Exam Name: Financial Reporting
Certification Provider: CIMA
Corresponding Certification: CIMA Certification
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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Principles of Taxation | 20% | - Deferred tax concepts - Indirect taxes overview - Current tax calculation - Tax system and types of taxes |
| The Regulatory Environment of Financial Reporting | 10% | - IFRS Foundation and IASB structure - Principles vs rules-based regulation - Ethics in financial reporting - Conceptual framework and regulatory bodies |
| Managing Cash and Working Capital | 25% | - Cash management and forecasting - Management of receivables, inventory and payables - Short-term financing options - Working capital cycle and objectives |
| Financial Statements | 45% | - Interpretation and analysis of financial statements - Basic consolidated financial statements - Application of IFRS standards
|
CIMA Financial Reporting Sample Questions:
AB has been asked to analyze the receivables days of an entity with a view to improving the working capital cycle.
The following results have been produced for receivable days:
Which of the following is NOT an explanation of why the days have increased?
- A. An inexperienced credit controller was employed in the last few months of year ended 31 December and requires substantial training.
- B. The entity has increased turnover for year ended 31 December 20X2 by offering extended credit terms.
- C. The entity has transferred all receivables collections to a factoring agency during 20X2.
- D. The entity has made substantial sales to overseas entities in the last few months of the year ended 31 December 20X2.
Correct Answer: C 🗳️
The development of an international financial reporting standard generally goes through a number of stages.
Which of the following is NOT a stage of development?
- A. Developing and publishing a discussion paper
- B. Establishing an advisory committee
- C. Establishing an interpretations committee
- D. Producing an exposure draft for public comment
Correct Answer: C 🗳️
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 on the face of the Statement of profit or Loss for the year ended 31 December
20X4 in relation to Interest and Corporate income tax?
- A. Interest $50 Corporate income tax $(3)
- B. Interest $25 Corporate income tax $37
- C. Interest $25 Corporate income tax $(37)
- D. Interest $50 Corporate income tax $3
Correct Answer: C 🗳️
YZ has $40,000 of plant and machinery which was acquired on 1 June 20X1.Tax depreciation rates on plant and machinery are 25% reducing balance. All plant and machinery was sold for $24,000 on 1 June 20X3.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 May 20X3 and state the effect on the taxable profit.
- A. A balancing allowance of $1,500 reduces taxable profit.
- B. A balancing charge of $1,500 reduces taxable profit.
- C. A balancing allowance of $1,500 increases taxable profit.
- D. A balancing charge of $1,500 increases taxable profit.
Correct Answer: D 🗳️
Which of the following are techniques that can be used by a company to ensure they receive timely payment of receivables? Select ALL that apply:
- A. Assessing credit risk of customers before they are given credit
- B. Offering free items
- C. Charging interest on late payments
- D. Offering cash or early payment discount
- E. Offering extended credit to return customers
Correct Answer: A,C,D 🗳️
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