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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. There are two main approaches that a country could adopt in respect of corporate governance regulation - a rules based approach and a principles based approach. Match the following statements with the appropriate approach by placing either rules based or principles based against each of them.

2. Which of the following would NOT be classified as part of non-current assets in a statement of financial position?

A) The goodwill arising on the acquisition of a subsidiary.
B) A property held as an investment which is let to tenants.
C) Assets held for sale, classified in accordance with IFRS 5 Non-current Assets Held for Sales and Discontinued Operations.
D) The interest paid on a loan raised to fund the construction of a factory, where that factory is still not ready for its intended use.

3. Which of the following methods could be used by a tax authority to reduce tax evasion and avoidance?

A) Reduce penalties for avoidance.
B) Increase tax rates to compensate for losses due to evasion.
C) Simplify the tax structure, minimizing allowances and exemptions.
D) Reduce requirements to have tax returns audited.

4. Which of the following is an effect of using equity accounting to include an entity in the consolidated statement of financial position of a group?

A) The investment in the investee entity is included in non-current assets at cost to the investing entity.
B) A single figure is included in net assets which is the sum of the initial cost of investment in the investee entity plus the group share of all changes in net assets since acquisition.
C) 100% of each asset and liability of the investee entity is included with the investing entity's balances.
D) The group share of each asset and liability of the investee entity is included with the investing entity's balances.

5. 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.
Calculate the amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.

A) $10,000
B) $3,200
C) $4,000
D) $2,000

Solutions: