Financial Reporting F1 exam vce dumps preparation

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

EF has been offering its customers a 60 day credit period, but now wants to improve its cash flow.
EF is proposing to offer a 2% discount for payment in 15 days.
Assume a 365 day year and an invoice value of $100.
Which of the following is the effective annual interest rate EF will incur for this action?

A. 13.1%
B. 63.4%
C. 35.4%
D. 17.8%

Question 2

KL has just completed their inventory count and has ascertained that the cost value of the inventory is
$460,000; this was made up of 10,000 units of component part FF.
A week before the year end the FF components were moved to a temporary warehouse.
Two weeks later they were inspected and found to have been damaged by the damp conditions in the temporary warehouse.
Of the 10,000 units 2,500 of them were damaged. After remedial work of $5.00 per unit KL anticipates they will be able to sell the damaged parts for $32.00 per unit.
What is the value for closing inventory to be included in the financial statements of KL?
Give your answer to the nearest $.

Question 3

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

Question 4

BCD owns an item of plant which cost $20,000 and at the time of purchase was assessed to have a useful economic life of 8 years and a residual value of $2,000.
The carrying amount of the plant at 1 January 20X8 is $11,000. On that date BCD's directors estimate that the plant's remaining useful life is now 6 years.
The residual value remains unchanged at $2,000.
What is the depreciation charge for this plant for the year ended 31 December 20X8?
Give your answer to the nearest $.

Question 5

On 1 January 20X6 PQR leases equipment for 3 years to use on a construction project. The total lease payments are $360,000 divided into 36 monthly instalments of $10,000 On 1 January 20X6 the present value of the lease payments is $270,000 and initial direct costs of $3,000 were incurred.
Which THREE of the following statements are true?

A. The value of the lease liability on 1 January 20X6 is $273,000.
B. Monthly payments of $10r0OO are expensed in the statement of profit or loss.
C. The right of use asset is depreciated over 3 years.
D. The value of the right of use asset on 1 January 20X6 is $273,000.
E. Initial direct costs of $3,000 are expensed in the statement of profit or loss.
F. The value of the lease liability on 1 January 20X6 is $270,000.

Solutions: