CIMA Financial Reporting : F1

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. During the year a piece of equipment that originally cost $96,000, with accumulated depreciation of $39,000, met the criteria of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations to be classified as held for sale.
The equipment is being advertised for sale at $46,000 and costs of $1,000 will be incurred to enable the sale to be completed.
At what value should the equipment be included in the statement of financial position at the year end assuming that it remains unsold?
Give your answer to the nearest whole number.

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

3. According to IAS 21 The Effects of Changes in Foreign Exchange Rates, an entity should determine its functional currency.
Which of the following is NOT a factor that should be considered by an entity when determining its functional currency?

A) The currency that mainly influences labour, material and other costs.
B) The currency of the country whose competitive forces determine prices of goods and services.
C) The currency used for published financial reports.
D) The currency that mainly influences selling prices of the entity's goods and services.

4. JKL prepares its financial statements to 31 December each year. For the year ended 31 December 20X5 inventory was held for 76 days on average.
The directors of JKL decide to reduce the average inventory level to $6.5 million from 1 January 20X6 JKL's revenue for 20X6 is $54 million on which a gross profit margin of 20% is earned.
Assuming that the average receivables and payables days remain constant what will be the effect of the expected reduction in inventory on JKL's working capital cycle for the year ended 31 December 20X6?

A) An increase of 21 days
B) A reduction of 21 days
C) An increase of 32 days
D) A reduction of 32 days

5. Which TWO of the following statements about accounting for associates are true?

A) Intra associate transactions are eliminated
B) Intra associate transactions are not eliminated
C) Unrealised profits are adjusted for
D) Unrealised profits are not adjusted for

Solutions: