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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. MNO is a commercial bank. One of MNO's clients is FGH, a trading company which sells goods to PQR.
MNO is asked to draw up an instrument between FGH and PQR in respect of goods sold FGH then asks MNO to sell this instrument on its behalf in the discount market MNO does this and pays the proceeds to FGH.
What source of short-term finance is being described here?

A) Factoring
B) Overdraft
C) Bill of exchange
D) Certificate of deposit

2. Which of the following is NOT a principle in the CIMA Code of Ethics for Professional Accountants?

A) Timeliness
B) Professional competence and due care
C) Integrity
D) Objectivity

3. Which THREE of the following statements are true?

A) Balancing allowances reduce the taxable profit.
B) Tax depreciation replaces accounting depreciation when calculating the taxable profit.
C) Balancing allowances increase the taxable profit.
D) Balancing charges increase the taxable profit.
E) Tax depreciation increases the taxable profit.
F) Balancing charges reduce the taxable profit.

4. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the total goodwill to be included in FG's consolidated statement of financial position as at 31 December 20X5.
Give your answer to the nearest whole $.

5. AB has prepared its financial statements for the year ended 31 July 20X5. On 15 September 20X5 a major fraud was uncovered by the external auditors which had taken place during the year to 31 July 20X5 The financial statements have not yet been authorised In accordance with IAS 10 Events After the Reporting Period, AB should treat the fraud as:

Solutions: