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CIMA F1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Managing Cash and Working Capital | 25% | - Short-term financing options - Working capital cycle and objectives - Cash management and forecasting - Management of receivables, inventory and payables |
| Topic 2: Principles of Taxation | 20% | - Deferred tax concepts - Current tax calculation - Tax system and types of taxes - Indirect taxes overview |
| Topic 3: The Regulatory Environment of Financial Reporting | 10% | - Conceptual framework and regulatory bodies - Principles vs rules-based regulation - IFRS Foundation and IASB structure - Ethics in financial reporting |
| Topic 4: Financial Statements | 45% | - Preparation of single entity financial statements
- Basic consolidated financial statements - Application of IFRS standards
|
CIMA Financial Reporting Sample Questions:
A specialized product was commissioned by a customer and the agreed price was $38,000. The product was completed at a cost of $34,000.
It was then discovered that new regulations meant that the specialized product now failed health and safety requirements. The specialized product had to be modified to meet the new regulations at a cost of $9,000. The customer agreed to pay an extra $3,000 towards the modifications.
At 31 December 20X5 the specialized product was still in inventory and had not been modified.
Calculate the value of the specialized product that should be included in inventory as at 31 December 20X5.
Give your answer to the nearest whole $000.
Correct Answer:
$32000
The development of an international financial reporting standard generally goes through a number of stages.
Which of the following is NOT a stage of development?
- A. Establishing an interpretations committee
- B. Establishing an advisory committee
- C. Producing an exposure draft for public comment
- D. Developing and publishing a discussion paper
Correct Answer: A 🗳️
MN recently took out a 5 year term loan to buy raw materials to take advantage of a supplier's bulk discount that had been offered to them.
What approach to financing working capital has MN undertaken?
- A. Permanent
- B. Aggressive
- C. Conservative
- D. Moderate
Correct Answer: C 🗳️
In accordance with The Conceptual Framework for Financial Reporting, faithful representation is a fundamental qualitative characteristic.
To be a faithful representation financial information must be as far as possible which THREE of the following?
- A. Timely
- B. Comparable
- C. Neutral
- D. Free from error
- E. Understandable
- F. Complete
Correct Answer: C,D,F 🗳️
JKL prepares its financial statements to 31 December each year. For the year ended 31 December 20X5 inventory was held for 76 days on average.
The directors of JKL decide to reduce the average inventory level to $6.5 million from 1 January 20X6 JKL's revenue for 20X6 is $54 million on which a gross profit margin of 20% is earned.
Assuming that the average receivables and payables days remain constant what will be the effect of the expected reduction in inventory on JKL's working capital cycle for the year ended 31 December 20X6?
- A. An increase of 32 days
- B. A reduction of 21 days
- C. An increase of 21 days
- D. A reduction of 32 days
Correct Answer: C 🗳️
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