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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
| Topic 2: Principles of Taxation | 20% | - Taxation fundamentals
|
| Topic 3: Managing Cash and Working Capital | 25% | - Cash and working capital management
|
| Topic 4: Financial Statements | 45% | - Statement preparation and IFRS application
|
CIMA Financial Reporting Sample Questions:
Which THREE of the following matters should an entity consider when determining the credit terms granted to a customer?
- A. Typical credit terms operating within the industry
- B. Number of suppliers
- C. Discount offered by suppliers for early payment
- D. Selling price of the goods being sold to the customer
- E. Risk of non-payment
- F. Bargaining power of the customer
Correct Answer: A,E,F 🗳️
Which THREE of the following statements are NOT true of the IFRS Foundation trustees?
- A. Responsible for appointing members of the IA5B
- B. Responsible of appointing members of the IFRS interpretations committee
- C. Are mainly from Europe and the USA
- D. Receive funding by donations from the general public
- E. Are involved in the technical matters relating to accounting standards
Correct Answer: C,D,E 🗳️
Mr K is being pressured by his manager to change figures in his report so that it will improve his manager's bonus.
His manager has promised Mr K a promotion if he agrees to do this.
What threats is Mr K facing?
- A. Intimidation and self-interest
- B. Self-review and advocacy
- C. Familiarity and self-interest
- D. Intimidation and familiarity
Correct Answer: A 🗳️
An entity purchased an asset on 1 April 20X4 for $320,000, exclusive of import duties of $32,000.
The entity sold the asset on 31 March 20X9 for $480,000 incurring legal fees of $12,000.
The entity is resident in Country Y where chargeable capital gains are taxed at 20% and no indexation is allowed.
Calculate the amount of capital tax that the entity is due to pay.
Give your answer to the nearest whole $.
Correct Answer:
$23200
The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?
- A. The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000. - B. A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
- C. Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
- D. Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
Correct Answer: B 🗳️
