CIMA F1 Valid Test : Financial Reporting

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. KL has just completed their inventory count and has ascertained that the cost value of the inventory is
$460,000; this was made up of 10,000 units of component part FF.
A week before the year end the FF components were moved to a temporary warehouse.
Two weeks later they were inspected and found to have been damaged by the damp conditions in the temporary warehouse.
Of the 10,000 units 2,500 of them were damaged. After remedial work of $5.00 per unit KL anticipates they will be able to sell the damaged parts for $32.00 per unit.
What is the value for closing inventory to be included in the financial statements of KL?
Give your answer to the nearest $.

2. The accounting profit before tax of an entity was $243,200 for the year ended 31 July 20X4.
The accounting profit included disallowable income from government grants of $48,000 and disallowable expenditure of $25,600 on entertaining expenses.
The entity also paid a $40,000 dividend to shareholders. The tax rates for the country were as follows:

Calculate the tax the entity is due to pay for the year ending 31 July 20X4.

A) $44,160
B) $57,546
C) $47,840
D) $39,174

3. Entity RH has an recognised a taxable profit of $1.Smillion for 20X1'. In Entity RH's resident country.
Country M, depreciation charges and entertaining expenses are disallowed expenses. Below is some information on Entitry RH's outgoings for the period:
Depreciation charged on PPE: $450,000
Political donations: $155,000
Staff parties: $3,200
Cost of updating assets: $10,000
Other expenses: $83,500
In Country M, there is a standard corporation tax of 12% charged on all corporation profits. What is Entity RH's total tax liability for this period?

A) $125,616
B) $254,184
C) $234,384
D) $252,984

4. Which THREE of the following are conditions that must be met to allow an asset to be categorised as held for sale?

A) The sale of the asset is likely to generate a significant profit
B) A buyer has already expressed interest
C) The asset is available for immediate sale
D) The asset is being actively marketed at a reasonable price
E) Management is committed to a plan to sell

5. MN recently took out a 5 year term loan to buy raw materials to take advantage of a supplier's bulk discount that had been offered to them.
What approach to financing working capital has MN undertaken?

A) Permanent
B) Moderate
C) Conservative
D) Aggressive

Solutions: