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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

Country A permits the following deductions in an entity's annual corporate income tax return in relation to entertaining expenses and gifts;

1 Employee entertaining up to a value of $150 a head

2 Entertaining of overseas customers.

3 Individual gifts not to exceed $10 in value

Which THREE of the following actions would be regarded as tax evasion?

Options:

A.

Delay the next entertainment event for staff until the next financial year so that the $150 limit is not breached.

B.

Inflate the number of employees that are recorded as being entertained so that the overall employee entertainment bill falls below $150 a head.

C.

Split any gifts made so that any gift does not exceed $10 on an individual basis.

D.

Ensure that employees reimburse their employers for any entertaining incurred which exceeds the $150 a head limit

E.

Record customers who do not meet the overseas criteria as overseas customers.

F.

Deduct all entertaining expenses without any analysis of what the entertaining relates to.

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Question 2

Which of the following would be the most immediate impact of overtrading?

Options:

A.

An inability to pay trade payables.

B.

Having to offer bulk discounts to customers.

C.

An inability to pay dividends to shareholders.

D.

A shortage of inventory

Question 3

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.

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