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CIMA F1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Financial Statement Analysis | - Performance analysis
|
| Accounting Standards Application | - Basic application of IFRS standards
|
| Financial Reporting Fundamentals | - Regulatory Framework
|
CIMA Financial Reporting Sample Questions:
LM received notification on 10 November 20X4 from one of its customers stating they had ceased trading as they had gone into liquidation. The balance outstanding at 31 October 20X4 was $150,000.
In accordance with IAS 10 Events after the Reporting Date this event will be treated as:
Correct Answer:
Country X charges corporate income tax at the rate of 20% on all income irrespective of whether it is paid out as a dividend. Country Y charges corporate income tax at the rate of 25% on all income.
An entity, AA, which is resident in Country X pays a dividend of $100,000 to another entity, BB, which is resident in Country Y.
Countries X and Y have a double taxation treaty which adopts the exemption method in respect of this type of transaction.
What is BB's liability to tax in Country Y in respect of the dividend income received?
- A. Tax will be payable at 25% less a credit given for the 20% already paid by AA in Country X.
- B. Tax will be payable at 25%.
- C. Tax will be payable at 20%.
- D. No tax will be payable.
Correct Answer: D 🗳️
Which of the following would be the most immediate impact of overtrading?
- A. An inability to pay dividends to shareholders.
- B. An inability to pay trade payables.
- C. A shortage of inventory
- D. Having to offer bulk discounts to customers.
Correct Answer: B 🗳️
The following information is extracted from the statement of financial position for ZZ at 31 March 20X3:
Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1.
Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale.
The revaluation reserve relates to the revaluation of ZZ's property.
The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million.
The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million.
ZZ is preparing its statement of cash flows for the year ended 31 March 20X3.
What cash outflow figure should be included within cash flows from investing activities for the purchase of property, plant and equipment?
- A. $210 million
- B. $85 million
- C. $185 million
- D. $110 million
Correct Answer: B 🗳️
DE purchased an asset on 1 January 20X1 for $60,000 with a useful economic life of six years and a residual value of $3,000.
DE uses straight line depreciation for this asset.
On 31 December 20X3 the asset has a value in use of $ $28,000 and a fair value of $26,000.
Which of the following values should be used for the asset in DE's statement of financial position as at 31 December 20X3?
- A. $31,500
- B. $26,000
- C. $28,000
- D. $30,000
Correct Answer: C 🗳️
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