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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. GH's tax liability at 30 June 20X3 in respect of the tax charge on the profits for the year ended 30 June 20X3 is $876,000.
There was an over provision of $105,000 that related to the tax charge on the profits for the year ending 30 June 20X2.
What amount should be shown in GH's statement of profit or loss for the year ending 30 June 20X3?
Give your answer to the nearest $.

2. MNO is a commercial bank. One of MNO's clients is FGH, a trading company which sells goods to PQR.
MNO is asked to draw up an instrument between FGH and PQR in respect of goods sold FGH then asks MNO to sell this instrument on its behalf in the discount market MNO does this and pays the proceeds to FGH.
What source of short-term finance is being described here?

A) Factoring
B) Certificate of deposit
C) Overdraft
D) Bill of exchange

3. Which of the following is an example of a progressive tax?

A) Personal income tax of 10% and corporate income tax of 20%
B) Personal income tax of 10% on earnings up to $10,000, then at 15% over $10,001
C) Corporate income tax of 20% on all earnings
D) Corporate income tax of 20% on earnings up to $100,000, then at 10% over $100,000

4. 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.

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

Solutions: