CIMA F1 Exam Questions : Financial Reporting

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1.

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

3. MNO is a commercial bank. One of MNO's clients is FGH, a trading company which sells goods to PQR.
MNO is asked to draw up an instrument between FGH and PQR in respect of goods sold FGH then asks MNO to sell this instrument on its behalf in the discount market MNO does this and pays the proceeds to FGH.
What source of short-term finance is being described here?

A) Bill of exchange
B) Overdraft
C) Factoring
D) Certificate of deposit

4. ST has $20,000 of plant and machinery which was acquired on 1 April 20X0. Tax depreciation rates on plant and machinery are 20% reducing balance. All plant and machinery was sold for $12,000 on 1 April 20X2.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 March 20X3 and state the effect on the taxable profit.

A) A balancing allowance of $800 will reduce taxable profits.
B) A balancing allowance of $800 will increase taxable profits.
C) A balancing charge of $800 will increase taxable profits.
D) A balancing charge of $800 will reduce taxable profits.

5. YZ has $40,000 of plant and machinery which was acquired on 1 June 20X1.Tax depreciation rates on plant and machinery are 25% reducing balance. All plant and machinery was sold for $24,000 on 1 June 20X3.
Calculate the tax balancing allowance or charge on disposal for the year ended 31 May 20X3 and state the effect on the taxable profit.

A) A balancing charge of $1,500 reduces taxable profit.
B) A balancing charge of $1,500 increases taxable profit.
C) A balancing allowance of $1,500 reduces taxable profit.
D) A balancing allowance of $1,500 increases taxable profit.

Solutions: