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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?

A) The value of the lease liability on 1 January 20X6 is $273,000.
B) The right of use asset is depreciated over 3 years.
C) The value of the lease liability on 1 January 20X6 is $270,000.
D) Initial direct costs of $3,000 are expensed in the statement of profit or loss.
E) Monthly payments of $10r0OO are expensed in the statement of profit or loss.
F) The value of the right of use asset on 1 January 20X6 is $273,000.

2. 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 amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.

A) $2,000
B) $10,000
C) $4,000
D) $3,200

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

4. Which of the following would be classified as a parent and subsidiary relationship in accordance with IFRS 10 Consolidated Financial Statements?

A) Entity C owns 45% of another entity's equity shares and can exercise significant influence over that entity's financial and operating policy decisions.
B) Entity B owns 20% of another entity's equity shares and has an agreement with other equity shareholders of that entity that gives it power over a further 20% of the equity voting rights.
C) Entity D owns 25% of another entity's equity shares and associated voting rights and 100% of its preference shares.
D) Entity A owns 30% of another entity's equity shares and has the power to appoint or remove the majority of the members of the board of directors and control of the entity is through that board.

5. In accordance with the Conceptual Framework for Financial Reporting, which TWO of the following qualitative characteristics of useful financial information should be considered when selecting a measurement basis?

A) Relevance
B) Comparability
C) Faithful representation
D) Verifiability
E) Timeliness

Solutions: