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F1 Dumps With Exact Questions and Answers

Exact2pass Provides 100% Valid Financial Reporting F1 Exam dumps Questions and answers which can helps you to Pass Your Certification Exam in First Attempt.

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F1 Questions and Answers

Question # 1

Which TWO of the following would improve a company ' s short term cash flow position?

A.

Postponing non essential capital expenditure

B.

Increasing the working capital cycle by making payments to suppliers early

C.

Taking advantage of bulk discounts offered on inventory purchases

D.

Reducing levels of inventory by implementing a just in time system for purchasing

E.

Paying a bonus to staff for exceptional performance

Question # 2

When calculating the gam chargeable to tax on the disposal of a building, which of the following would NOT be an allowable deduction?

A.

Interest on a loan that was used to assist with its original purchase.

B.

Costs of constructing an extension to the building.

C.

Legal fees arising on the original purchase of the building.

D.

Estate agent ' s fee payable on its sale.

Question # 3

EFG purchased an asset on 1 January 20X5 for $24,000. On that date its useful life was 5 years and residual value was expected to be nil. EFG calculates depreciation on a pro-rata basis.

The asset is reclassified as held for sale on 1 October 20X8 and is unsold on 31 December 20X8.

It is expected that the asset will be sold for S6;300 and that selling costs will be S500

What is the amount that this asset will be included at in EFG ' s statement of financial position at 31 December 20X8?

Give your answer to the nearest $.

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