The following information is extracted from QQ's statement of financial position at 31 March:

Included in other payables is interest payable of $80,000 at 31 March 20X2 and $73,000 at 31 March 20X1.
The following information if included within QQ's statement of profit or loss for the year ended 31 March 20X2.
Included within finance cost is $124,000 which relates to interest paid on a finance lease. QQ includes finance lease interest within financing activities on its statement of cash flows.
QQ is preparing its statement of cash flows for the year ended 31 March 20X2.
What cash outflow figure should be included for corporate income tax paid within the cash flow from operating activities section of the statement?
Give your answer to the nearest $000.

$753

Why are excise duties an attractive method of raising tax for governments?
Select TWO that apply.

• A. Popular form of tax for the tax payer as it can be reclaimed.
• B. Encourages consumption of products such as alcohol.
• C. High yields from the tax.
• D. Ensures that the tax levied on all taxpayers is the same irrespective of their spending habits.
• E. Low cost of collection compared to other forms of taxation.

An entity acquires 100% of the equity shares in another entity.
The consideration paid for the shares is less than the fair value of the net assets acquired.
Which of the following is the correct accounting treatment for the difference between the consideration paid and the fair value of the net assets acquired, in accordance with IFRS 3 Business Combinations?

• A. Recognise as a gain in the consolidated statement of profit or loss.
• B. Recognise as a deduction from goodwill in the consolidated statement of financial position.
• C. Recognise as a deferred credit and release to consolidated profit or loss over its useful economic life.
• D. Recognise as a gain in the statement of changes in equity.

Which of the following is NOT a responsibility of the International Accounting Standards Board?

• A. Fundraising for the international accounting standards committee foundation.
• B. Withdrawal of international accounting reporting standards.
• C. Final approval of interpretations by the international financial reporting interpretations committee.
• D. Preparation of international financial reporting standards.

EF is a large manufacturing entity with several of its manufacturing sites in different locations. Currently all of the sites have a local procurement department. EF's board are looking to implement a centralized purchasing system.
Match the tokens according to whether you believe each statement is either an advantage or disadvantage of implementing a centralized purchasing system for EF.