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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Statements | 45% | - Statement preparation and IFRS application
|
| Topic 2: Principles of Taxation | 20% | - Taxation fundamentals
|
| Topic 3: Regulatory Environment of Financial Reporting | 10% | - Regulators and their role
|
| Topic 4: Managing Cash and Working Capital | 25% | - Cash and working capital management
|
CIMA Financial Reporting Sample Questions:
BCD's financial statements for the year ending 30 November 20X3 include the following:
Inventory at 30 November 20X2 was $220,000.
What is BCD's average inventory holding period for the year ended 30 November 20X3?
- A. 42 days
- B. 35 days
- C. 37 days
- D. 45 days
EF has been offering its customers a 60 day credit period, but now wants to improve its cash flow.
EF is proposing to offer a 2% discount for payment in 15 days.
Assume a 365 day year and an invoice value of $100.
Which of the following is the effective annual interest rate EF will incur for this action?
- A. 63.4%
- B. 17.8%
- C. 35.4%
- D. 13.1%
Which of the following is a characteristic of a defined contribution post-employment benefit scheme?
- A. The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.
- B. The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.
- C. The employer may take a contributions holiday and stop paying contributions for a period, if the scheme's assets appear to be more than are required to meet the scheme's obligations.
- D. The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.
It costs PWR £7.50 to produce product H, per product. Product H is typically sold for £89.99. It costs £5.00 to package product H and £15 to deliver product H to customers.
PWR is currently selling faulty versions of product H from a defunct batch, (let's call this version product I), for 25% of the original price.
Which of the below options represent the correct inventory price for product I?
- A. £7.50
- B. £2.50
- C. £3.50
- D. £20.00
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 $.
$224000
