Summer Certification Sale 70% Discount Offer - Ends in 0d 00h 00m 00s - Coupon code: save70

EF purchased an asset on 1 September 20X4 for $800,000, exclusive of import duties of $30,000. EF is resident in country Y where indexation is allowed on purchase costs when the asset is disposed of.

EF sold the asset on 31 August 20X9 for $1,500,000 incurring transaction charges of $20,000. The indexation factor increased by 40% in the period from 1 September 20X4 to 31 August 20X9.

Capital gains are taxed at 30%.

What is the tax due on disposal of the asset?

Options:

$108,000

$101,400

$102,600

$95,400

Buy Now

Question 2

Which THREE of the following statements about government grants are INCORRECT?

Options:

A grant is recognised as revenue

Grants must not be deducted from the related expenses in financial statements

Capital grants relate to cash inflow and outflow

A compensatory grant should be recognised in statements when it is received, not when the expenses it applies to occurred

A grant is recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant

Question 3

The following information relates to ABC.

Which of the following would be a reason for the movement in the trade receivable days?

Options:

A new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.

A system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.

One customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.

It was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.

Get Free F1 Questions and Answers

Summer Certification Sale 70% Discount Offer - Ends in 0d 00h 00m 00s - Coupon code: save70

F1 Exam Dumps : Financial Reporting

CIMA Related Exams

Verified By IT Certified Experts

CertsTopics.com Certified Safe Files

Up-To-Date Exam Study Material

99.5% High Success Pass Rate

100% Accurate Answers

Instant Downloads

Exam Questions And Answers PDF

Try Demo Before You Buy

Financial Reporting Questions and Answers

Options:

Answer:

Options:

Answer:

Options:

Answer:

CompTIA

Fortinet

Microsoft

Salesforce