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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which THREE of the following statements are NOT true of the IFRS Foundation trustees?

A) Receive funding by donations from the general public
B) Are mainly from Europe and the USA
C) Are involved in the technical matters relating to accounting standards
D) Responsible for appointing members of the IA5B
E) Responsible of appointing members of the IFRS interpretations committee

2. BCD owns an item of plant which cost $20,000 and at the time of purchase was assessed to have a useful economic life of 8 years and a residual value of $2,000.
The carrying amount of the plant at 1 January 20X8 is $11,000. On that date BCD's directors estimate that the plant's remaining useful life is now 6 years.
The residual value remains unchanged at $2,000.
What is the depreciation charge for this plant for the year ended 31 December 20X8?
Give your answer to the nearest $.

3. The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.
ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.
iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.
Calculate the cost of sales that would be shown in YY's statement of profit or loss for the year ended 30 September 20X3.
Give your answer to the nearest $ million.

4. DEF is considering introducing a Pay-As-You-Earn (PAYE) system but unsure of the advantages of using it.
Which of the following statements are advantages from the employees perspective of an entity using a PAYE system for collecting taxes from employees.
Select ALL that apply.

A) The employee will avoid being charged penalties for paying late.
B) The employee will calculate their own tax payment.
C) The employee will be able to deal with tax authority directly to make payments.
D) The employee does not have to complete a self assessment tax return.
E) The employee does not have to budget for their tax payments because the tax is deducted at source.

5. 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 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.
B) On 1 June 20X8 UV's auditors discovered that an error in valuation had caused the closing inventory to be overvalued by $150,000.
C) 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.
D) On 28 April 20X8 a fire destroyed half of UV's main production facility. Output was severely reduced for six months.

Solutions: