CIMA Exam CIMAPRA19-F01-1 Topic 6 Question 37 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam

Question #: 37
Topic #: 6

In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.

The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

A20X1 $10,000, 20X2 $113,000

B20X1 $143,000, 20X2 $ nil

C20X1 $150,000, 20X2 $133,000

D20X1 $150,000, 20X2 $nil

Show Suggested Answer

Suggested Answer: B

by Carey at May 08, 2022, 03:57 PM

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