CIMA F1 Exam Questions : Financial Reporting

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which of the following is a condition that has to be met for an entity to be exempt the requirement to prepare consolidated financial statements?

A) The parent's equity has a nominal value of less than $1 million.
B) The parent entity's equity instruments are only traded in one country.
C) The parent entity's debt or equity instruments are not traded in a public market.
D) The parent's net asset value is less than $1 million.

2. The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
What is the revenue figure to be included in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0?

A) $480,000
B) $450,000
C) $440,000
D) $476,000

3. In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.
The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

A) 20X1 $150,000, 20X2 $nil
B) 20X1 $143,000, 20X2 $ nil
C) 20X1 $150,000, 20X2 $133,000
D) 20X1 $10,000, 20X2 $113,000

4. LM is preparing its cash forecast for the next three months.
Which of the following items should be left out of its calculations?

A) Expected loss on the disposal of a piece of land.
B) Receipt of a new bank loan raised for the purpose of purchasing new machinery.
C) Rental payment on a leased vehicle.
D) Tax payment due, that relates to last year's profits.

5. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the value of property, plant and equipment to be recognized in FG's consolidated statement of financial position at 31 December 20X5.
Give your answer to the nearest whole $.

Solutions: