CIMA Financial Reporting - F1

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. In accordance with the Conceptual Framework for Financial Reporting, which TWO of the following qualitative characteristics of useful financial information should be considered when selecting a measurement basis?

A) Comparability
B) Verifiability
C) Relevance
D) Timeliness
E) Faithful representation

2. 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:
Calculate gross profit for the year ended 31 December 20X4.
Give your answer as a whole $.

3. RST operates in Country X where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.
In year ending 31 May 20X4, XYZ made an accounting profit of $480,000.
Profit included $16,300 of entertaining costs and $15,150 of income exempt from taxation.
XYZ has plant and machinery with accounting depreciation amounting to $24,200 and tax depreciation amounting to $45,200.
Calculate the tax charge for the year ended 31 May 20X4 assuming all profits are taxed at 25%.

A) $115,038
B) $124,963
C) $114,463
D) $125,538

4. The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

A) The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000.
B) A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
C) Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
D) Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.

5. 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

Solutions: