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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Principles of Taxation | 20% | - Taxation fundamentals
|
| Financial Statements | 45% | - Statement preparation and IFRS application
|
| Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
| Managing Cash and Working Capital | 25% | - Cash and working capital management
|
CIMA Financial Reporting Sample Questions:
AB has been asked to analyze the receivables days of an entity with a view to improving the working capital cycle.
The following results have been produced for receivable days:
Which of the following is NOT an explanation of why the days have increased?
- A. The entity has transferred all receivables collections to a factoring agency during 20X2.
- B. The entity has made substantial sales to overseas entities in the last few months of the year ended 31 December 20X2.
- C. The entity has increased turnover for year ended 31 December 20X2 by offering extended credit terms.
- D. An inexperienced credit controller was employed in the last few months of year ended 31 December and requires substantial training.
Correct Answer: A 🗳️
Country X levies corporate income tax at a rate of 25% and charges income tax on all profits irrespective of whether they are distributed by way of dividend. Country Y levies corporate income tax at a rate of 20%.
A, who is resident in Country X, pays a divided to B, who is resident in Country Y. B is required to pay corporate income tax on the dividend received from A, but a deduction can be made for the tax suffered on this dividend restricted to a rate of 20%.
Which method of relief for foreign tax does this describe?
- A. Tax credit
- B. Restricted
- C. Exemption
- D. Deduction
Correct Answer: A 🗳️
On 1 May 20X8 DEF enters into a contract to lease plant with a fair value of $200,000. Annual lease payments of $50,000 are to be paid in advance and DEF incurred direct costs to arrange the lease of S2.000 The present value of future lease payments at 1 May 20X8 is $190,000.
What is the amount to be recognised as a right-of-use asset on 1 May 20X8?
- A. $242000
- B. $240,000
- C. $192 000
- D. $200,000
Correct Answer: A 🗳️
In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.
To be a faithful representation financial information must be as far as possible which THREE of the following?
- A. Free from error
- B. Neutral
- C. Complete
- D. Timely
- E. Comparable
- F. Understandable
Correct Answer: A,B,C 🗳️
ABC has the following working capital ratios at 31 December 20X2:
During the year ended 31 December 20X4 credit purchases were $1,700,000 and at 31 December 20X4 the outstanding trade payables balance was $340,000
Calculate the working capital cycle for ABC.
Give your answer to the nearest whole number of days and assume there are 365 days in a year.
Correct Answer:
Pending
