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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 THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?

Options:

A.

Whether the entity has kept proper accounting records.

B.

Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.

C.

Whether all the information and explanations necessary for the purposes of the audit have been received.

D.

Whether every transaction that underpins the financial statements has been correctly recorded.

E.

Whether the entity has been exposed to any fraud.

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Question 2

Which THREE of the following are included in the International Accounting Standards Board's "The Conceptual Framework for Financial Reporting"?

Options:

A.

The objective of financial statements

B.

Specification of the financial statements that must be presented

C.

Qualitative characteristics of financial statements

D.

Definition of the headings to use in financial statements

E.

The elements of financial statements

F.

The formats of financial statements

Question 3

UK purchased an asset, with a useful economic life of 10 years, on 1 January 20X5 for $40,000. The asset was revalued on 31 December 20X6 to 544,000 and the directors believed its total useful economic life remained unchanged On 31 December 20X7 UK sells the asset for $50,000

How much will be recorded as a profit on disposal of the asset in UK's statement of profit or loss for the year ended 31 December 20X7?

Give your answer to the nearest $.

Options:

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