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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 matters should an entity consider when determining the credit terms granted to a customer?

Options:

A.

Typical credit terms operating within the industry

B.

Risk of non-payment

C.

Selling price of the goods being sold to the customer

D.

Bargaining power of the customer

E.

Number of suppliers

F.

Discount offered by suppliers for early payment

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Question 2

OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.

At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.

OP has been carrying the investment property using the cost model until 31 December 20X5.

The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.

Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

Options:

A.

A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.

B.

A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.

C.

A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.

D.

A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.

Question 3

The subsidiary company of Group XY has purchased £150,00 worth of goods its parent company. However the goods purchased have yet to arrive at the subsidiary at the end of the financial year 20X4, meaning there is

a disagreement in the current account balances between the parent and subsidiary.

With Group XY looking to produce its CSOFP for the end of the financial year, which of the following statements are true in relation to accounting for this disagreement? Select ALL that apply.

Options:

A.

The adjustments to resolve this disagreement, need to be accelerated, so they can be included in the consolidation of assets for the CSOFP for 20X4

B.

£150,000 worth of inventory will be debited into the subsidiary's inventory account

C.

As the goods have not reached the subsidiary by the end of the financial year 20X4, they will be included in the CSOFPfor the next financial year

D.

£150,000 worth of inventory will be credited into the subsidiary's inventory account

E.

£150,000 will be debited to the payables account of the parent company

F.

£150,000 will be credited to the payables account of the subsidiary company

G.

£150,000 will be credited into the receivables account of the parent company

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