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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

The following information relates to a single asset:
*Original cost of $186,000
*Estimated residual value of $6,000
*Expected useful life of 10 years
*Accumulated depreciation at 31 December 20X5 of $66,960
*Annual depreciation rate of 20% on a reducing balance basis
Calculate the amount of depreciation that should be charged to profit or loss for the year ended 31 December 20X6.
Give your answer to the nearest whole number.

Question 2

Which of the following is the responsibility of the International Financial Reporting Standards Interpretations Committee?

A. To provide a forum for interested parties to participate in the formulation of international financial reporting standards.
B. The development and publication of new international financial reporting standards.
C. To provide authoritative guidance on the application of international financial reporting standards where conflicting practice has developed.
D. To advise the International Accounting Standards Board on the agenda and priorities for future work.

Question 3

Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

A. Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.
B. Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.
C. Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.
D. Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.

Question 4

Which of the following would NOT be a source of taxation rules for a country?

A. Directives from international bodies
B. International accounting standards
C. Double tax treaties
D. Precedents based on previous legislation

Question 5

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.

Solutions: