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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Company RET's financing activities are exactly 35% of their operating activities expenses each month. Below is a list of Company RET's total expenses for this month:
Inventory supplies purchased: £145,000
Employee wages: £65,000
Purchase of a shop: £105,000
Dividend payments: ??
Cash repayments on loan: £61,000
What is company RET's total dividends payment for this month?

A) £131,600
B) £49,250
C) £26,500
D) £12,500

2. The legislation in Country S provides for an indexation allowance in the calculation of capital tax. STU operates in Country S where the indexation factor for the period 1 January 20X1 to 31 December 20X6 is 20% STU purchased a building for $64,000 on 1 January 20X1, incurring legal fees of $4,000. STU sold the building for $86,000 on 31 December 20X6 before selling fees of $3,500 What is the chargeable capital gam arising on STU's disposal of the building?

A) $200
B) $5,700
C) S900
D) S11,600

3. 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) Capitalise but do not amortise until 1 January 20X5 because this is the date that the new material will start to be used.
B) Capitalise and amortise from 1 February 20X4 because this is the date that the project commenced.
C) Expense to profit or loss because the development has not changed the nature of product X.
D) Expense to profit or loss because the development project will be completed by the end of the year.

4. Country A permits the following deductions in an entity's annual corporate income tax return in relation to entertaining expenses and gifts;
1 Employee entertaining up to a value of $150 a head
2 Entertaining of overseas customers.
3 Individual gifts not to exceed $10 in value
Which THREE of the following actions would be regarded as tax evasion?

A) Delay the next entertainment event for staff until the next financial year so that the $150 limit is not breached.
B) Split any gifts made so that any gift does not exceed $10 on an individual basis.
C) Record customers who do not meet the overseas criteria as overseas customers.
D) Inflate the number of employees that are recorded as being entertained so that the overall employee entertainment bill falls below $150 a head.
E) Ensure that employees reimburse their employers for any entertaining incurred which exceeds the $150 a head limit
F) Deduct all entertaining expenses without any analysis of what the entertaining relates to.

5. 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 property is depreciated based on its original cost up to the date ot disposal
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 retained earnings
F) The remaining balance on the revaluation surplus is transferred to the statement of profit or loss

Solutions: