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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

Question 1

Which of the following is a type of short-term finance?

A. Interest bearing bank deposit
B. Trade payables
C. Loan repayable in five years
D. Trade receivables

Question 2

Which THREE of the following are costs that a business might incur as a result of holding insufficient inventory of raw materials?

A. Increased risk of obsolescence
B. Additional storage costs
C. Purchasing inventory at a higher price
D. Loss of sales
E. Lost production

Question 3

DE purchased an asset on 1 January 20X1 for $60,000 with a useful economic life of six years and a residual value of $3,000.
DE uses straight line depreciation for this asset.
On 31 December 20X3 the asset has a value in use of $ $28,000 and a fair value of $26,000.
Which of the following values should be used for the asset in DE's statement of financial position as at 31 December 20X3?

A. $31,500
B. $30,000
C. $26,000
D. $28,000

Question 4

STU commenced trading on 1 January. Total sales for the month of January were $250,000. which were 75% on credit and 25% for cash. Sales are expected to increase by 10% a month Irrecoverable debts are estimated to be 5% of credit sales Of the credit sales expected to pay, 50% pay in the month following the sale and the remaining 50% the month after.
The cash expected to be received in February is:

A. $156,250
B. $157,813
C. $162,500
D. $151,563

Question 5

The following information is extracted from QQ'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 QQ'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. QQ includes finance lease interest within financing activities on its statement of cash flows.
QQ is preparing its statement of cash flows for the year ended 31 March 20X2.
What cash outflow figure should be included for corporate income tax paid within the cash flow from operating activities section of the statement?
Give your answer to the nearest $000.

Solutions: