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CIMA F1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Financial Statement Analysis | - Performance analysis
|
| Accounting Standards Application | - Basic application of IFRS standards
|
| Financial Reporting Fundamentals | - Financial Statements Preparation
|
CIMA Financial Reporting Sample Questions:
CDE has been offering its customers a 50-day credit period, but now wants to improve its cash flow.
CDE is proposing to offer a 2% discount for payment in 20 days. "
Assume a 365-day year and an invoice value of $100
Which of the following is the effective annual interest rate CDE will incur for this action?
- A. 49.8%
- B. 15.9%
- C. 27.9%
- D. 44.6%
Correct Answer: C 🗳️
AB has been asked to analyze the receivables days of an entity with a view to improving the working capital cycle.
The following results have been produced for receivable days:
Which of the following is NOT an explanation of why the days have increased?
- A. An inexperienced credit controller was employed in the last few months of year ended 31 December and requires substantial training.
- B. The entity has made substantial sales to overseas entities in the last few months of the year ended 31 December 20X2.
- C. The entity has transferred all receivables collections to a factoring agency during 20X2.
- D. The entity has increased turnover for year ended 31 December 20X2 by offering extended credit terms.
Correct Answer: C 🗳️
Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:
YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April
20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the value of inventory that will be included in YZ's consolidated statement of financial position at 31 March 20X2.
Give your answer to the nearest whole $.
Correct Answer:
$182400
AB has prepared its financial statements for the year ended 31 July 20X5. On 15 September 20X5 a major fraud was uncovered by the external auditors which had taken place during the year to 31 July 20X5 The financial statements have not yet been authorised In accordance with IAS 10 Events After the Reporting Period, AB should treat the fraud as:
Correct Answer:
Pending
The legislation in Country S provides for an indexation allowance in the calculation of capital tax. STU operates in Country S where the indexation factor for the period 1 January 20X1 to 31 December 20X6 is 20% STU purchased a building for $64,000 on 1 January 20X1, incurring legal fees of $4,000. STU sold the building for $86,000 on 31 December 20X6 before selling fees of $3,500 What is the chargeable capital gam arising on STU's disposal of the building?
- A. S11,600
- B. $200
- C. $5,700
- D. S900
Correct Answer: D 🗳️
