CIMA Financial Reporting : F1

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CIMA F1 Exam Syllabus Topics:

CIMA Financial Reporting Sample Questions:

1. XYZ's accounting profit for the last reporting period is $200,000. This is after deduction of:
* Accounting depreciation of $40,000.
* Entertaining expenses of $10,000 which are disallowable for tax purposes
* Directors' salaries of 530.000
Tax depreciation allowances of $60,000 are available and the rate of corporate income tax is 20%.
What is the corporate tax liability of XYZ for the reporting period?

A) $42,000
B) $36,000
C) $44,000
D) $38,000

2. 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)

3. The United Kingdom (UK) uses a principle based approach to corporate governance which means:

4. 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.

5. Identify whether the scenarios below are examples of tax evasion or tax avoidance, by placing either tax evasion of tax avoidance against each one.

Solutions: