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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. Which TWO of the following are functions of the International Financial Reporting Standards (IFRS) Advisory Council?

A) To give advice to the International Accounting Standards Board on agenda decisions and priorities in its work
B) To inform the International Accounting Standards Board of the views of organizations on major standard setting projects
C) To approve IFRSs for publication
D) To appoint the members of the International Accounting Standards Board
E) To review new financial reporting issues not already covered by IFRS

2. MNO is a manufacturer. Which TWO of the following costs will MNO add to the cost of its finished goods inventory in accordance with IAS 2: Inventories?

A) Import duties
B) Warehouse rent
C) Direct labour
D) Selling and distribution
E) Abnormal material waste

3. On 1 January 20X2 an entity began work on constructing a factory. It purchased the land for $14 million, built the factory buildings for $11 million and installed plant and equipment for $7 million. The project was completed on 31 December 20X3 when the factory was deemed ready to use, however, the factory did not start operations until 1 June 20X4.
To fund the project the entity borrowed $25 million on 1 January 20X2, with interest at 10% per year.
The loan was repaid in full on 31 December 20X4.
Calculate the total amount to be added to the cost of property, plant and equipment in respect of the above development.
Give your answer to the nearest $ million.

4. The Code of Ethics lists five fundamental principles. One of these is.

5. Which of the following is correct?
The primary purpose of a cash budget prepared on a monthly basis is to determine:

A) next month's sales volumes.
B) the amount of inventory to purchase in the following month.
C) whether there will be sufficient cash in the bank to meet requirements.
D) when to pay employees salaries.

Solutions: