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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. An entity has a number of subsidiary and associate investments.
Which of the following must be disclosed in the entity's separate financial statements if it is exempt from presenting consolidated financial statements?

A) A list of its top ten shareholdings including number of shares held and their market value.
B) A list of all its significant investments in subsidiaries and associates which includes the date of acquisition and the price paid.
C) A copy of the summarised financial statements of each of its subsidiaries.
D) The bases on which significant investments in subsidiaries and associates have been accounted for in those separate financial statements.

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

3. Which of the following is NOT a primary need for regulating financial reporting information of incorporated entities?

A) To make information more comparable.
B) To improve the reliability of information for users.
C) To ensure that information is consistent with its legal form.
D) To make information more consistent.

4. 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) Publication of discussion documents.
D) Establishment of an advisory committee to advise on issues arising in the development of the IFRS.

5. XYZ's accounting profit for the last reporting period is $200,000. This is after deduction of:
* Accounting depreciation of $40,000.
* Entertaining expenses of $10,000 which are disallowable for tax purposes
* Directors' salaries of 530.000
Tax depreciation allowances of $60,000 are available and the rate of corporate income tax is 20%.
What is the corporate tax liability of XYZ for the reporting period?

A) $36,000
B) $42,000
C) $44,000
D) $38,000

Solutions: