1. Company Y is a large supermarket chain and has gross revenues of CU1,000. During the period there are returns of CU50, and CU20 of the revenues that are identified as arising from sundry activities not associated with food retail. What amount will be disclosed as revenue on the Statement of profit or loss?

A) CU1,000

B) CU980

C) CU950

D) CU930

Which of the following statements is/are correct?

1. It is mandatory that key performance indicators (KPIs) comply with accounting standards

2. A mission statement describes the fundamental purpose of a business

A) Neither statement is correct

B) Only statement 1 is correct

C) Only statement 2 is correct

D) Both statements are correct

Which of the following statements is/are correct?

1. All companies in Saudi Arabia apply full IFRS

2. IFRS is an example of GAAP

A)Only statement 1 is correct

B) Only statement 2 is correct

C) Both statements are correct

D) Neither statements are correct

Which of the following elements of an annual report for a large listed company are subject to an audit?

1. Financial statements

2. Vision statement

3. Corporate governance report

A) 1 only

B) 2 only

C) 3 only

D) 1, 2 and 3

Under the IFRS where will interest paid be disclosed in the Statement of cash flows?

A) CFI (Investing)

B) CFF (Financing)

C) CFO (Operating) or CFI (investing)

D) CFO (Operating) or CFF (Financing)