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CIMA Updated F1 Exam Questions and Answers by angus

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CIMA F1 Exam Overview :

Exam Name: Financial Reporting
Exam Code: F1 Dumps
Vendor: CIMA Certification: CIMA Operational
Questions: 248 Q&A's Shared By: angus
Question 40

Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?

Options:

A.

Whether the entity has kept proper accounting records.

B.

Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.

C.

Whether all the information and explanations necessary for the purposes of the audit have been received.

D.

Whether every transaction that underpins the financial statements has been correctly recorded.

E.

Whether the entity has been exposed to any fraud.

Discussion
Question 41

Which of the following is NOT a source of short-term finance?

Options:

A.

Increase in trade receivables

B.

Increase in trade payables

C.

Debt factoring

D.

Increase in a bank overdraft

Discussion
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Question 42

For an incorporated business, the taxation of trading income is a form of direct taxation which is based on:

Options:

A.

business profits where the tax is paid by the shareholders to the tax authorities.

B.

dividends paid to shareholders where the tax is paid by the business to the tax authorities.

C.

dividends paid to shareholders where the tax is paid by the shareholders to the tax authorities.

D.

business profits where the tax is paid by the business to the tax authorities.

Discussion
Question 43

Which of the following would NOT be a source of taxation rules for a country?

Options:

A.

Double tax treaties

B.

Directives from international bodies

C.

International accounting standards

D.

Precedents based on previous legislation

Discussion
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