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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Principles of Taxation | 20% | - Current tax calculation - Deferred tax concepts - Indirect taxes overview - Tax system and types of taxes |
| Topic 2: Managing Cash and Working Capital | 25% | - Working capital cycle and objectives - Cash management and forecasting - Management of receivables, inventory and payables - Short-term financing options |
| Topic 3: Financial Statements | 45% | - Application of IFRS standards
- Interpretation and analysis of financial statements - Preparation of single entity financial statements
|
| Topic 4: The Regulatory Environment of Financial Reporting | 10% | - IFRS Foundation and IASB structure - Ethics in financial reporting - Principles vs rules-based regulation - Conceptual framework and regulatory bodies |
CIMA Financial Reporting Sample Questions:
1. 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 $.
2. ABC uses an aggressive approach to managing its working capital. XYZ uses a conservative approach to managing its working capital.
Which of the following is ABC more at risk of compared to XYZ?
A) High finance costs
B) Inventory obsolescence
C) Running out of cash
D) Receivables not paying on time
3. AA manufactures computers. These are sold to BB at $100 a computer plus a 5% sales tax. BB subsequently sells the computers to CC for $200 a computer plus a 5% sales tax. C sells the computers to customers at $300 a computer plus a 5% sales tax.
The total tax received by the tax authority is $30.
Which type of tax is described above?
A) Retail tax
B) Multi-stage cumulative sales tax
C) Value added tax
D) Single-stage sales tax
4. BC manufactures product X and on 1 February 20X4 started a project to develop a new material for use in its production. The development project is due to be completed by 31 December 20X4 with the new material being used in production from 1 January 20X5. The development project costs have been reliably estimated at
$200,000 and it is anticipated that the new material will increase the margin achieved on product X by 20%.
You are a CIMA accountant within BC and are considering how to treat the development costs of $200,000 in the financial statements for the year ended 31 December 20X4.
In accordance with the ethical principle of professional competence and due care, which of the following statements correctly explains how these costs should be accounted for?
A) Expense to profit or loss because the development has not changed the nature of product X.
B) Capitalise and amortise from 1 February 20X4 because this is the date that the project commenced.
C) Capitalise but do not amortise until 1 January 20X5 because this is the date that the new material will start to be used.
D) Expense to profit or loss because the development project will be completed by the end of the year.
5. Which TWO of the following are features of a bank overdraft?
A) Repayments are scheduled in advance
B) Interest is charged on the balance outstanding.
C) The amount off overdraft utilised will fluctuate according to the needs off the borrowing entity.
D) A fixed amount of interest is determined for the period of the overdraft
E) The bank cannot demand repayment of the overdraft before the end of the agreed period.
Solutions:
| Question # 1 Answer: Only visible for members | Question # 2 Answer: C | Question # 3 Answer: B | Question # 4 Answer: C | Question # 5 Answer: B,C |
