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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Financial Statements | 45% | - Basic consolidated financial statements - Preparation of single entity financial statements
|
| Managing Cash and Working Capital | 25% | - Working capital cycle and objectives - Short-term financing options - Management of receivables, inventory and payables - Cash management and forecasting |
| Principles of Taxation | 20% | - Deferred tax concepts - Indirect taxes overview - Current tax calculation - Tax system and types of taxes |
| The Regulatory Environment of Financial Reporting | 10% | - IFRS Foundation and IASB structure - Conceptual framework and regulatory bodies - Ethics in financial reporting - Principles vs rules-based regulation |
CIMA Financial Reporting Sample Questions:
In an entity's statement of profit or loss and other comprehensive income, which of the following would be presented as other comprehensive income?
- A. An impairment loss relating to a non-current asset that had not previously been revalued.
- B. The profit on the disposal of a non-current asset
- C. The increase in the value of a non-current asset following a revaluation.
- D. An increase in the depreciation charge resulting from the revaluation of a non-current asset.
Correct Answer: C 🗳️
GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000.
There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2.
What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?
Give your answer to the nearest $.
Correct Answer:
$771000
The International Accounting Standards Board's "The Conceptual Framework for Financial Reporting" (known as The Conceptual Framework) states that "faithful representation" is a fundamental qualitative characteristic.
In accordance with the Conceptual Framework which of the following is NOT part of faithful representation?
- A. Complete
- B. Free from error
- C. Comparable
- D. Neutral
Correct Answer: C 🗳️
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. Initial direct costs of $3,000 are expensed in the statement of profit or loss.
- B. Monthly payments of $10r0OO are expensed in the statement of profit or loss.
- C. The value of the lease liability on 1 January 20X6 is $270,000.
- D. The value of the lease liability on 1 January 20X6 is $273,000.
- E. The value of the right of use asset on 1 January 20X6 is $273,000.
- F. The right of use asset is depreciated over 3 years.
Correct Answer: C,E,F 🗳️
The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?
- A. Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
- B. A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
- C. The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000. - D. Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
Correct Answer: B 🗳️
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