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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. The following information relates to AA.
Extract of Trial Balance at 31 December 20X4;

Notes
(i) Inventory at 31 December 20X4 was valued at cost at $30.
(ii) The loan which was received on 1 July 20X4 is repayable in 20X9.
(iii) Corporate income tax represents an over-provision of tax for the year ended 31 December 20X3. AA reported a loss for tax purposes for the year ended 31 December 20X4 and a tax refund is expected amounting to $20.
(iv) Cost of sales, administration and distribution costs need to be adjusted for the following:
What figures should be entered on the face of the Statement of profit or Loss for the year ended 31 December
20X4 in relation to Interest and Corporate income tax?

A) Interest $50 Corporate income tax $3
B) Interest $50 Corporate income tax $(3)
C) Interest $25 Corporate income tax $37
D) Interest $25 Corporate income tax $(37)

2. In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.
The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

A) 20X1 $143,000, 20X2 $ nil
B) 20X1 $150,000, 20X2 $nil
C) 20X1 $150,000, 20X2 $133,000
D) 20X1 $10,000, 20X2 $113,000

3. Refer to the exhibit.

An entity sells 2,000 bags of product X each year. It has been estimated that the cost of holding one bag of product X is £4.
The cost of placing an order is £250.
where:
Co = cost of placing an order
Ch = cost of holding one unit in inventory for one year
D = annual demand
Calculate the Economic Order Quantity (EOQ) for bags of product X.
Give your answer to the nearest whole number of bags.

4. Which of the following are techniques that can be used by a company to ensure they receive timely payment of receivables? Select ALL that apply:

A) Offering extended credit to return customers
B) Assessing credit risk of customers before they are given credit
C) Offering free items
D) Offering cash or early payment discount
E) Charging interest on late payments

5. 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) Neutral
B) Complete
C) Comparable
D) Free from error

Solutions: