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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. An entity had a current tax liability of $187,000 in its statement of financial position as at 30 September 20X5.
It was subsequently negotiated and eventually agreed with the tax authorities that the entity would pay $192,000 and this was paid on 6 January 20X6.
The entity's management estimate that the tax due on profits for the year to 30 September 20X6 is $231,000.
Calculate the entity's corporate income tax expense included in its statement of profit or loss for the year ended 30 September 20X6.
Give your answer to the nearest whole $000.

2. The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.
ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.
iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.
Calculate the cost of sales that would be shown in YY's statement of profit or loss for the year ended 30 September 20X3.
Give your answer to the nearest $ million.

3. Which THREE of the following statements are NOT true of the IFRS Foundation trustees?

A) Are mainly from Europe and the USA
B) Responsible of appointing members of the IFRS interpretations committee
C) Are involved in the technical matters relating to accounting standards
D) Responsible for appointing members of the IA5B
E) Receive funding by donations from the general public

4. What does the exemption method of giving double taxation relief mean?

A) The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.
B) The countries agree on certain types of income which will be exempt or partially exempt in both countries.
C) The countries agree that all types of income will be exempt or partially exempt in one country or the other.
D) The countries agree that all types of income will be exempt or partially exempt in both countries.

5. The subsidiary company of Group XY has purchased £150,00 worth of goods its parent company. However the goods purchased have yet to arrive at the subsidiary at the end of the financial year 20X4, meaning there is a disagreement in the current account balances between the parent and subsidiary.
With Group XY looking to produce its CSOFP for the end of the financial year, which of the following statements are true in relation to accounting for this disagreement? Select ALL that apply.

A) The adjustments to resolve this disagreement, need to be accelerated, so they can be included in the consolidation of assets for the CSOFP for 20X4
B) £150,000 worth of inventory will be credited into the subsidiary's inventory account
C) £150,000 worth of inventory will be debited into the subsidiary's inventory account
D) £150,000 will be credited to the payables account of the subsidiary company
E) £150,000 will be debited to the payables account of the parent company
F) As the goods have not reached the subsidiary by the end of the financial year 20X4, they will be included in the CSOFPfor the next financial year
G) £150,000 will be credited into the receivables account of the parent company

Solutions: