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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

The following data has been extracted from GH's accounting records:

What is GH's average inventory days for the year ended 31 March 20X3?

Options:

A.

39 days

B.

43 days

C.

25 days

D.

28 days

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Question 2

An entity has an inventory holding period of 52 days.

This means that the inventory:

Options:

A.

takes 52 days to arrive after it has been ordered.

B.

stays in the entity's warehouse for an average of 52 days before it is sold.

C.

takes 52 days to manufacture.

D.

takes 52 days to be paid for.

Question 3

To apply the fundamental principles of the Code of Ethics, existing and potential threats to the entity first need to be identified and evaluated.

Which THREE of the following are identified in the Code as threats?

Options:

A.

Confidentiality threat

B.

Self-interest threats

C.

Self-review threats

D.

Familiarity threats

E.

Integrity threats

F.

Objectivity threats

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