Exam Name: Financial Reporting
Certification Provider: CIMA
Corresponding Certification: CIMA Certification
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CIMA F1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Financial Reporting Fundamentals | - Financial Statements Preparation
|
| Accounting Standards Application | - Basic application of IFRS standards
|
| Financial Statement Analysis | - Interpretation of financial information
|
CIMA Financial Reporting Sample Questions:
The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:
1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September 20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
Calculate the profit attributable to the non-controlling interests disclosed in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.
Give your answer to the nearest whole $.
Correct Answer:
$8000
The following information is extracted from the trial balance of YY at 30 September 20X3.
i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.
ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.
iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.
Calculate the figure that should be included within non-current liabilities in YY's statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end?
Give your answer to the nearest $ million.
Correct Answer:
$230 million
Which of the following methods could be used by a tax authority to reduce tax evasion and avoidance?
- A. Simplify the tax structure, minimizing allowances and exemptions.
- B. Increase tax rates to compensate for losses due to evasion.
- C. Reduce requirements to have tax returns audited.
- D. Reduce penalties for avoidance.
Correct Answer: A 🗳️
A conservative policy for financing working capital is one where short-term finance is used to fund:
- A. Part of the fluctuating current assets, but no part of the permanent current assets.
- B. All of the fluctuating current assets, but no part of the permanent current assets.
- C. Part of the fluctuating current assets and part of the permanent current assets.
- D. All of the fluctuating current assets and part of the permanent current assets.
Correct Answer: A 🗳️
STU commenced trading on 1 January. Total sales for the month of January were $250,000. which were 75% on credit and 25% for cash. Sales are expected to increase by 10% a month Irrecoverable debts are estimated to be 5% of credit sales Of the credit sales expected to pay, 50% pay in the month following the sale and the remaining 50% the month after.
The cash expected to be received in February is:
- A. $162,500
- B. $151,563
- C. $156,250
- D. $157,813
Correct Answer: D 🗳️
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