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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.

What is the depreciation charge for this asset in the year ended 31 December 20X4?

Give your answer to the nearest whole number.

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Question 2

A conservative policy for financing working capital is one where short-term finance is used to fund:

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All of the fluctuating current assets and part of the permanent current assets.

Part of the fluctuating current assets, but no part of the permanent current assets.

All of the fluctuating current assets, but no part of the permanent current assets.

Part of the fluctuating current assets and part of the permanent current assets.

Question 3

In accordance with IAS 1 Presentation of Financial Statements, which of the following will be shown in the statement of changes in equity?

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