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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. While conducting their audit, auditor 0 did not encounter issues which significantly limited the scope of their audit, however they did run into problems in that they disagreed with the management on facts in the statements.
These disagreements were somewhat material, but they did not affect the auditor's overall opinion of the business. Which of the following statements should auditor 0 issue?

A) Emphasis of matter
B) Disclaimer of opinion
C) Unqualified report
D) 'Except for' qualification
E) Adverse audit opinion

2. AB has been asked to analyze the receivables days of an entity with a view to improving the working capital cycle.
The following results have been produced for receivable days:

Which of the following is NOT an explanation of why the days have increased?

A) The entity has transferred all receivables collections to a factoring agency during 20X2.
B) The entity has increased turnover for year ended 31 December 20X2 by offering extended credit terms.
C) An inexperienced credit controller was employed in the last few months of year ended 31 December and requires substantial training.
D) The entity has made substantial sales to overseas entities in the last few months of the year ended 31 December 20X2.

3. Which of the following is a characteristic of a defined contribution post-employment benefit scheme?

A) The employer may take a contributions holiday and stop paying contributions for a period, if the scheme's assets appear to be more than are required to meet the scheme's obligations.
B) The employer would make additional contributions into the scheme if the actuary predicted a shortfall in the funds available to pay post-employment benefits.
C) The amount of the post-employment benefits paid to former employees depends on how well the scheme's investments have performed.
D) The amount of the post-employment benefits paid to former employees is determined at the date of their retirement using a predefined formula.

4. EF purchased an asset on 1 September 20X4 for $800,000, exclusive of import duties of $30,000. EF is resident in country Y where indexation is allowed on purchase costs when the asset is disposed of.
EF sold the asset on 31 August 20X9 for $1,500,000 incurring transaction charges of $20,000. The indexation factor increased by 40% in the period from 1 September 20X4 to 31 August 20X9.
Capital gains are taxed at 30%.
What is the tax due on disposal of the asset?

A) $95,400
B) $101,400
C) $102,600
D) $108,000

5. Entity T operates within several countries, but its country of residence is Country F. In 20X5, Entity T made $8.4 million in Country M. Country M has a flat rate corporation tax of 5.9%.
Country F and Country M operate a double taxation treaty which uses a foreign tax credit system. In Country F, there is a tax of 10% tax on all foreign income.
Taking into account the credit, what is the total tax liability that Entity T owes on its Country M income, in Country F?

A) $450,000
B) $344,400
C) $495,600
D) $840,000

Solutions: