Cima freetechexam full Access F1 Tutorials by Abubakr q159 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:	abubakr

Question 16

Select THREE actions that should be taken by a business offering credit to its customers to ensure that amounts owing are collected as quickly as possible.

Options:

Chase up slow payers with reminder letters.

Monitor outstanding trade receivables.

Extend the credit terms available to customers.

Issue invoices quickly.

Monitor outstanding trade payables.

Take longer to settle trade payables than collect trade receivables.

Discussion

Question 17

You work in the finance department of an entity. A director has approached you and asked you to falsify sales invoices which would significantly inflate revenue. The CIMA Code of Ethics suggests that you should deal with such an ethical dilemma by following a number of stages.

Place each of the stages identified below into chronological order.

Questions 17

Options:

Discussion

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Question 18

The following information relates to AA.

Extract of Trial Balance at 31 December 20X4;

Questions 18

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:

Adminsitration $136 Distribution $120

Administration $120 Distribution $87

Administration $141 Distribution $117

Administration $146 Distribution $114

Discussion

Question 19

In most developed countries employers deduct the tax from employees' pay each month and then pay the tax to the tax authorities on behalf of the employee on a monthly basis.

Which THREE of the following are advantages of this system to the employee?

Options:

The tax is collected earlier than systems that assess earnings at the end of the year.

The payment of tax is easier as the tax is deducted before the net salary is paid to the employee.

Most of the administration costs are borne by the employees.

The responsibility for the tax calculations rests with the employer and therefore there is less chance of mistakes being made.

There is less chance of interest and penalties being levied on the employee by the tax authorities.

Discussion

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