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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Financial Statements | 45% | - Statement preparation and IFRS application
|
| Principles of Taxation | 20% | - Taxation fundamentals
|
| Managing Cash and Working Capital | 25% | - Cash and working capital management
|
| Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
CIMA Financial Reporting Sample Questions:
Question 1
TUV owns property that has a carrying amount greater than its original cost due to a revaluation 2 years ago.
The property continues to be used by TUV up lo the date of its disposal and is sold for more than its carrying amount.
Which THREE of the following correctly describe the accounting treatment for the disposal of the property?
A. The remaining balance on the revaluation surplus is transferred to retained earnings
B. The gam on disposal is recognised in the statement ot profit or loss
C. The property is depreciated based on its revalued amount up to the date of disposal
D. The gain on disposal is recognised in other comprehensive income
E. The property is depreciated based on its original cost up to the date ot disposal
F. The remaining balance on the revaluation surplus is transferred to the statement of profit or loss
Question 2
Which of the following would NOT be considered an element of a regulatory framework for financial reporting?
A. International Financial Reporting Standards
B. Local tax regulations
C. Local accounting standards
D. Local law
Question 3
An asset has the following values:
If the asset was sold for its fair value, selling costs of $1,500 would be incurred.
Which of the following is the value of the impairment loss to be recognised for this asset in accordance with IAS 36 Impairment of Assets?
A. $0
B. $1,200
C. $2,000
D. $300
Question 4
To apply the fundamental principles of the Code of Ethics, existing and potential threats to the entity first need to be identified and evaluated.
Which THREE of the following are identified in the Code as threats?
A. Self-review threats
B. Integrity threats
C. Familiarity threats
D. Objectivity threats
E. Confidentiality threat
F. Self-interest threats
Question 5
Country J is a newly formed independent country and it's accounting professionals are considering adopting international financial reporting standards (IFRS).
Which of the following is a disadvantage to Country J of adopting IFRS as their local generally accepted accounting practice (GAAP)?
A. Facilitates comparability with other countries who use IFRS as their local GAAP.
B. IFRS are quick to implement which reduces the costs involved.
C. Specific local variations that might be needed will not be accommodated.
D. Easier to adopt standards which have already been developed.
Solutions:
| Question 1 Answer: A,B,C | Question 2 Answer: B | Question 3 Answer: B | Question 4 Answer: A,C,F | Question 5 Answer: C |
