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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. An entity bought a capital item for $110,000 on 1 March 20X4 incurring legal fees at the date of purchase of
$2,500.
On 1 May 20X4 additional costs classified as capital expenditure by the tax rules of the country of $25,000 were incurred in respect of the asset. On 1 June 20X4 repairs not classified as capital expenditure were incurred at a cost of $15,000.
The asset was sold for $250,000 on 30 November 20X8 and costs to sell were incurred of $4,300.
Calculate the chargeable gain on the disposal.
Give your answer to the nearest $.

2. Extreme nepotism within Company E shows a failure to correctly observe which of the following principles of corporate governance?

A) Interests of other stakeholders
B) Integrity and ethical behaviour
C) Role and responsibilities of the board
D) Disclosure and transparency
E) Rights and equitable treatment of shareholders

3. Which of the following is a condition that has to be met for an entity to be exempt the requirement to prepare consolidated financial statements?

A) The parent entity's debt or equity instruments are not traded in a public market.
B) The parent entity's equity instruments are only traded in one country.
C) The parent's equity has a nominal value of less than $1 million.
D) The parent's net asset value is less than $1 million.

4. Which THREE of the following statements are true?

A) Tax depreciation increases the taxable profit.
B) Tax depreciation replaces accounting depreciation when calculating the taxable profit.
C) Balancing charges increase the taxable profit.
D) Balancing charges reduce the taxable profit.
E) Balancing allowances increase the taxable profit.
F) Balancing allowances reduce the taxable profit.

5. The following information relates to ABC.

Which of the following would be a reason for the movement in the trade receivable days?

A) One customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.
B) A system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.
C) A new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.
D) It was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.

Solutions: