CIMA Financial Reporting : F1

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which of the following is a feature of value added tax (VAT)?

A) The value of all supplies must be taken into account when determining whether the registration threshold has been exceeded.
B) Entities cannot register for VAT if the value of their taxable supplies is below the registration threshold.
C) Entities that make only standard-rated or zero-rated supplies have their right to recover input tax restricted.
D) Only registered entities can charge VAT on sales or recover VAT paid on purchases.

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

3. Which of the following does the phrase 'events after the reporting period' refer to?

A) Material events which occur between the statement of financial position date and the date on which the financial statements are approved
B) Material events which occur after the release of the statement of financial position
C) Material events which occur before the statement of financial position date
D) Material events which occur between the income statement date and the statement of financial position date

4. For an entity to be exempt from preparing consolidated financial statements it must meet certain criteria specified in IFRS 10 Consolidated Financial Statements.
Which of the following conditions would give exemption from preparing consolidated financial statements?

A) The parent is a wholly owned subsidiary of another entity.
B) The parent is in the process of issuing securities in a public securities market.
C) The parent's securities are publicly traded.
D) All of the parent's subsidiaries are in one country.

5. Which of the following is NOT a reason why financial reporting information needs to be regulated?

A) So that potential investors can compare the financial information of different companies.
B) So that shareholders of a quoted company can make informed decisions about their investments
C) So that a bank can assess the amount of finance it is prepared to lend to a company.
D) So that the managers of a company can make decisions about its operations.

Solutions: