At 31 December 20X4 the directors of MNO decide to revalue its property. Before revaluation adjustments the balances relating to property are as follows:
The property has been revalued at $1,600,000.
How much will be included within MNO's statement of financial position at 31 December 20X4 for revaluation surplus?
Which of the following is NOT a principle in the CIMA Code of Ethics for Professional Accountants?
Country Q has the following rules in respect of capital tax on the disposal of assets:
*Capital gains are subject to tax at 25%.
*Capital losses can only be carried forward and offset against future capital gains.
The following data relates to ABC:
How much capital tax will be payable on the capital gain recorded in 20X3?
Give your answer to the nearest $.
On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?
TESTED 04 May 2024
