CIMA Certification F1

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which of the following would be capitalized as an intangible asset in accordance with IAS 38 Intangible Assets?

A) The cost of market research into a new geographical market.
B) The cost of advertising the launch of a new product.
C) The cost of assets used in the research and development department.
D) The cost of testing a new process which will create efficiency savings of 10% once implemented.

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:
What figures should be entered in the Statement of Profit or Loss for the year ended 31 December 20X4 in relation to Administration and Distribution costs?

A) Adminsitration $136 Distribution $120
B) Administration $141 Distribution $117
C) Administration $146 Distribution $114
D) Administration $120 Distribution $87

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

4. Entity T operates within several countries, but its country of residence is Country F. In 20X5, Entity T made $8.4 million in Country M. Country M has a flat rate corporation tax of 5.9%.
Country F and Country M operate a double taxation treaty which uses a foreign tax credit system. In Country F, there is a tax of 10% tax on all foreign income.
Taking into account the credit, what is the total tax liability that Entity T owes on its Country M income, in Country F?

A) $344,400
B) $495,600
C) $840,000
D) $450,000

5. On 1 July 20X8 JKL has 100 units of inventory, which cost $8 each. The following transactions arose during the month of July:

JKL values inventory using the first in. first out method.
What is the value of JKL's inventory at 31 July 20X8?
Give your answer to the nearest $.

Solutions: