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What is the depreciation charge for this asset in the year ended 31 December 20X4?
CORRECT TEXT An asset cost $250,000 on 1 January 20X1 and on that date was assessed to have a residual value of $40,000 and a useful economic life of six years. On 1 January 20X4 management assessed that the remaining useful economic life of the asset was five years and...
CORRECT TEXT
CORRECT TEXT The following information relates to a single asset: * Original cost of $186,000 * Estimated residual value of $6,000 * Expected useful life of 10 years * Accumulated depreciation at 31 December 20X5 of $66,960 * Annual depreciation rate of 20% on a reducing balance basis Calculate the...
What does the exemption method of giving double taxation relief mean?
What does the exemption method of giving double taxation relief mean?A . The countries agree that all types of income will be exempt or partially exempt in one country or the other.B . The countries agree on certain types of income which will be exempt or partially exempt in one...
What is the correct classification of a 90-day government bond?
HOTSPOT What is the correct classification of a 90-day government bond? 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....
Which of the following is included within the fundamental characteristics?
The International Accounting Standards Board's "The Conceptual Framework for Financial Reporting" identifies fundamental and enhancing qualitative characteristics of financial statements. Which of the following is included within the fundamental characteristics?A . ComparabilityB . VerifiabilityC . UnderstandabilityD . MaterialityView AnswerAnswer: D
From the list below identify the item that appears in the statement of financial position.
From the list below identify the item that appears in the statement of financial position.A . The amount of interest charged on loans during the year.B . The amount of loans outstanding at the year end.C . The amount of loans repaid during the year.D . The amount of interest...
Calculate the figure that should be included within non-current liabilities in YY's statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end?
CORRECT TEXT The following information is extracted from the trial balance of YY at 30 September 20X3. i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3. ii. The cost of closing inventory is $28...
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?
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?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...
