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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- Exam Code: F1
- Exam Name: Financial Reporting
- Certification Provider: CIMA
- Corresponding Certification: CIMA Certification
- Updated: Sep 10, 2026
- No. of Questions: 247 Questions & Answers with Testing Engine
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CIMA F1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Financial Statement Analysis | - Performance analysis
|
| Financial Reporting Fundamentals | - Financial Statements Preparation
|
| Accounting Standards Application | - Basic application of IFRS standards
|
CIMA Financial Reporting Sample Questions:
Which THREE of the following actions, considered in isolation, would increase the working capital cycle of an entity?
- A. Take advantage of new bulk purchase discounts available.
- B. Reduce the selling prices charged to customers.
- C. Change to a Just-in-Time approach to manage inventory.
- D. Remove a prompt payment discount available to customers.
- E. Take longer to pay suppliers for purchases.
- F. Increase the credit period available to customers.
Correct Answer: A,D,F 🗳️
For the year ending 31 March 20X2, MN made an accounting profit of $120,000. Profit included $8,500 of political donations which are disallowable for tax purposes and $8,000 of income exempt from taxation.
MN has $15,000 of plant and machinery which was acquired on 1 April 20X0 and purchased a new machine costing $25,000 on 1 April 20X1. This new machine is entitled to first year allowances of 100% instead of the usual tax depreciation of 20% reducing balance. All plant and machinery is depreciated in the accounts at 10% on cost.
MN also has a building that cost $120,000 on 1 April 20X0 and is depreciated in the accounts at 4% on a straight line basis. Tax depreciation is calculated at 3% on a straight line basis.
Calculate the taxable profit.
Give your answer to the nearest $.
Correct Answer:
$98300
CDO is an entity that is preparing to apply to its local stock market for a listing. CDO is currently run by a board of ten directors, each of whom manages a department of CDO. The board is chaired by Ms E who is also CDO's Chief Executive Officer.
Which TWO of the following actions would assist CDO to meet corporate governance regulations?
- A. Allow all directors to vote on their own remuneration increases
- B. Appoint a number of non-executive directors to the board of CDO.
- C. Separate the roles of Chair of the Board and Chief Executive Officer and appoint different individuals to each role
- D. Allow the Chief Executive Officer to appoint all new directors when a vacancy arises
- E. Ensure that no part of any director's remuneration is linked to corporate or individual performance
Correct Answer: B,C 🗳️
Which of the following methods could be used by a tax authority to reduce tax evasion and avoidance?
- A. Reduce penalties for avoidance.
- B. Simplify the tax structure, minimizing allowances and exemptions.
- C. Reduce requirements to have tax returns audited.
- D. Increase tax rates to compensate for losses due to evasion.
Correct Answer: B 🗳️
XY purchased a building on 1 April 20X1 for $300,000 with a useful economic life of 30 years. On 1 April
20X7 the building was revalued at $525,000.
What will the new depreciation charge be following the revaluation?
Give your answer as a whole number.
Correct Answer:
$21875
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