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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. XYZ operates in Country P where the tax rules state entertaining costs and accounting depreciation are disallowable for tax purposes.
In year ending 31 March 20X4, XYZ made an accounting profit of $240,000.
Profit included $14,500 of entertaining costs and $5,000 of income exempt from taxation.
XYZ has plant and machinery with accounting depreciation amounting to $26,300 and tax depreciation amounting to $35,200.
Calculate the taxable profit for the year ended 31 March 20X4.

A) $221,600
B) $258,400
C) $240,600
D) $239,400

2. PZ has the following working capital ratios:

Which of the following could be the reason for the movements?

A) PZ has introduced a new policy to take discounts from suppliers during 20X1.
B) PZ has implemented a just-in-time system of ordering inventory during 20X1.
C) The workforce of PZ have been on strike for a month during 20X1 but deliveries of inventory have still been received by the entity.
D) A new credit controller has been employed who has been more rigorous with their collection procedure of receivables.

3. Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:

YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April 20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the goodwill arising on the acquisition of BC.
Give your answer to the nearest whole $.

4. Country A permits the following deductions in an entity's annual corporate income tax return in relation to entertaining expenses and gifts;
1 Employee entertaining up to a value of $150 a head
2 Entertaining of overseas customers.
3 Individual gifts not to exceed $10 in value
Which THREE of the following actions would be regarded as tax evasion?

A) Ensure that employees reimburse their employers for any entertaining incurred which exceeds the $150 a head limit
B) Split any gifts made so that any gift does not exceed $10 on an individual basis.
C) Deduct all entertaining expenses without any analysis of what the entertaining relates to.
D) Inflate the number of employees that are recorded as being entertained so that the overall employee entertainment bill falls below $150 a head.
E) Delay the next entertainment event for staff until the next financial year so that the $150 limit is not breached.
F) Record customers who do not meet the overseas criteria as overseas customers.

5. The following information is extracted from OO's statement of financial position at 31 March:

Included in other payables is interest payable of $80,000 at 31 March 20X2 and $73,000 at 31 March 20X1.
The following information if included within OO's statement of profit or loss for the year ended 31 March
20X2:

Included within finance cost is $124,000 which relates to interest paid on a finance lease. 00 includes finance lease interest within financing activities on its statement of cash flows.________________ Within OO's statement of cash flow for the year ended 31 March 20X2 which figures should be included to reflect the changes in working capital within the net cash flow from operating activities?

A) Option D
B) Option A
C) Option B
D) Option C

Solutions: