Question 3 0.5 pts In relation to integrated reporting, which statement is incorrect? There are eight content elements: performance, outlook, basis of presentation, organisational overview, governance, business model, risks and opportunities, strategy and resource allocation There are seven guiding principles: materiality, conciseness, reliability and completeness, consistency and comparability, connectivity of information, strategic focus and future orientation, and stakeholder relationships There are five framework: value creation, mission, vision, external environment and business model There are six capitals: financial, manufactured, intellectual, human, natural, social and relationship Question 8 0.5 pts On 18 June 2021, Jarvis Ltd sold a machinery to its subsidiary Gem Ltd for $200 000, this asset having a carrying amount at time of sale of $170 000. The machinery was regarded by Jarvis Ltd as a depreciable non-current asset, being depreciated at 20% p.a. on cost, whereas Gem Ltd recorded the machinery as inventory. The asset was sold by Gem Ltd before 30 June 2021. Tax rate is 30%. The worksheet entry for the year ended 30 June 2021 would include which of the following adjustments? Dr. Deferred tax assets 9 000, Cr. Machinery 30 000. Dr. Deferred tax assets 9 000, Cr. Inventories 30 000. o Cr. Cost of sales 30 000, Dr. Income tax expense 9 000. Dr. Gain on disposal of machinery 30 000, Cr. Inventories 30 000. Question 13 0.5 pts The court ordered that Zoo Limited to be wound up. At the liquidation process, the company had an piece of secured leasehold land which cost $70 000 and had accumulated amortisation of $24 000. Receiver realised the asset for $50 000. There was also an outstanding mortgage payable of $35 000 secured against the leasehold land. The liquidation journal entries are which of the following? Dr. Liquidator's cash $50 000 Dr. Mortgage payable $35 000 Cr. Leasehold land $46 000 Cr. Liquidation $39 000 O Dr. Leasehold land $46 000 Dr. Mortgage payable $35 000 Cr. Liquidator's cash $50 000 Cr. Liquidation $31 000 Dr. Mortgage payable $15 000 Dr. Liquidator's cash $35 000 Cr. Leasehold land $46 000 Cr. Liquidation $4 000 Dr. Liquidator's cash $15 000 Dr. Mortgage payable $35 000 Cr. Leasehold land $46 000 Cr. Liquidation $4 000 Question 18 0.5 pts Sulu Limited holds a 70% interest in Wesi Limited. On 1 July 2020 Wesi Limited sold a depreciable non-current asset to Sulu Limited at a profit before tax of $30 000. The remaining useful life of the asset at the date of sale was 5 years and the tax rate was 30%. The impact of the above on the NCI share of profit or loss for the year ended 30 June 2021 would be: debit $5 040 credit $5 040 debit $1 260 credit $1 260