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Which THREE of the following are identified in the Code as threats?
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 threatB . Self-interest threatsC . Self-review threatsD . Familiarity threatsE . Integrity...
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?
On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations. In the draft financial statements of OP for the year ended 31 October 20X1 this...
Which of the following is NOT a source of short-term finance?
Which of the following is NOT a source of short-term finance?A . Increase in trade receivablesB . Increase in trade payablesC . Debt factoringD . Increase in a bank overdraftView AnswerAnswer: A
What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?
CORRECT TEXT GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000. There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2....
Which of the following is a feature of a direct tax?
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...
Which of the following items should be left out of its calculations?
LM is preparing its cash forecast for the next three months. Which of the following items should be left out of its calculations?A . Tax payment due, that relates to last year's profits.B . Receipt of a new bank loan raised for the purpose of purchasing new machinery.C . Expected...
Which of the following is NOT a factor that should be considered by an entity when determining its functional currency?
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...
There are two main approaches that a country could adopt in respect of corporate governance regulation - a rules based approach and a principles based approach
DRAG DROP There are two main approaches that a country could adopt in respect of corporate governance regulation - a rules based approach and a principles based approach. Match the following statements with the appropriate approach by placing either rules based or principles based against each of them. View AnswerAnswer:...
What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?
CORRECT TEXT GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000. There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2....
