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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which of the following is an effect of using equity accounting to include an entity in the consolidated statement of financial position of a group?

A) A single figure is included in net assets which is the sum of the initial cost of investment in the investee entity plus the group share of all changes in net assets since acquisition.
B) The investment in the investee entity is included in non-current assets at cost to the investing entity.
C) 100% of each asset and liability of the investee entity is included with the investing entity's balances.
D) The group share of each asset and liability of the investee entity is included with the investing entity's balances.

2. 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 value of inventory that will be included in YZ's consolidated statement of financial position at 31 March 20X2.
Give your answer to the nearest whole $.

3. You work in the finance department of an entity. A director has approached you and asked you to falsify sales invoices which would significantly inflate revenue. The CIMA Code of Ethics suggests that you should deal with such an ethical dilemma by following a number of stages.
Place each of the stages identified below into chronological order.

4. Which of the following correctly identifies the order of the steps involved in the development of an International Financial Reporting Standard prior to it being issued?

A) Issue an exposure draft, then set up an advisory committee and then issue a discussion document.
B) Set up an advisory committee then issue an exposure draft and then issue a discussion document.
C) Issue a discussion document, then issue an exposure draft and then set up an advisory committee.
D) Set up an advisory committee, then issue a discussion document and then issue an exposure draft.

5. At 31 December 20X4 the directors of MNO decide to revalue its property. Before revaluation adjustments the balances relating to property are as follows:

The property has been revalued at $1,600,000.
How much will be included within MNO's statement of financial position at 31 December 20X4 for revaluation surplus?

A) $810,000
B) $1,190,000
C) $400,000
D) $1,600,000

Solutions: