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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 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

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Question 2

When calculating the gam chargeable to tax on the disposal of a building, which of the following would NOT be an allowable deduction?

Options:

A.

Interest on a loan that was used to assist with its original purchase.

B.

Costs of constructing an extension to the building.

C.

Legal fees arising on the original purchase of the building.

D.

Estate agent's fee payable on its sale.

Question 3

The following information relates to AA.

Extract of Trial Balance at 31 December 20X4;

Notes

(i) Inventory at 31 December 20X4 was valued at cost at $30.

(ii) The loan which was received on 1 July 20X4 is repayable in 20X9.

(iii) Corporate income tax represents an over-provision of tax for the year ended 31 December 20X3. AA reported a loss for tax purposes for the year ended 31 December 20X4 and a tax refund is expected amounting to $20.

(iv) Cost of sales, administration and distribution costs need to be adjusted for the following:

What figures should be entered in the Statement of Profit or Loss for the year ended 31 December 20X4 in relation to Administration and Distribution costs?

Options:

A.

Adminsitration $136 Distribution $120

B.

Administration $120 Distribution $87

C.

Administration $141 Distribution $117

D.

Administration $146 Distribution $114

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