Cima examstrust cima F1 Online Access by Elian q177 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:	elian

Question 64

Which THREE of the following statements are NOT true of the IFRS Foundation trustees?

Options:

Are involved in the technical matters relating to accounting standards

Are mainly from Europe and the USA

Receive funding by donations from the general public

Responsible for appointing members of the IA5B

Responsible of appointing members of the IFRS interpretations committee

Discussion

Question 65

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

Options:

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

Costs of constructing an extension to the building.

Legal fees arising on the original purchase of the building.

Estate agent's fee payable on its sale.

Discussion

Question 66

KL has S90.000 of plant and machinery which was acquired on 1 June 20X4. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for 560,000 on 1 June 20X6

Calculate the tax balancing allowance or charge on disposal tor the year ended 31 May 20X7 and state the effect on the taxable profit.

Options:

A balancing allowance of $2,400 reduces taxable profit.

A balancing charge of $2,400 reduces taxable profit.

A balancing charge of $2,400 increases taxable profit.

A balancing allowance of $2,400 increases taxable profit.

Discussion

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Question 67

Why are excise duties an attractive method of raising tax for governments?

Select TWO that apply.

Options:

Low cost of collection compared to other forms of taxation.

High yields from the tax.

Encourages consumption of products such as alcohol.

Popular form of tax for the tax payer as it can be reclaimed.

Ensures that the tax levied on all taxpayers is the same irrespective of their spending habits.

Discussion