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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. What does the exemption method of giving double taxation relief mean?

A) The countries agree on certain types of income which will be exempt or partially exempt in both countries.
B) The countries agree on certain types of income which will be exempt or partially exempt in one country or the other.
C) The countries agree that all types of income will be exempt or partially exempt in one country or the other.
D) The countries agree that all types of income will be exempt or partially exempt in both countries.

2. 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.

3. OP holds an investment property purchased on 1 January 20X3 for $700,000 with a useful economic life of 25 years.
At 31 December 20X5 the fair value of the investment property was $750,000 with a revised useful economic life of 25 years from that date.
OP has been carrying the investment property using the cost model until 31 December 20X5.
The directors wish to change their valuation method to fair value in accordance with IAS 40 Investment Property.
Which of the following is the correct treatment of the revaluation gain and the value of the property in the statement of financial position at 31 December 20X5?

A) A gain of $134,000 taken to other comprehensive income and $750,000 is shown on the statement of financial position.
B) A gain of $134,000 taken to the statement of profit or loss and $750,000 shown on the statement of financial position.
C) A gain of $106,000 taken to other comprehensive income and $720,000 is shown on the statement of financial position.
D) A gain of $106,000 taken to the statement of profit or loss and $720,000 shown on the statement of financial position.

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

5. AB has prepared its financial statements for the year ended 31 July 20X5. On 15 September 20X5 a major fraud was uncovered by the external auditors which had taken place during the year to 31 July 20X5 The financial statements have not yet been authorised In accordance with IAS 10 Events After the Reporting Period, AB should treat the fraud as:

Solutions: