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Financial Reporting: F1 Exam
"Financial Reporting", also known as F1 exam, is a CIMA Certification. With the complete collection of questions and answers, ExamcollectionPass has assembled to take you through 247 Q&As to your F1 Exam preparation. In the F1 exam resources, you will cover every field and category in CIMA Certification Certification helping to ready you for your successful CIMA Certification.
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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Statements | 45% | - Statement preparation and IFRS application
|
| Topic 2: Principles of Taxation | 20% | - Taxation fundamentals
|
| Topic 3: Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
| Topic 4: Managing Cash and Working Capital | 25% | - Cash and working capital management
|
CIMA Financial Reporting Sample Questions:
An entity has a working capital cycle of 120 days which has been calculated in part from the following data:
What is the stock holding period on the basis of 365 days in a year?
Give your answer to the nearest whole day.
Answer:
101 days
Country X charges corporate income tax at the rate of 20% on all income irrespective of whether it is paid out as a dividend. Country Y charges corporate income tax at the rate of 25% on all income.
An entity, AA, which is resident in Country X pays a dividend of $100,000 to another entity, BB, which is resident in Country Y.
Countries X and Y have a double taxation treaty which adopts the exemption method in respect of this type of transaction.
What is BB's liability to tax in Country Y in respect of the dividend income received?
- A. No tax will be payable.
- B. Tax will be payable at 25% less a credit given for the 20% already paid by AA in Country X.
- C. Tax will be payable at 25%.
- D. Tax will be payable at 20%.
Answer: A
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. The value of the right of use asset on 1 January 20X6 is $273,000.
- B. Monthly payments of $10r0OO are expensed in the statement of profit or loss.
- C. Initial direct costs of $3,000 are expensed in the statement of profit or loss.
- D. The value of the lease liability on 1 January 20X6 is $273,000.
- E. The right of use asset is depreciated over 3 years.
- F. The value of the lease liability on 1 January 20X6 is $270,000.
Answer: A,E,F
In accordance with IAS 1 Presentation of Financial Statements, which of the following will be shown in the statement of changes in equity?
- A. Proceeds from share issue, dividends received and profit for the period.
- B. Other income, dividends paid and revaluation surplus.
- C. Proceeds from share issue, dividends paid and revaluation surplus.
- D. Proceeds from share issue, other income and profit for the period.
Answer: C
JKL prepares its financial statements to 31 December each year. For the year ended 31 December 20X5 inventory was held for 76 days on average.
The directors of JKL decide to reduce the average inventory level to $6.5 million from 1 January 20X6 JKL's revenue for 20X6 is $54 million on which a gross profit margin of 20% is earned.
Assuming that the average receivables and payables days remain constant what will be the effect of the expected reduction in inventory on JKL's working capital cycle for the year ended 31 December 20X6?
- A. A reduction of 32 days
- B. An increase of 21 days
- C. An increase of 32 days
- D. A reduction of 21 days
Answer: B
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