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Tax Question Bank Part 2

The document outlines the structure and content of the Principles of Taxation module exam, which includes multiple-choice and scenario-based questions covering various taxation topics. It emphasizes the importance of professional skills and the need for candidates to demonstrate their understanding of the syllabus while managing time effectively during the exam. Additionally, it provides examples of ethics-related questions that may appear in the exam, referencing the ICAEW Code of Ethics.

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23 views3 pages

Tax Question Bank Part 2

The document outlines the structure and content of the Principles of Taxation module exam, which includes multiple-choice and scenario-based questions covering various taxation topics. It emphasizes the importance of professional skills and the need for candidates to demonstrate their understanding of the syllabus while managing time effectively during the exam. Additionally, it provides examples of ethics-related questions that may appear in the exam, referencing the ICAEW Code of Ethics.

Uploaded by

ngochuongotuon
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Contents

The following questions are exam-standard. Unless told otherwise, these questions are the style, content and format that you
can expect in your exam.

Title Question Answer

Ethics

2 Introduction to taxation

3 Introduction to income tax

4 Employment income

5 Trading profits

6 Capital allowances

7 Trading profits - basis of assessment

8 National insurance contributions

9 Capital gains tax- individuals

10 Corporation tax

11 Value added tax

12 Value added tax -further aspects

13 Administration of tax

1 4 Scenario-based questions: income tax

15 Scenario-based questions: corporation tax

Appendix: Mock Exam guidance notes


Exam

The Principles of Taxation module exam is 1 .5 hours long.


(a) 20% of the marks are allocated to two scenario-based questions. These will each cover a single syllabus area: income tax
a n d NIC, and corporation tax.
(b) The remaining 80% of the marks are from 40 multiple choice, multi-part multiple choice, multiple response o r numeric
entry questions. These questions will cover the remaining areas of the syllabus.
The objective test questions are of the following types:
■ Multiple-choice - select 1 from 4 o r 5 options A to D o r A to E(see Chapter 1 Q 1 )
• Multi-part multiple choice - two or more multiple-choice questions, each requiring selection from 2 or 3 options (see
Chapter 1 Q 2 )
• Multiple-response - select 2 o r more responses from 4 or more options (see Chapter 1 Q 3 )
• Numeric entry - enter a figure in a data entry field (see Chapter 3 Q1 )
In this Question Bank you will select only one option per question unless told otherwise.
O u r website has the latest information, guidance and exclusive resources to help you prepare for this exam. Find everything
you need, from exam webinars, sample exams, errata sheets and the syllabus to examiner- a n d tutor-written articles at
icaew.com/examresources if you are studying the A C A a n d icaew.com/cfabstudents if you are studying ICAEW CFAB.

Professional skills

Professional skills are essential to accountancy. They are e m b e d d e d throughout the ACA qualification, and reflected in this
Question Bank.
The level of competency required to pass each module exam will increase as you progress through the ACA qualification.
You will need to demonstrate each of the four professional skills within your answers. You can find the full ACA professional
skills developments grids at icaew.com/examresources.
Questions in the Principles of Taxation module vary significantly in content a n d style, as they testa broad syllabus i n both
narrative a n d discursive ways. You will b e required to apply your knowledge of the various taxes to different scenarios and
switch between taxes for each different question. Below are the key skills required in the Principles of Taxation exam that you
will need to master.

Professional skills focus: Assimilating and using information

The Principles of Taxation exam requires you to attempt 40 objective test questions and two scenario-based questions in 90
minutes. You must b e able to correctly identify which area of the syllabus is being tested and draw out the key facts from the
scenario to the correctly answer each question. Being disciplined, reading both the scenario and the requirement carefully
and keeping track of time will mean that you work effectively within time constraints which should offer you the best chance
of passing.

Each scenario will be different, so you need to practise a wide variety of questions in order to be able to identify and apply
relevant technical knowledge and skills to analyse a specific problem. You need to ensure that you can complete
computational objective test questions quickly and efficiently, so make sure you learn the relevant pro-forma computations,
for example for capital allowances and each of the taxable benefits.

You should get used to analysing your performance in the questions you attempt in order to ensure you understand why the
correct answer is indeed correct. This will help you to identify relevant information from the scenario the next time you
attempt questions from the same area so that you are prepared for the exam.

This skill is not examinable in the Principles of Taxation exam apart from communicating i n a format prescribed by the
examiner in the scenario-based questions. At this stage of your taxation studies you will not b e required to make
recommendations to taxpayers.
1 Ethics

1 Which of the following is not a fundamental principle of the ICAEW Code of Ethics?
A Professional behaviour
B Professional intellect
C Integrity
D Objectivity
E Confidentiality
LO1g

2 Professional accountants must b e straightforward and honest in all professional and business relationships.
Select which of the following options correctly identifies this fundamental principle of the ICAEW Code of Ethics.
A Professional behaviour
B Integrity
A professional accountant must comply with relevant laws and regulations and avoid any action that discredits the
profession.
Select which of the following options correctly identifies this fundamental principle of the ICAEW Code of Ethics.
C Professional behaviour
D Integrity
E Professional competence and due care
LO1g

3 Sandra, a chartered accountant, is completing the corporation tax computation for a client company. She realises that the
client company's sales director. Heather, is a close family friend. Heather asks Sandra whether she has seen any
information from the Financial Director about any planned bonuses.

Requirement
Which two of the fundamental principles of the ICAEW Code of Ethics may be under threat here?
A Objectivity
B Integrity
C Professional behaviour
D Confidentiality
LO1g

4 Richard, a chartered accountant who works as a sole trader, is aware that he must adhere to the fundamental principle of
confidentiality of the ICAEW Code of Ethics in respect of information h e acquires in the course of his work.
Requirement
Which of the following describes a situation where Richard does not have to keep such information confidential?
A When he suspects a client of money laundering
B When his firm n o longer acts for the client
C When his firm has not yet been engaged by a prospective client
D When talking to a close friend in a social environment
LO1g

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