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Which of the following is a characteristic of a defined contribution post-employment benefit scheme?
Which of the following is a characteristic of a defined contribution post-employment benefit scheme?A . The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.B . The employer would make additional contributions into the scheme if the actuary predicted a shortfall...
Which of the following is NOT a type of supply for value added tax (VAT)?
Which of the following is NOT a type of supply for value added tax (VAT)?A . FixedB . Standard-ratedC . ExemptD . Zero-ratedView AnswerAnswer: A
Whilst undertaking an external audit, the auditor has identified that there is insufficient evidence to support the financial statements
HOTSPOT Whilst undertaking an external audit, the auditor has identified that there is insufficient evidence to support the financial statements. As a result the auditors consider these financial statements to be wholly unreliable for decision making purposes. This will result in a modified audit report with the opinion being. View...
What is the stock holding period on the basis of 365 days in a year?
CORRECT TEXT An entity has a working capital cycle of 120 days which has been calculated in part from the following data: What is the stock holding period on the basis of 365 days in a year? Give your answer to the nearest whole day.View AnswerAnswer: 101 days
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 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 is not a possible tax rate structure?
Which of the following is not a possible tax rate structure?A . ProgressiveB . ProportionalC . DirectD . RegressiveView AnswerAnswer: C
What type of tax is this duty?
Country X levies a duty on alcoholic drinks. Where the alcohol content is above 40% by volume the duty levied is $5 per 1 litre bottle. What type of tax is this duty?A . Specific unit taxB . Ad valorem taxC . Direct taxD . Single-stage sales taxView AnswerAnswer: A
CORRECT TEXT
CORRECT TEXT 030d49a3-3c4c-45ad-9aee-710302f219f1: Entities normally pay taxation on their worldwide income in the country in which they are deemed to be resident. Residency is determined by theView AnswerAnswer: A
A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On 1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements.
A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On 1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements. The accounting entries to record the...
