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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

Company R use a defined benefit plan pension scheme. Employee UW has been working for Company R for
25 years. The defined benefit plan is 1.5% of the employee's annual salary during their time at the company, for every year of employment.
Employee UW started on a £18,000 per annum salary. After 10 years of employment. Employee UW received a promotion and began earning £22,000. After another 3 years of employment. Employee UW got promoted to a wage of £35,000, and is still on this salary now. How much pension has Employee UW accumulated since working at Company R?

A. £6,750
B. £9,900
C. £9,375
D. £18,000

Question 2

The following information relates to ABC.

Which of the following would be a reason for the movement in the trade receivable days?

A. It was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.
B. A system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.
C. A new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.
D. One customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.

Question 3

Which of the following would NOT normally be subject to a withholding tax?

A. Interest on fixed term loans
B. Equity dividends paid
C. Profit for the year
D. Royalties paid

Question 4

The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:

1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September 20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
Calculate the profit attributable to the non-controlling interests disclosed in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.
Give your answer to the nearest whole $.

Question 5

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:
Calculate gross profit for the year ended 31 December 20X4.
Give your answer as a whole $.

Solutions: