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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Statements | 45% | - Statement preparation and IFRS application
|
| Topic 2: Managing Cash and Working Capital | 25% | - Cash and working capital management
|
| Topic 3: Principles of Taxation | 20% | - Taxation fundamentals
|
| Topic 4: Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
CIMA Financial Reporting Sample Questions:
1. XYZ operates in Country A where tax rules state that entertaining costs and donations to political parties are disallowable for tax purposes.
XYZ calculated both its accounting and taxable profits for the year ended 31 December 20X2 after deducting
$10,000 of entertaining costs.
It is considering what impact the ruling that "entertaining costs are disallowable for tax purposes" will have on its two profit figures.
Which of the following correctly states the impact of the ruling on the profits already calculated?
A) Both accounting and taxable profits will increase by $10,000.
B) Accounting profit will decrease by $10,000 and taxable profit will increase by $10,000.
C) Both accounting and taxable profits will decrease by $10,000.
D) Accounting profit will not be affected but taxable profit will increase by $10,000.
2. The accounting profit before tax of an entity was $243,200 for the year ended 31 July 20X4.
The accounting profit included disallowable income from government grants of $48,000 and disallowable expenditure of $25,600 on entertaining expenses.
The entity also paid a $40,000 dividend to shareholders. The tax rates for the country were as follows:
Calculate the tax the entity is due to pay for the year ending 31 July 20X4.
A) $57,546
B) $44,160
C) $47,840
D) $39,174
3. Identify whether the scenarios below are examples of tax evasion or tax avoidance, by placing either tax evasion of tax avoidance against each one.
4. Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:
YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April 20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the goodwill arising on the acquisition of BC.
Give your answer to the nearest whole $.
5. An asset has the following values:
If the asset was sold for its fair value, selling costs of $1,500 would be incurred.
Which of the following is the value of the impairment loss to be recognised for this asset in accordance with IAS 36 Impairment of Assets?
A) $300
B) $1,200
C) $0
D) $2,000
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: Only visible for members | Question # 4 Answer: Only visible for members | Question # 5 Answer: B |
