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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

TUV owns property that has a carrying amount greater than its original cost due to a revaluation 2 years ago.
The property continues to be used by TUV up lo the date of its disposal and is sold for more than its carrying amount.
Which THREE of the following correctly describe the accounting treatment for the disposal of the property?

A. The gain on disposal is recognised in other comprehensive income
B. The property is depreciated based on its revalued amount up to the date of disposal
C. The remaining balance on the revaluation surplus is transferred to retained earnings
D. The gam on disposal is recognised in the statement ot profit or loss
E. The remaining balance on the revaluation surplus is transferred to the statement of profit or loss
F. The property is depreciated based on its original cost up to the date ot disposal

Question 2

WX is considering an investment in ST.
At 31 December 20X2 ST had the following balances in its statement of financial position:

Which of the following would cause ST to become an associate investment of WX?

A. WX purchases 50,000 of ST's $1 preference shares.
B. WX purchases 15,000 of ST's $1 equity shares and 20,000 of ST's $1 preference shares.
C. WX purchases 25,000 of ST's $1 equity shares.
D. WX purchases 75,000 of ST's $1 equity shares.

Question 3

DEF is considering introducing a Pay-As-You-Earn (PAYE) system but unsure of the advantages of using it.
Which of the following statements are advantages from the employees perspective of an entity using a PAYE system for collecting taxes from employees.
Select ALL that apply.

A. The employee does not have to budget for their tax payments because the tax is deducted at source.
B. The employee will avoid being charged penalties for paying late.
C. The employee will calculate their own tax payment.
D. The employee does not have to complete a self assessment tax return.
E. The employee will be able to deal with tax authority directly to make payments.

Question 4

Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:

YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April
20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the value of the investment in associate to be recognised in the consolidated statement of financial position at 31 March 20X2.
Give your answer to nearest whole $.

Question 5

GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000.
There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2.
What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?
Give your answer to the nearest $.

Solutions: