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CIMA F1 Dumps

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Financial Reporting
Last Update: Apr 17, 2024
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Financial Reporting Practice Questions

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Financial Reporting Questions and Answers

Questions 1

The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.

ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.

iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.

Calculate the cost of sales that would be shown in YY's statement of profit or loss for the year ended 30 September 20X3.

Give your answer to the nearest $ million.


Questions 2

The following information relates to a single asset:

*Original cost of $186,000

*Estimated residual value of $6,000

*Expected useful life of 10 years

*Accumulated depreciation at 31 December 20X5 of $66,960

*Annual depreciation rate of 20% on a reducing balance basis

Calculate the amount of depreciation that should be charged to profit or loss for the year ended 31 December 20X6.

Give your answer to the nearest whole number.


Questions 3

What does the tax credit method of giving double taxation relief mean?



Tax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the lower of the foreign or country of residency tax.


Tax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the higher of the foreign or country of residency tax.


Tax relief is gained by deducting the foreign tax from the foreign income so that only the "net" amount will be subject to tax in the country of residency.


The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.