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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

OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.

At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.

OP has been carrying the investment property using the cost model until 31 December 20X5.

The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.

Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

Options:

A.

A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.

B.

A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.

C.

A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.

D.

A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.

Question 3

Which of the following is the most appropriate definition of the term 'factoring'?

Options:

A.

Where a business sells its accounts receivable to a third party at a discount

B.

Where a business borrows a loan with short-term conditions from a third party

C.

Where a business sells equity to third parties to gain short-term finance

D.

Where a business is provided with a highly flexible regular source of short-term finance by a bank

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