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CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020

CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020

CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020 – CITN stands for Chattered Institute of Taxation. The importance of getting this past question is to enable you to be acquainted with the type of questions you must prepare for. So, here are some of those that have been asked years back to help you prepare.

CITN has the role to raise, maintain and regulate the standard of taxation practice amongst its members. It has also a duty to promote professional ethics and efficiency in tax administration and practice.

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CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020

Question and Answers:

This question requires you to prepare the statement of cash flows for the year ended October 31, 2019, using the indirect method.

The financial statements of Jackitup. Plc are provided as follows: Statement of profit or loss for the year ended October 31, 2019

CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020

Statement of financial position as at October 31

CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020

Additional information:
i. Operating expenses include a depreciation charge of N198 million and a loss on the sale of equipment of N12 million.

ii. Plant and equipment with a cost of N396 million and a carrying amount of N366 million were sold for N354 million.

iii. The loan notes are redeemed on their face values for cash.

iv. Ordinary shares are issued at a premium of N0.50 for cash.

v. Cash dividend of N330 million was paid during the year.

Required:
Prepare the statement of cash flows for the year ended October 31, 2019, for Jackitup Plc. using the indirect method.

CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020
CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020

CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020

EXAMINERS OBSERVATIONS:

The examiner made the following observations:

  • That the question tests the preparation of the statements of cash flows using the indirect method.
  • That Majority of the candidates attempted the question and their performance was below average.
  • The commonest pitfall was the candidates’ inability to correctly prepare statements of cash flows using indirect methods.
  • Candidates re advised to pay more attention to this area of the syllabus for better performance in future examinations of the Institute.

CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING

Here are some general information on financial reporting that may help you prepare for the exam. Financial reporting refers to the process of preparing and presenting financial statements that provide information about the financial performance and position of an organization. The key components of financial reporting include:

  1. Financial Statements: These are formal reports that summarize the financial activities and position of a business. The main financial statements include the income statement, balance sheet, cash flow statement, and statement of changes in equity.
  2. International Financial Reporting Standards (IFRS): These are a set of accounting standards developed by the International Accounting Standards Board (IASB) that provide guidelines for preparing financial statements. Understanding the principles and requirements of IFRS is essential for financial reporting. Check out for CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020.
  3. Generally Accepted Accounting Principles (GAAP): These are accounting standards and practices that are specific to a particular country or region. In Nigeria, the Financial Reporting Council (FRC) sets the Generally Accepted Accounting Principles.
  4. Accounting Policies: These are the specific methods and principles applied by an organization in preparing its financial statements. It includes decisions regarding recognition, measurement, presentation, and disclosure of various items in the financial statements.
  5. Notes to the Financial Statements: These provide additional information and explanations to support the understanding of the financial statements. They include details about accounting policies, contingencies, related party transactions, and other significant information.

CITN PTE I PAST QUESTION & ANSWERS ON FINANCIAL REPORTING APRIL 2020

When preparing for the CITN PTE I exam, it’s important to study the relevant textbooks, study guides, and materials provided by the CITN. Additionally, practicing with past exam papers and working through sample questions can help familiarize yourself with the exam format and improve your understanding of financial reporting concepts.

Please note that it’s always advisable to refer to the official CITN materials and consult with your instructors or study group for the most accurate and up-to-date information regarding the exam.

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