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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. On 1 July 20X8 JKL has 100 units of inventory, which cost $8 each. The following transactions arose during the month of July:

JKL values inventory using the first in. first out method.
What is the value of JKL's inventory at 31 July 20X8?
Give your answer to the nearest $.

2. UK purchased an asset, with a useful economic life of 10 years, on 1 January 20X5 for $40,000. The asset was revalued on 31 December 20X6 to 544,000 and the directors believed its total useful economic life remained unchanged On 31 December 20X7 UK sells the asset for $50,000 How much will be recorded as a profit on disposal of the asset in UK's statement of profit or loss for the year ended 31 December 20X7?
Give your answer to the nearest $.

3. Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

A) Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.
B) Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.
C) Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.
D) Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.

4. In most developed countries employers deduct the tax from employees' pay each month and then pay the tax to the tax authorities on behalf of the employee on a monthly basis.
Which THREE of the following are advantages of this system to the employee?

A) The payment of tax is easier as the tax is deducted before the net salary is paid to the employee.
B) The tax is collected earlier than systems that assess earnings at the end of the year.
C) There is less chance of interest and penalties being levied on the employee by the tax authorities.
D) The responsibility for the tax calculations rests with the employer and therefore there is less chance of mistakes being made.
E) Most of the administration costs are borne by the employees.

5. Whilst undertaking an external audit, the auditor has identified that there is insufficient evidence to support the financial statements.
As a result the auditors consider these financial statements to be wholly unreliable for decision making purposes.
This will result in a modified audit report with the opinion being .

Solutions: