Financial Reporting: F1 Exam
"Financial Reporting", also known as F1 exam, is a CIMA Certification. With the complete collection of questions and answers, PrepPDF has assembled to take you through 247 Q&As to your F1 Exam preparation. In the F1 exam resources, you will cover every field and category in CIMA Certification Certification helping to ready you for your successful CIMA Certification.
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- Exam Code: F1
- Exam Name: Financial Reporting
- Certification Provider: CIMA
- Corresponding Certification: CIMA Certification
- Updated: Sep 22, 2026
- No. of Questions: 247 Questions & Answers with Testing Engine
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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| The Regulatory Environment of Financial Reporting | 10% | - Conceptual framework and regulatory bodies - IFRS Foundation and IASB structure - Principles vs rules-based regulation - Ethics in financial reporting |
| Financial Statements | 45% | - Interpretation and analysis of financial statements - Basic consolidated financial statements - Application of IFRS standards
|
| Managing Cash and Working Capital | 25% | - Management of receivables, inventory and payables - Cash management and forecasting - Working capital cycle and objectives - Short-term financing options |
| Principles of Taxation | 20% | - Deferred tax concepts - Indirect taxes overview - Tax system and types of taxes - Current tax calculation |
CIMA Financial Reporting Sample Questions:
In most developed countries employers deduct the tax from employees' pay each month and then pay the tax to the tax authorities on behalf of the employee on a monthly basis.
Which THREE of the following are advantages of this system to the employee?
- A. The payment of tax is easier as the tax is deducted before the net salary is paid to the employee.
- B. The responsibility for the tax calculations rests with the employer and therefore there is less chance of mistakes being made.
- C. The tax is collected earlier than systems that assess earnings at the end of the year.
- D. Most of the administration costs are borne by the employees.
- E. There is less chance of interest and penalties being levied on the employee by the tax authorities.
Correct Answer: A,B,E 🗳️
At 31 December 20X4 the directors of MNO decide to revalue its property. Before revaluation adjustments the balances relating to property are as follows:
The property has been revalued at $1,600,000.
How much will be included within MNO's statement of financial position at 31 December 20X4 for revaluation surplus?
- A. $810,000
- B. $400,000
- C. $1,190,000
- D. $1,600,000
Correct Answer: A 🗳️
An asset cost $250,000 on 1 January 20X1 and on that date was assessed to have a residual value of $40,000 and a useful economic life of six years. On 1 January 20X4 management assessed that the remaining useful economic life of the asset was five years and that the asset had a residual value of nil.
What is the depreciation charge for this asset in the year ended 31 December 20X4?
Give your answer to the nearest whole number.
Correct Answer:
$29000
BCD owns an item of plant which cost $20,000 and at the time of purchase was assessed to have a useful economic life of 8 years and a residual value of $2,000.
The carrying amount of the plant at 1 January 20X8 is $11,000. On that date BCD's directors estimate that the plant's remaining useful life is now 6 years.
The residual value remains unchanged at $2,000.
What is the depreciation charge for this plant for the year ended 31 December 20X8?
Give your answer to the nearest $.
Correct Answer:
$1,688
Which of the following is NOT a reason why financial reporting information needs to be regulated?
- A. So that a bank can assess the amount of finance it is prepared to lend to a company.
- B. So that shareholders of a quoted company can make informed decisions about their investments
- C. So that the managers of a company can make decisions about its operations.
- D. So that potential investors can compare the financial information of different companies.
Correct Answer: C 🗳️
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