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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. 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 group share of each asset and liability of the investee entity is included with the investing entity's balances.
B) The investment in the investee entity is included in non-current assets at cost to the investing entity.
C) 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.
D) 100% of each asset and liability of the investee entity is included with the investing entity's balances.

3. OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.
At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.
OP has been carrying the investment property using the cost model until 31 December 20X5.
The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.
Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

A) A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.
B) A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.
C) A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.
D) A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.

4. Refer to the exhibit.

An entity sells 2,000 bags of product X each year. It has been estimated that the cost of holding one bag of product X is £4.
The cost of placing an order is £250.
where:
Co = cost of placing an order
Ch = cost of holding one unit in inventory for one year
D = annual demand
Calculate the Economic Order Quantity (EOQ) for bags of product X.
Give your answer to the nearest whole number of bags.

5. UV has recently been having cash flow issues due to its credit customers paying after the credit period they have been granted.
UV is looking into factoring the receivables to a factoring company on a recourse basis to improve its cash flow.
Which TWO of the following will UV encounter as a result of employing the factoring company?

A) Reduction in bank overdraft charges
B) No irrecoverable debts
C) Increase in cash sales
D) Reduction in payables days
E) Reduction in the need for management control

Solutions: