Which of the following statements about a not-for-profit entity is valid?
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1 .The International Public Sector Accounting Standards Board regulates public sector entities and is developing a set of accounting standards which closely mirror IFRS.Which of these is the main concept which needs to be introduced into public sector accounting?
A Materiality B Accruals C Relevance D Faithful representation
2 .Public sector entities have performance measures laid down by government, based on Key Performance Indicators. Which of the following are likely to be financial KPIs for a local council?(i) Rent receipts outstanding(ii) Interest paid(iii) Interest received(iv) Interest cover(v) Dividend cover(vi) Financial actuals against budget(vii) Return on capital employed
A (i),(ii),(iii),(iv),(vi) B (i),(ii),(vi),(vii) C (ii),(iii),(iv),(v) D All of them
3 .Which one of the following is NOT true of entities in the charity sector?
A Their objective is to provide services to recipients and not to make a profit. B They have to be registered. C Their revenues arise mainly from contributions rather than sales. D They have only a narrow group of stakeholders to consider.
4 .Which one of the following is the main aspect in which public sector bodies differ from charities?
A Importance of budgeting B Funded by government C Performance measured by KPIs D No requirement to earn a return on assets
5 .Although the objectives and purposes of not-for-profit entities are different from those of commercial entities, the accounting requirements of not-for-profit entities are moving closer to those entities to which IFRSs apply.Which of the following IFRS requirements would NOT be relevant to a not-for-profit entity?
A Preparation of a statement of cash flows B Requirement to capitalise a leased asset C Disclosure of dividends per share D Disclosure of non-adjusting events after the reporting date
7 .Which TWO of the following statements are true about inheritance tax?(1) It is an indirect tax.(2) It is a progressive tax.(3) It is an environmental tax.(4) It is a redistributive tax.
A 1 and 3 B 1 and 4 C 2 and 3 D 2 and 4
8 .Which TWO of the following have legal force?(1) Revenue and Customs Brief(2) A Statutory Instrument(3) An Act of Parliament(4) An Extra Statutory Concession
A 1 and 2 B 2 and 3 C 1 and 3 D 2 and 4
9 .F plc wishes to appeal against the assessment of ￡10,000,000 of corporation tax by HM Revenue and Customs.By whom is F plc’s appeal most likely to be heard?
A By the First Tier Tribunal B By the Upper Tribunal C By the Supreme Court D By the Court of Appeal
10 .Daren made a chargeable gain of ￡50,000 on 30 June 2016. This was Daren’s only disposal in the tax year 2016/17. He had previously paid his income tax through deduction at source so has not had to submit a self-assessment tax return.By what date must Daren notify HM Revenue and Customs (HMRC) of his chargeability to capital gains tax in relation to the gain made on 30 June 2016 and by what date must he pay the capital gains tax liability? Notification Payment
A 31 January 2018 31 January 2018 B 5 October 2017 31 January 2018 C 5 October 2017 31 July 2018 D 31 January 2018 31 July 2018
