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In accordance with the Conceptual Framework for Financial Reporting, which of the following describes the historical cost measurement basis for an asset?

Options:

The amount paid when the asset was purchased.

The present value of future cash flows generated from the asset.

The cost to acquire an equivalent asset at the measurement date.

The amount that would be received on the sale of the asset.

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Question 2

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:

Whether the entity has kept proper accounting records.

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

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

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

Whether the entity has been exposed to any fraud.

Question 3

Country ZZ allows the cost of a capital asset to be adjusted for an indexation allowance which takes into consideration the effect of inflation, although the indexation allowance cannot convert a chargeable gain into a chargeable loss.

The following data relates to the sale of an asset ABC has the following working capital ratios at 31 December 20X2:

Dunng the year ended 31 December 20X4 credit purchases wefe $1,700,000 and at 31 December 20X4 the outstanding trade payables balance was $340,000

Calculate the working capital cycle for ABC.

Give your answer to the nearest whole number of days and assume there are 365 days in a year. March 20X4:

Calculate the chargeable gain or loss in respect of the sale of this asset.

Give your answer to the nearest $.

Options:

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