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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

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

2. ST has an asset that was classified as held for sale at 30 June 20X4. The asset's carrying value was $230,000 and its fair value $210,000.
The cost of disposal was estimated to be $15,000.
In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which of the following values should be used for the asset in the statement of financial position as at 30 June 20X4?

A) $210,000
B) $215,000
C) $230,000
D) $195,000

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

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

4. Which of the following would be the most immediate impact of overtrading?

A) An inability to pay trade payables.
B) A shortage of inventory
C) Having to offer bulk discounts to customers.
D) An inability to pay dividends to shareholders.

5. Which of the following is NOT a source of short-term finance?

A) Debt factoring
B) Increase in trade payables
C) Increase in a bank overdraft
D) Increase in trade receivables

Solutions: