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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Financial Statements | 45% | - Statement preparation and IFRS application
|
| Managing Cash and Working Capital | 25% | - Cash and working capital management
|
| Principles of Taxation | 20% | - Taxation fundamentals
|
| Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
CIMA Financial Reporting Sample Questions:
An entity purchased equipment on 1 April 20X4 for $200,000. The equipment was depreciated using the reducing balance method at 20% a year.
Depreciation was charged up to and including 31 March 20X7. At that date the recoverable amount of the equipment was $94,000.
Calculate the impairment loss on the equipment in accordance with IAS 36 Impairment of Assets.
Give your answer to the nearest whole $.
Correct Answer:
$8400
Which THREE of the following are costs that a business might incur as a result of holding insufficient inventory of raw materials?
- A. Loss of sales
- B. Increased risk of obsolescence
- C. Lost production
- D. Additional storage costs
- E. Purchasing inventory at a higher price
Correct Answer: A,C,E 🗳️
Statements of financial position as at 31 December 20X8 for JK, LM and PQ are as follows:
[1] JK purchased 80% of LM's $1 equity shares on 1 January 20X8 for $260,000 when the retained earnings of JK were $110,000. At that date the non-controlling interest had a fair value of $63,000.
[2] JK purchased 25% of PQ's $1 equity shares on 1 January 20X8 for $90,000 when the retained earnings of PQ were $96,000.
[3] During the year JK sold goods to LM for $32,000 at a mark up of 33.33% on cost. Half of the goods were still in LM's inventory at 31 December 20X8.
[4] LM transferred $32,000 to JK on 30 December 20X8 in settlement of the inter-group trade. JK did not record the cash in its financial records until 2 January 20X9.
Calculate the goodwill arising on the acquisition LM.
Give your answer to the nearest $.
Correct Answer:
$13000
Which of the following is a characteristic of a defined contribution post-employment benefit scheme?
- A. The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.
- B. The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.
- C. The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.
- D. The employer may take a contributions holiday and stop paying contributions for a period, if the scheme's assets appear to be more than are required to meet the scheme's obligations.
Correct Answer: C 🗳️
The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:
1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
What is the value of the unrealized profit in inventory adjustment required to inventory in PQ's consolidated statement of financial position at 31 December 20X0?
- A. $2,000
- B. $3,333
- C. $1,667
- D. $4,000
Correct Answer: C 🗳️
