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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. For an incorporated business, the taxation of trading income is a form of direct taxation which is based on:

A) dividends paid to shareholders where the tax is paid by the shareholders to the tax authorities.
B) business profits where the tax is paid by the shareholders to the tax authorities.
C) business profits where the tax is paid by the business to the tax authorities.
D) dividends paid to shareholders where the tax is paid by the business to the tax authorities.

2. The accounting profit before tax of an entity was $243,200 for the year ended 31 July 20X4.
The accounting profit included disallowable income from government grants of $48,000 and disallowable expenditure of $25,600 on entertaining expenses.
The entity also paid a $40,000 dividend to shareholders. The tax rates for the country were as follows:

Calculate the tax the entity is due to pay for the year ending 31 July 20X4.

A) $44,160
B) $57,546
C) $47,840
D) $39,174

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

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

4. EFG prepares financial statements to 31 December each year. EFG has the following receivable days based on the year end receivable balances:

Which of the following would be a reason for this decrease in receivable days?

A) EFG transferred collection of all receivables to a factoring agency during 20X2.
B) EFG's revenue for 20X2 increased as a result of competitive pricing.
C) EFG employed an inexperienced credit controller in November 20X2.
D) EFG's largest customer negotiated an increase in credit terms during 20X2.

5. Statements of financial position for FG, IJ and KL at 31 December 20X5 include the following balances:

FG acquired 90% of IJ's equity shares for $358,000 on 1 July 20X5 when IJ's retained earnings were $98,000.
FG acquired 100% of KL's equity shares for $360,000 on 1 January 20X5 when KL's retained earnings were $155,000.
FG used the proportion of net assets method to value non-controlling interests at acquisition.
KL sold a piece of land to FG for $130,000 on 1 September 20X5. At the date of transfer the land had a carrying value of $50,000.
The management of FG expect KL to make profits in the future and no impairment ot its goodwill was proposed at 31 December 20X5.
Calculate the non-controlling interest balance in FG's consolidated statement of financial position at 31 December 20X5.
Give your answer to nearest whole $.

Solutions: