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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

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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Question 2

Why are excise duties an attractive method of raising tax for governments?

Select TWO that apply.

Options:

A.

Low cost of collection compared to other forms of taxation.

B.

High yields from the tax.

C.

Encourages consumption of products such as alcohol.

D.

Popular form of tax for the tax payer as it can be reclaimed.

E.

Ensures that the tax levied on all taxpayers is the same irrespective of their spending habits.

Question 3

Which TWO of the following are implications of employee income tax being paid to the tax authority through a Pay-As-You-Earn scheme?

Options:

A.

The government can budget its cash flows more easily.

B.

The risk of employees defaulting on the payment of tax due is reduced

C.

The tax authority deals directly with the employees rather than the employers.

D.

The tax is paid after the employee completes a tax return.

E.

Most of the administrative costs of collecting the tax are borne by the tax authority

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