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Question 1
A listed entity in South Africa acquires a 75% interest in Subsidiary B for R150 million cash. At acquisition date, Subsidiary B's identifiable net assets have a fair value of R160 million. NCI is measured using the proportionate share method under IFRS 3. What is the goodwill recognized in the consolidated financial statements?
Correct Answer:
R30 million
Question 2
A manufacturing company sells a specialized machine for R5 000 000 with a 2-year free maintenance service contract included. Standalone selling price of the machine is R4 800 000 and standalone selling price of the 2-year maintenance contract is R1 200 000. Under IFRS 15 Revenue from Contracts with Customers, how much revenue should be allocated to the machine performance obligation?
Correct Answer:
R4 000 000
Question 3
Under ISA 315 (Revised), what is the primary purpose of performing risk assessment procedures during audit planning?
Correct Answer:
To identify and assess the risks of material misstatement at the financial statement and assertion levels
Question 4
An auditor determines overall materiality for a listed retail company at R10 000 000 based on 5% of profit before tax. If performance materiality is set at 75% of overall materiality, what is performance materiality?
Correct Answer:
R7 500 000
Question 5
Under the SAICA Code of Professional Conduct, what fundamental principle is threatened when an audit partner accepts a expensive luxury holiday gift from a major audit client's CEO?
Correct Answer:
Self-interest threat and familiarity threat to Objectivity and Integrity
Question 1
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About this Exam

Prepare with the SAICA APC Practice Questions - SAICA Assessment of Professional Competence (APC) Exam practice quiz. This question bank includes 100 questions covering south, company, african, value, and audit. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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SAICA APC Practice Questions - SAICA Assessment of Professional Competence (APC) Exam

This practice set contains 100 questions from the matching question bank and focuses on south, company, african, value, and audit. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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