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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 X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle.

What type of tax is this duty?

Options:

A.

Specific unit tax

B.

Ad valorem tax

C.

Direct tax

D.

Single-stage sales tax

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Question 2

Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

Options:

A.

The objective of financial statements

B.

Specification of the financial statements that must be presented

C.

Qualitative characteristics of financial statements

D.

Definition of the headings to use in financial statements

E.

The elements of financial statements

F.

The formats of financial statements

Question 3

UK purchased an asset, with a useful economic life of 10 years, on 1 January 20X5 for $40,000. The asset was revalued on 31 December 20X6 to 544,000 and the directors believed its total useful economic life remained unchanged On 31 December 20X7 UK sells the asset for $50,000

How much will be recorded as a profit on disposal of the asset in UK's statement of profit or loss for the year ended 31 December 20X7?

Give your answer to the nearest $.

Options:

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