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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

Question 1

In accordance with IAS 1 Presentation of Financial Statements, which of the following will be shown in the statement of changes in equity?

Options:

A.

Proceeds from share issue, dividends received and profit for the period.

B.

Proceeds from share issue, other income and profit for the period.

C.

Proceeds from share issue, dividends paid and revaluation surplus.

D.

Other income, dividends paid and revaluation surplus.

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Question 2

The following data has been extracted from GH's accounting records:

What is GH's average inventory days for the year ended 31 March 20X3?

Options:

A.

39 days

B.

43 days

C.

25 days

D.

28 days

Question 3

In accordance with the Conceptual Framework for Financial Reporting, which of the following describes the historical cost measurement basis for an asset?

Options:

A.

The amount paid when the asset was purchased.

B.

The present value of future cash flows generated from the asset.

C.

The cost to acquire an equivalent asset at the measurement date.

D.

The amount that would be received on the sale of the asset.