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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

In 20X4, DEF closed its business having made a trading loss of $160,000. In DEF's country of residence, trading losses may be carried back three years on a LIFO basis.
The profits for the last four years of trading were:

What are the taxable profits or losses for years 20X1 and 20X2?

A. 20X1 $143,000, 20X2 $ nil
B. 20X1 $10,000, 20X2 $113,000
C. 20X1 $150,000, 20X2 $133,000
D. 20X1 $150,000, 20X2 $nil

Question 2

LM is preparing its cash forecast for the next three months.
Which of the following items should be left out of its calculations?

A. Tax payment due, that relates to last year's profits.
B. Rental payment on a leased vehicle.
C. Receipt of a new bank loan raised for the purpose of purchasing new machinery.
D. Expected loss on the disposal of a piece of land.

Question 3

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:
What figures should be entered on the face of the Statement of profit or Loss for the year ended 31 December
20X4 in relation to Interest and Corporate income tax?

A. Interest $50 Corporate income tax $3
B. Interest $25 Corporate income tax $(37)
C. Interest $50 Corporate income tax $(3)
D. Interest $25 Corporate income tax $37

Question 4

DEF is considering introducing a Pay-As-You-Earn (PAYE) system but unsure of the advantages of using it.
Which of the following statements are advantages from the employees perspective of an entity using a PAYE system for collecting taxes from employees.
Select ALL that apply.

A. The employee does not have to complete a self assessment tax return.
B. The employee will calculate their own tax payment.
C. The employee will avoid being charged penalties for paying late.
D. The employee will be able to deal with tax authority directly to make payments.
E. The employee does not have to budget for their tax payments because the tax is deducted at source.

Question 5

An entity purchased equipment on 1 April 20X4 for $200,000. The equipment was depreciated using the reducing balance method at 20% a year.
Depreciation was charged up to and including 31 March 20X7. At that date the recoverable amount of the equipment was $94,000.
Calculate the impairment loss on the equipment in accordance with IAS 36 Impairment of Assets.
Give your answer to the nearest whole $.

Solutions: