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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. LM received notification on 10 November 20X4 from one of its customers stating they had ceased trading as they had gone into liquidation. The balance outstanding at 31 October 20X4 was $150,000.
In accordance with IAS 10 Events after the Reporting Date this event will be treated as:

2. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The property should be treated as a non-current asset held for sale from 31 March 20X1.
B) The property should not be depreciated after 31 March 20X1.
C) The property should be treated as a non-current asset held for sale from 1 November 20X1.
D) The property impairment should not be recorded until the sale has completed.
E) The property should be depreciated until 31 October 20X1.
F) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.

3. An entity purchased an asset for $375,000 on 1 November 20X0 incurring legal fees of $33,000.
Improvements were made to the asset for $65,000 on 1 December 20X2 which qualified as capital expenditure under the local tax rules. The entity also incurred repair costs on the asset on 1 February 20X3 amounting to
$10,000.
The asset was sold for $680,000 on 1 December 20X5 incurring allowable costs on disposal of $15,000.
Indexation on the purchase cost and the improvement are allowable.
The index increased by 20% between November 20X0 and December 20X5,15% between December 20X2 and December 20X5 and 10% between February 20X3 and December 20X5 Calculate the chargeable gain on the disposal of the asset on 1 December 20X5.

A) $90,650
B) $100,650
C) $107,250
D) $89,650

4. Which TWO of the following statements about accounting for associates are true?

A) Intra associate transactions are not eliminated
B) Intra associate transactions are eliminated
C) Unrealised profits are not adjusted for
D) Unrealised profits are adjusted for

5. AAA has the following working capital ratios at 30 March 20X4:

During the year ended 30 March 20X4 credit purchases were $3,600 and at 30 March 20X4 the outstanding trade payables amounted to $522.
The year ended 30 March 20X4 was not a leap year.
Calculate the working capital cycle for AAA.
Give your answer to one decimal place.

Solutions: