CIMA Financial Reporting : F1 Exam

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. 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 profit attributable to the non-controlling interests disclosed in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.
Give your answer to the nearest whole $.

2. The Code of Ethics lists five fundamental principles. One of these is.

3. Which one of the following is NOT a step in the development of an International Financial Reporting Standard (IFRS)?

A) Publication of exposure drafts.
B) Production of draft interpretations of the IFRS which are open to public comment.
C) Establishment of an advisory committee to advise on issues arising in the development of the IFRS.
D) Publication of discussion documents.

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

5. A building was purchased on 1 January 20X1 for $300,000 and had a useful economic life of 40 years. On 1 January 20X5 the building was revalued by a professional surveyor at $450,000. Directors decided to incorporate the revalued amount into the financial statements.
The accounting entries to record the initial revaluation of the building in the financial statements for the year ended 31 December 20X5 will be to debit building cost $150,000 and then:

A) credit accumulated depreciation $30,000 and credit revaluation reserve $120,000.
B) debit accumulated depreciation $30,000 and credit revaluation reserve $180,000.
C) credit accumulated depreciation $37,500 and credit revaluation reserve $112,500.
D) debit accumulated depreciation $37,500 and credit revaluation reserve $187,500.

Solutions: