CIMA Financial Reporting - F1 certification

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. The following information is extracted from the statement of financial position for ZZ at 31 March 20X3:

Included within cost of sales in the statement of profit or loss for the year ended 31 March 20X3 is $20 million relating to the loss on the sale of plant and equipment which had cost $100 million in June 20X1.
Depreciation is charged on all plant and equipment at 25% on a straight line basis with a full year's depreciation charged in the year of acquisition and none in the year of sale.
The revaluation reserve relates to the revaluation of ZZ's property.
The total depreciation charge for property, plant and equipment in ZZ's statement of profit of loss for the year ended 31 March 20X3 is $80 million.
The corporate income tax expense in ZZ's statement of profit or loss for year ended 31 March 20X3 is $28 million.
ZZ is preparing its statement of cash flows for the year ended 31 March 20X3.
What cash outflow figure should be included within cash flows from investing activities for the purchase of property, plant and equipment?

A) $110 million
B) $210 million
C) $185 million
D) $85 million

2. Which of the following is NOT a reason why financial reporting information needs to be regulated?

A) So that the managers of a company can make decisions about its operations.
B) So that potential investors can compare the financial information of different companies.
C) So that shareholders of a quoted company can make informed decisions about their investments
D) So that a bank can assess the amount of finance it is prepared to lend to a company.

3. In accordance with IFRS 3 Business Combinations, acquisition accounting of an investment in another entity within the consolidated statement of financial position means that the:

A) Group's share of the net assets of the other entity are shown as one line within equity.
B) Parent's and 100% of the other entity's assets and liabilities are added together line by line.
C) Parent's and group share of the other entity's assets and liabilities are added together line by line.
D) Group's share of the net assets of the other entity are shown as one line under non-current assets.

4. T T T is an online retailer. It has 1,000 units of Product X in inventory at the year end. The following information relates to Product X:

What is the amount that should be included in the cost of TTT's inventory of Product X?

A) $20,450
B) $20,000
C) $22,150
D) $25,350

5. STU commenced trading on 1 January. Total sales for the month of January were $250,000. which were 75% on credit and 25% for cash. Sales are expected to increase by 10% a month Irrecoverable debts are estimated to be 5% of credit sales Of the credit sales expected to pay, 50% pay in the month following the sale and the remaining 50% the month after.
The cash expected to be received in February is:

A) $151,563
B) $156,250
C) $162,500
D) $157,813

Solutions: