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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

Which THREE of the following statements about government grants are INCORRECT?

Options:

A.

A grant is recognised as revenue

B.

Grants must not be deducted from the related expenses in financial statements

C.

Capital grants relate to cash inflow and outflow

D.

A compensatory grant should be recognised in statements when it is received, not when the expenses it applies to occurred

E.

A grant is recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant

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Question 2

The subsidiary company of Group XY has purchased £150,00 worth of goods its parent company. However the goods purchased have yet to arrive at the subsidiary at the end of the financial year 20X4, meaning there is

a disagreement in the current account balances between the parent and subsidiary.

With Group XY looking to produce its CSOFP for the end of the financial year, which of the following statements are true in relation to accounting for this disagreement? Select ALL that apply.

Options:

A.

The adjustments to resolve this disagreement, need to be accelerated, so they can be included in the consolidation of assets for the CSOFP for 20X4

B.

£150,000 worth of inventory will be debited into the subsidiary's inventory account

C.

As the goods have not reached the subsidiary by the end of the financial year 20X4, they will be included in the CSOFPfor the next financial year

D.

£150,000 worth of inventory will be credited into the subsidiary's inventory account

E.

£150,000 will be debited to the payables account of the parent company

F.

£150,000 will be credited to the payables account of the subsidiary company

G.

£150,000 will be credited into the receivables account of the parent company

Question 3

In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.

To be a faithful representation financial information must be as far as possible which THREE of the following?

Options:

A.

Timely

B.

Understandable

C.

Free from error

D.

Complete

E.

Comparable

F.

Neutral

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