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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

Question 1

Which TWO of the following are features of a bank overdraft?

Options:

A.

A fixed amount of interest is determined for the period of the overdraft

B.

Repayments are scheduled in advance

C.

The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.

D.

The bank cannot demand repayment of the overdraft before the end of the agreed period.

E.

Interest is charged on the balance outstanding.

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Question 2

An asset cost $250,000 on 1 January 20X1 and on that date was assessed to have a residual value of $40,000 and a useful economic life of six years. On 1 January 20X4 management assessed that the remaining useful economic life of the asset was five years and that the asset had a residual value of nil.

What is the depreciation charge for this asset in the year ended 31 December 20X4?

Give your answer to the nearest whole number.

Options:

Question 3

Which of the following is the most appropriate definition of the term 'factoring'?

Options:

A.

Where a business sells its accounts receivable to a third party at a discount

B.

Where a business borrows a loan with short-term conditions from a third party

C.

Where a business sells equity to third parties to gain short-term finance

D.

Where a business is provided with a highly flexible regular source of short-term finance by a bank