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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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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

What does the exemption method of giving double taxation relief mean?

Options:

A.

The countries agree that all types of income will be exempt or partially exempt in one country or the other.

B.

The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.

C.

The countries agree on certain types of income which will be exempt or partially exempt in both countries.

D.

The countries agree that all types of income will be exempt or partially exempt in both countries.

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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