A man shows his friend a woman sitting in a park and says that she the daughter of my grandmother s only son. What is the relation between the two.
Option 1 Daughter
Option 2 Mother
Option 3 Grandfather
Option 4 Grandmother
What effect does a framework have on an accountant’s need to exercise professional judgement?
Option 1 Reduces the scope for professional judgement.
Option 2 Increases the scope for professional judgement.
Option 3 Eliminates the scope for professional judgement.
Option 4 Has no impact on the scope for professional judgement.
The following are all forms in which smuggling occurs; Outright avoidance of official customs controls across the border, Under declaration&comma& Short landing transit of goods&comma& Misclassification&comma& Misdeclaration
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
Which of the following statements about a departure from IFRS is correct?
Option 1 Departure is never permitted.
Option 2 Departure is permitted when the financial statement would be unfairly presented because of compliance with IFRS.
Option 3 Departure is permitted when management and the external auditor agree on the departure.
Option 4 Departure is permitted when the disclosure of the adopted accounting policy is detailed in the notes.
Which of the following is not an objective of The Conceptual Framework?
Option 1 Addresses the common needs of users of financial reports.
Option 2 Enables consistency of qualitative characteristics in financial reports.
Option 3 Enables implementation of one universal set of accounting standards.
Option 4 Provides guidance for transactions not addressed in existing accounting standards.
Uganda Revenue Authority is comprised of seven departments.
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
The average between a two digit number and the number obtained by interchanging the digits is 9. What is the difference between the two digits of the number?
Option 1 8
Option 2 2
Option 3 5
Option 4 Cannot be determined
If x/y=4 and y is not 0 what % of x is 2x-y?
Option 1 150%
Option 2 175%
Option 3 200%
Option 4 250%
The price of commodity X increases by 40 paise every year, while the price of commodity Yincreases by 15 paise every year. If in 2001&comma& the price of commodity X was Rs. 4.20 and that ofY was Rs. 6.30&comma& in which year commodity X will cost 40 paise more than the commodity Y ?
Option 1 2010
Option 2 2011
Option 3 2012
Option 4 2013
The simple interest on a certain sum of money for 3 years is 225 and the compound interest on the same sum at the same rate for 2 years is 153 then the principal invested is
Option 1 1500
Option 2 2250
Option 3 3000
Option 4 1875
The product of two numbers is 120 and the sum of their squares is 289. The sum of the number is:
Option 1 20
Option 2 23
Option 3 169
Option 4 None of these
All motor vehicles imported in Uganda are licensed by URA
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
Which of the following statements about the application of IFRS in accordance with The Conceptual Framework is the most correct?
Option 1 Entities that are not expected to continue in the foreseeable future are to prepare their accounts on the net realizable value assumption.
Option 2 Entities may change the valuation and measurement of assets provided they disclose the change and its effects in the financial report.
Option 3 Entities within the scope of the Corporations Act can choose to apply Australian or International accounting standards when preparing their financial reports.
Option 4 Entities may prepare financial statements on a cash flow basis provided that they meet the characteristics of comparability, understandability&comma& timeliness and verifiability.
The URA vision is to provide excellent revenue services with purpose and passion;
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
Which of the following is not a role of The Conceptual Framework (The Framework)?
Option 1 It is the foundation that standard-setters use when developing accounting standards
Option 2 It is the foundation that standard-setters use when developing accounting standards
Option 3 It enables consistency when the existing accounting standards do not provide guidance on a particular issue.
Option 4 It is an alternative to the detailed accounting standards as it is much easier to understand by users of financial statements.
Which of the following statements about the primary purpose of financial reporting is the most correct?
Option 1 Provides information that can help with decision making.
Option 2 The individual needs of users can be satisfied by tailoring of financial reports.
Option 3 Enables accountability since managers would have to account for resources used.
Option 4 Identifies a range of existing and potential users dependant on financial statements to make decisions.
A certain number of men can finish a piece of work in 10 days. If however there were 10 men less it will take 10 days more for the work to be finished. How many men were there originally?
Option 1 110 men
Option 2 130 men
Option 3 100 men
Option 4 None of these
A coffee shop blends 2 kinds of coffee,putting in 2 parts of a 33p. a gm. grade to 1 part of a 24p. a gm. If the mixture is changed to 1 part of the 33p. a gm. to 2 parts of the less expensive grade&comma& how much will the shop save in blending 100 gms?
Option 1 Rs.90
Option 2 Rs.1.00
Option 3 Rs.3.00
Option 4 Rs.8.00
Which of the following would not be an example of a user who may rely on general purpose financial reports?
Option 1 Henry who is given $5 000 on his 18th birthday by his grandfather to invest in the share market.
Option 2 Singh who manufactures sugar free muesli bars hopes to secure long term sales contracts with school canteens all over the county.
Option 3 Milly who runs a successful organic food café is keen to expand into the food truck industry by obtaining finance via crowd-funding.
Option 4 Van who owns a fishing and camping store is keen to expand his product range by approaching his suppliers to ask about increasing his credit limit.
A company contracts to paint 3 houses. Mr.Brown can paint a house in 6 days while Mr.Black would take 8 days and Mr.Blue 12 days. After 8 days Mr.Brown goes on vacation and Mr. Black begins to work for a period of 6 days. How many days will it take Mr.Blue to complete the contract?
Option 1 7
Option 2 8
Option 3 11
Option 4 12
2 hours after a freight train leaves Delhi a passenger train leaves the same station travelling in the same direction at an average speed of 16 km/hr. After travelling 4 hrs the passenger train overtakes the freight train. The average speed of the freight train was?
Option 1 40
Option 2 30
Option 3 80
Option 4 60
Motor vehicles above the age of 9 years exempted from environmental levy
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
An error 2% in excess is made while measuring the side of a square. The percentage of error in the calculated area of the square is:
Option 1 2%
Option 2 2.02%
Option 3 4%
Option 4 4.04%
A bonded warehouse refers to any warehouse licensed by the Commissioner General for the deposit of dutiable goods on which import duty has been paid and which have been entered to be warehoused.
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
There are two examinations rooms A and B. If 10 students are sent from A to B, then the number of students in each room is the same. If 20 candidates are sent from B to A&comma& then the number of students in A is double the number of students in B. The number of students in room A is:
Option 1 20
Option 2 80
Option 3 100
Option 4 200
A shopkeeper sold a T.V set for Rs. 17,940 with a discount of 8% and earned a profit of 19.6%. What would have been the percentage of profit earned if no discount was offered?
Option 1 24.8%
Option 2 25%
Option 3 26.4%
Option 4 None of these
The price of commodity X increases by 40 paise every year, while the price of commodity Y increases by 15 paise every year. If in 2001&comma& the price of commodity X was Rs. 4.20 and that of was Rs. 6.30&comma& in which year commodity X will cost 40 paise more than the commodity Y ?
Option 1 2010
Option 2 2011
Option 3 2012
Option 4 2013
Who are the shareholders of UEDCL 1. Ministry of Energy and Mineral Development 2. Ministry of Trade 3. Ministry of finance Planning and Economic Development 4. Ministry of Education
Option 1 1 and 3
Option 2 1 and 2
Option 3 2 and 3
Option 4 1 only
A cow is tethered in the middle of a field with a 14 feet long rope. If the cow grazes 100 sq. ft. per day, then approximately what time will be taken by the cow to graze the whole field?
Option 1 2 days
Option 2 6 days
Option 3 18 days
Option 4 24 days
A goods train runs at the speed of 72 kmph and crosses a 250 m long platform in 26 seconds. What is the length of the goods train?
Option 1 230 m
Option 2 240 m
Option 3 260 m
Option 4 270 m
Consignee is to importer while ……… is to exporter.
Option 1 Consolidator
Option 2 Exporter
Option 3 Consignor
Option 4 Shipper
There are two examinations rooms A and B. If 10 students are sent from A to B, then the number of students in each room is the same. If 20 candidates are sent from B to A&comma& then the number of students in A is double the number of students in B. The number of students in room A is:
Option 1 20
Option 2 80
Option 3 100
Option 4 200
The average weight of 8 person’s increases by 2.5 kg when a new person comes in place of one of them weighing 65 kg. What might be the weight of the new person?
Option 1 76 kg
Option 2 85 kg
Option 3 Data inadequate
Option 4 None of these
Which country hosted the 4th Authorized Economic Operator global conference?
Option 1 Japan
Option 2 Uganda
Option 3 Belgium
Option 4 Mexico
Which of the following statements about enhancing qualitative characteristics of financial statements is not correct?
Option 1 Fair values of assets that cannot be verified in an active market should not be disclosed in the financial statements.
Option 2 The financial statements of similar entities adopting different asset measurement bases can be adequately compared.
Option 3 The value of invoices not yet received from suppliers for services should be estimated at financial year end for reporting purposes.
Option 4 Financial statements should be presented with the assumption that a reasonable and informed third person will know how to analyse financial information.
Dinesh travelled 1200 km by air which formed 2/5 of his trip. One third of the whole trip, he travelled by car and the rest of the journey he travelled by train. What was the distance travelled by train?
Option 1 600km
Option 2 700km
Option 3 800km
Option 4 900km
A bonded warehouse refers to any warehouse licensed by the Commissioner General for the deposit of dutiable goods on which import duty has been paid and which have been entered to be warehoused.
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
15 men take 21 days of 8 hrs. each to do a piece of work. How many days of 6 hrs. each would it take for 21 women if 3 women do as much work as 2 men?
Option 1 30
Option 2 20
Option 3 19
Option 4 29
The sum of the present ages of a father and his son is 60 years. Six years ago, father’s age was five times the age of the son. After 6 years&comma& son’s age will be:
Option 1 12 years
Option 2 14 years
Option 3 18 years
Option 4 20 years
The accountant of Scrub and Shine Ltd identified an aggregate charge of $500 000 (comprising 126 various supplier invoices) of advertising expense for a new microfibre cloth within the entity’s financial records. Should the accountant present this item separately in the financial statements?
Option 1 Yes, the aggregate value of this advertising expenditure is material.
Option 2 Yes, details of all transactions should be disclosed to assist users make fully informed decisions.
Option 3 Possibly. This would depend on the size and nature of the advertising expenditure relative to other items disclosed in the financial report.
Option 4 No, the individual values of the invoices comprising this amount are immaterial. The disclosure requirements do not apply to immaterial items.
Which of the following are not enhancing qualitative characteristics of useful financial information as identified in The Conceptual Framework? Item I Predictive. Item II Influencing. Item III Comparable. Item IV Relevance.
Option 1 I, II and III only
Option 2 I, II and IV only
Option 3 I, III and IV only
Option 4 II, III and IV only
Import duty applicable at 0% on road Tractors for Semi-Trailers for one year
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
The petrol tank of an automobile can hold g liters. If a liters was removed when the tank was full, what part of the full tank was removed?
Option 1 g-a
Option 2 g/a
Option 3 (g-a)/a
Option 4 (g-a)/g
A train which travels at a uniform speed due to some mechanical fault after traveling for an hour goes at 3/5th of the original speed and reaches the destination 2 hrs late. If the fault had occurred after traveling another 50 miles, the train would have reached 40 min earlier. What is distance between the two stations
Option 1 300
Option 2 310
Option 3 320
Option 4 305
Let N be the greatest number that will divide 1305, 4665 and 6905&comma& leaving the same remainder in each case. Then sum of the digits in N is:
Option 1 4
Option 2 5
Option 3 6
Option 4 8
The following trade documents may be required when examining an air import declaration made to customs except;
Option 1 Bill of lading
Option 2 Packing list
Option 3 Commercial invoice
Option 4 Passport
An observer 1.6 m tall is 203 away from a tower. The angle of elevation from his eye to the top of the tower is 30º. The heights of the tower is:
Option 1 21.6 m
Option 2 23.2 m
Option 3 24.72 m
Option 4 None of these
Overseas costs such as labour and package are included during computation of customs value.
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
All customs transactions in the East African region are guided by the African Union protocol
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
The URA mandate is to assess, collect and account for central government tax revenue and to provide advice to government on matters of policy relating to all revenue sources.
Option 1 True
Option 2 False
Option 3 N/A
Option 4 N/A
x% of y is y% of ?
Option 1 x/y
Option 2 2y
Option 3 x
Option 4 Can’t be determined
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