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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. KL has S90.000 of plant and machinery which was acquired on 1 June 20X4. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for 560,000 on 1 June 20X6 Calculate the tax balancing allowance or charge on disposal tor the year ended 31 May 20X7 and state the effect on the taxable profit.

A) A balancing allowance of $2,400 increases taxable profit.
B) A balancing allowance of $2,400 reduces taxable profit.
C) A balancing charge of $2,400 reduces taxable profit.
D) A balancing charge of $2,400 increases taxable profit.

2. Which of the following is correct?
The primary purpose of a cash budget prepared on a monthly basis is to determine:

A) next month's sales volumes.
B) whether there will be sufficient cash in the bank to meet requirements.
C) the amount of inventory to purchase in the following month.
D) when to pay employees salaries.

3. 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 $.

4. Which THREE of the following matters should an entity consider when determining the credit terms granted to a customer?

A) Bargaining power of the customer
B) Number of suppliers
C) Discount offered by suppliers for early payment
D) Risk of non-payment
E) Selling price of the goods being sold to the customer
F) Typical credit terms operating within the industry

5. Country A permits the following deductions in an entity's annual corporate income tax return in relation to entertaining expenses and gifts;
1 Employee entertaining up to a value of $150 a head
2 Entertaining of overseas customers.
3 Individual gifts not to exceed $10 in value
Which THREE of the following actions would be regarded as tax evasion?

A) Deduct all entertaining expenses without any analysis of what the entertaining relates to.
B) Ensure that employees reimburse their employers for any entertaining incurred which exceeds the $150 a head limit
C) Record customers who do not meet the overseas criteria as overseas customers.
D) Split any gifts made so that any gift does not exceed $10 on an individual basis.
E) Inflate the number of employees that are recorded as being entertained so that the overall employee entertainment bill falls below $150 a head.
F) Delay the next entertainment event for staff until the next financial year so that the $150 limit is not breached.

Solutions: