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CIMA F1 Real 2024 Braindumps Mock Exam Dumps
CIMA F1 Certification Exam is a comprehensive test that assesses the candidate's ability to apply financial reporting principles in real-world situations. It is divided into two sections, each comprising 50 multiple-choice questions. The first section focuses on the preparation of financial statements, while the second section focuses on the interpretation and analysis of financial statements. F1 exam is computer-based and can be taken at any of the CIMA test centers worldwide. Passing F1 exam is a significant milestone for individuals who want to progress their career in finance and accounting, as it demonstrates their knowledge and expertise in financial reporting.
CIMA F1 (Financial Reporting) certification exam is a globally recognized certification program for finance professionals. F1 exam is designed to test the knowledge and skills of candidates in financial reporting and analysis. Financial Reporting certification program is offered by the Chartered Institute of Management Accountants (CIMA), which is a leading professional body for management accountants worldwide.
Passing the CIMA F1 exam is an essential step towards achieving the CIMA Professional Qualification. This qualification is recognized worldwide and is highly valued by employers. With the expertise obtained from F1 exam, participants will be able to contribute to the financial reporting decisions of their organizations, ensuring financial sustainability and growth.
NEW QUESTION # 128
On 1 July 20X7, VWX enters into a 12-month lease for personal computers paying a non-refundable deposit of $600. Lease payments of $500 are paid monthly in arrears. VWX chooses to recognise the assets in the lease as short life and low value Which of the following gives the correct value for the expense in the statement of profit or loss and corresponding prepayment and accrual in VWX's statement of financial position for the year ended 31 December 20X7?
- A.
- B.
- C.
- D.
Answer: D
NEW QUESTION # 129
The financial statements of JK for the year ended 31 August 20X4 were approved on 10 November 20X4.
Within these financial statements which of the following would have been treated as a non-adjusting event in accordance with IAS 10 Events After the Reporting Period?
- A. The completion of a court case on 5 November 20X4 in which JK was ordered to pay damages of
$150,000. - B. A fire in JK's main warehouse on 3 September 20X4 destroying 60% of the inventory that had been held at the year end.
- C. Notification received on 31 August that one of JK's major customers had gone into liquidation and was unlikely to pay any outstanding invoices.
- D. Inventory which was originally valued at its cost of $45,000 being sold for $37,000 in September 20X4.
Answer: B
NEW QUESTION # 130
The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:
1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
What is the revenue figure to be included in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0?
- A. $440,000
- B. $480,000
- C. $450,000
- D. $476,000
Answer: B
NEW QUESTION # 131
Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:
YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April 20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the goodwill arising on the acquisition of BC.
Give your answer to the nearest whole $.
Answer:
Explanation:
$118300
NEW QUESTION # 132
PP supplies zero-rated and standard-rated goods. During the year ended 30 March 20X3, the standard- rated goods made up 50% of the total supplies. During the year ended 30 March 20X4 this percentage increased to 60%.
What percentage of input tax suffered can PP claim back in the year ended 30 March 20X4?
Give your answer as a whole number.
Answer:
Explanation:
100%
NEW QUESTION # 133
Statements of financial position for YZ, BC and DE at 31 March 20X2 include the following balances:
YZ purchased 90% of BC's equity shares for $508,000 on 1 January 20X2. On 1 January 20X2 BC's retained earnings were $183,000. YZ uses the proportion of net assets method to value non-controlling interest at acquisition.
YZ purchased 30% of DE's equity shares on 1 April 20X1 for $112,000. DE's retained earnings at 1 April
20X1 were $88,000.
On 1 February 20X2 YZ sold goods to BC for $28,000 at a mark up of 25% on cost. All the goods were still in BC's inventory at 31 March 20X2.
Calculate the value of inventory that will be included in YZ's consolidated statement of financial position at 31 March 20X2.
Give your answer to the nearest whole $.
Answer:
Explanation:
$182400
NEW QUESTION # 134
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 $.
Answer:
Explanation:
$771000
NEW QUESTION # 135 
Answer:
Explanation:
NEW QUESTION # 136
Identify whether the scenarios below are examples of tax evasion or tax avoidance, by placing either tax evasion of tax avoidance against each one.
Answer:
Explanation:
NEW QUESTION # 137
The following information relates to ABC.
Which of the following would be a reason for the movement in the trade receivable days?
- A. One customer who regularly took 120 days to pay their invoices stopped buying goods from ABC during the year ended 30 June 20X3.
- B. It was decided during the year ended 30 June 20X3 to stop undertaking credit checks on new customers.
- C. A new credit controller was appointed during the year ended 30 June 20X3 who has been chasing customers for payment.
- D. A system of early settlement discount was introduced during the year ended 30 June 20X3 which was taken up by quite a few customers.
Answer: B
NEW QUESTION # 138
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 rules-based approach to corporate governance.
- B. Sarbanes Oxley Act (SOX) is a principle-based approach to corporate governance.
- C. Rules-based corporate governance applies to the UK and principle-based corporate governance applies to the USA.
- D. Rules-based corporate governance applies to the USA and principle-based corporate governance applies to the UK.
- E. Best practice will use a rules-based approach to corporate governance and will have appropriate penalties for transgression.
- F. A principle-based approach will mean the entity must comply or explain and a rules-based approach will have appropriate penalties for transgression.
Answer: A,D,F
NEW QUESTION # 139
AAA has the following working capital ratios at 30 March 20X4:
During the year ended 30 March 20X4 credit purchases were $3,600 and at 30 March 20X4 the outstanding trade payables amounted to $522.
The year ended 30 March 20X4 was not a leap year.
Calculate the working capital cycle for AAA.
Give your answer to one decimal place.
Answer:
Explanation:
26.2 Days
NEW QUESTION # 140
The statement of profit or loss for PQ, ST and AB for the year ended 31 December 20X0 are shown below:
1. PQ acquired 80% of its subsidiary, ST, on 1 January 20X0 and 40% of its associate, AB, on 1 September
20X0.
2. Since acquistion PQ has sold goods to ST and AB for $20,000 and $30,000 respectively. At the year end both ST and AB have 50% of these goods remaining in inventory. PQ uses a mark-up of 20% on all of its sales.
3. Since acquisition the goodwill in respect of ST has been impaired by $8,000 and the investment in AB has been impaired by $2,000.
4. PQ uses the fair value method for non-controlling interest at acquisition.
Calculate the amount that will be shown as the share of profit of associate in PQ's consolidated statement of profit or loss for the year ended 31 December 20X0.
- A. $3,200
- B. $2,000
- C. $10,000
- D. $4,000
Answer: B
NEW QUESTION # 141
OP has five main geographic segments and reports segmental information in accordance with IFRS 8 Operating Segments.
Which THREE of the following would be regarded as operating segments of OP in accordance with IFRS 8?
- A. Asia
- B. All other segments
- C. Middle east
- D. South America
- E. North America
- F. Europe
Answer: A,C,F
NEW QUESTION # 142
LM received notification on 10 November 20X4 from one of its customers stating they had ceased trading as they had gone into liquidation. The balance outstanding at 31 October 20X4 was $150,000.
In accordance with IAS 10 Events after the Reporting Date this event will be treated as:
Answer:
Explanation:
NEW QUESTION # 143
Entity T operates within several countries, but its country of residence is Country F. In 20X5, Entity T made $8.4 million in Country M. Country M has a flat rate corporation tax of 5.9%.
Country F and Country M operate a double taxation treaty which uses a foreign tax credit system. In Country F, there is a tax of 10% tax on all foreign income.
Taking into account the credit, what is the total tax liability that Entity T owes on its Country M income, in Country F?
- A. $344,400
- B. $495,600
- C. $450,000
- D. $840,000
Answer: A
NEW QUESTION # 144
BCD's finance cost for the year ended 30 June 20X6 in its statement of profit or loss is $198,000. BCD's statement of financial position is as follows:
How much will be included in BCD's statement of cash flows for interest paid in the year ended 31 December 20X6?
Give your answer to The nearest $.
Answer:
Explanation:
Pending
NEW QUESTION # 145
OP is considering investing in government bonds. The current price of a $100 bond with 8 years to maturity is $88.
The bonds have a coupon rate of 6% and repay face value of $100 at the end of the 8 years.
Calculate the yield to maturity.
Give your answer to one decimal place.
Answer:
Explanation:
8.2%
NEW QUESTION # 146
Below are extracts from LLL's financial statements for the year ended 31 December 20X2.
Depreciation of $25,000 was charged on properly, plant and equipment in the year and there were no disposals What is the cash generated from operations for inclusion in LLL's statement of cash flows for the year ended
31 December 20X2?
- A. $415,000
- B. $390,000
- C. $355 000
- D. $435,000
Answer: C
NEW QUESTION # 147
An entity bought a capital item for $110,000 on 1 March 20X4 incurring legal fees at the date of purchase of $2,500.
On 1 May 20X4 additional costs classified as capital expenditure by the tax rules of the country of
$25,000 were incurred in respect of the asset. On 1 June 20X4 repairs not classified as capital expenditure were incurred at a cost of $15,000.
The asset was sold for $250,000 on 30 November 20X8 and costs to sell were incurred of $4,300.
Calculate the chargeable gain on the disposal.
Give your answer to the nearest $.
Answer:
Explanation:
$108200
NEW QUESTION # 148
Country ZZ allows the cost of a capital asset to be adjusted for an indexation allowance which takes into consideration the effect of inflation, although the indexation allowance cannot convert a chargeable gain into a chargeable loss.
The following data relates to the sale of an asset ABC has the following working capital ratios at 31 December
20X2:
Dunng the year ended 31 December 20X4 credit purchases wefe $1,700,000 and at 31 December 20X4 the outstanding trade payables balance was $340,000 Calculate the working capital cycle for ABC.
Give your answer to the nearest whole number of days and assume there are 365 days in a year. March 20X4:
Calculate the chargeable gain or loss in respect of the sale of this asset.
Give your answer to the nearest $.
Answer:
Explanation:
$0
NEW QUESTION # 149
......
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