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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. On 1 January 20X2 an entity began work on constructing a factory. It purchased the land for $14 million, built the factory buildings for $11 million and installed plant and equipment for $7 million. The project was completed on 31 December 20X3 when the factory was deemed ready to use, however, the factory did not start operations until 1 June 20X4.
To fund the project the entity borrowed $25 million on 1 January 20X2, with interest at 10% per year.
The loan was repaid in full on 31 December 20X4.
Calculate the total amount to be added to the cost of property, plant and equipment in respect of the above development.
Give your answer to the nearest $ million.

2. WX is considering an investment in ST.
At 31 December 20X2 ST had the following balances in its statement of financial position:

Which of the following would cause ST to become an associate investment of WX?

A) WX purchases 15,000 of ST's $1 equity shares and 20,000 of ST's $1 preference shares.
B) WX purchases 75,000 of ST's $1 equity shares.
C) WX purchases 50,000 of ST's $1 preference shares.
D) WX purchases 25,000 of ST's $1 equity shares.

3. The following information relates to a single asset:
*Original cost of $186,000
*Estimated residual value of $6,000
*Expected useful life of 10 years
*Accumulated depreciation at 31 December 20X5 of $66,960
*Annual depreciation rate of 20% on a reducing balance basis
Calculate the amount of depreciation that should be charged to profit or loss for the year ended 31 December 20X6.
Give your answer to the nearest whole number.

4. If a parent entity is to be exempt from preparing consolidated financial statements it needs to satisfy certain conditions according to IFRS 10 Consolidated Financial Statements.
Which TWO of the following are conditions that need to be satisfied to be exempt?

A) The ultimate parent of the parent entity publishes consolidated financial statements which are publicly available.
B) The parent entity is itself a wholly owned subsidiary of another entity.
C) The parent entity has subsidiaries, one or more of which publishes consolidated financial statements.
D) The parent entity has no more than 10 subsidiaries or associated entities.
E) The parent 's investment in its subsidiaries are all below 100%.

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: