F1 Exam Dumps : Financial Reporting

Which of the following methods could be used by a tax authority to reduce tax evasion and avoidance?

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?

An entity opens a new factory and receives a government grant of $25,000 towards the cost of new plant and equipment. This new plant and equipment originally costs $100,000.

The entity uses the net cost method allowed by IAS 20 Accounting for Government Grants and Disclosure of Government Assistance to record government grants of this nature. All plant and equipment is depreciated at 20% a year on a straight line basis.

Calculate the amount of depreciation to be included for this plant and equipment in the statement of profit of loss for the factory's first year of operation.

Give your answer to the nearest whole $.