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COAFA3-11 Assessments (2025)

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A company's financial statements for the year to 31 March 2023 show a pre-tax profit of R2 430 000. This is after charging depreciation of R288 000. Wear and tear for the year for tax purposes is R135 000. Assuming that the rate of tax paid by the company is 28%, the required transfer to or from the company's deferred tax account is:

(2 Marks)

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Deferred tax should be accounted for in relation to certain differences between taxable profit and accounting profit. The differences that require an entity to account for deferred tax are:

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Borrowing costs that are directly attributable to the acquisition of a qualifying asset must be capitalised as part of the cost of that asset. True or false?

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On 31 December 2020, a company acquires land for R750 000. The land is revalued at R795 000 on 31 December 2021 and R690 000 on 31 December 2022.

The company prepares financial statements to 31 December each year and uses the revaluation model in relation to land.

The correct accounting treatment of each revaluation in the statement of comprehensive income is as follows:

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A company pays R400 000 to replace a major component of a factory machine. The faulty component that is replaced is sold for R20 000. The carrying amount of the machine just before this replacement occurs is R4 500 000, of which R100 000 relates to the faulty component that is being replaced. The revised carrying amount of the machine after the replacement occurs and the profit or loss on disposal of the faulty component are:
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Which of the following items qualifies as property, plant and equipment?
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A lessee should initially recognise a right-of-use asset at cost. This cost figure includes:

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IFRS16 requires that the interest on a lease liability is calculated in such a way so as to produce an equal amount of interest for each year of the lease. 

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The tax base of an asset is defined by international standard IAS12 as the amount which is attributable to that asset for tax purposes. If the tax base of an asset is less than its carrying amount, this is evidence of:

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On 1 January 2021, a company which prepares financial statements to 31 December each year buys an item of equipment for R500 000. Useful life is estimated to be 6 years, and residual value is expected to be approximately R37 500. The company uses the diminishing balance method of depreciation at a rate of 35% per annum. To the nearest rand, the depreciation of this item for the year to 31 December 2022 would be:

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