F1 Exam Dumps : Financial Reporting

Postponing non essential capital expenditure

Increasing the working capital cycle by making payments to suppliers early

Taking advantage of bulk discounts offered on inventory purchases

Reducing levels of inventory by implementing a just in time system for purchasing

Paying a bonus to staff for exceptional performance

The government can budget its cash flows more easily.

The risk of employees defaulting on the payment of tax due is reduced

The tax authority deals directly with the employees rather than the employers.

The tax is paid after the employee completes a tax return.

Most of the administrative costs of collecting the tax are borne by the tax authority

Material events which occur between the statement of financial position date and the date on which the financial statements are approved

Material events which occur after the release of the statement of financial position

Material events which occur before the statement of financial position date

Material events which occur between the income statement date and the statement of financial position date