Cima passcert f1 Based On Real Exam Environment by Tate q106 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:	tate

Question 56

YZ has $40,000 of plant and machinery which was acquired on 1 June 20X1.Tax depreciation rates on plant and machinery are 25% reducing balance. All plant and machinery was sold for $24,000 on 1 June 20X3.

Calculate the tax balancing allowance or charge on disposal for the year ended 31 May 20X3 and state the effect on the taxable profit.

Options:

A balancing allowance of $1,500 increases taxable profit.

A balancing allowance of $1,500 reduces taxable profit.

A balancing charge of $1,500 reduces taxable profit.

A balancing charge of $1,500 increases taxable profit.

Discussion

Question 57

ST has $20,000 of plant and machinery which was acquired on 1 April 20X0. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for $12,000 on 1 April 20X2.

Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.

Options:

A balancing allowance of $800 will increase taxable profits.

A balancing allowance of $800 will reduce taxable profits.

A balancing charge of $800 will increase taxable profits.

A balancing charge of $800 will reduce taxable profits.

Discussion

Question 58

An asset has the following values:

Questions 58

If the asset was sold for its fair value, selling costs of $1,500 would be incurred.

Which of the following is the value of the impairment loss to be recognised for this asset in accordance with IAS 36 Impairment of Assets?

Options:

$300

$1,200

$2,000

Discussion

Question 59

The International Accounting Standards Board's "The Conceptual Framework for Financial Reporting" identifies fundamental and enhancing qualitative characteristics of financial statements.

Which of the following is included within the fundamental characteristics?

Options:

Comparability

Verifiability

Understandability

Materiality

Discussion

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