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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

Which of the following methods could be used by a tax authority to reduce tax evasion and avoidance?

Options:

A.

Increase tax rates to compensate for losses due to evasion.

B.

Reduce penalties for avoidance.

C.

Reduce requirements to have tax returns audited.

D.

Simplify the tax structure, minimizing allowances and exemptions.

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Question 2

Why are excise duties an attractive method of raising tax for governments?

Select TWO that apply.

Options:

A.

Low cost of collection compared to other forms of taxation.

B.

High yields from the tax.

C.

Encourages consumption of products such as alcohol.

D.

Popular form of tax for the tax payer as it can be reclaimed.

E.

Ensures that the tax levied on all taxpayers is the same irrespective of their spending habits.

Question 3

On 1 May 20X8 DEF enters into a contract to lease plant with a fair value of $200,000. Annual lease payments of $50,000 are to be paid in advance and DEF incurred direct costs to arrange the lease of S2.000 The present value of future lease payments at 1 May 20X8 is $190,000.

What is the amount to be recognised as a right-of-use asset on 1 May 20X8?

Options:

A.

$192 000

B.

$200,000

C.

$240,000

D.

$242000

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