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  • Exam Name: Financial Reporting
  • Last Update: 08-Dec-2023
  • Questions and Answers: 248
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Question # 1

F1 question answer

F1 question answer

Question # 2

AA manufactures computers. These are sold to BB at $100 a computer plus a 5% sales tax. BB subsequently sells the computers to CC for $200 a computer plus a 5% sales tax. C sells the computers to customers at $300 a computer plus a 5% sales tax.

The total tax received by the tax authority is $30.

Which type of tax is described above?


Single-stage sales tax


Value added tax


Retail tax


Multi-stage cumulative sales tax

Question # 3

The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

F1 question answer

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September 20X0.

2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.

3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.

4. PQ uses the fair value method for non-controlling interest at acquisition.

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?









Question # 4

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?


The parent entity's debt or equity instruments are not traded in a public market.


The parent entity's equity instruments are only traded in one country.


The parent's equity has a nominal value of less than $1 million.


The parent's net asset value is less than $1 million.

Question # 5

The development of an international financial reporting standard generally goes through a number of stages.

Which of the following is NOT a stage of development?


Producing an exposure draft for public comment


Establishing an advisory committee


Developing and publishing a discussion paper


Establishing an interpretations committee

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