F1 Exam Dumps : Financial Reporting

BCD owns an item of plant which cost $20,000 and at the time of purchase was assessed to have a useful economic life of 8 years and a residual value of $2,000

The carrying amount of the plant at 1 January 20X8 is $11,000. On that date BCD's directors estimate that the plant's remaining useful life is now 6 years The residual value remains unchanged at $2,000

What is the depreciation charge for this plant for the year ended 31 December 20X8?

Give your answer to the nearest $.

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?

Which THREE of the following are part of the International Accounting Standards Committee (IASC) Foundation structure?