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F1 Exam Dumps : Financial Reporting

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Financial Reporting Questions and Answers

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Question 1

RS purchased an asset on 1 May 20X1 for $200,000, exclusive of import duties of $25,000.

The asset was sold on 1 December 20X3 for $450,000, incurring costs to sell of $15,000.

RS is resident in Country Y where indexation is allowable from the date of purchase to the date of sale.

The indexation factor increased by 40% in the period 1 May 20X1 to 1 December 20X3.

Capital gains are taxed at 25%.

What is the capital tax due from RS on disposal of the asset?

Options:

A.

$120,000

B.

$38,750

C.

$30,000

D.

$28,500

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Question 2

Country A permits the following deductions in an entity's annual corporate income tax return in relation to entertaining expenses and gifts;

1 Employee entertaining up to a value of $150 a head

2 Entertaining of overseas customers.

3 Individual gifts not to exceed $10 in value

Which THREE of the following actions would be regarded as tax evasion?

Options:

A.

Delay the next entertainment event for staff until the next financial year so that the $150 limit is not breached.

B.

Inflate the number of employees that are recorded as being entertained so that the overall employee entertainment bill falls below $150 a head.

C.

Split any gifts made so that any gift does not exceed $10 on an individual basis.

D.

Ensure that employees reimburse their employers for any entertaining incurred which exceeds the $150 a head limit

E.

Record customers who do not meet the overseas criteria as overseas customers.

F.

Deduct all entertaining expenses without any analysis of what the entertaining relates to.

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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