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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. FG purchased 40% of the equity shares of QR and exerted significant influence over the board of the directors.
QR will be classified as____of FG.

2. The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.
ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.
iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.
Calculate the cost of sales that would be shown in YY's statement of profit or loss for the year ended 30 September 20X3.
Give your answer to the nearest $ million.

3. 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) 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
B) £150,000 will be credited into the receivables account of the parent company
C) £150,000 worth of inventory will be credited into the subsidiary's inventory account
D) £150,000 worth of inventory will be debited into the subsidiary's inventory account
E) £150,000 will be debited to the payables account of the parent company
F) 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
G) £150,000 will be credited to the payables account of the subsidiary company

4. The following information has been extracted from GHI's statement of financial position:

Which of the following is the total cash flow for working capital changes to be recorded in GHI's statement of cash flows for the year ended 31 December 20X5?

A) Inflow of 5120,000
B) Outflow of $240,000
C) Inflow of $240,000
D) Outflow of $120,000

5. What does the tax credit method of giving double taxation relief mean?

A) Tax relief is gained by deducting the foreign tax from the foreign income so that only the "net" amount will be subject to tax in the country of residency.
B) Tax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the higher of the foreign or country of residency tax.
C) Tax paid in one country may be allowed as a tax credit in another country. Relief is normally restricted to the lower of the foreign or country of residency tax.
D) The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.

Solutions: