CIMA F1

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?

A) Whether all the information and explanations necessary for the purposes of the audit have been received.
B) Whether the entity has kept proper accounting records.
C) Whether every transaction that underpins the financial statements has been correctly recorded.
D) Whether the entity has been exposed to any fraud.
E) Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.

2. The United Kingdom (UK) uses a principle based approach to corporate governance which means:

3. OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.
At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.
OP has been carrying the investment property using the cost model until 31 December 20X5.
The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.
Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

A) A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.
B) A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.
C) A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.
D) A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.

4. When a trading loss is incurred by an entity, the entity may be able to claim loss relief. The way in which loss relief is claimed vanes from country to country.
Which of the following is NOT normally a way of claiming loss relief for a trading loss?

A) Offset the trading loss against group entity profits.
B) Offset The trading loss against its trading profits in future periods
C) Offset the trading loss against capital gams in previous periods
D) Carry the trading loss backwards against trading profits in previous periods.

5. The subsidiary company of Group XY has purchased £150,00 worth of goods its parent company. However the goods purchased have yet to arrive at the subsidiary at the end of the financial year 20X4, meaning there is a disagreement in the current account balances between the parent and subsidiary.
With Group XY looking to produce its CSOFP for the end of the financial year, which of the following statements are true in relation to accounting for this disagreement? Select ALL that apply.

A) £150,000 worth of inventory will be debited into the subsidiary's inventory account
B) As the goods have not reached the subsidiary by the end of the financial year 20X4, they will be included in the CSOFPfor the next financial year
C) £150,000 will be credited to the payables account of the subsidiary company
D) £150,000 will be credited into the receivables account of the parent company
E) The adjustments to resolve this disagreement, need to be accelerated, so they can be included in the consolidation of assets for the CSOFP for 20X4
F) £150,000 worth of inventory will be credited into the subsidiary's inventory account
G) £150,000 will be debited to the payables account of the parent company

Solutions: