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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. CDE has been offering its customers a 50-day credit period, but now wants to improve its cash flow.
CDE is proposing to offer a 2% discount for payment in 20 days. "
Assume a 365-day year and an invoice value of $100
Which of the following is the effective annual interest rate CDE will incur for this action?

A) 15.9%
B) 44.6%
C) 49.8%
D) 27.9%

2. RST operates in Country X where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.
In year ending 31 May 20X4, XYZ made an accounting profit of $480,000.
Profit included $16,300 of entertaining costs and $15,150 of income exempt from taxation.
XYZ has plant and machinery with accounting depreciation amounting to $24,200 and tax depreciation amounting to $45,200.
Calculate the tax charge for the year ended 31 May 20X4 assuming all profits are taxed at 25%.

A) $115,038
B) $124,963
C) $114,463
D) $125,538

3. An entity bought a capital item for $110,000 on 1 March 20X4 incurring legal fees at the date of purchase of
$2,500.
On 1 May 20X4 additional costs classified as capital expenditure by the tax rules of the country of $25,000 were incurred in respect of the asset. On 1 June 20X4 repairs not classified as capital expenditure were incurred at a cost of $15,000.
The asset was sold for $250,000 on 30 November 20X8 and costs to sell were incurred of $4,300.
Calculate the chargeable gain on the disposal.
Give your answer to the nearest $.

4. XY purchased a building on 1 April 20X1 for $300,000 with a useful economic life of 30 years. On 1 April
20X7 the building was revalued at $525,000.
What will the new depreciation charge be following the revaluation?
Give your answer as a whole number.

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

Solutions: