CPA Uganda Intermediate Practice Questions - ICPAU CPA(U) Intermediate Level Exam - CPA Uganda Intermediate Practice Questions

Question 1

Under IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), which of the following is NOT a required condition for recognizing a provision?

A present obligation (legal or constructive) exists as a result of a past event It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation A reliable estimate can be made of the amount of the obligation The obligation must be legally enforceable in a court of law

Correct Answer:

The obligation must be legally enforceable in a court of law

Question 2

Under IFRS 15 (Revenue from Contracts with Customers), when a performance obligation is satisfied over time, which of the following represents an acceptable method for measuring progress towards complete satisfaction?

The historical cost recovery method or the gross margin method Output methods (such as surveys of performance completed) or input methods (such as resources consumed or costs incurred) The cash collection method or the percentage of contract price billed method The fair value revaluation method or the net realizable value method

Correct Answer:

Output methods (such as surveys of performance completed) or input methods (such as resources consumed or costs incurred)

Question 3

A company purchased a manufacturing plant on 1 January 2023 for UGX 120,000,000. It was depreciated using the straight-line method over a 10-year useful life with zero residual value. On 1 January 2025, the company re-evaluated the asset and determined that its remaining useful life was 5 years (implying a total useful life of 7 years). How should this change be treated in the financial statements for the year ended 31 December 2025 under IAS 8?

As a change in accounting policy, requiring retrospective restatement of prior years' depreciation As a change in accounting estimate, resulting in a depreciation expense of UGX 19,200,000 for the year 2025 As a change in accounting estimate, resulting in a depreciation expense of UGX 24,000,000 for the year 2025 As a prior period error, requiring retrospective correction of the 2023 and 2024 financial statements

Correct Answer:

As a change in accounting estimate, resulting in a depreciation expense of UGX 19,200,000 for the year 2025

Question 4

On 1 January 2025, Mukono Ltd enters into a 4-year lease for machinery. The lease payments are UGX 30,000,000 payable annually in arrears. The interest rate implicit in the lease is 8% per annum. The present value factor of an ordinary annuity for 4 years at 8% is 3.3121. Mukono Ltd incurs UGX 2,000,000 of initial direct costs to negotiate and finalize the lease. Under IFRS 16, what are the initial carrying amounts of the Right-of-Use (ROU) asset and the lease liability recognized on 1 January 2025?

ROU Asset: UGX 99,363,000; Lease Liability: UGX 99,363,000 ROU Asset: UGX 101,363,000; Lease Liability: UGX 99,363,000 ROU Asset: UGX 101,363,000; Lease Liability: UGX 101,363,000 ROU Asset: UGX 122,000,000; Lease Liability: UGX 120,000,000

Correct Answer:

ROU Asset: UGX 101,363,000; Lease Liability: UGX 99,363,000

Question 5

Under IFRS 10 (Consolidated Financial Statements), which of the following is NOT one of the three cumulative elements of 'control' required for an investor to consolidate an investee?

Power over the investee Exposure, or rights, to variable returns from involvement with the investee The ability to use its power over the investee to affect the amount of the investor’s returns Holding more than 50% of the voting equity shares of the investee

Correct Answer:

Holding more than 50% of the voting equity shares of the investee

Question 1

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Prepare with the CPA Uganda Intermediate Practice Questions - ICPAU CPA(U) Intermediate Level Exam practice quiz. This question bank includes 100 questions covering company, cost, million, value, and year. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CPA Uganda Intermediate Practice Questions - ICPAU CPA(U) Intermediate Level Exam

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

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CPA Uganda Intermediate Practice Questions - ICPAU CPA(U) Intermediate Level Exam

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