CIMA F1 Exam Questions : Financial Reporting

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

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

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

2. Identify whether the scenarios below are examples of tax evasion or tax avoidance, by placing either tax evasion of tax avoidance against each one.

3. Which of the following is NOT an appropriate description of the meaning of the term incidence of tax?

A) It refers to the distribution of the tax burden.
B) It can be formal or actual.
C) It relates to the person or entity that ultimately bears the cost of the tax.
D) It only relates to the person or entity that actually pays the tax authorities.

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

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

5. For an entity to be exempt from preparing consolidated financial statements it must meet certain criteria specified in IFRS 10 Consolidated Financial Statements.
Which of the following conditions would give exemption from preparing consolidated financial statements?

A) The parent is in the process of issuing securities in a public securities market.
B) The parent's securities are publicly traded.
C) The parent is a wholly owned subsidiary of another entity.
D) All of the parent's subsidiaries are in one country.

Solutions: