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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

XYZ operates in Country P where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.
In year ending 31 March 20X4, XYZ made an accounting profit of $240,000.
Profit included $14,500 of entertaining costs and $5,000 of income exempt from taxation.
XYZ has plant and machinery with accounting depreciation amounting to $26,300 and tax depreciation amounting to $35,200.
Calculate the taxable profit for the year ended 31 March 20X4.

A. $221,600
B. $239,400
C. $240,600
D. $258,400

Question 2

The following information relates to ABC.

Which of the following would be a reason for the movement in the trade receivable days?

A. One customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.
B. It was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.
C. A new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.
D. A system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.

Question 3

Country A permits the following deductions in an entity's annual corporate income tax return in relation to entertaining expenses and gifts;
1 Employee entertaining up to a value of $150 a head
2 Entertaining of overseas customers.
3 Individual gifts not to exceed $10 in value
Which THREE of the following actions would be regarded as tax evasion?

A. Ensure that employees reimburse their employers for any entertaining incurred which exceeds the $150 a head limit
B. Delay the next entertainment event for staff until the next financial year so that the $150 limit is not breached.
C. Record customers who do not meet the overseas criteria as overseas customers.
D. Deduct all entertaining expenses without any analysis of what the entertaining relates to.
E. Inflate the number of employees that are recorded as being entertained so that the overall employee entertainment bill falls below $150 a head.
F. Split any gifts made so that any gift does not exceed $10 on an individual basis.

Question 4

Corporate governance is the means by which an entity is operated and

Question 5

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.

Solutions: