Wednesday, 20 September 2017

Cima F1 Exam Question No 59

Question No 59:

An external auditor has completed an audit and is satisfied that proper records have been maintained and that the financial statements reflect those transactions. However the auditor has one disagreement with the management of the entity. The disagreement involves the treatment of one large item of expenditure that has been classified by management as an increase in non-current assets. The auditor is of the opinion that the item should have been classified as maintenance and charged as an
expense to the statement of comprehensive income. The amount is material in the context of the reported profit for the year. Assuming that the management refuse to change their approach, which ONE of the following modified audit reports should the auditor use?

A. Emphasis of matter
B. “Except for” qualification
C. Adverse opinion
D. Disclaimer of opinion

Answer: B

Wednesday, 28 June 2017

Cima F1 Exam Question No 59

Question No 59:

When the parent sells to the associate?
  • - Increase COGS (which has an impact on Group RE in W5)
  • - Reduce W5 retained earnings (group reserves)
  • - Reduce investment in associate (CSFP)
the profit must be eliminated from the investment in associate because the inventory is in the books of the associate. The associate's inventory is not consolidated so we cannot remove the profit from the inventory line on the CSFP.

Tuesday, 6 June 2017

Cima F1 Exam Question No 58

Question No 58:

The IASB’s Framework for the preparation and presentation of financial statements lists four qualitative characteristics of financial statements, one of which is reliability. Which ONE of the following lists three characteristics of reliability?

A. Neutrality, prudence and comparability.
B. Prudence, faithful representation and relevance.
C. Comparability, relevance and completeness.
D. Neutrality, faithful representation and prudence.

Answer: D

Thursday, 8 December 2016

CIMA and CIPFA Offer New CGMA Accountants Body Entry Route

The Chartered Institute of Management Accountants (CIMA) and the Institute of Public Finance and Chartered Accounting (CIPFA) Indicate the Launch of its new "CPFA has CGMA Recharge through the CIPFA Gateway." Path of Access this Fast Track allows a CIPFA Qualified Members to increase its qualification to obtain and the full and the adhesion CIMA DESIGNATION recognized a Global Level of Global Collegiate Accounting Management (CGMA). The new highway is open to Members and the UK International Both CIPFA.

CIPFA can benefit from Members up to 14 Exceptions with the new CIMA Gateway. After Passing the Gateway exam (also known as Case Study Management Review) Can Pass the Strategic Case Study Review, Passing Passes Through Strategic Three-Level Testing Tests. : In addition, if they will be made-Have Access to a Broad Range of Students and Study the Benefits of a Community-Based Via Online Now Student CIMA, CIMAconnect.

Andrew Harding, Executive President of the CIMA, SAID. "CIMA is very enthusiastic about La Creciente's cooperation with CIPFA This is a significant step for years to strengthen our association with one of the most respected professional bodies in the public sector Our DESIGNATION CGMA is recognized The World As All Accountants of DESIGNATION: We are pleased to share our experience and knowledge and for the Members to win CIPFA Our rating a world-renowned level.

Rob Whiteman, Executive Director for CIPFA, said: "This offer provides a milestone CIPFA Membership A Fantastic Opportunity to Build Adding Accounting Management Skills.

"With the reconfiguration of Public Utilities, Our Members are Working Ever More Through Public Environments and Organizations require specialized Skills there are Multiple Sectors if they place. The new road is compromised has to give all has today wave, Increasing Capacity and Value Of ESE Maximize Mode for Employers also to state that the staff is intended to expand their continuing professional development. "

Thursday, 24 November 2016

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Thursday, 10 November 2016

Cima F1 Exam Question No 57

Question No 57:

When the associate sells to the parent?

Reduce share of associate's profits
  • Reduce W5 retained earnings
  • Reduce inventory
The profit must be eliminated from the inventory because the inventory is in the books of the parent. The parent's inventory is consolidated so we must remove the profit from the inventory.

Thursday, 30 June 2016

Cima F1 Exam Question No 56

Question No 56:

Which one of the following could be said to be a progressive tax?

Property sales tax at 1% of the selling price of all properties sold.
Value added tax at a rate of 0%, 10% or 15% depending on the type of goods or services provided.
Corporate wealth tax at 2% of total net assets up to $10 million then at 0.5% on total net assets greater than $10 million.
Personal income tax at 10% on earnings up to $10,000, then at 15% from $10,001 up to $100,000 and 25% over $100,000

Answer: D