancing allowance of $2,400 reduces taxable profit.

B.

A balancing charge of $2,400 reduces taxable profit.

C.

A balancing charge of $2,400 increases taxable profit.

D.

A balancing allowance of $2,400 increases taxable profit.

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