CIMA F1 : Financial Reporting

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

QR purchased a property for its investment potential on 1 January 20X3 for $2.5 million.
The total property cost is split as follows: land $1 million and buildings $1.5 million. The buildings were expected to have a remaining useful life of 40 years.
The local property index at 31 December 20X3 indicates that the fair value of the property has risen by 10%.
What is the balance that QR will include in its statement of financial position at 31 December 20X3 for this property, assuming that it uses the IAS 40 Investment Properties fair value model?
Give your answer in $million to two decimal places.

Question 2

Which THREE of the following actions, considered in isolation, would increase the working capital cycle of an entity?

A. Remove a prompt payment discount available to customers.
B. Change to a Just-in-Time approach to manage inventory.
C. Reduce the selling prices charged to customers.
D. Take advantage of new bulk purchase discounts available.
E. Increase the credit period available to customers.
F. Take longer to pay suppliers for purchases.

Question 3

Which of the following would NOT be assessed for tax under a Pay-As-You-Earn system?

A. The wealth of an employee.
B. Commissions received by an employee.
C. Profit-sharing payments received by an employee.
D. Benefits in kind received by an employee.

Question 4

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.

Question 5

An entity had a current tax liability of $187,000 in its statement of financial position as at 30 September 20X5.
It was subsequently negotiated and eventually agreed with the tax authorities that the entity would pay $192,000 and this was paid on 6 January 20X6.
The entity's management estimate that the tax due on profits for the year to 30 September 20X6 is $231,000.
Calculate the entity's corporate income tax expense included in its statement of profit or loss for the year ended 30 September 20X6.
Give your answer to the nearest whole $000.

Solutions: