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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Managing Cash and Working Capital | 25% | - Short-term financing options - Cash management and forecasting - Working capital cycle and objectives - Management of receivables, inventory and payables |
| The Regulatory Environment of Financial Reporting | 10% | - Principles vs rules-based regulation - Ethics in financial reporting - IFRS Foundation and IASB structure - Conceptual framework and regulatory bodies |
| Financial Statements | 45% | - Interpretation and analysis of financial statements - Preparation of single entity financial statements
- Application of IFRS standards
|
| Principles of Taxation | 20% | - Deferred tax concepts - Indirect taxes overview - Current tax calculation - Tax system and types of taxes |
CIMA Financial Reporting Sample Questions:
Question 1
TUV owns property that has a carrying amount greater than its original cost due to a revaluation 2 years ago.
The property continues to be used by TUV up lo the date of its disposal and is sold for more than its carrying amount.
Which THREE of the following correctly describe the accounting treatment for the disposal of the property?
A. The remaining balance on the revaluation surplus is transferred to the statement of profit or loss
B. The remaining balance on the revaluation surplus is transferred to retained earnings
C. The property is depreciated based on its original cost up to the date ot disposal
D. The gam on disposal is recognised in the statement ot profit or loss
E. The property is depreciated based on its revalued amount up to the date of disposal
F. The gain on disposal is recognised in other comprehensive income
Question 2
The external auditors have completed their audit and have discovered a material but not pervasive error in the financial statements of JK.
The directors of JK have refused to change the financial statements.
What type of modified audit report should be issued?
A. Qualified opinion
B. Disclaimer of opinion
C. Adverse opinion
D. Emphasis of matter opinion
Question 3
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 goodwill arising on the acquisition of BC.
Give your answer to the nearest whole $.
Question 4
Which of the following is NOT a reason why financial reporting information needs to be regulated?
A. So that potential investors can compare the financial information of different companies.
B. So that a bank can assess the amount of finance it is prepared to lend to a company.
C. So that shareholders of a quoted company can make informed decisions about their investments
D. So that the managers of a company can make decisions about its operations.
Question 5
Which THREE of the following are costs that a business might incur as a result of holding insufficient inventory of raw materials?
A. Increased risk of obsolescence
B. Loss of sales
C. Lost production
D. Purchasing inventory at a higher price
E. Additional storage costs
Solutions:
| Question 1 Answer: B,D,E | Question 2 Answer: A | Question 3 Answer: Only visible for members | Question 4 Answer: D | Question 5 Answer: B,C,D |
