{"id":22396,"date":"2021-04-16T02:03:09","date_gmt":"2021-04-16T02:03:09","guid":{"rendered":"https:\/\/www.dumpsbase.com\/freedumps\/?p=22396"},"modified":"2021-04-16T02:03:13","modified_gmt":"2021-04-16T02:03:13","slug":"f1-financial-reporting-online-cimapra19-f01-1-eng-exam-dumps","status":"publish","type":"post","link":"https:\/\/www.dumpsbase.com\/freedumps\/f1-financial-reporting-online-cimapra19-f01-1-eng-exam-dumps.html","title":{"rendered":"F1 Financial Reporting (Online) CIMAPRA19-F01-1-ENG Exam Dumps"},"content":{"rendered":"\n<p>Now you can pass your F1 Financial Reporting (Online) exam with latest CIMAPRA19-F01-1-ENG Exam Dumps. DumpsBase is highly recommended to choose CIMAPRA19-F01-1-ENG exam dumps that are created by the CIMA certified experts so you can easily prepare for the CIMAPRA19-F01-1-ENG exam. If you are using the CIMAPRA19-F01-1-ENG Exam Dumps, then you will be able to clear the F1 Financial Reporting (Online) CIMAPRA19-F01-1-ENG exam on the first attempt.<\/p>\n<h1>Read <span style=\"color: #993300;\">CIMAPRA19-F01-1-ENG Free Dumps<\/span> First<\/h1>\n<script>\n\t  window.fbAsyncInit = function() {\n\t    FB.init({\n\t      appId            : '622169541470367',\n\t      autoLogAppEvents : true,\n\t      xfbml            : true,\n\t      version          : 'v3.1'\n\t    });\n\t  };\n\t\n\t  (function(d, s, id){\n\t     var js, fjs = d.getElementsByTagName(s)[0];\n\t     if (d.getElementById(id)) {return;}\n\t     js = d.createElement(s); js.id = id;\n\t     js.src = \"https:\/\/connect.facebook.net\/en_US\/sdk.js\";\n\t     fjs.parentNode.insertBefore(js, fjs);\n\t   }(document, 'script', 'facebook-jssdk'));\n\t<\/script><script type=\"text\/javascript\" >\ndocument.addEventListener(\"DOMContentLoaded\", function(event) { \nif(!window.jQuery) alert(\"The important jQuery library is not properly loaded in your site. Your WordPress theme is probably missing the essential wp_head() call. You can switch to another theme and you will see that the plugin works fine and this notice disappears. If you are still not sure what to do you can contact us for help.\");\n});\n<\/script>  \n  \n<div  id=\"watupro_quiz\" class=\"quiz-area single-page-quiz\">\n<p id=\"submittingExam5286\" style=\"display:none;text-align:center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/img\/loading.gif\" width=\"16\" height=\"16\"><\/p>\n\n<div class=\"watupro-exam-description\" id=\"description-quiz-5286\"><\/div>\n\n<form action=\"\" method=\"post\" class=\"quiz-form\" id=\"quiz-5286\"  enctype=\"multipart\/form-data\" >\n<div class='watu-question ' id='question-1' style=';'><div id='questionWrap-1'  class='   watupro-question-id-173776'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>1. <\/span>Country X levies corporate income tax at a rate of 25% and charges income tax on all profits irrespective of whether they are distributed by way of dividend. Country Y levies corporate income tax at a rate of 20%. <br \/>\r<br>A, who is resident in Country X, pays a divided to B, who is resident in Country Y. B is required to pay corporate income tax on the dividend received from A, but a deduction can be made for the tax suffered on this dividend restricted to a rate of 20%. <br \/>\r<br>Which method of relief for foreign tax does this describe?<\/div><input type='hidden' name='question_id[]' id='qID_1' value='173776' \/><input type='hidden' id='answerType173776' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173776[]' id='answer-id-701718' class='answer   answerof-173776 ' value='701718'   \/><label for='answer-id-701718' id='answer-label-701718' class=' answer'><span>Exemption<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173776[]' id='answer-id-701719' class='answer   answerof-173776 ' value='701719'   \/><label for='answer-id-701719' id='answer-label-701719' class=' answer'><span>Deduction<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173776[]' id='answer-id-701720' class='answer   answerof-173776 ' value='701720'   \/><label for='answer-id-701720' id='answer-label-701720' class=' answer'><span>Tax credit<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173776[]' id='answer-id-701721' class='answer   answerof-173776 ' value='701721'   \/><label for='answer-id-701721' id='answer-label-701721' class=' answer'><span>Restricted<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-2' style=';'><div id='questionWrap-2'  class='   watupro-question-id-173777'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>2. <\/span>CORRECT TEXT <br \/>\r<br>The following information is extracted from the statement of financial position for ZZ at 31 March 20X3: <br \/>\r<br><br><img decoding=\"async\" width=352 height=414 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image002-18.jpg\" v:shapes=\"_x0000_i1025\"><br><br \/>\r<br>Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1. <br \/>\r<br>Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale. <br \/>\r<br>The revaluation reserve relates to the revaluation of ZZ's property. <br \/>\r<br>The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million. <br \/>\r<br>The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million. <br \/>\r<br>ZZ is preparing its statement of cash flows for the year ended 31 March 20X3. <br \/>\r<br>What figure should be included for corporate income tax paid in order to arrive at the net cash flow from operating activities? <br \/>\r<br>Give your answer to the nearest $ million.<\/div><input type='hidden' name='question_id[]' id='qID_2' value='173777' \/><input type='hidden' id='answerType173777' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173777[]' id='textarea_q_173777' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-3' style=';'><div id='questionWrap-3'  class='   watupro-question-id-173778'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>3. <\/span>The following information relates to ABC. <br \/>\r<br><br><img decoding=\"async\" width=387 height=106 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image004-18.jpg\" v:shapes=\"_x0000_i1026\"><br><br \/>\r<br>Which of the following would be a reason for the movement in the trade receivable days?<\/div><input type='hidden' name='question_id[]' id='qID_3' value='173778' \/><input type='hidden' id='answerType173778' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173778[]' id='answer-id-701723' class='answer   answerof-173778 ' value='701723'   \/><label for='answer-id-701723' id='answer-label-701723' class=' answer'><span>A new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173778[]' id='answer-id-701724' class='answer   answerof-173778 ' value='701724'   \/><label for='answer-id-701724' id='answer-label-701724' class=' answer'><span>A system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173778[]' id='answer-id-701725' class='answer   answerof-173778 ' value='701725'   \/><label for='answer-id-701725' id='answer-label-701725' class=' answer'><span>One customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173778[]' id='answer-id-701726' class='answer   answerof-173778 ' value='701726'   \/><label for='answer-id-701726' id='answer-label-701726' class=' answer'><span>It was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-4' style=';'><div id='questionWrap-4'  class='   watupro-question-id-173779'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>4. <\/span>HOTSPOT <br \/>\r<br><br><img decoding=\"async\" width=650 height=280 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image006-18.jpg\" v:shapes=\"_x0000_i1027\"><br><\/div><input type='hidden' name='question_id[]' id='qID_4' value='173779' \/><input type='hidden' id='answerType173779' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173779[]' id='textarea_q_173779' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-5' style=';'><div id='questionWrap-5'  class='   watupro-question-id-173780'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>5. <\/span>CORRECT TEXT <br \/>\r<br>The following information is extracted from the trial balance of YY at 30 September 20X3. <br \/>\r<br><br><img decoding=\"async\" width=390 height=316 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image010-15.jpg\" v:shapes=\"_x0000_i1029\"><br><br \/>\r<br>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. <br \/>\r<br>ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million. <br \/>\r<br>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. <br \/>\r<br>Calculate the figure that should be included within non-current liabilities in YY's statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end? <br \/>\r<br>Give your answer to the nearest $ million.<\/div><input type='hidden' name='question_id[]' id='qID_5' value='173780' \/><input type='hidden' id='answerType173780' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173780[]' id='textarea_q_173780' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-6' style=';'><div id='questionWrap-6'  class='   watupro-question-id-173781'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>6. <\/span>Which of the following is a feature of a direct tax?<\/div><input type='hidden' name='question_id[]' id='qID_6' value='173781' \/><input type='hidden' id='answerType173781' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173781[]' id='answer-id-701729' class='answer   answerof-173781 ' value='701729'   \/><label for='answer-id-701729' id='answer-label-701729' class=' answer'><span>The formal incidence and effective incidence are usually the same.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173781[]' id='answer-id-701730' class='answer   answerof-173781 ' value='701730'   \/><label for='answer-id-701730' id='answer-label-701730' class=' answer'><span>It is levied on one part of the economy with the intention that it will be passed on to another.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173781[]' id='answer-id-701731' class='answer   answerof-173781 ' value='701731'   \/><label for='answer-id-701731' id='answer-label-701731' class=' answer'><span>It is not levied on the eventual payer of the tax.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173781[]' id='answer-id-701732' class='answer   answerof-173781 ' value='701732'   \/><label for='answer-id-701732' id='answer-label-701732' class=' answer'><span>It cannot be related to the individual circumstances of the tax payer.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-7' style=';'><div id='questionWrap-7'  class='   watupro-question-id-173782'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>7. <\/span>PQ uses the fair value method for non-controlling interest at acquisition. <br \/>\r<br>Calculate the amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.<\/div><input type='hidden' name='question_id[]' id='qID_7' value='173782' \/><input type='hidden' id='answerType173782' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173782[]' id='answer-id-701733' class='answer   answerof-173782 ' value='701733'   \/><label for='answer-id-701733' id='answer-label-701733' class=' answer'><span>$10,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173782[]' id='answer-id-701734' class='answer   answerof-173782 ' value='701734'   \/><label for='answer-id-701734' id='answer-label-701734' class=' answer'><span>$2,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173782[]' id='answer-id-701735' class='answer   answerof-173782 ' value='701735'   \/><label for='answer-id-701735' id='answer-label-701735' class=' answer'><span>$4,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173782[]' id='answer-id-701736' class='answer   answerof-173782 ' value='701736'   \/><label for='answer-id-701736' id='answer-label-701736' class=' answer'><span>$3,200<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-8' style=';'><div id='questionWrap-8'  class='   watupro-question-id-173783'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>8. <\/span>CORRECT TEXT <br \/>\r<br>Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances: <br \/>\r<br><br><img decoding=\"async\" width=413 height=496 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image014-13.jpg\" v:shapes=\"_x0000_i1031\"><br><br \/>\r<br>FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000. <br \/>\r<br>FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000. <br \/>\r<br>FG used the proportion of net assets method to value non-controlling interests at acquisition. <br \/>\r<br>KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000. <br \/>\r<br>The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5. <br \/>\r<br>Calculate the value of property, plant and equipment to be recognized in FG's consolidated statement of financial position at 31 December 20X5. <br \/>\r<br>Give your answer to the nearest whole $.<\/div><input type='hidden' name='question_id[]' id='qID_8' value='173783' \/><input type='hidden' id='answerType173783' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173783[]' id='textarea_q_173783' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-9' style=';'><div id='questionWrap-9'  class='   watupro-question-id-173784'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>9. <\/span>The International Accounting Standards Board's &quot;The Conceptual Framework for Financial Reporting&quot; identifies fundamental and enhancing qualitative characteristics of financial statements. <br \/>\r<br>Which of the following is included within the fundamental characteristics?<\/div><input type='hidden' name='question_id[]' id='qID_9' value='173784' \/><input type='hidden' id='answerType173784' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173784[]' id='answer-id-701738' class='answer   answerof-173784 ' value='701738'   \/><label for='answer-id-701738' id='answer-label-701738' class=' answer'><span>Comparability<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173784[]' id='answer-id-701739' class='answer   answerof-173784 ' value='701739'   \/><label for='answer-id-701739' id='answer-label-701739' class=' answer'><span>Verifiability<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173784[]' id='answer-id-701740' class='answer   answerof-173784 ' value='701740'   \/><label for='answer-id-701740' id='answer-label-701740' class=' answer'><span>Understandability<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173784[]' id='answer-id-701741' class='answer   answerof-173784 ' value='701741'   \/><label for='answer-id-701741' id='answer-label-701741' class=' answer'><span>Materiality<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-10' style=';'><div id='questionWrap-10'  class='   watupro-question-id-173785'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>10. <\/span>CORRECT TEXT <br \/>\r<br>XY acquired 75% of the equity shares of CD on 1 January 20X2 for $230,000. <br \/>\r<br>On 1 January 20X2 CD had the following balances: <br \/>\r<br><br><img decoding=\"async\" width=190 height=153 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image016-13.jpg\" v:shapes=\"_x0000_i1032\"><br><br \/>\r<br>XY uses the proportionate share of net assets method to value non controlling interest at acquisition. <br \/>\r<br>Calculate the goodwill arising on the acquisition of CD. <br \/>\r<br>Give your answer to nearest whole number.<\/div><input type='hidden' name='question_id[]' id='qID_10' value='173785' \/><input type='hidden' id='answerType173785' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173785[]' id='textarea_q_173785' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-11' style=';'><div id='questionWrap-11'  class='   watupro-question-id-173786'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>11. <\/span>In Country X, trading losses in any year can be carried back and set off against trading profits in the previous year, with any unrelieved losses carried forward to set against the first available trade profits in future years. <br \/>\r<br>GH had the following taxable profits and losses in years 20X1 to 20X4: <br \/>\r<br><br><img decoding=\"async\" width=170 height=256 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image018-12.jpg\" v:shapes=\"_x0000_i1033\"><br><br \/>\r<br>What are the taxable profits for 20X4, assuming the most efficient use of the loss is made?<\/div><input type='hidden' name='question_id[]' id='qID_11' value='173786' \/><input type='hidden' id='answerType173786' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173786[]' id='answer-id-701743' class='answer   answerof-173786 ' value='701743'   \/><label for='answer-id-701743' id='answer-label-701743' class=' answer'><span>$65,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173786[]' id='answer-id-701744' class='answer   answerof-173786 ' value='701744'   \/><label for='answer-id-701744' id='answer-label-701744' class=' answer'><span>$95,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173786[]' id='answer-id-701745' class='answer   answerof-173786 ' value='701745'   \/><label for='answer-id-701745' id='answer-label-701745' class=' answer'><span>$100,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173786[]' id='answer-id-701746' class='answer   answerof-173786 ' value='701746'   \/><label for='answer-id-701746' id='answer-label-701746' class=' answer'><span>$70,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-12' style=';'><div id='questionWrap-12'  class='   watupro-question-id-173787'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>12. <\/span>Which of the following is not a possible tax rate structure?<\/div><input type='hidden' name='question_id[]' id='qID_12' value='173787' \/><input type='hidden' id='answerType173787' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173787[]' id='answer-id-701747' class='answer   answerof-173787 ' value='701747'   \/><label for='answer-id-701747' id='answer-label-701747' class=' answer'><span>Progressive<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173787[]' id='answer-id-701748' class='answer   answerof-173787 ' value='701748'   \/><label for='answer-id-701748' id='answer-label-701748' class=' answer'><span>Proportional<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173787[]' id='answer-id-701749' class='answer   answerof-173787 ' value='701749'   \/><label for='answer-id-701749' id='answer-label-701749' class=' answer'><span>Direct<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173787[]' id='answer-id-701750' class='answer   answerof-173787 ' value='701750'   \/><label for='answer-id-701750' id='answer-label-701750' class=' answer'><span>Regressive<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-13' style=';'><div id='questionWrap-13'  class='   watupro-question-id-173788'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>13. <\/span>CORRECT TEXT <br \/>\r<br>An entity has a working capital cycle of 120 days which has been calculated in part from the following data: <br \/>\r<br><br><img decoding=\"async\" width=215 height=285 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image020-11.jpg\" v:shapes=\"_x0000_i1034\"><br><br \/>\r<br>What is the stock holding period on the basis of 365 days in a year? <br \/>\r<br>Give your answer to the nearest whole day.<\/div><input type='hidden' name='question_id[]' id='qID_13' value='173788' \/><input type='hidden' id='answerType173788' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173788[]' id='textarea_q_173788' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-14' style=';'><div id='questionWrap-14'  class='   watupro-question-id-173789'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>14. <\/span>Country X charges corporate income tax at the rate of 20% on all income irrespective of whether it is paid out as a dividend. Country Y charges corporate income tax at the rate of 25% on all income. <br \/>\r<br>An entity, AA, which is resident in Country X pays a dividend of $100,000 to another entity, BB, which is resident in Country Y. <br \/>\r<br>Countries X and Y have a double taxation treaty which adopts the exemption method in respect of this type of transaction. <br \/>\r<br>What is BB's liability to tax in Country Y in respect of the dividend income received?<\/div><input type='hidden' name='question_id[]' id='qID_14' value='173789' \/><input type='hidden' id='answerType173789' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173789[]' id='answer-id-701752' class='answer   answerof-173789 ' value='701752'   \/><label for='answer-id-701752' id='answer-label-701752' class=' answer'><span>No tax will be payable.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173789[]' id='answer-id-701753' class='answer   answerof-173789 ' value='701753'   \/><label for='answer-id-701753' id='answer-label-701753' class=' answer'><span>Tax will be payable at 20%.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173789[]' id='answer-id-701754' class='answer   answerof-173789 ' value='701754'   \/><label for='answer-id-701754' id='answer-label-701754' class=' answer'><span>Tax will be payable at 25%.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173789[]' id='answer-id-701755' class='answer   answerof-173789 ' value='701755'   \/><label for='answer-id-701755' id='answer-label-701755' class=' answer'><span>Tax will be payable at 25% less a credit given for the 20% already paid by AA in Country<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-15' style=';'><div id='questionWrap-15'  class='   watupro-question-id-173790'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>15. <\/span>Which of the following is an example of a progressive tax?<\/div><input type='hidden' name='question_id[]' id='qID_15' value='173790' \/><input type='hidden' id='answerType173790' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173790[]' id='answer-id-701756' class='answer   answerof-173790 ' value='701756'   \/><label for='answer-id-701756' id='answer-label-701756' class=' answer'><span>Personal income tax of 10% on earnings up to $10,000, then at 15% over $10,001<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173790[]' id='answer-id-701757' class='answer   answerof-173790 ' value='701757'   \/><label for='answer-id-701757' id='answer-label-701757' class=' answer'><span>Corporate income tax of 20% on earnings up to $100,000, then at 10% over $100,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173790[]' id='answer-id-701758' class='answer   answerof-173790 ' value='701758'   \/><label for='answer-id-701758' id='answer-label-701758' class=' answer'><span>Corporate income tax of 20% on all earnings<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173790[]' id='answer-id-701759' class='answer   answerof-173790 ' value='701759'   \/><label for='answer-id-701759' id='answer-label-701759' class=' answer'><span>Personal income tax of 10% and corporate income tax of 20%<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-16' style=';'><div id='questionWrap-16'  class='   watupro-question-id-173791'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>16. <\/span>The following information is extracted from OO's statement of financial position at 31 March: <br \/>\r<br><br><img decoding=\"async\" width=359 height=327 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image022-11.jpg\" v:shapes=\"_x0000_i1035\"><br><br \/>\r<br>Included in other payables is interest payable of $80,000 at 31 March 20X2 and $73,000 at 31 March 20X1. <br \/>\r<br>The following information if included within OO's statement of profit or loss for the year ended 31 March 20X2: <br \/>\r<br><br><img decoding=\"async\" width=275 height=77 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image024-11.jpg\" v:shapes=\"_x0000_i1036\"><br><br \/>\r<br>Included within finance cost is $124,000 which relates to interest paid on a finance lease. 00 includes finance lease interest within financing activities on its statement of cash flows. ________________ <br \/>\r<br>Within OO's statement of cash flow for the year ended 31 March 20X2 which figures should be included to reflect the changes in working capital within the net cash flow from operating activities? <br \/>\r<br><br><img decoding=\"async\" width=335 height=362 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image026-11.jpg\" v:shapes=\"_x0000_i1037\"><br><\/div><input type='hidden' name='question_id[]' id='qID_16' value='173791' \/><input type='hidden' id='answerType173791' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173791[]' id='answer-id-701760' class='answer   answerof-173791 ' value='701760'   \/><label for='answer-id-701760' id='answer-label-701760' class=' answer'><span>Option A<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173791[]' id='answer-id-701761' class='answer   answerof-173791 ' value='701761'   \/><label for='answer-id-701761' id='answer-label-701761' class=' answer'><span>Option B<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173791[]' id='answer-id-701762' class='answer   answerof-173791 ' value='701762'   \/><label for='answer-id-701762' id='answer-label-701762' class=' answer'><span>Option C<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173791[]' id='answer-id-701763' class='answer   answerof-173791 ' value='701763'   \/><label for='answer-id-701763' id='answer-label-701763' class=' answer'><span>Option D<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-17' style=';'><div id='questionWrap-17'  class='   watupro-question-id-173792'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>17. <\/span>HOTSPOT <br \/>\r<br>Corporate governance is the means by which an entity is operated and <br \/>\r<br><br><img decoding=\"async\" width=132 height=110 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image028-11.jpg\" v:shapes=\"_x0000_i1038\"><br><\/div><input type='hidden' name='question_id[]' id='qID_17' value='173792' \/><input type='hidden' id='answerType173792' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173792[]' id='textarea_q_173792' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-18' style=';'><div id='questionWrap-18'  class='   watupro-question-id-173793'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>18. <\/span>The following information is extracted from the statement of financial position for ZZ at 31 March 20X3: <br \/>\r<br><br><img decoding=\"async\" width=352 height=414 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image031-1.jpg\" v:shapes=\"_x0000_i1040\"><br><br \/>\r<br>Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1. <br \/>\r<br>Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale. <br \/>\r<br>The revaluation reserve relates to the revaluation of ZZ's property. <br \/>\r<br>The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million. <br \/>\r<br>The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million. <br \/>\r<br>ZZ is preparing its statement of cash flows for the year ended 31 March 20X3. <br \/>\r<br>What figure should be included within cash flows from investing activities for the proceeds of sale of plant and equipment?<\/div><input type='hidden' name='question_id[]' id='qID_18' value='173793' \/><input type='hidden' id='answerType173793' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173793[]' id='answer-id-701765' class='answer   answerof-173793 ' value='701765'   \/><label for='answer-id-701765' id='answer-label-701765' class=' answer'><span>$55 million<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173793[]' id='answer-id-701766' class='answer   answerof-173793 ' value='701766'   \/><label for='answer-id-701766' id='answer-label-701766' class=' answer'><span>$95 million<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173793[]' id='answer-id-701767' class='answer   answerof-173793 ' value='701767'   \/><label for='answer-id-701767' id='answer-label-701767' class=' answer'><span>$80 million<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173793[]' id='answer-id-701768' class='answer   answerof-173793 ' value='701768'   \/><label for='answer-id-701768' id='answer-label-701768' class=' answer'><span>$120 million<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-19' style=';'><div id='questionWrap-19'  class='   watupro-question-id-173794'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>19. <\/span>Country X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle. <br \/>\r<br>What type of tax is this duty?<\/div><input type='hidden' name='question_id[]' id='qID_19' value='173794' \/><input type='hidden' id='answerType173794' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173794[]' id='answer-id-701769' class='answer   answerof-173794 ' value='701769'   \/><label for='answer-id-701769' id='answer-label-701769' class=' answer'><span>Specific unit tax<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173794[]' id='answer-id-701770' class='answer   answerof-173794 ' value='701770'   \/><label for='answer-id-701770' id='answer-label-701770' class=' answer'><span>Ad valorem tax<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173794[]' id='answer-id-701771' class='answer   answerof-173794 ' value='701771'   \/><label for='answer-id-701771' id='answer-label-701771' class=' answer'><span>Direct tax<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173794[]' id='answer-id-701772' class='answer   answerof-173794 ' value='701772'   \/><label for='answer-id-701772' id='answer-label-701772' class=' answer'><span>Single-stage sales tax<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-20' style=';'><div id='questionWrap-20'  class='   watupro-question-id-173795'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>20. <\/span>According to IAS 21 The Effects of Changes in Foreign Exchange Rates, an entity should determine its functional currency. <br \/>\r<br>Which of the following is NOT a factor that should be considered by an entity when determining its functional currency?<\/div><input type='hidden' name='question_id[]' id='qID_20' value='173795' \/><input type='hidden' id='answerType173795' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173795[]' id='answer-id-701773' class='answer   answerof-173795 ' value='701773'   \/><label for='answer-id-701773' id='answer-label-701773' class=' answer'><span>The currency that mainly influences selling prices of the entity's goods and services.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173795[]' id='answer-id-701774' class='answer   answerof-173795 ' value='701774'   \/><label for='answer-id-701774' id='answer-label-701774' class=' answer'><span>The currency that mainly influences labour, material and other costs.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173795[]' id='answer-id-701775' class='answer   answerof-173795 ' value='701775'   \/><label for='answer-id-701775' id='answer-label-701775' class=' answer'><span>The currency used for published financial reports.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173795[]' id='answer-id-701776' class='answer   answerof-173795 ' value='701776'   \/><label for='answer-id-701776' id='answer-label-701776' class=' answer'><span>The currency of the country whose competitive forces determine prices of goods and services.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-21' style=';'><div id='questionWrap-21'  class='   watupro-question-id-173796'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>21. <\/span>To apply the fundamental principles of the Code of Ethics, existing and potential threats to the entity first need to be identified and evaluated. <br \/>\r<br>Which THREE of the following are identified in the Code as threats?<\/div><input type='hidden' name='question_id[]' id='qID_21' value='173796' \/><input type='hidden' id='answerType173796' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173796[]' id='answer-id-701777' class='answer   answerof-173796 ' value='701777'   \/><label for='answer-id-701777' id='answer-label-701777' class=' answer'><span>Confidentiality threat<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173796[]' id='answer-id-701778' class='answer   answerof-173796 ' value='701778'   \/><label for='answer-id-701778' id='answer-label-701778' class=' answer'><span>Self-interest threats<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173796[]' id='answer-id-701779' class='answer   answerof-173796 ' value='701779'   \/><label for='answer-id-701779' id='answer-label-701779' class=' answer'><span>Self-review threats<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173796[]' id='answer-id-701780' class='answer   answerof-173796 ' value='701780'   \/><label for='answer-id-701780' id='answer-label-701780' class=' answer'><span>Familiarity threats<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173796[]' id='answer-id-701781' class='answer   answerof-173796 ' value='701781'   \/><label for='answer-id-701781' id='answer-label-701781' class=' answer'><span>Integrity threats<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173796[]' id='answer-id-701782' class='answer   answerof-173796 ' value='701782'   \/><label for='answer-id-701782' id='answer-label-701782' class=' answer'><span>Objectivity threats<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-22' style=';'><div id='questionWrap-22'  class='   watupro-question-id-173797'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>22. <\/span>Which of the following is NOT a type of supply for value added tax (VAT)?<\/div><input type='hidden' name='question_id[]' id='qID_22' value='173797' \/><input type='hidden' id='answerType173797' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173797[]' id='answer-id-701783' class='answer   answerof-173797 ' value='701783'   \/><label for='answer-id-701783' id='answer-label-701783' class=' answer'><span>Fixed<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173797[]' id='answer-id-701784' class='answer   answerof-173797 ' value='701784'   \/><label for='answer-id-701784' id='answer-label-701784' class=' answer'><span>Standard-rated<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173797[]' id='answer-id-701785' class='answer   answerof-173797 ' value='701785'   \/><label for='answer-id-701785' id='answer-label-701785' class=' answer'><span>Exempt<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173797[]' id='answer-id-701786' class='answer   answerof-173797 ' value='701786'   \/><label for='answer-id-701786' id='answer-label-701786' class=' answer'><span>Zero-rated<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-23' style=';'><div id='questionWrap-23'  class='   watupro-question-id-173798'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>23. <\/span>An entity has an inventory holding period of 52 days. <br \/>\r<br>This means that the inventory:<\/div><input type='hidden' name='question_id[]' id='qID_23' value='173798' \/><input type='hidden' id='answerType173798' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173798[]' id='answer-id-701787' class='answer   answerof-173798 ' value='701787'   \/><label for='answer-id-701787' id='answer-label-701787' class=' answer'><span>takes 52 days to arrive after it has been ordered.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173798[]' id='answer-id-701788' class='answer   answerof-173798 ' value='701788'   \/><label for='answer-id-701788' id='answer-label-701788' class=' answer'><span>stays in the entity's warehouse for an average of 52 days before it is sold.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173798[]' id='answer-id-701789' class='answer   answerof-173798 ' value='701789'   \/><label for='answer-id-701789' id='answer-label-701789' class=' answer'><span>takes 52 days to manufacture.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173798[]' id='answer-id-701790' class='answer   answerof-173798 ' value='701790'   \/><label for='answer-id-701790' id='answer-label-701790' class=' answer'><span>takes 52 days to be paid for.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-24' style=';'><div id='questionWrap-24'  class='   watupro-question-id-173799'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>24. <\/span>The tax rules in a country state that all tax returns must be filed by 31 March each year and that any outstanding tax balance must be paid by 14 April each year. An entity filed its tax return on 10 April 20X2 and paid the outstanding tax on 20 April 20X2. <br \/>\r<br>Which TWO of the following powers is the tax authority likely to have in respect of these actions by the entity?<\/div><input type='hidden' name='question_id[]' id='qID_24' value='173799' \/><input type='hidden' id='answerType173799' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173799[]' id='answer-id-701791' class='answer   answerof-173799 ' value='701791'   \/><label for='answer-id-701791' id='answer-label-701791' class=' answer'><span>Charge a fixed penalty for late submission of the tax return.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173799[]' id='answer-id-701792' class='answer   answerof-173799 ' value='701792'   \/><label for='answer-id-701792' id='answer-label-701792' class=' answer'><span>Charge interest for non-payment of the outstanding tax balance between 14 April 20X2 and 20 April 20X2.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173799[]' id='answer-id-701793' class='answer   answerof-173799 ' value='701793'   \/><label for='answer-id-701793' id='answer-label-701793' class=' answer'><span>Charge interest for non-payment of the outstanding tax balance between 31 March 20X2 and 20 April 20X2.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173799[]' id='answer-id-701794' class='answer   answerof-173799 ' value='701794'   \/><label for='answer-id-701794' id='answer-label-701794' class=' answer'><span>Charge interest for non-payment of the outstanding tax balance between 10 April 20X2 and 20 April 20X2.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173799[]' id='answer-id-701795' class='answer   answerof-173799 ' value='701795'   \/><label for='answer-id-701795' id='answer-label-701795' class=' answer'><span>Seize the assets of the entity.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-25' style=';'><div id='questionWrap-25'  class='   watupro-question-id-173800'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>25. <\/span>Which THREE of the following would be included in a cash budget?<\/div><input type='hidden' name='question_id[]' id='qID_25' value='173800' \/><input type='hidden' id='answerType173800' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173800[]' id='answer-id-701796' class='answer   answerof-173800 ' value='701796'   \/><label for='answer-id-701796' id='answer-label-701796' class=' answer'><span>Interest payments<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173800[]' id='answer-id-701797' class='answer   answerof-173800 ' value='701797'   \/><label for='answer-id-701797' id='answer-label-701797' class=' answer'><span>Depreciation on machinery<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173800[]' id='answer-id-701798' class='answer   answerof-173800 ' value='701798'   \/><label for='answer-id-701798' id='answer-label-701798' class=' answer'><span>Salaries paid to staff<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173800[]' id='answer-id-701799' class='answer   answerof-173800 ' value='701799'   \/><label for='answer-id-701799' id='answer-label-701799' class=' answer'><span>Impairment of goodwill<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173800[]' id='answer-id-701800' class='answer   answerof-173800 ' value='701800'   \/><label for='answer-id-701800' id='answer-label-701800' class=' answer'><span>Profit on disposal of motor vehicle<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173800[]' id='answer-id-701801' class='answer   answerof-173800 ' value='701801'   \/><label for='answer-id-701801' id='answer-label-701801' class=' answer'><span>Dividends received from associate<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-26' style=';'><div id='questionWrap-26'  class='   watupro-question-id-173801'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>26. <\/span>A conservative policy for financing working capital is one where short-term finance is used to fund:<\/div><input type='hidden' name='question_id[]' id='qID_26' value='173801' \/><input type='hidden' id='answerType173801' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173801[]' id='answer-id-701802' class='answer   answerof-173801 ' value='701802'   \/><label for='answer-id-701802' id='answer-label-701802' class=' answer'><span>All of the fluctuating current assets and part of the permanent current assets.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173801[]' id='answer-id-701803' class='answer   answerof-173801 ' value='701803'   \/><label for='answer-id-701803' id='answer-label-701803' class=' answer'><span>Part of the fluctuating current assets, but no part of the permanent current assets.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173801[]' id='answer-id-701804' class='answer   answerof-173801 ' value='701804'   \/><label for='answer-id-701804' id='answer-label-701804' class=' answer'><span>All of the fluctuating current assets, but no part of the permanent current assets.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173801[]' id='answer-id-701805' class='answer   answerof-173801 ' value='701805'   \/><label for='answer-id-701805' id='answer-label-701805' class=' answer'><span>Part of the fluctuating current assets and part of the permanent current assets.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-27' style=';'><div id='questionWrap-27'  class='   watupro-question-id-173802'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>27. <\/span>CORRECT TEXT <br \/>\r<br>030d49a3-3c4c-45ad-9aee-710302f219f1: Entities normally pay taxation on their worldwide income in the country in which they are deemed to be resident. <br \/>\r<br>Residency is determined by the<\/div><input type='hidden' name='question_id[]' id='qID_27' value='173802' \/><input type='hidden' id='answerType173802' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173802[]' id='textarea_q_173802' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-28' style=';'><div id='questionWrap-28'  class='   watupro-question-id-173803'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>28. <\/span>CORRECT TEXT <br \/>\r<br>Statements of financial position as at 31 December 20X8 for JK, LM and PQ are as follows: <br \/>\r<br><br><img decoding=\"async\" width=229 height=930 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image033-1.jpg\" v:shapes=\"_x0000_i1041\"><br><br \/>\r<br>[1] JK purchased 80% of LM's $1 equity shares on 1 January 20X8 for $260,000 when the retained earnings of JK were $110,000. At that date the non-controlling interest had a fair value of $63,000. <br \/>\r<br>[2] JK purchased 25% of PQ's $1 equity shares on 1 January 20X8 for $90,000 when the retained earnings of PQ were $96,000. <br \/>\r<br>[3] During the year JK sold goods to LM for $32,000 at a mark up of 33.33% on cost. Half of the goods were still in LM's inventory at 31 December 20X8. <br \/>\r<br>[4] LM transferred $32,000 to JK on 30 December 20X8 in settlement of the inter-group trade. JK did not record the cash in its financial records until 2 January 20X9. <br \/>\r<br>Calculate the goodwill arising on the acquisition LM. <br \/>\r<br>Give your answer to the nearest $.<\/div><input type='hidden' name='question_id[]' id='qID_28' value='173803' \/><input type='hidden' id='answerType173803' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173803[]' id='textarea_q_173803' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-29' style=';'><div id='questionWrap-29'  class='   watupro-question-id-173804'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>29. <\/span>CORRECT TEXT <br \/>\r<br>The following information relates to a single asset: <br \/>\r<br>* Original cost of $186,000 <br \/>\r<br>* Estimated residual value of $6,000 <br \/>\r<br>* Expected useful life of 10 years <br \/>\r<br>* Accumulated depreciation at 31 December 20X5 of $66,960 <br \/>\r<br>* Annual depreciation rate of 20% on a reducing balance basis <br \/>\r<br>Calculate the amount of depreciation that should be charged to profit or loss for the year ended 31 December 20X6. <br \/>\r<br>Give your answer to the nearest whole number.<\/div><input type='hidden' name='question_id[]' id='qID_29' value='173804' \/><input type='hidden' id='answerType173804' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173804[]' id='textarea_q_173804' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-30' style=';'><div id='questionWrap-30'  class='   watupro-question-id-173805'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>30. <\/span>The following data has been extracted from GH's accounting records: <br \/>\r<br><br><img decoding=\"async\" width=207 height=370 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image035-1.jpg\" v:shapes=\"_x0000_i1042\"><br><br \/>\r<br>What is GH's average inventory days for the year ended 31 March 20X3?<\/div><input type='hidden' name='question_id[]' id='qID_30' value='173805' \/><input type='hidden' id='answerType173805' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173805[]' id='answer-id-701809' class='answer   answerof-173805 ' value='701809'   \/><label for='answer-id-701809' id='answer-label-701809' class=' answer'><span>39 days<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173805[]' id='answer-id-701810' class='answer   answerof-173805 ' value='701810'   \/><label for='answer-id-701810' id='answer-label-701810' class=' answer'><span>43 days<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173805[]' id='answer-id-701811' class='answer   answerof-173805 ' value='701811'   \/><label for='answer-id-701811' id='answer-label-701811' class=' answer'><span>25 days<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173805[]' id='answer-id-701812' class='answer   answerof-173805 ' value='701812'   \/><label for='answer-id-701812' id='answer-label-701812' class=' answer'><span>28 days<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-31' style=';'><div id='questionWrap-31'  class='   watupro-question-id-173806'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>31. <\/span>The International Accounting Standards Board's &quot;The Conceptual Framework for Financial Reporting&quot; (known as The Conceptual Framework) states that &quot;faithful representation&quot; is a fundamental qualitative characteristic. <br \/>\r<br>In accordance with the Conceptual Framework which of the following is NOT part of faithful representation?<\/div><input type='hidden' name='question_id[]' id='qID_31' value='173806' \/><input type='hidden' id='answerType173806' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173806[]' id='answer-id-701813' class='answer   answerof-173806 ' value='701813'   \/><label for='answer-id-701813' id='answer-label-701813' class=' answer'><span>Complete<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173806[]' id='answer-id-701814' class='answer   answerof-173806 ' value='701814'   \/><label for='answer-id-701814' id='answer-label-701814' class=' answer'><span>Neutral<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173806[]' id='answer-id-701815' class='answer   answerof-173806 ' value='701815'   \/><label for='answer-id-701815' id='answer-label-701815' class=' answer'><span>Free from error<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173806[]' id='answer-id-701816' class='answer   answerof-173806 ' value='701816'   \/><label for='answer-id-701816' id='answer-label-701816' class=' answer'><span>Comparable<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-32' style=';'><div id='questionWrap-32'  class='   watupro-question-id-173807'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>32. <\/span>DRAG DROP <br \/>\r<br><br><img decoding=\"async\" width=642 height=277 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image037.jpg\" v:shapes=\"_x0000_i1043\"><br><\/div><input type='hidden' name='question_id[]' id='qID_32' value='173807' \/><input type='hidden' id='answerType173807' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173807[]' id='textarea_q_173807' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-33' style=';'><div id='questionWrap-33'  class='   watupro-question-id-173808'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>33. <\/span>CORRECT TEXT <br \/>\r<br>HI commenced business on 1 April 20X3. Sales in April 20X3 were $30,000. This is forecast to increase by 2% per month. <br \/>\r<br>Credit sales accounted for 50% of sales. Credit sales customers are allowed one month to pay; 75% of April credit customers paid on time. A further 20% are expected to pay after more than one month, but before two months. The remaining 5% are not expected to pay. All these percentages are expected to continue in the near future. <br \/>\r<br>Calculate the total amount of cash HI should forecast to be received in June 20X3. <br \/>\r<br>Give your answer to the nearest whole $.<\/div><input type='hidden' name='question_id[]' id='qID_33' value='173808' \/><input type='hidden' id='answerType173808' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173808[]' id='textarea_q_173808' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-34' style=';'><div id='questionWrap-34'  class='   watupro-question-id-173809'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>34. <\/span>Which of the following is a characteristic of a defined contribution post-employment benefit scheme?<\/div><input type='hidden' name='question_id[]' id='qID_34' value='173809' \/><input type='hidden' id='answerType173809' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173809[]' id='answer-id-701819' class='answer   answerof-173809 ' value='701819'   \/><label for='answer-id-701819' id='answer-label-701819' class=' answer'><span>The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173809[]' id='answer-id-701820' class='answer   answerof-173809 ' value='701820'   \/><label for='answer-id-701820' id='answer-label-701820' class=' answer'><span>The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173809[]' id='answer-id-701821' class='answer   answerof-173809 ' value='701821'   \/><label for='answer-id-701821' id='answer-label-701821' class=' answer'><span>The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173809[]' id='answer-id-701822' class='answer   answerof-173809 ' value='701822'   \/><label for='answer-id-701822' id='answer-label-701822' class=' answer'><span>The employer may take a contributions holiday and stop paying contributions for a period, if the scheme's assets appear to be more than are required to meet the scheme's obligations.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-35' style=';'><div id='questionWrap-35'  class='   watupro-question-id-173810'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>35. <\/span>PQ uses the fair value method for non-controlling interest at acquisition. <br \/>\r<br>What is the value of the unrealized profit in inventory adjustment required to inventory in PQ's consolidated statement of financial position at 31 December 20X0?<\/div><input type='hidden' name='question_id[]' id='qID_35' value='173810' \/><input type='hidden' id='answerType173810' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173810[]' id='answer-id-701823' class='answer   answerof-173810 ' value='701823'   \/><label for='answer-id-701823' id='answer-label-701823' class=' answer'><span>$3,333<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173810[]' id='answer-id-701824' class='answer   answerof-173810 ' value='701824'   \/><label for='answer-id-701824' id='answer-label-701824' class=' answer'><span>$2,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173810[]' id='answer-id-701825' class='answer   answerof-173810 ' value='701825'   \/><label for='answer-id-701825' id='answer-label-701825' class=' answer'><span>$4,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173810[]' id='answer-id-701826' class='answer   answerof-173810 ' value='701826'   \/><label for='answer-id-701826' id='answer-label-701826' class=' answer'><span>$1,667<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-36' style=';'><div id='questionWrap-36'  class='   watupro-question-id-173811'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>36. <\/span>What does the exemption method of giving double taxation relief mean?<\/div><input type='hidden' name='question_id[]' id='qID_36' value='173811' \/><input type='hidden' id='answerType173811' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173811[]' id='answer-id-701827' class='answer   answerof-173811 ' value='701827'   \/><label for='answer-id-701827' id='answer-label-701827' class=' answer'><span>The countries agree that all types of income will be exempt or partially exempt in one country or the other.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173811[]' id='answer-id-701828' class='answer   answerof-173811 ' value='701828'   \/><label for='answer-id-701828' id='answer-label-701828' class=' answer'><span>The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173811[]' id='answer-id-701829' class='answer   answerof-173811 ' value='701829'   \/><label for='answer-id-701829' id='answer-label-701829' class=' answer'><span>The countries agree on certain types of income which will be exempt or partially exempt in both countries.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173811[]' id='answer-id-701830' class='answer   answerof-173811 ' value='701830'   \/><label for='answer-id-701830' id='answer-label-701830' class=' answer'><span>The countries agree that all types of income will be exempt or partially exempt in both countries.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-37' style=';'><div id='questionWrap-37'  class='   watupro-question-id-173812'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>37. <\/span>An asset has the following values: <br \/>\r<br><br><img decoding=\"async\" width=201 height=211 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image042-7.jpg\" v:shapes=\"_x0000_i1046\"><br><br \/>\r<br>If the asset was sold for its fair value, selling costs of $1,500 would be incurred. <br \/>\r<br>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?<\/div><input type='hidden' name='question_id[]' id='qID_37' value='173812' \/><input type='hidden' id='answerType173812' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173812[]' id='answer-id-701831' class='answer   answerof-173812 ' value='701831'   \/><label for='answer-id-701831' id='answer-label-701831' class=' answer'><span>$0<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173812[]' id='answer-id-701832' class='answer   answerof-173812 ' value='701832'   \/><label for='answer-id-701832' id='answer-label-701832' class=' answer'><span>$300<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173812[]' id='answer-id-701833' class='answer   answerof-173812 ' value='701833'   \/><label for='answer-id-701833' id='answer-label-701833' class=' answer'><span>$1,200<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173812[]' id='answer-id-701834' class='answer   answerof-173812 ' value='701834'   \/><label for='answer-id-701834' id='answer-label-701834' class=' answer'><span>$2,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-38' style=';'><div id='questionWrap-38'  class='   watupro-question-id-173813'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>38. <\/span>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. <br \/>\r<br>Which THREE of the following are advantages of this system to the employee?<\/div><input type='hidden' name='question_id[]' id='qID_38' value='173813' \/><input type='hidden' id='answerType173813' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173813[]' id='answer-id-701835' class='answer   answerof-173813 ' value='701835'   \/><label for='answer-id-701835' id='answer-label-701835' class=' answer'><span>The tax is collected earlier than systems that assess earnings at the end of the year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173813[]' id='answer-id-701836' class='answer   answerof-173813 ' value='701836'   \/><label for='answer-id-701836' id='answer-label-701836' class=' answer'><span>The payment of tax is easier as the tax is deducted before the net salary is paid to the employee.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173813[]' id='answer-id-701837' class='answer   answerof-173813 ' value='701837'   \/><label for='answer-id-701837' id='answer-label-701837' class=' answer'><span>Most of the administration costs are borne by the employees.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173813[]' id='answer-id-701838' class='answer   answerof-173813 ' value='701838'   \/><label for='answer-id-701838' id='answer-label-701838' class=' answer'><span>The responsibility for the tax calculations rests with the employer and therefore there is less chance of mistakes being made.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173813[]' id='answer-id-701839' class='answer   answerof-173813 ' value='701839'   \/><label for='answer-id-701839' id='answer-label-701839' class=' answer'><span>There is less chance of interest and penalties being levied on the employee by the tax \r\nauthorities.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-39' style=';'><div id='questionWrap-39'  class='   watupro-question-id-173814'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>39. <\/span>A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On 1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements. <br \/>\r<br>The accounting entries to record the initial revaluation of the building in the financial statements for the year ended 31 December 20X5 will be to debit building cost $150,000 and then:<\/div><input type='hidden' name='question_id[]' id='qID_39' value='173814' \/><input type='hidden' id='answerType173814' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173814[]' id='answer-id-701840' class='answer   answerof-173814 ' value='701840'   \/><label for='answer-id-701840' id='answer-label-701840' class=' answer'><span>credit accumulated depreciation $37,500 and credit revaluation reserve $112,500.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173814[]' id='answer-id-701841' class='answer   answerof-173814 ' value='701841'   \/><label for='answer-id-701841' id='answer-label-701841' class=' answer'><span>credit accumulated depreciation $30,000 and credit revaluation reserve $120,000.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173814[]' id='answer-id-701842' class='answer   answerof-173814 ' value='701842'   \/><label for='answer-id-701842' id='answer-label-701842' class=' answer'><span>debit accumulated depreciation $30,000 and credit revaluation reserve $180,000.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173814[]' id='answer-id-701843' class='answer   answerof-173814 ' value='701843'   \/><label for='answer-id-701843' id='answer-label-701843' class=' answer'><span>debit accumulated depreciation $37,500 and credit revaluation reserve $187,500.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-40' style=';'><div id='questionWrap-40'  class='   watupro-question-id-173815'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>40. <\/span>HOTSPOT <br \/>\r<br>Whilst undertaking an external audit, the auditor has identified that there is insufficient evidence to support the financial statements. <br \/>\r<br>As a result the auditors consider these financial statements to be wholly unreliable for decision making purposes. <br \/>\r<br>This will result in a modified audit report with the opinion being. <br \/>\r<br><br><img decoding=\"async\" width=162 height=129 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image044-7.jpg\" v:shapes=\"_x0000_i1047\"><br><\/div><input type='hidden' name='question_id[]' id='qID_40' value='173815' \/><input type='hidden' id='answerType173815' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173815[]' id='textarea_q_173815' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-41' style=';'><div id='questionWrap-41'  class='   watupro-question-id-173816'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>41. <\/span>WX is considering an investment in ST. <br \/>\r<br>At 31 December 20X2 ST had the following balances in its statement of financial position: <br \/>\r<br><br><img decoding=\"async\" width=211 height=248 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image048-7.jpg\" v:shapes=\"_x0000_i1049\"><br><br \/>\r<br>Which of the following would cause ST to become an associate investment of WX?<\/div><input type='hidden' name='question_id[]' id='qID_41' value='173816' \/><input type='hidden' id='answerType173816' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173816[]' id='answer-id-701845' class='answer   answerof-173816 ' value='701845'   \/><label for='answer-id-701845' id='answer-label-701845' class=' answer'><span>WX purchases 15,000 of ST's $1 equity shares and 20,000 of ST's $1 preference shares.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173816[]' id='answer-id-701846' class='answer   answerof-173816 ' value='701846'   \/><label for='answer-id-701846' id='answer-label-701846' class=' answer'><span>WX purchases 25,000 of ST's $1 equity shares.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173816[]' id='answer-id-701847' class='answer   answerof-173816 ' value='701847'   \/><label for='answer-id-701847' id='answer-label-701847' class=' answer'><span>WX purchases 75,000 of ST's $1 equity shares.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173816[]' id='answer-id-701848' class='answer   answerof-173816 ' value='701848'   \/><label for='answer-id-701848' id='answer-label-701848' class=' answer'><span>WX purchases 50,000 of ST's $1 preference shares.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-42' style=';'><div id='questionWrap-42'  class='   watupro-question-id-173817'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>42. <\/span>Which THREE of the following matters should an entity consider when determining the credit terms granted to a customer?<\/div><input type='hidden' name='question_id[]' id='qID_42' value='173817' \/><input type='hidden' id='answerType173817' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173817[]' id='answer-id-701849' class='answer   answerof-173817 ' value='701849'   \/><label for='answer-id-701849' id='answer-label-701849' class=' answer'><span>Typical credit terms operating within the industry<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173817[]' id='answer-id-701850' class='answer   answerof-173817 ' value='701850'   \/><label for='answer-id-701850' id='answer-label-701850' class=' answer'><span>Risk of non-payment<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173817[]' id='answer-id-701851' class='answer   answerof-173817 ' value='701851'   \/><label for='answer-id-701851' id='answer-label-701851' class=' answer'><span>Selling price of the goods being sold to the customer<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173817[]' id='answer-id-701852' class='answer   answerof-173817 ' value='701852'   \/><label for='answer-id-701852' id='answer-label-701852' class=' answer'><span>Bargaining power of the customer<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173817[]' id='answer-id-701853' class='answer   answerof-173817 ' value='701853'   \/><label for='answer-id-701853' id='answer-label-701853' class=' answer'><span>Number of suppliers<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173817[]' id='answer-id-701854' class='answer   answerof-173817 ' value='701854'   \/><label for='answer-id-701854' id='answer-label-701854' class=' answer'><span>Discount offered by suppliers for early payment<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-43' style=';'><div id='questionWrap-43'  class='   watupro-question-id-173818'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>43. <\/span>Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?<\/div><input type='hidden' name='question_id[]' id='qID_43' value='173818' \/><input type='hidden' id='answerType173818' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173818[]' id='answer-id-701855' class='answer   answerof-173818 ' value='701855'   \/><label for='answer-id-701855' id='answer-label-701855' class=' answer'><span>Whether the entity has kept proper accounting records.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173818[]' id='answer-id-701856' class='answer   answerof-173818 ' value='701856'   \/><label for='answer-id-701856' id='answer-label-701856' class=' answer'><span>Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173818[]' id='answer-id-701857' class='answer   answerof-173818 ' value='701857'   \/><label for='answer-id-701857' id='answer-label-701857' class=' answer'><span>Whether all the information and explanations necessary for the purposes of the audit have been received.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173818[]' id='answer-id-701858' class='answer   answerof-173818 ' value='701858'   \/><label for='answer-id-701858' id='answer-label-701858' class=' answer'><span>Whether every transaction that underpins the financial statements has been correctly \r\nrecorded.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173818[]' id='answer-id-701859' class='answer   answerof-173818 ' value='701859'   \/><label for='answer-id-701859' id='answer-label-701859' class=' answer'><span>Whether the entity has been exposed to any fraud.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-44' style=';'><div id='questionWrap-44'  class='   watupro-question-id-173819'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>44. <\/span>CORRECT TEXT <br \/>\r<br>The following information relates to AA. <br \/>\r<br>Extract of Trial Balance at 31 December 20X4; <br \/>\r<br><br><img decoding=\"async\" width=494 height=391 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image050-7.jpg\" v:shapes=\"_x0000_i1050\"><br><br \/>\r<br>Notes <br \/>\r<br>(i) Inventory at 31 December 20X4 was valued at cost at $30. <br \/>\r<br>(ii) The loan which was received on 1 July 20X4 is repayable in 20X9. <br \/>\r<br>(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. <br \/>\r<br>(iv) Cost of sales, administration and distribution costs need to be adjusted for the following: <br \/>\r<br>Calculate gross profit for the year ended 31 December 20X4. <br \/>\r<br>Give your answer as a whole $.<\/div><input type='hidden' name='question_id[]' id='qID_44' value='173819' \/><input type='hidden' id='answerType173819' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173819[]' id='textarea_q_173819' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-45' style=';'><div id='questionWrap-45'  class='   watupro-question-id-173820'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>45. <\/span>CORRECT TEXT <br \/>\r<br>GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000. <br \/>\r<br>There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2. <br \/>\r<br>What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3? <br \/>\r<br>Give your answer to the nearest $.<\/div><input type='hidden' name='question_id[]' id='qID_45' value='173820' \/><input type='hidden' id='answerType173820' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173820[]' id='textarea_q_173820' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-46' style=';'><div id='questionWrap-46'  class='   watupro-question-id-173821'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>46. <\/span>PQ uses the fair value method for non-controlling interest at acquisition. <br \/>\r<br>What is the revenue figure to be included in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0?<\/div><input type='hidden' name='question_id[]' id='qID_46' value='173821' \/><input type='hidden' id='answerType173821' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173821[]' id='answer-id-701862' class='answer   answerof-173821 ' value='701862'   \/><label for='answer-id-701862' id='answer-label-701862' class=' answer'><span>$450,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173821[]' id='answer-id-701863' class='answer   answerof-173821 ' value='701863'   \/><label for='answer-id-701863' id='answer-label-701863' class=' answer'><span>$440,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173821[]' id='answer-id-701864' class='answer   answerof-173821 ' value='701864'   \/><label for='answer-id-701864' id='answer-label-701864' class=' answer'><span>$480,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173821[]' id='answer-id-701865' class='answer   answerof-173821 ' value='701865'   \/><label for='answer-id-701865' id='answer-label-701865' class=' answer'><span>$476,000<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-47' style=';'><div id='questionWrap-47'  class='   watupro-question-id-173822'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>47. <\/span>Which of the following would NOT be a risk or impact of overtrading?<\/div><input type='hidden' name='question_id[]' id='qID_47' value='173822' \/><input type='hidden' id='answerType173822' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173822[]' id='answer-id-701866' class='answer   answerof-173822 ' value='701866'   \/><label for='answer-id-701866' id='answer-label-701866' class=' answer'><span>Increase in interest payments<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173822[]' id='answer-id-701867' class='answer   answerof-173822 ' value='701867'   \/><label for='answer-id-701867' id='answer-label-701867' class=' answer'><span>Increased borrowings<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173822[]' id='answer-id-701868' class='answer   answerof-173822 ' value='701868'   \/><label for='answer-id-701868' id='answer-label-701868' class=' answer'><span>Shortage of working capital<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173822[]' id='answer-id-701869' class='answer   answerof-173822 ' value='701869'   \/><label for='answer-id-701869' id='answer-label-701869' class=' answer'><span>Expanding too quickly<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-48' style=';'><div id='questionWrap-48'  class='   watupro-question-id-173823'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>48. <\/span>When developing local Generally Accepted Accounting Principles (known as local GAAP) some countries start with International Financial Reporting Standards (IFRSs) which are then amended to reflect local needs and conditions. <br \/>\r<br>This type of approach is classified as:<\/div><input type='hidden' name='question_id[]' id='qID_48' value='173823' \/><input type='hidden' id='answerType173823' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173823[]' id='answer-id-701870' class='answer   answerof-173823 ' value='701870'   \/><label for='answer-id-701870' id='answer-label-701870' class=' answer'><span>Adoption of IFRSs as local GAA<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173823[]' id='answer-id-701871' class='answer   answerof-173823 ' value='701871'   \/><label for='answer-id-701871' id='answer-label-701871' class=' answer'><span>Using IFRSs as a model for local GAA<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173823[]' id='answer-id-701872' class='answer   answerof-173823 ' value='701872'   \/><label for='answer-id-701872' id='answer-label-701872' class=' answer'><span>IFRSs having a persuasive influence in formulating local GAA<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173823[]' id='answer-id-701873' class='answer   answerof-173823 ' value='701873'   \/><label for='answer-id-701873' id='answer-label-701873' class=' answer'><span>IFRSs having little or no impact in formulating local GAA<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-49' style=';'><div id='questionWrap-49'  class='   watupro-question-id-173824'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>49. <\/span>CORRECT TEXT <br \/>\r<br>Country Q has the following rules in respect of capital tax on the disposal of assets: <br \/>\r<br>* Capital gains are subject to tax at 25%. <br \/>\r<br>* Capital losses can only be carried forward and offset against future capital gains. <br \/>\r<br>The following data relates to ABC: <br \/>\r<br><br><img decoding=\"async\" width=201 height=194 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image053.jpg\" v:shapes=\"_x0000_i1052\"><br><br \/>\r<br>How much capital tax will be payable on the capital gain recorded in 20X3? <br \/>\r<br>Give your answer to the nearest $.<\/div><input type='hidden' name='question_id[]' id='qID_49' value='173824' \/><input type='hidden' id='answerType173824' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173824[]' id='textarea_q_173824' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-50' style=';'><div id='questionWrap-50'  class='   watupro-question-id-173825'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>50. <\/span>DRAG DROP <br \/>\r<br>There are two main approaches that a country could adopt in respect of corporate governance regulation - a rules based approach and a principles based approach. <br \/>\r<br>Match the following statements with the appropriate approach by placing either rules based or principles based against each of them. <br \/>\r<br><br><img decoding=\"async\" width=650 height=241 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image055.jpg\" v:shapes=\"_x0000_i1053\"><br><\/div><input type='hidden' name='question_id[]' id='qID_50' value='173825' \/><input type='hidden' id='answerType173825' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173825[]' id='textarea_q_173825' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-51' style=';'><div id='questionWrap-51'  class='   watupro-question-id-173826'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>51. <\/span>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. <br \/>\r<br>Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.<\/div><input type='hidden' name='question_id[]' id='qID_51' value='173826' \/><input type='hidden' id='answerType173826' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173826[]' id='answer-id-701876' class='answer   answerof-173826 ' value='701876'   \/><label for='answer-id-701876' id='answer-label-701876' class=' answer'><span>A balancing allowance of $800 will increase taxable profits.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173826[]' id='answer-id-701877' class='answer   answerof-173826 ' value='701877'   \/><label for='answer-id-701877' id='answer-label-701877' class=' answer'><span>A balancing allowance of $800 will reduce taxable profits.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173826[]' id='answer-id-701878' class='answer   answerof-173826 ' value='701878'   \/><label for='answer-id-701878' id='answer-label-701878' class=' answer'><span>A balancing charge of $800 will increase taxable profits.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173826[]' id='answer-id-701879' class='answer   answerof-173826 ' value='701879'   \/><label for='answer-id-701879' id='answer-label-701879' class=' answer'><span>A balancing charge of $800 will reduce taxable profits.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-52' style=';'><div id='questionWrap-52'  class='   watupro-question-id-173827'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>52. <\/span>CORRECT TEXT <br \/>\r<br>The following information is extracted from QQ's statement of financial position at 31 March: <br \/>\r<br><br><img decoding=\"async\" width=134 height=164 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image059.jpg\" v:shapes=\"_x0000_i1055\"><br><br \/>\r<br>Included in other payables is interest payable of $80,000 at 31 March 20X2 and $73,000 at 31 March 20X1. <br \/>\r<br>The following information if included within QQ's statement of profit or loss for the year ended 31 March 20X2. <br \/>\r<br>Included within finance cost is $124,000 which relates to interest paid on a finance lease. <br \/>\r<br>QQ includes finance lease interest within financing activities on its statement of cash flows. <br \/>\r<br>What cash outflow figure should be included as interest paid within the net cash flow from operating activities for QQ for the year ended 20X2? <br \/>\r<br>Give your answer to the nearest $000.<\/div><input type='hidden' name='question_id[]' id='qID_52' value='173827' \/><input type='hidden' id='answerType173827' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173827[]' id='textarea_q_173827' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-53' style=';'><div id='questionWrap-53'  class='   watupro-question-id-173828'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>53. <\/span>CORRECT TEXT <br \/>\r<br>An entity opens a new factory and receives a government grant of $25,000 towards the cost of new plant and equipment. This new plant and equipment originally costs $100,000. <br \/>\r<br>The entity uses the net cost method allowed by IAS 20 Accounting for Government Grants <br \/>\r<br>and Disclosure of Government Assistance to record government grants of this nature. All plant and equipment is depreciated at 20% a year on a straight line basis. <br \/>\r<br>Calculate the amount of depreciation to be included for this plant and equipment in the statement of profit of loss for the factory's first year of operation. <br \/>\r<br>Give your answer to the nearest whole $.<\/div><input type='hidden' name='question_id[]' id='qID_53' value='173828' \/><input type='hidden' id='answerType173828' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173828[]' id='textarea_q_173828' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-54' style=';'><div id='questionWrap-54'  class='   watupro-question-id-173829'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>54. <\/span>CORRECT TEXT <br \/>\r<br>Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances: <br \/>\r<br><br><img decoding=\"async\" width=413 height=496 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image060-6.jpg\" v:shapes=\"_x0000_i1056\"><br><br \/>\r<br>FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000. <br \/>\r<br>FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000. <br \/>\r<br>FG used the proportion of net assets method to value non-controlling interests at acquisition. <br \/>\r<br>KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000. <br \/>\r<br>The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5. <br \/>\r<br>Calculate the total goodwill to be included in FG's consolidated statement of financial position as at 31 December 20X5. <br \/>\r<br>Give your answer to the nearest whole $.<\/div><input type='hidden' name='question_id[]' id='qID_54' value='173829' \/><input type='hidden' id='answerType173829' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173829[]' id='textarea_q_173829' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-55' style=';'><div id='questionWrap-55'  class='   watupro-question-id-173830'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>55. <\/span>From the list below identify the item that appears in the statement of financial position.<\/div><input type='hidden' name='question_id[]' id='qID_55' value='173830' \/><input type='hidden' id='answerType173830' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173830[]' id='answer-id-701883' class='answer   answerof-173830 ' value='701883'   \/><label for='answer-id-701883' id='answer-label-701883' class=' answer'><span>The amount of interest charged on loans during the year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173830[]' id='answer-id-701884' class='answer   answerof-173830 ' value='701884'   \/><label for='answer-id-701884' id='answer-label-701884' class=' answer'><span>The amount of loans outstanding at the year end.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173830[]' id='answer-id-701885' class='answer   answerof-173830 ' value='701885'   \/><label for='answer-id-701885' id='answer-label-701885' class=' answer'><span>The amount of loans repaid during the year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173830[]' id='answer-id-701886' class='answer   answerof-173830 ' value='701886'   \/><label for='answer-id-701886' id='answer-label-701886' class=' answer'><span>The amount of interest actually paid during the year.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-56' style=';'><div id='questionWrap-56'  class='   watupro-question-id-173831'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>56. <\/span>On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations. <br \/>\r<br>In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October 20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed. <br \/>\r<br>In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?<\/div><input type='hidden' name='question_id[]' id='qID_56' value='173831' \/><input type='hidden' id='answerType173831' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173831[]' id='answer-id-701887' class='answer   answerof-173831 ' value='701887'   \/><label for='answer-id-701887' id='answer-label-701887' class=' answer'><span>The property should be treated as a non-current asset held for sale from 31 March 20X1.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173831[]' id='answer-id-701888' class='answer   answerof-173831 ' value='701888'   \/><label for='answer-id-701888' id='answer-label-701888' class=' answer'><span>The property should be treated as a non-current asset held for sale from 1 November 20X1.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173831[]' id='answer-id-701889' class='answer   answerof-173831 ' value='701889'   \/><label for='answer-id-701889' id='answer-label-701889' class=' answer'><span>The property should not be depreciated after 31 March 20X1.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173831[]' id='answer-id-701890' class='answer   answerof-173831 ' value='701890'   \/><label for='answer-id-701890' id='answer-label-701890' class=' answer'><span>The impairment of $520,000 should be shown as an expense in the statement of profit or loss.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173831[]' id='answer-id-701891' class='answer   answerof-173831 ' value='701891'   \/><label for='answer-id-701891' id='answer-label-701891' class=' answer'><span>The property should be depreciated until 31 October 20X1.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173831[]' id='answer-id-701892' class='answer   answerof-173831 ' value='701892'   \/><label for='answer-id-701892' id='answer-label-701892' class=' answer'><span>The property impairment should not be recorded until the sale has completed.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-57' style=';'><div id='questionWrap-57'  class='   watupro-question-id-173832'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>57. <\/span>DEF is considering introducing a Pay-As-You-Earn (PAYE) system but unsure of the advantages of using it. <br \/>\r<br>Which of the following statements are advantages from the employees perspective of an entity using a PAYE system for collecting taxes from employees? Select ALL that apply.<\/div><input type='hidden' name='question_id[]' id='qID_57' value='173832' \/><input type='hidden' id='answerType173832' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173832[]' id='answer-id-701893' class='answer   answerof-173832 ' value='701893'   \/><label for='answer-id-701893' id='answer-label-701893' class=' answer'><span>The employee will be able to deal with tax authority directly to make payments.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173832[]' id='answer-id-701894' class='answer   answerof-173832 ' value='701894'   \/><label for='answer-id-701894' id='answer-label-701894' class=' answer'><span>The employee will avoid being charged penalties for paying late.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173832[]' id='answer-id-701895' class='answer   answerof-173832 ' value='701895'   \/><label for='answer-id-701895' id='answer-label-701895' class=' answer'><span>The employee will calculate their own tax payment.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173832[]' id='answer-id-701896' class='answer   answerof-173832 ' value='701896'   \/><label for='answer-id-701896' id='answer-label-701896' class=' answer'><span>The employee does not have to complete a self assessment tax return.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-173832[]' id='answer-id-701897' class='answer   answerof-173832 ' value='701897'   \/><label for='answer-id-701897' id='answer-label-701897' class=' answer'><span>The employee does not have to budget for their tax payments because the tax is deducted at source.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-58' style=';'><div id='questionWrap-58'  class='   watupro-question-id-173833'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>58. <\/span>HOTSPOT <br \/>\r<br><br><img decoding=\"async\" width=650 height=309 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image062-6.jpg\" v:shapes=\"_x0000_i1057\"><br><\/div><input type='hidden' name='question_id[]' id='qID_58' value='173833' \/><input type='hidden' id='answerType173833' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173833[]' id='textarea_q_173833' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-59' style=';'><div id='questionWrap-59'  class='   watupro-question-id-173834'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>59. <\/span>LM is preparing its cash forecast for the next three months. <br \/>\r<br>Which of the following items should be left out of its calculations?<\/div><input type='hidden' name='question_id[]' id='qID_59' value='173834' \/><input type='hidden' id='answerType173834' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173834[]' id='answer-id-701899' class='answer   answerof-173834 ' value='701899'   \/><label for='answer-id-701899' id='answer-label-701899' class=' answer'><span>Tax payment due, that relates to last year's profits.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173834[]' id='answer-id-701900' class='answer   answerof-173834 ' value='701900'   \/><label for='answer-id-701900' id='answer-label-701900' class=' answer'><span>Receipt of a new bank loan raised for the purpose of purchasing new machinery.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173834[]' id='answer-id-701901' class='answer   answerof-173834 ' value='701901'   \/><label for='answer-id-701901' id='answer-label-701901' class=' answer'><span>Expected loss on the disposal of a piece of land.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173834[]' id='answer-id-701902' class='answer   answerof-173834 ' value='701902'   \/><label for='answer-id-701902' id='answer-label-701902' class=' answer'><span>Rental payment on a leased vehicle.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-60' style=';'><div id='questionWrap-60'  class='   watupro-question-id-173835'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>60. <\/span>Which of the following is NOT a source of short-term finance?<\/div><input type='hidden' name='question_id[]' id='qID_60' value='173835' \/><input type='hidden' id='answerType173835' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173835[]' id='answer-id-701903' class='answer   answerof-173835 ' value='701903'   \/><label for='answer-id-701903' id='answer-label-701903' class=' answer'><span>Increase in trade receivables<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173835[]' id='answer-id-701904' class='answer   answerof-173835 ' value='701904'   \/><label for='answer-id-701904' id='answer-label-701904' class=' answer'><span>Increase in trade payables<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173835[]' id='answer-id-701905' class='answer   answerof-173835 ' value='701905'   \/><label for='answer-id-701905' id='answer-label-701905' class=' answer'><span>Debt factoring<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173835[]' id='answer-id-701906' class='answer   answerof-173835 ' value='701906'   \/><label for='answer-id-701906' id='answer-label-701906' class=' answer'><span>Increase in a bank overdraft<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-61' style=';'><div id='questionWrap-61'  class='   watupro-question-id-173836'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>61. <\/span>CORRECT TEXT <br \/>\r<br>KL has just completed their inventory count and has ascertained that the cost value of the <br \/>\r<br>inventory is $460,000; this was made up of 10,000 units of component part FF. <br \/>\r<br>A week before the year end the FF components were moved to a temporary warehouse. <br \/>\r<br>Two weeks later they were inspected and found to have been damaged by the damp conditions in the temporary warehouse. <br \/>\r<br>Of the 10,000 units 2,500 of them were damaged. After remedial work of $5.00 per unit KL anticipates they will be able to sell the damaged parts for $32.00 per unit. <br \/>\r<br>What is the value for closing inventory to be included in the financial statements of KL? <br \/>\r<br>Give your answer to the nearest $.<\/div><input type='hidden' name='question_id[]' id='qID_61' value='173836' \/><input type='hidden' id='answerType173836' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173836[]' id='textarea_q_173836' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-62' style=';'><div id='questionWrap-62'  class='   watupro-question-id-173837'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>62. <\/span>DE purchased an asset on 1 January 20X1 for $60,000 with a useful economic life of six years and a residual value of $3,000. <br \/>\r<br>DE uses straight line depreciation for this asset. <br \/>\r<br>On 31 December 20X3 the asset has a value in use of $ $28,000 and a fair value of $26,000. <br \/>\r<br>Which of the following values should be used for the asset in DE's statement of financial position as at 31 December 20X3?<\/div><input type='hidden' name='question_id[]' id='qID_62' value='173837' \/><input type='hidden' id='answerType173837' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173837[]' id='answer-id-701908' class='answer   answerof-173837 ' value='701908'   \/><label for='answer-id-701908' id='answer-label-701908' class=' answer'><span>$28,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173837[]' id='answer-id-701909' class='answer   answerof-173837 ' value='701909'   \/><label for='answer-id-701909' id='answer-label-701909' class=' answer'><span>$26,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173837[]' id='answer-id-701910' class='answer   answerof-173837 ' value='701910'   \/><label for='answer-id-701910' id='answer-label-701910' class=' answer'><span>$30,000<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173837[]' id='answer-id-701911' class='answer   answerof-173837 ' value='701911'   \/><label for='answer-id-701911' id='answer-label-701911' class=' answer'><span>$31,500<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-63' style=';'><div id='questionWrap-63'  class='   watupro-question-id-173838'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>63. <\/span>Which of the following is a condition that has to be met for an entity to be exempt the requirement to prepare consolidated financial statements?<\/div><input type='hidden' name='question_id[]' id='qID_63' value='173838' \/><input type='hidden' id='answerType173838' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173838[]' id='answer-id-701912' class='answer   answerof-173838 ' value='701912'   \/><label for='answer-id-701912' id='answer-label-701912' class=' answer'><span>The parent entity's debt or equity instruments are not traded in a public market.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173838[]' id='answer-id-701913' class='answer   answerof-173838 ' value='701913'   \/><label for='answer-id-701913' id='answer-label-701913' class=' answer'><span>The parent entity's equity instruments are only traded in one country.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173838[]' id='answer-id-701914' class='answer   answerof-173838 ' value='701914'   \/><label for='answer-id-701914' id='answer-label-701914' class=' answer'><span>The parent's equity has a nominal value of less than $1 million.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-173838[]' id='answer-id-701915' class='answer   answerof-173838 ' value='701915'   \/><label for='answer-id-701915' id='answer-label-701915' class=' answer'><span>The parent's net asset value is less than $1 million.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-64' style=';'><div id='questionWrap-64'  class='   watupro-question-id-173839'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>64. <\/span>CORRECT TEXT <br \/>\r<br>An asset cost $250,000 on 1 January 20X1 and on that date was assessed to have a residual value of $40,000 and a useful economic life of six years. On 1 January 20X4 management assessed that the remaining useful economic life of the asset was five years and that the asset had a residual value of nil. <br \/>\r<br>What is the depreciation charge for this asset in the year ended 31 December 20X4? <br \/>\r<br>Give your answer to the nearest whole number.<\/div><input type='hidden' name='question_id[]' id='qID_64' value='173839' \/><input type='hidden' id='answerType173839' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173839[]' id='textarea_q_173839' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-65' style=';'><div id='questionWrap-65'  class='   watupro-question-id-173840'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>65. <\/span>HOTSPOT <br \/>\r<br>What is the correct classification of a 90-day government bond? <br \/>\r<br><br><img decoding=\"async\" width=184 height=129 src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2021\/04\/image066-6.jpg\" v:shapes=\"_x0000_i1059\"><br><\/div><input type='hidden' name='question_id[]' id='qID_65' value='173840' \/><input type='hidden' id='answerType173840' value='textarea'><!-- end question-content--><\/div><div class='question-choices '><p><textarea name='answer-173840[]' id='textarea_q_173840' class='watupro-textarea-medium' rows='5' cols='80'><\/textarea>\n<\/p><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div style='display:none' id='question-66'>\n\t<div class='question-content'>\n\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/img\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading...\" title=\"Loading...\" \/>&nbsp;Loading...\t<\/div>\n<\/div>\n\n<br \/>\n\t\n\t\t\t<div class=\"watupro_buttons flex \" id=\"watuPROButtons5286\" >\n\t\t  <div id=\"prev-question\" style=\"display:none;\"><input type=\"button\" value=\"&lt; 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