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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. 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) $3,200
B) $2,000
C) $4,000
D) $10,000

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 goodwill arising on the acquisition of BC.
Give your answer to the nearest whole $.

3. Which of the following is a feature of a direct tax?

A) The formal incidence and effective incidence are usually the same.
B) It is levied on one part of the economy with the intention that it will be passed on to another.
C) It is not levied on the eventual payer of the tax.
D) It cannot be related to the individual circumstances of the tax payer.

4. On 31 March 20X1 OP decided to sell a property. On that date this property was correctly classified as held for sale in accordance with IFRS 5 Non-Current Assets Held For Sale And Discontinued Operations.
In the draft financial statements of OP for the year ended 31 October 20X1 this property has been included at its fair value, which was $520,000 lower than its carrying value. This has resulted in a charge to profit or loss, the result of which is that the draft financial statements show a loss of $450,000 for the year to 31 October
20X1. When the management board of OP reviewed the draft financial statements it was unhappy about the loss and decided that the property should be reclassified as a non-current asset and reinstated to its original value, despite the fact that its plans for the property had not changed.
In accordance with the ethical principle of professional competence and due care, which THREE of the following statements explain how this property should be accounted for in the financial statements of OP for the year ended 31 October 20X1?

A) The property should be treated as a non-current asset held for sale from 31 March 20X1.
B) The property should be treated as a non-current asset held for sale from 1 November 20X1.
C) The property should be depreciated until 31 October 20X1.
D) The impairment of $520,000 should be shown as an expense in the statement of profit or loss.
E) The property should not be depreciated after 31 March 20X1.
F) The property impairment should not be recorded until the sale has completed.

5. Which THREE of the following are part of the International Accounting Standards Committee (IASC) Foundation structure?

A) Standards Advisory Council
B) International Accounting Standards Board
C) International Organisation of Securities Commission
D) Standards Application Council
E) International Financial Reporting Evaluations Committee
F) International Financial Reporting Interpretations Committee

Solutions: