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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. A conservative policy for financing working capital is one where short-term finance is used to fund:

A) Part of the fluctuating current assets and part of the permanent current assets.
B) All of the fluctuating current assets, but no part of the permanent current assets.
C) Part of the fluctuating current assets, but no part of the permanent current assets.
D) All of the fluctuating current assets and part of the permanent current assets.

2. OP has five main geographic segments and reports segmental information in accordance with IFRS 8 Operating Segments.

Which THREE of the following would be regarded as operating segments of OP in accordance with IFRS 8?

A) North America
B) All other segments
C) Asia
D) South America
E) Europe
F) Middle east

3. XYZ has the following data relating to the forecast sale of goods for the quarter to 31 December 20X2:

XYZ expects trade receivables to be settled as follows:
* 20% in the month of sale, by offering a settlement discount of 5%;
* 30% in the month following sale, and
* the remainder, after allowing for irrecoverable debts, in the subsequent month
$10,000 of the sales made in October 20X2 are expected to be irrecoverable What is the forecast amount to be received by XYZ from trade receivables in December 20X2?

A) $123 000
B) $133 000
C) $122000
D) $132,000

4. XYZ operates in Country A where tax rules state that entertaining costs and donations to political parties are disallowable for tax purposes.
XYZ calculated both its accounting and taxable profits for the year ended 31 December 20X2 after deducting
$10,000 of entertaining costs.
It is considering what impact the ruling that "entertaining costs are disallowable for tax purposes" will have on its two profit figures.
Which of the following correctly states the impact of the ruling on the profits already calculated?

A) Both accounting and taxable profits will decrease by $10,000.
B) Accounting profit will not be affected but taxable profit will increase by $10,000.
C) Both accounting and taxable profits will increase by $10,000.
D) Accounting profit will decrease by $10,000 and taxable profit will increase by $10,000.

5. 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 value of inventory that would be included in JK's consolidated statement of financial position at 31 December 20X8.
Give your answer to the nearest $.

Solutions: