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CIMA F1 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Financial Statement Analysis | - Interpretation of financial information
|
| Topic 2: Accounting Standards Application | - Basic application of IFRS standards
|
| Topic 3: Financial Reporting Fundamentals | - Regulatory Framework
|
CIMA Financial Reporting Sample Questions:
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. An increase of 21 days
- B. An increase of 32 days
- C. A reduction of 21 days
- D. A reduction of 32 days
Correct Answer: A 🗳️
Mr K is being pressured by his manager to change figures in his report so that it will improve his manager's bonus.
His manager has promised Mr K a promotion if he agrees to do this.
What threats is Mr K facing?
- A. Intimidation and self-interest
- B. Intimidation and familiarity
- C. Self-review and advocacy
- D. Familiarity and self-interest
Correct Answer: A 🗳️
ST has $20,000 of plant and machinery which was acquired on 1 April 20X0. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for $12,000 on 1 April 20X2.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.
- A. A balancing allowance of $800 will increase taxable profits.
- B. A balancing charge of $800 will reduce taxable profits.
- C. A balancing charge of $800 will increase taxable profits.
- D. A balancing allowance of $800 will reduce taxable profits.
Correct Answer: D 🗳️
UV has recently been having cash flow issues due to its credit customers paying after the credit period they have been granted.
UV is looking into factoring the receivables to a factoring company on a recourse basis to improve its cash flow.
Which TWO of the following will UV encounter as a result of employing the factoring company?
- A. Reduction in payables days
- B. Increase in cash sales
- C. No irrecoverable debts
- D. Reduction in bank overdraft charges
- E. Reduction in the need for management control
Correct Answer: D,E 🗳️
For an entity to be exempt from preparing consolidated financial statements it must meet certain criteria specified in IFRS 10 Consolidated Financial Statements.
Which of the following conditions would give exemption from preparing consolidated financial statements?
- A. The parent is a wholly owned subsidiary of another entity.
- B. The parent's securities are publicly traded.
- C. The parent is in the process of issuing securities in a public securities market.
- D. All of the parent's subsidiaries are in one country.
Correct Answer: A 🗳️
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Geoff 
Gustave 
Brook 
Cecilia 
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Stan 
Archibald 
Athena 
Claude 
Elroy 
Jim 
Samuel 
Archibald 
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Candice 
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