Thursday 19 May 2016

Cima F1 Exam Question No 52

Question No 52:

Country X is considering an excise duty of $1,000 per vehicle on all new motor vehicles sold.

(i) A progressive tax
(ii) An indirect tax
(iii) An ad valorem tax
(iv) A regressive tax
(v) A unit tax

Which TWO of the above would be regarded as a correct description of the $1,000 excise duty?

A.
(i) and (ii)
B.
(ii) and (v)
C.
(iii) and (iv)
D.
(iv) and (v)

Answer: B

Thursday 12 May 2016

Cima F1 Exam Question No 51

Question No 51:

ABC is registered for tax in Country X.
ABC purchases goods and services from suppliers, including VAT at standard rate and sells goods to customers, including VAT at standard rate.
The formal incidence of the VAT is on:

A.
ABC’s customers
B.
ABC’s suppliers
C.
ABC
D.
Country X’s tax authority

Answer: C

Thursday 5 May 2016

Cima F1 Exam Question No 50

Question No 50:

Which ONE of the following is NOT a fundamental principle of the CIMA Code of Ethics?

A.
Objectivity
B.
Integrity
C.
Confidentiality
D.
Responsibility

Answer: C