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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. 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 $.

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

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

3. DEF is considering introducing a Pay-As-You-Earn (PAYE) system but unsure of the advantages of using it.
Which of the following statements are advantages from the employees perspective of an entity using a PAYE system for collecting taxes from employees.
Select ALL that apply.

A) The employee will calculate their own tax payment.
B) The employee does not have to budget for their tax payments because the tax is deducted at source.
C) The employee does not have to complete a self assessment tax return.
D) The employee will be able to deal with tax authority directly to make payments.
E) The employee will avoid being charged penalties for paying late.

4. There are two main approaches to corporate governance: rules-based and principle-based.
Which THREE of the following are correct?

A) Sarbanes Oxley Act (SOX) is a principle-based approach to corporate governance.
B) A principle-based approach will mean the entity must comply or explain and a rules-based approach will have appropriate penalties for transgression.
C) Best practice will use a rules-based approach to corporate governance and will have appropriate penalties for transgression.
D) Rules-based corporate governance applies to the UK and principle-based corporate governance applies to the USA.
E) Rules-based corporate governance applies to the USA and principle-based corporate governance applies to the UK.
F) Sarbanes Oxley Act (SOX) is a rules-based approach to corporate governance.

5. The tax rules in a country state that all tax returns must be filed by 31 March each year and that any outstanding tax balance must be paid by 14 April each year. An entity filed its tax return on 10 April 20X2 and paid the outstanding tax on 20 April 20X2.
Which TWO of the following powers is the tax authority likely to have in respect of these actions by the entity?

A) Charge a fixed penalty for late submission of the tax return.
B) Charge interest for non-payment of the outstanding tax balance between 31 March 20X2 and 20 April
20X2.
C) Charge interest for non-payment of the outstanding tax balance between 10 April 20X2 and 20 April
20X2.
D) Seize the assets of the entity.
E) Charge interest for non-payment of the outstanding tax balance between 14 April 20X2 and 20 April
20X2.

Solutions: