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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which THREE of the following must an auditor consider in order to form an opinion on the truth and fairness of an entity's financial statements?

A) Whether the entity has kept proper accounting records.
B) Whether all the information and explanations necessary for the purposes of the audit have been received.
C) Whether the entity has complied with the relevant legislator requirements in respect of the necessary disclosures.
D) Whether every transaction that underpins the financial statements has been correctly recorded.
E) Whether the entity has been exposed to any fraud.

2. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were
$155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the amount of retained earnings that will be included in FG's consolidated statement of financial position as at 31 December 20X5.
Give your answer to the nearest whole $.

3. MN recently took out a 5 year term loan to buy raw materials to take advantage of a supplier's bulk discount that had been offered to them.
What approach to financing working capital has MN undertaken?

A) Conservative
B) Moderate
C) Permanent
D) Aggressive

4. In accordance with IFRS 3 Business Combinations, acquisition accounting of an investment in another entity within the consolidated statement of financial position means that the:

A) Group's share of the net assets of the other entity are shown as one line within equity.
B) Group's share of the net assets of the other entity are shown as one line under non-current assets.
C) Parent's and 100% of the other entity's assets and liabilities are added together line by line.
D) Parent's and group share of the other entity's assets and liabilities are added together line by line.

5. XY purchased a building on 1 April 20X1 for $300,000 with a useful economic life of 30 years. On 1 April
20X7 the building was revalued at $525,000.
What will the new depreciation charge be following the revaluation?
Give your answer as a whole number.

Solutions: