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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. STU has a non-current asset which originally cost $250,000, has an expected life of 8 years and an estimated residual value of $25,000. The asset is depreciated at 25% a year on a reducing balance basis On 1 July 20X5 the accumulated depreciation for this asset is $109,375 What is the depreciation charge for the year ending 30 June 20X6?
Give your answer to the nearest whole number.

2. From the list below identify the item that appears in the statement of financial position.

A) The amount of interest charged on loans during the year.
B) The amount of loans outstanding at the year end.
C) The amount of loans repaid during the year.
D) The amount of interest actually paid during the year.

3. Statements of financial position as at 31 December 20X8 for JK, LM and PQ are as follows:

[1] JK purchased 80% of LM's $1 equity shares on 1 January 20X8 for $260,000 when the retained earnings of JK were $110,000. At that date the non-controlling interest had a fair value of $63,000.
[2] JK purchased 25% of PQ's $1 equity shares on 1 January 20X8 for $90,000 when the retained earnings of PQ were $96,000.
[3] During the year JK sold goods to LM for $32,000 at a mark up of 33.33% on cost. Half of the goods were still in LM's inventory at 31 December 20X8.
[4] LM transferred $32,000 to JK on 30 December 20X8 in settlement of the inter-group trade. JK did not record the cash in its financial records until 2 January 20X9.
Calculate the value of inventory that would be included in JK's consolidated statement of financial position at 31 December 20X8.
Give your answer to the nearest $.

4. DE purchased an asset on 1 January 20X1 for $60,000 with a useful economic life of six years and a residual value of $3,000.
DE uses straight line depreciation for this asset.
On 31 December 20X3 the asset has a value in use of $ $28,000 and a fair value of $26,000.
Which of the following values should be used for the asset in DE's statement of financial position as at 31 December 20X3?

A) $30,000
B) $28,000
C) $26,000
D) $31,500

5. There are two main approaches to corporate governance: rules-based and principle-based.
Which THREE of the following are correct?

A) Best practice will use a rules-based approach to corporate governance and will have appropriate penalties for transgression.
B) Rules-based corporate governance applies to the UK and principle-based corporate governance applies to the USA.
C) Rules-based corporate governance applies to the USA and principle-based corporate governance applies to the UK.
D) Sarbanes Oxley Act (SOX) is a rules-based approach to corporate governance.
E) Sarbanes Oxley Act (SOX) is a principle-based approach to corporate governance.
F) A principle-based approach will mean the entity must comply or explain and a rules-based approach will have appropriate penalties for transgression.

Solutions: