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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

Question 1

RST operates in Country X where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.

In year ending 31 May 20X4, XYZ made an accounting profit of $480,000.

Profit included $16,300 of entertaining costs and $15,150 of income exempt from taxation.

XYZ has plant and machinery with accounting depreciation amounting to $24,200 and tax depreciation amounting to $45,200.

Calculate the tax charge for the year ended 31 May 20X4 assuming all profits are taxed at 25%.

Options:

A.

$115,038

B.

$114,463

C.

$125,538

D.

$124,963

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Question 2

Which of the following would be the most immediate impact of overtrading?

Options:

A.

An inability to pay trade payables.

B.

Having to offer bulk discounts to customers.

C.

An inability to pay dividends to shareholders.

D.

A shortage of inventory

Question 3

The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September 20X0.

2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.

3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.

4. PQ uses the fair value method for non-controlling interest at acquisition.

What is the revenue figure to be included in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0?

Options:

A.

$450,000

B.

$440,000

C.

$480,000

D.

$476,000