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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

Question 1

UK purchased an asset, with a useful economic life of 10 years, on 1 January 20X5 for $40,000. The asset was revalued on 31 December 20X6 to 544,000 and the directors believed its total useful economic life remained unchanged On 31 December 20X7 UK sells the asset for $50,000

How much will be recorded as a profit on disposal of the asset in UK's statement of profit or loss for the year ended 31 December 20X7?

Give your answer to the nearest $.

Options:

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Question 2

AB sells to ST, a group entity, 10,000 units at $2.50 each. The market value was $6 each.

The effect on AB of the transfer pricing legislation on this transaction would be to: .

Options:

Question 3

In which of the following concepts is profit an increase in the nominal value of capital over a period?

Options:

A.

Inflationary capital maintenance

B.

financial capital maintenance

C.

Operating capital maintenance

D.

Physical capital maintenance