Cima dumpskey helping Hand Questions For F1 by Blake q124 vce pdf

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Exam Name:	Financial Reporting
Exam Code:	F1 Dumps
Vendor:	CIMA	Certification:	CIMA Operational
Questions:	248 Q&A's	Shared By:	blake

Question 44

In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.

The profits for the last four years of trading were:

Questions 44

What are the taxable profits or losses for years 20X1 and 20X2?

Options:

20X1 $10,000, 20X2 $113,000

20X1 $143,000, 20X2 $ nil

20X1 $150,000, 20X2 $133,000

20X1 $150,000, 20X2 $nil

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Question 45

The following information relates to AA.

Extract of Trial Balance at 31 December 20X4;

Questions 45

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 on the face of the Statement of profit or Loss for the year ended 31 December 20X4 in relation to Interest and Corporate income tax?

Options:

Interest $25 Corporate income tax $(37)

Interest $25 Corporate income tax $37

Interest $50 Corporate income tax $(3)

Interest $50 Corporate income tax $3

Discussion

Question 46

Which of the following is NOT a primary need for regulating financial reporting information of incorporated entities?

Options:

To improve the reliability of information for users.

To make information more consistent.

To make information more comparable.

To ensure that information is consistent with its legal form.

Discussion

Question 47

Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

Options:

Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.

Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.

Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.

Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.

Discussion

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