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F1 Financial Reporting CIMAPRA19-F01-1-ENG Practice Test Questions

PassQuestion provides F1 Financial Reporting CIMAPRA19-F01-1-ENG Practice Test Questions which cover all related objectives so that you can practice real questions and answers which are really helpful to pass your exam.

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F1 Financial Reporting CIMAPRA19-F01-1-ENG Practice Test Questions

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  1. CIMAPRA19-F01-1-ENG Training Questions F1 Financial Reporting (Online) https://www.passquestion.com/CIMAPRA19-F01-1-ENG.html

  2. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 1 Country X levies corporate income tax at a rate of 25% and charges income tax on all profits irrespective of whether they are distributed by way of dividend. Country Y levies corporate income tax at a rate of 20%. A, who is resident in Country X, pays a divided to B, who is resident in Country Y. B is required to pay corporate income tax on the dividend received from A, but a deduction can be made for the tax suffered on this dividend restricted to a rate of 20%. Which method of relief for foreign tax does this describe? A. Exemption B. Deduction C. Tax credit D. Restricted Answer: C

  3. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 2 Which of the following is a feature of a direct tax? A. The formal incidence and effective incidence are usually the same. B. It is levied on one part of the economy with the intention that it will be passed on to another. C. It is not levied on the eventual payer of the tax. D. It cannot be related to the individual circumstances of the tax payer. Answer: A

  4. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 3 PQ uses the fair value method for non-controlling interest at acquisition. Calculate the amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0. A. $10,000 B. $2,000 C. $4,000 D. $3,200 Answer: B

  5. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 4 The International Accounting Standards Board's "The Conceptual Framework for Financial Reporting" identifies fundamental and enhancing qualitative characteristics of financial statements. Which of the following is included within the fundamental characteristics? A. Comparability B. Verifiability C. Understandability D. Materiality Answer: D

  6. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 5 Which of the following is not a possible tax rate structure? A. Progressive B. Proportional C. Direct D. Regressive Answer: C

  7. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 6 Which of the following is an example of a progressive tax? A. Personal income tax of 10% on earnings up to $10,000, then at 15% over $10,001 B. Corporate income tax of 20% on earnings up to $100,000, then at 10% over $100,000 C. Corporate income tax of 20% on all earnings D. Personal income tax of 10% and corporate income tax of 20% Answer: A

  8. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 7 Country X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle. What type of tax is this duty? A. Specific unit tax B. Ad valorem tax C. Direct tax D. Single-stage sales tax Answer: A

  9. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 8 According to IAS 21 The Effects of Changes in Foreign Exchange Rates, an entity should determine its functional currency. Which of the following is NOT a factor that should be considered by an entity when determining its functional currency? A. The currency that mainly influences selling prices of the entity's goods and services. B. The currency that mainly influences labour, material and other costs. C. The currency used for published financial reports. D. The currency of the country whose competitive forces determine prices of goods and services. Answer: C

  10. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 9 To apply the fundamental principles of the Code of Ethics, existing and potential threats to the entity first need to be identified and evaluated. Which THREE of the following are identified in the Code as threats? A. Confidentiality threat B. Self-interest threats C. Self-review threats D. Familiarity threats E. Integrity threats F. Objectivity threats Answer: B,C,D

  11. Practice PassQuestion CIMAPRA19-F01-1-ENG Training Questions ensure your 100% success Question 10 Which of the following is NOT a type of supply for value added tax (VAT)? A. Fixed B. Standard-rated C. Exempt D. Zero-rated Answer: A

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