CIMA F1

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CIMA Financial Reporting Sample Questions:

1. For the year ending 31 March 20X2, MN made an accounting profit of $120,000. Profit included $8,500 of political donations which are disallowable for tax purposes and $8,000 of income exempt from taxation.
MN has $15,000 of plant and machinery which was acquired on 1 April 20X0 and purchased a new machine costing $25,000 on 1 April 20X1. This new machine is entitled to first year allowances of 100% instead of the usual tax depreciation of 20% reducing balance. All plant and machinery is depreciated in the accounts at 10% on cost.
MN also has a building that cost $120,000 on 1 April 20X0 and is depreciated in the accounts at 4% on a straight line basis. Tax depreciation is calculated at 3% on a straight line basis.
Calculate the taxable profit.
Give your answer to the nearest $.

2. In accordance with the Conceptual Framework for Financial Reporting, which TWO of the following qualitative characteristics of useful financial information should be considered when selecting a measurement basis?

A) Relevance
B) Timeliness
C) Faithful representation
D) Comparability
E) Verifiability

3. An entity's policy is to finance the investment in working capital using short-term financing to fund all of its investment in fluctuating net current assets as well as some of its investment in permanent net current assets.
What is this working capital financing policy known as?

A) Short term
B) Moderate
C) Conservative
D) Aggressive

4. The following information relates to AA.
Extract of Trial Balance at 31 December 20X4;

Notes
(i) Inventory at 31 December 20X4 was valued at cost at $30.
(ii) The loan which was received on 1 July 20X4 is repayable in 20X9.
(iii) Corporate income tax represents an over-provision of tax for the year ended 31 December 20X3. AA reported a loss for tax purposes for the year ended 31 December 20X4 and a tax refund is expected amounting to $20.
(iv) Cost of sales, administration and distribution costs need to be adjusted for the following:
What figures should be entered in the Statement of Profit or Loss for the year ended 31 December 20X4 in relation to Administration and Distribution costs?

A) Administration $120 Distribution $87
B) Administration $141 Distribution $117
C) Adminsitration $136 Distribution $120
D) Administration $146 Distribution $114

5. The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?

A) Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
B) Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
C) The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000.
D) A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.

Solutions: