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Free F1 Financial Reporting Exam Braindumps (page: 4)

Page 3 of 49
PDF with 194 Questions

Company R use a defined benefit plan pension scheme. Employee UW has been working for Company R for 25 years. The defined benefit plan is 1.5% of the employee's annual salary during their time at the company,
for every year of employment.
Employee UW started on a £18,000 per annum salary. After 10 years of employment. Employee UW received a promotion and began earning £22,000. After another 3 years of employment. Employee UW got promoted to a wage of £35,000, and is still on this salary now. How much pension has Employee UW accumulated since working at Company R?

  1. £9,900
  2. £18,000
  3. £6,750
  4. £9,375

Answer(s): A



Which TWO of the following statements about accounting for associates are true?

  1. Intra associate transactions are not eliminated
  2. Unrealised profits are adjusted for
  3. Intra associate transactions are eliminated
  4. Unrealised profits are not adjusted for

Answer(s): A,B



Which THREE of the following statements about government grants are INCORRECT?

  1. A grant is recognised as revenue
  2. Grants must not be deducted from the related expenses in financial statements
  3. Capital grants relate to cash inflow and outflow
  4. A compensatory grant should be recognised in statements when it is received, not when the expenses it applies to occurred
  5. A grant is recognised only when there is reasonable assurance that the entity will comply with any conditions attached to the grant

Answer(s): A,B,C



Which of the following does the phrase 'events after the reporting period' refer to?

  1. Material events which occur between the statement of financial position date and the date on which the financial statements are approved
  2. Material events which occur after the release of the statement of financial position
  3. Material events which occur before the statement of financial position date
  4. Material events which occur between the income statement date and the statement of financial position date

Answer(s): A






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