CIMA F1 : Financial Reporting

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CIMA Financial Reporting Sample Questions:

1. In which of the following concepts is profit an increase in the nominal value of capital over a period?

A) Physical capital maintenance
B) financial capital maintenance
C) Operating capital maintenance
D) Inflationary capital maintenance

2. An entity's inventory days are 45 days.
An entity ceased to manufacture a product in 20X4. Raw materials used solely in the manufacture of that product are still held in inventory at 31 December 20X4.
Place the appropriate response below to show how inventory days will be affected if this raw material inventory is written off as obsolete.

3. The accounting profit before tax of an entity was $243,200 for the year ended 31 July 20X4.
The accounting profit included disallowable income from government grants of $48,000 and disallowable expenditure of $25,600 on entertaining expenses.
The entity also paid a $40,000 dividend to shareholders. The tax rates for the country were as follows:

Calculate the tax the entity is due to pay for the year ending 31 July 20X4.

A) $57,546
B) $44,160
C) $39,174
D) $47,840

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

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

5. The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.
ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.
iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.
Calculate the cost of sales that would be shown in YY's statement of profit or loss for the year ended 30 September 20X3.
Give your answer to the nearest $ million.

Solutions: