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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Principles of Taxation | 20% | - Taxation fundamentals
|
| Topic 2: Managing Cash and Working Capital | 25% | - Cash and working capital management
|
| Topic 3: Financial Statements | 45% | - Statement preparation and IFRS application
|
| Topic 4: Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
CIMA Financial Reporting Sample Questions:
On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?
- A. Monthly payments of $10r0OO are expensed in the statement of profit or loss.
- B. The value of the lease liability on 1 January 20X6 is $273,000.
- C. Initial direct costs of $3,000 are expensed in the statement of profit or loss.
- D. The right of use asset is depreciated over 3 years.
- E. The value of the lease liability on 1 January 20X6 is $270,000.
- F. The value of the right of use asset on 1 January 20X6 is $273,000.
Correct Answer: D,E,F 🗳️
UV's financial statements for the year ended 31 March 20X8 were approved for publication on 30 June 20X8.
In accordance with IAS 10 Events After the Reporting Period, which of the following material events would have been classified as a non-adjusting event in these financial statements?
- A. On 10 April 20X8 UV received a communication stating that one of its customers had ceased trading and gone into liquidation. The balance outstanding at 31 March 20X8 was unlikely to be paid.
- B. On 1 June 20X8 UV was awarded damages of $70,000 in respect of a legal claim that it had made against the local government authority in October 20X7.
- C. On 1 June 20X8 UV's auditors discovered that an error in valuation had caused the closing inventory to be overvalued by $150,000.
- D. On 28 April 20X8 a fire destroyed half of UV's main production facility. Output was severely reduced for six months.
Correct Answer: D 🗳️
In accordance with IAS 16 Property, Plant and Equipment, in which of the following situations would subsequent expenditure on a non-current asset be capitalised?
- A. An entity's delivery vehicle was in a car park when the car park was flooded. The engine and interior of the vehicle needed extensive repair and renovation costing $25,000.
- B. A manufacturing entity closes its factory for two weeks each summer for routine maintenance and repairs. The current year's cost of maintenance and repairs was $62,000.
- C. An entity purchased an aircraft five years ago, when its engines were separately identified in the accounting records. The engines now need to be replaced at a cost of $2 million each. When the engines are replaced the aircraft is expected to be airworthy for a further 5 years.
- D. An entity's head office building suffered a major fire, the upper floors and roof were completely destroyed. The entity proposes to restore the building at a cost of $1 million and move back in to the building to use it as a head office again.
Correct Answer: C 🗳️
An entity's policy is to finance the investment in working capital using short-term financing to fund all of its investment in fluctuating net current assets as well as some of its investment in permanent net current assets.
What is this working capital financing policy known as?
- A. Moderate
- B. Conservative
- C. Short term
- D. Aggressive
Correct Answer: D 🗳️
Which TWO of the following statements about accounting for associates are true?
- A. Unrealised profits are not adjusted for
- B. Intra associate transactions are eliminated
- C. Intra associate transactions are not eliminated
- D. Unrealised profits are adjusted for
Correct Answer: C,D 🗳️
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